The penetration of smartphones is rapidly increasing with every passing day. Although there are several forex trading apps in the market, not all provide similar trading capabilities.
This article highlights the best forex trading apps of 2022 and how to shortlist the apt one for you. However, it is advisable to undertake precautions while trading in the market and not just rely on these apps.
The Top Opted Apps
There are numerous variables that experts such as should be part of your considerations set while deciding on the best forex trade app. The following applications are trending and have a good rating from the forex experts:
- SaxoTraderGO mobile app
- OANDA fxTrade app
- IG Trading app
- FOREX.com mobile
- Next Generation mobile
- City Index mobile
- Thinkorswim app
What Can You Compare?
The following parameters can help you ideate and choose the apt forex platform for your trading.
Regulatory Approvals
It is advisable to check the regulatory approvals for a particular platform that you opt for trading. Having regulatory approval increases the trust quotient of our broker. There are numerous resources available online from government agencies to validate such information.
Checking the Trading Platform
The selection of a trading platform is crucial to your trading joining. According to the experts, numerous researchers point out that proprietary technology is superior to any third-party application. Adaptability and support for all devices should be vital criteria while deciding on the platform.
Checking the Trading Tools
There is a need for evaluation of the market for your trading. The availability of trading tools, research content, and other aids can help you to improve your trading experience and maximize gains.
The Tradable Markets It Support
Depending on your objective, you can check the tradable markets or instruments that a particular application supports. It can include several asset classes depending on your geography and government sanctions. If you want to trade in non-frequent forex pairs or cryptocurrencies, you can check the offerings before onboarding.
Checking via Demo Accounts
A great way to check any particular application is to use their demo account. A demo account gives you access to almost all the features of the platform you shortlist. You gain an insight into the app’s modus operandi.
Forex Risks
Forex markets lure a lot of people. However, there is an inherent risk involved in the market due to the margin-based trading. There are various options to reduce your exposure, but traders often fall prey to higher anticipation of profits. A few markets also have limited regulatory involvement and high volatility.
If you choose to trade in such a market, it is advisable to undertake all the precautionary measures and know about the downside in advance.
Rise of Scams
The spot forex market has a valuation of over $ 6 trillion traded every day, including future contracts and currency options. The large corpus attracts investment bankers, retail traders, and unscrupulous scam stars.
The absence of trade regulation for the spot market, accountability, and a large volume of transactions has led to a rise in forex scams. The CFTC or the Commodity Futures Trading Commission and NFA or National Futures Association have charted several guidelines for retail traders to avoid forex scams.
- The number of scams in the forex market has reduced, but they still exist.
- The wide bid-ask spread quoted by forex brokers is still in practice, and it wipes the chances of profit for retail traders.
- As a retail investor, you can be careful of any unregulated or offshore broker.
- Numerous companies still sell trading robots that do not have any testing certification or clearance.
- You can sense a fishy trade or deal if your forex broker is limiting the number of withdrawals that you can have from your account.
Is There an Official App?
There are no official trading apps or sites that can help a retail investor to trade in the market. It is advisable to keep this aspect in mind while checking any offering on the forex market. The forex market has an ecosystem that includes players like banks, brokers, investment bankers, dealers, retail investors, and regulatory authorities. Each of the players in the ecosystem can offer their trading module to the retail investor.
The Fine Print
Therefore, as you can see, there is an increased need for conducting your due diligence before opting for any app. You can seek expert opinion to identify the most opted app. However, as a retail investor, you should do your homework.
