In 2016, the total daily forex trading volume was $5.1 trillion, with this figure drawn from the global marketplace and its three geographical trading sessions.
However, it has increased to a staggering $6.6 trillion by the end of 2020, with this stark increase driven by greater market accessibility and a subsequent rise in the number of retail traders from across the developed and developing worlds.
Of course, increased smartphone penetration rates in the developing world also influenced this trend, with mobile phones enabling traders to access the real-time marketplace and engage more successfully in high volume strategies such as scalping.
But what are the best smartphones for forex traders? Here are some examples on the current market?
#1. The Samsung Galaxy Note 10+
While there are fundamental elements of every successful forex trading strategy (such as your choice of forex pairs and use of leverage), your choice of smartphone is easy to overlook.
However, there’s no doubt that one of the best and most functional trading phones is the Samsung Galaxy Note 10+, which is an outstanding product that combines a large display with a lightweight design.
The screen composition and its dimensions are ideal for traders, who are often required to access charts and technical information in real-time. Make no mistake, this device's 6.8-inch display and its 1440×3040 pixels allow for clear and high definition at all times, without requiring you to compromise on the snippets of data that you’re able to see.
Perhaps even more crucially for FX traders (especially those who want to execute a relatively high volume of orders), the Samsung Galaxy Note 10+ is extremely responsive and boasts an exceptional touchpad. This allows for greater ease of use and more accurate order entry, while you can achieve these objectives quickly and with the minimum of fuss.
Prioritising function over form from the perspective of forex trading, the Samsung Galaxy Note 10+ also boasts a durable and long-lasting battery.
This Li-Ion 4300 mAh unit delivers hours of continued use, which is crucial when analysing the market and executing trades across all three geographical trading sessions.
#2. The iPhone Xs Max
For fans of iOS, the iPhone Xs Max is an excellent forex trading choice, and one that also comes with an exceptional display.
While the iPhone Xs Max is a little smaller than the Samsung Galaxy Note 10+, its Super Retina HD display still measures 6.5 inches and benefits from the integration of OLED Multi-Touch technology.
It’s also categorised as an HDR (High Dynamic Range) display, which accurately presents even complex visual datasets and allows for a far more interactive user experience.
This contributes significantly to the typical mobile trading experience, as you look to analyse graphs and visual datasets quickly and execute informed, real-time trades.
This also betrays the ease of use that’s associated with the iPhone Xs Max, which boasts an exceptional interface through which it’s easy to manage your forex positions (and wider portfolio) and execute trades through a responsive display.
When it comes to battery power and performance, the iPhone Xs Max offers wireless talk time of up to 25 hours, which is considered to be approximately 1.5 hours longer than the preceding iPhone X.
Even more impressively, the device allows for up to 13 consecutive hours of Internet use, allowing you constant access to the forex market and your investment portfolio.
#3. The Xiaomi Mi 9 Pro
We’ll close with another Android device, with the Xiaomi Mi 9 Pro offering everything you need to enjoy a positive and accessible currency trading experience.
It arguably boasts the best display of the devices on this list, complete with Super AMOLED HDR10 technology and measuring 6.39 inches. Once again, this enables you to view charts and analytical graphs clearly, whether you’re working in portrait or landscape mode.
In terms of speed and performance, the Xiaomi Mi 9 Pro also features a Qualcomm SM8150 Snapdragon 855+ processor, which is incredibly fast and ideal in instances where you intend to place a large volume of orders in a relatively short period of time.
This device deploys a non-removable, Li-Po 4000 mAh battery unit, which is only marginally less powerful than the technology used in the Samsung Galaxy Note 10+
However, it still allows for extended Internet use, ensuring that you never need to worry about losing power or connectivity during your peak trading hours. In this respect, the device offers considerable peace of mind to any experienced or aspiring trader, many of whom rely on real-time analysis and connectivity to implement their trading strategies.