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The Future of Mobile Trading

Started by forex4you, Oct 07, 2022, 04:16 am

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The Future of Mobile Trading

<p class="MsoNormal">HYCM has recently launched the
mobile trading app, HYCM Trader. What were the reasons that led you to
this?</p><p class="MsoNormal">Mobile trading is no longer
the future of online retail trading; that's already happening. </p><p class="MsoNormal">We see that more
and more traders shift from web platforms to mobile apps, and this will only
increase with time. </p><p class="MsoNormal">Think about it; nowadays, we do almost everything via our
smartphones. </p><p class="MsoNormal">So, it is not a surprise that users want the ability to trade at
their fingertips too. Mobile trading provides more flexibility and the
possibility to trade anywhere anytime.</p><p class="MsoNormal">The perception of trading is
changing as well. </p><p class="MsoNormal">Today, people are more tech-savvy and educated about
different assets such as forex, CFDs on stocks and cryprocurrencies*. The
regulation played its role too by phasing out unreliable companies. </p><p class="MsoNormal">There is
more trust and understanding of the industry. Therefore, trading is becoming
more common among the general public.</p><p class="MsoNormal">Moreover, the rise of the new
generation of retail traders pushed the boundaries of traditional platforms.
So, it was a very logical step for us to develop HYCM Trader, an app that can
accommodate the trends and needs of the modern world.</p><p class="MsoNormal">Many brokers offer
MT4/MT5-based apps; why did you decide to make your own proprietary app?</p><p class="MsoNormal">Indeed, the majority of
brokers tend to use apps based on traditional platforms, and that's why they
all look the same.</p><p class="MsoNormal">So,
firstly, we wanted to differentiate ourselves. Making our own app gave us the
flexibility the traditional platforms don't have, and the possibility to offer
more to our clients.</p><p class="MsoNormal">For instance, the HYCM Trader app combines our
client portal and trading functionality. </p><p class="MsoNormal">You can register, upload documents for
KYC, get approved, fund your account, and trade - all in the same app. </p><p class="MsoNormal">This is
different from the traditional apps where users usually have to switch between
the brokers' client portal mobile website and the app. </p><p class="MsoNormal">Another point was that, although traditional
platforms like MT4 and MT5 are the most widely used, they lack on User Interface
(UI) and User Experience (UX). </p><p class="MsoNormal">It is simply very old. </p><p class="MsoNormal">Our goal was to provide
our clients with a better experience, so we worked a lot on our UI and UX. The
result is HYCM Trader, a very user-friendly and modern trading application.</p><p class="MsoNormal">Moreover, having our own proprietary app allows us
to offer useful features. </p><p class="MsoNormal">For example, HYCM Trader has the latest news from the
leading provider, Trading Central, available for any tradable asset within the
app. </p><p class="MsoNormal">So, for example, when you select to trade Gold CFD you will see all the
relevant information about it providing you with the essential overview in
order to help you make a more informed trading decision.</p><p class="MsoNormal">What are the most common problems that traditional
platform-based apps usually have, and how is HYCM Trader different? </p><p class="MsoNormal">The major issue for traditional platform-based apps
is that they are restricted by what their service provider can offer. Yes, it
is a stable product but you cannot customize it much and you are limited by its
functionality.</p><p class="MsoNormal">For instance, let's look at the notifications
function. </p><p class="MsoNormal">HYCM Trader has 3 different types of notifications: marketing-related
notifications, trading notifications, and user notifications. User
notifications allow traders to set their own custom notifications. </p><p class="MsoNormal">For example,
you want to get notified when Bitcoin CFD - which is now around $19k - has
reached or is about to reach $23k. </p><p class="MsoNormal">You can set a notification to alert you when
the price increases or reaches your desired level, and then you can decide
whether you want to open a position and in which direction. </p><p class="MsoNormal">With this easy
reminder, you don't have to monitor the price constantly. </p><p class="MsoNormal">By having traditional platform-based apps, brokers
become very dependable on their service providers, and if there is any issue
the service provider might have, this will directly affect the broker's
business too. </p><p class="MsoNormal">As you may know, recently <a href="https://www.financemagnates.com/forex/mt4-and-mt5-trading-apps-have-been-removed-from-apple-app-store/" target="_blank">Apple
pulled down MT4 and MT5 trading apps from the App Store</a>. </p><p class="MsoNormal">So, automatically, brokers who offered MT4/MT5-based
apps lost a big market share of potential new clients, whereas HYCM Trader is still
available for download from both the <a href="https://apple.co/3jwBIwW">App Store</a> and <a href="https://bit.ly/HYCMTraderApp-Android-PR">Google Play</a>.</p><p class="MsoNormal">There are other custom trading apps available in
the market. How does HYCM Trader stand out from these?</p><p class="MsoNormal">From what we've seen so far, most of the custom
apps still follow the traditional platforms' approach to trading. </p><p class="MsoNormal">For example,
on MT4/MT5 platforms you will be trading in lots, but the new generation of
traders understands measurements in a different way. </p><p class="MsoNormal">They prefer to trade in
the actual units of a chosen asset. It does make more sense to trade CFD on Oil
in barrels and EURUSD in dollars than lots, doesn't it?</p><p class="MsoNormal">Also, other custom apps tend to focus on instant
market execution. In the HYCM Trader app, you can set limits such as 'take
profit' and 'stop loss', as well as make a pending order by opening a position
that will be executed if the price reaches your desired price level assuming
there is no extreme volatility in the market, of course. </p><p class="MsoNormal">What features do you plan to add to the app within
the next year?</p><p class="MsoNormal">We are now incorporating social network authentication
to make it even easier for our clients to onboard. </p><p class="MsoNormal">With this feature, users
will be able to register with their social network IDs, which will also be used
for authentication when revisiting the app, instead of having to create and
enter login details every single time. </p><p class="MsoNormal">Currently HYCM Trader is available in 4 languages -
English, Arabic, Italian, and Spanish - and we plan to add more.</p><p class="MsoNormal">Apart from that, we have weekly updates. Our app is
new and evolving but it is not about fixing bugs anymore; the vast majority of
these releases include on average 3-4 new features. </p><p class="MsoNormal">For example, we launched
HYCM Trader with 2 types of graphs, and now, we have 5. We had 2 types of
indicators, now, we have 11. This is not a part of the core functionality, but
it does make a difference for the traders, as they now have more tools to
choose from.</p><p class="MsoNormal">Last, but certainly not least, we will have some
big news about the HYCM Trader app in the near future. We can't reveal any
details just yet, so stay tuned for the upcoming releases!</p><p class="MsoNormal">How do you see mobile trading evolving in the near
future?</p><p class="MsoNormal">Offering traditional platform-based apps is
entry-level, and brokers who choose to go down this easier path will
technically be offering mobile trading but their apps will just be like everyone
else's.</p><p class="MsoNormal">It is quite difficult to deliver a new successful
trading mobile app that actually works. You need to have the right IT
resources, and security and infrastructure departments, not to mention effort,
time, and money, to be able to build, develop, and accommodate such an app. </p><p class="MsoNormal">Not
every broker out there is capable of this. </p><p class="MsoNormal">But if a broker wants to stay ahead
of the competition, it definitely needs to have its own custom trading app.
</p><p class="MsoNormal">Otherwise, it will get trapped in what was offered for so many years and won't
be able to offer what the trader may want. </p><p class="MsoNormal">And it is not easy, if possible at
all, to modernize the old technology that traditional apps use. If we look at
the most successful brokers today, they all have their own platforms. </p><p class="MsoNormal">So, in terms of technology, I think we will clearly
see a shift towards custom-made apps in the near future while traditional
platforms will not evolve much. </p><p class="MsoNormal">I believe that trading and investing will soon
become something very common and popular, and the newer generation of traders
will certainly prefer to trade on easy-to-use all-in-one solutions like the HYCM
Trader app. </p><p class="MsoNormal">Download the HYCM Trader app from the <a href="https://bit.ly/HYCMTraderApp-Android-PR" target="_blank">Google Play</a> or <a href="https://apple.co/3jwBIwW" target="_blank">Apple Store</a>.</p><p>*Note: Cryptocurrencies are not available for trading under HYCM
(Europe) Ltd and HYCM Capital Markets (UK) Limited.</p><p>About: HYCM is the global brand name of
HYCM Capital Markets (UK) Limited, HYCM (Europe) Ltd, HYCM Capital Markets
(DIFC) Ltd, HYCM Ltd, and HYCM Limited, all individual entities under HYCM
Capital Markets Group, a global corporation operating in Asia, Europe, and the
Middle East.</p><p>High-Risk Investment Warning: Contracts
for Difference ('CFDs') are complex financial products that are traded on
margin. Trading CFDs carries a high degree of risk. It is possible to lose all
your capital. These products may not be suitable for everyone and you should
ensure that you understand the risks involved. Seek independent expert advice
if necessary and speculate only with funds that you can afford to lose. Please
think carefully whether such trading suits you, taking into consideration all
the relevant circumstances as well as your personal resources. We do not
recommend clients posting their entire account balance to meet margin
requirements. Clients can minimise their level of exposure by requesting a
change in leverage limit. For more information please refer to HYCM's Risk
Disclosure.</p><p>*Any opinions made in this material are personal to the person
expressing the opinion. This material is considered a marketing communication
and should not be construed as containing investment advice or an investment
recommendation, or an offer of or solicitation for any transactions in
financial instruments. Past performance is not a guarantee of or prediction of
future performance. HYCM does not take into account your personal investment
objectives or financial situation. HYCM makes no representation and assumes no
liability as to the accuracy or completeness of the information provided, nor any
loss arising from any investment based on a recommendation, forecast, or other
information supplied by an employee of HYCM, a third party, or otherwise. </p>

This article was written by Finance Magnates Staff at www.financemagnates.com.

Source: The Future of Mobile Trading
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