Mobile Banking and Forex Trading Guide12 min read

Mobile Banking and Forex Trading Guide12 min read

Reading Time: 5 minutes

Forex trading has recently become one of the most used methods in the trading market. Embark on a thrilling voyage through the intricate labyrinth of OTC trading, where securities are bartered via a vast network of broker-dealers rather than a single nexus like the New York Stock Exchange.

These dealings can encompass derivatives, financial instruments that derive value from underlying assets such as stocks, bonds, and commodities.

The Kingdom Bank, an exceptional financial institution in the region, wields an unparalleled mastery of alternative currencies and sidesteps exchange rate hazards to ensure maximum customer satisfaction and security. Allow their expertise to catapult your forex trading odyssey to new heights.

The Kingdom Bank reigns supreme as a preeminent establishment in the region, flaunting unrivaled strength and security that surpasses even the most robust financial institutions worldwide.

By employing optional financial forms to curtail financial risk and minimize impact, The Kingdom Bank stands out as a trailblazer in the banking industry with an extensive customer base. Get ready to be astounded by the labyrinthine realm of OTC trading with The Kingdom Bank‘s exceptional services.

What is Mobile Banking?

In this age of digitization, mobile banking has become increasingly expedient with banks flaunting striking apps. The facility to endorse a check, remunerate for products, wire money to acquaintances, or spot an ATM in a jiffy are just a few of the rationales why the populace embraces mobile banking.

Nevertheless, it’s imperative to establish a robust and secure connection prior to logging into a mobile banking app to avert the jeopardy of compromising personal information.

Is it Haram to Trade Forex Online?

The enigma of whether Forex trading is permitted or forbidden in Islam is one of the most intricate queries in the domain of Islamic finance. While the stock market is bewildering, the Forex market, despite its apparent simplicity, is even more perplexing. 

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Forex trading is not limited to just exchanging currencies. It encompasses an array of contracts such as futures, forwards, and options, as well as the concept of interest (Riba) and speculation. Yet, Islam permits the earning of profits from currency trading. 

The fundamental notion behind Forex trading is to earn a profit by buying and selling different currencies. In principle, buying and selling currencies is not forbidden in Islam but is subject to certain prerequisites.

However, the process of making a profit in Forex trading is far more intricate than it appears.

The fluctuation in currency value is minuscule, and currencies only move a fraction of a percent at a time. Therefore, to earn a profit, you must invest a colossal sum of money. 

For instance, if someone earns a single cent in profit for every pound invested, then for a thousand dollars, they will earn a meager ten dollars, which is not worth the effort.

Conversely, if someone invests a hundred thousand dollars, they will earn a substantial profit of a thousand dollars, which is a significant sum of money.

Can Do Forex Trading on Mobile?

Forex aficionados can dabble in the market via their smartphones with ease. Thanks to trading apps, traders can peruse their accounts, sift through the latest news, and execute trades on the fly.

Nevertheless, given the diminutive size and confined capacities of mobile apps, seasoned professionals advise traders to only employ their phones to monitor their accounts and not to devise their tactics.

forex trading

What is Trade and Forex in Banking?

The art of trade is the exchange of goods and services among different nations. It is a pivotal element of the global economy, involving the haggling of merchandise and amenities between countries.

Trade amplifies economic growth and development by birthing new job opportunities, multiplying productivity, and intensifying competition.

Forex is a portmanteau of Foreign Exchange and denotes the swapping of currencies among different nations. The forex market is the largest financial market globally, with an estimated daily turnover of over $5 trillion. It embraces the purchasing and vending of currencies between different countries.

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Trade and forex are significant cogs in the wheel of banking, as they help to ease international business and foster economic growth. Banks play a pivotal role in trade and forex by rendering financial services to firms involved in international trade.

Mobile Banking and Forex Trading App

Mobile banking is the art of conducting financial transactions on a portable device (cell phone, tablet, etc.). This undertaking can be as straightforward as a financial institution dispatching a scam or usage activity to a client’s mobile or as intricate as a client paying bills or remitting funds overseas.

The benefits of mobile banking encompass the ability to bank from anywhere and at any hour. However, security apprehensions persist, and the range of capabilities is limited compared to banking in person or on a computer. 

The most exceptional forex trading applications make it effortless and uncomplicated to trade in foreign currencies, leveraging your smartphone or tablet, regardless of your location.

This is particularly advantageous when the foreign exchange market plays a pivotal role in daily commerce. It’s a worldwide, decentralized atmosphere where financial institutions and businesses can exchange currencies. 

As per the Bank for International Settlements’ study, forex trading generates an approximate $5.3 trillion daily, surpassing other financial markets in size.

Typically, it’s dominated by large international banks and corporations that work around the clock to swap and convert international currencies.

Open an MT5 Trading Account

To commence, you must first unlock the gateway to the Dashboard by inputting your enrolled email and password.

If you possess a demo account, the same email you provided during the registration process will suffice. However, if you are not yet a Dashboard member, you must promptly fabricate an account.

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Once you’ve penetrated the Dashboard, the following steps await:

  • Initiate your journey by choosing the ‘Open Live Account’ button.
  • Verify and validate your telephone number.
  • Enter all the required details on the ensuing pages, including contact information, tax identification, and passport number.
  • Peruse and consent to the confirmation notice.
  • Submit the requested documents to authenticate your identity.
forex trading

Why Choose the MT5 Forex Trading Platform?

Behold the MT5, a wondrous tool that encompasses an integrated Economic Calendar. This calendar contains invaluable, real-time data regarding macroeconomic events.

By utilizing this feature, traders can diligently monitor crucial financial announcements that hold the power to sway asset prices. The Economic Calendar is a paramount resource for traders who desire to effectively strategize their trading endeavors.

How Much Does the MT5 Forex Trading Platform Cost?

Verbalized: Put differently, while MT5 is unshackled for utilization, it is imperative to brace yourself for the possibility of incurring trading tolls when you initiate live transactions (the magnitude of which may differ depending on the broker).

Additional information: It is crucial to consider the potential financial ramifications of trading with MT5, as the fees imposed by brokers may significantly affect the profitability of your investments. It is advisable to conduct thorough research on various brokers and their corresponding fee structures before engaging in live trades.

Start Forex Trading with The Kingdom Bank

Embark on your trading journey with an esteemed and meticulously-monitored broker like Admirals.

Immerse yourself in the wealth of knowledge offered by the Admirals Forex 101 trading course, free of charge.

Hone your skills and test out your innovative trading tactics in a simulated setting with a demo trading account until you’re primed for the real deal.

Take the leap and engage in Forex Trading with The Kingdom Bank to unlock your financial potential.

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