So, let’s take a closer look at the trading forex mobile apps that will make your mobile gadget a complete, efficient and safe workplace.
Standalone Mobile Apps
It is crucial to understand that not every exchange has its own convenient mobile application that would allow a trader to keep their fingers on the pulse of stock quotes around the clock. In this case, a way out of the situation is offered by standalone mobile applications that, through the platform API, provide users with access to the account.
1. Robinhood
It is a universal trading platform with an optimized structure designed to make trading fast, simple and, most importantly, free. In doing so, Robinhood earns income from the margin earned by clients.
Benefits:
- optimized interface: simple and intuitive to use application;
- no direct commission payments;
- account customization: the user can independently compile a list of assets that are of interest to them at a given time to receive up-to-date information about selected market quotes;
- creating an account is free;
- the volume of transactions is not limited by the minimum and maximum limits;
- free bank transfers;
- touch ID (for iOS application) simplifies the process of protecting and managing the application: automatic login and confirmation of transactions occurs with a fingerprint.
Disadvantages:
- Bare/Bones charts are more suitable for a visual assessment of the market situation: charts reflect the history of price movements and cannot be customized;
- the application contains a minimum of tools for technical and fundamental analysis of the market, which requires users to have serious knowledge of Forex trading and an understanding of what they are going to do;
- the application is available only on iOS devices, including the Apple Watch.
Robinhood will not give you the full opportunity to do in-depth market research using a mobile application, but you will always be aware of the latest price movements, news, and quotes. At the same time, you can easily manage your financial accounts and trade transactions with just your handheld device. And the absence of commission fees and ease of management makes this application one of the best, but perhaps for experienced traders.
2. Forextime
With this application, you can trade online anytime, anywhere (even fromUnited Kingdom) from your mobile device. The app gives you access to pioneering trading services on the go, allowing you to trade Forex, stocks and shares, precious metals and commodities at a convenient time and place for you. With this app, you can monitor financial markets and react to market movements in seconds using your live and demo trading accounts. Since all of your accounts will be in one place, this allows you to easily open, modify or close positions.
Peculiarities:
- allows trading hundreds of financial instruments including stocks and equities, gold and silver, indices, commodities, major, minor, and exotic currency pairs;
- provides new demo account in one click (after registration);
- facilitates following the current exchange rates with real-time updates;
- provides cross-device trading by allowing you to open a position on your desktop and close it on your mobile device;
- has an easy-to-read trading panel with detailed information, including pending orders, open positions, closed positions, profit, margin, balance and more;
- provides easy access to real-time charts and a range of trading and technical analysis tools.
3. TabTrader
It is another one of the best trade management apps for Android and iOS. Its main benefits:
- works with most popular exchange exchangers;
- displaying price charts in real-time;
- setting up price charts: candlestick charts, bars with different timeframes, drawing support and resistance lines;
- up-to-date information about the order log of the exchange, trading volumes;
- push notifications and installation of stop signals for selected options.
Disadvantages:
- manual setting of control lines;
- a limited set of widgets.
It is a convenient application with the ability to alert about significant market changes instantly. An excellent option for beginners who are not always able to assess the situation on the market in time and correctly.
To Sum up
You can do whatever you want on your phone, including investing, thanks to various investment and stock trading apps. Investment applications allow both new and experienced investors to manage their investments in the stock and other financial markets.
Whereas before you had to grab your phone and call a stockbroker to complete a trade (and then pay a significant fee), you can now grab your smartphone, touch the screen multiple times and trade almost instantly with one of the many micro investing app options available — often for free or at a relatively low cost.
It should be noted that the desktop version is not much different from the mobile one, where you can also find convenient charts, necessary orders and a lot of analytical tools, and the functionality is quite handy for one-touch operation. But mobile applications also have advantages: they are online chats with the function of enabling push notifications.