Top 4 Apps for Forex Traders
11/05/2015 9:00 am EST
Active currency traders like to have access to market news, quotes, charts, and their trading accounts at their fingertips at all times, so J.B. Maverick on Investopedia.com shares four of the most popular mobile trading apps and details what makes each one stand out.
The major currency pairs traded in the forex market are active, often volatile, event-driven, and therefore very vulnerable to economic news announcements that occur throughout the regular 24-hour trading day. Active currency traders like to have access to market news, quotes, charts, and their trading accounts at their fingertips at all times. This has made smartphone software applications very popular with forex traders.
Nearly all forex brokers offer mobile applications and some of the individual broker apps are so popular that traders who don't have accounts with the broker still use its apps. Other popular forex trading apps offer free and easy access to news, price quotes, and charting.
NetDania Forex and Stocks
NetDania Forex and Stocks is one the highest-rated and most popular apps used by forex traders because of its ease of use and versatility. The app provides up-to-the-minute forex interbank rates and access to real-time price quotes on stocks and commodities, such as gold and silver, more than 20,000 financial instruments in all. In addition, the app offers live, streaming charts and the latest market news from FxWirePro and Market News International. It also allows traders to set price or trendline alerts on specific currency pairs, stocks, or commodities and to customize the menu to suit their personal desires for news and price quotes. The app is available for iPhone and Android smartphones.
Trade Interceptor is another popular trading app available for iPhone and Android users. The app provides traders with a host of options, including the ability to trade currency pairs, binary options, and commodity futures through a choice of forex brokers. The interface offers analysis and technical trading tools, including nearly 100 technical chart indicators. Trade Interceptor also provides access to live, streaming price quotes and price charts, including the latest Bitcoin prices. Traders can set alerts for price levels or news releases and the app provides access to the daily economic news calendar and real-time market news. There is also a feature that allows traders to do simulated trading and backtest trading strategies using historical price data.
Bloomberg Business Mobile App
Bloomberg offers a number of mobile applications for iPhone and Android, but access to some of these apps requires that the users have current subscriptions to Bloomberg services. However, even its basic business mobile app is more than sufficient for most traders whose primary interest is real-time access to the latest market news. The app offers access to global financial market and business news, market price data, and portfolio tracking tools. The menu is customizable, and the app's Watchlist feature lets traders track and analyze their current market positions in currencies, commodities, stocks, mutual funds, and exchange-traded funds (ETFs) with charts and information summaries. Users can also watch Bloomberg TV live through a streaming video feed.
One of the most popular trading apps provided by a broker is TD Ameritrade's thinkorswim Mobile, a full-service trading platform application. thinkorswim allows TD Ameritrade clients to trade currencies, options, futures and stocks with an easy-to-use, on-screen interface. Users can access live, streaming charts that they can load with common technical indicators or even chart study tools that the user has created for himself. For up-to-the-minute business and financial market news, users can access live, streaming CNBC broadcasts. Active traders can use the thinkorswim Mobile app to monitor their positions, orders and accounts, make account deposits, and modify trading orders or alerts through their smartphones. The myTrade community feature lets users connect and communicate with fellow traders. Additionally, investors can test out their trading strategies with the paperMoney trading simulator feature on thinkorswim Mobile.
By J.B. Maverick, Contributor, Investopedia.com