Today I had a chance to try out the iPhone app that Trading 212
released at the beginning of the month. Previously I had played the MT4 iPhone application (the undisputed leader in desktop forex platforms) so I didn’t have quite high expectations. That’s why I was pleasantly surprised to find out that the Trading 212 app was just as efficient, yet way more intuitive.
Trading 212 has figured out iPhone users and offers them exactly what they need: only the necessary, without any bells and whistles.
The first thing you see when you launch the platform is the list of trading instruments
. Trading 212 offers more than 400 of these but only the most common ones are displayed by default – EURUSD and GBPUSD currency pairs, Gold, oil, stocks like Facebook and Manchester United, etc.
You can easily add more instruments from the “Edit” button located in the upper right corner. To delete a selected instrument, just slide your finger on top of it and then tap on “Delete”.
In order to see a chart or place an order for a particular instrument, let’s say EURUSD, just tap on it. Two big “Sell” and “Buy” buttons will appear and you will need to enter the amount you wish to trade to open the position.
Underneath the “Sell” and “Buy”, a chart appears. You can switch between 6 time frames – 1 minute, 10 minutes, 1 hour, 4 hours, 1 day, and 1 week. By default, the chart mode is Japanese Candlestick but you can have a Line chart displayed with a single tap. If you slide your finger on the Line chart, you will see the highest and lowest value of the instrument for the day. I have to admit, though, that I would much rather have this functionality show me the highest and lowest value for the selected time frame.
In order to see a bigger chart, flip your iPhone – as simple as that. Don’t expect to find trend lines, indicators or other technical analysis tools, though – you have desktop computers for that.
After you have placed an market order, it appears on the “Open Positions” screen
. Along with the results of all open trades, you will also see an indicator for the margin used.
To close a position, tap on it and select “Close”. Before the trade is closed, the app will ask you for a confirmation (in my humble opinion this is unnecessary).
To set Stop Loss and Take profit on a particular position, use the “Pending Orders” feature.
Pending orders are located on a separate screen. You can choose between Limit/Stop, Trailing Stop, OCO and If/Then. Don’t worry if this sounds a bit confusing – Trading 212 will probably simpify this feature with the next app release.
The last screen of the app is where you can check out the most important economic and financial news.
The iPhone app is available for download free of charge on iTunes
. If you already have a demo account with Trading 212
, you can access it with the same login details; if you don’t – you can register a new account from the app. The Trading 212 marketing team has also made sure that you can open a live account straight from the demo one.