Forex trading is a venture that requires you to be on top of the market at all times. Awareness of the rapidly changing market movements at all times is crucial for making the right trade decisions that will give you the profits you are looking for.
Usually, investors monitor these market movements on their computers in the office or at home but obviously, you cannot take these machines with you everywhere you go. This is why a lot of traders rely heavily on forex trading apps on their smartphones and mobile devices so that they can stay updated and be able to trade on the go.
In This Guide
Trading forex has never been easier, thanks to apps designed for buying or selling currencies. Here are some of the best forex trading apps that you can use to improve your trading experience.
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When mobile apps for trading first came out, it was a bit hard to find one that works perfectly and that is compatible with your personal trading style. But today, the majority of forex brokers, and certainly all of the major ones, already have their own mobile forex trading apps that they offer as part of the perks of membership. Some of these apps are exclusive to members while there are also those that can be used by non-subscribers, sometimes for a very reasonable fee and sometimes at no cost at all.
As a general rule, you would want to look to the most reliable forex brokers as they are typically the ones that have the best forex trading apps. However, this doesn’t necessarily mean that there are no other excellent trading apps out there. In recent years, there have been a few independent developers that have come out with their own forex trading apps, many of which traders can use for free.
As you can just imagine, there are plenty of benefits that a trader might enjoy from the best forex trading apps. Here are some of the most notable ones.
No matter where you go, the forex trading app will let you make trades to your heart’s content, as long as you have access to the Internet. You don’t have to sit at your desk the whole day, staring at the screen and waiting for the right time to execute a trade. With mobile apps, you can go about your day and just look at your device from time to time if you want to check out the market and see how your trades are doing.
The second reason why traders love using these apps is the bonuses that you can enjoy. It’s not clear which company started the practice but most apps today are trying to outdo each other by offering attractive bonuses to traders. Welcome bonuses and referral bonuses are some of the most popular ones that you can get from most forex trading apps.
Mobile trading platforms come with several features that might not be available with web platforms. These features, when used correctly, can help you make correct trading decisions at just the precise moments.
A forex trading app gives you round the clock access to the market, which means that you can trade all day and all night if you wish, giving you many more opportunities than if you are using your desktop. Mobile apps also give you more opportunities for learning because you can observe the market more often, helping you hone your skills in analyzing the market and making predictions for the next movements or trends.
The best forex trading apps also provide security and protection not only for your funds but for your personal information as well. Of course, you do have to check the reliability of an app before you install and sign up for it so that you can be sure it can provide you with the protection you need.
It is impossible to determine just one best app because it is ultimately a personal choice that takes into consideration one’s trading style and needs, and so what works for one trader may not necessarily be that good for another. In any case, here are some of the best forex trading apps today based on traders’ feedback.
If you are looking for an app that is easy to use but packs a punch in terms of functionality and speed, then this is the app for you. Their interbank rates on foreign currencies are consistently updated so you will never fall behind the market. NetDania also provides the latest market news and live charts that show market movement. This app can be used by both Android and iPhone traders.
Another powerful but simple to use app, Trade Interceptor comes with a large selection of features. In addition to forex, it also lets you trade commodity futures and binary options. While this app is a favorite among beginning traders because of its user-friendly interface, veteran investors are also able to appreciate the advanced tools for technical trading and analysis.
Developed by IG, one of the most highly acclaimed forex brokers in the world today, IG Trading App is packed with advanced features that are very useful to seasoned traders but the navigation remains very easy, making it perfect for new traders as well. The charting capabilities of the IG Trading App are way above par and include 30 technical indicators, 16 time frames and 20 drawing tools, making it one of the most powerful mobile apps for forex trading today. It also features an economic calendar, sentiment readings, alerts and watch lists that sync with the broker’s web trading platform.
Another mobile app that consistently ranks in the top 3 based on trader surveys, SaxoTraderGO mobile app contains almost all the features that are included in the web platform, and that makes for one very feature-rich mobile app. Among these features are the watch lists, the ticket window, the research tabs, the screener, and many more. Because of this flawless syncing of features, you can easily go from web to mobile with your trading without having to skip a beat. The app includes 62 indicators and 20 drawing tools, just like in the web platform. This app from Saxo Bank works perfectly for both Android and iOS devices.
When you open this mobile app by CMC Markets, you will immediately see just how clean and easily navigable it is. It looks very unassuming but little would you know that it actually comes with an arsenal of innovative research tools, high-tech charting features, watch lists that are pre-defined, and a well-incorporated section on education and news. The app developers definitely gave a lot of effort in making sure that traders have an easy time transferring from web to mobile and back, because they have made the appearance of both platforms very similar.
Another top-ranked mobile platform, City Index Mobile is certainly one of the best forex trading apps for both veterans and newbies to the forex industry. Using the app is so simple that it is a true pleasure, from transferring funds to your account to setting alerts and all the ways to actually making trades. The overall look of the app does a lot to simplify the often complex processes in forex trading. This app is packed with more than 80 charting indicators and a plethora of drawing tools to help you with analysis.
Just as they have one of the best web trading platforms in the world, their mobile app also ranks among the finest. FOREX.com does offer the mobile versions of the popular MetaTrader platform but their own proprietary platform can certainly hold its own. In fact, it has been given a total makeover just last year and is now even better than ever. Among the most notable features in the FOREX.com mobile app are the modules that come from Trading Central, the economic calendar, the up-to-the-minute market updates, and the live news stream from Reuters. Charting is very flexible with more than 80 indicators and over 75 drawing tools.
As the proprietary mobile app of top-notch forex broker FXCM, Trading Station is very dependable with its vast array of available features and tools. Making and analyzing charts is very easy and accurate, thanks to the approximately 60 indicators that Trading Station contains, as well as abundant drawing tools. This app comes with a remarkable trade ticket and syncs flawlessly with the web platform.
Bloomberg has a basic version of their mobile app that is free for anyone to use but if you want to avail the more advanced options, you will need to sign up for a subscription. The membership is very worthwhile, though, as it comes with a wealth of features and resources that can definitely elevate your forex trading experience. In addition, you can customize the menu so that you can make the app perfectly suitable to your own trading needs and style.
This is one of the best forex trading apps that actually come from a forex broker. TD Ameritrade has created the thinkorswim Mobile to enable their members to trade foreign currencies with ease wherever they are. This app comes with a live stream of charts and all kinds of data on market movement that can help a trader make better calls. They have impressive 360 charting indicators and studies that have proven to be very helpful for advanced traders.
When looking for the best forex trading apps, there are plenty of factors that you have to take into consideration. Sometimes, it may even be a hit or miss because you might have to try some apps first before you can decide whether it is the right one for your particular trading style or not. All the apps that we listed above have been rated by traders as excellent and they come with their own unique features. Make sure to study each carefully so that you can end up with the right choice for you.
There are a lot of apps that are free for anyone to use and there are also those that require you to sign up for paid membership first. Most of the best forex trading apps do come at a reasonable cost.
The main benefits of using apps are the convenience and speed of trading, and the versatility that it gives as it lets you trade anywhere and anytime. Mobile apps also come with several bonuses and features and they provide a lot more opportunities for the trader.
A possible drawback of using a mobile forex trading app is the risk of having less discipline with trading. Constant access to the market has caused many traders to make emotional decisions, resulting in losing trades.
Not necessarily. Most professional traders actually prefer to use their desktop computers because of the wider screen and easier monitoring of the market. But apps are certainly very useful to casual and beginning traders and those who are constantly on the go.
Most brokers these days do have their own mobile app for forex trading, but there are also a lot that does not. If your broker does not offer a mobile app, there are many others that you can use.