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.
With forex trading, nothing is more than helpful than having your charts, prices and quotes and the latest market news right at your fingertips. Also, it takes time to garner the skills and knowhow to make profitable forex trades. The advent of more than a dozen mobile apps is making trading more straightforward than ever, allowing investors to:
● Trade anytime, and anywhere
● Scour through the market for the most profitable trading opportunities
● Be more active and in control of the trading process
● Here are some of the best easy-to-use apps equipped with innovative features to enable you to maximize your forex trading opportunities.
NetDania is a user-friendly app that keeps you updated with current forex trading ideas and strategies. It also assembles data from more than 200,000 financial instruments and thousands of live charts. Besides, the app will let you know when to enter or exit the market, and also keep you updated with real-time market news from Market News International and FxWirePro. It also offers real-time updates on current stock market performance as covered by the Dow Jones, Nasdaq 100, CAC40, and 14 others.
Courtesy of being cloud-based, NetDania also comes with the extra perk of allowing users to share and sync data across a wide range of devices.
Trade Interceptor is another app for iPhone and Android that allows users to trade currency pairs and commodity futures through several reputable forex brokers. Through the software, you can find and compare currencies and stocks and determine which ones are worth investing in. Traders can also access live quotes and news for all major forex trading, indices, precious metals, and even bitcoin prices. The app also provides users with the option of receiving real-time, professionally curated financial markets news spanning Asia, Europe, and America.
With Trade Interceptor, you have access to 160 technical chart indicators and drawing tools so you can have the smoothest technical analysis. Users can also select any of 14 innovative chart types to view currency exchange rates most conveniently.
MetaTrader for Android
MetaTrader is another preferred app for forex traders that provides real-time and contract for difference (CFD) quotes and allows users to trade stock, forex, commodity futures and other instruments from the convenience of your phone. MetaTrader 4 for Android also supports all types of execution modes. The app even allows tablet users to reap all the benefits of a larger screen by automatically adapting its interface to tablets.
Its charts feature an effortless switching mechanism between different instruments - as well as between Stop Loss, Take Profit values. MetaTrader is big on the visualization of trading info, as well as seamless interaction on charts which have special pinch, zoom and scroll options.
ForexTime's FXTM app is available for Windows, iOS, and Android, and is used by forex in over 180 countries. Whether you're a novice or a pro, FXTM allows you to log in and trade your way to profit. If you're making your forex trading debut, the app will enable you to access informative and easy to understand forex trading educational resources. It features both variable and fixed spreads, and upon completion of a trade, your withdrawal request is processed in a few minutes. What's more, all you need to do to use it is sign up for an account, upload your ID documents and transfer some registration funds before proceeding.
FXTM also has some of the most impressive execution rates - allowing you to navigate through charts at the span of milliseconds.
Forex traders who've been in the game for long know how important global trends are. Even newspaper headlines can significantly affect exchange rates. The Bloomberg app is outstanding at supplying news and alerts that affect financial markets - from debt crises to elections to natural events. This way, you won't miss any important developments. Through the platform, you can also access prices and quotes for currencies, stocks, indices, and bonds. And apart from letting you analyze your current stocks, mutual funds, and exchange-traded funds, you can watch Bloomberg TV via an online video feed.
Stocks and forex trading is a lucrative venture, but it also has inherent risks. Making use of a forex trading app enables you to stay abreast of trends in the market, as well as key events that tip the scales of financial markets. This way, you know which moves to make to convert your investments into earnings.