Nearly everything in today’s society, including financial trading, is managed via a smartphone or tablet, thanks to technological improvements. And it also helps that most individuals these days don’t have the time to sit in front of a computer for extended periods of time. That explains some of the appeals of mobile applications.
They make it possible to instantly and immediately process information. A laptop does not need to be charged because a cell phone may be used to access everything. It is a great way for traders to communicate with their clients. The best trading apps for beginners show the necessity to trade even on the go.
Contents
How using trading apps makes the trading process easier?
This is by far the most significant advantage that mobile apps have provided. In the past, traders and investors put a lot of money into building the ideal infrastructure for trading. This featured, among other things, a desktop or laptop and a dedicated internet connection. Yet all of this is now meaningless thanks to mobile trading. Such specialized infrastructure is no longer required in order to place orders. There is also another significant benefit that mobile apps provide.
Every time you need to place an order, you don’t need to be nearby a computer or a dedicated internet connection. Simply open the mobile trading app on your smartphone, establish an internet connection, and place an order from anywhere in the world. Even for placing orders, you can utilize mobile internet. Mobile trading applications provide very straightforward and simple user interfaces. This is partly because visual components are prioritized in mobile apps. It only takes a few minutes to become comfortable with the app’s layout. Compared to the more conventional method of purchasing and selling, forex market trading on a mobile device is a more frictionless experience.
IG
With IG’s user-friendly mobile trading platform, you may trade whenever anywhere. You’ll have complete dealing functionality on their feature-rich Android app and an especially created mobile web platform for iOS. With IG’s simple mobile deal ticket, you can open and exit positions on tens of thousands of marketplaces and, wherever you are, easily manage your positions and make changes to your trades. Some traders use IG’s demo account to practice trading with fictitious money.
Also, you can use basic and trailing stops to reduce your potential risk or a limit order to lock in your earnings, where the guaranteed stops provide an impenetrable defense against slippage. While looking through the IG trading broker review, it’s also a great advantage to note that their mobile application also has advanced chart analysis technical indicators, including Bollinger Bands, Fibonacci retracements, and MACD, which can be used to conduct in-depth research. In the end, you can set market price notifications and get trade alerts through email, SMS, or push notification, and while using their economic calendar and create alerts for essential market announcements and events.
Pros
- Advanced charting tools, helping to conduct technical analysis on the go.
- Setting notifications for price alerts and being informed to make the right trades.
Cons
- The premium edition is pricey.
- Beginner traders might need to learn more about how it operates.
eToro
The greatest trading software for novices is eToro, which has a user base of over 20,000,000 and enjoys widespread popularity worldwide. About 50 forex pairings are listed throughout the exotics, minors, and majors categories on its iOS and Android app. Leverage can be used by qualified traders to buy and sell currency pairs. For minors and majors, the app has set a 1:20 and 1:30 limit, respectively. Because it doesn’t charge a commission and its spreads on the EUR/USD pair start at one pip, users adore it
Pros
- There are many capacities for copy trading
- It offers many different FX pair options
- It’s simple for beginners to use
Cons
- It lacks complex trading instruments.
- Fingerprint and facial scan logins are not supported on eToro
AvaTrade
Because it has both the MT4 mobile trading platform and the user-friendly Avatrade Go platform, it gives new traders tremendous alternatives for mobile trading. AvaTrade Go provides an advanced dashboard with zoom capabilities, uncluttered charts, and real-time prices. Customers get access to more than 250 instruments, including the top cryptocurrencies, FX pairings, equities, and commodities in the world. The software provides a seamless trading experience and includes many built-in management capabilities.
Pros
- It has a chat live using Avatrade GO
- Easy and quick to set up and start trading
- Competitive currency rates
- They offer free withdrawals and deposits
Cons
- It levies an administration fee.
- It’s focused on only backs cryptocurrencies, forex, and CFDs
- Using the app to conduct technical analysis is difficult.
Capital.com
A CFD trading site called Capital.com gives novice traders access to 138 trading pairs. In addition to the Capital.com website and MetaTrader 4, it supports Android and iOS operating systems. The app has many features, including bespoke orders, real-time charts, and economic indicators, and its deposit and withdrawal methods are fee-free. Before getting their feet wet with an actual trading account, beginners can practice on a demo account.
Pros
- Minimum deposit of $20
- 100% of its markets have no commission.
- Ideal for beginner traders, small spreads
- Spread betting is available to clients in the UK.
- Offers a huge selection of CFD devices
Cons
- Expert traders will struggle to use this program.
- It solely supports CFD trading and doesn’t support conventional investments.
Forex.com
Both a desktop version and an app for iOS and Android devices are available on Forex.com. Access to 80+ trading pairs encompassing a wide range of exotics, majors, and minors is available to users of this app. The software has charting tools and technical indicators, making it an excellent tool to utilize while traveling. It includes a demo account that enables new traders to practice trading without taking any risks, which is why they enjoy it.
Pros
- It’s governed by ASIC
- It has MT4/5 platform support
- It has a commission-free platform and an economic calendar.
- It has many educational resources
Cons
- It solely offers CFDs and does not support traditional stock ownership.
Conclusion
You must pick the top forex trading app for an easier experience if you want to begin your forex trading journey successfully. Certain regulatory authorities, such as the Futures Commission Merchant (FCM) and Commodities Futures Trading Commission, must oversee forex trading apps (CFTC). Additional aspects to consider while choosing a trading app include diverse payment options, a user-friendly interface, trustworthiness, reputation, and customer service.
