Categories: Tips

9+ Must have Apps for Forex Traders

Foreign exchange is the largest financial market in the world with a daily turnover of around $5 trillion. There are different currencies in the forex market out of which there are 28 major currency pairs. These pairs are highly traded for 24 hours a day.

These pairs react to day to day geopolitical issues going on in the world.

As a high amount of money is involved in forex, you must have an idea of what is going on in the market just to be on a safer side.

Furthermore, you can do forex trading from anywhere. You just need a smartphone or a laptop.

So, here are the most important apps which every forex trader has on his smartphone.

9 Apps you should have on your Smartphone

1) MetaTrader 4

MetaTrader 4 is the mobile trading platform that allows you to receive quotes of financial instruments and perform the technical analysis using technical indicators and different trading tools.

MetaTrader 4 is the most widely used app for forex trading. It allows you to connect to hundreds of brokers and trade on currencies, stocks, commodities, and even cryptocurrency.

Millions of traders with varying needs choose MetaTrader 4 to trade in the market. The MetaTrader is a trading platform that offers a lot of opportunities to traders of all skill levels: advanced technical analysis, flexible trading system, algorithmic trading, etc.

Special feature

It is the trader’s favourite trading platform due to its user-friendly interface. MetaTrader 4 is very easy to use and supports almost all the brokers in this industry.

Availability – It is available on both ios and android.

Download Link – Android | IOS

2) MetaTrader 5

MetaTrader 5 is also a mobile trading platform like MT4 but with a few differences. MetaTrader 5 is the updated version of MT4 with some additional features.

The MetaTrader 5 mobile applications allow trading on financial markets via iOS and Android smartphones and tablets. It provides the trader with rich functionality and various other feature like two position accounting system and also has a market depth features allowing clients to view where bids and offers are priced across markets.

MT4 allows only hedging. MT5, however, permits both hedging and netting. furthermore, MT5 is an all-in-one multi-asset trading platform, covering both centralized and non-centralized financial markets, including, stocks, futures, cryptocurrencies and various other FX trading instruments.

Special feature –

MT5 is faster and more efficient than MT4. MT5 is a 64-bit platform, while MT4 is a 32-bit platform.

MT5 is an all-in-one multi-asset trading platform, covering both centralized and non-centralized financial markets, including, stocks, futures, cryptocurrencies and various other FX trading instruments.

Supports hedging as well as netting.

Availability – It is available on both the operating system ios and android.

Download Link – Android | IOS

3) Myfxbook

Myfxbook is an online analytical tool for your forex trading account which allows you to analyze your trading account with some advanced statistical analysis and helps you understand your trading habits effectively.

Myfxbook is also a first of its kind social forex community which allows you to socialize with different forex traders. It allows you to watch a track record of the account manager and hence promotes clear transparency.

If you are a money manager and looking for new clients, you can use your public system page as a resume of your trading system and other traders may be able to see your percentage gain directly.

It helps you to Learn, compare and improve your trading skills with the help of the community.

Myfxbook is currently supporting more than 100 brokers and platform cTrader, MetaTrader4, MetaTrader5, fxTrade/fxTrade Practice, FXCM Trading Station and Strategy Trader.

Special feature –

The app allows you to analyse your trading account with some advanced statistical analysis and helps you understand your trading habits effectively.

This app also contains a different section for news and notifies you with that.

Availability – It is available on both the operating system ios and android.

Download Link – Android | IOS

4) GoForex

If you are a beginner in forex trading, GoForex is for you. It is a basic guide for forex trading which helps a beginner to get started with forex.

It is designed to be a one-stop-shop for forex trading and to provide a wide range of tools, information, and resources for all levels of forex traders and investors.

Go Forex is a great, interactive way for beginning investors to learn about trading. The visuals on the app are sleek and fun and the information is presented in a clear, concise, yet engaging manner.

It includes a 15 minutes short course which helps you understand the basics of forex market like

  • How to read quotes and charts
  • What influences currency rates
  • How to use the leverage
  • What is multiple time-frame analysis and how it works
  • Illustrated trading examples
  • What are the best times for trading forex – daily & weekly
  • Social Trading and Copy trading
  • 10 forex tips from the pros

The app allows you to connect and communicate with other users to learn the best strategies for trading. Best of all, the app simulates a very realistic trading experience and even has short quizzes to make sure you thoroughly understand all the concepts of forex trading.

Special feature –

It includes free strategies and tips from pros.

It also includes a Quiz game designed to play and learn which helps in boosting your skills, confidence, and intuition.

Availability – It is available on both the operating system ios and android.

Download Link – Android | IOS

5) Bloomberg

Different geopolitical and financial issues are happening in the day to day life and all these issues affect the price of currencies differently. So, a trader needs to be up to date with the financial and geopolitical events to be on a safe side and earn profits.

Bloomberg provides you access to global business, stock market and finance news, and trending topics like bitcoin and cryptocurrency.

Bloomberg provides financial software tools and enterprise applications such as analytics and equity trading platform, data services, and news to financial companies and organizations.

Special feature –

Real-time and top trending news.

Bloomberg provides the news and analysis you require, whenever and wherever you need it.

Availability – It is available on both the operating system ios and android.

Download Link – Android | IOS

6) Trading View

Trading View is a financial platform for traders and investors. It has a large variety of tools and indicators to perform technical analysis.

It is one of the best applications for technical analysis in the market.

You will find Stunning charts that are free to use. You’ll be able to find stocks, currencies, cryptos, futures, CFDs and more. A wide range of drawing tools (Gann, Elliott Waves) and technical indicators will help you analyze price action.

Trading View also provides a social platform for different traders and investors in which they can share their ideas and improve their trading skills. It allows you to interact with different traders and know their technical analysis.

Special feature –

It allows you to set alarm for your trade entries and notifies you on your smartphone whenever your alert is hit by the price.

This helps you to make money on the go.

Market watchlist section allows you to create your unique market watchlist for forex, stocks, commodities, bonds, and cryptocurrencies.

Availability – It is available on both the operating system ios and android.

Download Link – Android | IOS

7) Tradays

Tradays is an Economic Calendar for forex and stock traders. This is a useful tool both for long-term and day traders.

It has hundreds of macroeconomic indicators that influence the financial market all over the world.

Tradays can help you improve your trading by providing all the data that influences the market. The economic calendar provided by tradays helps you be ready for the various news releases.

Tradays has a built-in MetaTrader5 platform in it, this allows you to buy and sell currencies from the same platform.

Special feature –

Tradays allow you to set alarms for the upcoming news and notifies you in advance. This allows you to be prepared for the news releases.

Availability – It is available on both the operating system ios and android.

Download Link – Android | IOS

8) Investmate

Investment is a helpful education app that provides great knowledge of CFD trading and investing.

It has courses, tips, quizzes, a glossary of terms and thought-provoking financial content and a lot of free content which will help you learn the fundamentals of investing.

Special feature –

Learning on-the-go with as little as 3 minutes to complete one lesson and short interactive quizzes to check your progress.

Availability – It is available on both the operating system ios and android.

Download Link – Android | IOS

9) Forex Trading Hours

Forex trading is a simple yet wonderful app that tells you when the market will open or close in your local time so that you don’t need to calculate it.

It also has an option in which you get notified when the session you selected opens.

Special feature –

Easy to see when markets are overlapped to make use of high trading activities

Availability – It is available only on ios.

Download Link – IOS

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