Selecting the appropriate trading app is an essential first step in the Forex trading process. Due to the wide variety of available Forex trading apps, it may be challenging for traders to compare and choose the best Forex trading app.
You may easily trade and invest in foreign currencies on your tablet or smartphone with the help of the best forex trading apps. We have chosen the best ten Forex trading apps in this guide to meet the demands of both beginning and advanced traders.
Best Forex Trading Apps 2022
The best Forex trading apps available right now are listed below:
- eToro
- Capital.com
- Libertex
- AvaTrade
- IG
- FOREX.com
- TD Ameritrade
- FXTM
- FXCM
- Interactive Brokers
Best Forex Trading Apps Reviewed
Almost all online Forex trading platforms include a mobile application that works with iOS and Android smartphones. When choosing the best forex trading software for your needs, it’s necessary to consider numerous significant factors relating to supported pairings, commissions, spreads, payment alternatives, and regulations.
We have already done the effort for you by investigating the leading developers of forex trading applications for 2022.
1. eToro
We discovered that eToro provides the top overall Forex trading app for 2022. You may have fast access to a wide range of financial products by installing the app on your Android or iOS phone. This includes more than 2,400 stocks, ETFs, indexes, commodities, and obviously the currency.
You can trade numerous of pairs from the major, minor, and exotic sectors with the eToro mobile app. There are no trading commission costs and exceptionally cheap spreads on the eToro app. Additionally, eToro offers leverage, with retail investor clients receiving 1:30 on major pairs and 1:20 on minors and exotics. The software itself offers an excellent all-around trading experience and is very simple to use.
With regards to payments, eToro allows you to instantly deposit funds via debit/credit cards, Payal, and Neteller e-wallets. Bank wire transfers are also supported, both domestically and internationally, though they could take a bit longer to arrive. eToro has what you need if you’re seeking for an automated trading system. This is because the software has the popular Copy Trading tool, which enables you to trade forex on your own.
There are thousands of skilled forex traders from which to choose, and eToro will provide you with a wealth of knowledge. For example, you can check the trader’s earnings on the eToro site and the typical degree of risk they take. In terms of security, eToro is rigorously monitored. This contains authorizations from the FCA (UK), ASIC, and CySEC (Cyprus) (Australia). Given everything that has been said, eToro is without a doubt the best forex trading app currently accessible.
Pros
- Very user-friendly
- Numerous Forex pair options
- Copy trading
Cons
- Lacks advanced features
2. Capital.com
Capital.com is an easy-to-use forex trading app that is ideal for beginners. To get started, all you need is a $20 minimum deposit, or you may just use the demo account function.
You can trade forex on your phone as a consequence without having to risk any of your own money. With this well regarded broker, you have access to a variety of currency markets that all offer commission-free trading. Here, spreads are incredibly tight, especially for important pairings during regular trading hours.
Depositing or withdrawing money is free. Capital.com offers CFD trading on stocks, indices, commodities, and cryptocurrencies in addition to FX. For this reputed forex trading programme, payments can be made through e-wallets, debit cards, credit cards, and bank transfers. The app is subject to regulation by the FCA and CySEC.
Pros
- Zero commission
- Minimal spreads
- Numerous CFD instruments
- Spread betting for UK users
- Beginners friendly
- $20 Minimum deposit
Cons
- Only CFD trading
- Not suitable for advanced traders
3. Libertex
Libertex, a well-known CFD trading platform, has a distinctive pricing scheme. In fact, this is the only FX trading software we’ve encountered that charges 0 spreads. This suggests that there won’t be a difference in your favorite forex market’s buy and sell prices, which is a market first. On the Libertex app, you will pay a very tiny commission that fluctuates based on the pair.
Libertex offers a large selection of currency pairs in terms of supported markets. The Chinese yuan, Turkish lira, Mexican peso, and Chilean peso are a few examples of unusual currencies in this category. Libertex is popular because it enables traders to trade these uncommon pairs without paying spread fees, which is one of the main reasons for this.
In addition to its currency trading platform, Libertex also offers markets for stocks, ETFs, indices, energy, precious metals, and other things. You may quickly start an account with a $100 minimum deposit using the Libertex app. Payment methods accepted by the app include bank wire transfers, e-wallets, and debit/credit cards. This reputable supplier is regulated by CySEC and has more than 20 years of experience in the currency market.
Pros
- No commissions
- Tight spread CFD trading
- Great choice of markets
- Educational resources
- Compatible with MT4
Cons
- Only CFD Trading
4. AvaTrade
Markets for stocks, commodities, digital currencies, indices, and FX are offered by the renowned online trading platform AvaTrade. Furthermore, a variety of unique forex trading applications are covered by this service. You might want to consider using AvaTradeGO, the company’s native program, if you are a beginner.
You will have accessibility to all of the same markets and services that are provided on the main AvaTrade website because of this amazing user experience. If you have experience trading, you might also consider linking your AvaTrade account to the MT4 or MT5 mobile application. You will be given access to a large number of extra chart analysis tools, order types, and forex robot deployment choices by doing this.
AvaTrade allows you access to a large selection of FX pairs regardless of whether you choose AvaTradeGO or a third-party software. AvaTrade offers commission-free trading because all fees are covered by the spread and leverage is available. Six distinct laws control the security of AvaTrade. This includes permissions from the FSA in the UK, the IIROC in Canada, and the Central Bank of Ireland.
Pros
- Zero Commissions
- Supports MT4 and MT5
- Numerous tradable instruments
- Educational resources
- Economic calendar
- Islamic trading account
- Regulated
Cons
- CFDs only
5. IG
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If you are looking for forex brokers online, it’s probable that IG has already caught your interest. IG not only has a strong overall offering but also currently enjoys a very dominant position in the market for mobile forex trading apps, especially among the top US forex brokers.
IG offers both its own proprietary platform and the widely used MetaTrader 4 as mobile forex trading platforms. If you’ve already used MT4, there’s barely necessary to say anything more about it. It is an extremely user-friendly platform with all the necessary functionality for trading foreign exchange.
The app features a search tool that lets you quickly find assets by entering their names or the category they fall under, just like its browser-based version. Ordering and setting order time limits are tremendously simple and, more importantly, incredibly quick because to the interface’s logical design.
It may be a good idea to read a full review of IG regardless of your level of experience with forex trading because it offers speed, usability, and usefulness.
The app is quite user-friendly and reliable, but when compared to the web version, its features are a little bit limited. The only language for the app, which is exclusively available in English, is iOS and Android. For the fast-paced work that forex traders do, certain older platforms, like MT4, have an unusual propensity to sluggish or freeze
Pros
- User-friendly
- Great Search function
- Numerous order types
Cons
- Lacks 2-step authentication
6. FOREX.com
Forex.com, as the name implies, is a currency-focused internet trading website. A popular forex trading app that works with iOS and Android smartphones and tablets is also available on the website. At Forex.com, you will have access to more than 80 currency pairs, which is quite a large number. This includes a large variety of exotics as well as all major and minor pairs.
Because the mobile app is loaded with charting tools and technical indicators, Forex.com is especially useful if you want to do research on the go. The app also features a demo account option that enables risk-free trading. Depending on the type of account you open, different trading fees will apply.
Both a STP Pro account with no spreads and a commission-free account suitable for novices are offered. There is no needed minimum deposit for payments when utilising a bank transfer. The minimal deposit amount is $100 when using a debit/credit card or PayPal. Furthermore, you should be aware that the Forex.com app enables you to trade a wide range of other financial assets, such as shares, indices, gold, and silver.
Pros
- Professional forex trading app
- Availability of numerous currency pairs
- No minimum deposit
- Offers CFDs as well
- Strict regulation
Cons
- Time consuming KYC process
7. TD Ameritrade
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In the area of traditional investments, TD Ameritrade is well-known for offering thousands of stocks, bonds, mutual funds, ETFs, index funds, and more. However, TD Ameritrade has a reputation for offering one of the best FX trading apps out there.
There are several complex graphing features in the mobile program, which is called “thinkorswim.” This offers a variety of technical indicators, real-time data sources, and fully adjustable chart layouts. On the thinkorswim app, you can customize your notifications and get daily market updates.
On the list of supported markets maintained by TD Ameritrade, there are more than 70 currency combinations that can all be traded with leverage. Since there are no commission fees with this top-rated FX trading service, just the spread needs to be taken into account. Finally, even though TD Ameritrade has no requirement for a minimum account balance, you must fund your account by a bank transfer.
Pros
- Trusted brokerage
- Invest without commission in stocks and ETFs
- Options contracts can be traded for $0.65
- Demo account
- No account minimums
Cons
- Not as user-friendly as other apps
8. FXTM
Going back to the basics can be the best course of action if you’re a beginner trader. Instead of having its own app, FXTM offers its own version of the industry-recognized MT4 and MT5 platforms. Learning how to use these two, especially MT4, is a great introduction to forex trading because the bulk of forex brokers use them.
MetaTrader 4 is the more well-known platform in the game and one of the easiest for beginners to utilize. Navigating the platform is easy and straightforward due to its clear and simple design.
Similar to many other forex platforms, you may use the search option to look up products by their names or asset categories. The asset’s current price and a chart indicating its price movements over the previous day are both displayed in the buy/sell menu. This is very practical because it removes the need to switch screens in order to assess whether or not you are making a good trade.
All things considered, FXTM delivers a very user-friendly mobile trading platform that will allow you to become familiar with the platform that virtually every other forex broker offers and provide a positive user experience.
Pros
- Several account types
- Educational resources
- No commissions for Forex
- Regulated
Cons
- Not for US-based traders
9. FXCM
FXCM is a licensed and regulated broker with a diverse selection of marketplaces. Currency, shares, commodities, indexes, and other financial products are included. This includes a large number of major, minor, and exotic currency pairs.
Because FXCM allows you to trade without paying commissions, all fees are incorporated into the spread. With its compatibility for forex EAs and algorithmic trading, FXCM stands apart. Possibly, you may purchase automated trading systems, professional advisors, indicators, trading scripts, and many other resources on the website’s own third-party store.
After customising them with MT4, you may download the application on your phone. You may track your algo trading methods in real-time right on your mobile device after connecting the MT4 app to FXCM. Regarding security, FXCM has an FCA licence and more than 20 years of experience in this field. Here, the minimum deposit amount is $50.
Pros
- Including MT4
- FCA-regulated
- Wide range of currency pairs
- Supports EAs and forex robots
- Zero commission
- Tight spreads
Cons
- $360 deposit for EU clients
10. Interactive Brokers
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Interactive Brokers is well-known in the internet trading and investing arena. You get access to tens of thousands of markets via this brokerage platform, including equities, index funds, commodities, and futures.
Professional traders frequently use the spot currency option provided by Interactive Brokers. 23 different currencies, which are obtainable online or through the mobile app, will be available for trading. Through a pricing structure like an ECN, you will be provided with the market spreads.
There are frequently zero spreads when trading the most widely used FX pairs. You will only be needed to pay a very small commission on the Interactive Brokers app, which varies from 0.08 to 0.20 basis points multiplied by the volume of your transaction. Technical indicators, real-time streaming quotes, and blazing-fast execution times are all included in this top-rated forex trading app.
Pros
- Advanced tools
- Zero commissions for US-listed stocks
- Wide range of instruments
- No minimum deposit
Cons
- Not suitable for newbies
- The fee structure is a bit confusing
What characteristics define an excellent Forex trading app?
The goal of a forex trading app is to attract users, but if you’re serious about learning how to trade and want to become a skilled, informed, and high-frequency trader, check that your app of choice has some, if not all, of the following characteristics.
1. There are learning and training tools in the app
The field of forex trading is difficult to grasp. The finest apps give users all the knowledge they require to succeed as FX traders. These ought to cover the technical aspects of trading, as well as current developments on the global stage.
2. The application offers updates
Information that is current and real-time is essential for trading, thus the forex trading software should contain both. This is primarily due to the fact that a currency’s value can change in a matter of seconds, making quick decisions essential.
3. The forex trading app has little spreads
Spread is the term for the percentage of commission that your forex broker will charge you, and it should be as small as feasible. When you increase your trade frequency, this will become clear.
Also read: Best Forex Demo Accounts in UK 2022
How to Get Started with a Forex Trading App?
We will now demonstrate how to open a live FX account using our top-rated forex trading app, eToro.
Step 1: Open a Forex Account
Open an account on the eToro homepage to get things started. You must fill out this form with personal information about you, including your name, address, and phone number.
You will also need to send a copy of your official ID to eToro as part of the KYC requirements.
Step 2: Download the Forex Trading App
Now you can start the eToro app download. Open the app after the download is finished, and sign in using the username and password you made in the previous step.
Step 3: Deposit Funds
Now, deposits may be made immediately from the eToro app. Instant payment alternatives include cards like e-wallets and debit and credit cards. Bank transfers are also supported, however they typically take a few days to arrive. Having said that, eToro enables instant bank transfers in some nations, so be careful to confirm this for yourself.
Step 4: Trade Forex
You can now look up the currency market you want to trade on. An order box will display once you click the ‘Trade’ button next to the appropriate pair.
The next step is to enter your trade details, which includes the prices for your entry, stop-loss, and take-profit orders as well as the size of your intended investment, your preferred leverage, and whether you want to go long (buy) or short (sell).
Click the ‘Open Trade’ button to confirm your forex trading position.
Conclusion
If done with dedication, forex trading can be a highly profitable talent. Trading platforms are essential for streamlining an individual’s forex trading journey. A forex trading app should have attributes like user-friendliness, the lowest minimum deposit amount, larger leverage, more currency pairs, excellent customer support, and extensive training material.
There are several options available, but we came to the conclusion that the best forex trading app for 2022 is eToro.
Along with leverage, you’ll have access to around 50 FX pairs with a small spread and no commissions. It simply takes a few minutes to get started with the app because of how easy it is to use.
Frequently Asked Questions
Which is the best forex trading app?
For a number of crucial factors, eToro is the finest software for forex trading. The app has strict regulations, doesn’t charge commissions, and provides excellent user service. Additionally, as it also offers equities, commodities, ETFs, indices, and cryptocurrencies, eToro is excellent for diversification purposes.
Which forex trading app provides high leverage?
Where you live will ultimately determine how much leverage you can obtain. For instance, they are limited to 1:30 in the UK, EU, and Australia. This is higher in the US at 1:50.
Are applications for trading FX secure?
Apps for trading forex are quite secure, but you must make sure the vendor is authorized. eToro is governed by the FCA, ASIC, and CySEC, three reputable agencies.
Are forex Trading Apps Free?
There are no fees associated with installing or using a broker’s app. The cost of trading on apps will be the same as it is on full internet trading platforms, including commission and spread expenses.
Can you trade currencies on a phone?
You can trade many types of assets on your smartphone, not only FX. You may download the top mobile FX trading apps to your smartphone.