Forex trading became more popular with the investigation of the internet. More small and individual traders were able to step into this market now. The internet makes this market accessible to everyone and offers several useful Forex trading apps that make trading easier.
Best Forex Trading App 2021
The best forex trading app is the Metatrader app and various applications based on MT4 platform such as AvatradeGO, HF App, Think Trader, Fxpro App, etc. All these apps support forex trading apps for android and iPhone. Except for Metatrader based applications, apps like TD Ameritrade and Stock Trainer are different and have some prediction analytics tools in their options.
It is a competitive market for brokers and dealers as well. Everyone wants to offer the best to their clients and retain them. Many of them are investing heavily in the making of Forex apps. Many individual builders are also doing the same.
Apps make trading easier and more accessible. You don’t have to sit in front of a desktop all the time to monitor price movements. With these apps’ help, you can keep an eye on your account on the go via tablets and smartphones.
We live in a world that is forever moving. This makes it imperative that we stay interconnected, especially when discussing the foreign exchange market, because every news can impact it. Traders need to check daily business updates to ensure that their trading strategies are still relevant. The Forex market has a global and decentralized environment. It allows businesses and financial institutions to trade currencies 24/7.
Approximately Forex worth $5.5 trillion is traded every single day. It the largest financial market with the maximum number of transactions per day. Large corporations and international banks mostly dominate this market as they trade around the clock and make profits by converting currencies.
Forex trading supports international investments and trades as well. How? Let’s understand it from this example. Let’s assume that a store wants to buy cheese from Europe and sell it in their store. To purchase the cheese, they will have to pay the seller in euros. With the help of Forex, they can easily exchange currencies with no hassle.
Talking about enabling international trades, Forex trading offers productive investment opportunities. If you have the required skills and knowledge, you can easily make a lot of money through Forex trading. In fact, many experienced companies and individuals do make profits in billions every day.
To take advantage of this trading market completely, traders and investors need a platform to facilitate their actions without any hiccups. These platforms run their bots through the entire market and alert the user about the best possible opportunities. Having said that, we would also like to highlight that there are many foreign exchange apps to choose from. To make the selection process easier for you, we have shortlisted the best platforms available to traders.
Foreign Exchange Apps – trade forex on your phone
- MetaTrader app
MetaTrader is the most famous desktop and mobile application in the forex industry. This free app offers excellent real-time live quotes, free indicators, and easy navigation.
Whether you are a new trader or an experienced one, it is not possible that you haven’t come across this trading platform. It is one of the most popular Forex trading platforms and a holy grail for many retail investors and traders. You can trade stocks, futures, Forex, options, and many other financial instruments on your Android devices.
The app uses several real-time charts to supply its users with general analysis related to the financial markets. The data used for this analysis include price monitoring, quotes, and historical information.
This app lets you switch between TP and SL values on charts and among different financial instruments as well. You will find interactive charts on this platform that you can zoom in and out with a pinch.
Some of the analytical instruments included on MetaTrader are Gann, Elliott tools, Fibonacci, and other updated financial news well.
HF App is an excellent automated platform for Forex trading based on the Mt4 mobile platform. Over 180 countries use this broker and mobile platform, and more than 2 million clients.
One of the best things about this platform is that it is good for both beginners and professional Forex traders. This is possible because of flexible leverage, which allows you to maximize your profits even with limited investment. However, how much leverage you get depends on your experience and knowledge. This must seem restrictive to some, but this is a positive aspect of this platform as it saves beginners from making unnecessary losses. You can go through the educational resources available at HF to become an expert.
You can begin trading with both variable and fixed spreads, but the best part is, once you are done with a trade, your withdrawal requests will be processed within a few minutes. The software, too, is quite user-friendly. Just sign up at this platform to create an account, get your documents verified virtually, and you can begin trading as soon as your funds are transferred.
Wait, there’s more! This software allows you to conduct trade within milliseconds. No more missed opportunities. You can also get daily commentaries coming your way from the market research team of the firm. There are a couple of free trading tools that you can use to make better trading decisions.
The software is available on both Windows and iOS. You can download it on an Android form as well.
Another excellent mobile platform is Avatrade Go. This app offers more than 1000 instruments for trading!
Fxpro APP where traders can trade 260+ CFD instruments in Forex, Metals, Indices, Shares, Energies & Futures directly from your mobile. It is a great app for those who want to conduct advanced Forex trading and look for analysis tools to support it. This platform allows you to quickly search and track some of the best stocks and currencies worthy of investing. There are 160 intelligence indicators, over 14 types of advanced charts, and many drawing tools.
Its earlier version was only accessible on desktops, but it is now available on mobile phones. There are a lot of functionalities like touch-enabled trade management, split-screen, and quad-screen. These functionalities allow you to keep an eye on multiple markets at the same moment.
This app uses cloud-technology as well. This enables users to access analysis tools, price alerts, and trade data from any device. You can use this app to get streaming quotes for several cryptocurrencies, major Forex trading, indices, commodities, and precious metals. You can also take advantage of the news curated professionally, covering the American, Asian, and European markets.
You will find various in-built trading tools like data release alerts, intelligence reports, risk scanners, trading simulators, and an economic calendar. All these tools are controlled and authorized by the FCA (UK). This makes the app more trustworthy. You can download this app for free on iOS and Android, and it is free.
2. Stock Trainer
Stock Trainer is a software by A-life Software that is perfect for those who wish to invest in financial instruments like stocks and Forex but are still unsure or lack the expertise. It is a good Forex trading platform for beginners and experts alike.
The app uses real market data to offer virtual stock trading encounters. This allows you to gain knowledge, insights, and experience of how trading works in real-time. The best part about this app is that it is highly comprehensive when talking about features. It covers over 20 stock markets and offers support for limit orders and stop-loss orders.
You can easily build your portfolio over this app. There are several graphical interface themes that you can use to personalize your experience. There is extensive data as old as 10 years, detailing the highest and lowest performing stocks. You can also find news related to investment, some business magazines, and other related information. This information can help you in preparing a sound strategy. This app can help you in building an experience.
This app is available on Android Google Play. You can start with the free version and purchase an ad-free version later on. The biggest downside of this app is that it is not available for iOS users.
3. TD Ameritrade
Last but not least on our list is TD Ameritrade. It is, without a doubt, amongst the most popular Forex trading platforms in America. It is a well-established and known platform for trading shares, stocks, and Forex.
One of the most effective uses of this platform will be a source of information for Forex trading. It is brimming with educational resources that help traders, especially the budding ones, understand the factors that can make them lose money. It is done via its Thinkorswim platform. All the material available on it is sourced from the NFA (National Futures Association). It really helps traders understand the underlying risks involved in trading.
It is important to educate yourself if you are beginning, and this platform will make you feel at ease and better prepared. You can learn risk management here, which is an essential part of any trading. You will not be rushing into anything and make mistakes if you are well-versed with the resources available here.
While TD Ameritrade offers you a plethora of useful information, some might find it lacking when it comes to Forex trading. This could be because several instruments are traded on this platform which does not focus completely on Forex. Yes, the resources and information are useful, but the platform does not offer a comprehensive price comparison imperative for Forex trading.
Nonetheless, you can always use this platform to keep yourself updated with the latest Forex updates.
