Forex is a very popular way to trade on the market, but it’s not for everyone. If you’re interested in getting into forex trading, you need to know what kind of app you need.
In this article, we will discuss the best apps for forex trading and also give you an overview of what to look for in a forex trading app.
Forex is one of the most popular financial markets. It allows investors to trade currencies across borders, which means that they can gain access to currencies that may not be readily available in their own countries. Forex traders buy and sell currencies by matching buyers with sellers. They may also speculate on whether prices will rise or fall in the future.
Are you interested in obtaining valuable information on 5 Best Forex Trading Apps for iOS & Android 2022, Best forex trading apps comparison, Does forex have an official app and so many others? Quyasoft is the right stop for you. Take out time to surf through our catalog for more information on related topics. You don’t want to miss this!
5 Best Forex Trading Apps for iOS & Android 2022
1. Best Forex Trading App for Practice & Beginners – The Trading Game
The Trading Game is a free mobile application that gives a feeling of investing real money in real markets.
The game is perfect for new traders and experienced traders looking to hone their skills. Beginners will be surprised to learn about the many ways to make extra money with online trading. The Platform includes exciting lessons about Forex markets and numerous pro tips from experienced traders.
Just check this story from a Trading Game user who won-and-lost $24,000 before finding the game and reminding himself of essential strategies and tactics that actually work.
Many quizzes are available to test and enhance your trading knowledge. The Trading Game is the best forex app to build trading skills, gain real experience, and have fun without real risk.
Try aiming for the top of the global ranking system’s leaderboard!
2. Best Social Trading Platform – eToro
68% of investor accounts lose money when trading CFDs. However, if you understand the risks, you can take advantage of eToro’s social trading platform.
Over 500 million trades have been opened at eToro, and the number is growing by the day. eToro is a social trading platform that allows users to mimic the actual trades of top-performing traders.
eToro is perfect for people looking to learn from the professionals, study their market movements, socialize with them, and copy whatever trades they are making, for as little as $50.
This gives users the time to focus on what matters. Building their trading networks, and learning by doing, in a simple, hassle-free environment on one of the simplest to use platforms!
eToro is not famous for no reason.
For people exploring the world of trading, the platform provides detailed analysis and statistics. Making your first investment has never been easier than on eToro.
3. The place Where Forex Beginners Learn the Basics – Go Forex
Are you just getting started in the Forex game and plan to invest your savings to make extra money? Then look no further. Here’s the best foreign currency guide for new learners.
Go Forex helps new traders understand what’s going on behind their trades. With Go Forex, picking up tricks of the trade and mastering the fundamentals has never been easier. You can learn and test your knowledge with Quizzes after each lesson. The platform enables users to understand and master each topic thoroughly.
Find the best insights and collect Wall-Street trading experience with Go Forex!
4. Excellent for Financial News and Updates – Bloomberg
The only difference between billionaire traders and a bankrupt trainwrecks is the access to the right information.
Bloomberg News provides the best financial news on the internet.
You can’t trade without being informed about the latest global developments. Always research your trades and follow the news, even if you have the best currency trading app on hand. Always!
With Bloomberg, receive financial information and keep tabs on the financial instruments you are interested in. Moreover, this app also provides a platform for you to monitor your portfolio and receive alerts on your positions. Bloomberg’s purpose is to help you make the best trading decisions and improve your financial perspective.
If you want to keep your portfolio on track, Bloomberg is a tremendous tool for that!
Robinhood is everybody’s darling when it comes to the retail trading world.
The fintech company is on a mission to provide its users with easy access to the financial markets. The banking app offers a straightforward path to buy stocks, ETFs, options, and even Crypto through its Crypto platform. Just like buying stocks and crypto on Etoro, every trade here is commission FREE, which leaves more money in your wallet for you to invest.
Webull is a registered broker-dealer and is a relatively new entity in the hyper-competitive world of retail investing. They offer a professional-level trading platform, and customers can utilize real-time market data and analytical indicators to make informed trading decisions. Additionally, trading commissions are non-existent, and you can trade entirely free.
Revolut burst onto the scene as a challenger bank offering a new way to do banking in the UK. Revolut works differently from other trading apps.
To trade, you’ll need to sign up for one of their memberships. The Standard account is free and will allow three commission-free stock trades per month. The Premium account costs $9.99 per month and allows eight open-stock transactions per month. Finally, the Metal account costs $14.99 per month but offers unlimited commission-free stock trades. Start trading on the dot, and do not miss out on any golden opportunities that might present itself to you! Plan your trading schedule and start hunting for those profit-making opportunities!
Best forex trading apps comparison
How to compare the best forex trading apps
When choosing a new forex broker account for online trading, consider these five areas of the trading experience:
- Trust (regulatory status): You want a broker that you can trust, above all else. Therefore, your broker should have a high trust factor. For example, any broker that holds multiple top-tier regulatory licenses and thus is regulated in the U.S., U.K., Australia, Singapore, Canada, Hong Kong, Japan, or Switzerland, will have a higher Trust Score on ForexBrokers.com.
- Trading platforms: Our research finds that most proprietary platforms are superior to third-party software like MetaTrader. Either way, be sure to select the trading platform that meets your needs across devices, whether that’s on the web, your desktop, or with a mobile trading app.
- Trading tools: When I evaluate the research content, trading tools, and educational materials available from brokers, I expect them to be rich with features and easy to use. The more comprehensive each category is within the mobile app you choose, the better off you will be in maximizing trading opportunities.
- Tradeable markets: Consider the total available markets and the number of instruments that are available for you to trade at a given broker. For example, one broker may offer a small selection of currency pairs but a vast array of CFDs on other markets like stocks, commodities, futures, cryptocurrency, and other asset classes. Conversely, maybe you want to trade some exotic currencies and want a broker with a larger selection of forex pairs.
- Demo accounts: Opening a free demo account allows you to learn the ins and outs of a trading app, like test-driving a car before you buy it. You get to use the virtual account across all supported devices, such as web, desktop, and mobile. If the platform meets your needs, then you can fund a live account. Some traders also use demo accounts to test various trading strategies before trying them out with real funds.
Can you trade forex on your phone?
Yes, if you have a modern smartphone running either an Android or iOS operating system, you can install forex trading apps on your phone. After opening the app, you can log in to your forex account and begin trading from your phone. If you are interested in trading CFDs, there is a range of great mobile options available from some of the top brokers in the industry. Check out our guide to the Best CFD Brokers and Trading Platforms to learn more about CFDs (and to check out our picks for the best CFD brokers).
Does forex have an official app?
No, there is no official app or website because the foreign exchange (forex) market is decentralized — that is, there is no single location or site for the market. The forex market consists of central banks and financial institutions such as brokers, dealers, banks, and corporations. Read more on Wikipedia.
Many trustworthy forex brokers do offer mobile apps for trading. There is a wide selection available, including apps that are developed by brokers in-house, as well as apps from third-party developers. To avoid scams, you should only use regulated banks and brokers that are properly licensed to offer forex trading services in your country of residence. For example, if you live in the U.K., check the Financial Conduct Authority (FCA) to verify a broker is regulated.
Note: If you’re looking specifically for the broker FOREX.com, it offers both a proprietary app, called FOREX.com mobile, and the popular MetaTrader 4 (MT4) app. Read our full-length review of FOREX.com, or check out our MetaTrader guide.