Smartphones are becoming increasingly popular and many people are using only their mobile phones for their day-to-day activities. For the new generation, smartphones almost replaced desktop and laptop computers. They provide all features and functions and are very compact and comfortable to have in your pocket. Just like all other activities, trading can be conducted on smartphones as well. For this, there are numerous trading platform apps available for free on app stores. In this article, we will describe the five best of them.
Top mobile app – Tradingview
While live trading options are limited at this point, the app has an inbuilt paper trading feature similar to a demo account. It is free to download and offers the same features as desktop and website versions. This is a huge advantage because it grants users the ability to use all their indicators and analysis tools like on a desktop. Custom indicators are available, and traders can see other traders’ market analyses in the ideas tab. To quickly analyze markets on the go, Tradingview is a must-have app on your smartphone or tablet. Not only that, the Tradingview app is the best companion because it has a dark mode and advanced features to fully customize it to your needs. There is a reason why it has a 4.9 rating on Google Play. You can just run the app, conduct technical analysis, and then make decisions as you would on a desktop.
Like MT4, MT5 is also the newer trading platform from the same company, MetaQuotes. It is a very good trading app also with all functions similar to MT4 and even more. While this article is only about mobile trading apps, readers could check this guide to see detailed comparisons between MT4, MT5, and cTrader desktop variants. With its design, the MT5 app is a bit better than MT4. MT5, just like the desktop version, has a one-click trading feature which is a very quality of life bonus. Depending on your device, you can switch between tablet and smartphone experiences. This provides a slight edge to see more information comfortably on the tablet. It is also free to download from the Google store and a demo account is created right away automatically, this will help traders try new strategies and test the trading platforms before trying anything new. Testing how the platform works on smartphones to understand its capabilities and limits before real trading is a nice addition to the app.
cTrader is also a very old trading platform, just like MT4 and MT5 it offers advanced trading features and technical analysis tools. Where cTrader excels is opening a new order. It offers so many features and is very intuitive to use. Just click on the new order and the menu will guide you to open the order exactly as you wanted. It has a copy trading feature as well. Although it is not a good practice for beginner traders to copy successful traders’ trades, this feature is useful for investors or people who don’t have enough time for trading and just want to make their money work for them. Additionally, cTrader offers market sentiment analysis and autochartist signals, which is a cool feature. To see what the market is doing in general before jumping in is always a good idea. The market sentiment feature is great, but it shouldn’t be used alone for trading decisions as with all other indicators, it takes a combination of fundamental and technical analysis to make sense of market behavior and possible direction.
MetaTrader’s most iconic and popular trading platform has a smartphone app with limited functionality. It enables trading and comes with numerous inbuilt indicators. For traders who have already analyzed markets and want to trade on the go, the app functions similarly to its desktop counterpart. Trade management, stop loss, and take profit. Everything is possible here. One big limiting factor together with no custom indicators and Expert Advisors or EAs is no availability of dark mode and no options to remove that annoying grid. Other than these, MT4 mobile app is a good trading app on the go. The app can switch to tablet mode as well, which slightly changes the trading experience to adapt to bigger screens. Screen size for trading is very crucial. There is the minimum amount of candles a trader has to see on the chart to conduct a sound technical analysis. Tablet mode will enable traders to see more candles, thereby improving the accuracy of their analysis. Another great feature of MT4 is that just tap anywhere on the chart and the popup round menu will appear which can help to switch between different timeframes, use various inbuilt figures like rectangles, etc., and indicators.
Now, this one is a fascinating app as it offers order flow and replay functionality. It will require some paid subscription to fully use these functions, as opposed to all the above apps, which are free and offer a demo account. It is a bit slower compared to other apps too, but not a big deal. For its functionality, it could be a great addition to your app collection to use on the go. It will require you to register before you can use its features. After registration, you can open the desired asset’s chart and tap on the Book tab from the menu. Now you will be able to see the order book, which will help in making better trading decisions.