Forex Trading Apps

Trading on mobile phones become are increasing in popularity. Trading apps can be used in trading, price quotes, currency comparisons, and analysis, and research. Apps make it easy for traders to trade while on the go, giving the trader complete independence from their desk, and an opportunity to take advantage of unscheduled economic events.

Advantages and disadvantages of Using Apps

Forex trading apps have become popular in the world of forex trading for a number of reasons. These include, but not limited to, the following:

  • Enables access to market news around the clock
  • Real-time access to price quotes and charts
  • Beginner friendly
  • Trade on the go and while at work.

There are some downsides of using Forex trading apps. These include:

  • Not all Forex trading apps are compatible with all devices
  • Some Forex trading apps can be a bit more complicated for someone trying their hand at forex trading for the first time.
  • Forex trading apps require regular updates.
  • Some non-broker research apps are aggressively ad-supported.

How to effectively use a Forex trading app

Set alarms and build algorithms

Set your alerts on patterns, studies, and quotes. Once set, they will automatically send you a notification.

Get real-time price quotes:

Open new trades while on the go:

EUR/USD Open Trade

Use the built-in functions of the app to research trading opportunities. Example research could be understanding which currency has performed the best, and which is underperforming.

Daily Currency Strength Chart

Get real-time news and quotes from the market

One of the biggest reasons why people use Forex trading apps is to give traders access to market data in real time.

New Sources & Fundamental Analysis

Forex apps will give you access to hundreds of news sources that really come in handy in trading forex. The application works as a news aggregator which delivers news continually, and from the best sources.

Forex trading apps also give you access to technical indicators as you would have on a desktop computer.

Customize the app to capture what is on your mind

Forex trading apps are useful for market analysis, so even if you are not trading with them, you can plan for a trading session later in the day or week.

Apps go a long way in helping beginner traders make informed choices. While the mobile device may not be the best trading device, they do offer an effective way to monitor ongoing trades, take advantage of breaking news, and doing technical and fundamental analysis.

Jeffrey Cammack Administrator
Editorial Director at TradeForexSA
Jeff Cammack is the Editorial Director, a Forex trader since 2008, and educator. Always in search of new trading opportunities, Jeff can always be found doing research in the charts or combing through the financial news. When not trading, he is always researching his next article.
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Trading Forex and CFDs is not suitable for all investors and comes with a high risk of losing money rapidly due to leverage. 75-90% of retail investors lose money trading these products. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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