How Does a Forex Trading App Actually Work?

forex_news_5It is easier than ever to trade forex these days. Thanks to the huge growth in smartphone use and improved access to financial news and data, taking up forex trading is becoming a popular pastime and, for some people, career path. With that growth, there are a few forex trading apps that allow people to do their business instantly.

One forex trading app is LCG Trader, the flagship desktop and mobile trading platform from LCG. It is available from the App Store and Google Play Store as well as on desktop computers. This app has a number of features such as live news feeds to keep even the most inexperienced trader up to date.

Choice of Markets

As you might expect from such an app, you are able to choose from dozens of currency pairs. Aside from the most recognisable ones – US Dollar, Euro, Yen and Pound – some lesser-known currencies such as the strengthening Thailand Baht are also available. For each currency, live and historical data can be accessed in an instant, both before and during a trade.

One feature that will be encouraging for any quick-thinking traders is that they can trade directly from a currency graph. If, for example, they want to go long on the Dollar against the Euro after the Dollar goes up, they can do so whenever they look at the relevant graph and see a movement they like.

To action a trade directly from a graph, all users need to do is take a position, starting a trade straight away. This feature is particularly useful for both of its’ smartphone apps.

Monitoring Trades

A key component of this app is the monitoring software. Pulling in data for no fewer than 50 currencies, it charts even the tiniest movement every few seconds. This data contributes to a feature of the app, which allows traders to take a look at how each single trade is performing. From there, traders can react instantly, choosing to end trades when happy with the outcome.

As is expected, a live news feed is available to contribute to any decisions made before and during a trade. This feed pulls in major news stories concerning all things forex. These include interest rate announcements and economic outlooks, both of which have a major influence on the value of currencies.

Despite having so many numbers behind it, this app is pretty simple and user-friendly. On top of that, it’s easy to deposit money in just a few clicks.

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