Best Forex Trading App – Access Markets Anytime and Trade On the Go

Methodology of How We Chose the Best Apps

The methodology for choosing the best trading apps is based on several factors. We have examined the broker's regulation and compliance, fee structure, customer services, and other trading platforms.

Moreover, the broker's asset coverage and educational resources offered to users were essential in determining the best apps. Furthermore, we considered other areas, such as security measures or additional services that can be accessed through the app.

How to Download and Install a Forex Trading App

Installing a forex trading app is a simple process and follows the steps needed to install any other app.

• First, go to the store where you can download the app. In most cases, we talk about the App Store and Google Play.
• Second, download the app on your mobile device. Third, use your login credentials to access the trading account.

Keep in mind that the app is the mirror of your trading account. While it offers fewer resources, it does allow you to monitor and take action on your active trading positions.

Trading App Features and Tools

While a trading app offers limited resources to traders and investors, it has some valuable features. One is trading and order execution. One can place different orders, such as take-profit, stop-loss, limit, or market orders.

Also, it uses real-time market data and essential charting tools, such as interactive charts, trading alerts, and risk management tools.

Which Is the Best Trading App for Beginners, and Why

The best trading app for beginners should have as many features as possible. It should connect rapidly with the market and allow quick action when needed. Moreover, such an app should boast some technical analysis setups. It should offer basic indicators, such as the ability to use the Relative Strength Index (RSI) or other oscillators and trend indicators. This way, traders may want to act when the market is reaching overbought or oversold territory directly from the trading app.

A trading app is an extension of the broker's products and services. Effectively, it is just another way of accessing the trading account.

Therefore, it is of paramount importance that such an app belongs to a secure broker, a regulated one. The regulation comes with costs for the broker, but it means the safety of funds for investors. In most countries, regulation is mandatory for the broker to offer products and services to residents in that area. A trading app should mirror the trading account as much as possible. Traders must be able to close current positions and open new ones with the same ease. Also, the app must allow the use of pending orders and basic risk management strategies.

Trading on Your Phone vs Trading on a Desktop

Trading the forex market is a difficult task. Such a complex market is hard to master. Therefore, it requires plenty of time and dedication until success is achieved. Before smartphones, traders were glued to their desks all day. Trading was limited to the times when the investor could trade, either from home or from an office.

But smartphones changed that. They brought mobility to the trading world and peace of mind for traders to monitor positions even if they were not in front of the screens.

Sure enough, one can secure open positions using protective orders, such as stop-loss or take-profit orders to book profits. But sometimes, the market goes so close to a target without reaching it, and the opportunity vanishes if not in front of the screens. On the other hand, having access to the trading account via the trading app enables easy acting on open trades and other opportunities.

Nowadays, most trading is done from the app. That is, the opening and closing of trades are more accessible from the app.

However, all the analysis and strategy behind a trade is done from the desktop. The desktop trading platforms are far more performant than the apps. Traders can use a plethora of resources to prepare for a trade, from technical to fundamental analysis, and then, when ready, they can act on it by buying or selling via the app.

In other words, trading on a desktop and trading on your phone complement each other to give traders the best of both worlds. The first is mostly used in planning a strategy, while the second is used to execute it.

Expert Tip – Trading Apps

The process of selecting the right forex trading app for you starts with you and your trading style. If you are a swing trader and long-term investor, then any trading app is suitable as its main use would be to monitor open trades and open new ones. On such a time horizon, the entry price is not of the essence.

For scalpers and traders who want to benefit from quick market moves, the app should have other features on top of the ones mentioned above. For example, it must always be responsive, offer technical analysis tools, and open and close trades easily.

Finally, the app must belong to a trustful and regulated broker. The importance of regulation cannot be overstated, as it protects the traders from wrongdoing and other events that might damage the broker's financial position.