The Ultimate Guide to the Best Forex Trading Apps for Beginners in 2024
Here’s a thorough guide to the best forex trading apps and platforms for beginners that will allow you to sell and purchase forex and more with ease.
Trading foreign exchange requires the use of a trustworthy online broker. In order to achieve success in the international currency markets, it is essential to engage in trading with a reliable foreign exchange broker.
In the event that you are an investor in foreign exchange, you can have certain requirements concerning the platform, trading tools, or research requirements that you have. Having a better understanding of the requirements of your investing style will assist you in selecting the forex broker that is most suitable for your needs.
So, factoring in the needs of a smart investor, we have curated this list of the top forex trading platforms in 2024. Using these, you can easily trade in the foreign exchange market and make greater profits. So, let’s proceed.
Which is the Best Forex Trading Platform? The Top 7 List
In the coming sessions of this guide, we will have a look at some alternatives that you can try and use as the best forex trading platform for beginners and professionals. We suggest that you go through the list beforehand and then choose the most suitable platform of your choice for trading.
1. EagleFX
EagleFX is the first best forex trading platform in this list. EagleFX provides its users with access to Forex trading platforms such as MetaTrader 4, which is a well-known platform that was built by MetaQuotes and has received a number of plaudits from the industry. In a package that is not too expensive, MetaTrader, which is one of the most widely used trading platforms, gives customers access to cutting-edge technologies.
In order to accommodate traders with varying degrees of experience, the broker provides them with the option of selecting either a single account or numerous accounts. This best forex trading app for beginners gives traders the opportunity to establish a demo account, which novice traders may utilize to acquire expertise in the market.
Also Read: Best Stock Trading Apps (Android & iOS)
2. Traders Union
Traders Union is the next best forex trading platform that you can try. The professionals at TU analyze a company’s trading circumstances, as well as its trustworthiness, dependability, customer service, and technical assistance, among other criteria, in order to guarantee that the evaluations are objective. The selection of a broker for trading on the stock market, foreign exchange, or binary options might be made with their assistance by traders.
Additionally, rankings of Bitcoin exchanges, digital banks, and payment methods may be found on the website of Traders Union. The marketplaces on this best forex trading platform for beginners in financial management are yet another potential source of wealth that TU can assist you in investigating. Additionally, the experts at Traders Union construct broker ratings.
3. Black Bulls Markets
Why Black Bulls Markets the best forex trading platform? Trading in natural gas and oil commodities has become possible as a result of Black Bulls Markets’ competitive pricing mechanism, flexible leverage options, and very quick execution times. Traders may engage in the trading of precious metals on Black Bulls Markets, which offers a variety of leverage options and minimal minimum transaction sizes.
This is the best forex trading app for beginners that offers precious metals such as gold and silver, which are sought after as assets that provide a safe haven during times of market volatility and may diversify a trader’s portfolio. Black Bulls Markets provides consumers with the ability to diversify their portfolios by having access to a range of index CFDs and commodities across all platforms. Additionally, the firm provides ultra-low latency trading on contracts for difference (CFDs).
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4. Ava Trade
Ava Trade, the best forex trading platform, generates revenue by charging a gap between the bid and ask prices. The spreads offered by CFDs on stocks are often larger than those offered by exchange-traded funds (ETFs). In the event that you have any overnight open positions on Ava Trade, you can be subject to a modest interest fee. There is no assurance that these orders will be carried out in the manner that was intended, particularly when the market is turbulent.
Additionally, the degree of leverage fluctuates according to your location as well as the commodity that is being exchanged. Due to the fact that this best forex trading platform for beginners is also a CFD broker, it is not possible to trade actual equities on their site. It is not possible to purchase exchange-traded funds (ETFs) or any other kind of investment fund using Ava Trade service. Traders are only permitted to engage in CFD (derivative) trading on certain assets.
5. Plus 500
It is possible to begin trading contracts for difference (CFDs) on Forex trading platforms such as Plus 500, which give you all of the necessary instruments. This is the main reason why Plus 500 is the best forex trading platform. Traders of all skill levels may benefit from the Trading Academy offered by the organization. This academy offers a variety of tools, including eBooks, video trader lessons, and frequently asked questions. Even when it comes to sales queries, the absence of a phone number is the sole aspect that is evident to be lacking.
For the purpose of submitting queries, both potential and existing clients are required to make use of a ticketing system that facilitates communication via email or live chat around the clock. Direct access to funded accounts, on the other hand, may cause some traders to be concerned about the security precautions of this best forex trading app for beginners. Customers are able to use the MT4 mobile app, which gives extra functions and a user interface that is more pleasant for experienced investors.
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6. FX-TM
Traders have access to the MT4 and MT5 terminals, as well as the FX, the best forex trading platform, which is restricted to brokerage institutions. Micro accounts, in contrast to other kinds of accounts, get rapid processing for any transactions that are done inside them.
Any individual who has an FX-TM account has the opportunity to form a partnership with the broker and get monetary incentives for bringing in new clients and the trading activity they engage in. The best forex trading platform for beginners offers a service that makes it possible for traders who are not very knowledgeable to make money by copying trades. A grade is assigned to each manager based on their performance, their level of risk tolerance, and their trading strategy.
7. Just Forex
This is the best forex trading platform that offers a considerable benefit in the form of commission-free trading, which enables new traders to explore the market without having to concern themselves with the expenses of commissions. There is a greater lot size available for the Standard account, which is accessible on both the MT4 & MT5 platforms.
JustForex provides traders with three different account choices for trading, each of which is determined by the amount of money they want to deposit and the assets they wish to trade. With a minimum deposit of only one dollar on this best forex trading platform for beginners, the Standard Cent account is an excellent forex broker for novice traders and those who are interested in gaining experience in the foreign exchange market. Investors who have wider market interests may also take advantage of this broker’s ability to enable trading in bond futures and single stocks of corporations with headquarters in the United States and Europe.
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Best Forex Trading App for Beginners: Summing Up
So, these were some of the top forex trading platforms for you in 2024. We have curated this list of platforms after extensive research. We do a comprehensive analysis of the commissions and fees that are charged by each broker platform before presenting it.
Some other analyses and research are also undergone. This analysis includes the bid/ask spreads, as well as the average spread data for a number of the most popular forex currency pairs. We do research on additional trading charges, including fees for inactivity or custody, minimum deposit requirements, VIP rebates and/or discounts, and a comprehensive list of other significant fee-based data points.
So, we think that these products will be beneficial to you for forex trading. Do let us know which one of the tools you find the best forex trading platform.
