Recently, spread betting providers have enhanced their offering further by going mobile and launching Apple iphone, Windows phone and Android device platforms. The platforms offer much of the functionality available on a typical PC desktop and this helps traders who like to trade the news both to follow markets and execute trades on the go. Using the mobile channel for trading has a number of obvious benefits, as spread traders who must constantly be on top of their positions now have much more freedom and flexibility to manage that 24/7.
A spread betting mobile dealing application (app) typically allows users with an iPhone, Android or BlackBerry mobile device to stay updated with the markets, view their spread betting account status, and manage their positions and orders across multiple markets.
‘When markets are volatile and prices moving fast, being able to get in and out of a position quickly can be the difference between a profitable trade and a losing trade and mobile trading gives spread bettors every opportunity to profit from fast moving markets at the touch of a button on their phone.’ – City Index spokesman
City Index was the first financial spread betting provider to have developed a spread betting iphone application in 2009. This was apparently very well-received – in fact so much that other spreadbetting firms have been racing to get a piece of the action and providers like ETX Capital, Capital Spreads and IG Index have all followed City Index’s lead by launching their own respective mobile trading applications. Today, there are a plethora of platforms available and some of the biggest names in the market have added support for the iPad device.
Spread betting on the iPhone may still be at its early years compared to traditional spread betting platforms like telephone or computer-based interfaces, but it already seems as though mobile spread trading is here to stay. The popularity of iPhone applications is mostly down to convenience – mobile trading platforms not only allow you to check real-time prices but also trade place stops and limits, and analyse charts wherever you are. In fact with mobile platform traders can now place or close positions out, move stops, monitor positions and follow the news. Whichever way you look at it mobile trading has to be a priority for any modern business in the sector and most spread betting providers have launched or are preparing to launch their own Android, BlackBerry and iPhone applications.
“Increasing retail traders sophistication combined with increasingly mobile lifestyles has meant that more investors want to take control of their investment decisions on the move and therefore need immediate access to financial markets and their portfolios wherever they are”
The City Index mobile application from City Index was the first live trading tool available on an Apple device when it was released for the iPhone in October 2009 and have been proved a winner ever since. The CityIndex spread betting iphone application allows traders and investors to keep on top of the latest prices and market movements instantly, as well as being able to open and close spread betting trades and follow the latest news releases amongst many other features. City Index have recently even expanded the mobile trading application to include other platforms, including Android, Blackberry, Windows and Java. The Android application is much similar to the existing iPhone and Blackberry City Index application which in itself is a good thing.
CityIndex’s Market Strategist Joshua Raymond is of the opinion that the mobile application’s success stems from the greater freedom of movement it allows: ‘Allowing spread betters the ability to spread bet whenever they want and wherever they are is completely where we feel the trading industry is heading. No longer are you restricted to trading CFDs or making spread bets in front of the computer.’
An iPhone or BlackBerry mobile devices allows clients to trade on the move via an easy to navigate interface, allowing for convenient access to their accounts. Raymond is however keen to note that advances in technology does not mean that market analysis means less analysis. ‘The more you look at moving prices, the higher the risk for a trader to fall for impulse trades without doing proper research and analysis. Ensure you have carefully analysed the market you are considering to trade before dealing, irrespective of whether you execute your trades via a mobile, online or phone’.
As the technology continues to evolve, so does financial spread betting. Furthermore, spread betting brokers keep making significant updates to their mobile offerings, with enhancements including faster response times and an improved visual design. And there are strong fundamentals driving this growth. 17 million people in Britain already own a smartphone. The number of mobile phones in Britain in reality exceeds the number of people, with around 1.3 phones to every person and this can only mean that the future is mobile trading. With the fast-moving financial markets of today, it is important that you have access to your trading platform whenever you want, wherever you are. Plus mobile, web and desktop platforms can be linked giving you maximum accessibility and power.
Angus Campbell, head of sales at Capital Spreads noted: ‘At the moment, the ability to do mobile trading is just an additional trading tool. The majority of trades are still being done over the internet. The relatively young spread betting industry saw its deals done over the phone back in the 1990s, but quickly embraced the new technology offered by the internet to improve the dealing experience for clients.’ ‘Nowadays we rarely get clients ringing to trade,’ says Campbell. ‘It’s just so easy to do it through the internet and now through mobile telephony, that there’s no need to talk directly to us, especially with all the help and guidance clients can get online.’
The mobile trading trend is expected to continue growing in the future, as technological advancements make it easy to tap into this market. It is primarily all down to the accessibility and speed of these mobile devices available on the market. Traders and investors want a quick, slick phone which allows them to place trade and keep abreast of the financial markets. Spread betting providers have tapped into this need and are creating glamorous spread betting applications in order to strengthen their presence.