Best Forex Trading App for Beginners: Top Picks for 2021

Are you new to the world of forex trading and looking for the best trading app to help get you started? In this comprehensive review, we will discuss the top trading apps designed specifically for beginners and explore their features, benefits, and drawbacks.

What to Look for in a Beginner-Friendly Forex Trading App

Before diving into our top picks for the best forex trading apps for beginners, it's important to understand what features to look for when choosing an app. Here are some of the key features and factors to keep in mind:

  1. User-friendly interface: One of the most important factors for beginner traders is a simple, intuitive, and easy-to-use interface that doesn't confuse or overwhelm.
  2. Educational Resources: Look for an app that provides helpful resources such as tutorials, webinars, and courses to help users understand the basics of forex trading.
  3. Low fees/commissions: Forex trading comes with fees and commissions, so make sure to choose an app that offers low costs to help you maximize your profits.
  4. Real-time market data: An app that offers access to real-time data and analysis can help you make informed trading decisions and stay ahead of the competition.
  5. Security measures: Forex trading involves risks, so make sure to choose an app that offers robust security measures such as two-factor authentication and encryption to protect your investments.
  6. Availability on mobile devices: Most people trade on-the-go, so make sure to choose an app that is available on both iOS and Android devices.
  7. Customer service and support: Look for an app that offers exceptional customer service and support to help answer all your trading questions and concerns.
  8. Access to multiple currency pairs: An app that allows you to trade various currency pairs can help you diversify your portfolio and increase your chances for success.
  9. Integration with personal finance tools: Some trading apps offer integration with personal finance tools such as budgeting apps and investment trackers, making it easier to manage your entire financial life in one place.
  10. Demo accounts for practice trading: Many apps offer demo accounts that allow you to trade with virtual money before risking real funds, which can be a valuable tool for beginners.

Top Picks for Best Forex Trading App for Beginners

Now that we understand what to look for in a beginner-friendly forex trading app, let's dive into our top picks:

1. eToro

eToro is a user-friendly trading app specifically designed for beginner traders. This platform features a simple and intuitive interface that makes it easy to navigate, even for users with no prior trading experience. It also offers extensive educational resources such as courses, webinars, and tutorial videos to help users understand the basics of forex trading.

Some of the key benefits of eToro include the ability to trade multiple currency pairs, low fees and commissions, and access to real-time market data and analysis. eToro is also available on both iOS and Android devices, making it easy to trade on the go. In addition, the platform features a demo account that allows users to practice trading with virtual money before investing real funds.

However, eToro may not be the best choice for advanced traders, as it lacks some of the more sophisticated trading tools found in other platforms. It also only offers four base currency options, which may not be appealing to all traders.

2. Plus500

Plus500 is another popular trading app for beginners, known for its low fees and straightforward interface. This platform features user-friendly charts and analysis tools that make it easy to monitor trades and make informed decisions.

One of the significant benefits of Plus500 is the ability to trade multiple currency pairs and other assets such as commodities, stocks, and cryptocurrencies. The app also offers a demo account for practice trading, real-time market data, and 24/7 customer support. Plus500 is available on both iOS and Android devices.

However, the app lacks some of the more advanced features found in other trading platforms, and its support for educational resources is relatively limited.

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3. IG

IG is another beginner-friendly trading app that offers a user-friendly interface and extensive educational resources designed to help traders learn the basics of forex trading. The platform offers access to real-time market data and analysis, low fees and commissions, and a broad range of currency pairs and other asset types.

Some of the drawbacks of IG include the complexity of its charts and tools, which may be overwhelming for some beginner traders. It may also require more significant upfront investment, with a minimum deposit of $250 USD to start trading.

4. Trading 212

Trading 212 is a free trading app for beginners known for its user-friendly interface and the ability to trade zero-commission stocks and ETFs. The platform offers a range of trading tools and charts designed to help users make informed trading decisions.

One of the significant benefits of Trading 212 is its comprehensive educational resources, including tutorial videos, webinars, and articles. It also offers a demo account for practice trading, real-time market data, and low minimum deposits, making it an affordable option for beginners.

However, Trading 212 has some drawbacks, including the lack of access to many currency pairs and limited customer support options.

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5. Forex.com

Forex.com is a popular forex trading app for beginners and experienced traders alike. This platform features a user-friendly interface, extensive educational resources, and access to real-time market data and analysis.

Forex.com offers a broad range of currency pairs, low fees and commissions, and a demo account for practice trading. It is also available on both iOS and Android devices.

However, Forex.com may not be the best choice for beginner traders who want advanced educational resources, as they are relatively limited compared to other platforms. It also requires a relatively significant upfront investment, with a minimum deposit of $50 USD to start trading.

Conclusion

Overall, the best forex trading app for beginners will depend on your personal preferences and trading needs. However, all the apps we've reviewed in this article offer user-friendly interfaces, extensive educational resources, real-time market data, and other valuable tools for novice traders.

When choosing an app, it's important to look for one that offers low fees, robust security measures, and access to a wide range of currency pairs and other assets. You should also consider other factors such as customer support, mobile availability, and demo accounts for practice trading.

By choosing one of the apps reviewed in this article, you'll be well on your way to success in the exciting world of forex trading.