Foreign exchange (more commonly referred to as forex trading) is the simultaneous buying and selling of different pairs of currency. Traders are able to make money by selecting currencies that they believe will increase in value so that they are able to sell them for more than they bought them, or bet against prices falling in a depreciating market.

Historically, these transactions were undertaken by a broker, although it is now more and more common for traders to cut out the middleman and carry them out themselves by using user friendly online platforms such as those offered by Oanda. This offers multiple advantages to traders, while it has revolutionised the way in which the currency market operates.

Trading on the Go

In fact, there is a new mobile platform by Oanda called fxTrade that is making it easier than ever to invest in currency. The app, which is available in both Apple and Android formats enables users to access the same charting and technical analysis tools with the convenience of being able to use them on the go on their mobile or iPad. This gives traders the opportunity to trade whenever is convenient for them. Given the theory that there is less risk the closer that you trade to 4pm, this could also save you money.

Computer keyboard keys labeled LEARN and EARN

Real-Time Information

This is particularly useful considering that the forex market operates in real time and is therefore vulnerable to sudden market shifts and developments.  Being able to access this market and its various analytical tools in real time could make all the difference when following potential trends and making informed decisions concerning buying and selling.

Personalisation for Ease and Convenience

Mobile apps and trading tools also allow you to personalise the experience to aid user convenience. For instance, you can change the way you view these charts by arranging the amount you would like to see at one time or another, or even have them presented in a list view so that you can scroll through them. You can further save your preferences for specifics such as the trade parameters including your favourite instruments.

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This does not just make the app more user friendly, as it also helps to highlight the aspects that are important to each individual trader. This in turn saves them time and enables them to review information more time efficiently.

Keep Abreast Of The News

One final useful feature of the app is the ability to be able to access all of the latest financial news. This includes news from Dow Jones, 4CAST, and MarketPulse. The convenience of being able to access all of these news sources in one place will also save traders time and be of particular help to those that like to use the app on the go.

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