Forex traders know how volatile the market can be. Things like the release of economic news and various events can trigger currency pair prices movement within a moment’s notice. Therefore, as a trader, you need constant access to information, including news feeds, charts, market quotes, and so on. You also need constant access to your trading account if you need to enter or exit from a trade-in response to unexpected occurrences in the market. The problem is that it might be impossible to have access to your computer at all times. The need for the right information and access does underline the need for having the best forex trading apps on the market. In this article, we will present some of the best forex trading apps around.
The RIse of the Forex Trading App
This need for constant access to your account and market information has led to the growth of various forex trading apps that allow you to access your account and trade from your smartphone. Owing to the convenience they provide, forex trading apps have become so popular. Today most forex brokers have a mobile version of their trading platform.
While forex trading apps offer several benefits, the most obvious one is convenience. Ordinarily, to access your account, trade, or follow up on market news and other information, you would need access to your computer.
Sometimes, however, you might not have access to your computer, and unexpected changes in the market could result in missed opportunities, or in some instances, unexpected losses that could have been avoided. With mobile trading apps, you have access to your account and market information at all times. This means that you can take advantage of movements in the market at any time, regardless of where you are.
Our Top Five – the Best Forex Trading Apps
With the popularity of mobile trading, there are dozens, if not hundreds, of trading apps available today, each offering a different set of features. As a result, picking one from all the available options can be a challenge. Fortunately, having tried many of these trading apps, we have made it easier for you by coming up with a list of 5 of the best forex trading apps.
Best Overall: eToro
This is one of the most popular forex trading apps, with over 280 million trades opened to date, and with the number rising every day.
The eToro app gives you round-the-clock access to the forex market, market information, as well as a community of traders you can interact with.
And yes, you are right – it is Alec Baldwin on the picture!
One thing that has made eToro a top-rated forex trading app is its focus on social trading. With social trading, users can follow other more experienced traders and copy and implement their trading strategies on their own accounts.
This means that even for traders with no trading experience, they can still make money by copying other, more accomplished traders’ trades. I
If you are an experienced trader, you can make some additional income on the side by having other users follow you and copy your trading strategies. While other trading apps allow social copy trading, no one does it better than eToro.
Another great thing about eToro is that it doesn’t require a lot of money to get started. You can create an account and start trading with just $200. The eToro app is also highly intuitive and user-friendly, which makes it a great option for beginners.
The eToro app is available both on Android and iOS.
Please remember that CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% of retail investor accounts lose money when trading CFDs with this provider. It would help if you considered whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
This is another popular forex trading app that is available both on Android and iOS.
The Trade Interceptor app gives traders the ability to trade in various assets on the go, including currency pairs, commodity futures, binary options, precious metals, and indices.
This can be done through a variety of forex brokers.
With the Trade Interceptor app, traders also have live access to price charts and price quotes. The app also allows you to set alerts so that you will be notified whenever important news is released, when price levels change, and so on.
The app also gives you access to real-time market news from all the major markets worldwide and a daily economic news calendar.
To make it easier for users to analyze the market, the Trade Interceptor app also gives you access to various technical trading and market analysis tools that were previously only available on desktop trading software. You get access to close to 100 technical chart indicators, over 160 drawing tools, and 14 types of advanced charts.
The app also has a great feature that allows traders to simulate trades and test their strategies before implementing them on their live account.
78.94% of retail investor accounts lose money when trading CFDs with this provider
Thinkorswim Mobile is the mobile version of the desktop Thinkorswim trading platform offered by popular forex broker TD Ameritrade. Like the other apps on this list, Thinkorswim Mobile is available both on Android and iOS.
Thinkorswim Mobile is a full-featured trading platform application. Users who already have accounts with TD Ameritrade can trade in currency pairs, stocks, commodity futures, and options through the app. Through the app, users can make trades, monitor their positions, make modifications to their trades, deposit money into their accounts, and create alerts for various events. The app also gives access to live-streaming charts. Users can add various technical indicators to the charts or even their own self-created chart study tools.
Aside from the live-stream charts, Thinkorswim Mobile also allows users to live-stream market. They also provide news from CNBC and a ton of other financial and business market news.
A Great Community Feature
The app also has a community feature that allows users to interact with other traders and share knowledge.
It also has this amazing feature that allows users to test their strategies through simulated trades before executing them on their live account.
Most users also love how intuitive the app is. The app gives access to most of the features a forex trader would want on a mobile trading app.
The risk of loss in trading securities, options, futures, and forex can be substantial.
Remember that clients must consider all relevant risk factors. This includes their own personal financial situation, 75% of retail investor accounts lose money when trading CFDs with this provider
NetDania is another popular app that has made our best forex trading apps list that has christened itself the world’s number one forex and CFD trading app.
However, their claim to glory is not just a mere wish.
The app offers an impressive set of features that has seen it maintain a consistent position as one of the top-rated finance apps on Apple’s app store. The app is available both on Android and iOS.
The NetDania mobile app gives users real-time interbank rates on forex and real-time quotes on various tradeable assets’ prices. With the app, users can also live-stream charts and access the latest news from Market News International and FxWirePro.
You can also set alerts such that you will be notified of certain movements in the prices of various currencies, commodities, and stocks.
More Than 2,200 Currency Pairs to Choose From
In addition to over 2,200 currency pairs, NetDania also allows you trade in over 20,000 other financial instruments, including thousands of stocks, indices, as well as various precious metals, such as gold and silver. The app also offers six types of charts, an economic calendar, and a ton of other useful tools and indicators.
The interface of the NetDania app is quite user-friendly and intuitive. It’s quite easy to figure out how to do different things on the app. Users can also customize the app menu depending on the price quotes and news they want to receive. What’s more, the NetDania app is available in 16 different languages.
We haven’t been able to identify the actual percentage of retail investor accounts lose money when trading NetDania, but like the other brokers, it is, of course, substantial.
The fact that the loss percentage is so difficult to find on their website is one reason why this broker is one of the lowest-rated apps on our best forex trading apps list even though the product is ok.
Bloomberg Business Mobile App
While this app does not facilitate actual trading, it is still an essential app for forex traders because it provides something crucial in trading.
With the Bloomberg Business mobile app, traders get access to tons of business news, new on global financial markets, market price data, and so on. The app also allows you to customize it to receive alerts about specific assets, including currencies, commodities, bonds, futures, equity indices, and so on. The app even personalizes the news and market data for your region.
The Bloomberg Business mobile app also has a Watch list feature that allows you to track your current market positions. To do this, you need to add security that you have in your portfolio to your watch list. The app will provide you with up to date information about these securities, complete with information summaries and charts.
The app also gives you access to live Bloomberg TV, as well as audio interviews and analysis from some of the top analysts around the world.
The Bloomberg Business mobile app is free. But you might need a current subscription to Bloomberg services to access some of the features.
Bloomberg Business mobile app does not facilitate trading. This means that it does not make sense to provide the article with a loss percentage.
The need to access trading accounts as well as market information on the go has led to the growth in popularity of mobile trading apps, which allow you to access your account, make trades, view charts, market quotes, and news feeds at any time, from wherever you are, provided you have access to the internet.
While there are hundreds of forex trading apps to choose from, I can promise that you won’t go wrong with the apps covered in this list. Find one that works for you from these and start trading on the go.