Best Forex Trading Platform Apps for Beginners
Currency trading, also known as Forex, is a global marketplace for buying and selling currency pairs. The foreign exchange market is one of the largest and most liquid financial markets in the world, allowing traders to exchange global currencies 24 hours a day, 5 days a week.
However, with so many forex brokers to choose from, choosing the forex trading platform that suits your needs is not an easy task. To help you decide, we've reviewed dozens of Forex brokers from a variety of factors including assets, regulations, trading platforms, user reviews, and fees.
Whether you are a beginner or an advanced forex trader, here are the best forex brokers in the business.
1. XTB: Best Forex Broker
As one of the largest Forex brokers in the world, XTB has a solid reputation for providing a first-class trading experience. Since 2002, they're the space veterans, if not necessarily the oldest (IG might get the award).
Nonetheless, with almost 20 years of experience, XTB has developed superior technology and is constantly adapting and improving to earn a place in our list of the best Forex brokers. After developing into a Forex brokerage in Poland, they expanded rapidly and now have thirteen offices in Europe.
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With XTB, you can trade on over 2,100 global markets and gain access to a wide range of asset classes with over 4,000 instruments. This includes Forex currency pairs, CFDs on stocks and ETFs, stocks, indices, commodities and cryptocurrencies. In Forex, you can trade 48 different currency pairs. Currency pairs also include the most popular ones such as EUR/USD, GBP/USD, and EUR/GBP.
Overview of the trading platform
XTB offers xStation 5 and xStation 5 Mobile as well as MT4. xStation 5 is XTB's proprietary trading application that is comparable to MetaTrader4 in design and functionality. However, it lacks the ability to create custom indicators, a core feature of MT4 and a staple of forex trading.
Forex traders also have access to a demo account that gives you $100,000 in free currency and 200:1 leverage. The trial version of the demo broker's trading platform is limited to four weeks. So, before you sign up for a trial, make sure you're ready to start trading Forex.
The platform offers everything you would expect from an online forex broker, including comprehensive charts and trading tools, a powerful trading calculator and real-time currency market sentiment information.
Read: IG Trading Platform
2. IG: Best for US traders
IG is our pick for the best overall forex broker. IG offers an extensive listing of trading markets, competitive prices, trading signals and industry-leading education.
With a wide range of awards, IG's currency trading platform is ideal for all types of traders, from beginners to advanced.
IG offers an impressive collection of over 17,000 tradable assets including indices, stocks, foreign exchange, commodities and cryptocurrencies. IG offers 4 different ways to trade global financial markets, including:
Spread Betting: Speculate on future market price movements without purchasing the underlying asset. CFDs: Trade the market spread between the opening and closing of your contract. Turbo24s: Control your leverage and limit your risk when trading unique floorplans.
Common Options: These are the traditional call and put options that are best suited for advanced traders. Choose your expiry date, strike price and premium to control leverage when buying. Note: US traders can only access forex pairs with EUR/USD and USD/JPY spreads of 0.8 pips.
IG's web trading platform is designed to provide traders with a fast, clean and smart way to trade spot forex via a web browser. Web platform features include:
- Easily open, close and edit positions with just a few clicks.
- Choose between light or dark themed platforms and customize your workspace to suit your needs.
- Customizable smart settings that remember your position size and stop loss values.
- Use split charts to view the same market simultaneously on multiple timeframes.
- Apply various metrics and drawings without sacrificing speed.
- mobile trading app
IG offers a variety of mobile trading applications that allow you to trade Forex from any iPhone or Android device. IG's mobile trading app offers full trading functionality including a range of technical indicators, customizable alerts and advanced trading options.
MetaTrader 4 is a third-party trading platform that gives you access to a range of tools and features that allow you to customize your trading experience. You can use these tools to create your own trading algorithms to help you automate your trades.
When you trade Forex on MetaTrader 4 with IG, you have access to over 50 Forex pairs. You can go long or short with spreads as low as 0.8 pips. MetaTrader 4 also comes with 18 free plugins and indicators for you to use, with thousands more available for purchase.
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