Forex trading apps are among the most frequently used smartphone software applications in the world today. These apps help active traders to manage their trading accounts and have market information at their fingertips at any given time.

Forex brokers and independent software developers are the main providers of Forex trading software. Android or iOS users have a wide variety of trading platforms to choose from. Essentially, you would need a platform that is easy to use on your device and one that provides you with all the functionalities you need to achieve maximum profitability.

Here are the top 5 Forex trading platforms that have been found to be reliable and efficient by traders:

1. Bloomberg Business Mobile App

Bloomberg is a Manhattan-based financial data, media, and software company. It is reputed with leadership in financial market research and has a wide clientele comprising of thousands of investment firms and groups from all over the globe. Bloomberg also offers mobile applications for iOS and Android users including stock and Forex traders.

With its unique Watchlist feature and a customizable menu, the Bloomberg app allows you to monitor your Forex portfolio. The Bloomberg TV, charts, and information summaries are great tools for decision making as you aim at improving the financial position of your portfolio.

2. MetaTrader 5

MetaTrader is a top-ranking software developer that provides mobile applications for trading financial instruments such as currencies, stocks, CFDs, and futures.

Many Forex traders prefer MetaTrader 5 Forex trading app over other platforms because it supports netting and hedging. These systems enable you to reduce the risk associated with your trades and thus offer a level of protection for your funds. The distinctive features of the iOS and Android Forex trading platforms offered by MetaTrader 5 include Market Depth, which keeps you posted on developments in the global financial markets. You also get access to in-built indicator sets and analytical tools that help you to make informed trading decisions. With just a tap, you can control your account, enter/exit currency trades, and view trading history.

3. NetDania Stock and Forex Trader

If you are looking for a flexible platform for trading varying financial instruments, NetDania Stock and Forex Trader is a great option. Live charts and latest industry news from Market News International and FxWirePro are some of the information sources the app offers you. In addition, the software give you access to real-time Forex interbank rates, price quotes for other financial securities, as well as trading strategies (for example, target, limit and stop loss).

NetDania trader app is available for Android and iPhone smartphones, and you can use its customizable menu to set preferences for price and trading alerts. Most users review NetDania Stock and Forex Trader as a platform that is fast and easy to use. It is the idea trading app for any trader who wants to maintain a well-diversified portfolio can find invaluable.

4. Trade Interceptor

Have you been searching for a platform that gives you the liberty of choosing the Forex broker you wish to work with, and keeps you abreast with latest Bitcoin prices?

Trade Interceptor is a world-renown trading platform used by millions of iPhone and Android users. In addition to being able to trade a wide variety of currency pairs, you can engage in the selling and purchase of commodity futures and binary options. Trader Interceptor is ideal for traders of all levels - beginners to experts. If you are just starting out in online trading, the platform allows you to do simulated and backtest trading using historical data.

Access to reliable and timely market information is among the most important aspects of successful online trading. This platform gives you unlimited access to live price quotes and charts, as well as daily real-time market news. Your interface also features technical analysis tools that will help you develop savvy trading skills with time.

5. eToro - top social trading app

With the rise of social trading, eToro has positioned itself as the best platform for social Forex trading. The app has seen investors open more than 220 million trades. It is distinctively different from other top mobile trading apps featured above in that it allows users to replicate other traders' strategies. The trader whose strategy is copied benefits every time his strategy is used by another user and profits are earned.

If you choose to use eToro, the most significant decisions you need to make as a follower is selecting the right trader to follow. The platform provides you with data (biodata, trading history, and so on) on every trader to help followers choose from an informed position. You can also sign up as a trader and enjoy letting others follow your strategy as you collect the profits.

If you think one of the above Forex trading platforms for iOS and Android users meets your requirements of the trading app you need, go ahead and sign up. Use any opportunity to learn more about the platform (like using a free demo account) before committing real money to ensure that you get exactly what you need. Once you have known how to work with any of these top-rated trading apps, you will have made a crucial step toward building a career as a Forex trader.