If you are an active forex trader, you love to have access to market news, quotes, charts at your fingertips all the time.
Because of its simplicity, trading on smartphones has increasingly become a preferred medium among most forex traders. With most mobile apps now providing full functionality, there’s no reason any beginner wouldn’t want to try trading on the go.
So, let’s try to find out, what makes a good forex trading app, and what some of the best apps are in 2021.
What makes a good Forex trading app?
A forex trading app is intended to be appealing to users, but if you are serious about learning how to trade and want to become a professional trader, make sure that your app of choice has one or more of the following characteristics:
1. The app includes learning and training resources
Forex trading is a difficult skill to master. The best forex trading apps include all of the details needed to become a good forex trader. These may include fundamental analyses like economic and political news, as well as the technical aspects of trading.
2. The app offers alerts.
As real-time and up-to-date info is important in trading, the forex trading app should include it. This is because a currency’s value can change in a matter of seconds, and making quick decisions is crucial.
3. Minimum spreads
The spread in forex is the difference between the bid and ask price of a currency pair and serves as your forex broker’s commission for carrying out trade.
Despite the fact that most spreads are just a fraction of a single unit of the currency being traded, high-frequency traders may soon see a significant portion of their profits eaten away by fees and commissions. So, watch out for spreads.
Best forex trading apps
Ok, let’s cut to the chase and see which the best forex trading apps are:
1. MetaTrader
MetaTrader is one of the well-known trading platform apps for retail traders, allowing them to trade forex, stocks, futures, options, and other financial instruments directly from their mobile devices.
You can select two options; MT4 or MT5.
In order to track prices and quotes, the app provides a general overview of the financial markets through a variety of real-time charts that include historical data.
This app also allows you to quickly switch between different financial instruments and SL and TP values on charts and visualize trading details. The app charts are interactive, with pinch and zoom options.
There are also various analytical resources, such as Gann, Fibonacci, and Elliott tools, as well as current financial news.
MetaTrader also has an infinite number of charts, trading signals, a dedicated MetaTrader market for all indicators, and an efficient trading system with three execution modes.
2. eToro
Many of the world’s most common digital currencies, such as Bitcoin, Ethereum, XRP, and others, are already available on eToro’s online platform. You’ll also get extra perks like real-time market order execution and unlimited regular withdrawals.
View real-time results, use in-depth research tools and be the first to see patterns no matter where you are. With a $100,000 virtual portfolio, you can also test out eToro’s many creative features risk-free.
You will also receive personalized alerts for Bitcoin and other cryptocurrencies on your watchlist, as well as access real-time, accurate market data at any time.
3. Forex.com
Not only is forex.com a well-known forex broker, but it also has some of the lowest spreads on the market and a great smartphone app available on iOS and Android.
The mobile app has complete functionality. The advanced charting options, news, and fund management are the same as in the desktop edition.
On an easy-to-use app, you can build personalized dashboards, watchlists and monitor your positions.
4. TD Ameritrade
TD Ameritrade is one of the largest and most well-known trading platforms in the United States. The American company provides its mobile app through Thinkorswim.
The software has an easy-to-use interface. Along with forex, you can exchange options, bonds, and futures if you already have a brokerage account with TD Ameritrade.
For market news, the app also provides news updates and direct CNBC smartphone streaming.
Traders who conduct a large number of currency trades would appreciate the platform’s alert system, which sends push notifications with pre-programmed trading warnings.
Few brokerage firms come close to TD Ameritrade’s intuitive Thinkorswim software, which provides an easy-to-use smartphone app that houses all a trader might want on a single platform.
5. NetDania
NetDania is another interesting trading app that you can consider installing on your mobile device.
Because of its ease of use and usability, NetDania is one of the highest-rated and most successful forex trading apps.
NetDania offers a diverse range of financial instruments to trade, including over 160 currency pairs, major stock indices (Dow Jones, Nikkei, FTSE 100, and DAX), and commodities.
Moreover, the app provides live, streaming charts as well as the most recent market news from FxWirePro and Market News International, and allows you to be alerted when a specific article, such as the NFP, is published.
So, which one to choose?
With so many options available, choosing the best forex trading app is a difficult task. All of the apps listed above have a wide range of useful features for forex traders, and what works for you might not work for another trader.
We believe in trading with the best, and the MetaTrader platforms are the world’s most common trading platforms for a reason. The MetaTrader 4 and 5 apps are among the most comprehensive mobile trading apps available, and various forex brokers provide them.
Bottom line
Setting up an account with the above-mentioned forex trading apps is simple for traders of all skill levels. You should keep in mind that selecting the right forex trading app for you will make a significant difference in how well you perform in the market.
Most apps can meet the majority of your needs if you have an iOS or an Android smartphone, and if you need an account to further master newly acquired trading skills.