Choosing a reliable trading app is a key component of your future trading success. While there are hundreds of apps to choose from, it’s important that you perform the correct due diligence to find the app that fits your trading needs. One of the best ways to test drive an online trading application is to use a demonstration account which will help you get your feet wet before you risk your capital.
Find the Best Trading App
The trading apps that are available all have different features and you need to find the best trading app for you. Some platforms require that you download the software on to your hard drive. The alternative are browser-based applications. Usually, the downloadable platforms are very sophisticated but not flexible. The biggest drawback is that you need to bring your computer with you if you want to trade using the application. With a browser-based application, you can log on wherever you have internet or Wi-Fi access.
The best trading platforms have a wide variety of features which will allow you to chart and monitor your positions. Most also have customizable interfaces. Many forex and CFD brokers offer an economic calendar and educational material. Additionally, many have back-testing tools that allow you to test your strategy before you risk your capital.
Using a Demo Account
A demonstration account provides you with demo money and allows you to simulate your trading without risking real capital. You can chart positions in real time as well as monitor your risk. Many also have a real time profit and loss module that allow you to practice your trading strategies. Here are some of the best trading apps.
FxPro
This online platform is one of the best trading apps available. The platform is semi-customized using the popular MT4 and MT5. Meta trader andis one of the most popular trading platforms. However, it requires that you download your platform on to your hard drive. FxPro also offers a very sleek mobile platform. Many traders choose Meta-Trader’s white labels because they are familiar with the platform. Brokers like FxPro enhance the platform’s capabilities with several special features.
iFOREX
The iFOREX trading app is brought to you by one of the leaders in the forex industry. The designers of the trading application have more than 20-years of experience and a stellar reputation. The platform is browser based and customized to fit your needs. The platform is available in many languages and is widely considered to be the best trading app in India. They have used their experience to deliver a state-of-the-art platform that has lightning fast execution. In addition, iFOREX offers customers CFD trading in shares, commodities and indices as well as a wide variety of forex pairs. They are one of the few brokers that offer CFDs on ETFS allowing traders to trade specific equity sectors. They also have a robust education section, real-time news and analysis as well as an economic calendar to prepare you for future economic releases.
