Choosing the right trading platform that suits your needs is highly important in Forex trading. In addition to platforms, there are various apps that are developed to aid in making better decisions. Moreover, there are apps that are made for charting, mobile apps that help stay connected with the markets from anywhere in the world and there are apps that aid fundamental traders.
Trading apps are essentially important when it comes to successful trading. These apps can come in many different forms. Most brokers offer trading platforms that can be downloaded and installed on your computer along with the mobile versions of them.
When choosing a Forex trading app, it’s important to pick the ones that best suit your needs. For instance, if you are a fundamental trader, you want your app to have an integrated economic calendar. For technical traders wide capabilities for conducting a technical analysis is essential. High frequency traders are looking for apps that provide fast execution and are highly reliable. Let’s take a look at some of the best and widely used trading apps on the market today.
Best Forex Trading Apps
Let’s first take a look at trading apps that are commonly used by Forex brokers and successful traders. For trading, MetaTrader platforms and cTrader are commonly used. For charting, many traders use TradingView as the software offers a great variety of charting tools and user friendly interface. Econoday helps traders that are using fundamental analysis in their trading.
Undoubtedly the king of Forex trading apps, MetaTrader 4 was created in 2005 by MetaQuotes. This is one of the most popular trading apps on the market. Almost every Forex broker has MT4 available on their website, as despite the age, it is still one of the best apps available out there.
When trading with MetaTrader4 traders can analyze financial markets, perform advanced trading operations, develop and run trading robots, copy other traders and more. Being developed in 2005, it has not gone through any major changes, what this means is that visually MT4 might not be the best trading app out there, but it’s highly reliable. The platform offers simplicity that is also very attractive for novice traders. What’s more, many traders use the MT4 for trading purposes and analyze the markets using charting platforms.
MetaTrader 4 supports three trading execution modes, including Instant Execution. It also has access to 2 markets, 4 pending orders, 2 stop orders, and a trailing stop function. Using MetaTrader4 is easy if we ignore the outdated visuals it has. Traders can send market orders using this app with the press of a single button. It also has great charting options, using which traders receive much-needed market insight and make correct decisions based on them.
When it comes to technical analysis, traders can display 9 different timeframes for one asset, and have access to 30 built-in technical indicators and 24 graphic objects. The right combination of these tools can result in a very comprehensive and detailed market analysis, which can then be used to determine entry and exit price points, find trends, and in general make trading more profitable.
When it comes to execution, MetaTrader 4 is the best Forex trading app for beginners. The platform is mainly built for trading currencies, which makes the platform widely used today.
The next Forex trading app that we are going to look at, is the updated version of MT4, MetaTrader 5. Being an updated version of MT4 some might think that this is the latest and most modern trading app, but it was released in 2010, and despite having some modern looks, it is still an outdated app when it comes to visuals.
MetaTrader 5 is built for trading multiple asset classes such as CFDs for Indices, Forex pairs, stocks, commodities, crypto currencies, etc. It is one of the best multi asset trading platforms available today.
This app is not as popular as its predecessor, the reason for it being complexity. MetaTrader 5 is more complex and has more tools to offer, which is confusing for beginner traders, and they prefer to use MetaTrader 4 for trading mainly currencies, which despite having outdated visuals is simple to use.
MetaTrader 5 offers advanced Market Depth features and separate accounting of orders and trades. It also supports all types of trading orders and execution modes. Traders can also use two different accounting modes. Hedging method, which is commonly used by Forex traders, and the netting mode which is designed for exchange markets. Just like MetaTrader 4, traders here can also execute orders with just one press of a button. It also has stop loss and take profit options which are crucial for every trader.
MetaTrader 5 supports over 100 charts, in order to enable traders to conduct deep market research. It also supports 21 time-frames, these time-frames can be as low as one-minute time-frames, and they can go all the way up to one-month time-frames. With these time frames, traders can analyze both short price fluctuations and long-term trends and chart patterns. It also has 80 built-in technical indicators and graphic objects, which can be used for detailed price analyzes. This is also one of the best Forex trading apps for Android.
Both MetaTrader 4 and MetaTrader 5 offer Forex mobile apps that can be installed on Android and iOS devices.
Now that we have discussed MetaTrader apps, let’s look at a more modern Forex trading app that does not fall short compared to MT4 and MT5 in terms of visuals. Just like MetaTrader 5, cTrader was also released in 2010, but ever since then, it has been updated multiple times, giving it a more modern look. This is a trading app designed for more experienced traders, who need a feature rich trading app, that is user friendly.
It is one of the best Forex trading apps for chart trading. cTrader offers 9 different chart types to its traders, and these charts can operate on 54 time-frames, making it possible to conduct very deep analyzes for both short-term price movements and long trends and patterns. It also has 70 built-in indicators and objects that make technical analysis simple and effective on cTrader. Traders who use cTrader can copy the trading strategies of other successful traders, and also offer their strategies to others. These can be for free or for a certain price. Traders can automate their trading, for this they can acquire trading bots or build their own AI trading bot based on their trading strategy and preferences. For automation, cTrader uses simpler cAlgo language, whereas MetaTraders are using MQL4 and MQL5. Unfortunately, the cTrader platform is not offered by many brokers.
Best Supporting Apps For Forex Trading
Now that we have taken a look at the guide to Forex apps and discussed the three most popular platforms, let’s take a look at the best Forex apps that help better analyze the markets.
When trading on the Forex market, it is crucial that traders keep an eye on ongoing world news. When trading Forex, we are trading with currencies that are tied to different countries’ economies and geopolitical states. Economic calendar is highly important in this regard. Every trader needs to be aware of economic and political announcements as they can highly influence the markets.
Econoday offers us a great app for this purpose. Their economic calendar provides traders with much-needed information about a large specter of news that can affect the Forex market. The developers have divided the calendar section into two parts. The first part is about upcoming US economic announcements. The US Dollar is the world’s biggest reserve currency. Every major pair includes USD as either quote or base currency. The second section is for the rest of the world.
Econoday not only displays events, but also analyzes and explains how these events can influence the markets.
Another great app that needs to be mentioned is TradingView. This is one of the best Forex apps to conduct a thorough analysis of the market.
Traders that find MetaTrader platforms outdated, can use the TradingView to conduct technical analysis and place orders on MetaTrader softwares. In fact, that’s how many traders trade.
The first feature that we need to mention is the charting feature of TradingView. It is a simple and easy-to-understand charting tool with many different tools at your fingertips. The left-hand menu of the charts gives traders many different chart tools to use. Traders can draw patterns, rays, angles, and more using this menu. They can also use tools to analyze long and short positions for specific time periods on the charts, they can also set a different date and price ranges either separately or together.
For a more simple view, traders can use Forex Screener offered by TradingView to get insight into the market. Here traders can see a list of different Forex pairs, their price, % change, bid, ask, high, low, and technical rating in a simple list form where everything is easy to read and understand. Traders can also see the performance of each currency pair across different periods.
TradingView is not a trading platform. The app was built for charting purposes. And while the app is free to use, to unlock the full range of tools, you will be charged with monthly subscription fees.
TradingView covers most markets. When using the software, you will have access to analyzing a vast majority of trading instruments using professional tools and user friendly interface.
The main takeaways
To sum everything up, choosing the right trading apps is crucial for successful trading. The best and the most widely used Forex trading app for beginners is MetaTrader 4. The platform looks outdated but it is highly reliable and capable software that was created for trading currencies. MetaTrader 5 is a multi asset trading platform and is highly popular, however, it is not as popular as MT4. cTrader is a modern looking platform that offers various charting methods. However, cTrader is not offered by most brokers. All of the 3 platforms offer forex mobile apps. TradingView is a charting platform that covers most markets and can be coupled with trading platforms. Many traders conduct analysis on TrangView and place orders using trading software. Econoday helps traders that use fundamental analysis in their trading by providing economic news information and explanation.
FAQs on best apps for Forex trading
Which app is mostly used for forex trading?
The most popular app among Forex traders is MetaTrader 4. Despite being released in 2005 and having outdated visuals, it is one of the best apps when it comes to Forex trading. Reasoning is simple, the platform offers simplicity and is highly reliable.
How do I trade Forex on my phone?
If you want to trade Forex on your phone, MetaTrader 4 and MetaTrader 5 mobile apps are one of the best options available for you. cTrader also offers a great mobile trading experience and can be considered as the best trading app for IOS. However, it is not recommended to use your phone as a primary tool for trading as the analytical capabilities are limited when using a smaller screen.