So, you have finally decided to join the forex world and start trading? Well, that is a pretty big decision, and it can be an amazing one, as long as you know what you are doing. To know what you are doing, of course, you constantly have to stay up to date and keep on learning, forming the right strategies, knowing when to enter and when to exit, and, naturally, knowing how to keep your emotions out of important trades.
Here is more on forex in general: https://www.investopedia.com/terms/f/forex.asp
I suppose, though, that you have done your fair share of learning and that you now feel ready to join this particular world. In order to start off on the right foot, you will absolutely have to choose the right forex trading app for yourself. And, if you have never had to do that in the past, then it is completely normal for you to be slightly confused about how to actually make this choice.
While it is normal to be confused, it is definitely not a good idea to just make a random decision in order to get rid of the confusion and start your journey like that. You have to be much more careful than that, and you have to, thus, learn how to make the right choice. So, what we are going to do right now is share some tips that should help you out with that, hoping to lead you towards making the best decision and thus starting your trading journey the right way.
1. Ask Around
First things first, if you know any traders already, you may want to start by, well, talking to them and checking if they have some recommendations to share. After all, if you know anyone that has already been in the game for a while, they may be able to tell you more about their experience with one app or another, or with more of them for that matter, thus helping you get a better idea about what to expect from each of them. This should, of course, be just the starting point in your research, so don’t jump right towards registering on an app that someone recommends.
2. Search Online
Clearly, you will have to do some searching of your own as well. And, you can do that online, browsing the Web in search of these platforms, and then adding some interesting ones to your list of potential ones. Speaking of lists, it would be a good idea for you to find some Best Forex Trading App lists provided by reputable and reliable sources, as those can be extremely helpful, especially to complete beginners. Those useful sources will help you complete your list of potential apps, after which you will be ready to start researching them in more details.
3. Evaluate Safety
What is it that you should do, though, when aiming at researching the different platforms in more details? What is it that you should check? Well, for starters, you should always put safety first, and evaluate it before registering anywhere. So, make sure that the broker is regulated by a recognized financial authority, check whether they are using strong encryption to protect your financial and personal data, and whether they are keeping client funds segregated from company funds. Look out for any red flags, because you definitely always need to put safety first.
4. Match the App to Your Trading Experience
The next thing to think about is the fact that not all apps will be suitable for everyone. Depending on your level of trading experience, some platforms may be better suited for you than others. For instance, while some apps may be built only for professional or highly active traders, others may be completely beginner-friendly. So, match the platform you choose to your specific trading experience, so as to get the most out of it.
5. Check for Offered Tools and Features
There is no doubt that you will have to check the offered tools and features before registering and making a deposit. After all, forex trading certainly relies heavily on analysis, so you want to have some useful tools available in order to be able to do the analyses when necessary. So, look for flexible and reliable charting tools, multiple chart types, adjustable timeframes, popular technical indicators, drawing tools and other similar ones that you believe could be of help.
6. Understand the Fees
Naturally, understanding the fees is of utmost importance. This is because trading costs can vary significantly among forex apps, and even the smallest differences can really add up over time. So, you need to know what you are getting into, which is why you should always review the full fee structure, in order to understand the true costs of trading on one app or another. And, of course, it is always a good idea to test the platform with a demo account before committing.
