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If you’re looking to trade forex on your mobile device or tablet, it’s vital that you use the right forex trading app. With a large range of apps available, it can be difficult to decide which one is best for you. That’s why here, at Trading Apps, we have tried and tested hundreds of trading apps to bring you the best and most trusted ones.
Top 10 Forex Trading Apps (2020)
- Forex.com – Best overall
- XM – Best for IOS
- FXTM – Best for fees
- Capital.com – Best for design
- City Index – Best for UK traders
- eToro – Best for PayPal deposits
- Trading 212 – Best for reliability
- Plus500 – Best for worldwide traders
- IG – Best for trading tools
- Markets.com – Best for analysis
If you want to get started with one of these forex trading apps, you can go ahead and click on the links provided, or alternatively, to learn more about each one, then read on.
Dubbed the ‘Global Forex Trading Specialist‘, Forex.com is the go-to destination for any Forex trader – it’s suitable for beginner traders through to the most experienced and advanced. Forex.com offers tight spreads on over 90 different currency pairs, so you have plenty of options when it comes to what you want to trade. It’s been in operation since 2001 and has since become a popular venue for Forex traders. For these reasons, it’s rated the #1 forex trading app by Trading Apps.
The second best app on our list of the top 10 forex trading apps is XM trading point. XM is also a very experienced and well-trusted forex broker which has been around for over 10 years and served thousands of customers worldwide. With a free $100K demo account, you can test out the XM forex trading app without having to risk real cash – just use the button below to register for an account.
FXTM (also called Forextime), is a globally licenced forex trading app which is popular all over the world for its fast order execution times and low fees. It’s also really simple to use and has plenty of educational material available within the app which traders can use to grasp a better understanding of trading the foreign exchange markets.
Capital.com is a Forex CFD provider which gives its users access to a slick 24/5 online trading platform. Capital.com boasts 0% commissions, tight spreads and up to 30:1 leverage. It’s a well-trusted forex trading app which has been audited by Deloitte and regulated by the FSCS. The Capital.com trading app is available pretty much everywhere worldwide except for a few countries.
5. City Index
Are you a forex trader based in the UK? Then City Index is the place for you. As another globally-recognised forex trading app; City Index provides expert trade analysis and intuitive mobile apps which makes it a perfect place for Forex traders. City Index is available in multiple different countries, although if you live in the US or Canada, then you won’t be able to use this app – you’ll have to register for a Forex.com account instead (City Index’s sister company).
eToro is the most beginner-friendly forex trading app on this list. With a PayPal integration and a simple-to-use interface, eToro provides newer and experienced forex traders with a fast and easy trading experience. eToro is one of the most trusted trading apps across the world and serves thousands of customers daily. You can trade a wide range of different forex currency pairs on eToro as well as stocks, shares and commodities.
7. Trading 212
Trading 212 is a popular forex trading app which has received an incredible 4.5 out of 5 average rating on Trustpilot over the years. We like 212 because it’s pretty simple to use, has low fees and offers other products besides forex trading should you wish to change your preference in trading. You can download the app for IOS or Android (Google Play) and get started trading forex instantly online.
The Plus500 trading app can be used worldwide to trade popular forex CFDs like EUR/USD, GBP/USD and EUR/GBP for example, as well as 50+ other interesting currency pairs which allow you to profit from the difference in global economies. Plus500 offers 1:30 leverage as standard, meaning that you can trade $3000 worth of forex with as little as $100. In addition to that, Plus500 also offers free advanced trading tools to help you get the most out of your forex trades on the platform.
IG claims to be the No. 1 world’s CFD provider, and we have to say that we agree. As an all-rounder, it’s a pretty good trading app, and when it comes to forex trading, it also deserves a place in the top list. IG is one of the oldest forex trading platforms on this list, having been in operation since 1974 – you can use them with the reassurance that they’ve got the experience and should stick around for a while longer. Forex spreads on IG start from as low as 0.6 pips and you can trade over 80 different currency pairs, varying in popularity.
The Markets.com forex trading app gives its users the opportunity to trade major and exotic currency pairs with low spreads and up to 30x leverage. MarketsX is the CFD platform owned and operated by Markets.com. The app is available to download for free on IOS & Android (Google Play) devices and hosts a ton of super helpful analysis tools for forex traders, which makes it our best forex trading app for analysis.
What is forex trading?
Forex (Foreign Exchange) trading is the act of trading currency pairs against each other with the aim of making a profit. Usually, the price movements are so small that most people have to use leverage to see tangible returns. Leverage effectively allows you to trade with more money than you have in your account. So say you have $1,000, some forex trading apps will let you trade with $100K – but it is important to know that using leverage comes with more risk too.
What makes a good forex trading app?
Now that you know what our top all-time forex trading apps are, you’re most probably wondering how we came to the conclusion. Well, as I mentioned above, we independently test hundreds of different apps with strict criteria, you can learn more about how we test here. I will now outline some things we look out for in a forex trading app, and what makes a good one?
- Regulation: A good forex trading app is regulated, and therefore safer to use.
- Amount of pairs: The more pairs the better in our opinion, if you have more options to trade, then your experience will probably be better.
- Trading tools: If the forex trading app gives you tools like chart analysis, alerts and indicators then you will be able to make more informed decisions on your traders.
- Availability: If the app is available to people all over the world, then it is more accessible which is a big checkmark for us.
- Spreads: Obviously, the lower the spread (fee), the better – why pay more than you should for the same service?
There are so many forex trading apps out there that also deserve a place on this list, but these are the top ones in our opinion. Our best overall forex trading app is Forex.com and if you’re a beginner, then we’d recommend going with eToro. Have you use any of the forex trading apps listed above? If so, leave a comment and let us know about your experience!