As the global economy becomes more dependent upon international trade, the rise of forex trading has risen to the forefront of the digital investment frontier. If you’ve got your finger on the pulse of world politics and business, forex trading may be right for you.
Too busy to sit down at a desktop and trade? We’ve compiled a list of some of the best forex trading apps that will allow you to trade right from your smartphone, along with a few accessory apps that will help you make smarter money moves.
Quick look – the best forex trading apps
Characteristics of a 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 to help 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.
Not only is FOREX.com one of our favorite forex brokers and has some of the lowest spreads on the market it also has an amazing mobile app to boot – available on iOS or Android.
The mobile app allows for full functionality: you’ll get the same advanced charting options, news, and fund management that you would on the desktop version. You can create customized dashboards watchlists, and watch your positions on an easy-to-navigate app.
2. TD Ameritrade’s thinkorswim Mobile
One of the most useful and most popular forex trading apps is TD Ameritrade’s mobile platform, thinkorswim Mobile. Thinkorswim’s interface is intuitive, and you should have no trouble operating the platform and trading currencies even if they aren’t using a tablet.
If you already have a brokerage account open with TD Ameritrade, you can also trade options, stocks, and futures as well via 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.
ForexTime was founded in 2011 as a mobile trading suite that has since expanded into a number of other tools and apps. The company has already made waves in the forex trading community, named the “Best Newcomer of 2013” by the World Finance Awards and the “2017’s Best Forex Broker” by the Global Investor Mena Awards.
ForexTime is a mobile-only brokerage firm, so if you’re looking for an all-in-one solution, you may be better off with FOREX.com or TD Ameritrade‘s platform, which is complemented by a desktop and online platform as well. The app supports forex trading and is available for consumers around the globe, unlike many competitors, who limit their offerings to U.S citizens.
With fast execution and a low minimum deposit of just $5, ForexTime offers a responsive currency exchange app for both iPhone and Android users.
Netdania has referred to itself as the “World’s #1 Forex & CFD Trading App,” and the brokerage’s offerings are impressive enough to earn its title.
It’s consistently been rated by consumers as one of the Apple store’s top-rated finance apps thanks to the platform’s ease of use and real-time forex updates. The brokerage offers 20,000 trading tools and indicators, and traders can use these technical analysis tools to enhance their in-app trading of over 2,200 currency pairs.
Netdania isn’t just great for forex trades, either—the app also offers thousands of stocks and indexes, all of which can be bought and sold with ease over the app. The app is available in 16 languages, and you can easily synchronize profile and push notification settings across multiple platforms.
The forex trading market is no longer limited solely to government institutions and international banks any longer—thanks to a process called “trading on the margin,” there is no longer a $100,000 minimum barrier to begin exchanging currencies. Because the forex market is relatively new for the everyday consumer, mobile forex trading is still in its early stages of development. If you’re looking for more options when it comes to choosing a forex platform, hop online and check out Benzinga’s list of the best forex trading brokerage firms for desktop trading.
Having trouble gaining the leverage you need to start trading currencies and seeing significant profits? The best place to begin is by raising your credit score. Take a look at our beginner’s guide to boosting your credit score.