The Forex market has exploded in popularity in recent years. With an estimated daily turnover of $5.3 trillion dollars it is clear just how large the Forex market is.
If you are looking to trade this huge market it is incredibly important you are using the best and most advanced apps for your trading, research and analysis.
In this post we go through the best Forex trading app for beginners and exactly how you can use them.
Table of Contents
MT4 App for Android and iOS
Without a doubt the most popular and widely used app and platform in the Forex market is Metatrader 4 (MT4).
You will be hard pressed to find a Forex broker that is not a market maker not offering MT4 these days because of its popularity.
MT4 has a huge range of benefits and yet is incredibly lightweight.
When using Metatrader 4 you have the ability to trade on your desktop or mobile, including any Apple devices.
Once you have signed up you will gain access to real time trading quotes, a large range of trading orders, very detailed trading history and instant trading.
Whilst MT4 is lightweight and easy to download and use, there are a lot of advanced features. These include;
- Quickly switch between financial instruments on your charts.
- Range of alerts and notifications.
- Customize your charts to make it look however you like.
- Use many different order types including; pending orders, stop loss and take profit that you can also see on your charts.
- Free financial news is built directly in.
- Chat with registered MQL5 community traders.
- Push notifications from the desktop platform.
When it comes to actually analyzing and finding trades you will find that Metatrader 4 has pretty much everything you need. Not only do they have every popular indicator built in, but there are thousands and thousands of custom built indicators you can download and use.
After downloading MT4 you will gain access to;
- 30 of the most used and popular technical indicators built in.
- 24 different analytical objects you can use that include; channels, lines, geometric shapes, Fibonacci and Gann.
- A large range of time frames from the 1 minute to the 1 month chart.
- 3 different types of charts that include; Line, Bar and Japanese candlesticks.
You can Try MT4 With a Free Account Here
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MT5 App for Android and iOS
Metrader 5 (MT5) is the updated version of MT4.
MT5 does have some features that MT4 does not including some extra built in indicators and extra time frames that come as standard.
However, whilst MT5 is newer, it has not proven as popular as MT4 and because of this there are not nearly as many custom indicators that there are on the MT4 platform.
Whilst you will be able to find and use many different custom indicators in MT4, often you will find they are not available in MT5.
Similarly to MT4, MT5 is very lightweight and gives you the ability to trade on your desktop or mobile, including any Apple devices.
Whilst MT5 more advanced features include;
- Quickly switch between financial instruments on your charts.
- Range of alerts and notifications.
- Customize your chart to make it look however you like.
- Use many different order types including; pending orders, stop loss and take profit that you can also see on your charts.
- Free financial news is built directly in.
- Chat with other MQL5 community traders.
- Push notifications from the desktop platform.
When it comes to actually analyzing and finding trades you will find that Metatrader 5 has pretty much everything you need. Not only do they have every popular indicator built in, but there are thousands and thousands of custom built indicators you can download and use.
After downloading MT5 you will gain access to;
- 33 of the most used and popular technical indicators built in.
- 44 different analytical objects you can use that include; channels, lines, geometric shapes, Fibonacci and Gann.
- A large range of time frames from the 1 minute to the 1 month chart.
- 3 different types of charts that include; Line, Bar and Japanese candlesticks.
You can Try MT5 With a Free Account Here
Metatrader Web App
The Metatrader web platform is just as you guessed; the Metrader platform that you can access from the internet.
This can be incredibly handy. If you are not at your own desktop and not able to use your phone or don’t have the Metatrader app on your phone, then you can use the webterminal.
The webterminal will let you log into your trading account and trade as normal directly from the internet.
MetaTrader Webterminal App Trading Features
- Trading directly via the internet
- Compatibility with any computer operating system
- Built in data protection
- One click trading
- History of trading operations
- Indicators and objects built in for your trading
- Real-time quotes in Market Watch
- 9 timeframes
Once you have signed up with a Metrader broker that has a web terminal you will be able to log into your account.
You can create an account with a Metatrader broker that has the webterminal feature here.
News and Economic Event Calendar App
Staying up-to-date with the news and latest economical events can often help you find new trades and manage the trades you are already in.
The DailyFX App for Android and iOS is the market leader when it comes to Forex news and breaking announcements.
DailyFX – Live Rates, Analysis and Calendar APP
The DailyFX mobile app comes with all the best features you would expect from a market leader in the financial news space.
You have the ability to read real time news events and commentary, see what is coming and stay ahead of new economic changes.
This app comes with comprehensive market summaries as well as predictions for what could happen in the market next.
Download DailyFX App for Android
Best Forex Trading App for Beginners Overall
The best Forex trading app for beginners and more experienced traders alike to analyze, make and manage your trades is MT4.
MT4 is the most popular platform in the world because not only is it incredibly easy to use, but you can connect and sync your trading account across your PC and mobile devices.
You can get a free MT4 Account Here
