Forex has become increasingly accessible to people around the world through easy-to-download mobile trading applications. Global investors are discovering new ways to earn passive income by putting their capital at minimum risk for a short while. Forex allows one to buy and sell according to the market trends and one’s own decision through an intermediate i.e. forex brokers. By doing so, they secure an opportunity to profit from their investment. Many Indian forex traders who are smartphone users, prefer to do it via a trading app that supports forex trading. Traders have the option to choose a forex trading app in India from a wide range of options. Let us find out more about forex trading through a mobile app in India.
Characteristics for an ideal mobile trading app
Mobile trading for trading forex is built differently than other trading apps due to various reasons. One such reason is that trading foreign currencies have unique requirements and the rules applied in this case are not similar to trading any other type of financial asset available in the market. The success of one’s mobile forex trading experience depends on:
- The app used for trading
- The currency pairs chosen
- The time and market condition
- The strategy applied for trading
- The level of expertise owned by the trader.
Each of the aforementioned factors can influence the end result of a trading session executed through a forex trading app in India or any other country. As the forex industry owes its popularity and accessibility to the growth of modern technology, so there are several types of forex apps available in the market. Any good app would have the following characteristics for an all-in-one forex trading experience:
Fast deal execution
Mobile trading is mainly preferred so that traders can buy/sell forex currency pairs on the go. It is one of the most basic attributes needed in a capable forex trading app because when you trade forex, timing means everything. Executing orders without delay should be one of the main features of your trading app.
Account management
Managing different trading accounts can be difficult for people who are new to forex trading. Most of the reputed forex brokers offer professional account management tools and features. But if you wish to trade using a mobile application then it must have an option to handle and manage multiple accounts.
Accurate quotes
During forex trading, accurate quotes help traders make their trading-related decisions. The accuracy of forex quotes determines the percentage of profit made at the end of a transaction. Many mobile forex trading apps lack the ability to present users with real-time dynamic quotes that represent even the slightest change in the value of a currency. So, if you are looking to profit from mobile forex trading then you must have accurate quotes.
24/7 customer support
As a forex trading mobile app user, you might run into various problems throughout your usage. To help one understand the situation and find a solution to solve app-related issues, active 24/7 customer support is needed. They are knowledgeable individuals who can help app users troubleshoot their problems in a matter of minutes.
Advanced tools
Forex trading might seem like struggling in the dark if one is not familiar with fundamental and technical analysis. One can easily complete fundamental and technical analysis with the help of these feature tools and get better results while trading forex.
Risk management
Trading forex is a risky business and it requires some experience before one could risk a substantial amount of money while buying/selling foreign currencies. Similarly, forex trading apps in India are rolling out options involving risk management that speculated and then warns an investor before they make any random moves.
Less downtime
As we all know, the foreign currency market is active 24/7 and so are the traders who indulge in trading their preferred currency pairs. Whether you are using a mobile trading app or a desktop-based app, the software must be reliable enough to suffer zero downtime.
Strong security
Without proper security protocols, your forex trading experience could quickly turn into an investors’ nightmare. It is preferable to utilise only a well-made and secure forex trading app that ensures the safety of your funds.
Mobile vs. Desktop trading experience
Following comparison between mobile vs. desktop trading platform experience shows how each of these platforms offers different types of functionalities:
Mobile Apps:
- Mobile apps usually have fewer charting, drawing, and analysis tools.
- Mostly mobile apps are used for placing orders at the right moment and not for active trading.
- These apps are also used for monitoring the portfolio.
Desktop Apps:
- Desktop-based applications are better suited for experienced forex traders.
- Making novice mistakes can be avoided thanks to the bigger computer screen.
- Most Desktop trading platforms include better charting and trading tools as compared to forex trading mobile trading apps.
5 Brokers with reliable trading mobile apps that accept Indian customers
Following are 5 brokers that accept Indian clients and offer a good mobile trading app.
eToro
In terms of security and execution of orders, eToro is the best broker on the list that not only accepts Indian clients but also offers a state-of-the-art trading app. Those who wish to give social trading a try prefer to choose this broker. eToro is available in hundreds of countries with almost 21 major language support.
Features:
- A wide range of forex pairs and CFD choices are available.
- Competitively low spreads that start from 1 pip and go higher.
- An industry-leading copy-trading platform is available via mobile.
- Multiple trading accounts that suit different trading styles.
- Easy to understand UI for newcomers and simple account opening process.
Alpari
Alpari is considered a SEBI-compliant international forex broker so investors are advised to test the accuracy of this belief by visiting the SEBI website. Either way, Alpari is a standard ECN broker which has been in the industry since the year 1998.
Features:
- Offers traders 3 different retail accounts to choose from.
- Variable spreads are available for as low as 0 pips.
- Listed as an offshore brokerage company regulated by SEBI.
- Supports MT4, MT5, Mirror Trader, and various other trading platforms.
- Maximum trading leverage goes up to 1:1000.
Pepperstone
This well-established forex broker utilises the ECN execution model for its 2 trading accounts. Although INR pairs are not available on Pepperstone, Indian forex traders and investors are welcome on this platform to enjoy spreads starting from just 0 pips.
Features:
- 3 different trading platforms including cTrader, MT4, and MT4 available for mobile.
- Regulated by top-tier financial regulators such as ASIC and FCA.
- Multiple deposit methods available without any fees.
- A swap-free trading account is available on request.
- Connectivity with Windows, Mac OS, iOS, and Android devices.
- 28 indicators and expert advisors accessible via Smart Trader Tools.
Visit Pepperstone to know more
Forex.com
Forex.com is an old player in the industry that is recognised for its properly regulated trading platform welcoming investors based in various countries. A minimum deposit of $50 is required to make the most out of the 3 trading accounts offered by forex.com.
Features:
- Clients can fund their accounts using bank wires, credit, and debit cards.
- Authorised for operation by several regulatory agencies like FCA and CFTC.
- Sophisticated trading tools available for users.
- Trade execution on the trading platform is highly competitive
- High-quality educational content and 24/7 support
- A risk-free trading environment is available via a demo account.