Best Forex Day Trading Apps 2024
Forex trading apps allow you to speculate on the value of currencies from a mobile or tablet device. The best forex apps for day traders offer a terrific user experience with advanced charting tools, excellent pricing, reliable execution, value-add features, and access to a great range of major, minor and exotic currency pairs. We’ve identified the forex applications that excel in these areas.
Top 10 Forex Day Trading Apps
Our comprehensive analysis, hands-on tests and ratings from real traders show that these are the best iPhone and Android apps for trading forex:
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1FOREX.comiOS & AndroidActive Trader Program With A 15% Reduction In Costs
Ratings
$1000.01 Lots1:50NFA, CFTCForex, Stocks, Futures, Futures OptionsMT4, MT5, TradingView, eSignal, AutoChartist, TradingCentralWire Transfer, Credit Card, Debit Card, Visa, Mastercard, Skrill, Neteller, ACH TransferUSD, EUR, GBP, CAD, AUD, JPY, CHF, PLN -
2Interactive BrokersiOS & Android
Ratings
$0$1001:50FCA, SEC, FINRA, CFTC, CBI, CIRO, SFC, MAS, MNB, FINMA, AFMStocks, Options, Futures, Forex, Funds, Bonds, ETFs, Mutual Funds, CFDs, CryptocurrenciesTrader Workstation (TWS), IBKR Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, eSignal, TradingCentralCheque, ACH Transfer, Wire Transfer, Automated Customer Account Transfer Service, TransferWise, Debit CardUSD, EUR, GBP, CAD, AUD, INR, JPY, SEK, NOK, DKK, CHF, AED, HUF -
3IGiOS & AndroidForex trading involves risk. Losses can exceed deposits.
Ratings
$00.01 Lots1:30 (Retail), 1:250 (Pro)FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA, FINMA, CONSOB, AFMCFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread BettingWeb, ProRealTime, L2 Dealer, MT4, TradingView, AutoChartist, TradingCentralPayPal, Wire Transfer, Mastercard, Credit Card, Visa, Debit CardUSD, EUR, GBP, CAD, AUD, JPY, ZAR, SEK, DKK, CHF, HKD, SGD -
4Pocket OptioniOS & Android50% Deposit Bonus
Ratings
$50$1MISABinary Options, Currencies, Commodities, Stocks, Indices, CryptosWeb, MT4, MT5Wire Transfer, Credit Card, Bitcoin Payments, Volet, Perfect Money, Visa, Mastercard, Debit Card, WebMoney, FasaPay, Ethereum Payments, Maestro, JetonCash, AirtelUSD -
5IQCentiOS & Android20% to 200% Deposit Bonus
Ratings
$250$0.011:500IFMRRCBinary Options, CFDs, Forex, Indices, Commodities, CryptoOnline Platform, TradingViewCredit Card, Debit Card, Wire Transfer, Bitcoin Payments, Ethereum Payments, Visa, MastercardUSD, EUR -
6OANDA USiOS & AndroidCFDs are not available to residents in the United States.
Ratings
$00.01 Lots1:50NFA, CFTCForex, Crypto with Paxos (Cryptocurrencies are offered through Paxos. Paxos is a separate legal entity from OANDA)OANDA Trade, MT4, TradingView, AutoChartistWire Transfer, Visa, Mastercard, Debit Card, ACH TransferUSD, EUR, GBP, CAD, AUD, JPY, CHF, HKD, SGD -
7RedMarsiOS & Android
Ratings
€2500.01 Lots1:30 (Retail), 1:500 (Pro)CySEC, AFMCFDs, Forex, Stocks, Indices, Commodities, CryptosMT5Credit Card, Wire Transfer, Debit Card, Sticpay, FasaPay, Bitcoin Payments, Trustly, PayPal, Skrill, Neteller, Klarna, Mastercard, VisaUSD, EUR -
8CloseOptioniOS & Android$10 Welcome Gift
Ratings
$5$1National Bank of GeorgiaBinary Options on Forex & CryptosOwnPayPal, WebMoney, Mastercard, Perfect Money, Wire Transfer, Bitcoin Payments, Ethereum PaymentsUSD -
9VideforexAndroid20% to 200% Deposit Bonus
Ratings
$250$0.011:500Binary Options, CFDs, Forex, Indices, Commodities, CryptoTradingViewSkrill, Perfect Money, Bitcoin Payments, Neteller, Credit Card, Visa, Mastercard, Ethereum PaymentsUSD, EUR, GBP, AUD, RUB -
10PlexytradeiOS & Android120% Cash Welcome Bonus
Ratings
$500.011:2000CFDs, Forex, Indices, Stocks, Commodities, CryptoMT4, MT5Bitcoin Payments, Ethereum PaymentsUSD, EUR
Here is a summary of why we recommend these brokers:
- FOREX.com - Running alongside the MT4 and Web Trader platforms, the FOREX.com app offers full trading capabilities on a user-friendly, compact platform. Integrated news and analysis, plus real time trade alerts, are two mobile specific features that set this app above the crowd. Additionally, it beats out MT4 when it comes to mobile charting tools, with over 80 indicators and 11 chart types, not to mention a slicker design that we love.
- Interactive Brokers - The IBKR Mobile app, available on both iOS and Android devices, makes your phone a powerful gateway to your IBKR accounts, offering you the freedom to keep an eye on portfolios, initiate trades, and dive into real-time quotes and charts, all while managing your account activities on the fly. This app stands out for its intuitive design, making it especially welcoming for those just starting their trading journey, providing a smoother and more accessible experience than the more complex TWS platform.
- IG - IG offers a superb all-round trading app. One of the pioneers of mobile trading, the application has been developed and refined over many years, meaning it is now among the best trading apps. Quick response, user-friendly layout, access to full charting and a stable and reliable application. It also offers guaranteed stops – an important risk management tool not available on many apps we’ve tested.
- Pocket Option - Pocket Option delivers an excellent mobile trading experience directly through mobile and tablet browsers, without needing a native app. You can easily customize charts using the settings at the top while placing trades in one click is a breeze using the ‘higher’ and ‘lower’ buttons at the bottom of the screen. The interface also adapts seamlessly to horizontal viewing, mirroring the desktop layout for a consistent user experience.
- IQCent - IQCent offers mobile trading directly through major browsers with an intuitive design that we love. You can navigate your account, browse assets and trade binaries in a few clicks. Straightforward access to the copy trading feature at the bottom is also a bonus, alongside the interactive charts which you can pinch to zoom.
- OANDA US - OANDA’s app stands out for its deeply customizable interface, ensuring you can tailor every aspect of the trading experience to your strategy, from setting custom notifications to adjusting chart sizes and overlays. This level of personalization, combined with the ability to quickly react to market changes, manage risk, and stay informed with alerts on significant market events, makes it a category leader.
- RedMars - RedMars doesn’t offer a proprietary platform, which might be a consideration for beginners. The only choice is MetaTrader 5 (MT5), available for desktop, web, and mobile. The lack of support for MT4, cTrader, or TradingView is disappointing, with MT4 easier to use than MT5, cTrader sporting a more user-friendly interface, and TradingView proving excellent due to its advanced charting and community-sourced indicators.
- CloseOption - CloseOption’s TradeRoom stands out as a fantastic option for beginners, with its streamlined design minimizing the learning curve. It’s super easy to place short-term trades from 5 seconds with basic charting tools at your disposal. Tutorials and frequent updates with video demonstrations also enhance the experience, while weekly contests are available to skilled traders on the go.
- Videforex - Videforex stands out with its comprehensive and user-friendly mobile trading solution, offering short-term binaries across a wide range of assets. The web-accessible application is fast, intuitive, and perfect for beginners, complete with a helpful guide upon first use. Videforex’s ongoing enhancements, including the addition of candlestick charts for technical analysis, further enrich the user experience.
- Plexytrade - Rather than developing its own app, Plexytrade offers its 100+ instruments on the MT4 and MT5 mobile platforms. While MetaTrader is favored by experienced traders, the absence of a proprietary trading app results in a steep learning curve for beginners. It also means deposits, withdrawals and account management have to be completed through the Plexytrade website, leading to a less complete mobile trading experience.
Best Forex Day Trading Apps 2024 Comparison
FOREX.com
"FOREX.com remains a best-in-class brokerage for active forex traders of all experience levels, with over 80 currency pairs, tight spreads from 0.0 pips and low commissions. The powerful charting platforms collectively offer over 100 technical indicators, as well as extensive research tools."
Christian Harris, Reviewer
FOREX.com Quick Facts
Bonus Offer | Active Trader Program With A 15% Reduction In Costs |
---|---|
GBPUSD Spread | 1.3 |
EURUSD Spread | 1.2 |
EURGBP Spread | 1.4 |
Total Assets | 80+ |
Leverage | 1:50 |
Platforms | MT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral |
Mobile Apps | iOS & Android |
iOS App Rating | / 5 |
Android App Rating | / 5 |
Demo Account | Yes |
Instruments | Forex, Stocks, Futures, Futures Options |
Minimum Deposit | $100 |
Account Currencies | USD, EUR, GBP, CAD, AUD, JPY, CHF, PLN |
Pros
- Alongside a choice of leading platforms, FOREX.com offers a superb suite of supplementary tools including Trading Central research, SMART Signals pattern scanner, trading signals, and strategy builders.
- The in-house Web Trader continues to shine as one of the best-designed platforms for aspiring day traders with a slick design and over 80 technical indicators for market analysis.
- With over 20 years of experience, excellent regulatory oversight, and multiple accolades including runner-up in our 'Best Forex Broker' awards, FOREX.com boasts a global reputation as a trusted brokerage.
Cons
- Despite increasing its range of instruments, FOREX.com's product portfolio is still limited to forex and CFDs, so there are no options to invest in real stocks, real ETFs or real cryptocurrencies.
- Demo accounts are frustratingly time-limited to 90 days, which doesn’t give you enough time to test day trading strategies effectively.
- Funding options are limited compared to leading alternatives like IC Markets and don’t include many popular e-wallets, notably UnionPay and POLi.
Interactive Brokers
"Interactive Brokers is one of the best brokers for advanced day traders, providing powerful charting platforms, real-time data, and customizable layouts, notably through the new IBKR Desktop application. Its superb pricing and advanced order options also make it highly attractive for day traders, while its diverse range of equities is still among the best in the industry."
Christian Harris, Reviewer
Interactive Brokers Quick Facts
GBPUSD Spread | 0.08-0.20 bps x trade value |
---|---|
EURUSD Spread | 0.08-0.20 bps x trade value |
EURGBP Spread | 0.08-0.20 bps x trade value |
Total Assets | 100+ |
Leverage | 1:50 |
Platforms | Trader Workstation (TWS), IBKR Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, eSignal, TradingCentral |
Mobile Apps | iOS & Android |
iOS App Rating | / 5 |
Android App Rating | / 5 |
Demo Account | Yes |
Instruments | Stocks, Options, Futures, Forex, Funds, Bonds, ETFs, Mutual Funds, CFDs, Cryptocurrencies |
Minimum Deposit | $0 |
Account Currencies | USD, EUR, GBP, CAD, AUD, INR, JPY, SEK, NOK, DKK, CHF, AED, HUF |
Pros
- IBKR continues to deliver unmatched access to global stocks with tens of thousands of equities available from 100+ market centres in 24 countries, most recently the Saudi Stock Exchange.
- With low commissions, tight spreads and a transparent fee structure, IBKR delivers a cost-effective environment for short-term traders.
- The new IBKR Desktop platform takes the best of TWS while adding bespoke tools like Option Lattice and Screeners with MultiSort to create a genuinely impressive trading experience for day traders at every level.
Cons
- TWS’s learning curve is steep, and beginners may find it challenging to navigate the platform and understand all the features. Plus500's web platform is much better suited to new traders.
- IBKR provides a wide range of research tools, but their distribution across trading platforms and the web-based 'Account Management' page lacks consistency, leading to a confusing user experience.
- Support can be slow and frustrating based on tests, so you might find it challenging to reach customer service representatives promptly or encounter delays in resolving issues.
IG
"IG continues to provide a comprehensive package with an intuitive web platform, best-in-class education for beginners, advanced charting tools bolstered by its recent TradingView integration, real-time data, and fast execution speeds for experienced day traders."
Christian Harris, Reviewer
IG Quick Facts
GBPUSD Spread | 0.9 |
---|---|
EURUSD Spread | 0.8 |
EURGBP Spread | 0.9 |
Total Assets | 80+ |
Leverage | 1:30 (Retail), 1:250 (Pro) |
Platforms | Web, ProRealTime, L2 Dealer, MT4, TradingView, AutoChartist, TradingCentral |
Mobile Apps | iOS & Android |
iOS App Rating | / 5 |
Android App Rating | / 5 |
Demo Account | Yes |
Instruments | CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting |
Minimum Deposit | $0 |
Account Currencies | USD, EUR, GBP, CAD, AUD, JPY, ZAR, SEK, DKK, CHF, HKD, SGD |
Pros
- The ProRealTime advanced charting platform is free as long as certain modest monthly trading activity requirements are met.
- IG offers an extensive collection of professional and engaging educational resources, including webinars, articles, and analysis.
- As a well-established broker, IG operates under strict regulatory guidelines in multiple jurisdictions, maintaining a high level of trust.
Cons
- IG applies an inactivity fee of $12 per month after 2 years, deterring casual investors.
- IG has discontinued its swap-free account, reducing its appeal to Islamic traders.
- Beginners might find IG’s fee structure complex, with various fees for different types of trades or services, potentially leading to confusion or unexpected charges.
Pocket Option
"Pocket Option excels for its easy-to-use web platform which provides a best-in-class user experience for short-term binary traders. The $50 minimum deposit is also accessible for beginners while opening an account is really easy. Looking at the negatives, Pocket Option still trails alternatives in its market offering and regulatory credentials."
Jemma Grist, Reviewer
Pocket Option Quick Facts
Bonus Offer | 50% Deposit Bonus |
---|---|
GBPUSD Spread | N/A |
EURUSD Spread | N/A |
EURGBP Spread | N/A |
Total Assets | 55+ |
Platforms | Web, MT4, MT5 |
Mobile Apps | iOS & Android |
iOS App Rating | / 5 |
Android App Rating | / 5 |
Demo Account | Yes |
Instruments | Binary Options, Currencies, Commodities, Stocks, Indices, Cryptos |
Minimum Deposit | $50 |
Account Currencies | USD |
Pros
- Well-funded traders who deposit $1000+ can qualify for a 2%+ payout boost, more tradable assets and exclusive perks
- Extremely fast and smooth sign-up process that takes less than 2 minutes
- The web platform shines for its straightforward design and usability that will appeal to beginners looking to speculate on popular financial markets in a few clicks
Cons
- Pocket Option offers a slimmed down iteration of the MT4 and MT5 that doesn't provide the full charting package for advanced traders
- You need to deposit $1000 to access the extended list of 250+ assets, otherwise just 130+ assets are available
- Despite offering competitive payouts up to 92%, binary brokers like IQCent offer higher returns up to 98% based on tests
IQCent
"IQCent will appeal to day traders looking for a straightforward binary options and CFD trading platform with low fees, a range of accounts, and copy trading. Getting started takes less than 1 minute and a $250 deposit. "
Jemma Grist, Reviewer
IQCent Quick Facts
Bonus Offer | 20% to 200% Deposit Bonus |
---|---|
GBPUSD Spread | 0.8 |
EURUSD Spread | 0.3 |
EURGBP Spread | 0.8 |
Total Assets | 49 |
Leverage | 1:500 |
Platforms | Online Platform, TradingView |
Mobile Apps | iOS & Android |
iOS App Rating | / 5 |
Android App Rating | / 5 |
Demo Account | Yes |
Instruments | Binary Options, CFDs, Forex, Indices, Commodities, Crypto |
Minimum Deposit | $250 |
Account Currencies | USD, EUR |
Pros
- CFD trading fees are competitive based on tests, including 0.7 pips on major forex pairs such as EUR/USD
- The broker's 24/7 customer support is fast and reliable, responding within 1 minute during tests
- The broker offers up to 98% payouts on binary options, which is more than alternatives like Pocket Option, only offering up to 92%
Cons
- The market analysis is very basic with limited technical summaries and insights from analysts
- IQCent charges a punitive $10 monthly inactivity fee if you fail to place at least 1 trade per month
- There's no automated trading support for algo traders
OANDA US
"OANDA remains an excellent broker for US day traders seeking a user-friendly platform with premium analysis tools and a straightforward joining process. OANDA is also heavily regulated with a very high trust score."
Jemma Grist, Reviewer
OANDA US Quick Facts
GBPUSD Spread | 3.4 |
---|---|
EURUSD Spread | 1.6 |
EURGBP Spread | 1.7 |
Total Assets | 65+ |
Leverage | 1:50 |
Platforms | OANDA Trade, MT4, TradingView, AutoChartist |
Mobile Apps | iOS & Android |
iOS App Rating | / 5 |
Android App Rating | / 5 |
Demo Account | Yes |
Instruments | Forex, Crypto with Paxos (Cryptocurrencies are offered through Paxos. Paxos is a separate legal entity from OANDA) |
Minimum Deposit | $0 |
Account Currencies | USD, EUR, GBP, CAD, AUD, JPY, CHF, HKD, SGD |
Pros
- The broker's API facilitates access to 25 years of deep historical data and rates from 200+ currencies
- There's a strong selection of 68 currency pairs for dedicated short-term forex traders
- Day traders can enjoy fast and reliable order execution
Cons
- The range of day trading markets is limited to forex and cryptos only
- It's a shame that customer support is not available on weekends
- There's only a small range of payment methods available, with no e-wallets supported
RedMars
"RedMars is the best fit for experienced day traders familiar with the MetaTrader 5 platform and based in the EU, where the broker is authorized by the CySEC. However, the threadbare education and research tools make it unsuitable for beginners."
Christian Harris, Reviewer
RedMars Quick Facts
GBPUSD Spread | 0.7 |
---|---|
EURUSD Spread | 0.7 |
EURGBP Spread | 1.1 |
Total Assets | 50+ |
Leverage | 1:30 (Retail), 1:500 (Pro) |
Platforms | MT5 |
Mobile Apps | iOS & Android |
iOS App Rating | / 5 |
Android App Rating | / 5 |
Demo Account | Yes |
Instruments | CFDs, Forex, Stocks, Indices, Commodities, Cryptos |
Minimum Deposit | €250 |
Account Currencies | USD, EUR |
Pros
- The broker is one of a limited number of firms to offer an account specially designed for VIPs with premium support and invites to exclusive events
- The broker supports a range of flexible payment methods, including wire transfers, credit cards, e-wallets, and notably cryptocurrencies
- Clients in the EU, in particular, can trade with peace of mind knowing RedMars is authorized by the CySEC with up to €20K compensation available through the ICF in the event of bankruptcy
Cons
- RedMars falls short for newer traders, with little in the way of education, no beginner-friendly platform, a steep minimum deposit, and inadequate support during testing
- With just 300 instruments, RedMars offers a narrow trading environment, particularly compared to category leaders like BlackBull Markets which offers 26,000 assets
- The no-frills trading environment offers little beyond the basics, with no Islamic account, PAMM account or copy trading.
CloseOption
"CloseOption is a good pick for traders seeking a user-friendly binary options platform with high payouts and joining bonuses."
Tobias Robinson, Reviewer
CloseOption Quick Facts
Bonus Offer | $10 Welcome Gift |
---|---|
GBPUSD Spread | No fee - payouts approx. 80% (Copper) |
EURUSD Spread | No fee - payouts approx. 80% (Copper) |
EURGBP Spread | No fee - payouts approx. 80% (Copper) |
Total Assets | 20+ |
Platforms | Own |
Mobile Apps | iOS & Android |
iOS App Rating | / 5 |
Android App Rating | / 5 |
Demo Account | Yes |
Instruments | Binary Options on Forex & Cryptos |
Minimum Deposit | $5 |
Account Currencies | USD |
Pros
- Free demo account
- Multiple global payment methods are available
- New traders can get started with a $5 minimum deposit
Cons
- CloseOption is not regulated by a well-regarded trading authority
- Binary options are only available on fiat and digital currencies
- Clients need to deposit $50,000+ to qualify for the best payouts
Videforex
"Videforex will serve traders looking for a no-frills, easy-to-use platform to speculate on the direction of popular financial markets through binaries. With a sign-up process that takes a matter of minutes and a web-accessible platform, getting started is a breeze. "
William Berg, Reviewer
Videforex Quick Facts
Bonus Offer | 20% to 200% Deposit Bonus |
---|---|
GBPUSD Spread | 0.1 |
EURUSD Spread | 0.1 |
EURGBP Spread | 0.1 |
Total Assets | 35+ |
Leverage | 1:500 |
Platforms | TradingView |
Mobile Apps | Android |
iOS App Rating | / 5 |
Android App Rating | / 5 |
Demo Account | Yes |
Instruments | Binary Options, CFDs, Forex, Indices, Commodities, Crypto |
Minimum Deposit | $250 |
Account Currencies | USD, EUR, GBP, AUD, RUB |
Pros
- Videforex is one of the few brokers with 24/7 multilingual video support, providing comprehensive assistance for active traders.
- Traders can earn up to 98% payouts on 100+ assets with the broker’s binary options, bringing it in line with competitors like IQCent.
- Videforex regularly runs trading contests, offering practice opportunities and cash prizes to beginners and experienced traders, with position sizes from just ¢0.01.
Cons
- The client terminal needs improvements based on our latest tests, sporting sometimes slow and unresponsive widgets which could dampen the experience for day traders.
- The absence of any educational tools is a serious drawback for newer traders who can find blogs, videos and live trading sessions at category leaders.
- Videforex lacks authorization from a trusted regulator, meaning traders may receive little to zero safeguards like segregated client accounts.
Plexytrade
"Plexytrade is a newcomer in the brokerage scene with attention-grabbing features like 1:2000 leverage, zero spreads on select instruments and fast execution speeds of less than 46 milliseconds. However, the absence of regulation is a significant concern, while the non-existent research and educational tools place it far behind industry frontrunners."
Christian Harris, Reviewer
Plexytrade Quick Facts
Bonus Offer | 120% Cash Welcome Bonus |
---|---|
GBPUSD Spread | 0.8 |
EURUSD Spread | 0.7 |
EURGBP Spread | 1.1 |
Total Assets | 40+ |
Leverage | 1:2000 |
Platforms | MT4, MT5 |
Mobile Apps | iOS & Android |
iOS App Rating | / 5 |
Android App Rating | / 5 |
Demo Account | Yes |
Instruments | CFDs, Forex, Indices, Stocks, Commodities, Crypto |
Minimum Deposit | $50 |
Account Currencies | USD, EUR |
Pros
- US residents are accepted as clients, distinguishing Plexytrade as one of the rare offshore brokers that cater to US-based traders.
- There are various VPS packages starting from $50 per month, but they become complimentary once specific deposit thresholds are reached.
- Despite lacking regulation, Plexytrade provides negative balance protection and reinforces safety protocols by holding client funds in segregated accounts.
Cons
- Deposits and withdrawals are exclusively facilitated through cryptocurrencies, as Plexytrade does not support bank cards, bank wire transfers, or e-wallets.
- Plexytrade lacks regulation in major jurisdictions, significantly increasing the risks of opening an account and depositing funds.
- There are no research and educational materials, falling short of alternatives like IG, while access to the economic calendar is restricted to clients with balances of $500.
In instances where forex brokers lack their own custom trading applications, opting instead to utilize external solutions such as MT4, MT5, or cTrader, we’ve provided these ratings from the relevant app stores. Additionally, please be aware that app store ratings are subject to change.
Comparing Forex Day Trading Apps
To find the top apps for trading currencies, we consider several criteria that collectively contribute to a superior mobile trading experience:
Forex Assets
Downloading an app that provides access to the currency pairs you want to speculate on is essential, as the range of currency pairs can vary significantly.
Our analysis of hundreds of forex apps shows that most top firms support at least 40 currency pairs, from majors like the EUR/USD to minors like the GBP/JPY and exotics like the CAD/SGD.
Choosing a forex app with a large suite of forex assets is important to ensure you have a good range of day trading opportunities and the ability to build a diverse portfolio.
Some brokers with forex apps, such as CMC Markets, also stand out by offering forex indices, providing an alternative way to speculate on the value of key currencies like the USD, EUR and GBP.
You can compare the selection of currency assets at our top forex apps below.
FOREX.com | NinjaTrader | Interactive Brokers | eToro USA | IG | |
---|---|---|---|---|---|
Currency Pairs | 80+ | 50+ | 100+ | 80+ | |
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Trading Fees
Using a forex app that charges low fees is essential, as the frequent transactions involved in day trading strategies can accumulate, affecting net gains.
Our top-rated currency apps come with competitively low fees for short-term traders, a conclusion we reach through regular assessments of both trading and non-trading fees.
For example, we evaluate the spreads you will pay on three of the most popular currency pairs: EUR/USD, EUR/GBP and GBP/USD.
However, our extensive industry experience has underscored the need to balance cost with quality. Opting for the cheapest forex app without evaluating the range of currency pairs and charting tools can be a misstep, particularly for advanced traders requiring top-notch tools.
You can compare the spreads on popular currency assets at our top forex apps below.
FOREX.com | NinjaTrader | Interactive Brokers | eToro USA | IG | |
---|---|---|---|---|---|
Fee Rating | |||||
EUR/USD Spread | 1.2 | 1.3 | 0.08-0.20 bps x trade value | 0.8 | |
EUR/GBP Spread | 1.4 | 1.6 | 0.08-0.20 bps x trade value | 0.9 | |
GBP/USD Spread | 1.3 | 1.6 | 0.08-0.20 bps x trade value | 0.9 | |
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Design & Usability
Choosing a forex app that provides a great user experience with an intuitive design is crucial; not only will it minimize the learning curve and enhance your ability to capitalize on market opportunities, but it also makes for an enjoyable trading experience.
That’s why these elements are at the core of our evaluation process, derived from the personal observations of our hands-on testers, and reinforced by ratings from other forex traders on Apple and Android devices, which we’ve collated from the relevant app store.
Below you can see how the ratings from our in-house experts stack up against those from the Apple App Store and Google Play Store across our top forex apps.
FOREX.com | NinjaTrader | Interactive Brokers | eToro USA | IG | |
---|---|---|---|---|---|
Our Rating | |||||
iOS Rating | |||||
Android Rating | |||||
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Charting Tools
Picking a forex app with excellent charting tools is crucial, especially for day traders who often use technical analysis to identify entry and exit points in fast-paced currency markets.
We know from first-hand experience that you often sacrifice charting functionality when you move from a desktop platform to a mobile or tablet device, particularly in the number of indicators, drawing tools and customization options.
That’s why we look for apps that offer a robust charting package for mobile traders of all levels, including indicators that are particularly popular with forex day traders, such as Moving Average Convergence Divergence, Bollinger Bands, and Average Directional Index.
We also check for access to popular third-party apps like MetaTrader 4 (MT4), which was built specifically for forex trading and remains the most popular trading platform despite increasing competition from proprietary solutions developed by online brokers and third-party alternatives like cTrader and TradingView.
You can compare the charting tools available at our top forex apps below.
FOREX.com | NinjaTrader | eToro USA | Interactive Brokers | IG | |
---|---|---|---|---|---|
Charting Rating | |||||
Charting Platforms | MT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral | NinjaTrader Desktop, Web & Mobile, eSignal | eToro Trading Platform & CopyTrader | Trader Workstation (TWS), IBKR Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, eSignal, TradingCentral | Web, ProRealTime, L2 Dealer, MT4, TradingView, AutoChartist, TradingCentral |
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Order Execution
Opting for a forex app with fast execution speeds is critical, especially for day traders speculating on exotic currency pairs where high volatility can lead to rapid price changes.
We’ve also seen that mobile forex traders, in particular, can face challenges here, with reduced execution speeds stemming from mobile network delays and issues related to the stability of applications.
That’s why we recommend mobile applications with fast and dependable order execution, an assessment we make by reviewing their execution policies and available data on execution times.
You can see whether our top recommended forex apps met our execution benchmarks below.
FOREX.com | NinjaTrader | Interactive Brokers | eToro USA | IG | |
---|---|---|---|---|---|
Reliable Order Execution | Yes | Yes | Yes | Yes | Yes |
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Value-Add Features
Downloading an app that provides additional forex tools aimed at your experience level, strategy requirements or personal preferences can help create an optimal trading environment.
For example, some apps offer education that covers the essentials of forex trading for beginners. eToro excels here, with superb courses on the forex market, strategy guides and risk management.
Alternatively, Plus500 is one of the few forex day trading platforms with a mobile app to offer an unlimited demo mode, allowing you to continuously test strategies even after opening a live account.
The CMC Markets app is also noteworthy for its well-presented data on client sentiment that displays interest in different currency assets, including in which direction, helping traders discover opportunities.
Finally, some apps, such as those from IG, provide live forex signals with trade suggestions. For example, buy the EUR/USD at X price and place a stop limit at Y. Forex signals can be provided free of charge or users may have to pay a small fee, though we’ve seen a lot of scams in this space so be wary when selecting a firm.
You can compare the value-add features at our top forex apps below.
FOREX.com | NinjaTrader | eToro USA | Interactive Brokers | IG | |
---|---|---|---|---|---|
Forex Education | Yes | Yes | Yes | Yes | Yes |
Demo Mode | Yes | Yes | Yes | Yes | Yes |
Forex VPS | Yes | No | No | No | Yes |
Forex Signals | Yes | No | Yes | ||
Visit | Visit | Visit | Visit eToro USA LLC and eToro USA Securities Inc.; Investing involves risk, including loss of principal; Not a recommendation |
Visit | Visit |
Review | Review | Review | Review | Review | Review |
Methodology
We identified the best forex day trading apps by leveraging our years of industry experience and extensive testing to identify the hallmarks of an excellent app for day trading currencies, outlined below.
Our testing methodology stands out by considering millions of ratings from traders on the Apple App Store and Google Play Store, offering a comprehensive evaluation of forex trading apps that combines the insights of our experts with those of fellow traders.
FAQ
How Do Forex Day Trading Apps Work?
Forex trading apps allow you to speculate on currency pairs from your mobile or tablet device. They are specially designed to optimize the mobile trading experience, often integrating touch controls and with split-screen modes to let you observe two or more FX markets simultaneously.
The latest forex apps are also powered by the cloud, which helps you to access market data, analysis tools and price alerts wherever you are.
Can I Open A Forex Account From An App?
Yes, most forex trading apps allow you to open a live or demo account directly from within the application.
We’ve personally tested dozens of forex apps and most take less than 5 minutes to get started with by following the on-screen instructions.
Are Forex Day Trading Apps Free To Download?
Most forex trading apps can be downloaded free of charge, either through in-house applications from brokers or via supported third-party options like MetaTrader 4, MetaTrader 5, and TradingView.
Forex trading costs, however, whether via spreads or commissions, will be the same on mobile apps as they are on full online trading platforms.
What App Do Most Forex Day Traders Use?
There is no single app that every forex trader prefers. The choice will normally come down to a range of factors, such as costs, speed and reliability.
However, we’ve scoured the Apple App Store and Google Play Store to find the most popular forex apps based on downloads and several stand out: MetaTrader 4 (10+ million), MetaTrader 5 (10+ million), Trading212 (10+ million), Plus500 (10+ million).
What Are The Advantages Of Day Trading Forex From My Mobile?
Forex trading apps offer the convenience of managing trades, analyzing data, and accessing your account from anywhere, eliminating the need for a fixed office setup.
What Are The Risks Of Day Trading Forex From My Mobile?
Trading forex from your mobile has several drawbacks, notably the limited screen size can restrict your ability to monitor multiple charts and positions simultaneously, while distractions from notifications and social media can lead to errors.
We’ve also found that you may have to contend with slower execution speeds due to mobile network latency and app stability issues.
Article Sources
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