A Forex broker in the 21st century is not offering anymore only a trading platform, but an entire range of platforms. In doing so, the aim is to cover all the needs of a trader and to give access to the market at any one moment of the trading day.
After all, this is a win-win situation both for the broker and for the trader. On the one hand, the broker likes active traders, as it earns from commissioning every trade. Therefore, the more trades, the better for the business. On the other hand, the trader has access to the account at any time and place, providing an Internet connection exists.
Trading apps come to complement the range of platforms that the broker offers. This article aims at introducing the best Forex trading app in 2021 so that the trader may choose the one that suits best.
Our List of the Best Forex Trading Apps
Here is our list of the best Forex trading apps in 2021:
What Is a Forex Trading App?
A Forex trading app is the trading platform’s version designed for smartphones. It can be custom made, or in-house built, or it can be licensed.
If the broker offers the MetaTrader4 or 5 platforms, extremely popular among retail traders, then the Forex trading app is nothing but the MetaTrader app. Upon downloading it and finding the broker, the trader can log in to the trading account and start trading/monitoring the positions.
If the broker has a different platform than the MetaTrader 4 and 5, it means that the Forex trading app is most likely custom-made. Keep in mind that an app is nothing that the broker’s interface for smartphones.
How Does a Forex Trading App Work?
To the surprise of many, there is plenty of trading activity on a Forex trading app. People like to believe that trading is done only in front of the desktop, but that is not correct. While the opening of a trade may take place on a desktop, the closing often happens on-the-go. However, to close a long trade, one must sell, so the squaring of a position is actually a trade on its own.
This is enabled by the Forex trading app as trading on-the-go is the reason why it was created in the first place.
Key Features To Look In A Forex Trading App
Ease-of-use is on the top of the list. By ease-of-use we refer to the process of opening the Forex trading app and how fast it connects to the markets. This is a big issue for in-house built Forex trading apps and one criteria to consider when selecting one.
Another thing is if it is in-house built or licensed. For the in-house built ones, the trader needs to see a tutorial or something that explains the app features. Such a tutorial is typically provided by the broker. For the licensed ones, the chances are that the trader already knows to use the app, as it is intuitive and likely seen already on other brokers.
Pros & Cons of Using A Forex Trading App
How To Choose the Best Forex Trading App?
Unfortunately, the trader has little or no power over the Forex trading app to use – he/she must use the app provided by the broker. However, the trader has the power to choose the best broker and this is where the list provided in this article comes to help – it makes it easier to compare brokers and to select the most suitable one.
How To Safely Use a Broker to Make Money Online Trading?“ The trader is the only one responsible for the decisions to buy or sell a specific market. The broker, on the other hand, is responsible for routing the orders to the market and matching them with the best suitable out there. However, the ultimate responsibility for the trading activity belongs to the trader. ”
Using a Forex trading app is an easy way to stay up-to-date with the developments in the trading account. Also, it makes it easier to intervene, should that be the case, as often markets move very fast. To make it simple to choose the best Forex trading app in 2021, our list compares them using various criteria, making the life of a trader much easier.
Frequently Asked Questions
No. Most of them are regulated by one or more entities, but regulation is mandatory only in some jurisdictions. In other words, it depends on the local laws. Most advanced economies do not allow brokers without a license to offer their services in the country/region.
MetaTrader4 and 5 are two versions of the same product and are very popular among the FX retail traders. Other platforms also exist, but the MetaTrader versions stood the test of time as they are suitable for all types of trading – automated, scalping, swing, investing.
Yes, they do. Besides the full FX range, brokers also give access to other markets with the intention of differentiating their services from competitions. Therefore, from a Forex trading account, a trader may access oil, gold, silver, bonds, indices, and many other markets – all in the form of Contracts for Difference. A trader must know the difference between trading a CFD and owning the actual asset, as there is a big one.
Very. Just fill in the form provided by the broker, send the documentation over, answer some basic questions regarding the trading experience and the account is ready. The process takes between a couple of hours to a couple of days.