This is especially useful when, in today’s interconnected world, the foreign exchange market plays an important role in daily business. It’s a global, decentralized environment where financial institutions and businesses can trade currencies.
According to research from the Bank for International Settlements, forex trading generates an estimated $5.3 trillion daily - making it larger than other financial markets. Often, it’s dominated by large international banks and corporations, which work around the clock to trade and convert international currencies.
Forex trading also underpins international trade and investments. For instance, if American companies want to import goods from a country in Europe, they’ll most likely need to complete transactions in euros. Through forex, these firms can exchange dollars for euros quickly and easily.
As well as enabling trade between countries, forex trading is a lucrative investment opportunity. Every day, companies and investors make billions by purchasing and trading currencies. However, it does take a significant amount of experience and skills to make forex trading work.
That’s where forex trading platforms comes into the picture, automating this common business practice. Essentially, these will search through the market for the best currency trading opportunities. And in this article, we’ve picked out the best forex trading apps currently available.
When choosing any financial management platform, it’s important to look for trustworthy providers. Used by traders in more than 180 countries and fully regulated, ForexTime's FXTM software is a reliable platform for foreign exchange trading. It’s positioned as an automated currency broker.
The great thing about this platform is that it’s designed for both professionals and beginners. For example, flexible leverage lets you increase your earning potential, but this is only offered to you based on your knowledge and experience. If you do intend on becoming an expert in this area, you can access a range of educational resources.
Currently, you can operate with both fixed and variable spreads, and when you’ve completed a trade, the company processes withdrawal requests within just a few minutes. You shouldn’t have any issues using the software, either. All you have to do is sign up for an account, upload your verification documents, and transfer funds before trading.
What’s more, the software can make trades with millisecond execution rates. In other features, you can get daily commentaries from the firm’s market research team and make use of a series of free trading tools to make more informed decisions.
You can access the software on Windows, Mac, iOS, and Android devices, and the company states that it covers 100% of your deposits up to $1,000. FXTM is also known for offering a wide range of trading instruments users can use to learn how to trade, start trading, and investing. Their trading conditions are unparalleled, making them one of the best in the scene. Since FXTM is globally licensed, users’ funds are guaranteed protected.
Beginners can start trading with FXTM’s demo account that also comes with tutorials to help them with each step, as well as webinars and even a dedicated account manager. Trading is fast with hi-tech tools and made ultimately secure, and investing is made easier and beginner-friendly. FXTM offers users a large number of strategies as guides, profit, and even full control of their investment.
Read our full ForexTime FXTM review.
If you're tempted to invest in the stock market and financial instruments, but don't have the confidence to do so yet, then Stock Trainer by A-Life Software could be the forex trading platform you need.
The app offers a virtual stock trading experience using real market data, so you can gain experience, knowledge, and insights into the whole trading experience. Better still is that the app is quite comprehensive in terms of features, covering 20 stock markets, and providing support for stop-loss and Limit orders.
There's the ability to build a portfolio, and information is a provider on top gainers and losers, with chart information going back over ten years. Investing news is also provided, along with a business magazine, to provide further guidance. There are also multiple graphical interface themes available to personalize the experience.
Stock Trainer is an Android app that offers virtual stock trading that is based heavily on the current market. The app is available in the Android Google Play store for free, supported by ads, though a premium version is available to remove those ads.
Beginners who are open to learning how to trade profitably can benefit greatly from Stock Trainer. Similarly, experienced traders can use Stock Trainer in practicing new strategies to reduce the risks involved, if there are any, when these strategies are implemented in the market. Stock Trainer is feature-rich and offers many of the same tools as true trading platforms, which makes it different from many trading apps for beginners..
Its wide range of supported stock exchanges includes those from 13 countries, including the US and the UK. If you’re one to explore new strategies and are willing to take calculated risks, this app is a great platform for you to do just that. This app continues to be developed and more features are still being added, but users can already download the app and start trading.
The app is reported to not handle stock splits, and can only be installed on Android devices. The potential the iOS market can bring to this app’s success is yet to be explored. However, it is found to be user-friendly, guiding the newcomer in getting a good enough grasp on how markets work. With this app, users are able to learn from their mistakes and make good decisions, providing a great platform to get the stock market experience they need.
Read our full Stock Trainer review.
If you’re looking for an advanced forex trading and analysis tool, it’s worth checking out Thinktrader, formerly known as Trade Interceptor. Through the platform, you can quickly find and track the best currencies and stocks to put your money in. It offers 14 advanced chart types, as well as 160 intelligence indicators and drawing tools.
The software was previously only available on desktops, but it’s finally made its way to mobile devices. There’s a touch-enabled trade management functionality, as well as split-screen and quad-screen modes so you can keep your eyes peeled on several markets at the same time.
Like others, the app is powered by the cloud, letting you access analysis tools, trade data, and price alerts from any device. It provides streaming quotes for all major forex trading, cryptocurrencies, indices, precious metals, and commodities. Plus you can access professionally curated news covering Asian, European, and American markets.
There are a plethora of built-in trading tools too, including an economic calendar, data release alerts, a trading simulator, intelligence reports, and a risk scanner. These have been authorized and regulated by the FCA in the UK and ASIC in Australia, which helps to boost customer trust. The app is free to download on Android and iOS.
ThinkTrader offers convenient features that include multiple order closing at one-click so users can close all positions and all running positions with a single click; a single multi-device login so users can smoothly trade across all their devices; similar desktop, mobile, and tablet interface for ease of use; and powerful technical analysis tools to make finding new ways of analyzing the markets easier and faster.
Other features include real-time news from FX Wire Pro, in-app deposits and withdrawals, and customizable trading history reports. With all these features, users can easily stay up to date with the help of real-time news flashes, make deposits and submit withdrawal requests, and review their trading history at a glance.
Read our full ThinkTrader review.
MetaTrader is one of the most popular trading platform apps for retail investors using Android devices and allows for the trading of stocks, forex, futures, options, and other financial instruments from your mobile device.
The app supplies a general analysis of the financial markets using a range of real-time charts which includes historical information, in order to monitor prices and quotes. Through this app, you can also easily switch between different financial instruments as well as both SL and TP values on charts, along with visualization of trading information. Charts are also interactive, with pinch and zoom options.
There are also a number of analytical instruments included such as Gann, Fibonacci, and Elliott tools, as well as up to date financial news. MetaTrader does not only let you trade from your smartphone, but also from any browser running on any OS without any additional software.
Algorithm trading is also one of MetaTrader’s features. This refers to the development of trading robots and technical indicators that lets you develop, test, and apply Expert Advisors and technical indicators. This eliminates any challenges you may have in analytical and trading activity.
Other features of MetaTrader include an unlimited number of charts, trading signals, a dedicated MetaTrader market for all indicator and trading robots needs, and a powerful trading system with support for three execution modes.
Millions of traders have turned to MetaTrader, and anyone can join them for free. The MetaTrader app provides users with the liberty to manage their trading account from any device and any location.
Read our full MetaTrader Review.
TD Ameritrade is one of America's biggest and more established trading platforms for stocks and shares, as well as for forex, and offers a wide range of investment vehicles for trading.
However, where it really excels is through its focus on trying to educate forex traders to help reduce the chances of them losing money. It does this through its thinkorswim platform, which provides introductory materials from the National Futures Association, which regulates futures brokers. The information is presented in a clear and easy-to-read way, and it really does underline the risks that need to be considered.
So if you're new to currency trading, you could feel better prepared and eased into managing not just trades but risk with more confidence, rather than rushing into dangerous leverages that can lose you money fast.
While that's a big plus for TD Ameritrade, it is a wide platform that covers a comprehensive range of trading products, not least stocks, futures, and options. So if you're looking to focus only on forex you may find the platform sometimes clunky by comparison to dedicated forex trading platforms, especially when it comes to comparing currency pairs.
Even still, the introductory and supporting materials are worth getting to grips with, and if you want to get involved with more than currency trading you're in an ideal place to expand your investment strategy into other products.
TD Ameritrade is one of the best places for you to build and manage your portfolio as it gives you access to powerful tools for your online trading and investment choices, trading platforms, and even the research that you need. These include stocks, options, ETFs, mutual funds, futures, forex, margin trading, cryptocurrency trading, cash solutions, managed portfolios, bonds, fixed income, annuities, IPOs, dividend reinvestment, and collateral lending program.
If you’re only just venturing into forex trading, TD Ameritrade provides interactive courses and webcasts, and even objective research to help you gear yourself up in entering the real trading world. One of TD Ameritrade’s core features is the professional and dependable support for new and existing members alike.
Read our full TD Ameritrade review.
What makes a good Forex trading app?
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A forex trading app is designed to be inviting to users, but if you want to be serious about learning how to trade and are setting a goal towards becoming a seasoned, skilled, and high-frequency trader, make sure that your app forex trading app of choice has one or all of the following characteristics:
1. The app has available learning and training resources
Forex trading is not an easy field to master. The best apps provide all the necessary information one needs to become a successful forex trader. These should include current events in the international scene, and, most especially, the technical side of trading.
2. The app provides updates
The forex trading app should have real-time and up-to-date information as this is of high importance in trading. This is mainly because a currency can have changing values within just seconds, and making decisions that are concise is critical.
3. The app has minimal spreads
Spread refers to the amount of commission your forex broker takes from you, and should be minimized as much as possible. This will start making sense when you start increasing your trading frequency.
Getting started with Forex trading
Forex trading can be an overwhelming thing to learn, and with all the options now available where users can experience real-time trading using mobile apps on their smartphones, it’s been a lot easier to do trading on the go.
Trading on smartphones has gradually become a preferred platform by most forex brokers because of its convenience, and with most mobile apps now offering full-functionality, there’s no reason any beginner would also want to try trading on the go.
Setting up an account with these forex trading apps is made easy for any level. What’s important to remember is choosing the right forex trading app for you can make a great difference in how you will perform in the market. Whether you have an iOS or an Android smartphone, and whether you need an account where you can practice your newly-acquired trading knowledge, most apps will cover most of your needs.
The current world has become heavily reliant on technology and the web. While to become a skilled forex trader who can conquer the market takes a substantial amount of experience, the possibilities of investing and making billions become achievable.
Though most of these forex trading apps can usually be downloaded free of charge on most platforms available today, always be on the lookout for important functionalities and features in selecting your choice of forex trading app. After all, it helps to be as informed as possible when venturing in this new and rather tricky field. Your app or apps can make or break your game and the success you’re aiming for.
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