Being able to check this data at a glancehelps to keep traders working efficiently. For instance,during events like election night, the value of different currencies can be affected by who wins. Big clients can lose out on these events, but traders with mobile apps can react fast.
- Educational tools
Finance apps also offers the chance to learn more about the industry. There are often advice portals and forums. This opens up trading to more people as they can get all the answers they need before they try trading for real.
ConsÂ
There are a couple of downsides, however. Security can be an issue, for instance. If a phone or tablet is left unlocked, there's a chance for someone to access the apps and this could be detrimental.
In addition, a poor Wi-Fi signal could prove costly for someone who's in the middle of trading. A time lag could mean the stocks have moved without traders realising.
Also, keeping up with app updates is also essential. Ignoring these could mean users are missing out on key tools and services.
While there are some disadvantages to mobile financial apps, you stand a better chance of keeping up with this fast-paced trading floor if you have access to the tools that others have access to.
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