Forex Trading Apps: How to get started in just 20 seconds
The best Forex trading apps are those which are easy to set up, require minimal effort to use, and provide all of the information you need to make sure that you enjoy trading success.
Forex trading is experiencing a revival as more people are empowered with the information that makes it possible for them to join the investment world.
What exactly is Forex Trading?
It is a global market which any investors (and anyone else for that matter) can access and instantly begin to exchange one form of currency for another.
The most common example of currency trading happens at airports. When travelling from one country to another, upon arrival at a specific little counter at the airport travellers can swop their currency for the currency of the country they are now visiting.
Forex trading, while similar, is a lot different. Instead of swopping your money out, you are selling one currency in exchange for another, with the aim of making a profit. Basically, with Forex, you are making money using the exchange rates. So in essence you will be trading money.
Forex, which is referred to as FX and is the abbreviation of Foreign Market Exchange, is a completely legitimate form of trading and it forms the biggest financial market on the planet. To put it into perspective, the Forex market outperforms the New York Stock Exchange by making upwards of $5 Trillion every day!
The strange thing is that although the Forex market is so much bigger than any other exchange, not everyone has heard about it.
How do you get into Forex trading?
On the surface it might seem a lot more complicated than it really is. Forex trading is in many ways the Holy Grail for investors, especially those who are only just stumbling across it. Why? Because it is almost guaranteed to bring in a profit. And unlike other trading which can see an investment take a few years to turn out a profit, Forex can have you making money from word go.
But as with all trading, it’s best to be realistic about what you hope to achieve and to know as much as you possibly can before you jump headlong into a new venture.
The most successful traders, operating in all parts of the investment world, are those who take the time to learn the important ins and outs, read all the tutorials and tips, and of course, have the right tools.
When compared to other styles of trading, Forex is considered one of the easier types to get into. Placing the trade is, for want of a better word, simple. And if you already have stock market knowledge and experience, your journey into this world will be that much simpler.
Basically, as mentioned above, the goal of Forex trading is to exchange one currency for the other, in the presumption that the exchange rate (the price) will change in favour of your trade and result in you making money.
The exchange rate is based on the value of one currency as it is compared with another. If you are an avid news follower, you’ve probably often heard how the currency is valued from one day to the next. For example, in the morning, a currency can be trading strong but following a simple, misguided political speech, the value of the currency can drop within hours, as trader confidence subsides.
Forex traders pay close attention to the market trends and they spend time observing which currency is consistently performing well, before they place a trade. It really is simple, and it can be done from your phone, using a forex trading app.
How to start trading Forex in 20 seconds
It sounds like click bait. You’ve probably read articles with headings like this before. But while other articles are just for the clicks, this one is not. You really can start trading Forex in just 20 seconds, if you have the right app.
These days, although the financial world can seem mightily complicated, technology has greatly changed the way traders do their, well, trade!
Trading apps have become all the rage these days as they are so easy to use. They are reliable and they can provide all of the information you could possibly need in order to make a successful decision.
The apps can be divided into several categories ranging from those that provide the best financial news, and trading alerts, to those which provide practice opportunities and basic learning programmes. These apps are designed to work on Android and iOS devices.
The type of app you choose will depend greatly on the type of experience you are looking for. With a well-chosen app, you can manage your investments, your budget and handle your Forex trading. Naturally, there are apps which focus primarily on Forex and these will provide you with data to analyse currencies, allow you to place orders of trade and enable you to gain access to helpful data.
And what takes the app to the next level is that you can do this at any time of the day or night and the data you will get is curated and presented in real time.
With the app, traders can basically trade from anywhere they feel like it and what’s more is that it will take less than 20 seconds to download.
Apps can be downloaded from the Google Play Store (for Android) or the App Store (for Apple Devices). These apps can be used on Smartphone devices or on tablets, so you can stay mobile.
Most apps are free to download and free to use, with the user just needing to fill in their details. But the app is simply a tool so you will have to either create a trading account or link your existing profile, to gain access to the information that will affect your trading.