The market of foreign exchange is open 24 hours non-stop, meaning that forex traders can take opportunity to trade anytime and anywhere. In the past, forex traders should sit behind a desk to monitor the market but nowadays, they can take advantage of some mobile apps that can simply be downloaded and install on their smartphone. There is no limitation of time and place to place trades through their phone using the apps. The apps are usually designed to be user-friendly which means they are suitable for beginners. There are many forex apps available for iPhone and Android users. Is there any best forex app for beginners? Here are some top forex apps you can try.
Popular Forex Apps
You can try MT4 or known as MetaTrader 4. By using this app, you can trade forex, commodities, and binary options easily. Additionally, this mobile platform allows you to select recommended brokers. This app is considered to be the best forex app for beginners because it has intuitive user interface. Besides, new traders can analyze trading easier as there are streaming quotes and charts.
Another app that offers easy access for beginners to forex markets is MT4 Trading Station Mobile. It also offers various powerful trading tools. There are more than fifty currency pairs that can be accessed. New users can try the platform first before finally sign up and create accounts for real forex trading by using a free in-app demo.
The other option is Coin Trader. This app allows you to trade cryptocurrencies such as Litecoin, Dogecoin, Bitcoin, and many others. This mobile platform makes use of Crypsty online exchange in which traders can anytime check their trade history and wallet balances. Moreover, they can also monitor the prices and track charts.
All of the three apps are free. Actually there are still many others apps that you can download from Play Store or App Store. You can read the reviews by users and check the rating before trying one.
Things to Consider when Using Mobile Apps
Actually beginners can use either mobile apps or desktop computers. However before getting started, there are things to consider such as connectivity, security, and technology. As we know, mobile phones rely on cellular or wireless network. Depending on the provider, sometimes the connection is up and down. Meanwhile, forex trading requires a reliable connection. You need to make sure that the connection is stable to prevent potentially costly mistakes. The second is related to security matter. Most forex mobile apps come with safety measure to avoid unauthorized access. The problem is phones can be easily stolen. The third is technology. Compared to desktop apps, mobiles apps are more prone to technical issues like various bugs, for instance. Therefore, you should make sure that the app is working well before you use it to place live trades.
In conclusion, forex mobile apps offer convenience to analyze the market and execute trades for all users including beginners. However, you should think about the connectivity, security, and technology issue that may happen. By keeping those factors in mind, you can find the best forex app for beginners that suits your needs and convenience.