6 Best Forex Trading Apps that are Easy to Use for Beginners
Through these forex platforms, it is typically more feasible to interpret price fluctuations and identify potential profit opportunities swiftly and effortlessly in real-time. The availability of such applications obviates the necessity for constant vigilance, analysis, and determination of opportune moments to open positions and generate profit from forex trading.
Unsurprisingly, forex trading applications have evolved into 'trusted companions' for traders, becoming a pivotal success factor in capitalizing on opportunities within the forex market. Although an abundance of such applications exists, not all are endowed with features reliable enough for trading.
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Presently, forex trading applications, whether Android or iOS-based, are bifurcated into two categories: forex broker trading applications and non-broker applications.
Forex broker trading applications are platforms furnished by brokers or brokerage firms aimed at augmenting the trading performance of every client. If opting for an application from a forex broker, it is incumbent upon us to select a trustworthy and regulated top-tier forex broker. On the other hand, non-broker applications are provided not by brokerage firms but are typically developed by individuals or groups.
What are the most commendable forex trading applications suitable for beginners and experienced traders alike?
Metatrader 4
Metatrader 4, more commonly known by its abbreviation MT4, is the most widely utilized forex trading platform globally, maintaining its position as the top forex trading application as of 2021. This software was developed by Metaquotes Software Corp and first made its debut in 2005.
MT4 isn't solely available as a software for PCs or laptops; it also comes in mobile versions compatible with both Android and iOS. This allows for downloading and installation on your smartphone, making it adaptable to a variety of Operating Systems (OS).
Within the MT4 trading application, traders can monitor price movements, perform analyses, and execute orders all within the confines of the application.
MT4's principal advantage lies in the development and application of trading algorithms. Automatic trading on MT4 can be developed by forex brokers, traders themselves, or even third-party entities.
MT4 also enables forex brokers to provide direct trading signals to the platform. Moreover, the installation of expert advisors or forex trading robots can be easily accomplished on the platform, and these will automatically operate within the MT4 application on your mobile device.
Traders can even create their own automatic trading systems using the MQL4 programming language.
These advantages make MT4 a favored choice amongst traders, and nearly all forex brokers certainly offer MT4. In fact, MetaTrader 4 is also the most popular forex trading application in Indonesia.
Metatrader 5
Metatrader 5, or MT5, is the latest forex trading platform released by Metaquotes Software Corp in 2010. MT5 boasts a variety of additional features absent in MT4, such as 21 timeframes instead of just 9, a separate economic calendar, and an integrated marketplace.
MT5 also comes in a mobile application version. However, many forex brokers and traders prefer MT4 over MT5, primarily because expert advisors and custom indicators built with MQL4 cannot be utilized in MT5.
If traders wish to conduct trading with the same automatic system, they would need to rewrite the program with MQL5 because the trading system relied upon in MT4 cannot be used in MT5.
The default setting of MT5 is arranged based on the rules of the United States regulator, NFA, which prohibits hedging by implementing FIFO (First In First Out).
This is disadvantageous for traders using hedging strategies, especially hedging within a single pair. For this reason, most MT5 users are traders who have not previously used MT4.
ThinkTrader
An outstanding application for forex trading is ThinkTrader, formerly known as Trade Interceptor. If we are on the quest for an application that encompasses advanced forex trading and analysis tools, complete with comprehensive graphs, yet remains user-friendly for beginners, then ThinkTrader stands as the optimal solution.
Post its acquisition by ThinkMarkets, the application underwent a rebranding process, emerging as ThinkTrader in the year 2017. Since its launch, it has incorporated features enabling the trading of forex, stocks, cryptocurrency, and commodities.
Traders can gain access to technical analysis tools and live charts for a majority of forex pairs, precious metals, cryptocurrencies, and over a thousand stocks via this application.
We are also served ten types of price charts, ranging from bars to candlesticks. The functionality of deposit and withdrawal is available within the application, provided your account has undergone verification.
ThinkTrader furnishes a built-in news portal for those in need of up-to-the-minute financial news.
It also offers features for closing and opening positions with a mere single click, thus enabling traders to close all positions and have all positions running with one click.
FXTM
The FXTM application, developed by the FXTM broker, is utilised in over 180 countries worldwide. Intriguingly, it is designed to cater to both experienced and novice traders, thus making it accessible to a broad audience.
The display of information on the FXTM Trader application page is designed for ease of reading, presenting balance, margin, profit and so forth. To augment the conveniences provided, a one-click execution feature is also available.
This will further enhance efficiency for traders who require speed in transactions. The application also features expert market analysis to aid in making accurate trading decisions.
Hanson Forex Investing
Hanson Futures is a Forex Trading company that operates in the specific realm of futures trading, energy, Stock Indices, and foreign currencies.
Operating directly under BAPPEBTI, ICDX (Indonesia Commodity & Derivatives Exchange), ICH (Indonesia Clearing House), Hanson Forex is a member of the Exchange.
Developed in the year 2018, it has received an abundance of positive ratings due to its comprehensive features that combine trading features and news information within the application.
Global Investa Horizon
Global Investa Horizon, a Trading company founded in Singapore, is apt for both beginners and professionals. GIC owns an application named GICTrade, a platform that hosts an array of products that can be utilised by traders.
GIC is a platform that employs a blockchain system, ensuring safer and more transparent transactions. This platform is also safe for beginners as it has several products specifically designed for novices.