The forex market is primarily influenced by several factors, causing it to require prompt per second attention. Elements like the news and other global economic factors. As a result, many traders rely on mobile apps to help them navigate the market per second. It creates the need to trade on the go or have access to news, charts, and other information available for fundamental and technical analysis. Similarly, the volatility of trading most currency pairs requires constant attention to trades if the trade must end up being profitable. Hence the relevance of the best forex trading apps.
What are forex trading apps?
Forex trading apps work on smartphones for forex traders to manage their investment online regardless of their location. They are handy tools for many traders who may not want to carry other giant gadgets like computers or tablets. As a result, smartphones provide an easy-to-use avenue for most forex traders.
Forex trading apps are handy because they grant traders access to their accounts on the go. Also, they provide news and other elements of analysis to help traders place solid trades, monitor the transactions, and close with profit. Furthermore, when the trend begins to go against the trader’s bid, the forex trading apps help the trader to close the trade from wherever he is at any given time.
How do you know the Best forex trading apps?
There are tons of forex trading apps out there as there are lots of traders. However, the crux of the matter Is deciding which is the best app to use and which one will work well for your device- whether IOS or Android. To help you make the right decision, here are some characteristics of the best forex trading apps.
The volatility in forex trading, especially with currency trading, is usually on the high side. As a result, Nothing ruins a trading experience more than getting late updates. Therefore forex trading apps become an essential tool for every trader to keep up with timely information to make informed trade choices.
Excellent analytics and tracking system
Every excellent app for forex trading should be able to expose the best currency pair to trade through advanced analytics and racking. The app should give prompt notifications and alerts about certain currency pairs at specific times to benefit the trader. Additionally, a good forex trading app should have resources that serve as sources of information and education. The reason is that with the forex market changing by the second, traders need to be up to date on their knowledge base to help them with currency predictions.
Should have a user-friendly interface
A good trading app should be easy to use by both beginner traders and more advanced traders by offering a user-friendly interface. It should provide step by step user experience for the novice and better engagement for the advanced trader.
Offer reduced spreads
The spread is the margin between the bid-ask price of a currency pair and is usually your broker’s commission for facilitating your trade. As a result, the higher the spread, the higher your expenses on commissions and the lower your profit; therefore, a good trading app should offer minimal spreads to users.
Having explained the characteristics of sound forex trading apps, the four best trading apps work well for both IOS and Androids.
Four Best Forex Trading Apps for IOS and Android
Whether you are an IOS user or an Android user, here are the four best forex trading apps to help you trade on the go.
Forex.com is one of the widely used brokers with the lowest spreads available on the market. It is especially recommended for beginners because of its user-friendly interface. It has an excellent mobile app that functions well on IOS and Android phones. The mobile app functions as well as the desktop version. Also, users can customize their dashboards for easier relatability.
This app is the mobile version of TD Ameritrade’s mobile platform. They have an easy-to-use interface where traders can trade other options like stocks and futures directly. It is an excellent platform for gaining access to news, notifications, and alerts on the market. It seems to be the most all-inclusive mobile app.
The advantage of this particular platform is the added benefit of executing market orders in real-time. In addition, there is also the advantage of unlimited daily withdrawals. Also, you can access data in real-time in addition to deep analysis tools which can help you quickly catch the market trend before your counterparts regardless of your location. The platform offers various digital currencies like bitcoin, etherum, and other cryptocurrencies on your watch list. It is excellent for those who want to carry our crypto trading alongside currency trading.
This app is a miniature scale version of their desktop user experience, providing a full range of account management tools. In addition, it gives you access to the direct market. However, it may require some getting used to since you will need to toggle between the charts to order an entry ticket. Nadex is especially beneficial for those interested in binary options and spreads trading. Entry and exit from the market are not direct, making this option better suited for more advanced traders. However, some fast beginner traders can still manipulate it.
With forex trading becoming more accessible to retail traders due to the reduced barriers of entry, every forex trader needs a good forex trading app.
How telegram.forex enhances your mobile trading experience
Telegram.forex is a forex signalling platform that offers forex trading signals in real-time through their telegram channel. Therefore, it’s easier to install the Telegram app on your smartphones, whether or not they are using IOS or Android. Additionally, users of telegram.forex have access to one of the most brilliant copy trading platforms there is.
FAQS: Can I trade forex with my smartphone?
Can I trade forex with my smartphone?
Trading the forex market with mobile devices is increasingly becoming more rampant. The reason is that more and more traders seek ways to beat market volatility by accessing trade information and execution as promptly as possible. As a result, many traders want to be able to trade on the go. Therefore with the diversity of forex trading apps, many traders can trade the forex market on their phones.
What are the advantages of forex trading apps?
Forex trading apps bring so much convenience to their users. They provide mobility, comfort, prompt response, and access to accurate time trading information.
Can I trade forex with my personal computer?
Anyone with internet access can trade the forex market from anywhere, including by using a personal computer. However, trading with computers makes trading more stationary. The reason is that many people may find it cumbersome to carry a PC to monitor their trades. This is why they seek the best forex trading apps available.