Forex, or Forex exchange, is a global decentralized trading system that trades currencies against other currencies. Profit is made in this exchange market by the minute, which alters the value of a currency. These minute adjustments are known as pip. Whether you are in the black or red on a specific currency pair depends on how many pips you made or lost on a trade.
But how do you make these trades and control your portfolio?
This is done through a forex trading app.
The Pearl Lemon Invest 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 and promotes itself as THE low-cost options trading platform. Nevertheless, this choice extends beyond forex. Bonds, mutual funds, ETFs, and equities can all be traded using eOption. One disadvantage is that trading in numerous marketplaces requires multiple accounts.
This might not be the solution for you, though, if you want to be able to program some of your alternatives. Users of eOption can set up automated trading systems without having a deep understanding of technology. The client is given access to these alternatives via receiving and reading newsletters. From here, users can connect with the automated trading desk and choose to participate.
Interactive brokers are an excellent alternative if you want to trade many markets with a more diversified portfolio because they welcome users from 31 countries and have access to over 120 marketplaces.
This platform is suitable for traders of any experience level. Users can find various educational resources to help them learn about and assist their trading experience for individuals new to the Forex market. The Brokers’ API solutions are a choice for the more seasoned trader.
You can use these API solutions to perform various additional tasks using Java, Python, and C++ if you like.
The possibility of performing high-speed order routing is also available. However, using the platform does not immediately get you access to this. If you use additional services through Interactive Brokers, a monthly commission of $1,500 is required.
Because it has one of the platforms with the lowest fees for using the platforms and carrying out trades, SoFi automatic investing is regarded as one of the top-rated automated forex trading software.
Additionally, SoFi enables trading outside of forex, making it another alternative for a trader wishing to diversify into other markets…including crypto and other market options.
Numerous programs and pieces of software are available for carrying out your Forex trades. You can also look at algorithms to improve your trading experience. To help you build a profitable Forex portfolio, Pearl Lemon Invest offers a wide range of algorithms for purchase.
Check out the Pearl Lemon Invest range of goods if you’re seeking algorithms to add to your trading program.
It is suitable for Metatrader 4 the best.