Choosing FX trading apps for Android
One thing to consider about FX trading applications is that there is no limit on how many you can install on your device. If you find a top 5 list or a top 3 list, you’re not really restricted from having more.
One thing to consider would be your device storage, but considering the sizes of these apps, it should very rarely be an issue.
With that said, you should not download every single app you see. It is recommended by professionals to look at what the app provides, and make sure that you actually need it. Here’s a list of what’s usually paid attention to when it comes to Forex applications for Android.
- Use cases - does the app have something useful? Or is it very generic?
- Relevancy - The app will be useful no matter how much you know about trading
- Price - if the app is not paid, then it should provide extra value compared to free apps
Usability of the app
The usability of the app is usually its main feature. For example, the Forex Trading Game has a very specific goal. It is designed to teach you how to place trades, what everything is in the market, how to manage risk and what strategies are available. It is designed in a way to make it look like a game, which makes the process of learning to trade easy.
In the case of Yahoo Finance, the main reason why it is considered the best Android app for Forex news is its very streamlined use cases. The app is designed for you to choose what type of news you want to receive. Other functions of the app are more like small perks rather than big features. This makes the goal of the app (helping you keep up with the news) much clearer to see.
The Forex Calendar is a bit different in this case because it is one of the few exceptions. It is a very general app that contains more than one functionality. Things like portfolio tracking, market news, and many other features would classify it as generic, but the way that it is structured helps traders focus on only one feature of the app, therefore still giving it specific use cases.
The main feature of a top Forex Android app is that it is useful for everybody. No matter your skill level it is always going to have some features that you are going to need. This is referred to as relevancy, meaning whether or not you will need to have this app installed when you reach a specific knowledge point in Forex trading.
The main app to be subjected to this question is, of course, the Forex Trading Game. Why? Because it is pretty much designed for beginners as a way to teach them about the basics of the industry, so a professional would not really need it, right? No, the main reason why that trader is a professional is that they always try new things and always refresh their memory on the knowledge they have. This is one of the reasons why the Forex Trading Game is a beloved FX Android app by both beginners and professionals, and why it is one of the most relevant ones.
Yahoo Finance is probably the most relevant app that a trader can have on his or her phone. No matter how much skill you gather in the market, if you are not up to date with industry news, no market sense or experience is going to help to make the right call. Market news is the source of strategies, it is the source of almost every trade which is why both beginners and professionals use Yahoo Finance. Plus it’s not like there are thousands of options to filter the news, but Yahoo Finance provides this feature.
Forex Calendar also shares most of the features with Yahoo Finance. It is also a source of news and insights, but it is also a handy tracking tool. When a trader starts to trade FX on Android they always need to keep an eye on which trades they have open so that planning ahead is easier. This exact same feature applies to professionals as well. In fact, it applies to professionals on a much deeper level. When you’re a beginner, most of the time you’ll have one or two trades open, while professionals tend to have dozens open at the same time, so they need to track it more effectively.
In terms of relevancy, the Forex Calendar app becomes more and more relevant as the trader gains experience.
Price is something that you will very rarely encounter when looking for an FX Android app, especially in the future. However, if people do find out that an app they want has a price, then they usually approach it more responsibly. Since they are paying for it, it needs to be exactly what they want.
With a free app, it’s easy to risk it and just download to see what it’s like. If you don’t like it you can simply delete it and that’s that. With paid apps, more research and information is required. Fortunately, though, none of the three apps we have mentioned here have a cost, they’re all free.