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Foreign exchange trading, known as forex or FX, involves trading currencies. The forex market is the most liquid in the world, making trading opportunities to profit from changes in currency values very attractive.
The forex market trades 24 hours a day, starting Sunday at 5pm. eastern time through Friday at 4 p.m. eastern time. Given the active global market nature, liquidity and volatility of the forex market, quick access to market news and information and trading platforms is essential for forex trading.
This has made smartphone trading apps very popular among forex traders. Active currency traders need and want market news, quotes, charts and their trading account at their fingertips at all times.
What to Look for in a Forex Trading App
The major currency pairs traded on the forex market are active, often volatile, event-driven and, as such, highly susceptible to the business, political and economic news announced throughout the regular 24-hour trading day.
Almost all forex brokers offer mobile apps. Some individual broker apps are so popular that traders who don’t have a broker account still use them. Another popular forex trading app offers free and easy access to news, quotes and charts.
Look for an app that gives you the functionality you need to trade forex effectively. In such a fast-moving market, you may want the edge offered by real-time market updates, advanced charting and analytics, educational tools, and the latest global market, financial, and business news.
1. NetDania Stock and Forex Trader
NetDania Stock and Forex Trader is one of the highest rated and most popular applications used by forex traders due to its ease of use and versatility. The app provides up-to-date interbank forex rates and access to real-time quotes on stocks and commodities, such as gold and silver—over 20,000 financial instruments in total.
In addition, the app offers live streaming charts and the latest market news from FxWirePro and Market News International. It also allows traders to set price alerts or trend lines on specific currency pairs, stocks or commodities. Traders can customize the menu to suit their personal preferences for news and price quotes. This application is available for iPhone and Android smartphones.
2. Trade Interceptor
Trade Interceptor is another popular forex trading app available for iPhone and Android users. The app provides traders with a number of options, including the ability to trade currency pairs, binary options and commodity futures through a choice of forex brokers.
The Trade Interceptor interface offers technical trading and analysis tools, including nearly 100 technical chart indicators. It also provides access to live streaming price quotes and price charts, including the latest Bitcoin prices.
Traders can set alerts for price levels or news releases. They can access daily economic news calendar and real-time market news. There is also a feature that allows traders to simulate trades and backtest trading strategies using historical price data.
3.Bloomberg
Bloomberg offers a number of mobile apps for iPhone and Android, but access to some of them requires the user to have a current subscription to the Bloomberg service. However, even the basic business mobile app is more than adequate for traders whose primary interest is real-time access to the latest market news.
The app offers access to global financial markets and business news, market price data and portfolio tracking tools. The menu is customizable.
The Watchlist feature allows traders to track and analyze their current positions in currencies, commodities, stocks, mutual funds, and exchange traded funds (ETFs) with charts and summary information. Users can also watch live Bloomberg TV via the streaming video feed.
4. thinkorswim Mobile
One of the most popular forex trading applications provided by brokers is thinkorswim Mobile from TD Ameritrade.
It is a full service trading platform that enables TD Ameritrade clients to trade currencies, options, futures and stocks with an easy-to-use interface. Users can access live streaming charts which they can load with common technical indicators. Traders can even load their own custom chart study tools.
For the latest business and financial market news, users can access CNBC live streaming. Active traders can use the thinkorswim Mobile app to monitor their positions, orders and accounts. They got m