Best Forex Trading Mobile Platforms for Beginners: A Comprehensive Review
Forex trading can be a very lucrative activity, but it can also be intimidating to get started for beginners. With the rise of mobile trading platforms, it's now easier than ever for beginners to get started with forex trading. In this comprehensive review, we'll take a look at the best forex trading mobile platforms for beginners based on usability, educational resources, fees and commissions, customer service, and other factors that matter to beginners.
1. MetaTrader 4 Mobile
MetaTrader 4 is one of the most popular forex trading platforms in the world, and for a good reason. The platform has a user-friendly interface, real-time market data, and a wide range of trading tools, including technical analysis indicators, charting tools, and trading bots. It's also a plugin-friendly platform, which means that you can connect with other traders and share your ideas with them.
Features
User-Friendly Interface: MetaTrader 4 Mobile has a user-friendly interface that makes it easy for beginners to navigate the platform. The platform has a customizable dashboard that lets you create a trading environment that works for you.
Real-Time Market Data: One of the main advantages of MetaTrader 4 Mobile is the real-time market data that it provides. The platform has access to real-time quotes, charts, and indicators which helps traders make informed trading decisions.
Trading Tools: MetaTrader 4 Mobile has a range of trading tools that beginners can use to improve their trading skills. The platform has a variety of technical analysis indicators, charting tools, and trading bots that can be used to automate trades.
Education and Support
MetaTrader 4 Mobile has an extensive education and support section with resources for beginners. The platform has a Help Center that includes tutorials, articles, and videos on forex trading. They also have a community section where traders can share their ideas and ask questions.
Fees and Commissions
MetaTrader 4 Mobile charges fees and commissions on each trade. The fees can vary depending on the broker that you choose, but they typically range from 0.1% to 0.3% of the trade value.
Customer Service
MetaTrader 4 Mobile has a customer service team that you can reach out to through email or phone. The platform also has a live chat feature that you can use to get in touch with support agents.
Pros and Cons
- User-friendly interface
- Real-time market data
- A range of trading tools
- Extensive education and support resources
- Credible and reliable
- High trading fees and commissions
Verdict
Overall, MetaTrader 4 is an excellent choice for beginners looking for a reliable and user-friendly trading platform. While the trading fees and commissions are on the higher end, the platform's extensive range of trading tools and education resources make it worth the investment.
2. eToro Mobile
eToro is a popular forex trading platform known for its social trading feature. With eToro, you can trade forex, stocks, indices, and cryptocurrencies on your mobile device. The platform has a user-friendly interface, real-time market data, and a social trading feature that lets you follow and copy the trades of successful traders.
Features
User-Friendly Interface: eToro Mobile has a user-friendly interface that is easy to navigate. The platform has a simple design that makes it easy for beginners to find the tools they need.
Real-Time Market Data: eToro Mobile provides real-time market data, including quotes, charts, and other indicators. This helps traders make informed trading decisions and stay up-to-date with the latest market news.
Social Trading: One of the key features of eToro Mobile is social trading. With social trading, you can follow and copy the trades of successful traders. This is an excellent way for beginners to learn from more experienced traders and improve their trading skills.
Education and Support
eToro Mobile has an extensive education and support section with resources for beginners. The platform has a Help Center with articles, tutorials, and videos on forex trading. They also have a community section where traders can ask questions and share their ideas.
Fees and Commissions
eToro Mobile charges some fees and commissions on each trade. The fees can vary depending on the type of account you have and the trade volume. The platform charges a spread on every trade, which is the difference between the buy and sell price.
Customer Service
eToro Mobile has a customer service team that you can reach out to through email or phone. The platform also has a live chat feature that you can use to get in touch with support agents.
Pros and Cons
- User-friendly interface
- Real-time market data
- Social trading feature
- Extensive education and support resources
- High fees and commissions
Verdict
eToro Mobile is an excellent choice for beginners looking for a social trading feature. While the fees and commissions are on the higher side, the platform's educational resources and social trading feature make it worthwhile.
3. TradingView Mobile
TradingView is a popular charting and social networking platform for traders. The platform has an intuitive interface, real-time market data, and an extensive library of technical analysis tools. With TradingView Mobile, you can analyze the market and place trades on the go.
Features
User-Friendly Interface: TradingView Mobile has an intuitive interface that is easy to navigate. The platform has a customizable dashboard that lets you create a trading environment that works for you.
Real-Time Market Data: TradingView Mobile provides real-time market data, including quotes, charts, and other indicators. This helps traders make informed trading decisions and stay up-to-date with the latest market news.
Technical Analysis Tools: TradingView has an extensive library of technical analysis tools that you can use to chart market trends, identify support and resistance levels, and spot potential trading opportunities.
Education and Support
TradingView has an educational resource section where beginners can learn forex trading basics, charting, and technical analysis tools. The platform also has a community section where traders can share their ideas and ask questions.
Fees and Commissions
TradingView has a free and paid membership. The free membership has limited features, while the paid membership gives you access to more advanced features. The platform doesn't charge fees or commissions on trades.
Customer Service
TradingView has a customer service team that you can reach out to through email or phone. The platform also has a live chat feature that you can use to get in touch with support agents.
Pros and Cons
- User-friendly interface
- Real-time market data
- An extensive library of technical analysis tools
- Free membership available
- No fees or commissions charged on trades
- No social trading feature
Verdict
TradingView Mobile is an excellent choice for beginners looking for a free charting tool. While the platform doesn't have a social trading feature, it still provides valuable trading features and educational resources that beginners can use to improve their trading skills.
4. IG Trading Mobile
IG Trading is a forex trading platform that is known for its low trading fees and commissions. The platform has a user-friendly interface, real-time market data, and a range of charting and trading tools.
Features
User-Friendly Interface: IG Trading Mobile has a user-friendly interface that is easy to navigate. The platform has a customizable dashboard that lets you create a trading environment that works for you.
Real-Time Market Data: IG Trading Mobile provides real-time market data, including quotes, charts, and other indicators. This helps traders make informed trading decisions and stay up-to-date with the latest market news.
Charting and Trading Tools: IG Trading has a range of charting and trading tools that beginners can use to improve their trading skills. The platform has a variety of technical analysis indicators, charting tools, and trading bots that can be used to automate trades.
Education and Support
IG Trading has an extensive education and support section with resources for beginners. The platform has a Help Center that includes tutorials, articles, and videos on forex trading. They also have a community section where traders can share their ideas and ask questions.
Fees and Commissions
IG Trading charges low fees and commissions on each trade. The fees can vary depending on the type of account you have and the trade volume.
Customer Service
IG Trading has a customer service team that you can reach out to through email or phone. The platform also has a live chat feature that you can use to get in touch with support agents.
Pros and Cons
- User-friendly interface
- Real-time market data
- A range of charting and trading tools
- Low trading fees and commissions
- Extensive education and support resources
- No social trading feature
Verdict
IG Trading is an excellent choice for beginners looking for a platform with low trading fees and commissions. While the platform doesn't have a social trading feature, it still provides valuable trading features and educational resources that beginners can use to improve their trading skills.
Conclusion
Choosing the right mobile trading platform for beginners can be overwhelming, but it doesn't have to be. By considering factors such as usability, educational resources, fees and commissions, customer service, and other features, you can find a platform that meets your needs. In this review, we've looked at some of the best forex trading mobile platforms for beginners, such as MetaTrader 4 Mobile, eToro Mobile, TradingView Mobile, and IG Trading Mobile. With these platforms, you'll have access to real-time market data, trading tools, and education resources that you can use to improve your trading skills over time.