With technological advances in the modern world, the world of forex, crypto, and stock trading has seen incredible innovation.
Forex trading applications have become more important in recent years as a gateway to the financial markets from the palm of the forex trader's hand.
These forex trading apps not only make it easier to buy and sell currencies in the forex market but also make it possible to identify and use several trading opportunities while people carry on with their daily lives.
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What is a Trading App?
A trading app, or trading application, is a mobile application that is used for.
- Trading in the financial market
- Learning and education about forex
- Finding trading ideas
- Developing trading strategies
- Accessing market data and financial news
Many mobile trading applications offer these features, and more, while others only offer a few. Forex traders can either use one trading app for all their trading needs, or they can use several mobile apps that each have their unique features.
Trading apps are offered by financial companies such as online brokers or international banks. These trading apps can be great add-ons for the web trading platform or desktop application or trading terminal.
Trading apps can be seen as complementary tools to web-based trading platforms as well as other financial portals. When you trade forex, you can easily use your mobile trading app to conduct fundamental analysis, technical analysis, or both.
While it is easier to do these types of analyses on a computer, it is easier for the retail forex trader to follow the exchange rate and price movements of forex currencies from a smartphone and trading app.
The trading app also allows traders to intervene faster to buy or sell their currencies or keep an eye on market conditions so that an informed trading decision can be made.
Forex trading apps also give both beginner and professional traders a way to conduct market analysis, research, and a variety of other functions.
What are the Advantages of Trading Through Applications?
The advantages of mobile trading are.
- Easy placement of orders which can be done quickly through the mobile trading terminal.
- Notification facilities – mobile trading apps have push notifications and alerts that keep traders updated on the latest developments in the financial markets and news.
- Live market information – mobile trading facilitates live market prices and data on forex, commodities, cryptocurrencies, and several other financial markets.
- Live-related news – with the help of mobile trading solutions, traders can easily track live news development that can affect their trading strategies.
- Research reports – mobile trading apps also provide quick, easy, and detailed research reports generated by their online brokers.
- Historical charts and analysis – there are many mobile trading apps and forex brokers who offer historical stock and currency prices, indices data, and several analytical tools.
- Social trading opportunities can easily be accessed through the mobile app.
- Forex traders have easy access to free demo accounts.
- Forex traders also have access to a variety of educational materials while they are on the go.
- Mobile applications provide forex traders with access to a wide range of markets, including exchange-traded funds, digital currencies, mutual funds, stock markets, and more.
- Easy access to tools such as an economic calendar, Finance Insider, Trading Central, and several others.
What are the things to consider for Forex Trading Applications?
Forex trading apps are all different, but the best apps are renowned for their safety, security features, fast trade execution speeds, comprehensive functionality, platform stability, and access to a wide range of tradable financial instruments and forex currencies.
When choosing a forex trading app, the user must consider the following.
- Trade execution speed. Fast execution speed when placing trades is a crucial feature of the best forex trading apps. While execution speed will depend on internet connection and the broker's technology, the app must not suffer any loss in execution speed when compared to other versions of the app, such as desktop and web versions.
- Full Functionality. Trading apps must provide forex traders with the same range of features and functions as the desktop and web versions. While charts on a mobile device will not be as customizable, there must still be a range of technical indicators and other analytical tools to help traders make the right investment choice in the foreign exchange market.
- Platform Stability. A stable IOS or Android trading app is a necessity. If the trader's app crashes while there are open trades, they risk losing capital if the market moves against their position.
- Security. This is a feature that must be in place on all trading apps. Traders must have adequate ways to protect their trading account, information, and their capital. Trading apps must have strong security features such as passwords, pins, biometric login, two-factor verification, and others.
Account integration. The trading app must allow for the trading account to be integrated across other platforms so that traders can access their trading account and make changes at any time.
What are the Best Trading Apps in 2022?
There are hundreds of trading apps to choose from, and the following are the best mobile apps for trading that are an all-in-one solution for beginner and experienced traders.
FOREX.com is a well-regulated forex and CFD broker that offers the use of its proprietary trading platform for use on mobile devices. The mobile app can be downloaded on either IOS or Android devices, and it has a user-friendly and well-designed look and feel.
The FOREX.com app uses a one-step login, and the search functions which are present on the app are decent, offering forex traders the chance to easily type in the asset name that they are looking for.
With the FOREX.com app, forex traders can use any of the following order types.
- Market order
- Limit Order
- Stop Order
- Trailing Stop
The FOREX.com app also has price alerts that can be set according to the retail forex trader's preferences. Traders can also manage their accounts and easily trade in a wide range of financial markets.
The app also has robust trading features, a range of risk management options, advanced TradingView charting, and real-time analysis, allowing traders the opportunity to easily conduct trading from their iPhone, tablet, iPad, or any other mobile device.
The Forex.com app is offered by GAIN Capital Group, LLC and has more than 1,500 reviews on the Google Play store, with more than 100,000 downloads and a score of 4/5.
On the App Store, the Forex.com app has 3.5/5 with 124 ratings and more than 100,000 downloads.
The eToro mobile trading application is an extremely popular element of the overall experience that the broker offers both beginner and professional traders on both Android and IOS devices.
The eToro app has become so popular that it is widely considered one of the best mobile trading apps in the industry. Once traders have registered an account as an eToro user, they can easily download the app from the Google Play Store or the App Store.
eToro's mobile app offers a wide range of innovative features, including.
- Leveraged trading with ratios that will depend on the forex trader's region
- Competitive spreads
- Access to a wide range of financial instruments
- Frequent software updates
- Multilingual options, with 21 different languages
- The option for push notifications that can help traders get an idea of what is going on in the markets
- App and data security with a two-step login
- User-friendly interaction and ease of use overall
- Charting tools for trading
- Access to educational materials through the app
- Copy-Social trading
- News Feed
- Copytrading for retail investor accounts
- Low trading costs and competitive trading conditions
- Range of useful trading tools for advanced traders
On Google Play, the eToro app has a rating of 4/5 from more than 90,000 reviews, with more than 10 million downloads on Android devices.
The eToro app on iOS has a 4.1/5 with more than 3,800 ratings, and the app is ranked #145 on the App Store.
thinkorswim mobile is the proprietary trading platform of TD Ameritrade, one of the largest forex and CFD brokers in the industry. thinkorswim offers traders a range of account types that can be registered along with a wide range of tradable financial instruments.
While there are no fees charged for commissions or most services, traders can expect some fees such as minimum deposits.
With thinkorswim, forex traders have access to basic trading activities such as the execution of orders, charting, technical analysis, fundamental analysis, and the use of news feeds, among others.
Traders are also given live broadcasts from Shadow Trader and the S&P500 pit. There is also an innovative Analysis tab that allows traders to view active risk graphs that show probable looks of any trading strategy and trade setup.
There are two distinct color backgrounds on the app, namely black or white. The menu on the app is simple to navigate and features the following options.
- Live quotes
- Open positions
- Chat Rooms
- Mobile check deposits
On Google Play, the thinkorswim mobile app has 3.5/5 with 10,500 reviews and more than 1 million installations.
On the App Store, thinkorswim scores a 4.7/5 with 240,000 downloads.
Nadex is a United States Exchange and the largest CFTC-regulated binary options provider that has its trading app, which is available to both iOS and Android devices.
The mobile trading app connects directly to the Nadex exchange and offers traders real-time pricing, data, and rapid trade execution speeds.
There is also seamless integration between the desktop and mobile applications, making it convenient for traders who trade on the go.
The Nadex application has been designed specifically for experienced traders who want to take full advantage of that touch screens offer, such as pinch and zoom charts, portrait or landscape modes, and other tools and features that make trading comprehensive and dynamic.
The Nadex app also offers cloud-based data management, easy account opening, and 100% compatibility between different platforms.
Features that traders have access to with this app include.
- Depth of Market and advanced orders
- Free real-time data as well as advanced charting capabilities
- Technical analysis tools
- Next-generation technology providing direct market access (DMA)
- A range of technical indicators, and more.
The NadexGo app is not free to download from either Google Play or the App Store. To gain access to mobile trading with Nadex, traders must register a demo account or real account with the exchange.
The NadexGo app is highly rated on both iOS and Android devices, with millions of downloads on each of the two operating systems and corresponding mobile devices from phones to tablets and iPad.
Previously known as Trade Interceptor, ThinkTrader is one of the best trading apps in the industry, available to both iOS and Android mobile devices.
ThinkMarkets is known as one of the most popular forex trading brokers in the industry. Its mobile app offers a range of tradable financial markets, including forex, precious metals, indices, cryptocurrency, and more.
There are clients from more than 180 countries worldwide accepted by the broker, and the apps are available in all regions except the United States and Japan.
There are six different ThinkTrader accounts, along with demo account options to test out the trading app before registering a live account. With the demo account, traders can practice trading and test their trading strategies before they risk real money.
Features that traders can expect from ThinkTrader include.
- Beginner-friendly, user-friendly interface
- A range of technical analysis tools
- Live charts for most forex pairs, precious metals, popular crypt, and more than 1,000 stocks
- Access to ten chart types, with all charts that feature zoom and pinch options on mobile
- Cloud-based alerts
- In-app deposits and withdrawals
- The latest financial news
- One-click order options
On Google Play, ThinkTrader is rated 3.5/5 with more than 5,000 reviews and more than 500,000 downloads and installations.
On the App Store, ThinkTrader has a rating of 4.8/5 with 477 ratings and more than 100,000 downloads.
6. Bloomberg Business
Bloomberg offers its comprehensive mobile business app, which can be downloaded on both Android and iOS. With this app, traders have access to global business and finance news, a wide range of market data, and effective, innovative portfolio tracking tools.
With updated news, traders can easily conduct fundamental analysis, gain insight into financial markets, and get the latest from earnings, elections, natural events, and more.
With the analysis feature on the mobile app, traders can conduct an in-depth analysis to gain insight into the driving forces behind market movements.
Traders also have access to a comprehensive watchlist where securities can be tracked, managed, and analyzed using powerful charts, key statistics, and more.
The Bloomberg Business app also has an elevated level of customization and offers traders continuous alerts, an overview of global stock positions, news on major currencies, and more.
On Google Play, the Bloomberg Business app is rated 4/5 with more than 74,000 ratings and more than 10 million downloads, while the App Store rates the app 4.5/5, with more than 9,300 ratings.