There are many investment opportunities to choose from, but Forex is the most accessible because it is open 24 hours a day and has more leverage than the stock market. It is a wise investment choice because it is the world’s largest market in terms of daily transaction volume. In 2016, volumes averaged at $5.1 trillion per day.
It is also one of the most liquid forms of trading. Forex trading allows you to invest in the world’s largest trading market at lower financial fees than in other markets because it is less costly for financial institutions to set up.
The word Forex is short for Foreign Exchange or the Foreign Exchange Market, i.e., the international market for buying and selling currencies.
If you are looking to begin investing in the foreign exchange market or already have your trading career in place, here are some example trading apps that will make the whole process easier for you.
1. ForexTime FXTM
ForexTime is the most widely used Forex trading platform worldwide. Traders have found that it is a safe and flexible choice, utilizing the markets of 180 countries and top tier investment institutions.
The great thing about trading with this app is the automated tools that are useful for beginners, yet still valuable enough for the professional user. A great app needs to have fast execution rates, which is important when you are buying and selling currencies.
2. Stock Trainer
Stock Trainer is best for novice traders. While this app doesn’t actually trade currency, i.e., you don’t use your hard-earned money, it teaches the beginner how become effective, so that when they have the confidence and know what to do, they will trade more successfully than a novice who went in cold. With this app users can build a full portfolio and learn the process of limit and stop-loss orders.
You will also have access to investing news, a business magazine, and market history. Even though you will be using pretend money, i.e., not real money, it will definitely help you build up the necessary skills to function profitably in the real world.
3. Trade Intercept
Trade Intercept is for the experienced Forex trader. Its advanced tools and analysis capabilities are great for seasoned professionals. There are 14 advanced chart types and 160 intelligence indicators along with sophisticated tools that allow you to track and trade 24 hours a day. This app will definitely help you track down the best currencies of the day to focus on.
Trade Intercept has more than just Forex trading. You can also receive alerts for major cryptocurrencies, precious metals, other commodities, and indices. Additionally, you will have access to business and trading news along with intelligence reports, a risk scanner, data release alerts, an economic calendar, and a trading simulator.
If you are a retail trader, this app is for you. It works best on Android devices, This app offers an extensive variety of financial trading instruments and has the largest assortment of trading options on offer.
Users can trade options, futures, indices, Forex, and stocks with MetaTrader. This app uses your financial market to analyze and monitor prices and quotes that are accessible through real-time charts.
If you are looking for the most used and reviewed app in the United States, then TD Ameritrade should be your first choice. It is more than just a Forex trading app. You have the ability to utilize many other investment vehicles through it. Because of the versatility of this app, it has its pros and cons.
If you want an app that allows you to have a wide variety of trading options including Forex, you should seriously consider TD Ameritrade. For many players in the marketplace, having an app that deals with all types of investments can be extremely beneficial. However, for a Forex trade, this might not be the case.
TD Ameritrade’s trading and investment educational component, which is not available in many apps, is one of its strongest advantages.
While we are all looking to save and invest for the future, Forex trading is a great avenue to achieve this. With the apps described in this article, you will be well on your way to becoming a successful trader. Remember, a good app should simplify the whole procedure, rather than complicate things. That is the whole point of having an app!
Related articles you may find interesting: