Forex trading has risen to the forefront of the digital investment frontier. Forex might be right for you if you’ve got your finger on the pulse of world politics and global business.
Get started with our list of some of the best forex trading apps. You can trade right from your smartphone, and use few accessory apps that will help you make smarter money moves.
Best Forex Trading Apps:
- Best Forex Trading App for Beginners: FOREX.com
- Best for Intermediate Traders: TD Ameritrade
- Best for Advanced Traders: eToro
- Best Technical Analysis Tools: Nadex
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Characteristics of Great Forex Trading Apps
Though each forex trading platform and app aims to fill its own niche segment of the market, the most reliable and trustworthy trading apps all share the following three characteristics:
A currency’s value can change at a second’s notice, so you’ll need immediately up-to-date value information in order to make the most informed trade possible.
This often creates a problem on mobile platforms, which have less processing power than desktop computers and can lag or crash in the middle of a trade.
Test out your forex trading app of choice with a few small test trades before you make a commitment to the platform to ensure that it is able to provide the trade and streaming speed that you need to complete your currency trades.
Trading education resources
In a market that’s constantly changing, knowledge is power. The best forex trading apps offer information on both the technical side of trading as well as the latest international news and editorials.
This helps traders learn more about how to predict which currencies will rise and fall in value.
In forex trading, the “spread” is the difference between the bid and the ask price of a currency and basically functions as your forex broker’s commission for carrying out your trade.
Though most spreads are only a fraction of a single unit of the currency you’re trading, high-frequency traders may soon see a large percentage of their profits eaten away by fees and commissions.
Don’t be afraid to shop around for forex brokers until you find one that offers fair fees—this will help you minimize loss while trading.
The Best Forex Trading Apps
We chose the forex trading apps with minimal spreads, great resources, and fast trading times. Here’s who made the cut.
1. Best for Begginers: FOREX.com
Not only is FOREX.com 1 of our favorite forex brokers, it has some of the lowest spreads on the market and an amazing mobile app available on iOS or Android.
The mobile app allows for full functionality. You get the same advanced charting options, news and fund management as the desktop version.
You can create customized dashboards watchlists, and watch your positions on an easy-to-navigate app.
2. TD Ameritrade’s thinkorswim
The thinkorswim app is TD Ameritrade’s mobile platform.
It’s interface is intuitive. If you already have a brokerage account open with TD Ameritrade, you can also trade options, stocks and futures on the thinkorswim app.
The platform also offers news alerts and direct CNBC mobile streaming for market news. Traders who initiate a large number of their currency exchanges on-the-go will love the platform’s alert system, which sends push notifications with set trading alerts.
Offering an easy-to-use mobile app that houses everything a trader could want on a single platform, very few brokerage firms come close to TD Ameritrade’s intuitive thinkorswim app.
eToro’s online platform already offers many of the world’s most popular digital currencies including Bitcoin, Ethereum, XRP and more. You’ll also enjoy additional benefits, such as real-time execution of market orders and unlimited daily withdrawals.
View real-time data, access in-depth analysis tools, and be the first to catch the trends wherever you are. You can also try out eToro’s many innovative features completely risk-free with a $100,000 virtual portfolio.
You can also get customized notifications for Bitcoin and other cryptos on your watchlist, and access real-time, relevant market data any time.
NadexGO™ offers the same user experience as its desktop version, just on a smaller scale.
You have a full range of products with account management tools, real-time direct market access, and full charting and technical analysis features. You’ll have to toggle between the chart and order entry ticket, which may take some getting used to.
Nadex specializes in binary options and spreads trading. The fee structure is $1 per contract with a $50 maximum cap.
And you can exit a trade by placing a 2nd, opposite trade or by letting the contract expire.
Find the Right App Today
The forex trading market is no longer limited to government institutions and international banks. Thanks to a process called “trading on the margin,” there is no longer a $100,000 minimum barrier to begin exchanging currencies.
Mobile forex trading is still developing. Learn more about forex with Benzinga’s list of the best forex trading brokerage firms for desktop trading.
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