Mobile Forex trading is something we've been discussing a lot lately, as Forex brokers and market analysts are trying their hand at developing apps that will revolutionize the Forex world...or at the very least, to simplify the process on some level. But while most Forex brokers have come up with an app or two, FXCM is showing its aggressive side by launching multiple Forex trading apps at once and combining them into an FXCM App Store.
The apps range in price from free services such as the "?Trade with Friends" app which allows traders to share their moves with others and the "?B-Bands Range Trader," a mobile EA which makes moves based on Bollinger Band indicators, to the "?Historical Data Downloader", a $499 app which offers a dizzying array of data for 50 of the top currency pairs.
Among the other apps offered by FXCM are:
- Linear weighted MA-Cross (Free)
- EMA Cross (Free)
- Breakout2 ($25) – An EA based on theories of when price will break out from a support or resistance level
- Hot off the Press ($99) – Sends traders alerts about their own account activity as things change
- 24-hour trend indicator ($99)
At this point these mobile Forex apps are available to FXCM traders only, and some may be used on demo accounts, though clearly they are designed to enhance live trading. Traders can also contact FXCM to customize apps that will meet their specific trading needs, which is a feature that seems to be entirely new in the world of mobile Forex apps. It is unclear how long it takes to get the requested app customized, and users are encouraged to request a free quote to see how much it will cost to have their app custom built.
Finally, it should be noted that the FXCM app store categorizes their products into 3 categories – MT4 apps, standalone apps and Trading Desk apps. Our biggest complaint about the presentation of the app store is that it did not address openly which types of mobile devices are required for app integration. Still, the breadth of offerings was undeniably impressive and we have every reason to believe that the apps will work for most smartphones.
New to the world of mobile trading? Check out the DailyForex News & Analysis Android app to see how convenient it can be to get market updates directly to your phone!