The conversion of one currency to another is known as Forex trading, also known as FX trading or foreign exchange. It is one of the most active traded markets worldwide and is known as the most liquid of all financial markets. It embraces all features of selling, buying, and exchanging currencies at a determined or current price. It operates on several levels and works through financial institutions. It also assists investments and international trade by enabling currency conversion. It is like any other business where you buy one currency from another. You can profit if you think one currency will be higher than the other currency and you are right. An exchange rate is called the relative price of two currencies from two separate countries. The changes in the exchange rates let you make money in the Forex market.
This has made mobile trading apps extremely popular with forex traders. In this age, currency traders actively need and want market news, quotes, charts, and trading accounts at their fingertips at all times.
What to look for in a Forex App:
Most of the currency pairs traded in the market are often volatile, active, event-driven, and very vulnerable to political, business, and economic news which is announced throughout the regular 24-hour trading day.
Almost every Forex broker offers mobile applications. Some apps are so popular that traders who don’t have accounts with the broker still use them. Other popular forex trading apps offer free and easy access to charting, news, and price quotes.
Forex markets trade 24 hours a day, from Sunday 5 p.m. eastern time to Friday 4 p.m. eastern time. This has made smartphone trading apps extremely popular with forex traders. Active currency traders need and want market news, quotes, charts, and their trading accounts at their fingertips at all times.
Most used apps
- NetDania Stock and Forex Trader
NetDania Stock and Forex Trader is one the top-rated and most popular apps used by forex traders because of its ease of use and versatility. The app provides up-to-the-minute forex interbank rates and access to real-time price quotes on stocks and commodities, such as gold and silver—more than 20,000 financial instruments in all.
Furthermore, the app offers live, streaming charts and the latest market news from FxWirePro and Market News International. It also allows traders to set price or trendline alerts on specific currency pairs, stocks, or commodities. Traders can customize the menu to suit their personal preference for news and price quotes. The app is available for iPhone and Android smartphones.
- Bloomberg
Bloomberg offers several mobile applications for iPhone and Android, but access to some of these requires that users have current subscriptions to Bloomberg services. However, even its basic business mobile app is more than sufficient for traders whose primary interest is real-time access to the latest market news.
The app offers access to global financial markets and business news, market price data, and portfolio tracking tools. Its menu is customizable.
The Watchlist feature lets traders track and analyze their current positions in currencies, commodities, stocks, mutual funds, and exchange-traded funds (ETFs) with charts and information summaries. Users can also watch Bloomberg TV live through a streaming video feed.
- Trade Interceptor
Trade Interceptor is another popular trading app available for iPhone and Android users. The app provides traders with a host of options, including the ability to trade currency pairs, binary options, and commodity futures through a choice of forex brokers.
Trade Interceptor’s interface offers analysis and technical trading tools, including nearly 100 technical chart indicators. It also provides access to live, streaming price quotes and price charts, including the latest Bitcoin prices.
Traders can set alerts for price levels or news releases. They can access the daily economic news calendar and real-time market news. There is also a feature that allows traders to do simulated trading and backtest trading strategies using historical price data.
- thinkorswim Mobile
One of the most popular trading apps provided by a broker is TD Ameritrade’s thinkorswim Mobile.
It’s a full-service trading platform that lets TD Ameritrade clients trade currencies, options, futures, and stocks with an easy-to-use interface. Users can access live, streaming charts that they can load with common technical indicators. Traders can even load chart study tools that they created themselves.
For up-to-the-minute business and financial market news, users can access live, streaming CNBC broadcasts. Active traders can use the thinkorswim Mobile app to monitor their positions, orders and accounts. They can make account deposits and modify trading orders or alerts.
The myTrade community feature lets users connect and communicate with fellow traders. Additionally, investors can test out their trading strategies with the paperMoney trading simulator feature.
Can You Get Rich by Forex Trading?
Forex trading offers opportunities to profit handsomely (though it’s not without its risks). To make the most of these opportunities, you must understand how forex markets function and what drives them. You should understand how forex trading works. Serious forex traders may want to get to know the mobile forex trading apps available for smartphones.