There’s no doubt about it; the FinTech market has continued to grow at an incredible rate in recent times. According to data compiled by PwC’s DeNovo platform, the funding of FinTech startups has increased at a compound annual growth rate (CAGR) of 41% over the last four years alone.
If there is one FinTech innovation that embodies the marketplace, however, it is the contemporary, online trading platform. This, aligned with the rise of associated forex apps, has revolutionised the financial marketplace and removed many of the barriers to entry that once faced investors.
But how exactly as this type of technology changed the forex market? Consider the following:
Making The Financial Marketplace Accessible
Before the age of online trading platforms and mobile forex apps, the financial marketplace (and particularly volatile derivatives like currency) were almost exclusive to large corporations and seasoned, Wall Street traders. Since the turn of the century, however, these accessible platforms have enabled aspiring part-time traders and even novices to connect to the financial markets, allowing them to execute real-time trades and learn from a host of available learning resources.
In terms of apps alone, the changed has been particularly marked for forex traders. After all, this market remains the single most volatile entity of its type in the world, while it also trades for 24 hours across six days of the week. This includes three distinct trading sessions across the globe, meaning that investors must be able to time and execute their orders precisely if they’re to achieve their core objectives. Forex trading apps have made this easier than ever, creating a scenario where investors can optimise their gains even in a depreciating market.
This is particularly important if you’re a day trader, as in this instance there’s a pressing need to open and close lucrative positions within a short period of time. By being able to access your account at any time of the day and regardless of your precise location, you can execute your strategy effectively and help it to realise its full potential.
The Last Word
Make no mistake; the development of online trading platforms and the emergence of forex trading apps represents the biggest developments in the financial marketplace over the course of the last two decades. Not only has this created universal access to the financial marketplace and volatile sectors like the foreign exchange, but it’s also allowed investors to refine their strategies in a way that optimises their potential gains.