Traders have a smartphone dilemma. There’s nothing good like having the right tool for the job, and your smartphone can serve as an invaluable trading tool assuming you have work to do with it. All online brokers have different apps with varying degrees of complexity and use cases.
A dependable smartphone for online trading is one that can handle graphs, execute your trading orders, and lets you review reports without hang-ups or lags.
In addition, it should offer features to increase security. But what does that mean? This article will help you figure out what to look for when you’re ready to upgrade your smartphone so you can start using it as an effective trading tool again.
Should the phone be brand new or used phone?
It depends. If it is a used phone, does it have the specs that facilitate a good trading experience? A good trading experience can involve no delays when making orders, the phone does not freeze or lag, it can still receive app updates and system software updates, etc.
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Processor speed
Processing speed is how fast your phone executes tasks. If you are opening an app, how much time does it take to launch? If you tap on the features in the app, let’s say you are selling a pair, how much time will it take for that order to be affected?
Phones with high processing speed perform such tasks very fast and are the ones you should go for. Whereas, you will grow frustrated with one with a low processing speed. Because you will feel the effects of the phone being slow. You might even miss out on entering good profitable trading positions. Or you might lose more money in case your phone delays to take you out of a losing position.
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RAM Size
RAM (Random Access Memory) is often one of those parts in a phone that people don’t really think about but it is extremely important. It helps keep your device from slowing down when multiple applications are running at once. If you can bump up your RAM, do it.
RAM of 1GB and below is insufficient for a smooth smartphone experience. You will often experience scenarios where you can not use some apps like WhatsApp due to delays in the speed. Some apps collapse on their own. They freeze. Little RAM implies your phone will be very slow and frustrating to use.
On the other hand, RAM of 2GB and above is fast and will give you a joyous smartphone experience.
Safety features and biometrics
Now that smartphones are basically mini-computers, with apps and sites designed specifically for traders and investors, there’s really no need to leave your device at home. If you don’t want a device that’s susceptible to theft, you may want one with fingerprint or facial recognition features, which will prevent others from accessing your devices without your knowledge.
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Phone brand
Apple, Samsung, and OnePlus have taken the smartphone market by storm. These phones come with features that are rich to use. You should get a phone from a manufacturer that has a good reputation in the market.
Internal storage
One important thing to consider when upgrading your phone is how much internal storage you’ll need. The more apps and media files you collect, the more space they’ll take up on your phone. Even in today’s age of cloud storage, having extra local storage is very useful, especially depending on the kinds of apps you enjoy using most frequently.
Screen size
One of your trading apps may tell you that, based on how many times you’ve run it, you can see that a screen size of over 4.5 inches is preferable. While bigger phones are heavier and more difficult to carry in a pocket, they do come with certain advantages. For example, when researching companies or stocks before buying them, it’s easier to read a company’s financial statements or SEC filings if you have a larger screen. Some traders also enjoy having roomier keyboards, since typos cost money in trading.
Authenticity
Get a phone that is original. There are so many phones that are duplicated nowadays. You buy a Samsung and when you power it on it has a different logo on start-up.
To check if the phone is authentic, You can dial *#06# on your phone to get your IMEI number. You can also go to the about device section in your phone’s settings. There you will find its certificates, brand name, etc.
Operating system
The operating system is obviously important. It impacts usability, stability, apps, security, and more. For many people especially those in IT operating systems, it is a divisive topic that stirs up strong emotions regarding iOS or Android.
An operating system is like the brain of a computer. It controls everything that happens on your smartphone from when you power it on (wake it up) to when to power it off (put it to sleep).
I’m not going to tell you which one is better than another because that’s like asking you if a screwdriver is better than an ax. They’re different tools with different purposes. For example, I prefer iOS as my smartphone operating system because it offers much more control over battery life and privacy settings than Android.
Android on the other hand is open source. Meaning it gives you more control over what you can use your Operating System for. So, if you like to be more in control, go for Android. iOS limits your freedom and compensates for that with tight security. Android and iOS are the most popular mobile operating systems and you should not stray from them.
Battery Life and the charging capability
If you live your life on your smartphone, as most traders do, then battery life is a big consideration. In fact, most traders don’t just want more hours of battery life they want more days.
With many new Android phones, you can charge them up before you go to bed and wake up with a full charge in the morning. There is no established duration of smartphones charge. Some phones charge slowly to full charge, some get to full charge fast. At times, the charger you use could affect the charging capability.
Battery-saving features like low power mode help ensure that even after a long day of work and trading when you are streaming stock quotes, social media updates, and watching financial news video clips your phone will still have plenty of battery left when you finally get off at 5 p.m.
At a minimum, your battery capacity should be 3000mAh. This lasts 6-8 hours on average depending on the intensity of tasks performed by your phone. Or even the make.
Thinking of an upgrade?
Selecting a phone for trading can be a bit overwhelming if you don’t know how to interpret the specifications. Here’s what you need to know about specifications to find the perfect one for trading.
| Feature | Recommendation |
| ROM | 32GB and above |
| RAM | 2GB and above |
| Processor | 4 Cores |
| Operating System | Android or iOS |
| S-pen | Yes |
| Screen & Display | 6.5 inches and above |
| Fast Charger | Yes |
| Biometrics | Fingerprint, iris scanner, facial recognition |
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Cost
The phone you should get should not be too expensive for your financial status. Get one that is affordable to you but also offers the features that are necessary to facilitate a smooth trading experience.
Conclusion: Tablets are another option if you’re looking for a more robust trading experience. The same rules apply here as with smartphones; buy something that fits your needs today and will grow with you tomorrow.