In a day full of hustle and bustle, everyone in this world is demanding more easy and intelligent technology for every aspect of life with passing days. Mobile applications play a vital role in our life whether it is socializing, entertainment or financial support. Forex traders also prefer an easy way of trading without any lack of features.
Best Brokers with Mobile Trading App
Not everyone in this world is perfect. Some loopholes are present in everything and they are filled by something else of the same trait. When it comes to Brokers with mobile trading platforms/applications, we can also name some of the best brokers with platforms having different key features. Here are 10 best brokers with mobile trading platforms.
- XM
- HotForex
- IQ Option
- AvaTrade
- OctaFX
- Olymp Trade
- FXTM
- Alpari
- eToro
- ExpertOption
XM App
XM app developed in 2009 and is regulated by ASIC, CySEC and IFSC. It comes with zero commission on all trades. It supports MT4 and MT5 trading platforms with compatibility of android and IOS operating systems. It also provides daily interactive trading rooms for beginner traders to polish their skills. XM app does not support ECN accounts. It provides you with a minimum deposit limit of $5 and provides excellent customer support with fast withdrawals.
HotForex
HotForex was developed in 2010 and is regulated by CySEC, DFSA, FCA, FSA-SC and FSCA. It comes with commission free trading accounts. It supports MT4 and MT5 trading platforms with compatibility of android and IOS operating systems. It also provides lot of MetaTrader tools and indicators. It is also user friendly and easy to understand for newbies.
HotForex also comes with Islamic trading account, which mainly targets the people of Pakistan wanting to trade following Islamic rules and regulations.
IQ option
IQ option is considered the best trading application for beginner traders providing margin trading and user-friendly interface. It also comes with lot educational stuff including videos to build better strategies.
AvaTrade
It is an award winning CFD and Forex broker. In 2020 this company had more than 200,000 clients with over 2 million transactions per month.
AvaTrade offers you a sum of $100,000 for the initial fund of your demo account. When it comes to trading platforms, it also provides you a variety to select from depending upon your operating system including android and IOS. AvaTrade also comes with Islamic trading account for trading with Islamic rules and regulations.
OCTAFX App
Founded in 2011 and regulated by CySEC, OctaFX is one of the most popular and vigorously growing brokers among the Pakistani people. It comes with MT4 and MT5 trading platforms with a wide range of trading accounts. It also supports copy trading, bonus promotions and provides various research tools for analyzing and developing new strategies.
Olymp Trade
Olymp Trade, founded in 2014 and regulated by CySEC, comes with an extensive asset coverage and a minimum deposit limit of $10. It is bound to follow the European regulations and supports MT4 and MT5 trading platforms.
FXTM App
FXTM app. developed in 2011 and regulated by CySEC, FCA and FSC, offers both ECN and standard accounts. It also provides a wide range of education training services. It also supports MT4 and MT5 trading platforms.
Alpari App
Alpari comes with a variety of trading accounts with some offering commission free trading. With Alpari you can also use its copy trading program. It also supports ECN and standard accounts. Minimum deposit of $5 it comes with 0.1 pips on currencies and zero pips on the ECN accounts.
Etoro App
Considered as the overall best copy-trading broker, it also gives you an innovative trading platform. It also supports cTrader and platforms for android and IOS also. It also provides the ability to earn a 2% management fee as an investor trader. Etoro comes with a minimum initial deposit of $200.
ExpertOption
It provides the best overall forex trading experience. It comes with extensive assets coverage and is regulated by European regulation. It does not offer MetaTrader and cTrader platforms while it offers other platforms for android and IOS operating systems.
What makes a mobile app great?
When it comes to mobile applications there are more factors involved related to the success of the application. Here are some of the key factors that make a mobile app great.
Light in Installation
Some users are offended by the large data storage required by the mobile applications and prefer a mobile application consuming less storage and also consuming less data while downloading and installing the application.
User Friendly
While developing and designing the mobile application the main factor kept in mind is the user-friendly interface of the application. When it comes to forex trading applications, newbies are mostly concerned about the interface of the application. They are not familiar with the complex trading features that is why they prefer a user- friendly application.
Speed
In the era of advanced technology users prefer applications with fast screen loading and navigation. Not even you will like that you have clicked a button and screen is kept on loading to move to new screen. Keep it quick and simple.
Security
Assume you are using a mobile application for forex trading and some hacker has hacked your account and now has all of the account details. You will be frustrated, here comes the security factor. Mobile applications are properly secure for logging into account through multi factor authentication (MFA).
Availability 24/7
When it comes to mobile application and especially forex trading mobile application must be available 24/7 for customer use. Mobile trading features are mostly used for trading anywhere and anytime so the availability of applications must be efficient and risk of crashing must be minimum.
Mobile deposits and Withdrawals
In the scenario of forex, trading customers prefer those applications which have almost all of the features that are necessary including mobile deposit and withdrawals. Mobile banking is common these days so users prefer trading applications with this facility also.
There are variety of application in market that also support social trading and you see the reviews of the application in positive as they have more features in them.
Pros and Cons of Mobile Trading
Everything in this world has pros and cons that help us to understand whether it is in our profit or not. Here we will discuss some for mobile trading.
Pros of Mobile trading
Pros of the trading software will help you to find authentic and accurate software for stave trading.
- No Prerequisites required – most important is that through mobile trading you have not long forms to open a trading account.
- Market Access – you will have access to the market anytime anywhere with just one click through your trading account logged in a mobile trading platform.
- Limited Transaction cost – In past days you had to pay fees to make the transactions possible but today with this mobile trading you can perform a transaction without having an intermediary or giving a small commission fee of like 3%.
- Liquidity – mobile trading increases liquidity and with increase in liquidity, you can have access to the market every time, this allows a trader to buy and sell his instruments upon a given opportunity.
- Leverages – Seeing the benefits of mobile trading, many companies have offered starting leverages like giving an entry $50 or so to start with.
Cons of Mobile trading
Where there are pros of anything there are also the cons.
- Misinformation – Fake news are spread over the internet and ads are given. You must take precaution to avoid the frauds of fake ads and brokerage companies.
- Hacking – Hacking and theft of account data is most risky among mobile trading applications. You must secure your mobile trading. The main thing here is your trading account. Make sure to keep the login and password of your trading account safe.
- Potential for Catastrophic Financial Losses
- Leverage Can Lead to Massive Debts