Mobile trading – The power is in your pocket
In the 21st century, there is no longer a single factor that defines all traders across the markets. Your ‘typical trader’ is a thing of the past.
In the FX industry a couple of decades ago, being a ‘trader’ mostly meant that you were dressed in a suit, sat coordinating trades on the phone all day on behalf of someone else. It was inaccessible and limited to only a tiny percentage of the population. However, nowadays thanks to socio-economic progression along with innovations in technology increasing accessibility, the opportunities of retail trading can be harnessed by a much larger volume of people in a way that can be adapted to suit specific and individual requirements.
Ranging from university students to retirees looking to increase their income, a strict majority age no longer governs the FX market, with the only restriction being a legal minimum age. In line with this, there is a resulting greater variety in trading hours. Some look to trade a couple of hours a week as a hobby to make some extra cash, whilst others adopt the market as a full-time job and income source, along with everything in-between.
With such a wide diversity of ages and schedules within the trading industry today, creating a trading platform with communication tools that suits all customers is challenging. Different marketing techniques and customer service strategies vary hugely depending on the demographic and type of trader that is being targeted.
However, the one common factor that brings together almost 80% of UK adults is smartphones, and this is where the key for trading access lies.
With the majority of the UK population holding their smartphone on their person throughout the day, this is one of the most effective tools for quickly and efficiently communicating market updates to your customer base as well as executing trades all from your fingertips. Instant updates via message can alert the user to potential market opportunities in a far shorter space of time than it would take them to log into a computer platform to find the information for themselves. This not only communicates information quicker to the customer, but also alerts them with potential opportunities to make big on market moves.
The power is all in your pocket. Brokers have extensively invested in mobile applications so that their customers can seamlessly navigate between desktop and mobile with no disruption in service or offering.
This enhanced efficiency has caused a sharp increase in the number of traders using mobile apps to connect to the market. In a 2018 survey released by JP Morgan Chase & Co., more than 61% of responding traders said they are “somewhat” or “extremely” likely to use a mobile trading app in 2018. This was significantly up from 31% the year before showing mobile trading is continually on the rise and the key to reaching the majority of your customer base.
If you trade with FXCM, you will have access to their recently launched Trading Signals – a service providing free SMS trading alerts to help users spot potential trading opportunities.
This new service covers shares, forex, gold, and many of the other tradable instruments supported at FXCM. Users can select the instruments that they wish to receive signals for, which will be delivered daily to their mobile. Each SMS alert text message includes a link to a dedicated page where the user can see entry and exit levels along with duration so to find better potential trading opportunities. Texts will be sent as soon as a pattern has formed or is there is a breakout of key levels.
In a time where the market is in frequent fluctuation, SMS alerts increase the efficiency and ease of trading for our customers, ensuring they are always up to date on the latest market moves, making it easier than ever to identify the potential trading opportunities.
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FXCM is a leading provider of online foreign exchange (FX) trading, CFD trading, and related services. Founded in 1999, the company’s mission is to provide global traders with access to the world’s largest and most liquid market by offering innovative trading tools, hiring excellent trading educators, meeting strict financial standards and striving for the best online trading experience in the market. Clients have the advantage of mobile trading, one-click order execution and trading from real-time charts. In addition, FXCM offers educational courses on FX trading and provides trading tools, proprietary data and premium resources. FXCM Pro provides retail brokers, small hedge funds and emerging market banks access to wholesale execution and liquidity, while providing high and medium frequency funds access to prime brokerage services via FXCM Prime. FXCM is a Leucadia Company.
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