The Best Forex Trading Apps for Beginners in 2021
Trading foreign currencies has become exceedingly popular in recent years as more and more people seek to diversify their investment portfolios and, ultimately, increase their profits. Forex trading provides an opportunity to trade currencies on a global market and with the right knowledge and tools, it can prove to be a lucrative endeavor. However, for beginners, it can be an uphill battle to navigate the complexities of Forex trading. This is particularly true if you do not have a background in finance or economics.
One solution to this challenge is to use a Forex trading app designed specifically for novice traders. These apps are designed to offer user-friendly interfaces, educational resources, and tools tailored to make trading as easy as possible for beginners. This article will introduce you to the best Forex trading apps for beginners in 2021.
Overview of the Best Forex Trading Apps for Beginners
- eToro
- Plus500
- Forex.com
- AvaTrade
- XM Trading
- Oanda
1. eToro
eToro is one of the most popular Forex trading apps globally, making it one of the best platforms for beginners to start trading. The platform offers an intuitive and user-friendly interface that is straightforward and easy to navigate. The app provides an opportunity to trade in forex, stocks, and other commodities.
In addition to offering a user-friendly interface, eToro provides excellent educational resources that are perfect for beginner traders. The app offers a range of learning materials, including articles, webinars, ebooks, and even videos to guide users through the trading process. Thus, even if you have no previous experience in Forex trading, eToro will provide the necessary tools to help you understand the market.
eToro is known for its excellent social trading capabilities, which provides traders with an exciting way to learn and engage with the trading community. It has a copy trading feature that allows novice traders to follow experienced traders' trades and learn from their approach.
2. Plus500
Plus500 is another great Forex trading app designed to cater to beginner traders. The app offers low trading fees and commissions, making it an excellent option for traders looking to get started without risking much money. It has a user-friendly and intuitive interface that makes trading easier and less intimidating for beginners.
One of the standout features of Plus500 is its demo account, which is an excellent way for beginners to practice Forex trading with zero risk. The demo account provides virtual cash to trade on, and users can practice making trades until they gain the confidence to trade with real money.
The app also provides a range of educational resources, including articles, video tutorials, and a knowledge base, to help novice traders learn the ins and outs of Forex trading. This service also has a very responsive customer support team, meaning that any questions or challenges encountered along the way can be addressed.
3. Forex.com
Forex.com established itself as a leading trading platform in the world of foreign exchange, making it an excellent choice for beginners who want to get started in trading. One of the app’s key features is its educational resources. Forex.com offers an extensive library of informative resources that are easily accessible on the app.
The app provides a competitive trading experience, including low spreads and commissions, which makes it an ideal option for those starting, and seeking to trade on a budget. Additionally, the app offers an algorithmic trading feature, which provides an automated trading experience for those who do not have the time to actively trade.
For customer support and technical assistance, Forex.com provides a 24/7 customer service facility. Users can access their experts through email, phone, social media, or directly on the app.
4. AvaTrade
The AvaTrade app provides another excellent option for beginner Forex traders. The app is simple to use and offers an intuitive interface, making it easy for novices to get started. One of its unique features is the AvaProtect, a risk management tool that offers traders up to ten times their investment back, eliminating the risk of losing trades.
AvaTrade provides a wide range of educational resources via video tutorials, eBooks, webinars, and online courses. It offers an extensive library of materials ranging from basic to advanced topics that are designed to help traders learn, improve, and develop their skills.
5. XM Trading
XM Trading is another excellent Forex trading app designed for beginner traders. The app provides low trading fees and commissions, allowing you to get started with as little as $5 minimum deposit. The app offers an intuitive interface, making its use easy for Beginner traders
XM Trading app provides easy account funding methods such as credit and debit cards, Skrill, Neteller, and wire transfer. The app offers an extensive library of educational resources ranging from the basics to advanced topics. XM trading also provides live webinars and regular reports that keep traders updated with the latest forex market trends and insights.
6. Oanda
OANDA is a popular Forex trading app globally and provides a great option for beginner traders. The app has an intuitive interface, which is beginner-friendly, making it easy to use. It provides a competitive trading experience, including low spreads, a minimum investment requirement of $1 and reliable execution speeds.
The Oanda app provides an excellent educational resource library that ranges from beginner topics to advanced level. The educational resources are available in the form of video tutorials, daily market analysis, webinars, and educational materials.
Conclusion
Getting started in Forex trading can be a daunting challenge, but it does not have to be. The right Forex trading app can help make trading easier and less intimidating for beginners. From user-friendly interfaces to educational resources and demo accounts, the best Forex trading apps for beginners in 2021 offer everything you need to get started in Forex trading. With any of the apps reviewed in this article, you can start your Forex trading journey with confidence and with the best platforms tailored to assist you in achieving trading success.