18th Mar2019

What Are the Best Apps for Forex?

by James Smith

foreign-currency

Forex – or foreign exchange – refers to the global market of currency trading. It’s the world’s most liquid market, with traders all over the world investing in different currencies. The aim? To buy low, sell high and make plenty of profit. Of course, the best way to do so is by continually monitoring market trends. Fortunately, you’re not on your own. As well as all kinds of online advice, there are a wide range of tools available to help you keep the latest news, charts and predictions at your fingertips – and keep track of your Forex activity.

Here are four mobile apps which can help Forex traders succeed:

The Trading Game

Not everyone wants to dive into currency trading head first and put real money on the line. The Trading Game allows you to practice a Forex-environment without risking your money. Get used to the Forex market, charting system and trading times with tips and quizzes along the way. It’s completely free to use and can even be useful for experienced traders who want to polish their skills. Just because money isn’t involved, it doesn’t mean you can’t win. Use your skills to climb your way up the global rankings and become one of the world’s top Trading Game investors.

Fibonacci calculator

Fibonacci levels are used in all kinds of trading, including Forex. Essentially, they are a set of key numbers identified way back in the 13th century, which can be used to analyse technical data such as patterns in currency exchange. The numbers, and the relationships between them, provide indicators for stops and exits for traders across the world, which can be identified using a Fibonacci retracement line on prevailing trends. Both Google Play and the App Store have a Fibonacci calculator, where users can enter two points – typically a major peak and trough. The app will generate Fibonacci retracement values for the trend, which can be used to highlight probable support and resistance levels.

Bloomberg

As you become more familiar with Forex trading, you’ll be able to make your own predictions based on the latest finance news. That’s where Bloomberg’s app comes in. Available on the App Store and Google Play, Bloomberg provides access to the latest news on global business, finances and market data – all from trusted sources. Whether it’s stocks, commodities or currencies, Bloomberg will keep you well informed with expert analysis and insight. You can even set up alerts, so you can rest assured you’re always up-to-date with the very latest developments – and get your Forex trades in before the rush.

Trade Interceptor

According to Tech Radar, the best app for Forex analysis is Trade Interceptor. Available for free on iOS and Android, the app provides advanced analysis for a wide range of currencies and stocks. There are 14 different chart types to choose from, with more than a hundred drawing tools and intelligence indicators. Previously only available on desktop, the app is now hosted in the cloud, so you can access all the analysis tools you need wherever you want, from any device. That includes an economic calendar, alerts for data releases, a risk scanner and even a trading simulator, all of which have been regulated and authorised by the FCA in the UK and ASIC in Australia.
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