Invest and Trade on your iPhone or Android
With our ever more globalized economy, foreign currencies and foreign markets play an increasingly important role in domestic affairs. The foreign exchange (Forex) market is valuable because it allows businesses, institutions, and individuals to trade currencies at will.
You might be surprised to learn that Forex trading is the largest financial market, with an estimated $5.3 trillion generated daily. While individual traders are successful with Forex, the landscape is often dominated by large corporations and international banks using automated trading algorithms that function 24/7.
Forex trading also influences non-financial markets through currency exchange and direct investments. If a European company wants to import soybeans from American farmers, the Europeans will need to convert their euros to dollars to complete the transaction. Forex facilitates these transactions.
Forex is one of the most lucrative investment opportunities partially because it is a direct investment in currency. However, it is not for the inexperienced as the speed and technical knowledge required are significant.
In fact, it’s nearly impossible to be successful at Forex trading without some software that automates the trading process. In short, successful Forex trading requires a level of speed that is difficult for human beings to achieve, especially as Forex is traded 24 hours a day.
In other words, you NEED software to successfully perform trades even when you’re sleeping so that you can take advantage of the best currency trading opportunities. Below, you’ll find our top 5 best Forex trading apps for 2020.
Best Apps for Forex Trading in 2020
At a Glance
- Forex trading automation
- Highly regulated
- Used in 180 countries
Forex time FXTM is probably the most widely used Forex trading platform in the world. Used in more than 180 countries and regulated by top-tier institutions, ForexTime is a safe and flexible choice for the majority of Forex traders. Their trading platform is available on iOS, Android, Windows, and Mac devices.
Its automated tools are powerful enough to be used by professionals yet simple enough to be used by beginners. You can make trades with both fixed and variable spreads, and even use flexible leverage to augment your earning potential. (Be aware that leverage is only offered to experienced traders).
Probably the strongest feature at ForexTime is their rapid execution rates. Execution rates are at the core of Forex trading and refer to the speed with which a trade can be started or completed within the system. The faster the execution rate, the higher the likelihood of you making a trade when it is most profitable.
If you plan on specializing in Forex trading, you will also find ForexTimes’ tools for education very useful. You’ll also gain access to a series of free trading tools and training from the market research team at ForexTime.
Signing up is simple and straightforward, requiring only verification documents and a transfer of funds before you’re able to begin trading. If you’ve just completed a trade and want to withdraw your money, the company can process that withdrawal request in less than a few minutes.
At a glance
- Analysis tools
- 160 analysis indicators
- Free Android and iOS apps
If you’re an experienced Forex trader and you’re looking for advanced tools and analysis, then you should check out ThinkTrader. With 14 advanced chart types, 160 intelligence indicators, drawing tools, advanced analysis tools, Trade Interceptor can help you track and trade the best currencies and stocks 24 hours a day.
ThinkTrader used to only be available on desktops. However, its new mobile software allows you to focus on a single market, split screens for market comparison, or even use the quad-screen feature to keep an eye on multiple markets at a time.
ThinkTrader offers trade data and price alerts for all major cryptocurrencies, Forex trading, precious metals, commodities, and indices. On the side of news data, information from Europe, Asia, and America are all available. Regulated by the FCA in the UK in the ASIC in Australia, ThinkTrader offers a wide variety of built-in trading tools such as intelligence reports, risk scanner, data release alerts, economic calendar, and trading simulator. The app is available on both iOS and Android for free.
3. Stock Trainer
At a glance
- Demo account
- Practice app
- Android only
Profitable Forex trading requires experience, skill, and high-quality software. If you don’t quite feel confident enough to take on the big banks, A-Life Software’s Stock Trainer is probably for you.
The app is NOT a true Forex trading app meaning that no real currency trades occur. Instead, it is a training app designed to help you gain more experience in the Forex trading environment. The app offers a variety of trading features, including limit and stop-loss orders, the ability to build a full portfolio, investing news, a business magazine, and market history over the past ten years.
Again, Stock Trainer is a virtual trading app that helps you learn how to trade Forex without risking real money. The app is free in the Google Play store, with a paid version that removes ads.
At a glance
- Interactive charts
- Analytical instruments
- Tools and news
- Many available instruments
Probably the most popular trading app for retail investors, especially on android devices, MetaTrader offers a wide variety of financial instruments for trading. MetaTrader also offers one of the most extensive ranges of trading options available on any mobile device. If you use MetaTrader, you can trade options, futures, indices, Forex, and stocks.
Prices and quotes are monitored using general financial analysis from financial markets. These are then presented in a range of real-time charts that include historical information. If you need more detail than the default chart provides, you can pinch and zoom to interact with the charts.
The analytical and news tools are also professional grade.
Download MetaTrader here
5. TD Ameritrade
At a glance
- Good for beginners
- Massive trading platform
- Trade almost anything
- Tricky for Forex
TD Ameritrade is one of the highest reviewed and largest trading platforms in the United States. It offers investment vehicles in almost every market imaginable, not just Forex.
This is both one of TD Ameritrade’s strengths as well as one of its weaknesses (for Forex traders). If you want a wide-ranging portfolio involving multiple financial instruments, TD Ameritrade could be a good option for you. However, as a dedicated Forex trading platform, the TD Ameritrade interface is a bit “clunky.”
Dedicated Forex trading platforms have an advantage over TD Ameritrade in this area. Since they only focus on one type of trading, other Forex traders can streamline their Forex trading experience. As an example, comparing currency pairs – a fundamental task in Forex trading – is surprisingly tricky with TD Ameritrade.
Another point where TD Ameritrade excels is in its educational materials for Forex traders. Many Forex trading platforms do not fully educate their clients about the risks involved in futures and Forex trading. By comparison, TD Ameritrade’s library of educational materials for Forex trading is vast, complete, and highly valuable.