Today you can trade gold in London as easily as Hong Kong and all before the futures market’s morning bell rings in the United States. The exchanges, brokers and vendors have worked hard to make futures trading more accessible and transparent around the world to encourage competition among traders from everything from stock indices to pork bellies.
Two companies – RJ O’Brien and TradeMonster – are leading the way in making the markets more available to traders with cutting-edge technology. Each of these futures brokerages have introduced two phone trading applications that give their customers the latest in real-time quotes, charting abilities, order execution, and more, to help them achieve their trading goals.
For R.J. O’Brien, go to Apples iTunes and search for “RJO Mobile Trader,” which is free to download. However, as with most brokerage apps, you’ll need to have a trading account, in this case at RJ O’Brien, to access its features that give you 24-hour access to a global futures market from indices, metals, agriculture, currencies, options, and more.
Once you’ve downloaded the app, you’ll be asked to type in the same username and password that is connected to your trading account with RJO.
The RJO Mobile Trader app is different from most broker apps in that it interfaces with the RJO WebOE, a free web-enabled application that is a firewall-friendly order entry platform that connects traders to the global futures marketplace.
The app has five modules – positions, balances, quotes, orders, trading – and enables traders to place, change and monitor order flow anytime, anywhere. But, it also provides the online security you expect in addition to up-to-date research and order execution from a modern day broker.
One drawback with RJO is that you don’t have the ability to do option spread trading from its mobile app.
On the contrary, “TradeMonster Elite App” by TradeMonster offers state of the art technology along with access to all major futures markets, all major stock and option exchanges and, more importantly, the ability to execute option spreads from its phone app.
Like RJO, you have to have an account with TradeMonster that you can access with a username and password to gain access to a customizable dashboard that is tied directly with your TradeMonster account. Once you do, you have access to similar resources that RJO offers in its app but TradeMonster also includes the ability to create watchlists and, more importantly, its SpreadMaker module.
The SpreadMaker module gives you the ability to place over 14 different option spread trades at the touch of the button as well as make all available option chains quotes and prices to you so that you can make effective decisions in real-time.
For futures trading, both applications offer access to strong trading platforms with lightning quick execution along with the resources necessary to make effective trading decisions in real-time.
Stay tuned for more app reviews. Here's our previous review.