Nowadays Forex trading is becoming extremely popular. Trading is a good way to earn money and gain new experience. However, there are some risks related to it and trading cannot guarantee profit. In addition, beginners can make mistakes at the beginning of their trading. That is why Forex alert apps are so popular.
What is the best Forex alert app? How to choose? Traders Union experts told what to pay attention to while choosing a Forex alert app. They ranked the most popular apps which are regulated and have low minimum deposits.
What to look for in a Forex alert app?
There are some criteria that are important:
- Regulation. Many Forex alert apps are not regulated which can cause traders trouble. A good app is regulated and legal. The main financial regulatory authorities are FSCA, CySEC, FCA, FSA and ASIC.
- Trustworthiness. Check the reviews. Consider if other traders trust signals in the app. Traders can also check the reviews on the Traders Union website. No fake reviews are posted there.
- Features. Check how many features are there in the app. The best app will offer both automated and manual alert signal options. Also check if the app has educational materials in it which is crucial for beginners.
- Number of signals. The number of signals can be different. Traders can choose what suits them best.
- Cost of alerts. A lot of apps offer free alerts even if you do not trade on their platform. However, there are apps with monthly or yearly subscription fees.
Can you trade Forex on your phone?
Forex trading is possible on the phone. There are mobile apps which can be installed. People can trade Forex on their phones. Traders can also get technical analysis, news and educational material on their phones. Many mobile apps are regulated and officially registered.
What is the best Forex trading app for beginners?
There are some apps which are good for beginners. A beginner-friendly app is regulated and has a low minimum deposit. More than that, such apps have plenty of educational materials. The TU experts listed the best Forex trading apps.
1. RoboForex
In the app it is possible to open a demo account with $100,000 in virtual money on it to explore all the platform’s functions before trading real money. There are also a lot of teaching tools, such as articles and video tutorials.
2. Admiral Markets
Admiral Markets offers novice traders to open a demo account to test the app. The platform is ideal for beginners because of its quick deposit and withdrawal process. There are also plenty of educational materials. The app is regulated by FCA and CySEC.
3. eToro
The best Forex trading app for novice traders is eToro. The registration process is very easy. For beginners, the app has copy trading, educational materials and a possibility to open a demo account. eToro also has a low minimum deposit – $50. The app is regulated by CySEC and FCA. This means that the broker is trustworthy.
All in all, there are several criteria to choose an app for beginner traders. The most important thing are educational materials and video tutorials. Beginner-friendly apps also have a low minimum deposit. In addition, some platforms offer to open a demo account, so that novice traders can test their strategy before trading with real money. Last but not least, traders should know about regulation. An app that is not regulated can cause traders trouble. It is also crucial to know that trading cannot guarantee profit. You can find more information about different companies on the Traders Union website. The experts analyze the market, compare different brokerage companies and post up-to-date ratings.
