The post Best Forex Trading App by Sarah Horvath appeared first on Benzinga. Visit Benzinga to get more great content like this.
Forex is one of the most popular investment options today. If you’re interested in investing in the currency exchange, then forex may be just what you’re looking for. Start using our forex app recommendations for mobile trading so you can easily trade forex from anywhere. This list of best forex trading apps provides options that are easy to install, simple to use, and are designed to help you make smart trades.
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Open an account in as little as 5 minutes. Spot opportunities, trade and manage your positions from a full suite of mobile and tablet apps.
Quicklook: Best Forex Trading Apps
- Best Forex Trading App for Beginners: FOREX.com
- Best For Intermediate Traders: TD Ameritrade
- Best For Advanced Traders: eToro
- Best For Technical Analysis Tools: Nadex
- Best For a Simple and Clean Interface: IG
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5 Best Forex Trading Apps
We selected the best forex trading apps that come with minimal spreads, great tools, and fast trading speeds. Here’s who we think makes the cut.
1. FOREX.com
Not only is FOREX.com one of our favorite forex brokers, but it also has some of the lowest spreads on the market and an amazing mobile app available on both iOS and Android. The mobile app allows for full functionality. You get the same advanced charting options, news, and fund management as the desktop version all from the palm of your hand.
Best For: Beginners
Special Features:
- Creating customized dashboards and watchlists
- Watch your positions on an easy-to-navigate app
- Mobile app provides the same access as the desktop version
- Fast and reliable execution of trades
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FOREX.com is a one-stop shop for forex traders. With a massive range of tradable currencies, low account minimums and an impressive trading platform, FOREX.com is an excellent choice for brokers searching for a home base for their currency trading. New traders and seasoned veterans alike will love FOREX.com’s extensive education and research center that provides free, informative forex trading courses at multiple skill levels. While FOREX.com is impressive, remember that it isn’t a standard broker.
Best For
- MetaTrader 4 users
- Beginner forex traders
- Active forex traders
- Impressive, easy-to-navigate platform
- Wide range of education and research tools
- Access to over 80 currencies to buy and sell
- Leverage available up to 50:1
- Cannot buy and sell other securities (like stocks and bonds)
2. TD Ameritrade’s Thinkorswim
The thinkorswim app is TD Ameritrade’s mobile platform. The platform offers news alerts and direct CNBC mobile streaming for market news. Traders who initiate a large number of their currency exchanges on-the-go will love the platform’s alert system, which sends push notifications with set trading alerts.
Offering an easy-to-use mobile app that houses everything a trader could want on a single platform, very few brokerage firms come close to TD Ameritrade’s intuitive thinkorswim app.
Best For: Intermediate traders
Special Features:
- Ability to trade forex, options, stocks, and futures with a brokerage account
- Intuitive interface
- Push notifications with set trade alerts
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This publicly listed discount broker, which is in existence for over four decades, is service-intensive, offering intuitive and powerful investment tools. Especially, with equity investing, a flat fee is charged, with the firm claiming that it charges no trade minimum, no data fees, and no platform fees. Though it is pricier than many other discount brokers, what tilts the scales in its favor is its well-rounded service offerings and the quality and value it offers its clients.
Best For
- Novice investors
- Retirement savers
- Day traders
- World-class trading platforms
- Detailed research reports and Education Center
- Assets ranging from stocks and ETFs to derivatives like futures and options
- Thinkorswim can be overwhelming to inexperienced traders
- Derivatives trading more costly than some competitors
- Expensive margin rates
3. eToro
eToro’s online platform already offers many of the world’s most popular digital currencies including Bitcoin, Ethereum, XRP, and more. You’ll also enjoy additional benefits, such as real-time execution of market orders and unlimited daily withdrawals.
View real-time data and be the first to catch the trends wherever you are. You can also try out eToro’s many innovative features completely risk-free with a $100,000 virtual portfolio. You can also get customized notifications for Bitcoin and other cryptos on your watchlist, and access real-time, relevant market data at any time.
Best For: Advanced traders
Special Features:
- Unlimited daily withdrawals
- In depth analysis tools
- Access to a virtual portfolio
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Though Australian and British traders might know eToro for its easy stock and mobile trading, the broker is now expanding into the United States with cryptocurrency trading. U.S. traders can begin buying and selling both major cryptocurrencies (like Bitcoin and Ethereum) as well as smaller names (like Tron Coin and Stellar Lumens).
eToro offers traders the opportunity to invest their assets into premade portfolios or cryptocurrencies, similar to services offered by robo-advisors through traditional brokers. Though eToro isn’t a one-stop-shop for everything an investor needs, its easy-to-use platform and low spreads is a great way to enter the cryptocurrency market.
Best For
- International Forex/CFD Traders
- New cryptocurrency traders looking for an easy-to-use platform
- Traders who want to buy and sell cryptocurrencies on-the-go
- Simple platform that is easy to master
- CopyTrader feature that allows new traders to copy the same strategies used by professionals
- Virtual dummy account that gives you $100,000 to practice trades
- U.S. traders currently limited to cryptocurrencies
- Only 15 major coins available to trade
4. Nadex
NadexGO™ offers the same user experience as its desktop version, just on a smaller scale.
You have a full range of products with account management tools, real-time direct market access, and full charting and technical analysis features. You’ll have to toggle between the chart and order entry ticket, which may take some getting used to.
Nadex specializes in binary options and spreads trading. The fee structure is $1 per contract with a $50 maximum cap. And you can exit a trade by placing a 2nd, opposite trade or by letting the contract expire.
Best For: Technical analysis tools
Special Features:
- Mobile app offers the same tools as the desktop version
- Wide range of tradable markets
- Educational Resources
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Nadex calls itself the “premier U.S. exchange for binary options” and while bestowing such a title on yourself might be a little much, the company does offer a safe, regulated place to trade binary options, knock-outs and call spreads. Binary options markets are often the breeding grounds for unscrupulous actors, but Nadex is regulated by the Commodities Futures Trading Commission (CFTC) and offers U.S. clients security in the often dark world of derivatives. Commissions are fair and the desktop platform is easy to use, but the mobile experience is lacking and Nadex only offers derivatives — no actual stocks, bonds, ETFs or other securities. If you understand the risks of these particular derivatives, Nadex is a solid choice for trading them. But if you lack the knowledge of these complex instruments, you’re better off staying with more traditional brokers.
Best For
- Binary options traders
- Knock-out and call spread traders
- Advanced traders who understand derivatives markets
- Operates as an exchange, not a broker — so no misaligned incentives
- Regulated and open to U.S. clients
- Detailed educational materials and helpful tutorials
- Derivatives only
- No mobile app
- Minimum deposit required
5. IG
IG provides a mobile application with a clean and easy-to-navigate interface. Its user experience is similar to the one found on the desktop website. The mobile app doesn’t cut out any features and allows you to place advanced and multi-step orders. the IG app also lets users place trades quickly and easily without having to navigate through multiple pages. However, the mobile app does not offer two-step verification or fingerprint recognition, so it lacks additional security measures.
Best For: A simple and clean interface
Special Features:
- Personalized watchlists
- Real-time alert features
- Specific interface features for tablet users
- Suitable for new and advanced traders
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IG is a comprehensive forex broker that offers full access to the currency market and support for over 80 currency pairs. The broker only offers forex trading to its U.S.-based customers, the brokerage does it spectacularly well. Novice traders will love IG’s intuitive mobile and desktop platforms, while advanced traders will revel in the platform’s selection of indicators and charting tools. Though IG could work on its customer service and fees, the broker is an asset to new forex traders and those who prefer a more streamlined interface.
Best For
- New forex traders who are still learning the ropes
- Traders who prefer a simple, clean interface
- Forex traders who trade primarily on a tablet
- Easy-to-navigate platform is easy for beginners to master
- Mobile and tablet platforms offer full functionality of the desktop version
- Margin rates are easy to understand and affordable
- Access to over 80 currency pairs
- U.S. traders can currently only trade forex
- Customer service options are lacking
- No 2-factor authentication on mobile
Characteristics of Great Forex Trading Apps
All forex trading platforms and apps aim to fulfill their own niches within the market, but the most reliable and trustworthy trading apps all share the following characteristics.
Real-time Updates
A currency’s value can change at a second’s notice, so you’ll need immediately up-to-date value information in order to make the most informed trade possible.
Test out your forex trading app of choice with a few small test trades before you make a commitment to the platform to ensure that it is able to provide the trade and streaming speed that you need to complete your currency trades.
Advanced Analytics and Tracking
Advanced analytics and tracking within a forex trading app help you uncover the best currencies to purchase or sell that day. You might also select an app that helps you choose currencies to short.
Setting up alerts for currencies when they reach a certain price, software-driven trading notifications and historical data ensure you are making wise decisions. Investors never guess when spending their hard-earned money.
Educational Resources
In a market that’s constantly changing, knowledge is power. The best forex trading apps offer information on both the technical side of trading as well as the latest international news and editorials.
This helps traders learn more about how to predict which currencies will rise and fall in value.
Functional for Beginners and Experts
Choose a forex trading app that is functional for the novice or the expert. You may be so new to currency exchange market that you have no idea where to begin, and using the right app ensures that you know what is happening as you trade.
An app that helps you from step one of your journey is more useful than an app that hopes to dazzle you with industry jargon and confusing charts. If you are an advanced investor, you want an app that is customer-focused, and that is why it should be functional for both beginners and seasoned traders.
Minimal Spreads
In forex trading, the “spread” is the difference between the bid and the ask price of a currency and basically functions as your forex broker’s commission for carrying out your trade.
Though most spreads are only a fraction of a single unit of the currency you’re trading, high-frequency traders may soon see a large percentage of their profits eaten away by fees and commissions.
Don’t be afraid to shop around for forex brokers until you find one that offers fair fees—this will help you minimize loss while trading. While you must budget to pay for spreads and commissions, you should not overpay. You are likely planning for the future, and you deserve to hold on to as much money as possible.
Trade on the Go with Forex Trading Apps
The forex trading markets are not only open to governments and large financial institutions anymore. With the advent of online trading platforms, anyone can access these markets and start trading without having to worry about the size of their bankroll. Investing in foreign currency pairs with small sums of money allows you to increase your investments and re-invest over time. Find the best platform for your needs and invest wisely.
Worried about missing trades with a mobile app? Don’t worry, just check out Benzinga’s list of the best forex trading broker for desktop trading!
Frequently Asked Questions
Can I forex trade on my phone?
Yes! Trading forex on your phone is easier than every now that you have the ability to download forex trading apps like the ones in this list.
Answer Link
What are good forex mobile apps?
Several top forex trading apps including FOREX.com, TD Ameritrade and IG.
Answer Link
How can I withdraw funds from a forex mobile trading app?
Log into your account, select add funds and choose withdrawal.
Answer Link
The post Best Forex Trading App by Sarah Horvath appeared first on Benzinga. Visit Benzinga to get more great content like this.
