Gone are the days when traders had to trade assets or forex currencies at the trading centers. Thanks to the rapid evolutions of digital technology, forex trading is now possible with mobile-based applications.
These applications are used to monitor currency trends, exchange rates, and other trades on a day-to-day basis. The establishment of mobile forex apps has made it possible for global traders to monitor the forex market easily from anywhere on their phones. They can easily follow changes in the market and the level of volatility at certain points of the day.
This new trading technology means that with the right tools and training almost anyone can now trade directly. A market in trading information and applications had sprung up to provide those services to independent traders.
This article will focus on the best forex trading applications in 2021.
IG
Established in 1974, IG is considered to be a game-changer in today’s trading environment. It has spread its dominance over five continents, and reportedly over 150,000 traders are currently using online forex telegram groups and this app. The entire trading operation is governed by several regulatory bodies based on top-tier levels like FCA from UK and NFA from US.
Pros
- It is the safest online trading platform in 2021, thanks to adherence to top-level regulatory frameworks.
- Several training and research tools are available for beginner forex traders.
- IG offers protection to UK/ EU traders against negative forex account balance if the price falls rapidly.
Cons
- IG charges a high CFD fee in contradiction to the market standards.
Forex.com
The second most popular forex trading online broker platform is Forex.com. It does offer excellent opportunities to both the beginner and active traders who are looking for a reliable base for trading multiple currencies. If you usually use technical analysis, Forex.com will provide you over seventy indicators that you can use to mark your position in the trading market. It is managed and regulated in 4 tier-1 jurisdictions.
Pros
- Multiple currencies can be exchanged in this trading platform.
- You can take leverage up to the maximum amount of 50:1.
- Several educational tools are available.
Cons
- The online application is a bit outdated and as a result you can miss out on important information.
eToro
eToro is an Israel-based online broker platform that was established in 2007 with the sole aim of offering an easy-to-access forex trading ground to global traders. Three major regulating bodies overlook the functionalities and operations of the platform, with FCA regulating UK trades, ASIC overlooking the Australian trades, and the rest are being monitored by CySEC.
Pros
- Transactional costs are as low as 1 PiP on USD/JPY and EUR/USD currencies.
- You will get alerts if price movements become aggressive and go against your trade.
- It offers a $100,000 demo account for learning CFD-based forex trading.
- Multiple currencies can be traded using the eToro platform.
Cons
- The leverage ratio is low compared to the industry standards.
FXTM
Another player in the online forex trading market is FXTM. ForexTime or FXTM was established in 2011 with both forex and CFD broker facilities. Multiple regulatory and jurisdictional bodies oversee the trades and relevant operations, making it quite secure for online buying and selling of currencies. You will need a minimum deposit of $10 at the time of opening an account.
Pros
- It offers leverage of 1:30, perfect for avoiding margin calls.
- It includes several withdrawal and deposit payment options for more flexible trading.
- The trading platform is highly secured for low-risk trading opportunities.
- This is perfect for MT4 and MT5 forex trading platforms.
Cons
- A trader won’t have enough options in base currencies.
- The minimum spread value is 1.3 PiP which is somewhat high compared to other platforms.
City Index
City Index is one of the oldest online trading platforms where you can exchange currencies through either a CFD broker or a forex broker. It was founded in 1983 but the mobile application was recently launched. Since then, City Index is rapidly gaining market share. The three main, top-tier regulatory bodies governing the functionalities of City Index are FCA, ASIC, and MAS. Since the parent company of City Index is listed in the stock exchange, the financials are disclosed, making it one of the trustworthy platforms.
Pros
- Transaction fees are low with the minimal being 0.5 PiPs.
- The analytical data is provided by in-house research professionals.
- It can be used on both iOS and android platforms with proper synchronization.
Cons
- It’s not perfect for large-scale transactions as no volume discounts are offered.
- Customization options are not available for the mobile application.
How to choose the best forex trading app in 2021?
With innumerable options for forex trading apps, consisting both of popular and emerging names, choosing one is pretty difficult and daunting to some extent. For this reason, here are the 4 key elements to look at when you are selecting the most suitable forex trading platform for your mobile.
- Security. Security matters the most for forex trading. Hence, a trader needs an application whose operations and transactions are managed and regulated by top-tier financial organizations like FCA and ASIC.
- Transaction fees. While using a broker, transaction fees are involved. It will be best to choose an online platform where the fee is minimal like 0.5 PiP or 1 PiP. This will make trading cheaper and profitable for you.
- The number of currency options. A good platform should offer a wide range of currency options. As forex involves trading the currencies in pairs, the range of currency options available is important to enable a range of scenarios.
- Data and analytics. The platform must be able to provide properly researched analytical data pieces, be it the positions of a trader in the market at a given time or the correct variations in exchange rates throughout the day. Without the proper analytics, it will be difficult for the trader to forecast currency fluctuations.
Final verdict
With the right tools, you can make smart profits through forex trading. With trading volumes increasing day by day, more people are looking to make a living through becoming an independent trader. Having the best information at the right time is essential. Choosing the online application that is best for your portfolio and way of working could be the most important decision you make as an independent forex trader.