Forex, or the Foreign Exchange Market, is the global market whereby currencies are bought and sold. Decentralized and one of the most liquid markets in the world, forex is now more readily accessible to the average investor than ever before due in part to the rise in use of mobile technology. As a beginner forex trader, you’ll want news, charts, market simulators and resources at your fingertips, and there’s no shortage of forex apps out there to choose from that will help you hone your skills before investing real money in the market.
What Is Forex?
Also known as FX, forex is an international market where currencies are exchanged and is vital to conducting global commerce and business. The FX market is traded OTC, or over-the-counter, which means currencies are traded electronically, thus alleviating the need for a central exchange. The decentralized nature and sheer volume traded on the foreign currency exchange daily makes forex an attractive investment option for many traders.
Currencies are traded in pairs, meaning when one currency is bought, the other currency in the pair is simultaneously sold. According to market studies conducted by financial content marketing agency, Contentworks, forex has a daily trading volume 53 times more than the New York Stock Exchange, 12 times larger than futures trading market and 27 times more than the equities market. Although forex is one of the largest markets in the world, more than 85 percent of market trades occur on only seven major pairs: EUR/USD, GBP/USD, NZD/USD, USD/JPY, USD/CHF, AUD/USD and USD/CAD.
In April 2019, global currency trading markets reached a record-breaking $6.6 trillion in daily trading, up from 2016 figures of $5.1 trillion, reported Reuters, providing ample opportunity for investors to get in on the action and diversify their portfolios. Because the market is open for trading 24 hours a day, for five and a half days a week, the landscape of trading is constantly changing, making it even more essential to have the most up to date news and pricing.
FXStreet Mobile News App
When trading forex, having access to timely news is vital. Enter FXStreet Mobile App. The FXStreet Mobile App provides 24-hour forex news, expert analysis and ways to customize the app to best suit your trading needs. The FXStreet Mobile App is free to use, available for both Android and Apple iOS and also gives traders access to important economic calendar news and releases to help traders anticipate the market and plan their next moves.
Go Forex App
Go Forex is an app and trading simulator for forex beginners. Available in 15 languages on both Android and Apple iOS, Go Forex helps new traders learn the fundamentals. This app features lessons that you complete along with quizzes to ensure you master the material and concepts before moving on. With this app, you can gain experience in trading while learning the fundamentals. The app is free and there are no ads or sign up to use Go Forex.
NetDania Stock and Forex Trader
NetDania is a popular app with forex traders that provides live interbank rates, real-time quotes, streaming charts plus market news from FXWirePro and Market News International. Traders can set alerts for specific currency pairs and also customize the app to suit their needs and trading styles. NetDania is available for both Apple iOS and Android phone, is free to use and offers a lot in the way of charting capabilities.
The Trading Game
Using a forex trading simulator is a good way to get a feel for the market and making trades without risking real capital. The Trading Game app touts itself as a “fun all-in-one game and trading simulator for learning Stock & forex trading fundamentals, used by hundreds of thousands of people worldwide.” It features a free Trading School complete with quizzes to test your skills and recreates a live trading environment. Traders can practice with 11 of the most popular currencies and the app is available for both Apple iOS and Android.
Read More: How to Make Money in Foreign Exchange
- Reuters: Global Daily FX Trading at Record $6.6 Trillion as London Extends Lead
- XE Currency Converter - Live Rates
- Contentworks: Social Media for Forex- A 2019 Guide
- Go Forex: Forex Trading for Beginners
- FXStreet: Mobile App
- NetDania: Forex, Stocks, News, Futures & CFD's
- Trading Game: Forex, Bitcoin and Stock Market Game
- Nasdaq. "Forex Market Overview." Accessed Aug. 18, 2020.
- Library of Congress. "The Foreign Exchange Market." Accessed Aug. 18, 2020.
- U.S. Securities and Exchange Commission, Office of Investor Education and Advocacy. "Investor Bulletin: Foreign Currency Exchange (Forex) Trading For Individual Investors." Accessed Aug. 18, 2020.
- U.S. Securities and Exchange Commission. "Foreign Currency Exchange (Forex) Trading For Individual Investors." Accessed Aug. 18, 2020.
Tara Thomas is a Los Angeles-based writer and avid world traveler. Her articles appear in various online publications, including Sapling, PocketSense, Zacks, Livestrong, Modern Mom and SF Gate. Thomas has a Bachelor of Science in marine biology from California State University, Long Beach and spent 10 years as a mortgage consultant.