Best Forex Trading App

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Contributor, Benzinga
April 10, 2024

Are you a forex trader looking for a convenient and efficient way to trade on-the-go? With the rapid advancement in technology, there are now numerous forex trading apps available to help you manage your trades and keep up with the market trends. But with so many options out there, how do you know which one is the best for you?

When it comes to choosing the best forex trading app, there are a variety of factors to consider, such as ease of use, reliability and the range of features offered. In this article, we will explore some of the top forex trading apps available in the market to help you make an informed decision on which app is the best fit for your trading needs.

Quick Look: Best Apps for Trading Forex

Disclosure: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 68% 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.

Best Forex Trading Apps

The apps selected as the best forex trading apps come with minimal spreads, great tools and fast trading speeds. Here's who makes the cut.

1. Best for Beginners: FOREX.com

  • Forex.com
    Best For:
    Forex Trading in and Outside the U.S.
    securely through Forex.com's website

    CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 68% 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.

    The products and services available to you at FOREX.com will depend on your location and on which of its regulated entities holds your account

FOREX.com is a highly rated forex broker with some of the lowest spreads on the market and an amazing mobile app available on both iOS and Android. The mobile app allows for full functionality. You get the same advanced charting options, news, and fund management as the desktop version all from the palm of your hand. With its user-friendly interface, it is a great trading tool for both beginner traders and experienced forex traders.

Special features:

  • FOREX.com mobile and MetaTrader mobile
  • Creating customized dashboards and watchlists
  • Watch your positions on an easy-to-navigate app
  • Mobile app provides the same access as the desktop version
  • Fast and reliable execution of trades

Pros

  • Accepts U.S. traders
  • 90+ currency pairs
  • Excellent educational resources
  • User friendly app
  • FOREX.com mobile and MetaTrader mobile

Cons

  • This platform may prove to be overwhelming for some investors

2. Best for Trading Experience: Pepperstone

  • Pepperstone FX
    Best For:
    Trading Experience
    securely through Pepperstone FX's website

    Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75.6% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.

You can come to Pepperstone when you want to invest in the forex market using Autochartist, API trading, algo trading and more. You can trade on any platform that matches your strategy so that you have more options. Plus, you can learn as you trade so that you get a better idea of how the markets work before investing more. Finally, you can access 30:1 leverage for a regular account and up to 500:1 leverage for professionals.

Special features:

  • Minimum deposit is $0
  • 60+ currency pairs
  • MT4, MT5, cTrader, Web Trading Platforms and Mobile App
  • Leverage is 30:1 for retail clients and up to 500:1 for professional clients

Pros

  • Wide availability of currency pairs
  • No minimums makes it cheaper and easier to get started
  • You can use leverage to grow your portfolio faster

Cons

  • Trading at this level, with these tools, is not for everyone

3. Best for a User Friendly App: AvaTrade

AvaTrade is one of the most secure brokers in the industry, carrying 7 regulations across 6 continents (Europe, Australia, Japan, British Virgin Islands, UAE and South Africa).

The AvaTradeGO app for forex trading is very user-friendly and intuitive. The features offered are easy to understand and use, making it great for beginners. It also has in-depth research tools to help you make educated decisions. Overall, the app offers a good range of features that can assist in successful forex trading.

Special features:

  • AvaTradeGO
  • Real-time market data and live price quotes
  • Wide range of trading instruments
  • Advanced trading tools and features, such as technical analysis indicators and customizable charts
  • Seamless and secure trading on the go
  • Easy account management and quick execution of trades

Pros

  • Ability to analyze the market and execute trades efficiently
  • Competitive spreads and low fees
  • User-friendly platform
  • Educational resources, including webinars and tutorials, for beginners to learn and improve their trading skills

Cons

  • Limited account types
  • Inactivity fees
  • Customer support may not always be responsive or efficient in addressing user queries or concerns

4. Best for Advanced Traders: eToro

  • eToro Forex
    Best For:
    Copy Trading
    securely through eToro Forex's website

    CFD trading is not available to U.S. users. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

eToro’s online platform already offers many of the world’s most popular digital currencies including Bitcoin, Ethereum, XRP, and more. You’ll also enjoy additional benefits, such as real-time execution of market orders and unlimited daily withdrawals.

View real-time data and be the first to catch the trends wherever you are. You can also try out eToro’s many innovative features completely risk-free with a $100,000 virtual portfolio. You can also get customized notifications for Bitcoin and other cryptos on your watchlist, and access real-time, relevant market data at any time.

Special features:

  • eToro mobile app
  • Unlimited daily withdrawals
  • In depth analysis tools
  • Access to a virtual portfolio

***Disclaimer: 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

Pros

  • Unlimited withdrawals is very helpful when you are trading higher volumes of assets
  • You can set up a virtual portfolio that is easier to review and manage as you practice

Cons

  • Customized notifications may need to be changed often to meet your needs

5. Best for MetaTrader Platform Users: RoboForex

RoboForex is a global multi-asset trading platform that runs on MT4 and MT5. It operates in various countries and claims more than 10,000 users. Traders can trade forex and contracts for difference (CFDs) — and do so in multiple languages. The platform was started in 2009 and is located in Belize.

Special features: 

  • Demo account
  • $1 minimum trade
  • 35 forex pairs offered, including exotic pairs
  • 100 instruments offered
  • No commission on CFDs
  • No deposit fees
  • No inactivity fees
  • Withdrawal fee depends on payment method
  • Multiple industry awards
  • Payments held in Tier-1 segregated bank accounts

Pros

  • Demo accounts are extremely helpful for practicing
  • The low minimums allow you to trade with confidence and save money until you’re more comfortable

Cons

  • The range of forex pairs may not be robust enough for you

6. Best for Forex Traders Who Want Choices in Trading Markets: FxPro

  • FxPro International
    Best For:
    Excellent Trading Conditions
    securely through FxPro International's website

    CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 81% 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.

FxPro offers traders access to the forex and contracts for difference (CFD) market where they can access hundreds of assets, including forex, metals, indices, shares and cryptocurrencies that you can add to your portfolio.

Choose from 8 base currencies and enjoy no account or transaction fees. Remember, there is an inactivity fee after 6 months with no trading.

You also enjoy no commission, tight spreads and 245 multilingual customer support.

Pros

  •  Thousands of instruments to invest in
  •  Leverage of up to 500:1 
  •  Multiple platforms
  •  Fast execution  
  •  Multilingual support

Cons

  • Inactivity fee

7. Best for Mobile Users: Plus500

Plus500 is a global multi-asset fintech group that operates trading platforms globally, offering a range of trading products including CFDs, Share dealing, and Futures trading (US).

Special features:

  • Quick onboarding
  • Simplified mobile trading
  • Easy-to-use platform
  • Offers 2800+ CFDs
  • Free deposits and withdrawals
  • $100 minimum
  • 0.7% currency conversion fee per transaction, when the currency in your account is different from those traded

Because Plus500 doesn’t charge a commission and only profits on spreads, you save money and don’t have to worry about overpriced fees. If you’re a beginner, there are insights, the Trading Academy and webinars you can check out on YouTube. You can jump into Plus500, make the most of your expertise, build your portfolio and quickly turn a profit.

Pros

  • Only charges spreads
  • Low minimums
  • Free deposits and withdrawals

Cons

  • Remember that CFDs can be quite risky and you should manage your portfolio accordingly

8. Best for Intermediate Traders: Thinkorswim @ Schwab

The thinkorswim app was once TD Ameritrade’s online platform, but since its merger with Schwab, it is still marketed thinkorswim as a place where you can make wise trading choices.. The platform offers news alerts and direct CNBC mobile streaming for market news. Traders who initiate a large number of their currency exchanges on-the-go will love the platform’s alert system, which sends push notifications with set trading alerts.

Offering an easy-to-use mobile app that houses everything a trader could want on a single platform, very few brokerage firms come close.

Special features:

  • thinkorswim app
  • Ability to trade forex, options, stocks and futures with a brokerage account
  • Intuitive interface 
  • Push notifications with set trade alerts

Pros

  • The level research and current event items you can review is much higher than most platforms
  • The range of available assets will help you naturally diversify your portfolio

Cons

  • The move over to Schwab could be confusing for some

9. Best for Execution: IG Group

  • IG Markets
    Best For:
    Forex Execution
    securely through IG Markets's website

    Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.

IG provides a mobile application with a clean and easy-to-navigate interface. Its user experience is similar to the one found on the desktop website. The mobile app doesn't cut out any features and allows you to place advanced and multi-step orders. the IG app also lets users place trades quickly and easily without having to navigate through multiple pages. However, the mobile app does not offer two-step verification or fingerprint recognition, so it lacks additional security measures.

Special features:

  • IG Trading app and MetaTrader mobile
  • Personalized watchlists
  • Real-time alert features
  • Specific interface features for tablet users
  • Suitable for new and advanced traders

Pros

  • You can work on a phone, desktop or even a tablet
  • You can set up alerts that help you make wise decisions and save time
  • IG Trading app and MetaTrader mobile

Cons

  • Though you can switch between the platforms easily, you may not feel like this platform is safe enough to use

10. Best for Experienced Traders: Interactive Brokers (IBKR)

Interactive Broker forex trading app boasts a user-friendly interface, designed for efficient navigation and seamless trade execution. Traders can access real-time forex quotes and interactive charts to analyze market movements and make informed decisions. The platform supports various order types, including market orders, limit orders, and stop orders, providing flexibility in trade management.

One of the app's key features is its robust risk management tools, such as stop-loss and take-profit orders, empowering traders to manage and limit potential losses and profits. Account management capabilities allow users to monitor balances, margin levels, and transaction history conveniently. The integration of financial news and market analysis tools keeps traders informed about events and trends that may impact currency markets.

In addition to research tools aiding decision-making, the app offers mobile trading functionality, ensuring that traders can monitor and execute trades while on the go. It's essential to check the latest reviews and ratings on app stores for the most up-to-date user experiences and any recent updates to the Interactive Brokers forex trading app.

Special features:

  • IMPACT app and IBKR mobile app
  • Robust management tools
  • Account management capabilities
  • Integration of financial news and market analysis tools
  • Wide range of global markets

Pros

  • User friendly platform
  • Thorough research offerings
  • Risk management features

Cons

  • Trader Workstation platform may be too difficult to navigate for inexperienced traders

How to Choose a Great Forex Trading App

All forex trading platforms and apps aim to fulfill their own niches within the market, but the most reliable and trustworthy trading apps all share the following characteristics.

Real-time Updates

A currency’s value can change at a second’s notice, so you’ll need immediately up-to-date value information in order to make the most informed trade possible.

Test out your forex trading app of choice with a few small test trades before you make a commitment to the platform to ensure that it is able to provide the trade and streaming speed that you need to complete your currency trades.

Advanced Analytics and Tracking

Advanced analytics and tracking within a forex trading app help you uncover the best currencies to purchase or sell that day. You might also select an app that helps you choose currencies to short.

Setting up alerts for currencies when they reach a certain price, software-driven trading notifications and historical data ensure you are making wise decisions. Investors never guess when spending their hard-earned money.

Educational Resources

In a market that’s constantly changing, knowledge is power. The best forex trading apps offer information on both the technical side of trading as well as the latest international news and editorials.

This helps traders learn more about how to predict which currencies will rise and fall in value.

Functional for Beginners and Experts

Choose a forex trading app that is functional for the novice or the expert. You may be so new to currency exchange market that you have no idea where to begin, and using the right app ensures that you know what is happening as you trade.

An app that helps you from step one of your journey is more useful than an app that hopes to dazzle you with industry jargon and confusing charts. If you are an advanced investor, you want an app that is customer-focused, and that is why it should be functional for both beginners and seasoned traders. 

Minimal Spreads

In forex trading, the “spread” is the difference between the bid and the ask price of a currency and basically functions as your forex broker’s commission for carrying out your trade.

Though most spreads are only a fraction of a single unit of the currency you’re trading, high-frequency traders may soon see a large percentage of their profits eaten away by fees and commissions.

Don’t be afraid to shop around for forex brokers until you find one that offers fair fees—this will help you minimize loss while trading. While you must budget to pay for spreads and commissions, you should not overpay. You are likely planning for the future, and you deserve to hold on to as much money as possible.

Trade on the Go with Forex Trading Apps

The forex trading markets are not only open to governments and large financial institutions anymore. With the advent of online trading platforms, anyone can access these markets and start trading without having to worry about the size of their bankroll. Investing in foreign currency pairs with small sums of money allows you to increase your investments and re-invest over time. Find the best platform for your needs and invest wisely.

Worried about missing trades with a mobile app? Don't worry, just check out Benzinga's list of the best forex trading broker for desktop trading!

Frequently Asked Questions

Q

Can I forex trade on my phone?

A

Yes! Trading forex on your phone is easier than every now that you have the ability to download forex trading apps like the ones in this list.

Q

What are good forex mobile apps?

A

Several top forex trading apps including FOREX.com, TD Ameritrade and IG.

Q

How can I withdraw funds from a forex mobile trading app?

A

Log into your account, select add funds and choose withdrawal.

Get a Forex Pro on Your Side

FOREX.com, registered with the Commodity Futures Trading Commission (CFTC), lets you trade a wide range of forex markets with low pricing and fast, quality execution on every trade. 

You can also tap into:

  • EUR/USD as low as 0.2 with fixed $5 commissions per 100,000
  • Powerful, purpose-built currency trading platforms
  • Monthly cash rebates of up to $9 per million dollars traded with FOREX.com’s Active Trader Program

Learn more about FOREX.com’s low pricing and how you can get started trading with FOREX.com.

About Sarah Horvath

Sarah is an expert in the insurance, investing for retirement and cryptocurrency space.