Best Forex Trading Apps to Download in 2021
Forex trading has become more popular in recent times as people look for new investment opportunities beyond traditional methods. Forex trading apps offer a convenient and accessible way to get involved in the foreign exchange market and help investors make informed decisions.
In this article, we will be discussing the best forex trading apps available for download in 2021. We'll be emphasizing the features and benefits of each app, helping you choose the right one for your trading needs.
1. MetaTrader 4
MetaTrader 4 is one of the most popular forex trading apps available worldwide. It is also compatible with Android and iOS devices, making it ideal for investors looking for a versatile tool to trade on-the-go.
Key Features:
- Customizable charts and technical indicators
- One-click trading
- Multiple order types
- Multi-language support
- Built-in news and analysis tools
Pros:
- Highly customizable interface and charting tools
- Supports both automated and manual trading
- Access to trading signals and expert advisors
- Secure data transmission and storage
Cons:
- Beginner traders may find the interface overwhelming
- Some features are only available for specific brokers
- Requires a good internet connection for smooth trading experience
Overall, MetaTrader 4 is an excellent choice for experienced traders who are accustomed to a high level of customization and charting. However, beginners may find the platform too complicated to navigate.
2. eToro
eToro claims to be the world's leading social trading platform. It offers different features to cater to novice traders who need some guidance and mentorship alongside their initial trading experience.
Key Features:
- Social trading tools
- Copy trading
- Multi-language support
- Demo account
Pros:
- User-friendly interface with simple trading tools
- Access to expert trader insights
- Option to copy trades of successful traders
- Demo account to test your trading strategies
Cons:
- Limited charting tools for technical analysis
- Fees and charges can be higher compared to some competitors
- Fewer trading instruments than other brokers
Overall, eToro is an exceptional trading app, especially for new traders looking to copy successful traders' trades. Its social trading features and copy trading options make it unique and perfect for beginners.
3. IQ Option
IQ Option is a mobile application that is accessible to traders worldwide. It is user-friendly, making it perfect for both experienced traders and beginners.
Key Features:
- Trading signals
- One-click trading
- Customizable charting tools
- Multi-language support
- Multiple order types
Pros:
- Intuitive interface with simple navigation.
- Access to advanced technical analysis tools
- Several deposit options with low minimum deposit
- Demo account to practice without risking real money
- A wide range of tradable assets
Cons:
- Limited customization for charts
- Fewer educational materials compared to competitors
- Required deposit to unlock additional features and benefits
Overall, IQ Option is the perfect forex trading app for both novice and experienced traders. The app offers different features that traders can tailor to their trading style and preference.
4. TradingView
TradingView is a web-based platform that provides forex traders with trading ideas and technical analysis tools. It is also available on different devices and platforms like Android and iOS.
Key Features:
- Advanced Technical analysis charts
- Customizable watch lists
- Access to social trading communities
- Multi-language support
Pros:
- Easy to use and customizable interface
- Robust market analysis tools
- Access to a large trading community with various trading ideas
- Available on different devices and platforms
Cons:
- Limited news and research features
- High subscription fees to access advanced features
- No direct access to trading
Overall, TradingView is an exceptional forex trading tool that offers excellent technical analysis and trading ideas. However, it is not suitable for traders who prefer direct trading options.
5. ForexTime (FXTM)
ForexTime (or FXTM) is a forex and CFD trading app that offers different trading tools to help traders execute trades confidently.
Key Features:
- Advanced market analysis tools
- Customizable charts
- Access to expert traders' insights
- Multi-language support
Pros:
- User-friendly interface with excellent charting tools
- ECN pricing available for instant trade execution
- Multiple transaction and deposit methods
- Access to auto-trading systems
Cons:
- No direct trading from the app
- Limited trading instruments available
- High fees for some transactions
Overall, FXTM is a good trading app that offers an extensive range of trading tools and features. It is a suitable option for traders who are looking for ECN pricing and auto-trading systems.
Conclusion
There are different trading apps available, and you need to choose the one that suits your trading style and preference. From the information we have provided, MetaTrader 4, eToro, IQ Option, Tradingview, and ForexTime are some of the best forex trading apps that you can download in 2021.
As highlighted, each trading app has its unique features and drawbacks, so it's essential to do your research and choose the platform that is most suitable for you.
Now that you know about the different forex trading apps available, you can start trading confidently and begin your investment journey today. So go ahead, search for 'forex trading app download and take the first step towards becoming a successful trader.