Mobile trading has become a feature that almost all binary option trading platforms offer to their traders. Either they have mobile apps or provide responsive website platforms that investors can use on the go to make trades. Today we will review the mobile trading features provided by CiTrades.
How mobile trading works on CiTrades:
The CiTrades website can be accessed through any mobile device. If you go to open their website on your handheld device, you will be given two options:
- Download the application
- Standard website
The mobile application is offered on both Androidand iOS platforms. The standard website may be a little difficult to use on small screens because the details are not scaled.
Step#1- Open a trading account on CiTrades:
Startby creating a trading account with CiTrades before you can use CiTrades services. This link has the sign up form which is pretty basic, choose the currency of your account carefully because you will not be able to change it later.
Step#2- Make deposit to validate the account:
Your account will be active once you make your first deposit. CiTrades supports all major credit cards and online payment systems including SKRILL, NETELLER and even Bitcoins. Direct wire transfers are also accepted but need 3-5 business days to be processed. The minimum deposit amount Citrades accepts is 500.00/- in your trading account currency.
Step#3- Control your trades on the go:
Once the account is setup and validated, it’s time to trade anywhere anytime. You can always use the platform with your home computer, but the real power is to make trades when you can’t be in your living room.
Making trades with smartphone app:
After the sign up process is complete, download the mobile app and sign in with your login credentials. The app gives you real-time access to many features including:
- Several trading platforms
- Analysis tools
- Price action charts
- Live news
If you already know the principles of binary option trading, it should only take a few minutes to start trading with the mobile app.
- Sign into the CiTrades mobile application using your account login details
- Select the type of binary option you want to trade. The binary options are categorized according to their expiry times.
- Pick the asset the trade should be placed on
- Decide the direction you think the market price will move (generally CALL for upwards, PUT for downwards)
- Check if the expiry time is what you want, adjust if necessary. Sometimes you can’t change the expiry time depending upon the type of option trade you selected at the start.
- Input the amount you want to invest and choose BUY.
- The amount you selected will be immediately deducted from your trading account balance and the expiry time will start.
- MY OPEN TRADES section can be used to track progress on the trades that are in progress.
- If you win, your account balance will be credited with your initial investment plus the profit return. If the prediction fails, you will lose your investment.
Mobile app user reviews:
Both the Citrades Android and iOS look exactly the same. The Android app for CiTrades has significantly more user reviews than the iOS CiTrades app (only one review) so we will limit our discussion to the Android application.
According to the users, the benefits of using this mobile app are:
- The GUI is very easy to understand and operate
- Nearly all options of account management are available in the app
- Fast and responsive performance helps better experience with precise trading
The mobile app customers have reported following loopholes in this application:
- The app experiences errors and crashes on some Android devices
- May use large amount of mobile data to support real-time operations
- Some trading platforms are not supported by the app
The Android application was last updated in February 2014 which means it may not function properly on newer Android operating systems. None of the reviews are recent enough to make a conclusion in this regard.
Option Trading scams, mobile apps and store policies:
Both Google and Apple have strict policies regarding the content available through their app stores. A strong validation binary option companies use to claim their business activities as legit is that their mobile apps are available on such stores that have very strict policies against inappropriate content let alone scamming apps.
Mobile apps for binary option trading definitely increase accessibility for interested traders. But the fact that due to several factors these mobile apps make trading riskier leading to the question “should broker companies promote responsible trading with their apps?” Does the onus lie on the investor to take all precautionary measures? It seems it is a debate that is never going to end.