Trading Forex On A Mobile Device Is Now Possible And Here Are The Best Apps For That
Forex trading was limited to financial professionals for a long time, but a lot has changed in the last 10 years, and most of those changes have ushered in a lot of public participation. Meanwhile, content consumption and participation on the internet is currently at an all-time high thanks to technologies such as faster internet and the availability of powerful smartphones.
Therefore, it is no surprise that the mobile segment accounts for a huge proportion of revenues generated by industries such as e-commerce, gaming, and advertising. These industries have tapped into the most abundant and easiest way to reach customers. It was thus a matter of time until forex caught up with the mobile trend.
Why trade on mobile devices?
What is it that is attractive about forex trading on a mobile app? Ease of access, the same reason why mobile devices are the number one way of consuming media or shopping online. According to Statistica, roughly 3.6 billion people across the world own smartphones in 2020, which equates to 46.45 percent of the global population.
People take their mobile devices in their pockets and can access the internet through those devices almost anywhere in the world. Smartphones are also affordable, at least most of them, and some are just as powerful as PCs. This portability and ease of access make them appealing for anyone that wants to trade while on the move.
Online brokers earn the bulk of their revenue through commission, and many have realized the potential that forex trading on mobile has to offer. Having a mobile app opens up more opportunities to target more potential traders worldwide, which means more potential earnings. Many forex trading apps promise to provide a decent experience, but very few can deliver on that promise. Here are the best forex trading apps that will likely meet most of your trading requirements:
MetaTrader 5 mobile
MetaTrader5 is one of the most popular trading platforms, especially among professional traders, thanks to its abundance of trading tools. It has been available as PC software, but mobile versions are now available. The app provides access to the forex market with a variety of currency pairs and other financial instruments such as CFDs.
- 24-hour FX trading with zero commission & spreads on major FX pairs from as low as 0.6 pips
- Ability to trade on charts
- Eight different order types to choose from
- Ability to hedge by placing long and short positions simultaneously
- Trade in varying lot sizes
- Offers tools like Autochartist and Trading Central Indicators
A free demo version is available, through which traders can practice and get a feel of the platform before trading on a real account.
This might be the ideal trading app, especially for savvy individuals looking for an advanced way to trade while on the move. The platform was previously known as Trade Interceptor. It is ideal for the trader that wants as much customization as possible and access to a wide range of trading tools. ThinkTrader has 14 different chart types, and traders have access to 160 drawing tools and indicators.
Think trader was initially available as a desktop tool, but demand from the mobile segment paved the way for app equivalents for mobile devices, including touch customization for the charts. Users can also have multiple charts open at once so that they can look at multiple currency pairs. Other key features on ThinkTrader include demo accounts, a news calendar segment, and alerts for news releases. Traders can also set price point alerts to receive notifications when the price reaches specific price levels.
ThinkTrader offers access to forex, cryptocurrencies, commodities, precious metals, and indices. ASIC regulates the platform in Australia and FCA in the UK. It is available for iOS and Android.
It is one of the most trusted platforms considering that it is fully regulated and available in over 180 countries. FXTM is intuitive and designed to provide value to novice as well as professional traders. One of the most appealing aspects of this platform is the fast execution on its network and access to multiple trading instruments.
FXTM has a market research team that provides reliable commentary daily. It offers access to some of the best forex trading tools and indicators so that traders have an easier time reading the charts and identifying trading opportunities. FXTM is available for Mac, Windows, iOS, and Android devices, making it one of the most versatile trading platforms.
You may have noticed that these apps had their origins as desktop trading software and eventually expanded to include Android and iOS variants. This means they recognize the growth opportunities in the mobile segment and they understand their user needs. While trading on mobile devices is becoming more popular, pro traders use it as an alternative to stay connected to the market when away from their desktop setups.
Mobile trading apps may not always be as optimized as their desktop variants. There are other limitations, such as the smaller screens that make mobile trading less ideal. A bigger screen means traders have a wider view of what is happening in the market, and as such, they can react faster and with more accuracy.