Due to its massive volatility and lucrative profit-earning potential, forex trading has always been a point of attraction for traders all across the globe. As an average estimate, the forex market undergoes a daily trading turnover of more than 7.7 trillion US dollars, making it one of the most liquid markets in the world. Although people have been trading currencies for ages, the advent of technology seems to have revolutionized how traders approach it over the past few years. Traders no longer use their computers to place trades. Instead, most of the online trading is done via forex trading apps. However, you may not necessarily find every trading app to suit your trading needs. This piece will cover the five most important features that you must have in a forex trading app.
1) User Interface
The design of a forex trading app holds crucial significance for its success or failure. Essentially, a forex trading app with a user-friendly trading interface is likely to be preferred by traders over those apps that are difficult to navigate. Further, it should have all the basic and advanced trading tools available, such as MarketWatch, charting, and analysis tools. The market watch lets you view available tradeable assets and list your favourite trading instruments. Similarly, chart analysis tools help traders identify market trends and make informed trading decisions. On the other hand, one-click trading becomes highly effective in position management.
Moreover, the option for layout customization offers traders more flexibility to configure the mobile trading app to suit their trading needs and preferences. Lastly, mobile trading apps with two-step authentication offer greater security. Ensure that your forex trading app has the latest security protocols so you can rest assured of the safety of your funds.
2) Real-Time Market Data
Traders need real-time price quotes, news feeds, and charts to make informed trading decisions. Therefore, a forex trading app should provide you with access to the live prices of the underlying tradable assets. Moreover, you should be able to access historical data for technical or fundamental analysis. Obviously, you can better identify potential entry or exit points using analytical techniques.
3) Order Execution
It is one of the most crucial features you would want in your mobile trading app at any cost. Most trading apps come with basic order execution functionalities such as market orders or limit orders. However, some trading apps support more advanced order execution, such as Limit-if-Touched (LIT), One-Cancels-The-Other (OCO), etc. You may also want to know the real-time status of your orders. Therefore, your trading app should have the option to allow you to view order status updates.
4) Risk Management Tools
To be able to trade the market successfully, you do not only need to spot profitable trading opportunities but also know how to use different risk management tools. A good forex trading app comes with both basic and pro-level risk management tools, such as TPs and SLs, risk/reward calculators, and margin monitoring tools. While Stop Loss and Take Profits allow clients to set a predetermined level to have their positions closed automatically, margin monitoring tools help them prevent margin calls or liquidation issues. On the other hand, the risk/reward ratio allows traders to figure out the appropriate size of trades before execution.
5) Notifications
Navigating the market with the power of your palm indeed fascinates you, but all goes in vain if you cannot make trading decisions in time. Notification alert is another essential feature of mobile trading apps that keep clients abreast of market insights and developments. Therefore, your selected mobile trading app should have the feature to set price alerts, news notifications, and order status updates. That’s how you are likely to take advantage of every trading opportunity. Further, notifications help you manage your positions well before releasing major economic news.
Conclusion
Whether you are a newbie or an experienced professional, selecting the right forex trading app is crucial. Therefore, you must list the essential features you think are most necessary and check if the above-listed features make up the list. Remember, a good forex trading app increases the odds of your success and enhances your trading exposure. So, when selecting a forex trading app, always compare different trading apps and choose the one that fits your trading needs.