Trading is one of the most popular forms of investments. Many entrepreneurs and/or businessmen are always looking to put their money into companies/products/services that they consider to have a huge potential to become big. The higher the success of the company will be, the bigger the profit for investors will become.
One of the most popular types of investments is forex. Forex stands for foreign exchange and this type of investments include the process of changing one currency into another and making a profit. An interesting fact about forex trading is that the daily forex trading volume in 2019 was averaging $5.1 trillion daily, which is a massive sum.
The forex trading market is where all the magic of trading currencies and making a profit happens. Lately, this type of trading has been conducted through the use of forex trading apps. We decided to take a look at some of the best forex trading apps and name some of their biggest features. But, first, let’s see what are the advantages of using forex phone apps to trade with currency.
The Advantages of Using Forex Phone Apps
Several great advantages come into play when traders decide to use mobile apps. By having a touch of technology, you can make this process much easier, and that is exactly what forex trading apps can provide you with.
First of all, trading apps can provide you with an easy way to access the market. You can check out the latest developments and act if needed, regardless of the time and place. These apps will also notify you when a new chance to invest is available, which means that you don’t have to stay and watch the market 24/7. You can mind other businesses and let the app do the hard work for you.
Next up, forex trading apps will provide you with unique features which will make the overall experience much better. The apps have trend indicators and oscillators which are designed to help the trader initiate trades without having to analyze big charts and spend hours in the process of research. Traders also get more opportunities as forex trading apps are working nonstop.
We are going to name the 3 best apps of this character, but the full list of the best forex apps contains 5 brands, so you can check it out at any time. All of them are reviewed with huge attention to detail and can help you make an educated decision. Now, let’s check out our top contenders.
Coming at number 3, we have a forex app that is known for low minimum deposits. Capital is an app that specializes in forex and CFDs. By using this app, you can even invest in cryptocurrencies. As you may know, cryptocurrencies have had a massive surge in popularity recently with one of them reaching historical value. Bitcoin has been on the road to success in the past year. In February, this cryptocurrency managed to write history as it crossed over $50,000 in value.
Some of the advantages of using Capital as a forex app the low minimum deposit, excellent charting and analysis interface, an AI assistant that identifies your weaknesses, and this is an educational app for new traders.
Libertex comes in at number 2 is Libertex, a rather unusual app that has a unique feature. This forex app is known for not charging any spreads. Instead, Libertex operates on a commission-based pricing model, which is very low in most cases. Not only that, but Libertex has a very simple interface, which makes the app easy to use. The main focus of Libertex is forex trading, but you can also trade stocks, ETFs, indicates and commodities, and cryptocurrencies.
As for the pros of this app, some of those that deserve a mention are the low commission fees, Libertex supports MT4 and PayPal, and the minimum deposit is fairly low compared to other apps.
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Lastly, the number 1 overall trading app on our list is eToro. This app is the most cost-effective solution for all investors. The spreads are extremely competitive and you can buy, sell, and trade currency pairs without paying any commission. The mobile app is available for both Android and iOS users and has tons of great features, it is simple to use, and provides traders with a seamless experience.
Some of the pros that come with using eToro are the fact that the app is user-friendly, accepts PayPal, traders can deposit funds with credit and debit cards, e-wallets, or bank accounts, and you can trade forex without tight spreads.