Forex Trading Apps

The best forex trading apps can make a huge difference to your trading performance in 2020. Whether you need a forex app on android, iPhone (iOS) or another platform, or you want forex signals, a demo account for practise and simulation or full FX charts on the go – our review of forex trading applications has got you covered.

In a world where everything is interconnected, the foreign exchange market is a pivotal component of day-to-day business. It is a multi-national, decentralised market in which currencies can be traded by financial institutions and businesses.

Top Forex Trading Apps

Forex.com App Review

Running alongside the Advanced and WebTrader Platforms, the Forex.com mobile 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.

App Rating: 98%

eToro App Review

eToro bring their social trading platform to your mobile, enabling you to Copy trades, manage your account and invest via Android or iOS. Trade the biggest global stocks from the palm of your hand.

App Rating: 84%

Nadex App Review

NadexGO allows trading whenever, wherever, and however traders want. Specialising in short term trading, the mobile app needs to offer quick response times, and certainly delivers. It is also reliable and secure, ensuring traders can trade with confidence on the move. NadexGo is a rock solid trading app.

App Rating: 86%

The Best Tools

Every single day, companies and individual investors make billions through the purchasing and trading of currencies. The possibilities are huge, but it does take a substantial amount of skill and experience to be a truly lucrative forex trader.

There are so many things to consider, and so much knowledge to be applied as a trader, as well as a wealth of data to be analysed and interpreted.

This is where forex trading apps come into the frame, helping to make this common business activity accessible for all.

Forex trading apps are usually available free of charge, and can be downloaded on a range of platforms, from Android and iOS devices, to Windows and Blackberry.

They are specially designed to take advantage of the features of mobile devices and tablets so that you get a unique experience when using them. If you are a trader, or considering becoming one, you need to know that forex trading apps are an integral part of the modern trader’s daily life, so start exploring them if you haven’t already.

Forex brokers mobile trading app

Types Of Apps

Forex trading apps are available for a range of the activities required to be a successful forex trader.

Traders need to have a platform to interact with the markets, buying and selling currency pairs with the objective of making the biggest profits possible.

They may also need educational tools to learn their craft and continue their professional development for the long term.

Global news developments are important, because they have a huge impact on the value fluctuations of currencies all around the world.

The analysis of trends and statistics is also absolutely essential, with the thoughts and advice of experts and peers needed to help give insights and perspective on everything that happens.

When deciding on the ‘best’ forex app, each trader will need to identify the most important features for their own trading.

Trading Apps

These are the bread and butter of the mobile forex trader. Whatever broker you work with, and whatever platform you use, it is almost guaranteed that you will be able to trade forex on mobile devices.

The trading experience on mobile is not always as fully-featured or effective as the desktop version, but it can be very useful for keeping track of your positions and closing out trades.

The vast majority of modern traders will make use of mobile trading apps, but the professionals will focus their main trading work on desktop devices. Nevertheless, there are those who only trade through mobile platforms, and every broker will offer them to accommodate the needs of different types of trader.

Analysis Apps

These are a popular resource for mobile devices, and may be used even more than trading apps.

When you are actively trading, you will need to be paying attention to your trading strategy. This involves running through analysis and checking charts to develop different approaches to the market, and all the good work you do on your mobile can be put to use when you get back to your desk.

These are invaluable tools, and many of them are just as good as anything you will find for your desktop.

Apps have advanced features and can be very easy to interact with thanks to the way mobile devices work, so it’s no surprise they have become the primary source of market analysis for many modern traders.

Market News / Event Calendar

It is always useful to stay abreast of all the news that is relevant to the forex market, whether you are at your desk or on the move.

By keeping a watchful eye on live data feeds and key market news, particularly if you have an open trade in progress, you can make informed decisions and strategise more effectively.

Generic news apps often have sections for economic or financial news bulletins, but apps which are specially designed for this type of news are likely to have more features for you to sink your teeth into.

They also offer more in-depth and comprehensive news, and may even incorporate analysis alongside news to help you interpret the latest developments.

Demo Or Practise Apps

The majority of traders who are just starting out are trading around their day job. This means they simply don’t have enough hours in the day to sit at the desktop honing their trading skills. Apps designed for beginners include things like live demo accounts with dynamic markets that can be interacted with on your mobile phone. They also involve comprehensive market tutorials and plenty of other materials to keep learners busy and educate them as they travel.

App Platforms

Mobile apps are often developed for all major types of device, so android, iOS, Windows and Blackberry. The best apps will make full use of the features available on each platform.

Beyond the device itself however, there are also different trading platforms themselves:

MetaTrader 4 (MT4)

This was the most popular forex platform for most traders until pretty recently. It set the standard for charting and analysis in particular. Traders could develop their own tools and were also secure in the knowledge, that the broker – while having integrations, did not operate (or have power within) the platform.

MetaTrader 5 (MT5)

The next iteration of this powerful platform has arrived and while it took a while to happen, many brokers now offer MT5 integration in place of (or as well as) MT4.

Bespoke Platforms

Many brokers develop their own trading platform, both on websites and mobile. This gives them to freedom to create exactly what traders want. The downside of course, is that brokers also create apps for what they want – which is for traders to trade as often as possible.

It is a trade-off worth making, as many of these in-house apps are feature rich, configurable and easy to use. Many brands will also offer both an in-house platform, and MT4 and MT5 options. The best of both worlds for traders.

Benefits Of Using A Forex App

The convenience of mobile devices and their apps is the number one feature that app developers seek to tap into, so it is no surprise that forex brokers and other institutions now offer apps to deliver that same convenience. With this in mind, here are some of the main benefits of forex trading apps:

  • Convenience – As we have mentioned, forex trading apps make being a trader far more convenient. In the past, traders could only engage with the market from the office. They could only follow the latest news by scouring the newspapers and watching the television. They could only explore and analyse data by sitting at their desktop. And they could only get advice and analysis by making contacts and checking in with them regularly. All of these functions can be performed by a small selection of mobile apps – in some cases, a single mobile app can perform all these functions.
  • Mobility – Not only do forex trading apps make it more convenient to access everything you need as a trader, they also enable you to do it on-the-move. You no longer have to be at your desk or in the office to work – you can keep your finger on the pulse of the markets wherever you are, whatever you’re doing. This is an empowering feature of these apps, making it easier than ever before to be a forex trader.
  • Speed – Traders can no react immediately when they see opportunities.

Disadvantages To Mobile Forex Trading

There are many advantages to using mobile apps for your trading work, but it’s important to note the disadvantages too. If you wish to be successful as a forex trader, it is unlikely you will be able to reach your full potential through mobile apps alone. Here are some of the issues traders encounter when working through their mobile device:

  • Screen size – with such a small screen to work from, you’ll feel this limitation. Many traders work with twin desktops, displaying multiple charts and holding several positions concurrently. This simply isn’t possible on a mobile device – even one with a larger screen size.
  • Distractions – Mobile devices are designed to give you notifications and enable people to contact you. If you are messaging people and checking social media whilst trading, your focus is divided and you run the risk of making grave errors. If you are using a mobile device to trade, try to minimise the distractions.
  • Execution Speed – You won’t be using your mobile device for fast, Straight-Through Processing (STP) trading. The speed of mobile networks is always improving, but there is always latency when compared to trading on your desktop. Furthermore, the general stability of mobile apps makes it a risky thing to do.
  • Over-trading – Often, the best move as a trader is to do nothing. The convenience of mobile trading apps can put you at risk of trading too often, taking risks you may not take at your desk. Discipline is key for good trading.

It’s important to use your mobile trading apps in a way that works best. Be cautious about the things listed above, and fit your trading app into your routine.

Demo Accounts

If you are considering investing in the stock market, but you don’t feel you have the skills or confidence to dive in yet, then a good practice platform can be a great help.

You will want an app which offers a quality virtual trading experience based on real market data. Learning by doing is the best method of training.

This will enable you to gain valuable experience, build a strong knowledge-base, and get insights into how the trading experience works.

Most brokers will offer demo accounts via their app, and the look and feel will mirror the full trading platform entirely

For the most valuable educational experience, look for an app with a comprehensive feature list. This includes:

  • Covering a large number of assets and markets
  • Supporting stop-loss and limit orders
  • The ability to build a portfolio
  • Advanced Charting

Investing news is also available in some apps, along with things like business magazines, in order to provide more in-depth guidance. Multiple graphical interface themes are a nice touch, enabling users to personalise their experience and feel more immersed in the whole process.

Best Forex Trading Apps

The best trading apps will offer a range of features. Each trader may value different things, but when comparing apps there are a huge range of things to consider:

  • Execution Speed
  • Platform Layout (Usability)
  • Security
  • Full Version (Does the mobile app match the website in all functionality)
  • Deposit And Withdrawals
  • Charting / Drawing
  • Reliable (No crashes or glitches)
  • Support Via The App
  • Well Maintained (By the developer)
  • Full Range Of Markets

Other factors might come into play for you personally, but there are some basic level features that every app should delivery.

Analysis Tools

When looking for a forex trading analysis tool, you want something that has advanced features that will work for professionals. Mobile apps are superb on this front, helping traders to track the leading currencies and stocks to invest in.

You want a wide range of chart types, intelligence indicators and drawing tools to give you full control over your analysis.

Many analysis tools that made a name for themselves on desktop are now available in mobile app form. They will integrate touch controls brilliantly, and offer split-screen modes to let you observe two or more markets simultaneously.

Modern forex analysis apps will be powered by the cloud, which enables you to access trade data, analysis tools and price alerts wherever you are. They will provide streaming quotes that cover major forex trading, indices, cryptocurrencies, commodities and precious metals. And they will deliver their analysis on all the world’s major markets.

Look out for additional built-in trading tools, such as:

  • Data release alerts
  • Economic calendars
  • Trading simulators
  • Risk scanners
  • Intelligence reports

Look out for extra trust marks like authorisation and regulation by leading finance regulators like the FCA in the UK and the ASIC in Australia. These things should guarantee that the information presented is accurate and reliable because the software provider has accountability if they mislead or attempt to manipulate anything in the market.

News / Event Calendar

News, particularly economic news, will often drive forex prices.

Many apps will deliver an events calendar that will list economic announcements like central bank rate setting meetings or notable figures and reports being released.

While many view this as a ‘nice to have’ feature, it can be invaluable to ensure traders are not caught out by a sharp move after a news release.

 

FAQ

What App Do Forex Traders Use?

There is no single app that forex traders prefer. A trading app choice will normally come down to a range of factors, such as trading costs, speed and reliability.

The most popular apps however (based on downloads) are Trading212 (5.5m), Plus500 (5m) and Markets.com (1m)

Which Is The Best App For Beginners?

Beginners should almost certainly head for the forex trading apps that offer a demo or virtual account See list. These practise accounts require no deposit and beginners can learn how to trade without risking any real money.

Once they have gained confidence, traders can open a real money account via the same app, knowing the platform will remain exactly the same.

Can I Open A Forex Account From An App?

Yes. Almost every forex trading app will allow traders to open an account directly from the application.

How Does A Demo Forex Trading Account Work?

Most demo forex apps operate in exactly the same way as the ‘real money’ platform. They give traders a starting balance of ‘virtual funds’. Traders can then make trades with that virtual money, opening and closing trades using any system or style they want to. If trades show a profit, the virtual balance will grow, but losses will reduce their balance – just like a real account.

While there are psychological differences between trading with virtual money, compared to real money – it remains the best way to learn how to make trades.

Are Trading Apps Free?

Brokers do not make any charges for downloading or using their apps. Trading costs, whether via commission or spreads, will be the same on apps as they are on the full online trading platforms.