Best forex trading apps comparison
Using our forex brokers comparison tool, here’s a summary of the features offered by the best forex trading apps.
The Best Forex Trading Apps of 2022 Reviewed
With hundreds of forex trading apps active in the market, finding one that best meets your needs can be challenging. For example, you need to look at the types of currency pairs hosted by the app, trading fees and commissions. And whether or not your preferred payment method is supported.
To help point you in the right direction, below we’ve listed the best forex trading apps of 2022. Whether you’re looking for the best forex trading app for Android or the best iPhone forex trading app, we’ve got you covered.
|Feature||Saxo Bank||IG||CMC Markets|
|Apple iOS App||Yes||Yes||Yes|
|Alerts – Basic Fields||Yes||Yes||Yes|
|Watch List Syncing||Yes||Yes||Yes|
|Charting – Indicators / Studies||62||32||29|
|Charting – Draw Trendlines||Yes||Yes||Yes|
|Charting – Trendlines Moveable||Yes||Yes||Yes|
|Charting – Multiple Time Frames||Yes||Yes||Yes|
|Charting – Drawings Autosave||Yes||Yes||Yes|
Comparison Tool: Compare 50+ features side-by-side
How to compare the best forex trading apps
When choosing a new forex broker account for online trading, consider these five areas of the trading experience:
- Trust (regulatory status): You want a broker that you can trust, above all else. Therefore, your broker should have a high trust factor. For example, any broker that holds multiple top-tier regulatory licenses and thus is regulated in the U.S., U.K., Australia, Singapore, Canada, Hong Kong, Japan, or Switzerland, will have a higher Trust Score on ForexBrokers.com.
- Trading platforms: Our research finds that most proprietary platforms are superior to third-party software like MetaTrader. Either way, be sure to select the trading platform that meets your needs across devices, whether that’s on the web, your desktop, or with a mobile trading app.
- Trading tools: When I evaluate the research content, trading tools, and educational materials available from brokers, I expect them to be rich with features and easy to use. The more comprehensive each category is within the mobile app you choose, the better off you will be in maximizing trading opportunities.
- Tradeable markets: Consider the total available markets and the number of instruments that are available for you to trade at a given broker. For example, one broker may offer a small selection of currency pairs but a vast array of CFDs on other markets like stocks, commodities, futures, cryptocurrency, and other asset classes. Conversely, maybe you want to trade some exotic currencies and want a broker with a larger selection of forex pairs.
- Demo accounts: Opening a free demo account allows you to learn the ins and outs of a trading app, like test-driving a car before you buy it. You get to use the virtual account across all supported devices, such as web, desktop, and mobile. If the platform meets your needs, then you can fund a live account. Some traders also use demo accounts to test various trading strategies before trying them out with real funds.
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Does forex have an app?
No, there is no official app or website because the foreign exchange (forex) market is decentralized — that is, there is no single location or site for the market. The forex market consists of central banks and financial institutions such as brokers, dealers, banks, and corporations. Read more on Wikipedia.
Many trustworthy forex brokers do offer mobile apps for trading. There is a wide selection available, including apps that are developed by brokers in-house, as well as apps from third-party developers. To avoid scams, you should only use regulated banks and brokers that are properly licensed to offer forex trading services in your country of residence. For example, if you live in the U.K., check the Financial Conduct Authority (FCA) to verify a broker is regulated.
The eToro app is potentially more suited to newbie traders, as the broker offers a simple and clean interface. Furthermore, the app comes with a feature that allows you to mirror the buy and sell positions of an experienced forex trader. This effectively allows you to trade full-time in a passive manner. The eToro app allows you to open an account in minutes and requires a minimum deposit of $50.
You can apply leverage on all forex positions, albeit, your limits will be determined by your location and account type. For example, the UK and European traders will be capped to leverage of 1:30 on majors and 1:20 on all other currency pairs. In terms of safety, the eToro forex trading app is regulated by the FCA (UK), CySEC (Cyprus), and ASIC (Australia). UK traders, in particular, will benefit from the protection of the FSCS. This covers your account balance up to the first £85,000.
If you want to learn more about eToro, you can check out our eToro app review for a more detailed look at what this broker has to offer.
What is the official forex trading app?
There is no official forex trading app or website, as the forex market is made up of a collection of banks, brokers, and other dealers; each may offer its own trading software.
Note: If you’re looking specifically for the broker FOREX.com, it offers both a proprietary app, called FOREX.com mobile, and the popular MetaTrader 4 (MT4) offered by many brokers.
Which app is best for forex trading?
In our Mobile category, Saxo Bank is our top pick due to its unified platform experience across devices, including a mobile app that syncs trendlines with its web platform counterpart. Our testing found that IG offers the best smartphone app — IG Trading — for forex trading in 2022. IG is regulated globally, and its IG Trading app provides access to a variety of quality trading tools alongside multiple news sources for researching trading opportunities. Charting on the IG Trading app is also rich with features. For forex trading, you can’t go wrong with Saxo Bank’s SaxoTraderGO app or IG Trading from IG.
What app does everyone use for forex?
The MetaTrader platform suite — available for mobile — is developed by MetaQuotes Software Corporation and is the most widely used app for trading CFDs, forex, shares, and other asset classes.
There are two versions of the MetaTrader app for both Android and Apple iOS devices — including the MetaTrader 4 (MT4) app as well as the newer MetaTrader 5 (MT5) app, which continues to gain adoption.
While MT4 and MT5 are incredibly popular due to their wide availability, many of the best mobile apps are developed in-house by some of the best online brokers, such as Saxo Bank and IG.
What’s the best forex trading app for beginners?
The IG Trading app is an excellent choice for beginners, due to its range of tools, integrated content, and the ability to access educational material from IG Academy and DailyFx (it even has a standalone mobile app for education). IG is a leader in education, making its IG Trading mobile app the best forex trading app for beginners in 2022.
As an alternative, Plus500’s easy-to-navigate app provides the essentials for trading, and makes viewing available markets a breeze. That said, just because an app is easy to use doesn’t mean it is easy to make money.
Which trading app is most profitable?
No single mobile trading app can claim to be more profitable than another, because profitability is determined by the outcome of the individual trading decisions you make (regardless of the app you use). That said, it does potentially increase your probability of success when you have access to the latest trading tools and cutting-edge software.
That’s why many of the most successful traders only use the most trusted brokers — who also happen to have excellent mobile apps. Here are our picks for the top mobile trading apps in 2022:
- Saxo Bank – SaxoTraderGO app
- IG – IG Trading app
- CMC Markets – NextGeneration app
- TD Ameritrade – thinkorswim app
- City Index – City Index mobile app
- FOREX.com – FOREX.com app
- OANDA – fxTrade app
Can you trade forex on your phone?
Yes, if you have a modern smartphone running either an Android or iOS operating system, you can install forex trading apps on your phone. After opening the app, you can log in to your forex account and begin trading from your phone.
Can I teach myself forex trading?
Yes, and you shouldn’t pay for any courses as there is plenty of high-quality free education available directly from most online brokers, as well as third-party websites (our favorite is BabyPips). However, forex trading is not easy — the majority of traders lose money.
To be successful in trading forex, you must learn how to manage risk properly, depending on your goals and the strategy you choose to follow or develop. First, open a free demo account and trade using fake money to learn how the trading platform software works.
More details: To make money trading forex, work towards keeping your average losers small (relative to your average winners). This adage says it best, “Cut your losers short and let your winners run.”
How can I trade forex in the U.K.?
First, select a trustworthy U.K. forex broker regulated by the Financial Conduct Authority (FCA). Next, open and fund your new brokerage account, and fill out the order ticket to place a trade. Most online brokers offer demo accounts so you can practice with virtual currency and become familiar with how the trading platform works before funding your account with real money.
More details: Choosing an FCA-regulated broker will ensure that you are entitled to any applicable legal protections. To be FCA-regulated in the U.K., brokers must comply with a list of requirements.
Can you get rich by trading forex?
While only a select few will reach elite trader status and turn over billions of dollars in trading volume, there are many successful traders who make money from trading forex and CFDs. While it’s important to remember that the majority of traders — some 65% to 82% — lose money, that does mean that anywhere from 18% to as much as 35% of traders were able to make money during that same time.
“Getting rich” or increasing your wealth has more to do with the consistency of your trading results and the size of your account. The key to building wealth while trading forex is to keep your average losses low, relative to your average profits.
Remember: There is no get-rich-quick scheme for trading forex, and it isn’t a way to make fast money unless you take extreme risks and bank on luck — which is more akin to gambling than investing.
How do I start trading forex with $100?
To trade forex with just $100, you will need to trade micro lot contracts (1,000 units of currency), which are offered by most brokers. First, compare forex brokers that are regulated in your country of residence. Next, apply for a new account, fund, login, and fill out the order ticket to place your trade.
More details: Open a free demo (practice) account to learn how the trading platform works. You can test your strategy with the virtual balance (fake money) before placing any real trades using the $100 balance from your live account.
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SPONSORED BY FOREX.COMCFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 80% 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.
For our 2022 Forex Broker Review we assessed, rated, and ranked 39 international forex brokers over a three-month time period resulting in over 50,000 words of published research.
Each broker was graded on 113 different variables, including our proprietary Trust Score algorithm. This innovative scoring system ranks the level of trustworthiness for each broker based on factors such as licenses, regulation and corporate structure. Read more about Trust Score here.
As part of our annual review process, all brokers had the opportunity to provide updates and key milestones and complete an in-depth data profile, which we hand-checked for accuracy.
Ultimately, our rigorous data validation process yields an error rate of less than .1% each year, providing site visitors with quality data they can trust. Learn more about how we test.
Forex Risk Disclaimer
There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses.