Currency Trading Apps run on the basic principle of currency trading i.e. the fluctuations in the values of different currencies with respect to one another. Currency or Foreign exchange market is the largest investment market in the world where currencies of all countries are traded.
The average daily total turnover of this market is more than $2 trillion globally. Yea, you read that right!
Some time ago, it was not a popular thing in India but gradually, it has picked up the pace with small scale investors and even individual investors. Though the currency trading is highly regulated in our country.
Currently, the forex market in India is the 16th largest in the whole world and its average daily turnover increased from $27 billion in 2005-06 to $58 billion recently. For more information, check this detailed review on Currency Trading in India.
In order to do trading in currencies, one needs to open a trading account with a broker that has been registered with the Securities Exchange Board of India (SEBI). If a trader is not trading with a SEBI registered broker, it becomes an illegal practice and may result in litigation and losses.
How to Choose Currency Trading Apps?
Nowadays, almost everything is just a few clicks away. One such example is currency trading on mobile trading applications. With the advent of technology, it has been made possible to start forex trading with real-time data and charts on our smartphones, tabs etc.
Choosing from a huge variety of currency trading apps is a tricky decision.
In order to decide which one of all currency trading apps you should use, some factors must be considered which have been mentioned below:
For desktops – Angel Speed Pro: It provides a single-window trading experience.
Angel Broking currency trading app is fast, simple and secure. It is one of the most advanced mobile currency trading apps in our country. The features of the app are easy to understand and suit the needs of both experienced investors as well as traders who need to place trades very frequently.
All the online customers of Angel Broking get access to this free currency trading app.
Some of the features of this have been discussed below:
Live streaming quotes and charts
Integrated News Flash (especially affecting the financial markets)
The name of Motilal Oswal has been one of the best and most trusted names in India. One can trade in currency markets through an existing Motilal Oswal equity account.
One of the best features of such currency trading apps is that one does not have any separate investments only for currency trading. The margins and collateral money can be accessed throughout the single platform including equity, futures and options as well as currencies.
The app provides flexibility to trade in all currency-related instruments like currency futures, currency options and also inter-currency trading. A trader can trade in all the exchanges – NSE-CD, MCX SX-CD & BSE-CD.
Different trading applications are available to suit the needs of different currency trading clients:
This currency trading app provides some of the best features which have been discussed below:
5Paisa is backed by IIFL, a leading financial services company. Their currency trading app is one of the fastest-growing mobile apps in India. This app is highly rated on app stores and more than 2 million users are happy with their experience.
Some of the best features of this currency trading app have been discussed below:
Besides currency, this app can be used for trading in equity, commodities, investing in mutual funds, insurance, etc.
The user interface is very simple and easy to use
Their advisory feature called “5Paisa Auto – Investor” allows traders to choose from a variety of plans based on the specific goals each trader and investor has.
Besides real-time quotes and charts, one can benefit from other powerful tools the app offers.
One can take intraday positions in currency contracts through the existing equity account.
Instant paperless loans can be made available
Interaction with other investors and traders at their forum can be done which can be a great source of learning new things
Their mobile app is available at the app store for iPhone users and at the android store for android phone users.
Kotak Securities was one of the first few stockbrokers who created a mobile app for its clients. Kotak Stock Trader is the name of the app which allows one to trade in stocks, derivatives as well as currency derivatives.
All the online trading customers of Kotak Securities get a free full version of their app. The app is available for different customers in the following places:
For Android Mobiles – Available at android play store
For iPhone – Available at iTunes
For Windows – Available in Windows App store
Some of the best features of this currency trading app are discussed below :
Buying, selling, cancelling and modification of orders can be done very easily. Stop-loss price, as well as trigger prices, can also be set at currency trading app.
Besides getting live quotes, one can get tips, intraday charts and regular updates.
Easy Online fund transfer from the bank account to the online trading account
Multi-level security for traders’ data through passwords and HTTPS
A very simple and user-friendly interface of the currency trading app for keeping things simple for traders.
This is another currency trading app which is one of the best rated in India. This app also allows one to trade in stocks and derivatives. The app uses the latest technology for trading. Powerful analytics and Go ATT are one of the best offerings of this app.
Go ATT means that the trade can be done at any time and any part of the world.
The other major features of this app from Karvy Online are mentioned below:
Faster and more secure trades
Easy fund transfer from the bank account to the trading account
Extensive research reports
Margin calculators that are easy to use
Back office support
Notifications and alerts
This is available on Google play store for android users and on iPhone app store for iPhone users.
Number of Installs
Mobile App Size
Negative Ratings Percentage
Currency trading has become quite common in India. If one chooses to venture in this field, it is necessary to open an account with a broker who is registered with SEBI. One should choose a currency trading app by carefully analysing different services and features of all the apps available.
One should also compare them on the basis of costs involved with opening account, maintenance charges, brokerages, ease of use, quality of user interface and security of transactions, etc.
Demos are available for almost all the currency trading apps on the websites of the respective brokers. One should definitely go through the demos to get a feel of the currency trading app.
It is also equally important to know one’s own expertise levels and specific needs from the currency trading apps to make sure that the chosen one fits the required criteria. The demos take you through all the details included in the apps and show how a transaction needs to be made.
Be careful and Happy Currency Trading!
In case you are looking to get started with currency trading or stock market investments in general, let us assist you in taking the next steps ahead: