Currency Trading Apps

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. The 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 exchange apps you should use, some factors must be considered which have been mentioned below:

• Costs related to opening and maintenance of currency trading account
• Costs related to brokerage fee charged by brokers
• Other services and products offered by brokers like financial advice, research reports, etc.
• Ease and simplicity of usage of currency trading platforms
• Reliability of the app and security of one’s trades

Also Read: Top Currency Trading Platforms

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Top 5 Currency Trading Apps in India

Now, let us look at some of the best currency trading apps available in India.

1. Angel Broking App

This currency trading app has been awarded the “Best mobile trading app” at the Global Marketing Excellence Awards in the year 2016. Besides currency, Angel Broking app also provides services for trading in equity trading, derivatives trading, commodities on the major stock exchanges in India (NSE, BSE, MCX, NCDEX).

Three different trading applications are available for different kinds of customers based on the usage of their devices for trading purposes like –

• For mobile phones and tab usage – Angel Broking App: Trading and investments are powered by Angel Broking ARQ.
• For web-based trading – Angel Broking Trade: It provides a simplified interface.
• 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 best trading apps in India. 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
• Watchlists
• Integrated News Flash (especially affecting the financial markets)
• Research reports of reputed institutions
• Margin statements
• The facility of online transfer of funds, etc.

Here is a quick look at the Google play store stats:

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2. Motilal Oswal Mobile Trading App

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:

1. MO Trader
2. MO Investor

This currency trading app provides some of the best features which have been discussed below:

• MOSL advice section is equipped with advanced technical analysis of stocks as well as charting tools
• An extremely fast desktop trading application that is fully integrated in nature.
• A smartwatch that helps in real-time tracking.
• More than 30,000 research reports are available for currency trading app clients.
• Customized Intraday trading Strategies based on every client’s risk profile and other factors are available.

Motilal Oswal app is available at the android play store for android phones. For iPhone users, this currency trading app is available on iTunes for download.

Here is what the Google Play store states about this app:

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3. 5Paisa Mobile App

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.

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4. Kotak Stock Trader

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, canceling, and modification of orders can be done very easily. Stop-loss prices, as well as trigger prices, can also be set at the 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.

Let’s see some of the stats related to this app from the Google Play Store:

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5. Karvy Online App

This is another currency trading app that 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 in 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
• Position analyzer
• News updates
• Extensive research reports
• Margin calculators that are easy to use
• Back office support
• Notifications and alerts
• Watchlists

This is available on Google play store for android users and on iPhone app store for iPhone users.

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Conclusion

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 analyzing the different services and features of all the apps available.

One should also compare them on the basis of costs involved with opening an 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: