In today’s interconnected world, the foreign exchange market plays an important role in daily business. It’s a global, decentralized environment where financial institutions and businesses can trade currencies.
According to research from the Bank for International Settlements, foreign exchange trading generates an estimated $5.3 trillion daily – making it larger than other financial markets. Often, it’s dominated by large international banks and corporations, which work around the clock to trade and convert international currencies.
Forex trading also underpins international trade and investments. For instance, if American companies want to import goods from a country in Europe, they’ll most likely need to complete transactions in euros. Through forex, these firms can exchange dollars for euros quickly and easily.
As well as enabling trade between countries, forex trading is a lucrative investment opportunity. Every day, companies and investors make billions by purchasing and trading currencies. However, it does take a significant amount of experience and skills to make lucrative forex trades.
That’s where forex trading software comes into the picture, automating this common business practice. Essentially, it ploughs through the market for the best currency trading opportunities. And in this article, we’ve picked out the best forex trading apps around.
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When choosing any financial management platform, it’s important to look for trustworthy providers. Used by traders in more than 180 countries and fully regulated, ForexTime’s FXTM software is a safe bet for foreign exchange trading. It’s positioned as an automated currency broker.
The great thing about this platform is that it’s designed for professionals and beginners. For example, flexible leverage lets you increase your earning potential, but this is only offered to you based on your knowledge and experience. If you do intend on becoming an expert in this area, you can access a range of educational resources.
Currently, you can operate with both fixed and variable spreads, and when you’ve completed a trade, the company processes withdrawal requests within just a few minutes. You shouldn’t have any issues using the software, either. All you have to do is sign up for an account, upload your verification documents and transfer funds before trading.
What’s more, the software can make trades with millisecond execution rates. In other features, you can get daily commentaries from the firm’s market research team and make use of a series of free trading tools to make more informed decisions.
You can access the software on Windows, Mac, iOS and Android devices, and the company states that it covers 100% of your deposits up to $1,000.
When it comes to making profitable forex trades, it’s important to get an understanding of the current market. Netdania aims to do just that by providing you with trading ideas and strategies. The app also compiles data from more than 20,000 financial instruments and thousands of real-time stocks.
Positioned as a personal trading assistant, Netdania will tell you when you should enter or exit the market. Not only is the app easy-to-use, but it also provides you with real-time market news and updates within a economic calendar, and lets you share strategies with fellow traders. That way, you can learn from others.
Netdania provides real-time stock indices covering the Dow Jones, S&P 500, Nasdaq 100, TSX, Nikkei 225, ASX200, Hong Kong Hang Seng, Nifty 50, MICEX, EuroSTOXX50, FTSE100, DAX 30, CAC40, IBEX35, MIB40 and SMI20, along with statistics from industries such as oil, gold, silver and platinum.
Because the software is underpinned by cloud technology, you can easily share and sync data across a range of devices. And to ensure you never miss a potentially lucrative trade, you can sign up to receive push notifications about major economic events. Netdania is available in 18 languages and is free to download from the App Store and Google Play Store, although there are various in-app purchases.
If you’re looking for an advanced forex trading and analysis tool, it’s worth checking out Trade Interceptor. Through the software, you can quickly find and track the best currencies and stocks to put your money in. It offers 14 advanced chart types, as well as 160 intelligence indicators and drawing tools.
The software was previously only available on desktops, but it’s finally made its way to mobile devices. There’s a touch-enabled trade management functionality, as well as split-screen and quad-screen modes so you can can keep your eyes peeled on several markets at the same time.
Like Netdania, the app is powered by the cloud, letting you access analysis tools, trade data and price alerts from any device. It provides streaming quotes for all major forex trading, cryptocurrencies, indices, precious metals and commodities. Plus you can can access professionally curated news covering Asian, European and American markets.
There are plethora of built-in trading tools too, including an economic calendar, data release alerts, a trading simulator, intelligence reports and a risk scanner. These have been authorized and regulated by the FCA in the UK and ASIC in Australia, which helps to boost customer trust. The app is free to download on Android and iOS.
Clearly, an important part of forex trading is converting and making sense of a multitude of currencies. That’s a pretty complex task if you try to do it yourself, but luckily there’s plenty of software out there to help – and FxWare Currency is a great example.
Available for Android devices, the app lets you convert more than 160 currencies and commodities using the latest foreign exchange rates. What’s more, it gives you access to charts, daily forex rankings, a travel guide and an integrated tip calculator. There’s also a premium version of the app available that provides market and currency news.
TD Ameritrade is one of America's biggest and more established trading platforms, and offers a wide range of investment vehicles for trading, not just forex.
However, where it really excels is through its focus on trying to educate forex traders to help reduce the chances of them losing money. It does this through its thinkorswim platform, which provides introductory materials from the
National Futures Association, which regulate futures brokers. The information is presented in a clear and easy-to-read way, and it really does underline the risks that need to be considered.
So if you're new to currency trading, you could feel better prepared and eased into managing not just trades but risk with more confidence, rather than rushing into dangerous leverages that can lose you money fast.
But while that's a big plus for TD Ameritrade, it is a wide platform that covers a comprehensive range of trading products, not least stocks, futures, and options. So if you're looking to focus only on forex you may find the platform sometimes clunky by comparison to dedicated forex trading platforms, especially when it comes to comparing currency pairs.
Even still, the introductory and supporting materials are worth getting to grips with, and if you want to get involved with more than currency trading you're in an ideal place to expand your investment strategy into other products.