While the highly leveraged forex market may be appealing to any aspiring investor, its innate volatility may be challenging to inexperienced traders or those with a risk-averse outlook.
With this in mind, it’s imperative that you utilise every tool at your disposal when trading international currencies, from economic calendars and technical indicators to a host of analytical tools.
Fortunately, such tools can be accessed through a selection of leading forex apps, platforms or even Forex trading strategies. Here are some of the best forex apps and the reasons why they’re so popular in the marketplace.
1. The MetaTrader 4 and MetaTrader 5 on iOS and Android
We’ll start with the MetaTrader 4 and MetaTrader 5, both of which were developed by the MetaQuotes brand and launched in 2005 and 2010 respectively.
The MT4 remains the world’s most popular forex trading platform, while it’s compatible with the vast majority of licensed brokerage sites in the UK.
But what sets this app apart from its rivals? Well, to begin with, it enables users to customise large part of the trading experience, from the cultivation of personalised charts to the development of automated forex robots and so-called “Expert Advisors”.
While the MT4 remains synonymous with forex trading, the MetaTrader 5 app has a slightly broader scope that also allows access to assets such as stocks and commodities.
To this end, the MT5 offers a slightly larger suite of technical indicators (44), along with 21 separate timeframes and an unlimited number of charts. It also provides data pertaining to market depth, whilst enabling both netting and hedging (by request).
Most recently, brokers have begun to offer MT5 integration in place of (or in addition to) the MetaTrader 4, but there’s no doubt that both apps are incredibly user-friendly and ideal for those starting out in the field of forex trading.
2. Forex Hours on iOS and Android
Next up is the Forex Hours app, which has been developed by Coding Trader to provide users with an immediate and real-time overview of the local time and status of the world’s largest forex markets.
Broadly speaking, this 24-hour space is separated into three geographic regions; namely North America, Europe and Asia-Pacific. Each one opens and closes at different times, while there are periods when these markets overlap with one another.
Such periods tend to see peaks in terms of trading volumes, volatility and liquidity, creating opportunities for scalpers and day traders to optimise their profits.
With this in mind, the Forex Hours app can be used to identify specific market opening times and any overlapping periods, enabling you to capitalise and profit as prices fluctuate in real-time. This even applies in a depreciating market, as currency pairs are traded as derivatives and allow investors to profit through speculation.
This app is available on both iOS and Android devices, while it’s a complimentary tool that should be used alongside a primary trading platform such as the MT4.
3. The Forex Game on iOS and Android
If you’re familiar with online forex trading platforms, you’ll know that you can utilise so-called “demo accounts” to hone your trading strategies.
This type of account is typically made available for between three and six months, while it affords you access to a simulated, real-time marketplace in which you can trade without risking your hard-earned capital.
However, you can also gain practical experience of the marketplace by playing the ‘Forex Game’ which is a simulation app that allows you to execute authentic trades and receive updates in a similarly risk-free environment.
In simple terms, this iOS and Android-compatible app imitates a forex trading platform, presenting risk-free trades in a fun and compelling setting that’s likely to appeal to beginners.
This app is certainly easy to use, while it manages to replicate the fast pace of the forex market and utilises real-world data that’s updated every five seconds.
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