Traders of forex need constant access to both market news and trading accounts so that they can make the most of unexpected opportunities as they arise. The best way to trade on the move is through a forex trading app. However, trading on a mobile app can have downsides. Let’s take a look at the best forex trading apps.
In this list, we include the best forex trading apps that capture the trading experience as close to a desktop one as possible, which means they have live market data, newsfeeds and advanced charts.
The best forex trading apps in Australia
Here are our top 5 best forex trading apps:
- Best customer service – easyMarkets
- Best Education – XTB
- Best Research – XM
- Best Trading Conditions – eToro
- Best Trading Platforms – AvaTrade
Best Forex trading apps – the features
All forex trading apps are different but the best forex trading apps will have features like platform stability, complete functionality, fast execution speeds and a full range of tradeable assets.
Fast execution speeds
Execution speed will depend on the device’s internet connection. It’s important, though, that the app’s execution speeds are the same as the platform’s desktop version. For the best forex apps, good execution speed is essential.
One of the best forex apps for execution speed is XM. You can expect a trading experience that is intuitive with a fast execution on your mobile device. The same technology powers both the app and the trading platform.
The best trading apps will have a functionality that matches that of the desktop version. The app should also have a familiar feel to those who use the desktop version. Of course, charts on your mobile device won’t be as customizable as a desktop platform, you should expect there to be some of the popular functions of the desktop version. This is valuable especially for common timeframes and custom indicators.
One app that has a simple and intuitive design is the eToro app. It’s also very similar to the desktop eToro trading platform.
If a platform is unstable and crashes often, this can be terrible for your trades. It is absolutely essential to have a stable platform that won’t compromise your trading. One of the best forex trading apps for stability is Markets. This app is feature-packed and is based on native designs for Android and iOS, which makes it stable and smooth when in use.
Best forex trading Apps – our number 1
The best forex trading app we’ve found is AvaTrade. This is a flagship app that was voted as the Best Forex Trading App at the 2020 Global Forex Awards. The app is called AvaTradeGo.
AvaTrade invested lots of money and time into their app with clear results. It is a smooth-running app that has a set of management tools that prove intuitive. There is a nice dashboard, zoom for details feature and clear charts as well as other unique features.
What are the advantages of using forex trading apps?
Being able to use a forex trading app means you have the mobility and convenience when trading and can respond quickly to trades and market changes.
Before trading apps existed on smartphones, traders needed to close their positions the moment they left their desk. Also, accessing news on Forex data was very difficult. With a forex trading app, traders can still trade even when they have left their desks.
Nowadays, all forex trading aspects are accessible in forex trading apps. The majority of best forex trading apps allow the opening and closure of positions and make use of advanced charting in order to analyze the market. They also mean you can keep abreast of the economic data affecting markets and any breaking news.
There’s no doubt that there is a convenience to trading apps but it’s true that they also mean traders can continue their trading of forex wherever they are, even at the supermarket for example! Whether you’re walking down a street, commuting by bus or shopping, the best forex trading apps are with you all the way.
Forex trading apps mean you can respond to movements in the markets quickly. Traders do not have to wait until they are in front of their desktop computer to make the most of currency price movements, they can open and close trades in an instant by tapping their mobile screen.
Do the best forex trading apps have any disadvantages?
Even the best forex trading apps will have some disadvantages over desktop platforms. Slow executions speeds, small screens and distractions on the move mean you run the risk of making mistakes like overtrading.
If you’ve ever seen professional traders in action it’s likely that you saw them with multiple monitors and screens open. This is impossible to do on a mobile device and you do risk missing something important. Thus, traders who use mobile phones need to be aware of their limitations for trading. It’s a good idea for mobile traders to limit how many open trades they have at any one time. They also need to be aware of the limitations of the app. Even the best forex trading apps can’t emulate the desktop trading experience in its entirety.
As mobile phones are designed to be on you when you’re busy doing other things, it can be dangerous to mix trading with other tasks. If traders trade using a mobile app, it’s important for them to take a moment to make sure they are fully concentrating on their decisions before they action them.
Yes, the best forex apps do have pretty good execution speeds, it’s important that they’re not used for scalping. Mobile phone networks are improving all the times in terms of speed but there is still likely to be a delay when compared to trading on a desktop PC.
Often, one of the best things to do when you are trading is to do absolutely nothing! This is especially important when you are away from your desk and don’t have all of the charts and tools that you would have ordinarily. The mobile app’s convenience comes with a danger that you could be tempted into trading too often – and also in ways that you don’t normally trade when you are sitting in front of your desktop PC.
The Best Forex Trading Apps – final thoughts
Forex apps are, of course, a useful tool in any trader’s repertoire. However, they will never replace a desktop platform. They should be considered as an addition to your toolkit and not a replacement. Of course, the convenience of a mobile app is undeniable but it’s important to avoid overtrading and getting distracted when on your mobile device. The best forex trading apps do achieve a lot of what the best trading platforms do achieve but they can never match a desktop-based platform for execution speed and analysis. If you’re a newcomer to forex trading, it’s a good idea to review all aspects of a trading platform including the offering and quality of a mobile app – that way, you’re assured that you have one of the best forex trading apps to help you make the most of your trading.