Best Forex Trading App for Beginners: Top Picks for 2021
Forex trading can be a lucrative and exciting way to make money. However, it can also be complicated and intimidating, especially for beginners. That's where forex trading apps come in: they allow traders to easily buy and sell currency pairs from their smartphone or tablet. In this article, we'll review the best forex trading apps for beginners in 2021.
Criteria for Choosing the Best Forex Trading App for Beginners
Before diving into the app reviews, it's important to understand the criteria we used to evaluate them. We looked at the following factors:
- User experience (UX): The app should have an intuitive interface that's easy to navigate.
- Educational resources: A good forex trading app for beginners should offer educational resources such as tutorials, videos, and webinars.
- Demo account: A demo account lets you practice trading without risking real money. A forex trading app that offers a demo account can be helpful for beginners.
- Security: The app should have robust security measures, such as two-factor authentication and encryption, to protect your account and personal information.
- Customer support: Good customer support can be a lifesaver if you encounter any issues while trading.
Top Picks for Best Forex Trading App for Beginners
Based on the criteria above, we've narrowed down the top forex trading apps for beginners. Let's take a closer look at each of them.
1. eToro
eToro is a popular forex trading app that's well-suited for beginners. It has a simple, user-friendly interface, making it easy to navigate and place trades. eToro also offers a free demo account with $100,000 in virtual currency, which is a great feature for beginners who want to practice trading without risking real money.
One thing that sets eToro apart from other forex trading apps is its social trading feature. This allows traders to copy the trades of other successful traders. While this isn't always a foolproof strategy, it can be a helpful way to learn from more experienced traders.
eToro also offers a variety of educational resources, including a trading academy with videos, courses, and e-books. The app has strong security measures, such as two-factor authentication and encryption, and offers customer support via phone and email.
2. Plus500
Plus500 is another forex trading app that's easy to use and well-suited for beginners. It has a simple, intuitive interface that makes it easy to place trades. Plus500 also offers a demo account with $100,000 in virtual currency, which is helpful for beginners who want to practice trading without risking real money.
The app offers a variety of educational resources, including a trading platform guide and a range of video tutorials. Plus500 has strong security measures, such as two-factor authentication and encryption, and offers customer support via email and live chat.
One downside of Plus500 is that it doesn't offer as many currency pairs as some other forex trading apps. However, for beginners who are just starting out, this may not be a major issue.
3. IG
IG is a forex trading app that's well-suited for beginners who are interested in day trading. It has a simple, intuitive interface that allows you to quickly place trades. IG also offers a demo account, which is helpful for beginners who want to practice trading without risking real money.
The app has a variety of educational resources, including webinars, courses, and guides. IG has strong security measures, such as two-factor authentication and encryption, and offers customer support via phone, email, and live chat.
One downside of IG is that its commissions are relatively high compared to other forex trading apps. However, for beginners who are just starting out, this may not be a major issue.
4. Forex.com
Forex.com is a popular forex trading app that is well-suited for beginners. It has a simple, intuitive interface that makes it easy to place trades. Forex.com also offers a demo account with $50,000 in virtual currency, which is helpful for beginners who want to practice trading without risking real money.
The app has a range of educational resources, including courses, videos, and webinars. Forex.com has strong security measures, such as two-factor authentication and encryption, and offers customer support via phone, email, and live chat.
One downside of Forex.com is that it doesn't offer as many educational resources as some other forex trading apps. However, the resources it does offer are high-quality and well-designed.
5. TD Ameritrade
TD Ameritrade is a well-known investment app that recently added forex trading to its offerings. It's a good choice for beginners who are interested in a more comprehensive trading platform that also includes stocks and other investment products.
TD Ameritrade's forex trading platform is easy to use and offers a variety of educational resources, including webinars, articles, and videos. The app also offers a demo account with $100,000 in virtual currency, which is helpful for beginners who want to practice trading without risking real money.
The app has strong security measures, such as two-factor authentication and encryption, and offers customer support via phone and live chat. One downside of TD Ameritrade is that it's not available in all countries.
Conclusion
Forex trading can be a great way to make money, but it can also be intimidating for beginners. That's why it's important to choose a forex trading app that's easy to use and well-suited for beginners.
Our top picks for the best forex trading app for beginners are eToro, Plus500, IG, Forex.com, and TD Ameritrade. Each app has a simple, intuitive interface, a demo account for practicing trading, and strong security measures to keep your account safe.
When choosing a forex trading app, it's important to consider your own needs and preferences. Do you want a more comprehensive trading platform that also includes stocks? Are you looking for an app with a social trading feature? Do you prefer an app with live customer support? By considering these factors, you can choose the best forex trading app for your needs as a beginner.