Table of contents:
Surely you have ever heard of trading in the Forex market, although in reality many people do not know what this is. If you already know this, skip the introduction and go directly to where it says the best applications to trade in Forex On the contrary, if you are one of those who does not have I have no idea what it is, stay and see the complete explanation and educate yourself a bit, it's not bad at all.
What is Forex and what is trading?
Forex trading is not easy, and you have to understand that it is not an easy or fast way to get we alth. Yes, it is true that there are people who make gold with Forex, but they do not do it overnight as some believe. The Forex (Foreign Exchange) is the foreign exchange market, a world market where these are traded Each currency has a conversion rate that we will call the exchange rate .
This market is one of the most liquid, where more than 5 trillion dollars move every day and it is open 24 hours a day, not counting weekends week Now let's talk about trading, what is it and what does it mean? Trading Forex means exchanging currencies (to sum it up easily) using the exchange rates in our favor. Something like buying cheap coins and then selling them more expensive (since the value of these varies, just like stocks).
What is done when trading is to speculate on the prices of currencies (professional or amateur) obtaining a great benefit, or many losses. It is one of the most active, but also one of the most dangerous as there is so much money and people involved. You usually operate with euros, pounds, dollars, yen and Swiss francs, although they are not the only currencies with which you can operate but they are the most used.
Let's give an example of how it works:
Imagine that today the euro costs 1.10 dollars. Well, a trader would analyze the market and think that this value will increase in the next 24 hours. He will open a buy trade today and wait for it to be worth $1,109 tomorrow to close the order and sell, earning about 50 pips. The profit will depend on the volume of money with which it is operated.
This may seem very simple but you can lose a lot of money if you don't have experience in it.Keep in mind that there are commissions, conditions, risks and more. It is not up to us to give you Forex classes, but in this way you will understand what it is and how it works. Let's go now with the best applications to trade from your mobile
The 7 Best Forex Trading Apps
If you want to trade from your mobile, in the following list we show you the best applications to carry it out and we tell you the most important things about them.
Trading App IQ Option, one of the best trading apps
One of the best applications to operate in Forex is the app of IQ Option It is a broker specialized in binary operations, options digital and also CFDs. It is one of the best made and it shows very good graphics as well as functions.The app allows you to trade over 550 assets including currencies, stocks, indices, commodities and more.
Inside you will find up-to-date news, negative balance protection, automatic closing orders and much more. The reason to use this broker is that their minimum deposit is very low (10 dollars), in addition to having a free option to practice. It has been awarded many prizes. We can find it available both through its web version and in the App Store for iOS and in Google Play for Android.
eToro, the most social and popular trading
You've probably heard of eToro more than once. Perhaps it is because of the large number of advertisements that can be seen on the Internet and on TV. eToro is another one of those brokers that allows you to open a free account to tradeThe problem with eToro is that it's not really free at all. Despite this, it is still a great option to operate both in the foreign exchange market and in cryptocurrency trading such as Bitcoin, Etherum, XRP, etc.
One of the advantages of eToro is that it allows you to create a large investment portfolio and access a lot of information about the sector. It also features a Demo account for risk-free trading and a social feature where you can copy other traders. It is a perfect place to chat with other traders and get information. But make no mistake, eToro is a good trader and also stands out for its privacy, allowing you to use a public or private profile.
eToro is a zero commission broker, who will not make money from buying or selling but from other things. You can find it both in web version and available for Android and iPhone/iPad. Its great advantage is the ease of use, that is the main reason why people use eToro.
The xStation app, the XTB broker
Another of the well-known brokers for trading currencies is XTB. This one has an app that is xMobile and it allows us to invest in Forex, CFD stocks, futures, indices and also trade raw materials Those who use this client can use the mobile version MT5 platform to monitor your account and make use of its tools. And users of the MT4 platform will be able to access the account, manage their capital and use its features.
It is a tool that offers many tools to trade through your mobile or tablet and is very useful. It should be noted about this app that it also has news and even a version for smartwatch Here you can get it on Google Play and the App Store.
Libertex, a Premium broker on your mobile
Another well-known Premium broker, especially for sponsoring some soccer clubs this season, is Libertex. It is a very useful application to do trading with CFDs (you will have seen that we have talked a lot about CFDs, and we want to explain what they are: they are contracts with the broker, where in reality what you do is a contract with him and you do not operate directly in the market, but they are contracts for difference).
It is also a useful app for trading in the Forex market and trading cryptocurrencies, stocks, raw materials, etc. It is a very simple and useful broker, which quickly and efficiently manages all the available capital. The application has won numerous awards. Distinguish its app for tablets and mobiles, download the one you need on your device by searching the Google Play and App Stores.If you are looking for Libertex you will find it.
Plus500, a classic among investors that also allows you to trade Forex
We have already talked about Plus500 when we recommended the best applications for investing in the stock market and we are talking about it again because it is one of the most completeand known worldwide. In fact, it is the most used CFD trading platform in the world and also one of the best valued for several things.
Allows you to trade both with a free demo account and with real money on many different products. You can trade Forex, buy commodities, invest in stocks and much more. Actually Plus500 is already known by the vast majority of investors and very useful if you are starting out in this world. It has a version for PC, for Android devices and also for iOS (compatible with iPhone and iPad).
Markets.com, a famous broker that also allows you to practice
And if Plus500 is well known, Markets is also one of those that is known to practically everyone. It is a very famous broker that also allows you to trade with real money and with a demo mode that will allow you to risk without losing money from your account. Markets has more than 1 million members worldwide but is not as complete as Plus500. You will find here more than 2200 assets among which are the currencies, stocks, commodities, indices and cryptos
Despite this, Markets allows you to trade Forex in a very easy way (as long as you have the necessary knowledge to trade). It is very useful for trading CFDs. Here is the link to access the Android and iPhone/iPad version.Remember that it can also be used without downloading anything with its online version
Admiral Markets and its MT4 and MT5 apps, well known in the world of Forex
To finish off, we will talk about Admiral Markets, a broker that integrates the MT4 and MT5 tools. It is very famous and cannot be missing from a list that talks about the best mobile trading applications. The vast majority of PC brokers offer these tools but not in terms of mobile. That is why, thanks to Admiral Markets, you will be able to use the MT4 and MT5 apps on your mobile and if you are a regular at Forex you will surely know what they are for and how to use them. use.
The Admiral Markets application is available for Android phones and also for iPhone. Among its advantages we can highlight the access using the fingerprint reader, a chat with integrated support and its ability to access the Forex market, operate with CFDs, negotiable instruments and also futures.We must also remember that it has an option to trade in automatic mode and that it has news and market data for free.
And these are, without a doubt, the best clients to trade Forex from your mobile. Take all the time you need to choose your broker well There are many fake ones and it is best to choose one of the ones we recommend on the list so as not to get scared. And, although it was not our intention to give you a Forex lesson, we would like to share some important tips for this market.
Some useful tips for Forex trading
To trade Forex you will have to create your own strategy and learn step by step, without getting carried away by emotions. Trading creates constant stress and that will not benefit you. Try to control your instincts and practice a lot to become a good master (the free tools and accounts offered by some of these brokers are very helpful).
Keep in mind that in Forex, without taking risk, it is impossible to succeed. You will need to arm yourself with patience and knowledge (with continuous training) to progress in this world. Taking breaks will be vital to ensure your mental stability and use trends to your advantage, and not blindly. Control the spreads well and look for the most advantageous ones for you, that is where you should study very well which broker you will use.
Use stop-loss wisely and don't get carried away by greed, which could make you take on a lot of unnecessary risk. And remember, educate yourself a lot and learn to carry out studies on this market before operating, always with money that you can afford to lose (just like if you are betting on soccer). And if Forex is not your thing and you want to start with something more basic, here are the best applications to learn how to trade in the stock market.
