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.
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 — Best Forex Trading App for Beginners (Overall)
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
Low minimum deposits of only $10
Supports Smart Portfolios and Copy Trading
You can use a spread-only basis to trade dozens of forex pairs
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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
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.
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
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
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
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:
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
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
Regulated by ASIC, CySec, IFSC
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;
Payment methods available
Why Is It Necessary to Practice Forex Trading Before Getting into the Market?
Almost all forex trading apps have a demo account that allows you to practice trading before getting into a live market. The best part is that demo accounts are very similar to live accounts, which will give you an idea of what goes on in a live market.
Practicing also reduces your chances of losing money. This is why Audacity Capital recommends that you join their prop firm if you already have an idea of what goes on in the market. They have also provided training materials to help beginners get started.
Frequently Asked Questions About Best Forex Trading App for Beginners
Why are forex apps good?
Forex apps are beloved by beginner and experienced traders for their mobility, convenience, and quick response time. Today, traders no longer have to close their positions when leaving their desks as they allow them to trade while on the move.
The apps make it easy to track positions even when a trader is out of their home/office. Whether you’re out shopping, walking down the street, or commuting to the office, the app ensures you never miss out on important market movements.
What are the factors to consider when choosing the best forex trading app for beginners?
While all seven apps mentioned earlier are great, they each have their pros and cons. Audacity Capital recommends researching any app you want to use before you can start trading on it.
During your research, focus on its regulation, supported FX pairs, fees charged, trading tools and features available, user experience, payment methods supported, and customer service. All these are factors that will significantly impact your trading experience.
Can you learn forex trading through an App?
Yes! To remain competitive in today’s world, you have to open up to the idea of using your smartphone and tablet to do most things, including trading. Luckily, many of the apps mentioned in this guide offer an excellent mobile trading experience.
Why should you get training in forex trading before getting started?
According to AudaCity Capital, getting an introduction to trading reduces your risk of losing money in uninformed trades and poor trading strategies. Forex trading will expose you to the best product, tools, and platforms to ensure you profit from your new career.
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