The Future of Trading: African Traders Embrace Mobile Trading Apps

Find a date, call a cab, and trade $100 million—all with your modern foreign exchange trader’s cell phone.

As African investors seek out new methods to stay productive off the trading floor, the world’s largest financial market is welcoming the mobile trading era with open arms.

With corporations looking to save costs and retain stronger audit trails for transactions, the $5.1 trillion daily currency market has seen a growth in mobile trading. On average, 74% of traders’ notional volumes are transacted digitally, up from 68% last year.

The benefits of mobile trading apps for the African trader

When talking about the stock and forex market, “mobile trading” is doing business via a smartphone. In addition to being faster and more convenient than traditional computer-based trading, it is also more technologically advanced.

Numerous trading apps in Africa allow a user to purchase and sell stocks and manage a portfolio from his or her smartphone, and trade different currency pairs. Trading on a mobile device is a growing trend, albeit a newer form of Forex trading. Most stock brokerages now provide dedicated apps for trading on the iPhone and Android.

More cost effective

Trading with trading apps in Africa can save you money compared to using a stockbroker. In traditional stock trading, the stockbroker is paid a commission or advisory fee that is significantly larger than what robo advisers charge.

More convenient

With the trading mobile app, creating a trading account online is a quick and painless process. You can open an account and monitor your holdings whenever it’s convenient for you, all you need is a mobile internet connection. You may save time and be more mobile with the help of trading apps designed for use with online platforms.

No interference from a middleman

With a trading app, you can save money on broker fees and have less to no contact with brokers. Based on extensive research performed by the brokerage providing the app, it recommends a number of different portfolios from which investors can choose.

The goal of the vast majority of stock trading applications is to provide a unified view of your portfolio and its performance. In addition, you can buy and sell shares whenever it’s most convenient for you, as well as track your gains or losses.

Transactions are faster, and you have more control

Trading apps streamline the process of buying and selling stocks by allowing for instantaneous order placement, payment, and collection. These apps provide a number of options for making online payments, allowing money to be transferred almost instantly between accounts.

With the power to trade at your fingertips, you can make purchases and sales whenever you like, regardless of whether or not your broker is available.

 Without waiting for a broker to tell them what to do, investors may make transactions immediately, examine all of their possibilities, and keep tabs on their money. Investors have more power over their portfolios when they are given autonomy to make decisions without interference.

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