Best Forex Trading App For Beginners

Key Takeaways

• The right trading app reduces beginner mistakes
• Simplicity matters more than advanced features
• Risk management tools are essential
• Demo access builds confidence
• Consistency is more important than speed

Thanks to the advancements happening in the tech sector, almost everything in today’s world is run from a smartphone or tablet, including financial trading. And this helps because most people today don’t have the time to spend countless hours seated behind a computer monitor.

It helps explain the popularity attached to mobile applications. Audacity Capital understands the need to trade even when on the move, which is why it recommends the following top-rated trading apps for beginners.

1.eToro

Pros

• Copy trading capabilities
• Wide selection of forex pairs
• Easy to use for beginners

Cons

• It lacks sophisticated trading tools
• eToro doesn’t support fingerprint/face scan logins

2. Fxtm – Best Forex Trading App For Beginners

As a new trader, the financial trading experts at AudaCity Capital recommend you start by understanding the basics. Although FXTM doesn’t have an in-house built app, it does provide the industry-standard platforms, i.e., MT5.

These are the platforms used by expert traders, making it necessary to master them early. The platform is available in 22 languages and looks and feels intuitive, making it easy to find products using their asset categories or trading names.

Pros

• Easy to learn and use
• Available in 22+ languages
• $10 minimum deposit on a micro account
• 0 pips on advantage account

Cons

• No price alerts
• No fingerprint/ face scan login
• No two-step authentication

Features

• Fully regulated
• Used worldwide
• Automated forex trading
• It offers three types of forex accounts

3. Netdania Stock And Forex Trader

NetDania Stock and Forex Trader feature prominently among the most popular and highest-rated apps used by beginner forex traders today. It’s versatile and easy to use and offers access to real-time price quotes on commodities and stocks.

In all, it has more than 20,000 financial instruments. It also provides the latest market news and streaming charts from Market News International and FxWirePro. Traders can set trendline or price alerts on specific stocks, commodities, or pairs using its app.

Pros

• Great forex calendar and financial news
• Provides access to tons of premium features even though it’s free
• Excellent technical analysis
• Ability to set alerts and build algorithms
• Excellent speeds

Cons

• It has annoying ads
• The paid version is expensive
• Too many updates that affect user experience
• Beginner traders may need to get some additional knowledge on how it works

Features

• Offers 2,200+ trading pairs
• It has real-time indices
• Provides a free demo trading account
• Get Bitcoin prices in real-time
• Allows synchronization with NetDania Netstation for users who switch between desktop and app

4. Capital.com

Capital.com is a CFD trading platform providing beginner traders with access to 138 trading pairs. It supports both Android and iOS platforms, and traders can also use the MetaTrader 4 and Capital.com website to trade.

Its deposit and withdrawal options don’t attract a fee, and the app comes packed with features such as custom orders, real-time charts, and economic indicators. Beginners can use the demo account before getting their feet wet using a live trading account.

Pros

• $20 minimum deposit
• 0% commission on all its markets
• Perfect for beginner traders
• Low spreads
• Spread betting available for UK clients
• Provides thousands of CFD instruments

Cons

• Experienced traders will have a hard time using this app
• It doesn’t support traditional investments –CFD trading only

Features

• Trade forex with leverage
• Regulated by the NBRB, CySEC, ASIC, and FCA
• Supports 138 forex pairs
• Tight spreads and 0% commission

5. Avatrade

It provides beginner traders with fantastic options for trading on mobile, thanks to the presence of the MT5 mobile trading platform and its user-friendly Avatrade Go platform. AvaTrade Go has a sophisticated dashboard featuring zoom features, clear charts, and live prices.

Users have access to 250+ instruments, including access to the leading global cryptocurrencies, forex pairs, stocks, and commodities. The app offers a smooth trading experience and comes bundled with numerous in-built management tools.

Pros

• Livechat via Avatrade GO
• Quick and easy to set up and begin trading
• Competitive forex rates
• Free deposits and withdrawals

Cons

• It charges an administration fee
• Only supports crypto, Forex, and CFDs
• It isn’t easy to perform technical analysis using the app
• No split-screen mode

Features

• Register and make your deposits straight from your mobile
• Real-time market quotes and price alerts on popular CFDs and stocks
• Users can monitor social trends by visiting the trader community section

6. Forex.com

Forex.com has a desktop version and an app compatible with iOS and Android devices. Users using this app can access 80+ trading pairs covering an extensive selection of exotics, majors, and minors.

Pros

• Regulated by ASIC
• Supports MT5 platform
• It has an economic calendar
• Commission-free platform
• Educational materials
• Wide selection of tradeable instruments

Cons

• It doesn’t support traditional stock ownership and only provides CFDs

Features

• Allows US clients
• Supports 80+ pairs
• Supports MT5 platform
• Provides a demo account for beginner traders

7. Xm

XM Group is among the most experienced financial brokers in the world. It possesses unrivalled knowledge of the global financial markets and extensive industry experience spanning decades. Beginners love it because it offers them access to:

• Educational materials
• Seminars
• Webinars
• Market analysis from around the world

It’s believed to provide the best mobile trading and forex platforms. Using XM, you can trade via mobile using its integration to MT5, allowing you access to 1,000 instruments. You can trade energies, Forex, metals, CFDs, indices, futures, and shares on login.

Pros

• Easy-to-use mobile app
• Variety of financial instruments
• Excellent tools and research material on global markets
• Option of using MT5 trading platforms

Cons

• Its MT5 platform is a bit heavy
• No hedging
• You’ll need to buy the premium version to access all its features
• Some beginners may find it confusing

Features

• No trading fees
• Account activation takes less than 24 hours
• 57 trading pairs
• It has an Islamic account
• Supports crypto
• Regulated by ASIC, CySec, IFSC

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Trading Platforms

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Factors To Consider When Choosing A Forex Trading App

To start your forex trading journey successfully, you must choose the best forex trading app for an easier experience. Audacity Capital recommends that you begin by focusing on the regulation. This allows you to know if the forex app is legitimate and if it can be relied on for a long time.

Forex trading apps need to be regulated by specific regulatory bodies, such as Futures Commission Merchant (FCM) and Commodity Futures Trading Commission (CFTC). Other factors to consider when picking a trading app include;

• Customer service
• Payment methods available
• User-friendly interface
• Security
• Reliability, etc.

Frequently Asked Questions

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