OANDA Focuses on Technical Analysis in Latest fxTrade Mobile Update

Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term broker, OANDA has announced its latest update to its mobile fxTrade platform. Meeting requests from clients, the current update focuses on technical analysis tools. The leading enhancement is drawing tools, where users can draw trend lines, mark chart patterns, and identify support and resistance levels. In addition, the fxTrade Mobile 3.2 upgrade provides advanced indicators such as Fibonacci Fans, Arcs, and Pivot Points, and includes Japanese language support. The current update adds to a July build that added indicators to the mobile platform.

In a review of the platform to the Forex Magnates team before the current upgrade was launched publicly, OANDA explained that the broker’s mobile platform is a key element of its product offering with increasing usage levels taking place. In terms of usage, mobile trades have tripled from 5% to 15% of volumes and around 30% of clients using the product. Interestingly, the company also said that global uptake is constant, with usage similar across all regions. The company explained that there are two types of mobile users; part time traders that the use desktop for their main trading in the evening and then follow trades during day, as well as more professional type traders that use the mobile platform as a safety net.

In their public statement, Trevor Young, Vice President of Product Management, OANDA commented “with the release of fxTrade Mobile 3.2 not only is OANDA maintaining its leadership in mobile Forex Trading Forex Trading Forex trading is the buying and selling of foreign currencies with the aim of generating a profit. The value of currencies, especially floating currencies, fluctuate to varying degrees. This constant volatility of exchange rates opens the door for speculators to invest in a certain currency against another. The Forex market is the world’s biggest and most liquid market, with over $5 billion turnover every single day, with the market being open 24 hours a day, 5 days a week.It goes without saying Forex trading is the buying and selling of foreign currencies with the aim of generating a profit. The value of currencies, especially floating currencies, fluctuate to varying degrees. This constant volatility of exchange rates opens the door for speculators to invest in a certain currency against another. The Forex market is the world’s biggest and most liquid market, with over $5 billion turnover every single day, with the market being open 24 hours a day, 5 days a week.It goes without saying Read this Term capabilities, we’re bringing traders even closer to the full desktop version of our award-winning fxTrade platform on a mobile device. We know from the feedback we’ve received from OANDA’s clients, and from their mobile trading behavior, that they want a robust platform at their fingertips. They want to be able to do more than merely check on their positions or to take a peek at the latest currency pair spreads. By providing our clients with superior technical analysis functionality, we’re responding to that demand.”