(How to) How To Find The Best Trading Apps For Forex Trading in 2020-21

skrimon

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This year, online trading is hotter than ever. COVID-19 has transformed many aspects of our daily lives, including finance. As economies around the globe are struggling to recover, consumers discover new sources of income. Trading opens a world of opportunities, as you can turn your knowledge into cash. All you need is a device with internet access!

As Nigeria is so dependent on oil exports, the situation in the country is dire. Despite any stimulus measures, many businesses are closed and laying off staff. Fortunately, you do not have to work for someone to earn a living. You can become your own boss! Online trading is flexible – it can be a part-time or full-time occupation. Now, even your smartphone can become a trading tool.

Why Is It Possible?

Global financial markets are now easily reachable online. Traders use desktop software and mobile apps to buy and sell. Whether it is stocks, currencies, or derivatives that excite you, any instrument is now at your fingertips.

For example, consider the foreign exchange. This is the largest market in the world. Its daily volume reaches 6 trillion US dollars! Currencies are exchanged by institutional and retail traders that all connect online.

This over-the-counter system matches buyers to sellers and allows you to work from any device. Present-day trading is very different from pit trading of the past. You do not have to call a floor broker to open a position. With a reliable brokerage, lucrative trades are a tap away.

Trading via Smartphone

Now, live quotes and multiple charts are in the palm of your hand. Smartphone owners monitor their instruments and manage trades. A special dashboard shows their balance, margin, and results. Account management, deposits, and withdrawals are all accessible through such apps.

These systems facilitate your every step, from initial market analysis to collecting profits. At least, this is what this Forex trading app is capable of. ForexTime is a global brand that invests in cutting-edge solutions.

What Can I Trade?

The range of instruments depends on your provider and type of live account. Some apps are developed especially for brokers, while others are universal. For example, the MetaTrader 5 app is a mobile version of the famous desktop terminal. It is used by many companies around the world. The FXTM mobile trading app provides clients of the broker with 250+ instruments. Thanks to its versatility, it upgrades the trading experience overall. Such international firms allow you to trade:

• Major, Minor, and Exotic currency pairs;

• Spot gold and silver;

• CFDs on commodities;

• CFDs on stocks;

• CFDs on market indices;

• CFDs on cryptocurrencies.

Technical and Fundamental Analysis

Forex traders may use the technical or fundamental approach. Each requires a special set of features. For the former, these are indicators and price charts with adjustable timeframes. Those who focus on fundamentals need newsfeeds and calendars. Powerful trading apps have tools for both schools of research.

Dozens of indicators and customizable charts help you monitor different assets. It is easier to spot entry and exit points for lucrative trades. For instance, MT5 has 24 graphic objects, from lines to Fibonacci. Financial news is also instantly accessible. Reports on consequential events in politics, business, and economics allow traders to foresee trends.

Customizable Price Charts

Different Forex strategies require different timeframes. While swing trades may last for weeks, scalpers focus on momentary movements. With cutting-edge apps, you can examine changes in minute details. They have zone and scrolling options necessary for meticulous analysis.

Other Features

Some apps support algorithmic trading. This means you may add Expert Advisors. These Forex Trading robots can make decisions for you. For example, there are EAs for both versions of the Metatrader app.

Forex robots can work when you are busy or give clues to profitable opportunities. They can be tasked with analysis or trade execution. These assistants may be downloaded for free, purchased, or even rented.

Choosing a Provider

Top trading apps can be found in the App Store and Google Play. However, without a registered brokerage account, they are useless. In Nigeria, these services are rendered by local and international companies. The industry is unregulated, so it is vital to choose a legit middleman.

Global brokerage brands such as are authorized by credible organizations like the FCA in the UK, the FCSA in South Africa, or the CySEC in Cyprus. They comply with industry norms like negative balance protection, protection of clients’ deposits, etc.

Open a demo account first. This will allow you to practice as long as you like with no risks. Once you are ready for the real market action, switch to a live account and start trading! Mobile apps allow you to work on the go, as they deliver all necessary data to your cell phone.
 
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