If you fall into the group of Forex traders who feel overwhelmed by the amount of market information available online, then this article is for you. Here we’ve compiled a list of the best Forex trading apps, which will make your life easier by filtering the important information from the unimportant. Whether it’s trading platforms, news apps, or currency heat maps – here’s the ultimate list of Forex trading apps that you need to start using today.
What are Forex trading apps?
A Forex trading app is a desktop or mobile-based application that is used to trade the Forex market and provides useful information for your daily trading activities. They range from trading platforms and news apps to various trading tools such as daily currency correlations and heat maps. When combined, these Forex trading apps offer a complete toolbox for effectively analysing and trading the Forex market.
Many trading applications can be installed directly on your smartphone or tablet. This is a great way to stay up to date with major market developments wherever you are, analyse potential trading opportunities, and even make trades directly from your handheld device.
Without a trading platform, you won’t be able to place, manage, or close orders. This makes trading platforms one of the most important trading apps. MetaTrader 4 remains the most widely-used trading platform among Forex traders and offers a variety of advanced features that can come in handy when analysing the market.
The good news is that the most popular trading platform is also available as a mobile or web-based application. This means that you can check live currency quotes and price charts, see your complete trading history, and even place and manage trades on the go. The MetaTrader mobile app is available for both Android and iOS devices, and can be installed directly from the Google Play Store and Apple’s iTunes.
MetaTrader’s mobile app can be directly connected to any supported Forex broker, and you won’t lack any of the functionality available on the desktop app. This means that you can apply trend lines, technical indicators, Fibonacci levels, and many other tools directly on your smartphone. You can also check for the current market spreads and highs/lows for the day. Stop Loss and Take Profit levels can be set prior to opening a trade, and even pending orders such as stop and limit orders are available in the mobile app. The following picture shows what MetaTrader’s mobile interface looks like on smartphones and tablets.
The web-based MetaTrader 4 platform can be accessed from any computer with a web browser. This ensures that you have access to the market even if you’re not in front of your home computer, and offers all the tools that you’re familiar with from the desktop-based application.
Beside MetaTrader which is only a trading platform, you can also go for Alpari Mobile that is an in-house developed trading program by Alpari, a major Forex broker. This means that you can also use the app to open trading accounts directly with Alpari, and enjoy real-time price-quotes across all major financial markets, including Forex, stocks, indices and futures.
The app is highly customizable and includes a built-in economic calendar, news section and market reviews that can be filtered by asset class, and a preview of current interest rates of all major central banks around the world. The app can be seamlessly connected with MetaTrader, and is available for iPhones, iPads and Android-based devices.
Now that you have found a trading platform that connects you to your broker and offers real-time access to the Forex market, it’s time to check some handy apps to follow important market news. While many of you might recognise FXStreet as a popular trading website, it’s also available in the form of a Forex app that can be installed on your smartphone.
FXStreet News, as the app is called, is updated with plenty of Forex news on a daily basis, and you can configure the app to send you a notification whenever a new report is released. In addition, the app features a built-in economic calendar that can be filtered by your favourite currencies and by the importance of the news.
The high volume of news that can be found on the app makes FXStreet News a must for any serious Forex trader.
Bloomberg is a well-known news portal in the trading community, and its mobile app is just as interesting as Bloomberg’s website itself. The app is available for different mobile platforms, and features a variety of options that any Forex trader will find useful in their daily trading.
Experienced traders know how important global developments are for the Forex market. Even headlines can move exchange rates a significant amount, and the Bloomberg app excels in providing the most important news directly to your smartphone. From politics to business and financial markets, you can rest assured that you won’t miss any major developments in the world. The typical interface of the Bloomberg app for Android is shown in the following screenshots.
Switching to the “Markets” tab, you’ll find quotes and prices for a variety of financial instruments, including currencies, stocks, indices, bonds, and commodities. You can also add any financial instrument to your personal watch list at the tap of a button, and filter important news by topic or region.
ForexFactory.com is a popular website among Forex traders, and its mobile app brings some of its functionality to the palm of your hand. While ForexFactory doesn’t have in-house journalists like Bloomberg does, it gathers important headlines from various online sources and publishes them on its website and mobile app. Even breaking news is quickly delivered to the website, and all news can be filtered by category (breaking news, fundamental news, technical analysis, educational news), and sorted by the latest news, most commented, most viewed, etc.
A good Forex application should also offer other functionalities besides reading news. A feature that ForexFactory is well known for is its comprehensive economic calendar, which offers a variety of tools for analysing important Forex reports. In addition to the usual descriptions, such as the previous, forecasted, and actual numbers, ForexFactory’s economic calendar also allows for a detailed overview of historical numbers and related stories for each type of calendar item. Even a short description is given of why a report is important, when the next release is, and what kind of effect it usually has on the market.
Take a look at ForexFactory’s mobile calendar in the following picture.
By combining ForexFactory’s benefits as a news aggregator and its well-rounded and detailed economic calendar, it’s no wonder that the website has such a large following among Forex traders. If you haven’t downloaded this app yet, you’d best do so right now.
Another major player in the industry, Investing.com, is well known for its news and analysis on a number of financial markets. Its mobile app offers plenty of features for all types of Forex traders. Aside from real-time quotes for currencies, commodities, cryptocurrencies, stocks, indices, and ETFs, you can also build your own portfolio and follow its performance.
The app also features a built-in economic calendar, as well as news, videos, and analysis on trending market topics. Tools such as the Fed Rate Monitor or currency converter are also very interesting to Forex traders. The Fed Rate Monitor provides real-time market sentiment on the probability of the Fed’s future rate hikes, shown in percentage terms. A high percentage basically tells us that a rate hike has already been factored in by the markets, which in turn decreases potential market volatility when the hike is announced. It also shows the exact dates of future rate hike decisions by the Fed.
Choosing the best Forex trading application is no easy endeavour since all apps mentioned provide different functionalities to Forex traders. Naturally, in order to be able to trade the market from your smartphone in the first place, you’ll have to install a mobile trading platform. Our research shows that MetaTrader’s mobile app is one of the most comprehensive and well-rounded mobile trading platforms in the industry, with a large number of supported Forex brokers. You don’t have to sacrifice any functionality from the desktop app, which makes this mobile app a great choice for active Forex traders.
Being able to place and manage trades is just one part of Forex trading, while analysing the market for profitable trading opportunities is another. To do so, you can pick one of the news aggregating mobile apps from our list, which are among the best Forex apps in the trading community. Many of them also offer additional features, such as building your own watch list, built-in economic calendars, and a range of other tools that can come in handy in your daily trading. And the best part is that they are all available right now for download on your Android or iOS device.