Are you planning to start your trading journey and is looking for the best forex trading app to begin with? Let me share with you which platform helped me gain success in earning profit through trading and why it is worth the try.
What to consider in choosing a forex trading app?
Forex trading has been made easier for beginners through the increasing number of trading platforms, application, and tools in the market. Beginner traders can even start earning in the forex market using only their mobile phones. However, choosing the right forex trading app and tools to use may be a decision beginner traders should take more time with as this can either make or break their success in trading.
So, what are the aspects to consider in choosing the right one for you? There are two things a good trading app should be: reliable and trustworthy. You don’t want your investment to just disappear in one snap right? But how will you know if an app is reliable and trustworthy? It should have the following attributes: (1) real-time updates; (2) advanced analytics and tracking; and (3) minimal spreads.
Real-time updates allow you to have the up-to-date value information you need in making informed trading decisions. Meanwhile, advanced analytics and tracking help you make wise trading decisions based on historical data and recommendations for selling and buying choices. Lastly, minimal spreads allow you to budget your payment for fees and commissions so you won’t lose your profit and investment in just one snap.
OANDA – the best forex trading app for beginners
When I started my trading journey, it took me a while to realize how choosing the right application and tools can actually help me be more successful. I made sure that the platform I am using best serves my interest and is reliable and trustworthy. So far, OANDA never failed me and has even exceeded my expectations. Wherever I am now, this is because I have the best forex trading app at my disposal.
So, what is OANDA? OANDA is an award-winning trading platform and globally-recognized broker which provides both beginner and professional clients fast and easy access to global markets to trade more than 120 instruments, including currency pairs, precious metals, and CFDs for global markets, indices, commodities, and bonds, as available in the client’s region.
It is definitely beginner-friendly because it uses simple and intuitive functionality to place trades directly from the chart with fast, reliable, and exceptional trade execution while managing a client’s risk exposure with take profits, stop losses, and trailing stops. Meanwhile, it helps professional traders avoid missing a trading opportunity through its market events calendar and stay on top of the market movements and volatility through access to global market news feed from leading providers Dow Jones, 4CAST and OANDA MarketPulse.
Features of the OANDA fxTrade mobile application
- Fast, exceptional trading execution – With OANDA, you can (1) access live, real-time prices to trade major, minor, and exotic instruments on the world’s top financial markets; (2) trade flexible lot sizes with minimal spreads and no additional commissions, minimum deposit, or minimum trade size; (3) avoid dealing desk intervention or algorithmic software designed to push trades to the broker’s favor; and (4) have access to multi-lingual 24/5 customer support during market hours.
- Mobile chart trading – This forex app allows you to (1) trade faster, easier, and more efficiently from a single view placing orders directly on the chart; (2) manage trading opportunities and your risk exposure on the go by buying, selling, and editing orders through simple taps; and (3) have access to more than 50 technical tools, including 32 overlay indicators, 11 drawing tools, and 9 charts to easily edit your take profit, stop loss, and trailing stop orders.
- Trade, monitor, and take control on the go – With OANDA, you can (1) manage positions, control risk, and monitor account profitability in one touch to react to market activity in real-time wherever you are; (2) access automated custom notifications on price alerts, order expiry, upcoming economic calendar events, and global market news from leading providers; (3) customize chart sizes tailored to your trading style to set up the number of preferred units traded, risk and profitability levels; and (4) add funds directly to your trading account from your mobile phone.
Why OANDA may or may not be for you? (pros and cons)
Based on the 2021 Over-all Ranking of Online Brokers, OANDA got an over-all trust score of 89 out of 99 making it low-risk and safe for forex traders. If you are now considering to start with or switch to OANDA, you may want to consider if it is indeed for or not for you.
- Great trading platforms
- Trade directly from the charting interface
- Offers trading for more than 70 forex pairs
- Leverage up to 50:1
- Two pricing options available
- No minimum deposit required
- Very advanced mobile charting tools
- Outstanding Research Tools
- Fast and user-friendly account opening
- Limited product portfolio (with only FX and CFD available)
- No stock exchange listing and banking background
- Customer support is not 24/7
- Demo account doesn’t work on mobile
- Few education features on the mobile app
- Mobile interface is crowded
Other Highlights: (data from brokerchooser.com)
- Countries of regulation include USA, UK, Australia, Singapore, Canada, Japan
- Low trading fees class
- Charges inactivity fee
- Withdrawal fee amount of $0
- Minimum deposit of $0
- Takes 1-3 days to open an account
- Available option to deposit with bank card
- Available option to deposit with electronic wallet
- 9 base currencies supported
- Demo account is available and provided
- Offers Forex and CFD products
- CFDs or Precious Metals are NOT available to residents of the United States
- Funding options may vary by region
- Leverage trading is high risk and not suitable for all.
How to use the OANDA app?
- Download and Install the OANDA fxTrade application. It is available through the Google Play Store or Apple App Store.
- Open a Trading Account. The sign up process may differ based on your location but all new accounts will require you to have a username and password and provide your personal details.
- Deposit Funds. You can click on the profile button in the upper left and then select ‘Deposit Funds’ to initiate a transfer.
- Place your first trade.
Start trading with the best!
The OANDA platform has helped me grow and gain success all throughout my trading journey. It is not only user-friendly, and safe, but it is also almost all-in-one, offering clients various tools and features to help them succeed. Yes, it may not be perfect, but perhaps what makes it the best for me and I hope for you as well, is how it makes trading easier anywhere and anytime via mobile.
If you think that it is also perfect for you, then go and give it a try! Start your trading journey with the best forex trading app – OANDA.
Let me know about your thoughts and questions by sharing them on the comment section below or by sending me a private message. If you need help with starting out on your trading journey, let me help you with my services so I can share with you my personal tactics that led me to success.