10 Important Features of Forex & Crypto Trading Apps
Forex & Crypto Trading Apps
Most forex and crypto trading apps have a lot in common. Getting familiar with these features will help you maximize the use of your trading app for more profitable trades. If you’re just starting out with forex or crypto, you should begin by learning the trading basics.
There are tons of resources online to guide you on your trading journey, including how-to guides by various forex brokers and crypto exchanges. It’s advisable to work with the educational resources offered by the trading platform of your choice. In this article, we’ll show you what to look for in a trading app, why it’s important, and how to apply the information.
- Trading charts
There are several different types of charts available for you to track the price movements of financial assets. Line charts and candlestick charts are the most popular ones, and they’re both available in forex and crypto apps. On a chart you can see the visual representation of the price of currency pairs or crypto coins over time. What you need to look out for before making an entry into the market are the support and resistance levels.
- Charts indicators
Chart indicators are tools on a trading chart that help you make accurate price predictions. These indicators are common to both forex and crypto apps. There are over 20 technical indicators, and not all apps offer a wide variety of them. Ensure your trading app has the most important ones, which include the stochastics, relative strength index (RSI), moving average convergence divergence (MACD), on-balance volume (OBV), and Bollinger Bands.
- Trading bots
As technology advances, so does the art and science of trading. Trading bots are gradually becoming popular for both forex and crypto trading. But how profitable are they? That depends on the type of bot you use and how you set the automation values. Your bot can trade for you, but you need to be very skilled in trading to set it up the right way.
- Variety of financial assets
You will be exposed to a variety of available currencies or crypto coins to trade, depending on the trading app you use. For example, Oanda trading platform offers over 70. Essentially, forex and crypto trading apps offer a different range of financial assets.
- Commissions
When you use a trading platform to trade, you’ll be required to pay a certain fee for your transaction. For forex, these fees are known as brokerage fees, while for crypto, they’re simply called transaction fees. You should be aware that different brokers and crypto exchanges charge different fees for their services. Some offer zero fees for trading certain assets, while others offer discounts.
- Leverage
Forex and cryptocurrency trading apps have different maximum leverages for trading. On some forex platforms you’re allowed leverage of up to 1:3000, but the maximum leverage offered by a few crypto apps is 200x. If you prefer trading with high leverage, look out for apps with these leverages as their upper limit.
- Market types
The best forex app enables traders to explore spot, forward, future, option, and swap markets. And the ideal crypto trading app enables users to trade cryptocurrency on spot, futures, and options markets. In addition, innovative crypto trading apps have an NFT marketplace. If you love diversity and like to trade different markets, an app that combines the various types will be ideal for you.
- Educational tools
Navigating trading apps and setting up good trades can be tricky if you’re a newbie. As a measure to help you learn how to use a trading app, most brokers or exchanges offer a “learn” section, where you’ll find guides and blog posts on key trading topics. Some apps also feature community sections where traders share useful information and insights about trading.
- Security
Security is the most crucial aspect of trading online. Forex and crypto trading apps have in-built security features to ensure you’re protected from all kinds of threats. These features include password protection, KYC registration, and safety software integrations into apps and websites.
Recently, due to the rise of phishing apps and websites, some forex brokers and crypto exchanges have come up with a security code. This code is usually a four-digit code that you set and that is known only by you. This code is displayed when you are on the right site or app and are about to make a transaction.
- Wallet
You can deposit funds into your forex account using cards, e-wallets, and bank transfers. The same goes for funding your crypto wallet. But for crypto, there are more options. For example, you can use a peer-to-peer exchange to buy your crypto coins. Plus there are different types of wallets where you can store your cryptocurrency, including exchange wallets, decentralized wallets, and hardware wallets. All of these wallet types have their unique advantages, and you should use the one that suits you best.
In summary
When you’re evaluating a forex or crypto trading app, you should get to know the way the trading charts are displayed. If the user interface doesn’t appeal to you, it could make trading unenjoyable. Next, be sure to check out the chart indicators present and the leverage limit allowed.
If you like the idea of trading with bots, find out if that’s available and check out the fees on withdrawals, deposits, and trading. Knowing the range of financial assets available is also key.
More importantly, ensure you have security measures in place and follow safety rules to the letter. Better safe than sorry! Finally, take advantage of the educational tools and resources available to sharpen your trading skills.
