Best Forex Brokers with Android Trading Apps

History of Android ForexTradingg

As time goes by, traders are finding ways to find their trades efficient and convenient: note that this was as early as the 1700s. The Forex market has earned itself full-time and committed traders. Up to the 1980s, only the wealthy corporations privileged with technological equipment and know-how were able to make the most out of the trade. Thanks to technological advancement and the ease of accessibility, today, dedicated traders have been able to find a way through their busy schedule: Mobile Trading. It all started in the 1990s whereby the internet gained a safe landing in the technological world. One thing led to the other, and it was when doors opened for retail traders. The first ever online trader was established in 1991, which opened doors for more online Forex dealers, hence mobile trading. Mobile trading has been made possible by Android-powered trading apps that have seen the growth of the market. What are the requirements for Android Forex trading? All you will be needed to have is a rather low starting capital that is mostly below $50, and an Android-powered device such as a tablet or a smartphone: not forgetting a stable and secure internet connection.

Advantages of Android trading apps

If you are considering or already have joined Forex trading, it would be a perfect choice for you to choose Android apps for Forex trading. What is in for you, will be a question that will probably cross your mind. There are more benefits to mobile trading than you can think about. An in-depth insight into the following benefits will further motivate you into pursuing mobile trading.

1. Efficiency

One of the benefits of using mobile or Android trading apps is the efficiency that comes with it. The trade becomes comfortable as the apps are easy to navigate and go about. It increases the effectiveness of managing your assets and also allows you to handle multiple trade accounts at a go.

2. Security

No one will interfere with your transactions and funds. How so? The TheAndroidd Forex trading apps come with an encrypted firewall that guarantees 100 percent protection. Remember that the devices are mobile and personal. You can rest assured that you have total control over who gets to access the app.

3. Remote access

Does your business also entail a lot of traveling? Well, Android trading apps are the perfect option for you. As earlier mentioned, the Forex market operates 24 hours, which means you have to be in constant touch with what is going on. The mobility ofAndroidd trading apps allow you to trade from wherever you are without having to compromise everything. Which also makes it possible for you to make the most out of FX.

4. Improves success rate

This is tied to the fact that you can mobile trading is very accessible. Remember that to make it in the Forex market; you have to take advantage of the prime time. The convenience of accessing your data any time you wish. This means that you will be able to grab most of the opportunities that will present themselves hence a significant increase in your rate of success.

5. You will be updated

In the Forex market, being updated is an asset. Since you will be able to conveniently access your platform from anywhere and at any given time, your likelihood of coming across news and information regarding FX will increase. Such information is valuable to your account as you will use it to better your trade and performance.

6. Variety

The beauty of the Android trading apps is that most come with up to 20 languages, which allows you to trade with people from different locations. There is no better way to spread your wings in the FX market than using Android trading apps.

Disadvantages of Android trading apps

In as much as Android trading apps have their share of perks, it also has their setbacks.

1. Unstable connection

You need to have a very reliable internet connection for your mobile trade to be active and efficient. However, one of the disadvantages of using Android apps is that most of the devices get an intermittent connection. Especially if you are on the move, like in an elevator, you will get disconnected in the middle of a significant transaction. This could cause your account significant losses.

2. Limitation of Expert Advisors

Most of all trading automation tools are only available for computers: which is quite unfortunate. Using Android trading apps could mean missing out on automated processes, and you will have to stick to manual trading which could be somewhat tedious.

3. Additional costs

Yes, you may have installed wireless networks at your place of work or home. But since you might have to use it on the go, you might as well incur additional costs that come with purchasing various data plans for your device to get connected.

4. Inferior execution time

Why can the performance be halfway up the mountain at times? It is for this particular reason that most of the apps are usually derived from the ones being used on personal computers: which means that they may not be responsive to your Android smartphone or tablet. In such cases, you will find that the performance of your account on your PC is exemplary but particularly poor on your phone.

5. Overtrading

Accessibility to your mobile device also has its downside. The chances of getting compelled to do more and more trading are high. The feeling of needing to be in the market is rational and human. However, over-trading only exposes you to more risk as a trader: not every time things will work in your favor.  

Best Android apps for Forex trading

1. NetDania Forex and Stocks

NetDania is the best Forex trading Android app as it comes with a free demo account packaged with multiple brokers. The beauty of it is that you do not need any programming know-how for you to be able to create study alerts for the app. Additionally, the app allows you to transact with over 20000 financial instruments on top of more than 2000 currency pairs and 10,000 stocks in real-time. Also, the app equips you with an events calendar that signals you of any important indicators which also come in the news from more than 100 countries.

2. TradeInterceptor Forex Trading

TradeInterceptor Forex Trading is not just another trading app. Why? The app is capable of streaming charts and quotes of over 60 currencies, Gold, Silver, Oil, and indices. Also, it gives you access to real-time FX news that covers the European, Asia,n and American trading hours, not forgetting economic calendars that give you alerts on data releases and events. It is only through TradeInterceptor Forex Trading that you will benefit from over 80 pattern recognition, technical analysis indicators, and 40 graphical tools. Another feature that this app boasts is trading reports.

3. MetaTrader 5

MetaTrader 5 is probably the most responsive mobile app in the Forex market. It has a user-friendly interface that allows you to zoom and scroll on real-time charts enhancing your trade experience. The app also gives you a detailed trading history and real-time quotes for financial instruments. Since MetaTrader can also work with PCs, the app allows you to sync with your desktop and supports push notifications from the platform. The TheAndroidd app also does not limit you when it comes to analytical tools: it offers you 24 analytical objects such as geometric shapes, lines, and channels to mention a few.

4. ForexTrader for Android

The good thing about the app is that it gives you the choice of trading with over 50 currency pairs and also spot silver and gold. You will also comfortably place different order types and access line charts, candlesticks,s, or bars that come with technical indicators, time frames, historical data, and over 35 drawing tools. To stay ahead of the game, ForexTrader streams essential headlines from ForexInsider and Reuters for updated market analysis and commentary. You will also be able to monitor economic data through an economic calendar that comes with the app. Additionally, the app gives you reporting features and management tools that will make your experience exemplary.

5. Bloomberg professional

Last but not least is BloombergProfessionall. What does the app have in store for you? Well, as the world is going mobile, you will not be left behind as you will be able to send and receive messages as you move. Also, it has an Instant feature that allows you to stay connected with your contacts at any given time. You get to benefit from full news and alerts coming from various sources and also being able to monitor events, market data, and quotes to mention a few. Its user-friendly interface will allow you to get detailed information about a given company in a very organized document.

Brokers onAndroidd trading platforms

1. ETX Capital

ETX Capital is an award-winning trading broker that provides CFDs, spread betting, and retail Forex trading services. It is also a member of the London Stock Exchange and regulated by the Financial Conduct Authority. ETX will allow you to trade on more than 60 currency pairs and on three different platforms that are equipped with advanced charting tools. If you are new to the trade, this would be the best broker for you as will get educated about the ways of FX at no extra costs through seminars and webinars. Finally, you can count on ETX to keep you updated on the latest technical analysis and Forex news.

2. XM

Do you want a broker that is under stringent international regulations? Well, XM must be the best broker for you. XM is regulated by FCA, ASIC, IFSC, and CySEC. The broker boasts clients from over 196 countries and has staff speaking over 30 languages to ensure that no trader is sidelined. XM offers a variety of trading instruments such as CFDs and Forex, more so on commodities, stock indices, metals, commodities, and energies to mention a few: which is what makes trading with XM efficient. The interface of XM trading platforms is designed in such a way that they give the trader the best experience through easy navigation and non-complex procedures. Transparency is guaranteed, and trading with XM will leave you feeling that your assets are secure. The broker upholds value regarding customer service and support, and you should expect nothing less than quality.

3. Plus500

For an FCA-regulated trading platform, you will benefit from advanced trading tools and no commissions charged. Also, if you have still not found your way around FX trading, you can get a free demo account which you will use to master your ways without risking your assets. Plus500 works with low spreads which means that it will cost you less to trade and allows you to trade with a maximum leverage of 1:300. Plus500 is winning because it allows traders to react fast to market changes by providing them with real-time live-streaming quotes. Plus500 will allow you to make the most out of trade shares, indices, Forex, options, commodities, and ETFs.