Can You Trade Forex on Robinhood App?
I’ve seen way too many people online asking the question, “Can you trade forex on Robinhood?”
It seems as though Robinhood would make this a possibility, however, they have not.
As of today, (March 2020), you can not trade forex on Robinhood.
Not to worry- if you are looking to start trading forex today, I will explain exactly how to do so.
Keep reading if you want to learn some of the different ways YOU can start trading forex, even from a mobile phone (if you want).
Fortunately, in the digital age, it is easier than ever to trade the forex markets online.
And yes, there are even some alternative apps that allow you to trade forex from your phone.
Keep reading if you want to know some of the best ways to trade forex in 2020.
But Why Can You Not Trade Forex on Robinhood App?
Robinhood is an app that is exclusively intended to trade stocks, funds, options, and cryptocurrencies.
For Robinhood to implement the ability to trade the forex markets would be an entire redesign of their software and platform.
While it may happen one day, Robinhood has expressed no particular interest in implementing these drastic changes into their system.
That said, there are numerous other ways that anyone can trade forex.
Where Can I Trade Forex?
There are many different ways that forex can be traded online.
The first step to trade forex is to go about signing up with a forex broker.
If you are unfamiliar:
A forex broker is a firm that provides traders the ability to trade foreign currencies, by giving the user access to their platform.
Upon signing up with a forex broker, you will have the ability to access the foreign currency markets and begin trading.
Your forex broker will likely provide you with lots of educational content as well as the software needed to make trades and open positions.
Forex brokers are typically accessed through computers, however, some also have mobile apps that traders can use.
Are Forex Apps Any Good?
Well, for starters, it’s our humble opinion that nothing beats the classic desktop/laptop trading setup.
When you use a full screen (or two-screen) computer it allows forex traders the ability to look at a lot more data at one time, which is extremely useful for a traders’ success.
Imagine trying to process the data necessary to make smart forex trades, all from your phone?
One of the key ingredients to a successful forex trader is the ability to process large amounts of data in a short amount of time and to take that data and make smart, profitable trades from it.
If you are trading from a mobile phone, is that really possible?
It is, but there is simply nothing better than having a screen full of currency prices and forex market news.
Analyzing large amounts of information is how big-time forex traders make the real money, which is incredibly difficult on a mobile phone.
If you aren’t prepared to process forex market-related data, then you might not be prepared for true forex trading.
How else do you expect to succeed at the game of forex?
It’s almost a necessity to have a computer if you want to have a shot at successful forex trading.
Switching between tabs on your phone is a nightmare, and it is not uncommon for glitches to occur when using a phone- it happens. But, you certainly do not want it to happen when you’re trading.
Computers tend to be much faster than a mobile phone – even if you have the newest iPhone out there, it still won’t top a decent laptop or computer.
When it comes to trading, speed is a huge advantage to a traders’ success.
Remember, a forex trader needs to be quick on their toes! Trading with a small screen from a phone is very difficult and you will be hard-pressed to find a professional trader who opens positions from only their mobile phone.
Case in point, forex apps are not a great way to make a consistent living through trading.
I know what you’re thinking- are forex apps really that bad?
No, it’s just that trading on a computer is five times better than trading on a mobile phone.
But, for those of you who still want the convenience of trading from your phone, we’ve investigated some of the popular forex apps to see which ones work and which ones do not.
What is the Best Forex App?
So, you still want to trade forex from your phone?
We don’t blame you- it’s comfortable and simple. You might not get the benefits that come with trading forex on a computer with a screen bigger than your hand, but we get it- phones are the future.
Curious about our pick on the best forex app?
You’re in luck.
We’ve gone ahead and written a guide to some of the best forex apps in 2020.
Head on over to our post to find an app that works best for you.
Learn To Trade Forex
Downloading the right forex app or choosing the best broker to join with is great news for any trader, but these will not help you with the actual trading aspect of forex.
For the beginner forex traders who really want to learn how to make consistent, profitable trades day in and day out, you need to put in the time and educate yourself.
Want to see how my friends and I make six-figure salaries, all from trading forex online?
If you are a novice trader and want to quickly learn how to make money with forex trading, check out our post about a course that will seriously show you how to make big trades every single day.
Go ahead and read about the best forex course out there.
Also, if you want some free help, make sure to grab a copy of our Free Forex Trading PDF below.