As forex traders will know, the market has a sneaky habit of making a major shift the minute you step away from your screen. This makes it difficult to prise yourself away, even if you have a robot working on your behalf. However, one of the beauties of smartphones is that they offer the capability to follow what`s going on even when you are out and about, so you don`t have to sacrifice your life to the gods of forex.
While iPhones undoubtedly offer great access, the operating system for cell phones with the most apps for forex traders is Android. When trading apps were first released, they were rather basic, but the latest versions are mini versions of the full platforms. The best news of all is that they are nearly all free to download.
In all likelihood, the features that most traders will be looking for on a forex app are probably different from what is top of their list for their main platform. In depth charting and analysis is not as much use on a smartphone and is not likely to be used when you are on the go. Features such as live pricing streaming, access and updates on your account and open positions and the ability to open or close trades are going to be far more useful.
The smartphone app for the popular broker, eToro offers all of the above as well as their innovative Openbook function. This enables traders to identity what other positions are being taken by others registered on the system and can be copied on to your own account with just one tap.
For users with an account with Forex.com, the Android app has been described as a real winner by those that have tried it. With some charting facilities such as candlestick and bar and line, as well as a forex economic calendar, it also incorporates a whole host of technical indicators including pivot points and Fibonacci. With a fully functional platform, this app includes more or less everything you can think of. The only negative comment is that there might be a lot of features that will never be used on the move.
For investors looking for a multi-broker Android app, the Trade Interceptor might be worth considering. Freely available, the app allows forex traders to follow the market and offers real time quotes and prices. However, the downside is that it is not possible to trade using the app, so is really only good for those who want to keep abreast of what`s happening.
If you aren`t too concerned about being able to place trades on your smartphone, aCurrency might be worth a look. This app allows traders to track different currencies and includes historical exchange rates for 160 different currencies. With a widget for the homescreen (always a nice touch!), inversion charts and automatic exchange rate updates as well as offline access, there`s plenty there to keep you going until you get back to your PC.
There are so many different forex apps on the market that it would be impossible to compile a definitive list of the best ones. This is particularly true given that traders will want their forex apps to be able to provide different functions. Some will want to be able to trade on the go and some will just be interested in live price feeds, whereas others will be hoping to keep up to date with forex news. Whatever your priority, there`s a forex app that will help you use your Android smartphone to its fullest.
