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Best forex trading apps of 2020: trade and invest on your Android or iPhone

Best forex trading apps
(Image credit: Pixabay)

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, foreign exchange 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 lucrative forex trades.

That’s where forex trading software comes into the picture, automating this common business practice. Essentially, it ploughs through the market for the best currency trading opportunities. And in this article, we’ve picked out the best forex trading apps around.

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Best apps for forex trading - at a glance

  1. Forex Time FXTM
  2. Stock Trainer
  3. Trade Interceptor
  4. MetaTrader
  5. TD Ameritrade

(Image credit: FXTM)

1. Forex Time FXTM

A nifty automated forex trading solution

Automated forex trading 
Fully regulated 
Used worldwide 

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 safe bet for foreign exchange trading. It’s positioned as an automated currency broker. 

The great thing about this platform is that it’s designed for 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.

(Image credit: Stock Trainer)

2. Stock Trainer

A practice platform for investing

Training app
Building investing experience
Android only

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 app 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 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.

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.

(Image credit: Trade Interceptor)

3. Trade Interceptor

A good option for forex analysis

Forex analysis tools 
160 intelligence indicators 
Free iOS and Android apps 

If you’re looking for an advanced forex trading and analysis tool, it’s worth checking out Trade Interceptor. Through the software, 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 can keep your eyes peeled on several markets at the same time.

Like Netdania, 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 can access professionally curated news covering Asian, European and American markets.

There are 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. 

(Image credit: MetaTrader)

4. MetaTrader

The popular retail trading app

Multiple financial instruments
Interactive charts
Tools and news

MetaTrader is one of the most popular trading 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 general analysis of the financial markets using a range of real-time charts which includes historical information, in order to monitor prices and quotes.

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 interractive, 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 has recently upgraded its apps from MetaTrader 4 to MetaTrader 5.

(Image credit: TD Ameritrade)

5. TD Ameritrade

One of America's biggest trading platforms

Good educational materials
Wide range of investment products
Good for beginners
Can be cumbersome for Forex only

TD Ameritrade is one of America's biggest and more established trading platforms, and offers a wide range of investment vehicles for trading, not just forex. 

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 regulate 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.

But 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.