Winning the Mobile Trading Award Also Means Increased Responsibility

According to our findings, using trading platforms via mobile apps takes even much higher share compared to desktops.

Scientifical studies, however, point out that trading on a phone increases investment risks. A working paper Smart (Phone) Investing? A within Investor-Time Analysis of New Technologies and Trading Behavior* by German and US academics explored the effects of smartphones on trading behavior. By comparing trades placed by the same trader in the same month across different platforms, they showed how traders buy riskier assets when they’re trading on a smartphone. Trading on a phone seems to have a disinhibiting effect.

The effects of the technology and medium on investing and trading thus should be considered by brokers and trading platforms providers as well. I realized even more how important is the education provided to clients nowadays, especially regarding the risks of trading. Are we managing the education? Is our Trader’s Guide a solid base for opening up the world of online trading to various customers, from beginners to professionals? Are our clients aware of all the risks when they are placing their execution orders?

I have reposted these questions to myself when I was receiving the award for the Best Mobile Trading Broker at Forex Expo in Dubai 2022. More than 52,000 votes for Wonderinterest Trading resulted in achievement of the first prize. I understand this trust as a reward for our endeavor to provide reliable services. On the other hand, given the increased risks by associated with mobile technology, I feel we must share responsibility for the market development and its proper understanding by all parties involved.

Evroula Papadopoulos
Executive Director
Wonderinterest Trading Ltd.

* National Bureau of Economic Research, 2021

Risk Warning

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73.58% of retail investor’s accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.