Whether you’re looking to trade forex professionally or in your spare time, having access to the global currency markets on a 24/7 basis is absolutely crucial. In fact, imagine having a large amount of exposure to a currency, and only finding out about a devaluation when it is too late?
Although you can’t be sat at your trading desk all day, what you can do is ensure that you have the best forex apps on your smartphone. This way, not only will you be able to trade forex at the click of a button, but you’ll have access to key market data in real-time. In this guide, we’ve reviewed the top forex trading apps for iOS & Android devices by usability, fees and features and found IQ Option to be the best. Read on to find why we recommend IQ Option and the top forex trading apps for 2020!
What is a forex trading app?
The forex market forms a huge part of today’s business and finance. It is a global and decentralised environment where not only banks and business but also individuals can trade currencies and that is where forex trading apps come in. They are software designed to suit your mobile screens but maintaining the same features offered by the desktop versions of the actual trading platforms. After all, research has shown that forex trading generates over $5 trillion and even though it is mostly dominated by banks and businesses, individuals play a big part in it too, so making it as convenient as possible through mobile apps is now a necessity.
Top Forex trading Apps for 2020
What are the advantages of trading forex on an app over computer?
Depending on what kind of trader you are, sitting at a desk or in your bed staring at a computer screen might not be your ideal style of trading, and that is where trading forex apps come in. If you are someone who is constantly moving around, then trading apps are the way to go. Smaller screens of course, but much more flexibility.
A second advantage of forex trading apps is speed. Downloaded apps from Google play are often much faster than online trading on your laptop. That is because a software that is downloaded and stored on your mobile device will be much faster and perform significantly better than a software that strictly depends on how fast your internet connection is.
Ease of Access
Trading from your mobile phone is much easier and quicker than trading on your computer. It is a bit like using social media, how much more often do you scroll down on your phone than you do on your laptop? Mobile trading is the same, you just tap on the app and start trading. It is simple, fast and efficient.
Are the best forex trading apps free?
Forex trading apps are completely free to download. Keep in mind that the same fees that apply on the desktop platform, will apply on the trading apps. This means for instance, if an exchange requires a minimum deposit of $250, then the trading app of that exchange will most likely require the same amount. The same goes for spreads, commissions, inactivity fees, withdrawal fees and so on.
Are forex trading apps safe?
Forex trading apps are definitely safe and regulated like any other forex trading market. Not only the security measures that are in place for the desktop and online platforms are also present in the app, but forex trading apps also give you a feeling of safety. Accessing a trading platform on your personal phone feels much safer than doing so on an intricate and sometimes vulnerable system like Google. In terms of privacy, a platform that you can download on your phone is certainly more secure than an online one.
Do I have the same functionalities trading forex on an app than I do on a computer?
The idea behind trading apps is to give you access to all of the functionalities offered on your computer, but on your mobile phone. Of course the layout of the platform will differ due to the significant difference in size between a computer screen and a mobile screen, but it is most likely that all of the functions offered on your laptop will be offered on the app too. This includes all functionalities, starting from stop losses and order types, to charts, price signals and so on.
Tips for choosing a forex trading app
If you are indecisive about which trading app to choose, there are a few things you should take into consideration before you choose one. Make sure you trade on an app that offers:
➡️Mobile Chart Trading. We consider mobile chart trading an essential feature that you should definitely take into account when choosing the right forex trading app for you. It allows you to place multi-asset trading orders faster through the chart screen. An example of a mobile platform offering mobile chart trading is OANDA.
➡️Alerts. Alerts are also very useful when it comes to forex trading. They are basically meant to notify you when a specific happens, that might require you to take some action, such as changing a trading position or terminating one. Alerts can often make the difference between a loss and a profit, so make sure that whatever app you choose, it will offer trade alerts.
➡️Price Signal Notifications. Whenever supply or demand changes, so do market prices and a change in price can determine whether you want to sell, buy or keep an asset. So we recommend making sure that whatever app you choose offers price signal notifications.
➡️Technical Indicators. Technical indicators help you analyse short term price movements and can also be used as a starting point to determine whether you should enter or exit a trade. Again, make sure that your trading app offers them before you make your decision.
➡️Customizable Interface. A customizable interface will allow you to tailor the features and functions of the interface to your preferences. That can mean changing the layout of the trading platform or putting certain functions or assets at the top of your lists for easier access. This is a characteristic that will definitely simplify your trading experience.
➡️Charting Features for iPad. If you intend to trade on your iPad and not just on your phone, we also recommend making sure that the mobile app has charting features that are compatible with iPads.[/su_list]
Best Forex Trading App: The Verdict
If you want to give yourself the best possible chance of making your forex trading career a successful one, then it’s crucial that you have the right financial instruments (apps) installed on your phone. By downloading the apps that we have suggested, you’ll be armed with the right tools to make this happen.
This will not only ensure that you’ll be able to trade forex on a 24/7 basis with IQ Option, but you’ll also have access to key market news and analysis in real-time. As such, if you’re notified of an important development that could affect your forex position, then you have the capacity to act on it immediately.
Which one of these is the best forex trading app for beginners?
The best forex trading app for beginners is the IQ Option app. Apart from the sophisticated but at the same time easy to use trading interface, the exchange offers lower fees, a great variety of assets, and efficient safety measures.
What is forex trading?
Forex trading refers to the trading of currencies. It is currently a very active industry, with over $5 trillion traded daily. Currencies can only be traded in pairs because you are investing in the value of one currency against another. These are called currency pairings. Some examples of currency pairings are USD EUR, GBP JPY, CAD NZD and so on.
Is it better to trade on a forex trading app or a computer?
It very much depends on the kind of person you are. If you have a static lifestyle and you stay at home often then perhaps trading on the laptop can be easier considering that it has a bigger screen. If on the other hand you move around a lot, perhaps the best option would be to trade on your smart phone. It is much easier to carry around. Forex trading apps are available for both iOS and Android so there is no need to worry about what kind of phone you have.
Do forex trading apps maintain the same trading functionalities as the ones offers when trading on computers?
Usually they do. For instance, IQ Option offers the copy trading option on computer and on mobile app. The only difference is the interface layout, simply because of the screen size difference. More specific functionalities such as price signals and technical indicators also remain, at least when it comes to the forex trading apps we recommend.