Best Forex Trading App for Beginners

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.

eToro is widely popular globally and boasts a user base totalling 20,000,000+, making it the best trading app for beginners. It has an app for iOS and Android devices and lists nearly 50 forex pairs across the exotics, minors, and majors categories.

An eligible trader can purchase and sell forex pairs using leverage. The app has placed a 1:20 limit for minors and a 1:30 limit for majors. Users love it because it doesn’t charge a commission and because its spreads on the EUR/USD pairing start at one pip.

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

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

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., MT4 and 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.

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

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

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

• 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

• 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

• 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

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.

• $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

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

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

It provides beginner traders with fantastic options for trading on mobile, thanks to the presence of the MT4 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.

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

• 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

• 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

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.

The app comes with technical indicators and charting features, making it a great app to use when on the go. Beginner traders love it because it has a demo account that allows them to practice trading without exposing themselves to any risk.

• Regulated by ASIC
• Supports MT4/5 platforms
• It has an economic calendar
• Commission-free platform
• Educational materials
• Wide selection of tradeable instruments

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

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

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 MT4 and MT5, allowing you access to 1,000 instruments. You can trade energies, Forex, metals, CFDs, indices, futures, and shares on login.

• Easy-to-use mobile app
• Variety of financial instruments
• Excellent tools and research material on global markets
• Option of using MT4 and MT5 trading platforms

• Its MT5 platform is a bit heavy compared to the MT4 version
• No hedging
• You’ll need to buy the premium version to access all its features
• Some beginners may find it confusing

• 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

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.

Federica D’Ambrosio is a Senior Trader and CFO at Audacity Capital. She graduated in Finance from Luiss University enhancing her knowledge on global markets completing a Master of Science at Fordham university in New York.