The forex market’s volatility and unpredictability can often cause major losses. This is why active traders want to be able to access the market anytime, anywhere. Additionally, being able to trade on the go is highly efficient, and it also gives you more time to do other things.
Having a forex app on your mobile device is crucial. Not only will you have access to the market wherever you go, but you can also easily set up trades with a click of a button. Here are the best apps for forex trading.
#1: thinkorswim Mobile
The thinkorswim mobile trading application is owned by TD Ameritrade. This broker offers more than 60 currency pairs, including major, minor, and exotic pairs. The currencies available on this platform are AUD, CAD, CHF, CZK, EUR, DKK, HKD, GBP, ILS, HUF, JPY, NOK, MXN, PLN, SEK, NZD, TRY, USD, ZAR, and SGD.
Using the thinkorswim forex application, you get access to hundreds of technical indicators, screen sharing or live text with professional traders on the application, and customizable charts. With the number of cutting-edge features and tools it offers, it is no surprise that the trading application has won numerous rewards, including #1 for Platform and Tools.
The process for creating an account is straightforward. Follow the steps provided by the website and fill in the necessary information. Personal information, as well as official IDs, will be required to successfully open an account. Creating an account won’t cost a dime.
The application can be downloaded for free as well on the Google Play Store and Apple App Store. However, you can opt to access the platform using your mobile device’s browser.
ThinkTrader was previously known as Trade Interceptor and is owned by ThinkMarkets. With ThinkTrader, you gain access to multiple forex pairs, a user and mobile-friendly interface, cutting-edge technical tools, and many more. You can also choose between different charts like the Japanese candlestick, broken line, bar, and many more.
On the platform, you can also see real-time news articles and notifications provided by FX Wire Pro. It also allows traders to close all their open trades with one click. Additionally, the TrendRisk scanner tool helps you spot profitable opportunities without having to do much research.
To open an account, you will need to input your complete name, email address, and password. You will also need to verify your identity by sending a valid ID. The process won’t take more than a couple of minutes, and registration is free.
You can download the application from the Google Play Store and Apple App Store. Alternatively, you can access the platform on any browser on your mobile device or tablet. This forex supports multiple languages, including English, Malaysian, Vietnamese, German, and many more.
#3: NetDania Stock and Forex Trade
NetDania.com’s mobile forex trading app, also known as NetDania Stock and Forex Trade, gives traders access to more than 2,000 currency pairs. These are all sorted into different tabs: Majors, Dollar, Euro, Sterling, Metals, USD Forwards, and World Markets. It also features top-notch interbank forex rates, an economic calendar, news articles, and many more useful trading tools.
NetDania also offers webinars for its clients. You simply need to register by signing in with your NetDania account, choose which webinar you wish to join, and click on the “enroll now” button. Keep in mind, however, that some webinars have limited slots. You will be sent a confirmation email if you successfully saved a spot for yourself. The email will also contain a link that will redirect you to the webinar you chose.
NetDania Stock and Forex Trade can be easily accessed through your phone or tablet’s browser. If you prefer to have a dedicated forex trading application on your mobile device, this platform is available for download on the Google Play Store or Apple App Store. The app supports English, Japanese, Russian, Arabic, and Simplified Chinese.
#4: Bloomberg Business Mobile App
Bloomberg is a well-known financial news and information provider that operates 24 hours a day. Using its application gives you access to global market data, real-time financial and business news, and Bloomberg TV. You can also keep track of your watchlist as well as freely customize the application’s menu.
Although this application doesn’t let you execute trades, it is still useful for research. It provides the necessary information that you will need in order to find more profitable opportunities in the market. This is the go-to app for traders who are looking to get reputable information before they execute their trades.
You can easily create an account by linking your Apple, Facebook, or Twitter account. Alternatively, you have the option to sign up using your email address. The app is available for both Android and Apple products, and you can download it for free from the Google Play Store or Apple App Store.
#5: eToro Mobile trading app
eToro is well known for its social trading feature and easy-to-use platform. When using this currency trading app, you can trade any of the 49 currency pairs, which include both major and minor pairs. Examples of forex pairs that you can trade are USD/JPY, USD/CAD, EUR/GBP, AUD/USD, and many more.
eToro’s mobile trading app features multiple services. Among the features that this app offers are one-click trading, high-end technical analysis tools, offline trading, and copy trading. You can also look through other trader’s portfolios to see if their trading strategy is ideal for you.
To start trading using eToro’s mobile trading app, you will first need to create an account. The process is quite simple, and it won’t take much of your time. After that, download the application from the Apple App Store or Google Play Store. It is free to download and supports multiple languages, including English, Spanish, French, Polish, Arabi, German, Italian, Dutch, Chinese, and more.
FAQ: Best forex trading apps
What is the best forex trading app?
The best forex trading app, in terms of products offered, is NetDania Stock and Forex Trade. With over a thousand currency pairs to trade, this platform will surely give you maximum exposure to the forex or currency market.
When it comes to ease of use, eToro’s mobile forex trading app is the best. Its platform is straightforward and beginner-friendly. Additionally, it offers copy trading, which is a helpful tool for traders who are looking to get a second opinion before they execute their trades.
All in all, however, the five forex trading apps mentioned above have their own perks. It’s advisable for you to do a bit of research on each one of the brokers before you fully invest in one of the applications.
Can you get rich by trading forex?
You can definitely get rich by trading forex. However, this does not come easy mainly because it requires so much of your time. Additionally, forex traders need to temper their greed and have more patience compared to stock and commodity traders.
In forex, managing your losses and waiting for the proper entry points will determine if you will be successful in trading this asset class or not. Most successful forex traders do not hope to get big profit percentages out of each and every trade. Most of them are scalpers and aim to at least get a percentage or two every day that accumulates to big profits through the course of the year.
How do I start trading forex?
The first step to start trading forex is scouting for the right broker. It’s important to note that the broker should be reputable and have the specific currency you want to trade. Once you find a broker that suits you, create an account and familiarize yourself with the trading platform.
It’s ideal for you to practice using a demo account first, even if you already have experience trading this asset. Demo accounts are free, and it mimics live market situations so you can better prepare yourself before you trade live.
Next, you will need to add funds to your account to be able to access the live trading feature. Before you invest your hard-earned cash, do more research and, if possible, get a second opinion first. This will help reduce your risk of loss.
Can I trade forex with $10?
This depends on how much the broker’s minimum deposit is. Some brokers require a minimum deposit of upwards of $50. Others don’t have a minimum deposit requirement. So if you’re looking to start trading with only $10, make sure that the broker you partner with has no minimum deposit requirement.
It is difficult to become a successful forex trader with only $10. However, you might come across traders who have built small portfolios into big ones by practicing proper trading techniques without allowing themselves to incur big losses.