Best Forex Trading App For Beginners: A Comprehensive Review
Are you someone who is new to the world of forex trading and looking to find the best forex trading app for beginners? Look no further! In this comprehensive review, we'll take a deep dive into some of the most popular forex trading apps available in the market and evaluate them based on various criteria, including user-friendliness, educational resources, fees and commissions, customer support, trading tools, and more. So let's get started!
What is Forex Trading?
Forex trading, also known as foreign exchange trading, involves buying and selling different currencies in the financial market. One of the significant reasons behind forex trading's popularity is its vast trading volume, which accounts for trillions of dollars every day. Forex traders typically wager on currency pairs, analyzing economic and geopolitical events to make informed decisions. Forex trading can provide a lucrative platform for investors, but it does come with its own set of risks and challenges.
Criteria to Consider When Choosing a Forex Trading App for Beginners
Before diving into the reviews, it's essential to understand the criteria to look for when selecting a forex trading app for beginners.
User-Friendliness
A forex trading app should have a clean and intuitive interface that allows even a complete beginner to navigate the app with ease.
Educational Resources
A beginner-friendly forex trading app will have a comprehensive set of educational resources, including webinars, trading tutorials, and in-depth analysis of currency pairs.
Fees and Commissions
The fees and commissions charged by a forex trading app can make a significant difference in a trader's profits, and this is crucial to keep in mind when selecting an app.
Demo Account
A beginner-friendly app should offer a demo account, allowing new traders to practice with virtual money before investing real money.
Customer Support
As with any software, troubleshooting issues may arise, and it's crucial to have reliable customer support to address any problems promptly.
Trading Tools
Forex trading apps should offer a wide range of trading tools, including charting tools, technical analysis indicators, and other analytical tools.
Compatibility
The forex trading app should be compatible with multiple devices and operating systems to allow traders to trade seamlessly from anywhere.
Trading Options
The forex trading app should support various trading options, including different currency pairs, leverage, and other trading options.
Top Forex Trading Apps for Beginners
With the above criteria in mind, let's review the top forex trading apps available for beginners.
1. MetaTrader 4 (MT4)
MetaTrader 4 is one of the most widely used trading platforms for forex trading. MT4 is known for its robust trading tools, such as advanced charting features, automated trading options, and various technical indicators. Both beginners and pro traders use MT4 for its powerful tools.
MT4 has a somewhat complicated interface, which might not be ideal for complete beginners.
MT4 has an excellent collection of educational resources, including personalized training sessions, expert analysis, trading webinars, and video tutorials.
MT4 is a free trading app that doesn't charge any commissions or fees. However, the brokers who support MT4 might charge certain fees.
MT4 offers a demo account that allows traders to practice with virtual money before investing real money.
MT4 has a robust customer support system that's available 24/7. Traders can access customer support via phone, email, or live chat.
MT4 has a wide range of trading tools, including charting tools, technical analysis indicators, and other analytical tools.
MT4 is compatible with Windows, Mac, and mobile devices. Traders can use the app for iOS and Android devices.
MT4 supports various trading options, including different currency pairs, leverage, and other trading options.
Overall, MT4 is an excellent trading app for both beginners and experienced traders who do not mind the complex interface and technical tools on the app.
2. MetaTrader 5 (MT5)
MT5 is the successor to MT4 and is known for its advanced technical capabilities. The platform offers various trading tools such as charting tools with 21 timeframes, over 80 technical analysis objects, and automated trading options.
MT5's interface is less complicated compared to MT4, making it ideal for beginners.
MT5 offers an extensive set of educational resources, including video tutorials, webinars, and trading strategies.
MT5 does not charge any commissions or fees. However, brokers who support MT5 might charge certain fees.
MT5 offers a demo account that allows users to practice their trading strategies without risking their money.
MT5 has a robust customer support system. Traders can access customer support via phone, email, or live chat.
MT5 offers a wide range of trading tools such as charting tools, technical analysis indicators, and other analytical tools.
MT5 is compatible with Windows, Mac, and mobile devices. It also supports iOS and Android devices.
MT5 supports various trading options, including different currency pairs, leverage, and other trading options.
Overall, MT5 provides a more user-friendly interface and powerful trading tools, making it an excellent choice for both beginners and experienced traders.
3. Plus500
Plus500 is another popular forex trading app for beginners. The platform offers a user-friendly interface, low fees, and a wide range of trading options. Forex traders can also use Plus500 to trade other types of assets, including stocks, commodities, and cryptocurrencies.
Plus500 has a very user-friendly interface, making it ideal for beginners.
Plus500 does not offer extensive educational resources.
Plus500 charges minimal fees and commissions compared to other forex trading apps.
Plus500 offers a demo account for practice that includes the full range of features that Plus500 offers.
Plus500 offers customer support via email and live chat, but it has no phone support.
Plus500 offers basic charting tools, economic calendars, and technical analysis indicators.
Plus500 is compatible with Windows, Mac, and mobile devices. The app also has iOS and Android versions.
Plus500 supports various trading options, including different currency pairs, leverage, and other trading options.
Overall, Plus500 is an excellent choice for beginners and traders looking to trade a variety of other assets in addition to forex trading.
4. eToro
eToro is a social trading platform that's become popular among beginners as it allows traders to copy the best performing trades from other experienced traders. The platform also offers an easy-to-use interface, educational resources, and a demo account.
eToro has a straightforward interface, making it ideal for beginners.
eToro offers an extensive set of educational resources, including video tutorials, webinars, and trading strategies.
eToro imposes fees on trades, such as a spread for each trade. The fees may be higher than other platforms, but the social trading aspect may make it worth it.
eToro offers a demo account that allows traders to practice their skills before investing real money.
eToro offers customer support via phone, email, and live chat.
eToro offers basic charting tools but also offers social trading tools where traders can copy other successful traders.
The platform is compatible with Windows, Mac, and mobile devices. eToro also has iOS and Android versions.
eToro offers various trading options, including different currency pairs, leverage, and other trading options.
Overall, eToro is an excellent choice for beginners as it offers an easy-to-use interface and social trading options.
Conclusion
Choosing the best forex trading app for beginners can be a daunting task. However, it's essential to consider critical factors such as user-friendliness, educational resources, fees and commissions, demo account, customer support, trading tools, compatibility, and trading options. The above-reviewed forex trading apps meet most of the criteria and are ideal for beginners looking for a reliable and user-friendly forex trading app. Regardless of whichever forex trading app you choose, it's essential to conduct thorough research and practice with a demo account first to improve your trading skills and optimize your profits.