5 Best Forex Trading App For Beginners in 2022
While trading with forex is not an easy task, there are several tools available that can help you trade successfully. Using the right app for your trading needs can significantly affect your performance. There are numerous apps available for both iOS and Android. These tools have become indispensable in today’s world, where technology is an absolute necessity. Forex traders make billions of dollars, but it takes a lot of experience to be one of them.
1. MetaTrader 4
MetaTrader 4 is the most popular retail trading platform available online. It’s available as a web browser or download. It promises a wealth of tools for automated trading and technical analysis. It regularly tops user reviews, and it meets the needs of both experienced traders and beginners alike. Here are a few features that make MetaTrader 4 a great choice for beginners.
MT4 is a highly customizable trading platform that was originally developed by MetaQuotes in 2005. It’s designed for use with the Forex market. It allows traders to analyze market trends and implement trading robots and Expert Advisors. It also has three different trade execution modes and features such as trailing stops and quick trading. The app also offers 9-period charts, online quotes, and a range of analytical functions.
MetaTrader 4 can be used on both PCs and mobile devices. The app offers complete trading functions, including 9 timeframes, 30 technical indicators, market news, and a chat box. It is compatible with both iOS and Android devices and is even available for Windows Phone 8.1. Beginners can also use MetaTrader 4 for mobile devices to stay up to date on the latest market trends.
MetaTrader 4 is one of the most popular forex trading apps for beginners. It has a multitude of features and excellent back-testing capabilities. Many forex brokers integrate MT4 with their platforms, making it easy for traders to open positions right from the application. The guide also offers in-depth reviews of the best FX brokers using MT4 and highlights their fees, features, and asset selection.
The eToro forex trading app for beginner traders comes with many positive features. It offers competitive trading spreads and easy-to-use functionality. Another helpful feature is its Copy Trading service, which lets you follow the trading decisions of others and apply those decisions to your account. The app also allows you to select the trader that you wish to copy, as well as the amount of capital to copy. The good thing about this feature is that there are no additional costs involved.
Using the eToro forex trading app for beginner traders is safe. All funds are held in cold storage and the platform encourages two-factor authentication. Signing up for an account is quick and easy. You need to enter your username and password, as well as your email address. You will also be asked several questions about your risk tolerance and experience in trading.
The eToro app for beginners also features a social trading element. The brokerage allows you to copy the trades of other traders for no additional charge. The process is easy, and will not affect your regular account costs. To start copying a trader, you simply choose the trader you wish to copy and set the desired amount. Then, you can stop the copy at any time. A minimum copying amount is $200.
The eToro forex trading app for beginner users is very easy to use and has a user-friendly interface. The app also lets you trade from anywhere with a mobile connection. It is one of the most popular apps among traders. It also features many useful tools for learning the ins and outs of investing. Its virtual portfolio feature is perfect for beginners who do not have a lot of technical knowledge.
The XM forex trading app for beginners comes with a host of features to make trading easier. Among these features are free forex signals, MQL5 Trading Signals, an economic calendar, forex calculators, and a robust Research and Education Center. In addition, XM offers daily briefings on critical market events and provides updates in multiple languages.
XM’s mobile app is available for iOS and Android devices. It supports fingerprint authentication for quick login. It also supports one-click trading. A colour copy of a government-issued photo ID and recent utility bill are required for registration. A user can view statistics of other subscribers in the My Statistics tab.
XM offers four different account types. The Micro Account allows traders to hold up to 200 open positions with a minimum deposit of $5. In addition, the Micro Account allows traders to use micro lots, which are 1,000 units of base currency. Micro accounts offer lower spreads and are ideal for beginners.
XM also offers a currency converter, which works on live rates. A user enters their currency and sees the conversion rate and total conversion. In addition, XM offers live chat support. The company takes security of data seriously and offers a customer service that is fast and efficient.
XM has a global presence, with 2.5 million clients across 196 countries. Its management team has visited over 120 cities and hosted seminars to help traders improve their trading skills.
The EasyMarkets forex trading app is a great option for beginners and those who are new to forex trading. The app has several features that beginners can benefit from, such as the ability to open an unlimited demo account, which carries no investment risk. The company also offers educational materials to get you started, including a tour of its proprietary trading platform and an introduction to technical and fundamental analysis.
This app has an intuitive interface and is easy to use. You can sign up for an account using your email address or through your Google or Facebook account. After you’ve signed up, you’ll need to pass a verification process, which involves uploading a document showing your identity and country of residence. This process generally takes less than 24 hours.
EasyMarkets offers several deposit methods, including credit cards, Neteller, Skrill, and bank transfers. Withdrawals are usually made within 24 hours, though VIP clients can withdraw their funds the same day. Deposits are subject to verification, and you may be required to provide additional documentation. Withdrawals are easy, too. You can use the same method for depositing and withdrawing as you did with your initial deposit.
EasyMarkets offers a free unlimited demo account. However, before you can begin trading, you need to fund your account. If you choose to open a standard account, you’ll need to deposit a minimum of $25, while VIP accounts will require a minimum deposit of $10,000. If you’re a beginner and looking for a forex trading app for beginners, easyMarkets is a great option.
EasyMarkets is a regulated broker with nearly twenty years of experience. This gives it several advantages over the competition. It’s regulated by financial conduct authorities around the world, which offers peace of mind to users.
5. TD Ameritrade
TD Ameritrade offers a wide range of online trading tools, including forex trading apps for beginners. They offer access to 100 currency pairs, including exotic pairings, and they offer no account minimums and no commissions on trades made in ETFs, options, or cryptocurrency. The broker also provides free portfolio guidance and offers four different trading platforms.
TD Ameritrade is one of the largest US-based stockbrokers. It is listed on the stock exchange and has top-notch regulatory oversight. It also offers a free demo account, paper trading, videos, and education on stocks, options, mutual funds, and bonds. It also offers retirement education. The fee structure varies between trading platforms, but beginners should be aware of the fees.
TD Ameritrade’s mobile app gives traders access to trading platforms for trading stocks, forex, and complex options. The app also provides the ability to chat with trading specialists. You can even share your screen with them to ask questions. The company’s educational resources and experienced coaches provide valuable information. Users can also access over 2,400 stocks and ETFs.
TD Ameritrade’s mobile app is easy to use and has an intuitive design. It also offers voice-enabled investing and in-vehicle smartphone experiences. While the app does not offer the same depth of features as its desktop platform, it offers a lot of flexibility.
TD Ameritrade’s thinkorswim mobile app provides a full-service trading environment. TD Ameritrade clients can access live streaming charts, CNBC TV, and trading tools, and can even customize alerts. Traders can also view educational videos and customize their watchlists.