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Whether you are a professional trader or a beginner in forex, forex trading apps can change your trading life forever.
We all know that the forex market is not easy to conquer. The fast pace it moves makes it really challenging to be on top of everything, which requires sitting in front of a desk and monitoring everything all day long.
But not many have this luxury of time. Does this mean you can’t become a forex trader?
No. Now with forex trading apps, you get to enjoy the luxury of trading from your account regardless of the time or the place you are in. All you need is a smartphone and an internet connection, and you are good to go.
Just like forex trading web applications, the mobile app provides you with everything you need to make your trades, along with many other benefits. Let’s look at some of them.
Table of Contents
Why Use a Forex trading app?
- Easy access to the forex market: With the use of a forex app, traders will have much easier access to the forex market at any place at any time. So you don’t have to always be in front of a large monitor to make your trades.
- · Get important notifications: Forex markets go under constant changes, and the prices of forex pairs can change anytime. Perfect times to trade, sudden market movements, and important news can help you make better trades. When using forex trading apps, you get important notifications on your mobile phone which then you can take action, on the spot.
- Availability of deep analysis and charts: Having the statistics of the market in the form of historical charts and analysis can be a great help for any trader. With this, traders will have an insight into the indices data, stock prices, and price movements, which will enable them to place more winnable trades.
- Live portfolio management: Managing your financial portfolio is something that every trader should pay attention to. With the help of trading apps, you will have access to your portfolio everywhere you go. Keeping track of your portfolio and its underlying assets is a great way to measure your performance.
- Expert research reports: Having insights into the forex trading market is never a bad thing. With the help of a good trading app, this can be done easily. Trading apps will provide you with insight from experts or brokerage firms as reports. You can use these to make well-placed and well-educated trades that have a higher chance of a positive return.
Best forex trading apps
There are a wide variety of available forex trading apps in the market. However, choosing the perfect match for you can be a tricky task with the oversaturated nature of the market. Let’s see some of the best available forex trading apps as of 2022.
SaxoTraderGO – Best forex trading app
Pro
- A Credible trading platform
- Availability of demo accounts
- A wide range of assets are available
Cons
- Relatively high minimum deposit and fees
- No live chat support is available
Saxo Bank is one of the biggest names when it comes to forex trading. It is no surprise that their MT4 mobile trading app is ranking high among the competition. With SaxoTraderGO, traders will have access to all of over 40 000 financial instruments on over eight asset classes.
The app has a trust score of 99 and offers 0.4 pip spread on over 182 forex pairs with a minimum deposit of $2000. In addition, this app comes with a no-commission policy, which can be great for any new trader.
This mobile forex trading app also comes with an intelligent design that holds much useful information. The trading tools and charting capabilities of SaxoTraderGO are impressive as it offers 20 drawing tools with 62 indicators.
Icon FX Trading App
Pro
- High leverage and low spreads
- No minimum deposit is required
- Social tradition options
- The broker is highly regulated
Cons
- High leverage comes with high risks
As one of the trusted forex brokers, Icon FX also offers an MT4 mobile forex trading app for their clients. When using the broker, traders can trade over 50 forex pairs with a minimum deposit of $0. Low spreads starting from 0.0pips, a great knowledge section, and high leverage makes Icon FX one of the better choices for new traders.
With the Icon FX app, traders can auto-copy expert traders, execute trades from hundreds of global markets 24hrs a day, and see trader performance easily. Furthermore, with their broker being highly regulated, the Icon FX app becomes one for low-risk trading that can help out beginners.
A lot of emphasis on social trading is available on this app, where traders can share their skills and favorite strategies, do copy trading, follow profitable traders, and ultimately aim to bring traders together.
Pro Tip: Always use a demo account to test out whether they are functioning properly or not with virtual money.
IF YOU ARE NEW TO FX/CFD TRADING IF YOU ARE OR SIMPLY WANT TO TRIAL YOUR STRATEGIES, OPEN A DEMO ACCOUNT TODAY
eToro Trading App
Pro
- Great social trading features
- Seamless account creation
- Beginner friendly
Cons
- Limited customer service
- A limited selection of cryptocurrencies
When we are talking about beginner traders, eToro is a platform that can’t be forgotten. The social trading aspect of the eToro makes it the ideal place for any beginner-level trader. The copy trader feature that comes with eToro allows new traders to copy and mimic trades from experts in the field.
With this trading app, you will gain access to over 3000 financial instruments across various classes. EToro also has no commissions or a $0 minimum deposit to get started, which is another feature helpful for beginners.
This forex trading app that comes from eToro is an intuitive and innovative one that allows traders to trade and invest anywhere, anytime. You also get access to a great knowledge base and a free demo account with $100k by using eToro.
FOREX.com Trading App
Pro
- Relatively low fees
- Supports a wider range of currency pairs
Cons
- Stock FCD fees can get high
- Educational resources are not available on the app
Beginning your trading career with a highly trusted and rated platform is a good way to be sure about your financial safety. Forex.com is such a brand that has a high trust rating of 99. With Forex.com, traders can trade over 5500 tradable symbols and 91 forex pairs with relatively low fees.
You will need to deposit a $100 minimum to start trading with Forex.com at average spreads of 1.1pips on major pairs. Besides their main forex trading app, there are also MT4 and MT5 mobile apps that traders can use depending on their preferences.
The mobile trading app of Forex.com bolsters a minimalistic and user-friendly interface that has great charting with over 80 indicators. Features of the app include an economic calendar, alerts, market updates, and news with support for multiple complex order types.
Thinkorswim trading app
Pro
- Best in class charting tools
- Can be synchronized with the desktop system
- The brokers is highly trusted
Cons
- Relatively high commissions
- Steeper learning curve
TD Ameritrade is the developers behind the Thinkorswim app, and their 50 years of trading experience reflect the quality of the app. Moreover, Thinkorswim is a platform that offers over 70 forex pairs on an average of 1.2pip spread.
No minimum deposit is needed to start up an account here, and the platform got five tier-1 licenses. In addition, traders get the ability to trade currency ETFs, exchange-traded forex futures, and options on forex futures, making Thinkorswim a great forex trader.
What’s great about TD Ameritrade besides their outstanding Thinkorswim app is the impressive educational material that they provide. New traders can take full advantage of these materials and learn the trade by themselves. Even though it offers no social trading features and has high forex pricing, the educational section alone makes up for it.
City index Mobile App
Pro
- Low Forex fees
- Low-risk trading platform
- Availability of diverse research tools
Cons
- Relatively high stock CFD fees
- Limited deposit/withdrawal methods
Backed by the StoneX group, City Index is an MT4 forex trading app that is highly trusted and a versatile platform that allows traders to do what they need. This app has a minimum deposit of £100 and offers a total of 12000 tradable symbols to its users.
The city index proves its trustworthiness with its three tier-1 jurisdictions for forex and CFD trading. Furthermore, the mobile app has many advanced functionalities and offers it all in an easy-to-use interface. Integrated research, news headlines, and market commentary are some of the features that the City Index offers.
One of the specialties of the trading app is the SMART Signals subscription. Moreover, the in-house engine is able to generate 200 unique forex trading signals per week. This makes City Index one of the low-risk trading platforms which are more suited to beginners.
NetDania Stock and Forex trader App
Pro
- Great forex calendar and financial news
- Ability to build algorithms and set alerts
- Easy to use
- Customizable
Cons
- Ads can become an issue since its free
- The paid version is a bit expensive
Many consider NetDania to be the most reliable forex trading app, and it is also the highest-rated one. It is popular mainly due to the ease of use and versatility it provides traders. NetDania provides an overview of the financial market with price quotes for popular pairs and assets in real time.
When using NetDania, traders get the freedom to trade over 20 000 financial instruments with more than 2200 forex pairs. Further, this trading app also provides real-time forex trading-related news and streaming charts for those who use it.
Customized trading alerts, an economic calendar, and several charts are in place to make trading much easier for the trader. These features make NetDania a great app for beginners. This all comes in a 100% customizable, flexible, and intuitive trading platform. Additionally, it also provides 24/7 customer support and has support for over 18 languages.
IG trading app
Pro
- Wide range of currency pairs and instruments are available
- Secure 256-bit SSL encryption technology
- Solid deposit and withdrawal options
Cons
- Relatively high stock CFD fees
- Not the most user-friendly interface
Industry-leading research tools, education, and a wide range of tradable markets are what the IG group is famous for. When it comes to being regulated, no other platform even comes close to the level of IG. It has seven tier-1, two tier-2, and one tier-3 license under its belt.
Traders can expect a low spread of 0.6pip and a minimum deposit of $250 to start an IG account. With access to over 90 forex pairs and 17 000 instruments, the MT4 IG trading app holds a top position on ratings. IG Smart Portfolios, share-dealing, Spread Betting, and futures trading are some of the features of the IG trading app.
CMC Markets trading app
Pro
- Wide range of tradable instruments
- Availability of advanced risk management features
- Advanced research and educational tools
Cons
- No US clients are allowed
- Only CFD trading is available
Home to one of the most simple, clean, and effective interfaces, the trading app of the CMC Market is a joy to use. When using this trading app, you will gain access to over 12 000 trading instruments alongside a highly regulated platform. Traders won’t have to worry about any minimum deposits while using this trading app.
With best-in-class low fees and a spread of 0.7pip, the CMC market is a great place for any beginner trader to make some profitable trades. The next-generation trading app of the CMC Market offers a terrific user experience, advanced tools, and comprehensive market research.
OANDA fxTrade app
Pro
- Very user-friendly and intuitive interface
- Supports over 70 forex pairs
- No minimum deposit is needed
- Advance research tools are available
Cons
- Availability of ancillary fees
- Only forex trading is available
If high-quality market research and algorithmic trading are your things, the MT4 OANDA fxTrade app might be the one for you. With six tier-1 jurisdictions under its name, OANDA offers a safe and low-risk environment for traders to trade on.
With a $0 minimum deposit and a 1pip spread, the OANDA fx trading app is a good place for a new trader to start things up. Moreover, OANDA offers high-quality research tools, news, market analysis, and options for algorithmic trading as well. One downside of this trading app is the low number of available tradable symbols, which is 124.
How to choose a forex trading app?
Choosing the correct trading app to aid your trading endeavors is something you, as a trader, should pay a lot of attention to. There are some important aspects to consider, and below are some of them.
- Trust: How much you can trust the broker will play a large role in selecting a reliable trading app. For instance, this can be checked with the regulatory status of the broker that the app comes from.
- Available features: Features, tools, and additional services such as great customer support and education sections are great ways to select a good trading app.
- Fees, leverage, and the spread: New traders are people who need to make the most profit possible. The best way to gauge this is by looking at how low the fees and spread are while looking at how high the leverage is.
- Demo accounts: Demo accounts are a great way to test out any app or strategy before using them in the real market.
Frequently Asked Questions
Both Icon FX and eToro are great choices. Both of these apps provide social trading features and relatively low fees.
IG trading app is one of the most trusted apps in the market. With the largest number of regulatory licenses, IG is the best place for low-risk trading.
No. In order to take part in forex trading activities, you will need a solid connection to the internet.
Conclusion
Not everyone has time to sit in front of a desktop or laptop and go about their trading. If you are someone who will need to make your trades on the go, Forex trading apps are your friend. From price alerts, and doing research to checking news and more, a trading app is a great way to stay connected to your account.
With a large number of trading apps available in the market, you must put extra effort into finding one that suits your needs. You can consider things like the features, fees, platforms, and trust of any forex trading before making a selection.
You can use the list we compiled as a stepping stone and do your research on top of it. Making the best possible decision is necessary as the app will be the place that you will use the most.
