With access to more than 40,000 financial products and all the information required to make an informed choice about carrying out plans, Saxo Bank offers traders a high-performing trading platform. With the help of curated investment themes, knowledgeable market commentary alerts sent to your mobile, charting tools, and in-depth webinars, you can navigate market turns at Saxo Bank. Moreover, experienced traders no longer need to be tethered to a desk because it is now much simpler than ever to conduct Forex trading from almost anywhere in the world. This is due to the availability of real-time trading through mobile applications on all platforms and brokers. Here Traders Union presents you Saxo Bank review and best apps for forex trading.
Saxo Bank Review
. Leverage
In order to increase potential returns, a trader uses leverage, or capital borrowed from a broker. The size of the Forex leverage is typically several times greater than the invested capital. Leverage levels offered by various brokers vary, typically depending on the trading conditions each broker offers. Additionally, regional jurisdiction is relevant. Which leverage level to select ultimately depends on the particular trading plan and the actual anticipation of future market movements.
. Bonuses
As an incentive for traders to register with them, many Forex brokers provide a variety of bonuses. The Forex rewards are typically a limited-time or special promotion. Forex bonus kinds are typically also referred to by the title of a promotion. For example, rebates are bonuses credited to a trader’s account after they have finished a trade, as opposed to regular bonuses that may require quite a few trades.
. Education
The education section of Saxo Bank provides free webinars, which are posted to their website along with a title, a brief description, and the name of the speaker. For those who would rather just listen, there are podcasts as well. To learn how to use your mobile or desktop platform, you can view platform video guides. These step-by-step videos will show you how to do simple things like annotating your chart and controlling risk when trading stocks, foreign exchange, and commodities.
. Customer Service
If you have any questions, you should check out their important FAQ section, which is available in several languages, as well as their contact information by email or phone. Unfortunately, they only offer a chat powered by a bot on their website and other platforms; they don’t offer live chat.
Best Apps for Forex Trading
. MetaTrader 4
One of the most popular apps for Forex traders is MetaTrader 4. On a Mac or a computer, you can access the MetaTrader 4 app. Because it is the most widely used trading platform in the world, Forex traders frequently choose the app version. Along with all the techniques you need to execute trades, the MetaTrader 4 Forex trading app offers all the resources and tools required for price analysis. There are nine timeframes that can deliver dynamic quotes with an itemized analysis for each financial instrument. In addition, more than 50 built-in indicators and a variety of tools are available to analyze market activity, making it simpler to identify trends, identify patterns in charts, and find entry and exit points.
. Forex Calendar, Market, and News
This is the app from MyFXBook.com, one of the top social FX societies with more than 280,000 users. This provides various real-time benefits that can be extremely helpful for any trader, including streaming rates for more than 60 different currency and commodity pairs on the Forex market, and many more.
. Forex Hours
Even though the Forex market is open for trading twenty-four hours a day, seven days a week, not all of those times are ideal for trading. There are times during the trading day when there is the most activity, and this is when the majority of active day traders would place their daily trades. Trading professionals can get a brief review of the local time and status of the world’s largest forex markets with the help of CodingTrader’s Forex Hours. It provides traders with information on the times of day with the most Forex trade activity by displaying the exact time the market recovers in each nation and time zone.