5 Steps To Trade Forex on Your Phone

According to Statista, there were about 250 million active forex traders in the world in 2023. Of those, about 80%, or about 200 million people, trade through their smartphones. It is expected that the number of traders trading forex through their smartphones will continue to grow in the coming years. By 2025, their number could reach 250 million people.

This guide is all your go-to buddy, helping you step by step to smoothly start trading forex on your phone. This process typically involves these five steps: choose a broker, open an account, download a trading app, learn the basics, start trading.

5 steps to trade forex on mobile phone

Step 1: Choose a broker

Selecting the right mobile trading broker is the foundation of successful forex trading. Brokers act as intermediaries, facilitating your trades in the dynamic foreign exchange market. With a multitude of options available, conducting thorough research is key to finding a reputable broker that aligns with your trading needs.

Consider the Following Factors:

• Fees : Understand the fee structure of potential brokers. Fees can vary, so compare them to ensure they align with your budget and trading frequency

• Platform : Different brokers offer various trading platforms for smartphones. Assess your preferences and skill level to choose a platform that suits your trading style. Some are user-friendly, while others offer advanced features

• Customer Support : Ensure the broker provides assistance when needed. Prompt and effective customer service can make a significant difference in your trading experience

When you choose the right broker, you will be able to make your trades profitable with the help of their services, quick response, and efficient liquidity available.

Step 2: Open an account

Opening a forex trading account is a straightforward process, typically quick and user-friendly.

To open an account, follow these simple steps:

• Gather Information : Prepare basic personal details such as your name, address, and contact information. Have any necessary identification documents ready for verification

• Choose an Account Type : Select the type of forex trading account that aligns with your trading goals. Different accounts may offer varying features, so consider your preferences and experience level

• Verification : Be prepared to undergo a verification process to ensure the security and authenticity of your account. It may involve submitting identification documents

Step 3: Download a trading app to your phone

Take your forex trading on the go by downloading a reliable trading app offered by your chosen broker. Here's how to make the right choice:

• Ease of Use : Opt for an app that is intuitive and user-friendly. The easier it is to navigate, the smoother your trading experience will be

• Features : Evaluate the app's features. Ensure it provides essential tools like charting capabilities and efficient order execution. The right features enhance your ability to make informed trading decisions

• Security : Prioritize security. The app should employ robust security measures to safeguard your personal information and financial transactions

Step 4: Learn the basics

Before diving into the dynamic world of forex trading, it's crucial to grasp the fundamentals.

Here's what you need to focus on:

• Types of Orders : Understand the various order types, such as market orders, limit orders, and stop orders. Knowing when and how to use each type empowers you to execute trades strategically

• Types of Analysis : Explore both fundamental and technical analysis. A balanced approach to both can enhance your trading decisions

• Risk Management : Acknowledge and manage risks. Learn how to set stop-loss orders and determine a risk-reward ratio. This knowledge is crucial for preserving your capital and navigating the unpredictable nature of the forex market

Step 5: Start trading

Now, you've equipped yourself with the basics, and it's time to initiate your trades:

• Start Small : Begin with modest investments. Starting small allows you to gain practical experience without exposing yourself to significant risks

• Gradual Risk Increase : As you become more confident and experienced, consider gradually increasing the size of your trades

Caption Top 3 iOS trading apps in 2025

Tips to trade forex on smartphone

• Set realistic goals by establishing achievable objectives in your forex trading journey; success takes time and patience

• Manage your risk through safeguarding your investments by implementing stop-loss orders, limiting potential losses and preserving your capital

• Don't trade when you're emotional because emotions can cloud judgment

Conclusion

Trading forex through an app on your phone has both advantages and disadvantages:

Before you start trading forex through your smartphone, make sure you have sufficiently researched the markets and can assess your risks and chances of success.

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Team that worked on the article

Upendra Goswami

Contributor

Upendra Goswami is a full-time digital content creator, marketer, and active investor. As a creator, he loves writing about online trading, blockchain, cryptocurrency, and stock trading.

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Dr. BJ Johnson

Developmental English Editor

Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.

Mirjan Hipolito

Cryptocurrency and stock expert

Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO).