Forex, or Forex exchange, is a global decentralized trading system designed to trade currencies against other currencies. In this type of exchange market, profit is made by the minute which changes the value a currency has – these tiny shifts are referred to as pips. The number of pips made or lost on a trade determines if you have a profit or loss on a particular currency pair.
But how do you make these trades and control your portfolio?
This is done through a forex trading app.
The Kemistri team aims to help keep you informed and guide you to have a successful Forex trading experience.
Check out our top list of Forex trading apps.
What is a Forex Trading App
Before diving too deep into different Forex trading apps, we need to understand what a Forex trading app is.
A Forex trading app is an app you can download to your smartphone or possibly use from your computer to help you enter in bids, execute trades, track your progress, and more. This app connects you and the Forex market so that you will have full control over your portfolio through your chosen Forex trading app.
There are plenty of different Forex trading app options available, so let’s jump in!
What are the Best Forex Trading Apps
There are countless Forex trading apps available, and each has its perks and drawbacks, but they are designed for different traders.
Popular Forex trading app
The most popular Forex trading app is currently Meta Trader 4. Some of the benefits (or pros) of Meta Trader 4 include the most used and best-reviewed Forex trading app on the market. In addition to this, its functionality is considered to be fairly simple and operates the same across devices. Meta Trader 4 also does not require extra software to be downloaded to use the app.
A few drawbacks of using Meta Trader 4 includes that the app tends to be a bit cumbersome to use. Its automated trading feature is a bit hit or miss in terms of reliability, so it takes some extra investment to use because a lot of the trades need to be done manually so the time needed is simply higher.
Best Forex trading app for beginners
The best Forex trading app for beginners is Forex.com. Some perks to Forex.com is that it is designed with beginners in mind so is fairly simple to use. Its app is also available on Android and iOS. This fully functional mobile app has all the same features as the desktop version so you can rest assured you are not missing out on anything. This forex trading app has low market spreads and you can create custom dashboards based on what you want to view.
Best Forex trading app for expert traders
eToro is considered to be the best Forex trading app for expert or experienced traders. eToro works for Forex trades and more. With eToro you can also trade bitcoin, XRP, Ethereum and other cryptocurrencies as well. A great benefit of using this app is that you can make custom notifications based on what you want to trade and you can get in depth analysis for your trades as well.
The Best Software to Pair with a Forex Trading App
eOption has a low price point and markets itself as THE low cost options trading. This option goes beyond just forex though. eOption allows for trading of stocks, ETFs, bonds, and mutual funds. A drawback here is that you need multiple accounts to trade multiple markets.
If you are looking to be able to program some of your own options though, this may not be best suited for you though. eOption lets its users set up automated trading systems without needing to have in-depth tech knowledge. These options are sent in the form of newsletters to the client and by following the newsletters. From here users can opt in by connecting with the automated trading desk.
Interactive brokers accept users from 31 different countries and have access to over 120 different markets, so this is a great option if you would like to trade numerous markets to have a more diversified portfolio.
This platform is well suited for any level of trader in terms of experience. For those that are new to the Forex game, users are able to find plenty of education materials to learn and support their trading journey. For the experienced trader, there is the option to use the Brokers’ API solutions.
These API solutions allow you to use Java, Python, and C++ for a variety of extra functions if you so wish.
There is also the option to be able to execute high-speed order routing as well. Although, this does not come automatically with the use of the platform. There is a monthly commission of $1,500 to use additional services with Interactive Brokers.
SoFi automated investing is considered one of the best ranked automated forex trading software because it has one of the platforms with the least amount of fees associated with using the platforms and executing trades.
SoFi allows for trading beyond forex though, so another option for a trader looking to get into multiple markets…including crypto and other market options.
There are countless options for apps and software to execute your Forex trades. In addition to this you can explore algorithms to help boost your trading experience. Kemistri offers numerous algorithms for purchase to be able to aid you in having a successful Forex portfolio.
If you are looking for algorithms to add to your trading software, check over the Kemistri line of products…best suited for Metatrader 4.