I would like to use an blue tooth external keyboard & mouse with my iPhone 5. Is this possible? If so, is there software and or a certain keyboard & mouse I need to purchase?
iOS does not support any pointer devices such as a trackpad or a mouse.
The keyboard you should be able to use, and most will work with it.
mouse no support at all
keyboard yes support for all bluetooth keyboards from windows bluetooth keyboards to mac keyboards to small bluetooth keyboards for phones and tablets
not extra software required
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