Forex has an average daily trading volume of $5 trillion as traders from all over the world swap global currencies. The forex market is larger than all of the world’s stock markets put together and there is a huge amount of money that can be made through trading with it.
The money-making potential is why the number of forex traders is on the rise. According to a 2016 Investment Trends survey, the number of traders in the United States has risen for the first time since 2012. Many are seeing how lucrative the market is but, in order to trade on the foreign exchange, you’ll need a high-quality platform or app that allows you to do so.
Saxo Capital Markets
One of the leading forex trading apps is the platform from Saxo Capital Markets. Saxo’s platform boasts more than 9,000 CFD (contracts for difference) options including stocks, ETFs (exchange-traded funds), commodities, and even government bonds. It also includes a news feed, live charts with more than 50 technical indicators, and drawing and annotation tools. Trading always comes with a risk but this should help you make some educated guesses. Moreover, Saxo’s platforms are available on both iOS and MacOS, allowing you to trade on the go or at your desktop at home.
Next on the list are the FxPro trading platforms. There are three to choose from: either cTrade, which is designed for FX trading and trading CFDs on spot gold and silver, or the MetaTrader 4 and 5 platforms, which are designed for currency trading and for managing multiple accounts at once. It’s worth noting that FxPro has won some awards for its trading platforms. These include the Best Forex Trading Platform at the Investors Chronicle and Financial Times Investment Awards and the Best Trading Platform at the Forex Awards. Most importantly to you, though, is that its platforms are available on Mac and iOS.
Another award-winning forex trading platform comes from XTB. In 2018, the Wealth & Finance International Awards voted it the highest rated FX & CFD broker. The platform is highly revered in part because of the many currencies it offers; this even includes emerging cryptocurrencies such as Bitcoin, LiteCoin, and Ripple. There’s also the FXTM iOS app, which has turned a few heads thanks to features such as its customizable interface, its trader’s calculator, and its charts trading and market order depth.
With a forex trading platform selected, the road to becoming a bonafide forex trade is just beginning. According to TheBalance, the next steps are to practice trading FX before you begin trading live, just to get the feel of the market and to set up a demo account which essentially lets you trade on the real market but without incurring real financial losses (or gains). Ideally, you’ll be able to chart your success with this account across a period of approximately three to six months, to ensure you’ve gotten the hang of it. From there, the forex trading market is your oyster!