Looking for the best app for trading Forex? You’ve come to the right place. Nearly all forex brokers offer a mobile app, so choosing the best one can be tricky.
While there are various trading apps and platforms available, not many investors just want to focus on forex. Not all trading platforms offer forex trading opportunities, and the ones that do aren't always worth investing your money through.
Best Apps for Trading Forex 2021
We have rounded up the best apps available right now. These apps appeal to all sorts of investors, from beginners to seasoned veterans. This includes a brief summary of what makes each app stand out.
This is our selection:
- IQ Option
- FP Markets
- Trading 212
- 24 Option
- MetaTrader 4
- MetaTrader 5
What is Forex Trading?
Forex trading refers to the foreign exchange market. This is a global, decentralized market that focuses on trading foreign currencies.
Forex trading is based on buying and selling different currencies. The value of currencies is constantly fluctuating, so this type of trading is all about exchanging one currency for another in order to make a profit.
What are Apps For Forex Trading?
These apps are designed to be used as a single platform where you can do all foreign exchange investing.
These apps can be installed on mobile devices, or used on your desktop. They offer complete access to the foreign exchange markets and make it easy to buy and sell currencies.
How to get started?
You simply have to create an account, add money to your account, and start trading online. These apps use real-time prices and exchange rates and create a central area where you can make all forex transactions.
Many apps have account minimums and some have demo modes that allow you to trade without using real money in order to get a feel for the app. You should also be aware of the fact that forex day trading takes a lot of knowledge and experience. Also, you should read our guide on whether or not day trading is legal, which is a common question. You can also check our the best crypto trading apps.
How to Start Trading Forex on Mobile
If you have never traded before, it is a good idea to start with a demo mode to get a feel for investing without any risk.
New traders can also make use of automated trading features and educational tools. Simply install the app, create an account, and you can dive straight into the world of forex trading. For the best apps for day trading read our analysis.
How to Pick The Best One?
Regulation is done to ensure better safety and security of the app. Apps need to be regulated in your area to make sure that they are safe to trade on.
These trading apps listed above all offer a high level of global regulation.
Currency Pairs Available
The best forex platforms offer a wide range of currency pairs for more versatile trading/
When choosing a forex platform, you want the most currency options possible to increase your scope of investments.
Fees & Commissions
Fees and commissions come in many shapes and forms. These include spreads, trading fees, non-trading fees, and more.
Fees can make a major impact on your trading strategy – especially in the long run. Make sure to choose a platform that offers fees and commissions based on your investing style.
Having good research tools allows you to make more informed investment choices. These tools include market news, economic calendars, analysis, and more.
The best trading apps have features designed to help users make better investment moves. This includes alerts, notifications, price alerts, watch lists, execution speed, and more.
Are there good resources to teach you about trading and forex? This is important for beginner traders.
The app should be compatible with your phone, computer, and bank for easy withdrawals.
These accounts allow you to trial the app through a risk-free fake money trading experience. Again, this is great for beginners.
The minimum amount needed to open your account. This should match your investment plan. Some options with low account minimums include IQ Options, XM, and Nadex.
How can you deposit and withdraw funds to and from the app? This needs to be suitable for your banking needs.
Customer support can make or break an app. Particularly trading apps, where there is risk and money involved, you need to have a strong level of customer support. The best trading apps offer 24/7 support with easily available chat and phone support options.
There are loads of amazing options available. This should be chosen depending on your level of experience and investment style. eToro is generally considered the leading forex and trading app for all kinds of investors.
Absolutely. There is also the opportunity to lose money. Wise, effective trading strategies offer an unlimited field of opportunity.
Create an account at a broker, deposit the money to your account, and you can start trading in forex straight away.
While there are many available, our top three include eToro, Plus500, and Pepperstone.