Best Forex Trading App 2020 for iPhone and Android
Since trading on the Forex market is carried out remotely, technology becomes necessary and almost the only tool to make money. Applications for various devices allow traders to monitor positions at any time of day and anywhere with access to the Internet. This greatly expands the opportunities for traders and investors as they are not tied to their home computer or office workstation. There are quite a few different mobile Forex applications released today, which significantly simplify the processes of obtaining actual information about the situation on the currency markets, allow you to place orders quickly, and fully master the modern mobile forex - the mastery of trading, so to say on the run.
Mobile Forex applications are very diverse and differ in both formats and functionality. At the same time, each of these software products has its advantages. As a rule, developers of such mobile applications are recognized companies with a high reputation in the Forex market and well known both by beginners and experienced specialists.
What are Forex trading apps?
Forex trading application is a full-fledged trading platform created for smartphones and tablets based on iOS, Android, and other mobile devices. The program allows you to make the same operations as for the PC version: receive quotes and news, build charts and make technical analysis, perform training and trading operations, chat, receive reports, etc. By now, there is a vast variety of applications created for trading depending on the trading platform needed (MetaTrader 4, MetaTrader 5, cTrader, etc.) and the purpose of the application itself, which can be either some news resource or analytical mobile application. If you are eager to get the best possible chance of getting the most out of your trading career, then it’s essential that you arm yourself with the right financial instruments, apps in our case, downloaded on your smartphone.
Advantages Of Using Forex Trading Apps
The availability of mobile devices and their apps is the number one peculiarity that app developers try to use, so logically Forex brokers now design apps to achieve that same convenience. Keeping that in mind, let`s consider some pros of Forex trading apps:
Convenience – Like we have mentioned before, using mobile apps make the whole process of trading much easier and available. Previously, traders could only interact with the market from the office. Following the latest news was only possible by going through the newspapers and watching the television. They could only search and analyze data by sitting in front of the computer. And they could only get guidance and review by making contacts and checking in with them constantly. Nowadays all these operations can be done a couple of taps on the screen, without going out or even changing the position.
Mobility – Having instant access to the trading account and being able to keep up with the current situation on the market lifts trading to a new, much more sophisticated level. Traders don`t have to be in front of the desktop since everything that is needed for successful trading is a smartphone and Wi-Fi connection. This is an amazing feature of Forex apps, making trading more accessible than ever before.
Speed – With a user-friendly interface and the integral presence of mobile devices in our everyday life traders can react immediately to any significant changes on the market.
Disadvantages To Mobile Forex Trading
Even though there are numerous benefits of using mobile apps for trading, we should not forget about the disadvantages that can make a difference for someone. If you want to prosper as a Forex trader, it is doubtful you will reach your full potential by trading through mobile apps only.
Here are some of the obstacles traders face when working through their mobile device:
Size of the screen – having such a tiny screen to work from, you can`t but feel this limitation. Numerous traders prefer to work with several monitors, demonstrating multiple charts and watching several positions at the same time. Such an approach won`t be possible on a mobile device – even with a larger screen size.
Disturbances – Mobile devices are created to deliver notifications and let people get in touch with you. In case you are texting friends and browsing Facebook while trading, your attention is divided and you will risk your capital trying to do all at once. If you have to work on the mobile device, try to reduce distractions.
Execution Speed – It`s impossible to use the mobile device for quick, Straight-Through Processing (STP) trading. The speed of mobile networks is constantly developing, but there is always latency when opposed to trading on the laptop. Moreover, the overall stability of mobile apps makes it a risky thing to do.
Over-trading – Sometimes the market can behave weirdly and in such a situation, the best thing to do is just doing nothing. While being tempted by the availability of mobile trading apps traders may place orders they should not place, just because of being bored. Keep in mind that discipline is key to success, not only in trading.
It’s necessary to use your mobile trading apps in a way that works best for you and your trading strategies. Think about the things listed above, and implement your trading app into your routine.
How to Use a Forex Trading App?
How to use the Forex trading app fully depends on your goal. Many traders use this opportunity to keep an eye on the movement of their positions in the market. The other part of participants checks the activity of Expert Advisors. The third part - periodically adjusts open orders, closes, and opens new ones. Therefore, we offer you to go through a brief overview of how to trade using the most popular app - MetaTrader 4.
To start trading Forex using Metatrader 4, you need to install it from Play Market (or App Store). It is worth paying tribute to the developers - it is impossible to connect MetaTrader 4 in the wrong way because everything is very intuitive and easy. After connecting to the trading account, further steps will be prompted by the system itself. The control is simple and clear, although some of the functions are still worth focusing on. After logging in, the screen of current quotes opens. It should be noted at once that the initial appearance of the terminal is not how Metatrader 4 for smartphones works.
In order to trade comfortably, the platform needs to be adjusted to suit your needs and style. In particular, it concerns the quotes panel. In the beginning, not all instruments are displayed on it. To add a currency pair or other trading asset, you need to click on the pencil in the left corner. It allows adding and deleting necessary positions. If you hold your finger on any instrument, you will see a menu where you can view useful information in "Properties". To finally start trading, you need to clamp the desired currency pair and choose "Trade" from the drop-down menu. By the way, by default, the lot volume is set to 0. 01, so if you want to raise it, you need to adjust the volume of the transaction with the "- +". In this mode, it is possible to open and close a position on the market. To modify the position, set the Stop Loss or Take Profit, you should click on the already familiar "pencil". Using the "+" mark, you can open a new position. Even though everything seems simple, it is still recommended to understand how to use the MetaTrader 4 app, first on a specially created demo account, so as not to lose real money.
Which Forex Trading App is the Best?
Choosing the right application will greatly contribute to your market opportunities, speed, and accuracy of your reaction to price fluctuations, comfort, and safety during trading, etc. So, let"s take a look at the best app for forex trading currently available. Among them are not only those that help you find a reliable trade, but also social networks, newsletters, and even full-fledged mobile trading platforms, which allow even inexperienced beginners to invest and trade.
Investing. com
Investing. com offers a set of financial tools covering various global and local financial instruments. All real-time data, economic calendar, personalized portfolio, alerts, news and analysis, financial instruments, global indices, and much more. This is a universal application for traders and investors.
Robinhood
This is a modern trading platform that has a minimalist user interface. The program allows you to monitor the quotes of financial instruments in real-time, open, and close trades on the desired assets. Similar to Metatrader, the mobile version of the application is very simple and functional. No Expert Advisors, no complex indicators - only hands-on analysis and forecasts based on external factors. Moreover, the platform allows users to compile personal lists of securities of interest to them and receive real-time information about market data and quotes. Robinhood is a beautiful, modern application with a user-friendly interface. If you are going to trade in the stock market, it will be perfect for you.
Yahoo Finance
Yahoo! can be treated differently, but their financial news over time has earned the highest reputation among investors because it is accurate and covers all aspects of financial activity. At one point Yahoo Finance launched the application, and today it is the most reliable source of financial news and latest updates from the stock market. With the help of this modern and attractive application, users can track real-time stock quotes of assets they are interested in and learn the latest news about them, as well as monitor the investment portfolios of other users and get full access to all information at Yahoo Finance.
FXhours
This is an excellent application that tracks the opening and closing times of various Forex markets around the world and displays them in your time zone. It allows you to set up your alerts and has many features such as a Forex calendar, pip value calculator, calculation of Pivot Points, TradingView technical analysis, real-time charts, and a Forex news section. This application is better suited to a tablet than to a mobile phone due to the large amount of information displayed on the screen.
Mobile Trading App Review: Metatrader 4
As for the features of the MT4 mobile version, we can name:
Free access to trading on financial markets from anywhere in the world, at any time;
No restrictions on opening Forex accounts from brokers around the world;
9 time frames, as in the computer version of the trading terminal;
Ability to receive financial news;
Choice of three types of charts: Japanese candlesticks, line or bars;
Ability to use Expert Advisors;
30 technical indicators built into the terminal;
Availability of many graphical tools for analysis.
One of the features of Forex trading on a smartphone is the possibility of full integration with the computer version. For example, if you have the terminal installed on two devices, the data between them will be synchronized. A position opened through your computer can be closed on the same account, but already on a device running the Android operating system. And vice versa. You can spend most of your working time at your computer, closely monitoring schedules and news.
MetaTrader 4 is deservedly considered to be the best mobile Forex trading platform due to its simplicity and intuitively understandable interface. And that is why Paxforex, willing to give its customers only the best, simplest, and most suitable tools, works with this and only this trading platform which is available to download for any device. Check it yourself over here.
Forex News App Review: Bloomberg Business Mobile App
Bloomberg needs no introduction; it is the most famous brand in the world of finance. It is very often cited by media and analysts in their forecasts. This application gives you fully customizable access to all market data and news that they cover. Available on both Android and iOS, Bloomberg is known worldwide for its industry-leading news and analysis. Left alone round-the-clock access to key market research, you’ll also get news notifications right to your device through push notifications. You can actually pre-determine the type of updates you are interested in, which can be adjusted particularly to the Forex assets you intend to trade. The application offers access to global financial markets and business news, market price data, and portfolio tracking tools. The menu is customizable and the Watchlist function allows traders to track and analyze their current market positions in currencies, commodities, equities, mutual funds, and stock exchange funds (ETFs) with charts and summaries of information. Users can also watch Bloomberg TV live via streaming video.
Choosing the Best App for Forex Trading: Closing Thoughts
Wrapping up we should say that all the apps we`ve considered today can be of great help, especially once implemented together. With the help of modern Forex trading applications, each trader has an opportunity to remarkably boost the current performance, as well as stick to the methods developed previously from any location and at any time. And in case you are indecisive about which trading app to choose, try each and see which fits you and your trading goals.
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