Online trading evolved in the last years as more people were able to come online. Moreover, technology changed the way trading is done in the 21st century. Nowadays, all Forex brokers provide the opportunity to trade on-the-go, as smartphones are extremely popular.
After all, a trader would want to check the market from time to time even when not in front of a computer. Thus, a trading app makes it easier to manage open positions from anywhere, as long as there is an Internet connection. This article looks at the best Forex trading app for beginners in 2021, what are the features to consider, and provides a comprehensive list to pick from.
Our List of the Best Forex Trading App For Beginners
Our list covers the best Forex trading apps in 2021 to use when selling and buying currencies:
What Is a Forex Trading App For Beginners?
A Forex trading app for beginners is a simple yet effective way to monitor open positions. It enables managing the portfolio on the go and has the great benefit of providing mobility to the trader.
Back in the day, when smartphones were not so popular, Forex brokers did not invest in trading apps; they chose to invest in either developing their own trading platform or paying the license for using one. However, time changed, and with the increased use of smartphones came the need for a broker to have a trading app.
How Does a Forex Trading App For Beginners Work?
Just like a desktop trading platform, a Forex trading app for beginners is either in-house built or licensed. For example, a broker may offer the MetaTrader app to its traders. To use it, the trader must download the app and then search for the name of the brokerage house under the brokers' list that comes with the default settings. Finally, by choosing the server and introducing the login data, the trader connects to the trading account using the MetaTrader app.
Another way is for brokers to invest in an app of their own. In this case, the trader must learn to use the app and its features, and the broker usually provides a tutorial for doing so.
Key Features To Look In a Forex Trading App For Beginners
Easy to use is the name of the gap. All Forex trading apps for beginners should have a simple tutorial explaining the basic features. Ideally, the Forex trading app for beginners will have some technical indicators to use even on a smartphone. Nowadays, the size of the smartphone's screens has increased considerably and so basic technical analysis is possible.
Push-up notifications are another thing to consider – they make the trader’s job much easier, especially if the notifications show relevant changes in prices.
Pros & Cons of Using a Forex Trading App For Beginners
How To Choose the Best Forex Trading App For Beginners?
A Forex trading app is not a decisive criterion for choosing a broker. However, it is a desirable one. Ideally, the Forex trading app for beginners should be reliable enough to use. As such, a quick look at the reviews on the app store might help as other traders' opinion is a valuable input. Another thing to consider is the app's ranking in the app store, as it is an indicator of its popularity.
How To Safely Use a Broker to Make Money Online Trading?“ A broker is responsible for providing the best trading conditions and routing the client's orders to the market. For its services, it charges a commission or fee. Anything extra comes from increased competition among brokerage houses. Regardless of the extra features that a broker may or may not provide, the broker must excel at its main job – to act as a financial intermediary. However, the risk belongs to the trader as the decision to buy or sell should come at the end of a due-diligence process. The broker provides the tools to succeed, like a Forex trading app for beginners, while the rest is the trader's responsibility. ”
The list we provide in this article compares the best Forex trading apps for beginners and offers a clue regarding how to differentiate them. It shows the pros and cons of each and makes the trader's life easier.
Frequently Asked Questions
No. Regulation comes with extra costs that typically hurt the profitability of a business. However, in some cases, brokers have no other alternative but to get a license from the financial regulator if they want to cater for clients in a certain area. Therefore, unregulated brokers are typically registered offshore and pose bigger risks to their customers than the regulated ones.
MetaTrader. It comes in two versions, MetaTrader4 and 5 and most retail traders are used to their features. The best part of using the MetaTrader is that a trader can switch from a broker to another and import all the analysis on the new platform, as long as it is MetaTrader.
Yes they do. Traders have access to commodities (e.g., silver, gold, oil, etc.), indices, individual shares, and even cryptocurrencies in some specific cases. All of the markets mentioned are CFDs or Contracts for Difference so the trader must be aware of the differences between a CFD and owning the actual asset.
Very. It usually takes a few steps to open a trading account with a broker and less than a business day. In some cases, it takes only a few hours. The most time-consuming phase is the document verification phase, for obvious reasons.