In today’s world, almost everything can be done on the go, including trading. Due to this, mobile trading has become preferred among traders who want to use their smartphones to check important details while on the move. There are also quality trading apps that can be accessed from a smartphone.
Despite this, many traders still prefer using their personal computers. These traders recommend only monitoring your trades on your phone but reserving the actual trading for your computer when you get home. No doubt trading on your smartphone or PC has different benefits and advantages and depends on what you’re used to.
When looking at which one is easier for you, compare their pros and cons, as explained in the article below.
Pros and Cons of Trading Through Smartphone
There are different benefits of trading through smartphones, but you also have to consider the downsides. The main advantage is convenience, allowing you to access your trading platform wherever you are. Whether at the bus stop or having lunch, you can open or close a trade with a smartphone. It would be less convenient to bring your PC along while on the move.
Fortunately, most trading platforms today are designed to be compatible with mobile and desktop devices. For instance, MetaTrader 5 can be used on all devices, and you can even test the demo mode on a PC and smartphone.
Another benefit of trading through your smartphone is that you can stay updated. Trading apps offer instant alerts and notifications for market trends, making it easier to track your portfolio. This would be better than waiting till you get home or to the office to open your PC.
With trading apps, you can switch between smartphones and tablets when opening or closing trades. This flexibility allows you to take advantage of trading opportunities whenever they arise. Plus, mobile trading platforms are easy to navigate.
The main limitation of trading with a mobile device is the small screen. The screen size makes it difficult to view and analyze charts easily. For instance, having indicators on your mobile screen would make it look clogged, making it difficult to look at your trading charts. You might also miss out on potential moves with a small screen. For mobile trading, a tablet would offer more screen room.
Another downside is the fact that there are a lot of distractions involved in trading on your mobile device. Your phone has other apps and notifications aside from the trading platform, which can distract you when looking through charts. Also, when trading on the go, there are external distractions that can affect your decisions.
When trading with your smartphone, the trading app would probably have fewer features than the desktop. This is in an attempt to make all the features fit into the mobile app. So, you might have to use your PC for more features.
Pros and Cons of Trading Through PC
Trading with your PC is common, as most traders prefer to use a desktop computer or laptop to carry out their trading. The main advantage of trading with a PC is that desktop trading platforms come with better features and functionalities. On the desktop, you get more charting tools and indicators for advanced trading.
Also, using your PC would provide you with a bigger screen to see more data, indicators, and charts at once. You can even view multiple charts simultaneously. Since you can view more data with your PC, you can execute trades faster. It’s ideal for those who want to execute trades faster.
Desktop trading is more secure than mobile trading because it is less vulnerable to malware attacks and hacking. Plus, there’s no fear of having someone else look over your shoulder since you’ll be using your PC in a more private setting, while you can use your mobile devices on the move.
Although desktop trading is highly preferred among traders, it lacks flexibility since you cannot carry your device with you while on the move. There is no immediacy involved, too, so if you need to quickly carry out a trade or engage in day trading, you’ll have to wait till you are home, in the office, or at a café where you can open your PC.
Which Is Easier for Trading?
Ultimately, the choice of whether you should trade through PC or mobile depends on your investment strategy, how often you trade, and the assets you want to invest in. It’s also a good idea to use both devices: mobile while you’re on the move and desktop when you get back home or to the office.
Also, it’s recommended that day traders or scalpers should use their mobile devices to trade where possible since they offer flexibility and immediacy. On the other hand, those who want to analyze more data and engage in long-term investments would benefit more from a personal computer.
