Forex mobile trading has gained momentum. This is a new tendency and the era of trading on desktop platforms is gradually becoming less popular. It is not a surprising fact, because the possibility to have everything in your hand and trade from anywhere without the need to carry your laptop is a fantastic thing. Forex.com, one of the best brokers in the financial industry, has also paid quite a lot of attention to this segment and created its own mobile app.
Forex.com is a fully regulated and licensed entity having obtained the latter from theCayman Islands Monetary Authority. All services provided by the broker are legit, as well as the app, which is free to download. With the offered mobile app, conducting trading becomes easier. You get access to lightning-speed executions of trades, complete account management, and information about various events. In short, the app will benefit both rookie and veteran traders. Let’s explore more about the characteristics of the platform.
What Does Forex.com Mobile App Look Like?
As soon as you enter the store to download the mobile app of Forex.com you will get the first impression of its visual appearance. It will immediately grab your attention. The colors are chosen properly, the user experience is at its best and all features are added accordingly. There is a logical connection between them and inside the mobile app, you won’t really notice non-essential details. It should be pointed out that developers have paid a lot of attention to its visual side, which makes the trading experience even better. While the app mostly orients on experienced traders, the simplicity will be helpful for novice traders as well.
With the app, you can seize the markets from every part of the world. There are over 80 currency pairs, gold, and silver for trading. At the same time, if you want to spot opportunities, a detailed market screen will make everything easier. In every way, the app is easy to use. There are no major bugs that will disrupt your trading. To get smooth performance, it is recommended to have the latest version of the app and mobile device.
Forex.com Mobile Trading Features
Forex.com’s mobile platform has numerous features. The first advantage is the advanced charting tool provided by TradingView, as well as real-time financial news and intelligent trade tools. Within the app, you can use 60+ technical indicators, 14 chart types and access a wide range of simple and advanced order types. Furthermore, you can tailor and customize your FX working space to your needs and preferences. The support is also embedded. As soon as you download the app you get complete control over your account and the majority of tools that you will see on your personal computer are provided within the app too.
Available Leverage
Leverage is a tool that helps you to open larger positions that would not be possible with standard balance. For example, if you have $250 on your account, with 1:500 leverage you can open a position of $50,000. However, leverage at the same time carries risks and you need to be careful when dealing with such a high amount.
On Forex.com you will get a 2% margin (1:50 leverage). Such leverage applies to major pairs, while the other ones range between 3% and 5%. If you are a novice trader, using large leverage could result in losses.
Spreads
Depending on the choice of a Forex.com account spreads could vary. There are 3 types of accounts: Standard, Commissions, and STP Pro. Each of these accounts has different requirements and conditions. When it comes to spreads Standard accounts have variable ones with no commission that start from 1.0 pip. This applies to EUR/USD pairs. On the Commissions account, you get low variable spreads + $5 per 100K. They start from 0.2. STP Pro account is more oriented toward high-volume traders. Commissions start at $60 per million and the rate of the spread here is 0.1.
Pros & Cons of Forex.com Mobile App
Forex.com mobile app has been created in a very creative way and carries a lot of advantages. However, like every other tool in Forex trading, there are certain disadvantages as well that we should mention. Even though there are not too many of them, still they need to be reviewed. Let’s have a look at the pros and cons of the app.
Pros
Obviously, there are a lot of advantages when it comes to using the Forex.com mobile app. First of all, you get access to various trading instruments, tools, and different order types. Funding withdrawals, reporting tools, and other resources are fully provided within the platform.
News Alerts
When it comes to Forex trading, market movements and price changes determine your financial success and profits. Inside the app, you will be able to customize your financial overview, get price alerts on any market you choose. The latest financial news from Reuters will also be provided as well as a full economic calendar.
Customer Support
Customer support is a key element of every Forex broker, though not every app has this feature embedded. Forex.com is an exception. When you download the app and install it on your device you will be able to contact the support group in case of complications and issues. The support is available 24 hours a day 5 times a week.
Market Analysis
A group of FX trading experts will provide you with market analysis, which in the future will be helpful for you to get more experience. Trading support and educational material are always beneficial for newly-established traders who seek to earn money by Forex trading. Within the app, everything is provided.
Cons
While the mobile app indeed has numerous advantages over traditional trading, there are a few cons that we should emphasize. First of all the app is not supported on Windows phones. Also, the only instrument you can trade in Forex and other trading instruments are not available.
