The year 2018 came with some important changes for tech companies and these changes had managed to influence mobile trading platforms. In today’s article, we will discuss some of them and see how retail traders have been influenced in a positive way.
Personal Data Protection
Especially in Europe, due to the latest GDPR (General Data Protection Regulation) which had started to take effect on May 6th, websites, apps like forex trading apps, or other companies collecting personal data about their customer are now forced to comply to a stricter set of rules.
If we talk about forex trading apps, brokers now must inform traders about the information they are collecting and for what purpose. Also, each one of them must have the agreement of each customer for collecting data.
We are talking about online trading, so each one’s finances are involved. Brokers get access to valuable information like your bank account, personal information, how much money you have, etc. so it is imperative that all brokers develop a secure and transparent environment where traders can relax and take care of the trading process.
New Features That Improve The Trading Performance
Speed is very important if we talk about trading and that is why some of the brokers had developed new features for their mobile platforms in order to improve trade execution and to enable full access to trading accounts.
Now you can make deposits and withdrawals directly from the app, read detailed news reports or financial reports, get live economic indicators update and many other features.
We can also spot a certain tendency of brokers to provide traders with various quantitative data and information about the positioning of other clients on each individual asset. These metrics can help traders have a broader view on the market by seeing a part of the entire flow behind the price action.
Although these features do not guarantee a 100% accuracy in trading, they can improve trade execution and how traders manage to properly analyze the market context. It’s important to see brokerage companies thinking about their customers and come with concrete improvements in order to help them in their trading journey.
Most likely, this trend of improving trading apps will continue in 2019, with brokers continuing to come out with brand new features that will improve the trading process and increase the number of tools traders can use in their day-to-day activity.