Best Forex Trading Apps in 2022
This blog will have everything you need to know about the best forex trading apps in 2022. We live in a hyperactive technological age. Almost everyone you know owns a smartphone and stays logged into the world. Gone are the days when people would wait for morning newspapers to know what happened in the world the previous day. Technology has made interconnectedness a child’s play. But the ease of information availability has led to an unanticipated problem: a credibility crisis. All that is available on the internet is not genuine, and we must be vigilant and on our toes to separate the credible from the fake. This blog aims to bring to your attention the best mobile apps for forex trading.
When it comes to forex trading apps, you are spoilt for choices. But having many options doesn’t translate into having options for credible and standard products. There are, as mentioned above, many forex trading apps. But most are good for nothing. A good forex trading app opens your door to simple, hassle-free trading. In today’s world that has become synonymous with interconnectedness, the importance of a reliable forex trading app takes on a new dimension. The forex market is decentralized, where businesses and financial institutions trade currencies. According to different researches, forex trading is to the tune of $5.3 trillion daily. The enormous trade volume in the forex market makes it tower over any other financial market. The forex market gets its size thanks to the participation of large financial institutions and corporations that trade without a pause. Because of the importance, volume, and volatility of forex markets, forex trading apps assumes greater importance. If forex trading apps are not credible, investors will be at risk of losing their investment.
Forex trading is risky in so many ways. Lack of knowledge about traders, their operational methodology, apps available, etc., can make an already risky venture riskier. But fret not. We have you covered on which brokers offer the best and most up-to-date forex trading apps in 2022.
How to compare the best forex trading apps
When choosing a new forex broker account for online trading, consider these five areas of the trading experience:
How did we compare the best forex trading apps?
We used a robust scientific methodology to rank different forex trading apps. There were five Parameters on which we judged different apps available in the market.
(1) The forex market is decentralized, and an uninitiated trader may get swindled out of his life saving if they are not vigilant enough. We gave priority to trust the most. An app which lacks credibility is not worth getting your attention.
But how do you measure something intangible and abstract like trust? We decided that the best way to measure the immeasurable was to look at how many experienced traders were using it. If the answer was affirmative, we checked if its use among experienced traders was evenly distributed worldwide. If the answer to the second question was also positive, we rated it high on the trust scale. Another criterion to judge a trader’s trustworthiness is to check if top-notch tier-1 regulatory bodies authorize it or not. It is highly trustable if a broker is authorized by more than 3 tier-1 and an equal number of tier-2 jurisdictions. If it is not, it is not ranked low on trustworthiness and credibility.
The importance of trust in the Forex market can never be overstated. All forex traders, irrespective of their experience and expertise, are looking for a dependable and credible forex broker. Hence, a broker whose brand or app is not ranked high on the trust scale loses its credibility.
(2) The trading platform must give a hassle-free trading experience to its clients. A trading platform should be able to meet clients’ demands across different devices like desktop, mobile, Andriod, iOS, etc.
(3) Educational and Research Content be designed for professional and amateur traders. Any forex trading app that doesn’t keep both types of traders at its centre is not too dependable. The app must be comprehensive in all categories. Besides the availability of excellent educational and research content, the app must also be easy to navigate. Poor navigation will render great services useless.
(4) Trading Tools An app that offers a plethora of practical trading tools rich with features and user-friendly is given a high rating.
It wasn’t easy to rank different mobile trading apps. Many apps had unique features but didn’t fit our best apps’ criteria. To be objective and impartial in our research, we decided on a simple formula: we will download the apps on our own devices and see how we feel about using these apps. Putting ourselves in the customers’ shoes made our task of judging different apps relatively easier. We hope our finding resonates with your demands and expectations.
Brokers who offer the best mobile trading apps.
Our team spent a long time studying and understanding the FXTM forex trading mobile app and concluded it is the best of all apps. Credibility – how much trust we can repose in an app – was one factor that played on our minds continuously. Trustworthiness is the most important factor when choosing a financial management system.
FXTM’s forex trading mobile app came out on top with flying colours. It is tightly regulated by some of the top-notch regulatory authorities worldwide and is used by traders in more than 180 countries. In our course of the research, we found FXTM’s app to be a reliable platform for currency trading. What makes this app interesting is its inclusivity of traders who are just beginning or learning to trade in the forex market. In short, FXTM’s app is designed not only for experienced traders but also for a layperson just beginning to trade. Let us bring this home to you through an example: FXTM’s app offers different leverage to different types of traders. FXTM’s app offers flexible leverage, which increases traders’ possibilities of earning to experienced and knowledgeable traders. Different leverage to different types of traders increases the appeal of FXTM’s app. At the time of publishing this blog, a trader is free to operate with both fixed and variable spreads.
User-friendliness is another factor that tilts the balance in favour of FXTM’s app.
Creating an account on its app is very easy. You are required to upload your verification document, and your account opening process is done! When you execute a trade, the company processes your withdrawal request within a few minutes. There are no hiccups in using the software either. FXTM’s app gives you an excellent experience across all segments.
FXTM’s app also offers a range of educational content for traders with different sets of needs. Professional traders have access to all the research materials and in-house produced complex analyses. At the same time, beginners are kept up-to-date through daily news analysis and simple video tutorials that cut through the jargon and decode the financial register for the uninitiated.
FXTM’s forex trading app is accessible on various devices like Windows, Mac, iOS, Android, etc.
(2) Second best Forex Trading app is the Bloomberg app.
A host of mobile applications are available for iPhone and Android. To access these applications, a trader must have a subscription to Bloomberg services. The great thing about the Bloomberg forex trading app is its comprehensive services. Even a basic Bloomberg app takes care of traders’ needs and requirements. If a client’s requirement is real-time access to the market news, the Bloomberg app is the best place. This app provides global economic news as it unfolds, and market price data is analyzed in detail. The Bloomberg app’s menu is customizable and gives traders many freedom and choices. Bloomberg TV can be watched live on this app for free.
(3) At number three is Trade Interceptor.
It is a popular trading app available on iPhone and Android. This app offers comprehensive options to traders and is very user-friendly. The app is designed for both beginners as well as experienced traders.
The options available on the Trade Interceptor app include freedom to trade currency pairs, commodity features, and binary options.
Analysis and technical trading tools are available on this app in abundance: more than a hundred technical chart indicators can be had on this app.
Live access to price quotes and price charts are available. Up-to-date prices of bitcoins to are available.
Trader Interceptor app gives traders agency over their trade. Traders can set alerts for price levels and news releases that give them a thorough idea of the market before engaging in trade. Market News is available in real-time. This app is set apart from the rest because it allows traders to engage in simulated trading using empirical price data.
(4) At Number 4 is Saxo Bank .
Saxo Trader GoMobile App and MetaTrader Apps offer their clients a hassle-free, effective, and efficient trading experience. Creating an account on SaxoBank’s app is easier and can be done in minutes by following detailed step-by-step instructions on its website.
One of the most popular and trusted apps used by forex traders is NetDania Stock and Forex Trader. This app is popular because of its user-friendliness, versatility, efficiency, and easy navigation. The app is great with educational and research content and keeps traders up-to-the-minute on the evolving situation of the market. Interbank rates and access to real-time price quotes on stock and commodities are available on this app.
The app also offers live streaming charts and keeps its clients abreast of relevant current affairs. Traders have the freedom to customize the menu to suit their personal needs. The app is available on Andriod and iPhones.
(5) EToro is at number five. .
If we talk about security, options in trading provided by eToro, use of cutting-edge technology to make users’ experience seamless, eToro practically has no challenger. eToro, by dint of its experience and singular passion of making trading an exquisite experience, has emerged as one of the best brokers globally. Also, security that traders get with eToro is unparalleled, if not unprecedented. Its regulation by the best of regulatory bodies gives it an aura of respectability among its peers.
Another factor that swings the opinion in favor of eToro is its ability to offer 1 pip on the ER/USD, which is a little above than the industry average. If we look at its trading fees, one thing becomes amply clear: retail traders don’t go to eToro for its spreads. They, retail traders, choose eToro for its unique social trading platform capabilities.
eToro offers four levels for its Popular Investors program. eToro offers its Popular Investor program only to traders who allow other investors to make use of their strategy. The four levels of its Popular Investor program ranges from Cadet to Elite and this makes traders eligible for various types of perks. An investor needs a minimum balance of $1,000 in his account equity, earn $500 in customer assets that uses your strategy, and maintain risk score below 7 for a minimum of a couple of months to qualify for the Cadet tier. There are numerous benefits available to Popular Investors. Discount on spreads, monthly payments are few among many benefits that accrue to Popular Investors. Furthermore, eToro charges just 0.1% for converting from crypto to crypto. If your main focus is on trading cryptocurrencies, then eToroX platform charges even lower price. But you must bear in mind that eToroX platform doesn’t offer CFD trading or the range of markets that could be found on the primary eToro platform.
(6) Interactive Traders
Traders associated with Interactive traders are charged nominal trading fees. When it comes to products, Interactive Traders offer a wide range of products to choose from. Furthermore, this online broker also brings to its traders some of the ebst research tools available in the financial market. Their customer service is also above par and gives priority to customers over everything else. Interactive Traders have created very engaging platforms that traders can use without any guidance at all.
Trading with Interactive Traders is safe and secure as it is well regulated. When it comes to keeping its traders informed about dynamics of market, Interactive Traders depend on their own in-house researchers for producing highly engaging and informative educational content.
We have ranked Interactive Traders sixth in the list of best online forex brokers mainly because of
(1) wide range of products on offer
(2) high standard of research tools
(3) its low trading fees.
XM has secured for itself a top place among forex service providers in recent times. We are listing it on seventh position in our list of best online forex brokers. There are several reasons for including XM brokers in our list. Some of the reasons that made us think of XM as one of the best online forex brokers are: (1) It offers excellent customer care service that is responsive to queries and issues (2) XM offers low-entry bar, hassle-free exit, and cost-effective account maintenance to its traders. These factors make XM a very attractive destination for new as well as experienced forex traders.
XM also has an excellent web and mobile trading platform that further enriches users’ experience. Technology has been leveraged till its hilt to give traders a unique experience. XM also provides apt and up-to-date educational tools to give traders a 360 degree view of the market as it unfolds. When we compare the entire process of trading on XM with other brokers, one thing that makes XM stand out from the rest is its efficient account management and freedom given to traders to enter and exit without any inconvenience. Taking all the factors mentioned above, we strongly recommend this broker to new and experienced traders alike.
When it comes to safety, XM is one of the best brokers. Traders lose their money at a very high rate in the forex market. The reasons for losing money while trading with a broker could be innumerable: lack of proper guidance, bad quality signals, or downright forgery. XM online broker has top-notch regulators and all trading through this broker is transparent. This makes it a very safe online broker. When it comes to guidance, its top-class educational content keeps its traders abreast of market news and helps them in understanding the technicality of market trade.
FXCM was rated as one of the top ten online forex brokers by our team of researchers. There are many strengths of FXCM that one doesn’t easily find anywhere else. It is no small achievement for an online forex broker to score 96 on a scale of 99 in a Trust Score.
FXCM has demonstrated time and again its intention to be on the top of its game. One can guess its safety protocols from the fact that it has three tier-1 regulators and an equal number of tier-2 regulators authorizing its entire business. The wide range of products on offer is also something which is unique about FXCM. No other online broker provides products keeping in mind different needs and desire of investors. Usually, in forex market you get what is offered by brokers. But no such constraint is there with FXCM. They offer different products to different investors affiliated to its different branches. Another benefit of associating oneself with FXCM is that here one gets discount if (s)he is an active trader. Active Trader Rebate Program has five levels: in tier-1 a trader can get a discount of $5 against every million traded. Intier-5 a trader will get a rebate of as much as 25 for every million traded. Another good thing about FXCM is its reliable and feature-rich mobile experience.
There are very few forex brokers who have designed their website or apps that are mobile friendly. FXCM is one of the few brokers who ensure users have a hassle-free experience even if they are using mobile for trading. Though FXCM is not offering the MetaTrader5 (MT5) platform, it atones for its lapse by enabling trade though third-party algorithmic trading platforms.
XTB occupies ninth position on our list of best online forex brokers.
The primary reason behind ranking XTB in the top ten list is low risk associated with it. XTB has scored 95 out of 99 in Trust Score and is also a publicly traded company. It is authorized to carry its operations by one tier-1 regulator, three tier-2 regulators, and also one tier-3 regulator. Some of the best names in the regulatory world , like Financial Conduct Authority, provide license to XTB for its online brokerage.
The products offered by XTB are of wide range, which gives traders a lot of option to choose from. Strength of XTB is that it doesn’t charge its trader anything for maintaining their account and minimum deposit requirement also stands at zilch. XTB is trader friendly and has launched many mobile apps to make trading less cumbersome.
How Do We Test
We used a robust scientific methodology to rank different forex trading apps. There were five parameters on which we judged different apps available in the market.
(1) The forex market is decentralized, and an uninitiated trader may get swindled out of his life savings if they are not vigilant enough. Trust was the most significant factor for us. An app which lacks credibility is not worth paying attention to.
But how do you measure something intangible and abstract like trust? We decided that the most accurate way to measure the immeasurable was to look at how many experienced traders were using it. If the answer was affirmative, we checked if its use among experienced traders was evenly distributed worldwide. If the answer to the second question was also positive, we rated it high on the trust scale. Another criterion to judge a trader’s trustworthiness is to check if top-notch tier-1 regulatory bodies authorize it or not. An authorised broker is highly trustworthy if he or she is authorized by at least 3 tier-1 and an equal number of tier-2 jurisdictions. If it is not, it is not ranked low on trustworthiness and credibility.
The importance of trust in the Forex market cannot be overstated. All forex traders, irrespective of their experience and expertise, are looking for a dependable and credible forex broker. Hence, a broker whose brand or app is not ranked high on the trust scale loses its credibility.
(2) The trading platform must offer a hassle-free trading experience to its clients. A trading platform should be able to meet clients’ demands across different devices like desktop, mobile, Android, iOS, etc.
(3) Educational and Research Content be designed for professional and amateur traders. Any forex trading app that doesn’t keep both types of traders at its centre is not reliable. The app must be comprehensive in all categories. Besides the availability of excellent educational and research content, the app must also be easy to navigate. Poor navigation will render these services useless.
(4) Trading Tools An app that offers a plethora of practical trading tools rich with features and user-friendly is given a high rating.
It wasn’t easy to rank different mobile trading apps. Many apps had unique features but didn’t fit our selection of apps’ criteria. To be objective and impartial in our research, we decided on a simple formula: we will download the apps on our own devices and see how we feel about using these apps. It was relatively easier for us to judge the most popular forex trading apps when we put ourselves in the shoes of the customers. This is because we tried to place ourselves in their shoes. We hope our findings resonate with your demands and expectations.