Thursday, 5 March 2020

Top 4 Best Forex Trading App For Beginners

forex app

We looked at tons of forex apps 120 to be specific, comparing various things such as ease of use for beginners' features and the overall value that they bring. I think I've personally seen the app store more than my friend for the past month and now I am ready to share the results with you. I also want to note that the apps that did make it are all awesome apps, people have worked hard to make them and they're good, I mean, they're good but good is not what we're looking for here, not quite, we were looking for great, and after looking for that perfect combination of easy fun and malleable. I was lucky to find 4 apps among many like it that stood above all. I've added their website so that you can download that app on their website.


Let's Get Started



1. Trading Game

Forex and game doesn't really go well together, since it's a serious topic most of the time, after my research, however, I learned that I was super wrong, I mean, it really is a game and for me, it was just as fun as something on my console, but the difference here is that you can actually learn something that can potentially make you money instead of just paying something. With this app, I think you're going to dive into the real world of forex in no time after you play around enough.
trading game

First and foremost, it is incredibly accessible to anyone because it packs very complex information in a simple way and design, so you get to learn the basics of trading like you were a 5-year-old, and if this 5-year-old also speaks 9 languages by accident he can choose between them and select the best one for him. This app really rises above the competition because it offers a full package starting with;


  • Forex School
  • Virtual currency
  • Built-in live market
  • Real-time price movements

Where you get all the information you need in simple chunks. Now, as you progress, you build upon the information you already learned and after each lesson, you're tested with a couple of questions, get them right, then you get virtual currency. And once you have progressed to a certain point in the forex school, you can then start trading in the built-in live market with the digital currency that you have earned. The market works just like the real one with the same house and adjustments, and comparing to other apps, there is little to no delay in price movements, so when a price moves in the real market, it also moves into trading a map. This is absolutely a fantastic way to progress quickly because you can actually use what you've learned straight away, and you build the same skills needed for the real thing. 

You see, theory and reading books will never work without trying it out for yourself. Therefore, the trading game is a place where you can learn and put into practice like nowhere else. Now, once you complete the forex school and the forex university after that, you will have the basics cover, I mean;


  • Forex School
  • What is Forex?
  • How it works?
  • How to trade?
  • How to read charts?
  • How to make a profit?

When you are done, you can knock yourself out in the virtual market where you can trade and test everything that you have learned and see if you actually have what it takes to make money. If not, you can always repeat the courses and practice again and again and trust me, the only people that don't fail are the ones who don't try. So keep trying and maybe you will earn enough to rank in the trading games global leaderboards someday. 

As I said, forex is a really complicated subject after all, and most people who are interested in it they get overwhelmed when they start looking into it. Trading a map is a nice solution to those feelings of not having a clue when diving into something unknown because they have found a way to speak to average joe's so that even they could understand the most complicated aspects of currency trading. It was a really tough choice but we ranked it as number one in our list because it does the number one thing any app must-do for beginners. It makes forex simple and it really has everything. You can learn, you can practice, you can battle with other traders who can profit more in the short 10-minute. And if you're not confident about your skills you can repeat endlessly until you've got it.

You don't need to worry about downloading any more apps to learn forex trading. This one will teach you everything you need. if you complete the courses and play around enough with the trading game, you will have much better luck using out next app. the thing is as a beginner, you have a lot to learn regarding technical analysis and investing in general. And looking at tons of indicator is great if you actually understand what they are telling you, now, the trading game will give you enough foundation to start from so you can understand what to do with our next app right from the start.

https://tradinggame.com



  • After you have drilled in the basics, what is your next step? Trading, investing, I don't think so and this is precisely why I didn't rank a social trading app in the second place.



2. TradingView

There are many apps like it and they're all good I would say, but tradingview stood out from the crowd and you know why, well, I will tell you. 
TradingView

It is an online stock picking software for both beginners and experienced active traders, but it has a little twist, I know that didn't make a lot of sense, so let's put it this way. It is an app that lets you Filter, analyze the stock and forex pairs


  • Filter, analyze stocks and forex pairs
  • Research investment option whether or not it will be a good investment.

  • You can use more than:
  • 10 charting types
  • 50 drawing tools
  • 100 technical indicators

  • User Can Learn;
  • New concepts
  • Research market fluctuations

  • Collaborate with other traders
  • By chatting
  • Asking questions
  • Exchanging ideas

It's a community, so if you think about forex as a country, tradingview sort of works like a map helping you navigate it safely with the help of others and this help of others is exactly why this app stood out from the crowd.

Tradingview is like no other charting platform and the community consists of over 3 million active users, and on average, over 3,000 join every day. What this means, well, that means a ton of new ideas and trading data is released every day, so you don't even have to do the lion's share of work, you can be sure to find something that fits your style and brake plus, is that it offers tons of information even before you sign up for the free account and if you want an upgrade, tradingview also offers 3 types of paid accounts. The most expensive premium account costing you $60 per month, you can find out the difference between the accounts on trading view websites, but as a beginner, you will do just fine with the free account.

I would have liked to rank a social trading app in the number two spot but since there is real money involved in it and it's best to first understand how the market works and if you even want to do this forex thing. That is why tradingview takes the number 2 spot. 

https://www.tradingview.com



  • Now, after you have learned the fundamentals with the trading game and done your research and analysis of the market with tradingview. The next step in your progression is to start trading with an actual broker. Now, there are literally thousands of broker options and all of them do the same thing, they let you trade and we have a couple here that are good, but after our research, none of them compare to the eToro as a beginner, because I believe your best bet as a beginner is to use the eToro social trading app.



3. eToro


  • Social Network

As a beginner, you will have a tough time being alone wolf in trading and that is why something like social trading is a perfect start for you. Why? Well, you need the advice, opinions, mistakes, and experience of other traders in order to become profitable, and the social network aspect of each eToro is perfect in your situation because that is actually how you get real-world information about trading from other traders.


  • Simple And Clever Ul

Also, it is incredibly important that you don't get confused and overwhelmed by tons of data right from the start, I've tried and tested many brokers and I can guarantee it is hard to find a broker that is simpler and more easy to use than eToro. It has a very clever user interface where you get only what you need without any distractions.


  • Make A Trade With 3 Taps

At eToro a trade can be made with 3 taps on your screen instead of going through 15 different menus. Everyone knows how annoying that is. Etoro also provides two great unique features which I believe are a perfect match for beginners.


  • Copy Trade
  • Copy Portfolio

If there is something that eToro is really good at well, this is it and they're known for it. Basically, you can copy the portfolio of traders who are also trading with eToro. This can be quite useful and since there is a big chance that the person you're copying will understand forex trading a little bit better than you, or a whole lot who knows depends on the trader. But it's like having thousands of traders all working for you, you can select who to copy based on their profile newsfeed previous performance, risk score, and a whole bunch of other factors. And once you've made your pick, your account will copy the trades of the trader you have chosen. Do your research, select carefully and let others do the work for you.

Like other popular brokers eToro also lets you practice trading with a demo account, so for those folks out there still unsure you can even practice copying people without risking $1 of your own money. it's true that there are other platforms that provide similar features such as copy trading, I believe that the perfect combination of a simple user interface, copy trading and the social network aspects offered by eToro is exactly what you need when starting out. 
https://www.etoro.com


  • So, you have been studying, analyzing and now you have started to trade. Now, as you learned at a trading game, there are many factors that influence the market. Political natural, economic events. They can all move the market either way, and a tweet from a president can wipe out half of someone's portfolio in a minute. So where do you find out about these events? Well, the news of course, and there are tons of news apps around and I mean, they work, they provide news, but after trying out a bunch of them and reading a lot of information, I believe the next app is the one best one for forex traders specifically.


The next app in our top 4 brings all the financial news you will ever need in your pocket with the Bloomberg Business news app


4. Bloomberg Business news

Bloomberg
  • Latest News
  • Read
  • Watch
  • Listen

  • Customize Personal Portfolio
  • Market data
  • Trading stories
  • Financial analysis

What really sets this app apart from other news providers specifically is that Bloomberg's goal is to provide the most up-to-the-minute information available on trading metrics throughout the trading day. In the app, you can customize your personal portfolio, select the topic and markets that are most important to you for instance access to the latest market data, trading stories and everything else from around the world on the topics that you have chosen. you can select the forex pair or any trading instrument, see the relevant data about it and the latest news that influenced its course. Just like the trading game, Bloomberg also gives you an all-in-one package, only this time when it comes to financial news. 

The standards for news set by Bloomberg are really, really high, the award-winning business and financial journalists at Bloomberg well, trust me, they know what they're doing and 28 million users proves to us that the content that they provide it really does make a difference to traders. You get tons of information without needing to spend tons of time looking for it. You can ready, you can watch, you can listen and take notes because it will surely help you on your journey to profits. So without complicating it too much, this app is your source for forex news. You can start with a 30-day free trial and then a monthly subscription if it helps your trading. 

https://www.bloomberg.com




Conclusion

I do spend a lot of time researching and testing the apps so you wouldn't have to do it and I honestly believe that this article will help you in your trading career or help you with starting a trading career or help you figure out this is something you even want to try. Good Luck

No comments:

Post a comment