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
Interactive brokers have been tailor-made for advanced, active traders worldwide.
Their trading platform is great for intermediate traders.
Interactive Brokers is an incredibly competitive broker that offers a robust range of asset classes available in 125 markets globally. Their market access is unparalleled and they offer a wide variety of tools to meet every need you could have.
Amazing smart order router
Streaming data is available on one device at a time
Robust range of asset classes available
The smart order router is not available for IBKR Lite customers
Mutual Fund Replicator is available
Not suitable for inactive or casual traders
Founded in 2007, eToro is regulated in two tier-1 jurisdictions and one tier-2 jurisdiction. This makes it one of the safest brokers when trading CFDs or forex.
This platform is great if you want to invest in social copy trading or cryptocurrencies.
eToro is one of our favorite platforms because its web-based platform and mobile app are user-friendly. Their platforms are a good option for casual traders and beginners.
A downside to eToro is that they tend to have higher fees when trading forex and CFDs so this is something to keep in mind. Their research material is also limited when compared to competitors.
User-friendly web-based platform and mobile app
High minimums for copy trading
Offer trading in 15 cryptocurrencies.
Charge a $25 to buy cryptocurrency
An amazing community of traders
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.
Plus500 is a trademark of Plus500 Ltd and was founded in 2008.
Plus500 is a great option for traders who want to expand and diversify their portfolios. They offer low trading costs and an easy-to-use platform which is great for beginners.
Plus500 is regulated by the FCA in the UK which makes it a safe option for trading. It also offers negative balance protection and assured stop loss orders.
A huge downside of Plus500 is that it is not available in the US.
Offers over 2000 trading instruments
Not available in the US
Unable to pair the trading platform with other trading tools
Regulated by FCA
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76.4% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
TD Ameritrade is one of the largest online brokers globally. What sets them apart is that they interact with their customers and community via social media such as Twitter and Facebook. This greatly improves their customer service.
TD Ameritrade is great because it offers an amazing range of platforms that are easy to use. The platforms are available online and on mobile. They also offer the thinkorswim platform which caters to active traders.
TD Ameritrade offers great educational content and is a good option for beginners.
Offer free research
Do not offer fractional shares
Zero commissions charged on stocks, options trading, and ETFs
Available only in the US
Zero account minimums
Good customer support
Lightspeed was founded in 2000 and was designed with active, high-volume traders in mind.
They offer a plethora of platforms and these include Lightspeed Trader, Sterling VolTrader, EZ EMS, and Sterling Trader Pro. However, you should keep in mind that these platforms might have different fee structures.
A downside of Lightspeed is that they have ridiculously high account minimums that range from $10,000 to $25,000. Their commission schedules are also tiered according to per-share and per-contract commissions which are charged depending on the trading volume.
Traders can route their own orders
High account minimums
Offer a fast order router
Great customer service
eTrade is another popular online broker. They have gained a reputation for their professional and easy-to-use platform. The platform appeals to both active traders, and beginners. Beginners can enjoy the vast amount of educational content available.
Like most trading brokers, e-Trade charges $0 commission fees for all stocks, options trading, and ETFs.
Their trading platform includes a sleek, professional mobile trading app which is great for traders on the go.
User-friendly trading tools
Their website can be difficult to navigate
Amazing customer support
Offer extensive research and educational content
Rich investment selection
Ninja Trades was founded in 2003 and has made a name for themselves for their excellent trading and charting tools.
For traders with a funded account, the research and charting tools are available free of charge. Their platforms feature real-time analysis and customizable technical indicators.
Ninja Traders offers their clients access to forex and futures markets.
What makes them great is that they have partnered with huge brokerage firms like Interactive Brokers and TD Ameritrade. This partnership has allowed them to give their clients access to additional markets like options of futures, equities, and CDFs.
Amazing charting and analysis tools
A basic funded account is free but additional fees are required to access advanced features
Offer a paper trading account which is great for practicing and learning without risking cash
A supporting broker is required if you want to trade equities.
Great educational content
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.
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.
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.