Those with a penchant for numbers and a willingness to take a risk have a plethora of ways to make money using their iPhones. Whether it’s sports betting, online poker or even bingo, there’s now an app that will give you a way to indulge your two passions while on the move.
Joining these betting markets in the last few years and now becoming the go to choice for advanced punters is spread betting. Taking attributes from both the sports betting market and the currency trading world, spread betting requires an understanding of basic mathematical principles as well as a keen eye for potential.
In the past currency trading was the reserve of financial experts working for a company with the latest hi-tech equipment. However, thanks to the internet and some canny software developers at sites in a market led by Tradefair, it’s now possible to track the currency markets and place spread bets via your iPhone.
What is Spread Betting?
Before we delve into some of the specifics of spread betting from your iPhone, here’s a quick overview of what the process actually involves.
Unlike traditional popular forex trading which involves picking a currency pair to trade (i.e. buy and sell depending on how its price will move), spread betting allows users to speculate on the movement of a currency.
For example, providers will quote a price which contains the offer and the bid. The offer is the price at which a user can buy at and the bid is the price a user can sell at. The difference between these two points is the cost of the trade and, the wider the gap, the more a currency costs to buy.
A trader can then make money based on the gap between the two currency moves. Trading forex in this way makes caries less risky than traditional methods because the user isn’t purchasing currency, but betting on it instead.
Spread Betting from your iPhone
Like the sports betting world, spread betting requires instant information. To accurately predict the movement of a currency, you need to know how the market is reacting to certain things. Not only that, but you also need to have the ability to place bets quickly and efficiently.
Fortunately, iPhones are perfectly set-up for this. Not only can spread betting apps give you instant access to financial reports and market analysis, but the touch screen structure is great for placing bets without missing a beat.
For example, when you download a spread betting app you’ll find the following tools:
Customisable interface with charting: All well-crafted spread betting apps are customisable to ensure you can squeeze all the necessary data onto your screen. Not only that, but all charts (used to summarise stats) are optimised for easy viewing.
Push notifications: To ensure you don’t miss any information, spread betting apps will push notifications through to your phone throughout the data. These feeds can also be customised to come through when certain market conditions are met, e.g. when a certain currency hits a particular price.
News feeds: As well as the latest stats, it’s also important to have quick access to key snippets of news. A world event can often impact the currency market, so staying in touch with this is crucial if you want to ensure your bets are profitable.
Daily data recaps: To know where you’re going in the betting world you sometimes have to have a look at where you’ve been. Daily recaps of how a currency has moved in price, the position it closed at and any net changes are all available via regular recaps. Using this information you can build up a better idea of how things may change in the future based on the activities of the past.
Spread betting is basically another form of sports betting. However, instead of speculating on which team or individual is going to win a contest, your job is to guess how a currency pair will change. Doing this via your iPhone is now easier and more profitable than ever. So, if you’re a fan of betting on sports, then spread betting is worth a shot; especially if you have the latest iPhone.