Best Forex Trading Apps

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Contributor, Benzinga
June 11, 2024

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 while on the go. But with so many options out there, how do you know which one is the best for you?

When 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'll explore some of the top forex trading apps available in the market catering to various trading needs.

Quick Look: Best Forex Trading App

Disclosure: 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 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 App

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

1. Best for Beginners: 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).

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.

Special features:

  • Operating system include Android, iOS and Windows
  • Quick onboarding
  • Two-factor authentication
  • Simplified mobile trading
  • Offers 2800+ CFDs
  • $100 minimum
  • Watchlists, news, advanced charts, alerts, analysis, economic calendar, demo account, live chat

Pros

  • Accepts U.S. traders
  • Easy-to-use platform
  • Only charges spreads
  • Low minimums
  • Free deposits and withdrawals

Cons

  • No support over the phone

2. Best Overall for Forex: FOREX.com

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

    CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% to 77.7% 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:

  • Operating system include Android and iOS
  • FOREX.com mobile and MetaTrader mobile
  • Two-factor authentication and bio-metric authentication 
  • Watch your positions on an easy-to-navigate app
  • Mobile app provides the same access as the desktop version
  • Quality execution with one-swipe trading, advanced TradingView charting and analysis tools, real-time trade & order alerts, full account management features

Pros

  • Accepts U.S. traders
  • 90+ currency pairs
  • Excellent educational resources
  • User friendly app
  • Highly regulated

Cons

  • The MT5 platform offers only around 600 instruments, whereas non-MetaTrader platforms provide access to over 4,500 instruments.

3. Best for Fast Execution: IG Group

  • IG Markets
    Best For:
    Fast Execution for U.S. Traders
    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. 71% 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:

  • Operating system for Android and iOS
  • Advanced order types, trading from charts, Reuters news feed
  • IG Trading app and MetaTrader mobile
  • Personalized watchlists
  • Real-time alert features
  • Specific interface features for tablet users
  • Suitable for new and advanced traders
  • Two-factor authentication

Pros

  • Accept U.S. traders
  • Highly regulated and trusted broker
  • Over 19,000 tradable instruments
  • Offers account protection for U.K./E.U. clients

Cons

  • Forex fees are average compared to other industry leaders

4. 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:

  • Operating system for Android and iOS
  • IMPACT app and IBKR mobile app
  • Robust management tools
  • Advanced quotes and research tools
  • Institutional quality research
  • Two-factor authentication
  • Integration of financial news and market analysis tools
  • 150 global markets

Pros

  • Accepts U.S. traders
  • Advanced tools for professional traders
  • Thorough research offerings
  • Risk management features

Cons

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

5. Best for MetaTrader 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: 

  • Operating system for Android and iOS
  •  Full-featured and intuitive applications
  • Withdrawal fee depends on payment method
  • Multiple industry awards
  • Payments held in Tier-1 segregated bank accounts

Pros

  • No deposit fees
  • No inactivity fees
  • $1 minimum trade
  • 100 instruments offered
  • No commission on CFDs

Cons

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

6. Best for a Variety of Trading Platforms: 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.

Special features:

  • Operating system for Android and iOS
  • Multiple robust trading platforms, including MT4/MT5 
  • Support automated trading via Expert Advisors (EAs), 1-click trading, trading from the charts and trailing stops
  • MT4 WebTrader also lets you trade via the web without downloading the software
  • Two-step authentication as well as passcode and fingerprint setting options
  • Features 50+ technical indicators and charting tools, 6 chart types and 15 timeframes

Pros

  •  2,100+ instruments to invest in
  •  Leverage of up to 500:1 
  •  Multiple platforms
  •  Fast execution  
  •  Multilingual support

Cons

  • Inactivity fee

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.