Forex trading is among the many industries that are evolving as technology advances. Before the computer age, automated trading was just a dream. The growth and maturation of the internet helped to catapult the industry into unprecedented realms. Today, traders can place trades on the go through the smartphones in their palms.
Mobile trading became possible with the proliferation of smartphone apps. For once, traders do not have to endure long hours in front of computers to follow activities in the forex market. Of course, this also means that traders can perform complex charting activities from mobile phone apps.
What are mobile forex charting platforms?
It took computer-based platforms a long time before they could provide traders with excellent charting platforms. In particular, trading software like MetaTrader 4 enabled traders and forex expert advisors to leverage charts to refine their trading strategies. Further, there are more advanced web-based platforms like TradingView that offer a wide range of forex charting tools. However, mobile-based platforms started with a bang because the technology was already existent. But what are these mobile forex charting platform?
Mobile forex charting platforms are just the trading platforms that have charting capabilities. Notably, brokers that offer mobile trading apps have ensured that the apps have advanced charting tools for the traders’ benefit. Notably, many forex brokers have modeled their mobile version of MetaTrader after the MetaTrader 5, which offers more functionalities than the MT4. In addition to the MetaTrader app, charting apps like TradingView and Investing.com have advanced charting capabilities.
Nonetheless, you should know a few things before choosing the mobile app that suits you.
Choose a good smartphone
Like any other mobile app, trading apps need good smartphones or tablets for optimum functioning. For example, the smartphone needs to have sufficient screen size for the app’s interface to fit appropriately. It will avoid the situation where some features of the UI disappear. Also, the smartphone needs the recommended computing power to be able to support the app without experiencing problems. This way, the trader will be able to complete his/her activities without glitches. Besides, high computing power is necessary if you want to use FX expert advisors.
Log in details
For you to use the mobile-based platform, you need the same information as those used on the PC. Therefore, you need to remember the details for use on mobile apps. However, you might need a new account on non-trading apps that have charting capabilities. For example, you may not trade directly from the TradingView app, but you may use it for technical analysis. If you did not have an account there already, you might need to open a new account. However, if you are using MT4 or MT5, all you need are the details you use to access the desktop or laptop version of the same platform.
Best mobile forex charting platforms
1The MetaTrader app
MetaTrader remains the most convenient forex charting app, whether you are using a forex robot or trading manually. The beauty of MetaTrader is that you can connect your broker easily and trade even as you analyze the charts. For smartphones and tablets, users have the choice of downloading and using either MT4 or MT5. However, the MT5 is most appropriate because of the excellent UI. Also, MT5 has a one-click trading function that makes trading easier and faster.
Unlike other mobile forex charting platforms, the MT5 requires that you create an account on the MQL5 Community platform. It enables you to access resources like forex EA as well as access to advanced forex charting tools. Notably, the MQL5 Community has a collection of both traders and developers who share a lot of knowledge that is significant, especially to newbies. The community platform has a chat function where you can speak to fellow traders, and you can ask them questions and get instant answers.
Investing.com is a powerful app that is more than just a charting tool. The app contains real-time data on all forex products that exist in the industry. It is because the app does not enable users to trade directly and, therefore, it is not tied down like a broker-linked app as MetaTrader would. In addition to real-time market data for all currencies, the app provides up to the second market news. Therefore, you can quickly capitalize on the news to open or close positions and earn profits.
TradingView has a huge collection of charting tools, and that is why it is popular with experienced traders. With this app, you can perform advanced technical analysis to ensure that your trading strategy is effective. Besides, this app is ideal for traders who would want to try automated forex trading on mobile devices. Although the app does not link directly with brokers, it provides an excellent analysis platform. The insights can then be applied in the app that allows trades.