The Best Forex Trading App
Reading time: 15 minutes
Traders all around the world are benefiting from their successes in the Forex market. However, it's not an easy market to conquer - traders have to keep up with the latest developments, news and events in the financial world. Over recent years it has become easier with the increased use of mobile devices, and the development of Forex trading apps.
Professional traders no longer have to stay chained to a desk, because Forex trading is now easier than ever, with many platforms and brokers offering real-time trading through mobile apps. Forex mobile trading is more important than ever before in this world of 24/7 trading, and 24/7 news cycles.
So, if you're looking for the best currency trading app on the market, an app that allows you to practice Forex trading, or a Forex news app, this article will assist you with choosing the best Forex mobile trading app, so that you can trade FX anytime, anywhere.
What are Forex trading apps?
A Forex trading app is a mobile app that allows you to trade the Forex market, or provides information that can help you make more informed trading decisions. These apps may range from the mobile versions of popular trading platforms, like MetaTrader 4 and MetaTrader 5, to apps designed for a single purpose, like reporting on market news or gamifying the trading experience.
When used together, many apps can create a complete trading toolbox, meaning you can carry out your trading strategy without being chained to your desk.
How to use a Forex trading app?
The way in which you use a currency trading app will vary depending on the app you use. So, here we'll give you a brief overview of how to trade on one of the most popular mobile trading apps on the market - the MetaTrader 5 app.
- Go to the App store or Google play, and search for 'MetaTrader 5'.
- Install the app on your phone.
- Once it is installed, you will need to log into an existing trading account with your account number and password. Don't have an account? Find out how to open one here..
In the MetaTrader 5 app, the available screens are the quote screen, the chart screen, the trade screen, the history screen, and the settings screen.
The quote screen shows the ask and bid prices, or buy and sell prices of your chosen instruments. To add a new instrument to the list, just click the plus icon at the top of the screen, and find the instrument in the list.
Selecting an instrument in the list will give you the options to trade, see the chart, as well as get more details.
The chart screen displays the chart for your chosen instrument. You can change the chart's time frame by clicking the time frame in the top left corner of the screen.
You can add objects and indicators to the chart using the options across the top of the screen.
And you can see the sell and buy prices by clicking the icon at the top right of the screen. You can click on the buy or sell panels to open a trade, and you can adjust the lot size using the dropdown list between these panels.
The trade screen lists any open trades, along with your account balance, equity and free margin.
You can open a trade from this screen by clicking the plus icon. This will open a new screen, where you can select your preferred instrument, select the lot size, and add a stop loss and take profit.
To open a trade, click 'sell by market' if you think the price of the instrument will go down, or 'buy by market' if you think the price will increase.
The history screen displays the trades you've made on your account, and your total earnings or losses. You can update time period for which trades are displayed by clicking the clock icon in the top right corner of the screen.
Finally, the settings screen is where you can sign into different accounts, along with checking announcements in your trading mailbox, market news, and connecting with the MQL5 community.
You can also see the full process for how to use this Forex trading app in this video:
Which Forex trading app is the best?
If you've already tried researching mobile trading apps, you might feel a bit overwhelmed by all of the options available. The good news is that we've done the research for you. In this article, we've compared some of the market's most popular trading apps, outlining the features and benefits of each, so you can decide what is the best fit for you.
The mobile platforms and apps we reviewed include:
- MetaTrader 4 and 5 mobile apps
- Forex Hours app
- Investing.com investment app
- NetDania Stock and Forex Trader app
- Forex Calendar, Market & News app
- Trade Interceptor mobile trading app
- Forex Game trading practice app
- Bloomberg Mobile Forex news app
Or, if you're already ready to get started, you can download MetaTrader 5 for FREE by clicking the banner below!
Mobile trading app review: MetaTrader 4
If you have started to look into Forex trading, then it is highly likely that you will have come across or at least heard of MetaTrader 4 (MT4). The MetaTrader 4 platform is the world's most popular trading platform, which makes the app a popular choice for Forex traders.
The MetaTrader 4 Forex app provides all the necessary resources and tools required for analysing price, along with all the tools you need to make trades. For each financial instrument there are nine available timeframes that have the ability to provide dynamic quotes with an itemised analysis. There are more than 50 built-in indicators and diverse tools to analyse the market's activity, making it easier to define trends, to determine chart patterns and to identify entry and exit points.
MT4 includes all the essential functions needed for trading. Orders are accessible at all times, which guarantees flexibility and allows traders to carry out their activities unhindered by time restraints. Traders can exploit orders on the market and stop and start pending orders.
MetaTrader 4 offers a number of ways for traders to place orders, including, placing an order directly from the chart. It is possible to precisely determine entry-exit points, and the embedded tick chart can also prove useful as well. With alerts on trade positions, you may track all favourable moments
This mobile Forex trading app offers a range of impressive features. However, possibly one of the strongest elements of MT4 is its security. MT4 ensures the safety of all trade transactions through an encoded and encrypted system which can protect traders against even the most advanced hackers.
The MT4 Forex app is a really simple and handy tool to work with, and it is arguably the best mobile Forex trading platform because of the support and wide popularity among users. In order to assist you in the practical application of the terminal and its functions, MT4 offers full support and answers to any questions you may have.
Forex trading app review: MetaTrader 5
Professional traders are also able to trade-on-the-go with MetaTrader 5 (MT5), the latest and enhanced version of MetaTrader.
With all the existing features of MetaTrader 4, including available time frames, built-in indicators, real-time market data and flexible order types, MetaTrader 5 is the #1 multi-asset trading platform chosen by advanced traders and investors.
Traders can gain access to all kinds of trading instruments with MT5, including Forex, Cryptocurrency CFDs, ETF CFDs, Bond CFDs, Commodity CFDs, and more. In fact, with Admiral Markets, traders can access thousands of instruments all from the palm of their hands with this Forex trading app.
The MetaTrader 5 mobile app supports netting and hedging, along with Market Depth, and professional technical analysis by way of analytical objects and the indicators set. Like MetaTrader 4, MT5 also has security encryption to help keep your portfolio safe.
Traders can choose from the following options for mobile trading:
- MT5 for Android - traders can gain access to the latest market data, news developments, charts, and all the essential trading functions they expect from the MetaTrader platform.
- MT5 for iOS - this app is accessible on all iOS devices, enabling traders to trade wherever, whenever.
Forex market app review: Forex Hours
While the Forex market is available for trading 24 hours a day, 5 days a week, that doesn't mean that all of those hours are optimal for trading. In fact, there are certain windows in the trading day when the most activity occurs, and this is when most active day traders will make their trades for the day.
Forex Hours, by CodingTrader, gives traders an immediate overview of the local time and status of the globe's largest Forex markets. It shows exactly what time the market opens in each country and time zone, and gives traders insight into the times with the highest volume of Forex trades. This can help you trade in peak times and take advantage of increased liquidity and volatility.
Available for both iOS and Android devices, Forex Hours is a complementary mobile trading app that can help you make the most of opportunities in the market.
Portfolio monitoring app review: Investing.com
The Investing.com trading app can really help you in your mobile Forex trading activity. It's advantages are:
- Real-time quotes for over 30,000 financial instruments traded on more than 100 exchange markets throughout the world
- Economic calendar - global economic events available in real-time
- Breaking news updates about market-moving events
- The option to build a customised portfolio, to track your investments' health at a glance
Mobile trading app review: NetDania Stock and Forex Trader
This stock and Forex trading app provides an overview of the financial market, including price quotes for popular cryptocurrencies in real time. The features offered by the NetDania app include:
- 20,000 financial instruments, including more than 2,200 currency pairs
- Real-time news
- Customised trading alerts
- Economic calendar
- Six types of charts
And much more. All of these features combine to give Forex traders a comprehensive understanding of the current market, and is available in 18 languages for both iOS and Android.
Forex Calendar, Market & News
We're going to look at one more app - Forex Calendar, Market & News. This is the official app from one of the leading social FX communities with over 280,000 users - MyFXBook.com. The main features of this app include:
- A full view of your FX portfolio, attached with watched accounts
- A useful economic calendar widget
- Fast user interface
Forex app review: Forex Calendar, Market & News
This app offers a number of real-time features which can prove to be vital for any trader, such as, streaming rates for more than 60 Forex currency pairs as well as commodities, FX charts with technical indicators and meticulous market analysis, Forex news, price notifications, and a community outlook screen alongside custom notifications The app will also keep you up to date with FX markets with the following sections:
- Portfolio: this section will show you your portfolio in MyFXBook, containing a growth chart, the current status of your account and, of course, quick stats.
- Economic calendar: be in synchronisation with the markets up to even a minute by using this live economic calendar, covering more than 30 various currencies with easily readable data. Every event is subjected to further explanation as well as historic levels.
- Markets: users have the ability to view over 60 diverse currency pairs in real time, including changes in nine various time frames. If you want to be warned about a specific price, then you can set up an alert and get notified in real-time. This can be a good supplement to your core Forex trading mobile platform.
- Forex charts: enables the user to utilise technical analysis with high performance charts. Additionally bundled with five drawing types such as line, speed line, Fibonacci Retracement, fan and arc. It also contains the following nine indicators; SMA, RSI, ADI, EMA, Bollinger Bands, MACD, Stochastic, ATR and Envelopes.
- Forex news: this section's task is to show users a streamed news feed of relevant items from the major news providers.
- Community outlook: the outlook for different currency pairs can be observed in the MyFXBook website. You can set up notifications for diverse levels and won't be restrained by any limits.
Forex trading app review: Trade Interceptor
Another app available for both iPhone and Android users, Trade Interceptor gives traders the ability to trade currency pairs, options, commodity futures and more. It also includes a range of advanced features, including:
- More than 160 chart indicators
- 14 different types of advanced charts
- Live, streaming price quotes and price charts
- The option to perform simulated trading and backtest trading strategies using historical price data
Forex trading practice app review: Forex Game
The Forex Game is an application in mobile Forex that can help you to get acquainted with the FX market. The app is essentially a Forex simulation, as it allows you to play authentic trades and receive updates from the financial world without any real risk. The Forex Game is an app that imitates a Forex mobile trading platform. It offers a fun and risk free way to experience FX trading online, and it can be of real benefit to beginners. The specific advantages of this app are:
- Forex Game is a free financial simulator of a Forex mobile platform
- No registration is required
- It's easy to use
- The data is updated every five seconds
- It's fast paced - you don't have to spend hours reading instructions before you can use it
- You can share your achievements with friends
Alternatively, traders can also opt to download a free Forex demo trading account, which enables them to trade with virtual currency in a risk-free trading environment, with access to real market data and live prices. It's the best way to prepare trading strategies, to test them out, and to get a feel for trading before putting your capital at risk in the live markets. Click the banner below to open your FREE demo account today!
Forex news app review: Bloomberg Business Mobile App
Bloomberg is a leading provider of market news and intelligence, which can give Forex traders a much-needed edge in their trading. Available for both iPhone and Android, the Bloomberg mobile app gives traders Forex news on demand.
In addition to news, the Bloomberg app offers traders access to global financial markets and business news, market price data, and tools to track their portfolio. You can also choose to receive alerts on your portfolio to help you make timely trading decisions.
Choosing the best Forex trading app: Closing thoughts
With so many options on the market, choosing the best Forex trading app is no easy feat. All of the apps mentioned above have a wide range of useful functionality for Forex traders, and what works for you might not be what works for another trader.
When it comes to our thoughts, we believe in trading with the best, and the MetaTrader platforms are the world's most popular trading platforms for a reason. The MetaTrader 4 and 5 apps are some of the most well-rounded mobile trading applications available, and they are also supported by a wide range of Forex brokers - including Admiral Markets!
Ultimately, though, the Forex market has irreversibly changed with the development of mobile devices, bringing traders the opportunity to trade as and when they choose, using different platforms and apps. Rather than resist these changes, it's more beneficial for traders to be able to adapt and utilise the developments of Forex trading into their existing strategy. To start trading Forex and CFDs with MetaTrader, click the banner below to get started!
This material does not contain and should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments. Please note that such trading analysis is not a reliable indicator for any current or future performance, as circumstances may change over time. Before making any investment decisions, you should seek advice from independent financial advisors to ensure you understand the risks.