The 10 Best Forex Trading Apps for Beginners in 2021
Are you a beginner looking to get started with forex trading? Do you want to access the forex market from the convenience of your smartphone? If so, then you need the best forex trading app for beginners.
But with so many forex trading apps to choose from, how can you determine the best one for your needs?
In this article, we will review the 10 best forex trading apps for beginners in 2021. We'll cover the features, ease of use, pricing, and pros and cons of each app.
So let's get started!
Table of Contents
- Introduction
- MetaTrader 4
- eToro
- Forex.com
- TD Ameritrade
- IQ Option
- Plus500
- Robinhood
- Trading 212
- OANDA fxTrade
- Ally Invest
- Conclusion
Introduction
Forex trading, or foreign exchange trading, is the buying and selling of currencies on the global market. It can be a lucrative investment opportunity if you have the right knowledge, strategy, and tools.
One of the most important tools for forex trading is a trading platform. And with the rise of mobile technology, forex trading apps have become increasingly popular among traders.
But not all trading apps are the same. Some offer more features and better user experience than others. And as a beginner, you need an app that is easy to use, packed with educational resources, and designed with your needs in mind.
So, to help you choose the best forex trading app for beginners, we have researched and evaluated the top trading apps on the market. Here are our top picks:
1. MetaTrader 4
MetaTrader 4 (MT4) is one of the most popular forex trading platforms in the world, and for good reason. It offers a user-friendly interface, advanced charting tools, and a wide range of custom indicators and expert advisors (EAs).
MT4 is available as a mobile app for both iOS and Android devices. The app allows you to open, close, and modify trades in real-time, as well as access the latest news and market analysis.
One of the biggest advantages of MT4 is the active community of traders who use and develop EAs for the platform. You can easily find and download third-party EAs to automate your trading strategy and improve your results.
Pros:
- Advanced charting tools and custom indicators.
- Mobile app available for iOS and Android devices.
- Active community of traders and developers.
- Compatible with Windows, Mac, and Linux operating systems.
Cons:
- Limited educational resources and tutorials.
- No built-in social trading features.
- No automated portfolio management.
Pricing: MT4 is free to download and use. However, you may need to pay fees for data feeds and third-party EAs.
2. eToro
eToro is a popular social trading platform that allows you to connect with other traders, follow their trading strategies, and copy their trades. It's a great option for beginners who want to learn from and trade with experienced traders.
The eToro app is available for iOS and Android devices, and it offers a user-friendly interface and a wide range of trading tools and resources. You can use the app to trade currencies, cryptocurrencies, stocks, and more.
One of the biggest advantages of eToro is the CopyTrader feature, which allows you to automatically copy the trades of other traders you follow. You can also use the CopyPortfolio feature to invest in pre-made portfolios that match your investment goals.
Pros:
- Social trading features for learning and connecting with other traders.
- Wide range of trading instruments.
- User-friendly interface and educational resources.
- CopyTrader and CopyPortfolio features.
Cons:
- Limited customization options.
- Higher fees compared to other brokers.
- No advanced charting tools.
Pricing: eToro charges fees for spreads, overnight fees, and withdrawal fees. These fees vary depending on the asset you trade and the location you're trading from.
3. Forex.com
Forex.com is a well-established forex broker that offers a mobile trading app for iOS and Android devices. The app is easy to use and provides access to a wide range of trading instruments, including forex, commodities, and indices.
One of the biggest advantages of Forex.com is the quality of its educational resources. The broker offers a variety of webinars, videos, and articles to help you improve your trading skills and stay up-to-date with the latest market trends.
The app also provides advanced charting tools and real-time market analysis, as well as customizable watchlists and alerts to help you stay on top of your trades.
Pros:
- Quality educational resources.
- Wide range of trading instruments.
- Advanced charting tools and real-time market analysis.
- Customizable watchlists and alerts.
Cons:
- Limited social trading features.
- Higher fees compared to other brokers.
- No automated trading features.
Pricing: Forex.com charges fees for spreads, swaps, and commissions. These fees vary depending on the asset you trade and the account type you have.
4. TD Ameritrade
TD Ameritrade is a popular trading platform that offers a mobile app for iOS and Android devices. The app provides access to a wide range of trading instruments, including forex, stocks, options, and futures.
One of the biggest advantages of TD Ameritrade is the quality of its research and analytical tools. The app provides real-time market data, news feeds, and comprehensive charting tools to help you make informed trading decisions.
The app also offers educational resources, such as webinars and articles, to help you learn more about trading and improve your skills.
Pros:
- Quality research and analytical tools.
- Wide range of trading instruments.
- Educational resources.
- Customizable watchlists and alerts.
Cons:
- Higher fees compared to other brokers.
- No built-in social trading features.
- Limited customization options.
Pricing: TD Ameritrade charges fees for commissions, options trading, and other services. These fees vary depending on the asset you trade and the account type you have.
5. IQ Option
IQ Option is a popular trading platform that offers a mobile app for iOS and Android devices. The app provides access to a wide range of trading instruments, including forex, stocks, cryptocurrencies, and commodities.
One of the biggest advantages of IQ Option is the quality of its educational resources. The app offers a variety of video tutorials, webinars, and articles to help you learn about trading and improve your skills.
The app also provides access to real-time market data and advanced charting tools, as well as customizable watchlists and alerts.
Pros:
- Quality educational resources.
- Wide range of trading instruments.
- Real-time market data and advanced charting tools.
- Customizable watchlists and alerts.
Cons:
- Limited social trading features.
- Higher fees for some assets.
- Limited customization options.
Pricing: IQ Option charges fees for spreads, overnight fees, and other services. These fees vary depending on the asset you trade and the account type you have.
6. Plus500
Plus500 is a popular trading platform that offers a mobile app for iOS and Android devices. The app provides access to a wide range of trading instruments, including forex, cryptocurrencies, stocks, and indexes.
One of the biggest advantages of Plus500 is the quality of its trading tools and resources. The app provides real-time market data, comprehensive charting tools, and customizable watchlists and alerts to help you stay on top of your trades.
The app also offers a risk management feature, which allows you to set stop-loss and take-profit orders to protect your trades from potential losses.
Pros:
- Quality trading tools and resources.
- Wide range of trading instruments.
- Real-time market data and comprehensive charting tools.
- Customizable watchlists and alerts.
Cons:
- Limited educational resources.
- Limited social trading features.
- Higher fees compared to other brokers.
Pricing: Plus500 charges fees for spreads, overnight fees, and other services. These fees vary depending on the asset you trade and the account type you have.
7. Robinhood
Robinhood is a popular trading platform that offers a mobile app for iOS and Android devices. The app provides access to a wide range of trading instruments, including forex, stocks, options, and cryptocurrencies.
One of the biggest advantages of Robinhood is the simplicity of its user interface. The app is easy to use and provides access to real-time market data and basic charting tools.
Another advantage of Robinhood is its commission-free trading model. You can buy and sell assets without paying any fees, making it a cost-effective option for beginners.
Pros:
- Commission-free trading.
- User-friendly interface.
- Real-time market data and basic charting tools.
- Wide range of trading instruments.
Cons:
- Limited educational resources.
- Limited customization options.
- Limited risk management features.
Pricing: Robinhood offers commission-free trading, but it charges fees for margin trading, options trading, and other services.
8. Trading 212
Trading 212 is a popular trading platform that offers a mobile app for iOS and Android devices. The app provides access to a wide range of trading instruments, including forex, stocks, cryptocurrencies, and commodities.
One of the biggest advantages of Trading 212 is the quality of its educational resources. The app offers a variety of video tutorials, webinars, and articles to help you learn about trading and improve your skills.
The app also provides real-time market data and advanced charting tools, as well as customizable watchlists and alerts.
Pros:
- Quality educational resources.
- Wide range of trading instruments.
- Real-time market data and advanced charting tools.
- Customizable watchlists and alerts.
Cons:
- Limited social trading features.
- Higher fees compared to other brokers.
- Limited customization options.
Pricing: Trading 212 charges fees for spreads, overnight fees, and other services. These fees vary depending on the asset you trade and the account type you have.
9. OANDA fxTrade
OANDA fxTrade is a popular trading platform that offers a mobile app for iOS and Android devices. The app provides access to a wide range of trading instruments, including forex, commodities, and indices.
One of the biggest advantages of OANDA fxTrade is the quality of its charting tools. The app provides advanced charting tools and customization options, as well as real-time market analysis and news feeds.
The app also offers a variety of order types, such as stop-loss and take-profit orders, to help you manage your trades effectively.
Pros:
- Advanced charting tools and customization options.
- Real-time market analysis and news feeds.
- Wide range of trading instruments.
- Variety of order types.
Cons:
- Limited educational resources.
- Limited social trading features.
- Higher fees compared to other brokers.
Pricing: OANDA fxTrade charges fees for spreads, commissions, and other services. These fees vary depending on the asset you trade and the account type you have.
10. Ally Invest
Ally Invest is a popular trading platform that offers a mobile app for iOS and Android devices. The app provides access to a wide range of trading instruments, including forex, stocks, options, and ETFs.
One of the biggest advantages of Ally Invest is its low fees. The app charges no commission fees for stocks, options, and ETFs, making it a cost-effective option for beginners.
The app also provides access to educational resources, such as webinars and articles, to help you learn about trading and improve your skills.
Pros:
- No commission fees for stocks, options, and ETFs.
- Educational resources.
- Wide range of trading instruments.
- Customizable watchlists and alerts.
Cons:
- Limited customization options.
- Limited social trading features.
- Higher fees for other assets.
Pricing: Ally Invest charges no commission fees for stocks, options, and ETFs. However, it charges fees for other assets and services.
Conclusion
Choosing the best forex trading app for beginners can be a daunting task, but with our top picks, you can find the right app that suits your needs. Whether you're looking for advanced charting tools, social trading features, or educational resources, there's an app out there for you.
So, start exploring the top forex trading apps for beginners, and take the first step towards becoming a successful forex trader.