By the end of 2020, it’s thought that 46.45% of the world’s population owned a smartphone, while mobile penetration rates in developed economies such as the UK are estimated to be well in excess of 90%.
This is thanks partially to the increased diversification and sophistication of smartphones, which now enables users to undertake a wider array of tasks (including forex and financial market trading).
But what are the key specifications to look for when choosing a smartphone for trading? Here are some of the key considerations?
- Choose the Right Operating System
All smartphones are designed with different operating systems, which underpins functionality and the installation of specific, third-party apps.
Typically, the iOS system is considered to be the best and easiest to use, with this borne out by the fact that Apple regained its crown as the market’s dominant force while accounting for 23.8% of global handset shipments.
However, Android arguably offers a better experience to traders, as it’s widely compatible with the popular MetaTrader 4 and MT5 forex trading platforms.
Of course, Android also has a wider and more diverse range of handsets to choose from, making it easy to find a trading smartphone to suit your needs.
- Screen Size and the Display
By choosing from a wider range of smartphones, you can also compare a larger selection of screen sizes. This is an important consideration, as this specification will determine how easy it is to view charts, navigate trading apps and execute orders.
Make no mistake; smaller screens can compromise your real-time trading efforts, causing human errors and misjudgements that may cost you considerable sums of money.
So, we’d recommend that your screen size should be 5.5-inches or above, in order to optimise your trading experience and boost your chances of achieving a viable profit.
On a similar note, the quality and resolution of the display is another hugely important consideration. The best resolution should contain 1080p, with a minimum requirement of 720 pixels recommended for the best trading performance.
- Battery Life and Longevity
Last, but by no means least, is battery life and performance. This is a hugely important practical consideration, as it directly influences the precise amount of time you can stay active while trading on the move.
In general terms, a good and high-performance smartphone should boast a battery life of at least 10 hours when in active use. This should be combined with a powerful operating system too, in order to support heavy online usage and quick operations.
Just don’t confuse battery size with performance, as some Android handsets boast huge units without providing a similarly impressive longevity.
You should also note that trading through a browser-based app will consume more energy than a native app, so it’s worth keeping this in mind when choosing both your device and how you access the markets.