The forex market remains open round-the-clock, six days a week. This makes it important for traders to be able to capitalize on opportunities from anywhere, at any time. Fortunately, the days of sitting in front of the computer all day long are behind us, and traders now get to choose from various forex trading apps. Here are some of the best currently doing rounds.
Best Foreign Exchange (FOREX) Apps
1. MetaTrader 5
This trading app gives you the ability to trade in forex, stocks, futures, and CFDs. It provides valuable information about developments in the global financial market. The app supports two-position accounting systems – hedging and netting. You may use the app to stay in control of your account, buy and sell currencies, view your trade history, as well as exchange securities.
With more than 500,000 downloads since its inception, TradeInterceptor remains among the most popular forex trading apps. It gives you the ability to view four streaming charts at the same time. Demo accounts give you easy means to test the waters before taking the plunge. You may trade directly from its charts and set new orders, modify alerts, as well as drag your S/L and T/P to new levels in real-time.
3. IQ Option Forex
IQ Option Forex provides an easy to use interface, and it offers a host of trading-related information. This app makes way for lower and smaller spreads. Auto-closing of positions takes place in a seamless way. Other than forex, you may use this app to trade in cryptocurrencies as well. It also offers a unique negative balance protection feature.
While Netdania works well for forex trading, it also gives users access to scores of stocks and indices that they may buy or sell easily. You get to use around 20,000 trading tools and indicators to make the most of your trades. The app comes in 16 languages. Synchronizing your profile and setting push notifications across multiple devices is easy.
Investors have carried out more than 220 million trades through the eToro platform. If you are new to forex trading, you may benefit from a feature that lets you copy trades of successful traders. While this social trading platform gives you easy means to trade in forex, it also lets you trade in cryptocurrencies. The platform also educates users by offering a variety of trade-related information.
What sets FOREX.com apart from most of its competitors is the fact that it offers some of the lowest spreads. The mobile app offers the same functionality as the website, so you get access to the same charting options, fund management system, and news. You get to create customized dashboard watch lists, and you may keep track of your positions with ease.
7. Alpari Mobile
If you use the Alpari Mobile app, you may open a trading account with Alpari easily. The app provides real-time quotes across the world’s major financial markets to cover forex, stocks, futures, and indices. This highly customizable app comes with a built-in economic calendar. You also get access to news and reviews that you may filter based on various categories.
Originally launched as a mobile trading suite, ForexTime now offers a variety of tools. The app lets you trade only in forex. However, it requires a low minimum deposit of $5 and boasts of executing trades quicker than most of its competitors.
9. FX Street News
While this is not a trading platform, FX Street News provides the latest in forex-related news on an ongoing basis. You get to configure it so you may receive notifications every time a new report makes it to the market. You may use the built-in economic calendar’s filters to select your favorite currencies, so you may receive updates accordingly.
10. TD Ameritrade
Popular for its banking and stock trading platform, TD also offers one of the most robust FOREX trading apps around.
Given that individual needs tend to vary, there is no single forex app that works equally well for everyone. Three common aspects that require your attention in choosing one that works well for you is the technology in use, security, and connectivity.
About the Author
Jon works with iCompareFX as a researcher. His job involves taking a close look at how different overseas money transfer companies operate, and he often ends up going the mystery shopping way. Outside of work, he likes discovering new music.