Mobile apps are on the rise, and every entrepreneur is pouring money into software development. For traders, these apps are mines of gold because they support their daily trading efforts and bring them an exceptional experience. If you are one of the traders who get overwhelmed with the tons of information you find online, and you have no idea where to start, then reading this article will help you. All seasoned investors agree that it’s essential to rely your decisions on software when trading Forex. At the end of the day, a trader is as good as the apps they use because they provide them with information and influence their chances to succeed. That being said, we present 9 apps you should have on your phone to increase the odds of making successful trades.
If you’re a beginner use these apps
Because you’re new on the market, you should first embark on a journey to acquire knowledge and educate yourself because trading Forex requires using strategies and analysing information. You probably know how the market works, but you lack experience and don’t know how to act on a market that is away from being straightforward.
Here is a list of apps all beginners should install on their phone.
- eToro – it’s the ideal choice for the beginner investor because it requires only $50 to start trading currencies, indices, commodities or stocks. It provides access to a community that can support their efforts, access to live discussions, and it also connects them with seasoned traders who are happy to share their experience. eToro is the support beginners need to build their career in the Forex market. And should we add that the app includes performance charts and allows the creation of a straightforward portfolio?
- ETX – this is another excellent platform for beginner traders because it grants access to give prices, open and close rates, and allows the users to place and amend stop losses. It’s known in the Forex world because it made simple for traders to manage their portfolios. The app is intuitive, and with a few taps, the traders get from a feature to another. For a novice, ETX is perfect because it’s user friendly and offers all the tools a trader needs to enter the trading world.
- Binary.com – it’s a famous name in the trading world, and it recently launched an app perfect for beginners. The software is sleek with a straightforward menu that makes easy for users to navigate it. Traders love it because it provides a transparent fee structure.
News apps for the ones who want to stay tuned with the world
When working in the Forex world, it’s crucial to stay in touch with the latest news because worldwide events influence the fluctuations of the market. Warren Buffet recommends traders to read at least five newspapers daily. But long gone are the days when you bought newspapers to read in the morning while you sip coffee. Now you can install news apps on your mobile and browse through articles, without stuffing piles of paper in your bag. The following apps will ensure essential information to help you base your decisions on data.
- CNBC – this app provides more than financial and business news; it also connects you with real-time stock market quotes. It may take you some time to identify all its features, but once you get used to it, it’s easy to filter through the information it provides, and identify the pieces you need to make informed trading decisions. CNBC also offers charts from markets worldwide, (including Hong Kong, Germany, Great Britain and the US) you can use to analyse the evolution of the market.
- Bloomberg – for many years, Bloomberg has been a famous news portal, traders have always used it to search for information that can influence their business. Now that it has a mobile app, you can install it on your phone and check the global development of the Forex market. In the trading market, even headlines can influence currency rates, and Bloomberg notifies you what the hot news of the day is, directly on your phone. With Bloomberg, you can rest assured that you won’t miss a piece of news, from financial to politics and economics. And you can easily switch to the Markets tab where you find prices, quotes and many other financial instruments that support your entrepreneurial efforts.
- Yahoo! Finance – it’s breezy to navigate the menu of the Yahoo! Finance app that has a sleek design and intuitive features. The developer-focused on aesthetics when they created this app and gifted it with sophisticated visuals that look great on the iPad. It allows you to sync portfolios and quotes on multiple devices.
If you want to listen to the news while you drive the car or run, you can get radio apps like Day Trading Radio and Power Trading Radio.
Other helpful tools
The apps you can use to improve your trading operations range from news apps to trading platforms and other similar tools that provide you with heat maps and currency correlations. When you combine information from these apps, you can make an informed decision when looking for regulated Forex brokers, pick currency pairs, and identify the operations that have the best chances to turn profitable.
- TradingView – this is the one tool you cannot do without, when you trade currencies because it offers real-time data on individual stocks, cryptocurrencies, indices, Forex, and many other financial instruments.
- AnalystRT – if you like to use analyst ratings during research, this one provides ratings from thousands of stocks in a single place. You can create watchlists to alert you when something changes in ratings to identify profitable opportunities.
- TreadeHero – this app allows you to test your strategies without risking your money. It’s excellent both for beginners and experienced traders because it shows you the result your ideas would have. When you register with this app, you receive $100,000 in virtual money, and you can use the funds to trade with 38 currency pairs and 55 virtual exchanges.