There seems to be an app for everything these days. Whether you want to control your home tech with your smartphone or stream the latest viral videos on TikTok, many people will download apps to make their lives easier or more enjoyable. Statista estimates that the annual number of mobile apps downloads worldwide will reach 299 billion by 2023.
Consumers often download apps from financial institutions or financial service providers. Banking, investing and trading is becoming much simpler for smartphone users and that trend will likely continue.
Take the foreign exchange (forex or FX) market, for example. Forex traders will use forex trading apps to stay updated on news, charts, trends, quotes and their trading accounts.
Below is more information about the forex market, how you can start trading forex and four of the best forex trading apps in 2022.
A Basic Overview of Forex Trading
The forex market is the largest trading market globally, as trading amounts to over $5 trillion per day. Trading in the forex market affects everything from imported clothes prices to costs you incur while traveling abroad.
At its simplest, forex trading is similar to exchanging currency when traveling outside of the country. One party trades one currency to buy another type of currency. The exchange rates between currencies fluctuate based on supply and demand.
The forex trading marketplace is open 24 hours a day, Monday through Friday, and all trades are over-the-counter (OTC), meaning there’s no physical exchange. A network of global banks and other financial institutions oversee trading activities in the forex market. This is different from the New York Stock Exchange (NYSE), which is controlled by the central exchange.
How to Start Trading Forex
Most trading activities in the forex market occur between institutional traders because the market is risky and volatile, and trading can be complex. However, if you do enough research and learn about the ins and outs of the forex trading system, you can trade forex yourself.
Here are some basic steps to follow if you want to get involved in forex trading:
1. Learn About the Forex Market and Trading Strategies
Forex trading requires specialized knowledge because it’s different from cryptocurrency trading and stock market trading. Learning how to trade forex is an essential skill to develop before starting your forex trading. There are many online courses and resources available that can help you get started with learning about forex.
2. Create a Brokerage Account
You’ll need to set up a brokerage account to begin trading forex. Forex brokers do not earn a commission but rather profit through spreads (also called pips) between buying and selling prices.
If you’re beginning trading forex, setting up a micro trading account with low initial investments is wise. Micro accounts have trading limits and will help you get more comfortable with trading forex, learn your trading style and understand how much currency you can start trading.
3. Develop a Trading Strategy
It’s challenging to predict market and trading movement in the forex world. However, selecting a trading strategy will help guide your decision-making.
A good trading strategy should consider your current financial situation, trading ability and knowledge and the amount of risk you can tolerate. Forex trading is a high-leverage trading environment, so you should consider several factors before making significant trade decisions.
4. Check Your Account Daily
Always be ready to check your trading account at the end of each trading day. Many forex trading platforms provide daily accounting of trades and will give you insight into your trading performance. You want to ensure you have cash readily available to trade and complete any pending positions.
You may be wondering what mobile apps you can use to power your forex trading activities. Continue reading to discover which forex trading app is right for you.
4 Top Forex Trading Apps to Use in 2022
Because many financial institutions have apps on the Google Play Store and iOS App Store, you may find it challenging to pick one forex trading app that will suit your needs. For example, some apps may be better suited for beginners, while others are best for experienced forex traders.
Here are four forex trading apps to consider using in 2022.
1. FXTM Trader
FTXM is an automated trading platform that is fully regulated and used worldwide. It’s designed for beginners and trading experts, so no matter where you are in your trading journey, FXTM can help you with all of your forex trading needs.
You can access the software on Windows, Mac, Android and iOS devices. The company covers 100% of your deposits up to $1,000. FXTM offers many educational resources and trading instruments to help you learn more about forex trading and which trading style is best for you.
The ThinkTrader app is available for Apple and Android devices and is completely free. It’s an advanced forex trading and analysis app that allows you to find currencies quickly. It offers 14 chart types and 160 intelligence indicators to help guide your trading activity.
Another benefit of ThinkTrader is that you can access international news about the forex market, so you’re always in the know. Some built-in trading tools on ThinkTrader include data release alerts, a trading simulator for trade practice, a risk scanner, an economic calendar and trade intelligence reports.
Some key features of the FOREX.com trading app include fast execution with one-swipe trading, full account management, advanced charting and analytics tools and real-time trade alerts. You can personalize your charts and signals to fit your trading experience and needs, stay on top of market moves, trade the forex market with precision and manage the account on the go.
Additionally, if you’re still uncertain about opening an account, the FOREX.com mobile app allows you to open a demo account. You get to experience the app risk-free for 90 days. The app also comes with professional guidance and support to ask questions and learn more about forex trading.
The thinkorswim app by TDAmeritrade was named one of the best mobile apps by Investopedia and the best online broker for a stock trading platform and research by NerdWallet. StockBrokers also called it the number one platform for tools.
You can analyze your trading risk and profit, access live news and market insights, scan charts, access support and join a forex trading community. The thinkorswim app is available for your desktop, online or mobile device for streamlined access. It even works on your tablet and Apple Watch.
These four forex trading apps can help you launch your forex trading journey, whether you want to participate in trading full-time or part-time. Remember, other forex trading apps are on the Google Play and iOS App stores, so do some research to see which app will work for your unique needs.
Consider Trading Forex in 2022
The forex market plays a significant role in the global economy. People have made billions off of foreign trading, but participating in this type of trading comes with risks.
While cryptocurrency trading is growing popular, forex trading is expected to remain a way for people to make profits. Consider if you’re in good financial standing before getting involved with forex trading, as you don’t want to lose your hard-earned money.
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