The Best Forex Trading Mobile Apps of 2021
Forex trading has long been the domain of serious traders with deep pockets and access to powerful trading tools. Today, however, anyone with a smartphone can participate in the exciting world of forex trading thanks to the proliferation of forex trading mobile apps. In this article, we will take a closer look at some of the best forex trading mobile apps available in 2021.
What is Forex Trading?
Before we dive into the world of forex trading mobile apps, let's take a brief moment to remind ourselves of what forex trading actually is. Forex trading involves buying and selling currencies with the goal of making a profit as exchange rates fluctuate. For example, if you think the value of the euro will increase relative to the US dollar, you would buy euros and sell dollars. If your prediction is correct, you can sell the euros for dollars later and make a profit.
Benefits of Mobile Forex Trading Apps
Mobile forex trading apps offer several benefits for traders, including:
- Accessibility: Trading apps allow traders to monitor their positions and place trades from anywhere at any time.
- Flexibility: Apps can be used to trade a variety of financial instruments, including currencies, stocks, and commodities.
- Real-time data: Trading apps provide access to real-time quotes and charts, enabling traders to react quickly to market movements.
- Convenience: Trading apps make it easy to manage portfolios, track profits and losses, and set up alerts and notifications.
How We Chose the Best Forex Trading Mobile Apps
To determine the best mobile forex trading apps, we considered a variety of factors, including:
- User Reviews: We looked at user reviews and ratings on the Apple App Store and Google Play Store to get a sense of how well each app is received by its users.
- Features: We evaluated each app's features and functionality to determine which ones offer the most robust and useful tools for traders.
- Ease of use: We assessed each app's user interface to determine how easy it is to navigate and use.
- Security: We examined each app's security features to ensure that traders' personal and financial information is protected.
The Best Forex Trading Mobile Apps
1. MetaTrader 4 (MT4) and MetaTrader 5 (MT5)
Overview
MetaTrader is a popular trading platform among forex traders and has been around for more than a decade. MetaTrader 4 and MetaTrader 5 are the mobile versions of the platform and offer a range of features that make them a top choice for many traders.
Key Features
- Real-time quotes and charts: MetaTrader 4 and MetaTrader 5 provide access to real-time quotes and charts, allowing traders to monitor market movements in real-time.
- Technical analysis tools: Both platforms offer a range of technical analysis tools, including indicators, charting tools, and other features that can help traders make informed trading decisions.
- Customizable user interface: Traders can customize the user interface to suit their needs and preferences.
- Security features: MetaTrader 4 and MetaTrader 5 offer advanced security features to protect traders' personal and financial information.
Pros and Cons
Pros:
- Both MetaTrader 4 and MetaTrader 5 are well-established platforms that have been around for more than a decade.
- The platforms offer a wide range of trading tools and features, including real-time quotes and charts, technical analysis tools, and customizable user interfaces.
- MetaTrader 4 and MetaTrader 5 are available on both iOS and Android devices.
Cons:
- The platforms can be overwhelming for beginners, and it may take some time to learn how to use all of the features.
- Some traders have complained about stability issues and slow load times.
2. IQ Option
Overview
IQ Option is a popular trading app that allows traders to trade a variety of financial instruments, including forex, stocks, and cryptocurrencies. The app has been around since 2013 and has been downloaded more than 48 million times.
Key Features
- Real-time quotes and charts: IQ Option provides access to real-time quotes and charts, allowing traders to monitor market movements in real-time.
- Mobile trading: The app is designed for mobile trading and offers a range of features that make it easy to place trades and manage positions on the go.
- Community features: IQ Option has a community of traders who can share ideas and strategies.
- Educational resources: The app offers a range of educational resources, including tutorials and videos, that can help traders improve their skills.
Pros and Cons
Pros:
- The app is user-friendly and easy to navigate.
- IQ Option offers a range of financial instruments, including forex, stocks, and cryptocurrencies.
- The app has a large and active community of traders.
Cons:
- Some traders have complained about delays in order execution and withdrawal times.
- The app's fees and commissions are higher than some other trading apps.
3. eToro
Overview
eToro is a social trading platform that allows traders to copy the trades of other successful traders. The app has been around since 2007 and has more than 10 million users worldwide.
Key Features
- Copy trading: eToro allows traders to copy the trades of other successful traders, which can be a great way for beginners to learn from more experienced traders.
- Wide range of financial instruments: eToro offers a range of financial instruments, including forex, stocks, and cryptocurrencies.
- User-friendly interface: The app is user-friendly and easy to navigate.
- Educational resources: The app offers a range of educational resources, including tutorials and videos, that can help traders improve their skills.
Pros and Cons
Pros:
- The app is user-friendly and easy to navigate.
- eToro offers a unique copy trading feature that can be a great way for beginners to learn from more experienced traders.
- The app has a wide range of financial instruments.
Cons:
- Some traders have complained about delays in order execution and withdrawal times.
- The app's fees and commissions are higher than some other trading apps.
4. CMC Markets
Overview
CMC Markets is a well-established trading platform that has been around since 1989. The app offers a range of trading tools and features that make it a popular choice for many traders.
Key Features
- Real-time quotes and charts: CMC Markets provides access to real-time quotes and charts, allowing traders to monitor market movements in real-time.
- Advanced technical analysis tools: The app offers advanced technical analysis tools, including customizable charting and analysis tools.
- Mobile trading: CMC Markets is designed for mobile trading and offers a range of features that make it easy to place trades and manage positions on the go.
- Educational resources: The app offers a range of educational resources, including webinars and tutorials, that can help traders improve their skills.
Pros and Cons
Pros:
- CMC Markets is a well-established platform with a strong reputation in the industry.
- The app offers a range of advanced technical analysis tools.
- CMC Markets offers a wide range of financial instruments, including forex, stocks, and cryptocurrencies.
Cons:
- The app's fees and commissions are higher than some other trading apps.
- Some traders have complained about stability issues and slow load times.
5. Forex.com
Overview
Forex.com is a well-established forex trading platform that has been around for more than 20 years. The mobile app offers a range of features that make it a top choice for many traders.
Key Features
- Real-time quotes and charts: Forex.com provides access to real-time quotes and charts, allowing traders to monitor market movements in real-time.
- Customizable watchlists: Traders can create customizable watchlists to monitor their favorite instruments.
- Mobile trading: The app is designed for mobile trading and offers a range of features that make it easy to place trades and manage positions on the go.
- Educational resources: The app offers a range of educational resources, including webinars, articles, and tutorials, that can help traders improve their skills.
Pros and Cons
Pros:
- Forex.com is a well-established platform with more than 20 years of experience in the industry.
- The app offers a range of customizable watchlists that can help traders monitor market movements.
- Forex.com offers a wide range of financial instruments, including forex, stocks, and commodities.
Cons:
- The app's fees and commissions are higher than some other trading apps.
- Some traders have complained about stability issues and slow load times.
Conclusion
Forex trading mobile apps offer traders a range of benefits, including accessibility, flexibility, and real-time data. The apps we've highlighted in this article offer a range of features and functionality that make them a top choice for many traders. Whether you're a beginner or an experienced trader, there's an app out there that can help you achieve your trading goals.