Stop: 116.368
Profit: 115.616
Entry price:116.072
There is a possible sell coming for the CHJPY.
Reasons for taking the trade.
OUTCOME (updated on 7th Aug 2020
Forex trading is one of the most lucrative ventures out there. At the moment, traders complete trades valued at over $5 Trillion daily. This mind-boggling amount generally points to the market’s potential to give you decent returns on your investment.
Typically, you can enjoy a piece of the FX trading scene by trading Over-the-counter (OTC). On the other hand, the rise of computer technology has made it easy for just about anyone to get into FX trading.
Computers have given rise to portable devices with which you can still carry out market analyses and further execute your trades. The growth of handheld devices advanced the need to trade on-the-go and hence the introduction of trading apps.
Nowadays, you don’t have to visit your local bank to buy or sell currencies. If you have an internet-enabled device, then you can quickly get yourself a bunch of trading apps and get started dealing in forex. Check out this list for seven of the best apps you can use to trade FX.
For newbies, you have certainly come across the term MT4 while seeking out trading information online. MetaTrader 4 is a well-known trading platform around the world and its app is also in-demand across the globe.
In a broad sense, MetaTrader 4 has all the tools you need to trade currencies plus a wealth of other trade worthy instruments. Besides currencies, you can deal with CFDs, futures, indices, crypto, and commodities.
MT4 is arguably the benchmark when it comes to trading platforms and with good reason. Besides the wealth of options available for trading, the platform is also available for use by hundreds of brokers and banks, indicating its popularity across the trading world.
As a beginner, MetaTrader 4 is the best place to start your trading journey. It has a pretty straightforward design and quite easy to use. Additionally, since many brokers use it, you will get access to a ton of educational material that gives you a decent head start into trading.
Besides beginners, veteran traders routinely use the platform because of its superior charting capabilities. There are several inbuilt tools as well as indicators that will aid your trading.
Additionally, MT4 is a versatile platform that can be used on your PC and even smartphone. You can opt to use the web app, desktop, and even mobile platform to trade on MT4. Moreover, the MT4 platform supports over 30 international languages including English, French, Russian, and Chinese.
If you opt for the MT4 mobile app, you can access your trading account from any location in the world. Moreover, there is an automated trading feature that allows you to utilize Expert Advisors (EAs) – these are ‘robots,’ which help analyze data and execute trades on your behalf. You don’t have to buy the EAs since you can easily download the EA codes from Code Base.
One of the hallmarks of the MT4 platform is that you do not have to spend a dime to obtain. Simply check out the MetaTrader website and download it at zero cost. Remember to check the version that is compatible with your computer.
The MT4 platform similarly excels at customer support. There is a web-page section dedicated to helping out traders with issues ranging across various topics. So if you have difficulty with getting the software set up, user interface, analytics, charts or the actual trading, simply head to their website and see if there is any information regarding the problem in question.
One of the earliest trading chart providers, Netdania, is one of the leading financial app services today. Founded in the late 90s, this platform has made great strides in the world of trading. In 2014, a partnership with leading mobile device maker Samsung lead to the app being termed as the ‘World’s #1 Forex & CFD Trading App’.
While the app makes a pretty bold statement about itself, it is equally equipped to back up all the hype. For starters, the app is one of the easiest to use.
Netdania boasts of numerous tools that you can use to trade currencies on the mobile platform. So traders looking to carry out thorough technical analyses for trading currencies, this app has what it takes.
Additionally, there is a wealth of currencies from all across the globe, which you can trade on. This app offers you more than 2,000 different currency pairs.
Additionally, Netdania is not solely centered around the FX scene. This platform allows you to trade other instruments and offers a wealth of different stocks and indices for you to exploit.
With close to 20,000 different trading instruments on the platform, traders are spoilt for choice. So when FX trading doesn’t cut it, you still have thousands of stocks and indices to trade on. Moreover, this app provides real-time updates on asset prices so that you are always kept in the loop.
Finally, Netdania comes in 16 languages and serves traders from all across the world. You can get the app on both Android and iOS platforms.
Marketed as an intelligent trading platform, ThinkTrader boasts of a wealth of neat features that are aimed to give users not only the best trading experience but also afford them a reasonable degree of success while trading.
This is because of the abundant trading tools and indicators you can find on the platform. Traders will discover over 80 trading indicators and dozens of other drawing tools and charts which are a must-have if you want to do any meaningful market analyses.
ThinkTrader’s parent company, ThinkMarkets, is well-known in the cryptocurrency spheres. Also, the platform offers traders the chance to deal with FX and CFDs. While trading on this platform, you have access to about 40 different currency pairs which is a sizeable option’s list.
The trading app offers some much-needed convenience when it comes to trading on-the-go. Additionally, the app allows you to view several charts at the same time. Also, the app affords you several different chart types for your market analysis needs.
The app also incorporates a robust trading signaling tool known as the Trend-Risk Scanner. This checks the market for potentially profitable trades automatically, after which it will alert you of the same. Moreover, the app delivers real-time news on the market drawn from FX Wire Pro – a leading financial analysis company.
The Trade Interceptor app is another decent trading app that you can download on your mobile device and use to trade on-the-go. Before 2017, it was a standalone app after which the company was taken over by ThinkTrader.
Following the takeover, Trade Interceptor received generous updates meant to make the platform compete with the best in the trading world. You can find the app on either Android and iOS app stores. Also, you can get the app on the ThinkTrader website.
FOREX.com is one of the best trading apps tailored for newbie traders. Not only is the platform available for use on PC, but you can also get it on your smartphone on both Android and iOS.
The platform offers an extensive list of tradeable currencies with up to 80 listed currencies. It is one of the most comprehensive forex trading apps you can get today.
Additionally, beginners are afforded a wealth of trading indicators to aid their trades. FOREX.com allows you to utilize up to 90 different indicators. We all know how crucial these trading tools can be for traders especially when providing essential trading signals.
Besides indicators, the platform also has a substantial store of educational tools that newbie traders should find quite helpful as they go through their first trading stages. On the platform, you will find a wealth of resources like trading-focused courses and live webinars to guide you through your trading journey.
FOREX.com works across different platforms, and if you prefer to trade on-the-go, there is a mobile app that allows this. The app will work on either Android and iOS devices and is absolutely free to download.
You can easily customize the mobile app to suit your trading preferences without affecting its performance. Additionally, the app is equipped with every feature found on the web app as well, so you get the best of both PC and mobile apps.
In a nutshell, the app is comprehensively equipped to suit traders who are just getting into the game. Also, seasoned forex traders will enjoy the extensive currency options available, affording them more opportunities to make money.
The platform has quite a stress-free feel about it, and creating an account is a straightforward endeavor that should only cost you a few minutes of your time.
On the flip side, however, traders are only limited to FX trading as FOREX.com doesn’t support other trading instruments such as stocks and bonds.
Their customer support is not the best across the field so you might want to consider this first. They, however, allow call-ins every day of the week save for Saturday. Also, you can contact customer support via the email provided on their website.
Another trading app popular with beginners is TD Ameritrade. Every newbie trader ought to have as much information as they can get their hands on. Doing so helps them broaden their understanding of how the market operates.
While ignorance is sometimes blissful, trading blindly will cause you to lose a sizeable portion of your capital. You might just quit the venture before you even get started. However, TD Ameritrade provides novices with a wealth of educational material that should get you started on the journey towards profit-making as you trade FX.
TD Ameritrade features a wealth of trading options. This should allow you to explore different assets and see which one suits your trading style.
Another strong selling point for the platform is its customer support service. When it comes to client support, TD Ameritrade excels. The platform allows you to contact the experts in case of any shortcomings 24/7. Also, there is a live chat option open during business hours.
The user interface is quite easy to master and opening an account takes merely a couple of minutes to execute.
If you like trading conveniently, then TD Ameritrade operates three different mobile apps. There is an official app that is best for those who are new to the trading world and an advanced version of the app tailored to seasoned traders.
ForexTime (FXTM) is one of the few trading apps tailored to giving traders the ultimate mobile trading experience. Founded in 2011, the app is regulated by several top-tier regulatory bodies and hence considered safe to use.
As with all trading apps, FXTM offers a better level of convenience as opposed to traditional PC-focused apps. FXTM is purely a mobile trading app. The app is easy to use and opening an account is pretty straightforward and takes between 1-2 business days to complete.
There are different types of accounts that you can open on FXTM, all of which attract different charges and commissions. Whichever account you opt for depends on the kind of trading you wish to undertake.
For instance, if you are looking to trade currencies, there is a Micro account available that will need between $5-10 as the minimum deposit. On the other hand, a Standard account commands a minimum deposit set at $100.
While FXTM is focused on mobile trading, the platform also has a web-based trading platform. However, it features an outdated design, and the lack of a two-step verification process raises security concerns.
In reality, there are several trading apps you can get online. Most of them characteristically feature more or less the same specs, and this can make app selection a tad difficult.
You must know exactly what to look out for so that you do not end up with a product that hardly meets your trading expectations. So when checking out trading apps, here are a couple of aspects that you need to be keen on:
The primary reason people opt for mobile trading apps is the convenience they afford users. Unlike traditional platforms and Over-The-Counter trading systems, trading apps allow you to trade virtually anywhere and with great ease.
As such, any app needs to be easy to use when it comes to executing trades. Remember, a trading app gives you total control over your trades, and you are often the one making critical decisions regarding the market.
Anything overly complicated will undoubtedly distract you and routinely lead to losses. This is because such software requires users to set apart some time to study its workings to trade successfully.
Trading charts make or break successful trades. Important information about potential trading moves is often displayed on a trading chart. As a trader looking to make a profit, charts are a vital part of any trading app.
A lot of traders rely on technical analysis when deciding their next move. As such, charts provide an avenue for you to monitor price changes over time, capture the prevailing trend, and further predict what will happen in the future.
Any trading chart worth its salt will also permit modifications that go a long way in aiding your analyses. You will have various lines that assist you in interpreting price action.
In addition to the charts, useful trading apps also incorporate various market analysis tools. These include multiple indicators representing volume, volatility and the predominant market trend. Moreover, oscillators, moving averages and support and resistance bands are crucial to your trading success, so keep an eye on apps that feature these tools.
The FX market is one of the most volatile out there, and price changes occur rapidly. For instance, day traders capitalize on this famed volatility to earn decent returns daily. As such, you would want to know when the value of one or more currencies has gone up or dropped the minute it happens.
Mobile trading platforms are usually disadvantaged because of their poor processing powered as compared to PCs. Nevertheless, you must test out your app to see how it performs in a demo before committing to an actual trade.
You want to know when price action is on the move to implement your preferred trading strategy at the right moment. Trading apps with inbuilt alerts give you an edge over others as you will be furnished with the proper market entry and exit signals in time to execute your moves.
Some trading apps are only available for use on a desktop computer while others cut across different platforms. While some people prefer to trade on PC, apps that work on mobile phones are merely convenient since you can easily buy and sell on-the-go.
Today, technology allows us to conduct business virtually everywhere, so you don’t have to carry your entire desktop with you. If you have a smartphone or other handheld device, look out for trading apps that are compatible with these portable devices and trade freely.
While alerts may seem like an unimportant feature to include in the trading app, apps that provide real-time alerts allows you to make timely decisions. You may not always be on your phone and hence the app ought to send you notifications once your trading parameters have been satisfied. This way, you will not miss a trading opportunity even when you are engaged elsewhere.
Technical analysis is vital when it comes to figuring out the market; studying the fundamentals is equally essential and shouldn’t be ignored. As such, look out for apps that provide real-time news about the market. This will broaden your understanding of the market behavior at the time.
Demo trading is quite essential for newbie traders. Before you dive into the market, you need to understand how it operates and find out whether your chosen strategy will work in an actual trading scenario. Furthermore, you don’t have to spend real money on the demo.
Therefore, apps that allow demo trading gives you a chance to test out your strategy and generally practice trading beforehand and gain some meaningful experience.
Information is critical and when it comes to trading, and the availability of the same could lead to a profit or a loss. Any trading platform should allow you to access historical information going back several years. Such data will enable traders not just to make solid analyses, but is also beneficial when testing a trading strategy. When it comes to the amount of information available, more is always better so keep that in mind when selecting a trading app.
Trading apps offer a degree of convenience when it comes to trading stocks or currencies. Apps that allow automated trading take this a notch higher and permit traders to set triggers that complete trades once certain conditions are met.
The upside to this is that once you have set out your preferred parameters for executing trades, you won’t have to keep checking your phone to see if certain conditions have been met. Also, automated trading frees you to engage in other trades or businesses.
In case of any technical hitches during an active trading session, you would want to get it resolved as fast as possible. Interruptions that delay trading cost you valuable time and the opportunity to make money. Therefore, you should be able to access customer support from your broker to handle any unforeseen circumstances.
As traders advance further into the age of tech, our dependence on mobile devices grows. This is seen by how dependent we are on our phones for just about everything we do.
So when it comes to conducting our businesses, our devices play a pretty crucial role in facilitating our successes. So when trading currencies, the right trading app could mean the difference between making a profit or merely burning your account.
If you are considering diving into the FX trading scene, make sure you know what to look for in a trading app. A poorly-equipped platform will put you in a disadvantaged position in the market. For instance, an app that doesn’t provide real-time news denies you the vital information you need to make critical trading decisions.
All-in-all, the trading apps discussed in this piece offer the best features you need to trade forex. So keep an eye out for them.