Get started with our list of some of the best forex trading apps. You can trade right from your smartphone, and use few accessory apps that will help you make smarter money moves.
Best Forex Trading Apps:
- Best Forex Trading App for Beginners: FOREX.com
- Best for Intermediate Traders: TD Ameritrade
- Best for Advanced Traders: eToro
- Best Technical Analysis Tools: Nadex
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Characteristics of Great Forex Trading Apps
Though each forex trading platform and app aims to fill its own niche segment of the market, the most reliable and trustworthy trading apps all share the following three characteristics:
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.
This often creates a problem on mobile platforms, which have less processing power than desktop computers and can lag or crash in the middle of a trade.
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.
Trading education 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 investing that you have no idea where to begin, and using the right app ensures that you know what is happening as you invest.
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. You know the app will make your life easier even though you do not need it to hold your hand.
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.
The Best Forex Trading Apps
We chose the forex trading apps with minimal spreads, great resources, and fast trading times. Here’s who made the cut.
Minimum Trade Size
- MetaTrader 4 users
- Beginner forex traders
- Active forex traders
1. Best for Begginers: FOREX.com
The mobile app allows for full functionality. You get the same advanced charting options, news and fund management as the desktop version.
You can create customized dashboards watchlists, and watch your positions on an easy-to-navigate app.
- Novice investors
- Retirement savers
- Day traders
2. TD Ameritrade’s thinkorswim
The thinkorswim app is TD Ameritrade’s mobile platform.
It’s interface is intuitive. If you already have a brokerage account open with TD Ameritrade, you can also trade options, stocks and futures on the thinkorswim app.
The platform also 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 to TD Ameritrade’s intuitive thinkorswim app.
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, access in-depth analysis tools, 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 any time.
NadexGO™ offers the same user experience as its desktop version, just on a smaller scale.
You have a full range of products with account management tools, real-time direct market access, and full charting and technical analysis features. You’ll have to toggle between the chart and order entry ticket, which may take some getting used to.
Nadex specializes in binary options and spreads trading. The fee structure is $1 per contract with a $50 maximum cap.
And you can exit a trade by placing a 2nd, opposite trade or by letting the contract expire.
Find the Right App Today
The forex trading market is no longer limited to government institutions and international banks. Thanks to a process called “trading on the margin,” there is no longer a $100,000 minimum barrier to begin exchanging currencies. Consider investing in foreign currencies with small amounts of money, increasing your investment and reinvesting over time. Finding the right app ensures you can make wise choices, monitor your account and trade from anyplace you like.
Mobile forex trading is still developing. Learn more about forex with Benzinga’s list of the best forex trading brokerage firms for desktop trading.
Frequently Asked Questions
What are good Forex mobile apps?
Several including FOREX.com, TD Ameritrade and IG.
How can I withdraw funds from a Forex mobile trading app?
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 plus spot metals 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.