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17.12.2019 - 18:55

How to Trade Currency on your iPad

There’s an app for everything these days, and the world of financial trading, which includes things like stocks, shares, precious metals and currencies is no different.

There’s an app for everything these days, and the world of financial trading, which includes things like stocks, shares, precious metals and currencies is no different. Trading foreign currencies in particular, is extremely popular among casual investors, and those who don’t have a great deal of capital to begin with. Tablet and smartphone applications from app store have made it even easier.

Here’s how to get started:

1. Learn

The entire purpose of financial trading is to either purchase an asset that’s going up in value, or to sell one that is losing value. Doing this correctly will result in earning a profit. While this might seem like not best idea at first, traders spend a considerable amount of time researching to work out whether a currency is going to rise or fall against another one. Before you even think about risking your money in the financial markets, you need to learn all you can. Fortunately, information is available freely on the internet.

2. Choose a Broker

Your broker is the company that handles all of your trades. They act as the middleman between you and the markets. There are many to choose from, and you need to think about things like commission, service and reliability when making the choice.

3. Choose Your App

There isn’t just a single trading app available; there are many for you to choose from. Sometimes you’ll be limited by the broker that you choose, but often you can pick and choose. Getting the right application is quite important, as the application is your platform; the program from which you will make all of your trades. You have to be comfortable using it, and it needs to give you everything you require. Apps range from being heavily technical, to having a focus on aesthetics and a user-friendly layout. This brings us on to the next point.

4. Try a Demo

Most brokers will let you open a demo account, giving you thousands in currency to trade virtually. This is a great way of finding out how the markets work first hand, and also a good way of getting to know the app and whether it suits you. It’s generally a good idea to try things out on a tablet rather than a smartphone, because the bigger screen allows you to view graphs better, and fit more information onto the screen. Of course, many traders will use their smartphone while they’re on the go.

5. Get Started

Once you’ve got your app, and have got to grips with how the markets work, it’s time for you try your hand at trading for real. It’s always a good idea to start out slowly, and even more important to keep learning as you go. There’s no reason that your smartphone cannot help you become a fully-fledged day trader.

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