We Reviewed Best Forex Trading Mobile Apps for Beginners in 2024
Hello there, aspiring traders! We can understand you may be quite at sea with so many FOREX lingo’s and apps. But don’t worry, as SureShotFX has your back as always. Let’s dive into the world of FOREX trading apps and help you find the best fit for your needs as a newbie.
Burning question: “Why do I need the right FOREX trading app, any of them will work, right?” Having the right Mobile Trading app can make a drastic change in terms of a successful and smooth trading experience and not a frustrating one.
Key Terms to Look for While Looking for a Trading App
First things first, go for an app that offers a clean, intuitive interface that simplifies the navigation and makes trading effortless. The next thing you are going to look for is if it provides analytical tools. Tools like real-time data feeds that give the latest market news and price fluctuations. Plus points if that app offers charting tools with a variety of indicators.
Can we all hands down agree that security features are the most important part of any trading platform? Make sure the trading platform has regulatory compliance with top financial authorities to ensure trust and security. Advanced security measures like two-factor authentication (2FA) and encryption to protect user data would be a plus point.
Now imagine you are having trouble with the surface and couldn’t quite understand what to do and the very next thing you will do is you will go for the client service of the trading app. So having 24/7 access to customer support through multiple channels including live chat, email, and phone is a basic characteristic of a trading app that you should go for.
Additionally look for trading platforms that offer extensive resources such as FAQs, user guides, and educational materials to assist traders.
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Okay, So Which one Should I Go For?
Okay! We can understand with so many options there you must be confused about which one you should go for and hence we made things easier for you. Our research team has tested and scored the forex trading apps of over 60 different brokers, assessing everything from user interface to security features. So, let’s jump into that.
1. IG Trading App:
Founded in 1974, undoubtedly the IG Trading App is an OG in trading app. They offer a wide range of 19000 (90+ FOREX Pairs) tradable instruments with user-friendly platforms and tools competitively. Having these characteristics alone makes them a solid choice for both newbies and seasoned traders.
Characteristics:
- Min. EUR/USD Spread: 0.6 pips
- Max. Leverage: 1:30
- Broker Type: ECN/STP
- Platforms: IG Trading Platform, MetaTrader 4 (MT4), Web Trader, Mobile Apps
Pros:
- Wide range of products and trading tools options
- Tight spreads with competitive pricing
- Regulated by class authorities.
Cons:
- Limited product range for MT4
2. eToro:
Comparatively new in the game, eToro was founded in 2007. Known for its exceptional copy trading characteristics, eToro is a multi-regulated broker that is perfect for beginners and that’s not all. They offer live webinars to upscale your skills and offer a wide range of 49 FOREX pairs.
Characteristics:
- Min. EUR/USD Spread: 1 pip
- Max. Leverage: 1:30
- Broker Type: Market Maker
- Platforms: eToro Web Trader, eToro Mobile App
Pros:
- The social trading feature is beginner-friendly.
- Low minimum deposit and easy peasy account opening process.
- Multiple judiciaries approved.
Cons:
- Will cost you a withdrawal fee of $5
- Limited charting tools.
3. Interactive Brokers (IBKR):
Another OG in the Trading Apps which is like a powerhouse for professional traders with a user-friendly surface, a wide range of global markets, and humongous research offerings Interactive Brokers was founded in 1978. This platform offers a huge range of FOREX pairs and the number is 109.
Characteristics:
- Min. EUR/USD Spread: 0.1 pips
- Max. Leverage: 1:50
- Broker Type: ECN
- Platforms: Trader Workstation (TWS), Mobile Trader, WebTrader
Pros:
- With an extensive product range that offers global market access.
- Lower costs and tight spreads.
- Advanced trading tools
- Multiple judiciaries approved.
- Huge range of research capabilities.
Cons:
- Inactivity fees for low trading volume
4. Oanda:
Founded in 1996, Oanda is a well-established player in the forex trading game. Their app offers a user-friendly experience, competitive pricing, and a solid range of trading tools and resources. They offer a range of 71 FOREX pairs.
Characteristics:
- Min. EUR/USD Spread: 0.7 pips
- Max. Leverage: 1:50
- Broker Type: STP/ECN
- Platforms: Oanda Web Trader, Oanda Mobile App, MT4
Pros:
- Multiple judiciaries approved.
- No need for a deposit
- No hidden pricing
Cons:
- Limited FOREX pair range
- Customer service should be improved
Yes, that is a whole lot of new information to digest. But for your trading success make sure to do your homework, and take your time to explore which app’s features match with your trading goals.
FAQs
Search for an app that has a user-friendly interface, strong security features like two-factor authentication, and a round-the-clock client service.
Yes, you can trade on mobile trading apps that allow you to trade FOREX directly from your phone. No need for a fancy setup.
Yes! The apps mentioned above are compiled with financial authorities.
Well, some of these apps charge fees for withdrawals, spreads, or commissions. Make sure you do your homework.
Many FOREX trading apps offer demo accounts where you can practice trading like the real world with pseudo money. Make sure your trading platform has this service as this helps you practice before staking your hard-earned money.