Foreign exchange trading, known as forex or FX, involves the trading of currencies. The forex markets are the most liquid in the world, making trading opportunities to profit from the changing value of currencies very attractive.
Forex markets trade 24 hours a day, from Sunday 5 p.m. eastern time to Friday 4 p.m. eastern time. Given the nature of the forex markets' active global marketplace, liquidity, and volatility, fast access to market news and information as well as trading platforms is critical for forex trading.
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.
Key Takeaways
- Forex markets are among the largest and most liquid markets in the world.
- The daily volatility of forex markets presents attractive opportunities to capture profits.
- Trading forex has never been easier for individuals, who can now trade on the go in real time using fully-functional mobile apps.
- App-based trading is now offered by most forex brokers even if you don't have an account set up with their main platform.
- Look for functionality that gives you an edge with real-time market updates, advanced analytics and charts, educational tools, and the latest in global market and business news.
What to Look for in a Forex App
The major currency pairs traded in the forex market are active, often volatile, event-driven, and, therefore, very vulnerable to business, political, and economic news that's announced throughout the regular 24-hour trading day.
Nearly all forex brokers offer mobile applications. Some of the individual broker 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 news, price quotes, and charting.
Look for apps that give you the functionality that you need to trade forex effectively. In such fast-paced markets, you may want the edge offered by real-time market updates, advanced analytics and charts, educational tools, and the latest in global market, financial, and business news.
More than $5 trillion
The amount that is traded on the forex market every day.
1. NetDania Stock and Forex Trader
NetDania Stock and Forex Trader is one the highest-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.
In addition, 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.
Trade Faster
NetDania Stock and Forex Trader delivers real-time forex interbank rates.
2. 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.
Trade Smarter
With Trade Interceptor, you can simulate trades and backtest trading strategies using historical data.
3. Bloomberg
Bloomberg offers a number of 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.
Watchlist
Use Bloomberg's mobile app Watchlist to monitor and analyze current positions.
4. 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.
Stream Vital Data
thinkorswim Mobile lets you connect with fellow traders through its myTrade community 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.
Can I Trade Forex with My Phone?
Yes, you can. These days, you can trade forex with a mobile forex trading app and a smartphone. These apps do more than allow you to trade while you're on the move. They can help you keep real-time tabs on the markets, global financial and business news, and technical analysis of current and potential investments.
Which Forex Trading Platform Is Best for Beginners?
The IG Trading platform app is rated highly for use by beginning forex traders.
