Evaluate and review the top Mobile Forex Trading Platforms with features. Pick the best Forex Trading Apps of your choice to experience risk-free trading and earn huge profits:
Most forex trading is done over the counter through an electronic network of banks, commercial enterprises, forex brokers, large institutions, and individuals. Spot markets and futures or derivatives markets offer trading options for it.
Forex is traded by about 9.6 million professionals, with the majority, or around 3 million, being located in Asia and 1.65 million in North America.
Table of Contents:
Top-Trending Apps for Forex Traders
The average daily trading volume is more than $7.5 trillion, with inter-dealer trading mostly done by banks and large financial institutions being responsible for most of the volume (45% in 2022), especially through their direct dealing desks.
However, retail forex trading is gaining ground because of the increased digitalization of banking and financial systems, which has resulted in increased access to forex markets by retail users.
A low-cost model is driving the proliferation of global online forex trading including on forex trading apps. This tutorial discusses apps for currency trading and lists the best options for you.
Who is this research for?
If you want to find the best currency trading app or compare different apps, this tutorial is for you. This tutorial will be helpful if you are searching for the best forex trading apps for iPhone and Android.
We also compiled this research for people searching for the best forex trading platform given that we analyzed the functionalities and features they offer. Any level or type of forex trader can use for educational and trading purposes this tutorial.
The below image shows Foreign exchange turnover, share of FX types, and inter-dealer and dealer customer market segments:
As seen in the chart above, Asia and Middle East traders handle over one-third of global forex trading volumes, and increased access to financial markets through online trading platforms has contributed to it.
The global online trading market is projected to grow to $13.3 billion between 2020 and 2026, which means a compound annual growth rate of 6.4 percent per year. The popularity of online trading platforms, including apps, was boosted by factors such as a low-cost business model, paired with technological integration and social media promotions.
You might want to consider the capability to chart on mobile devices if you want the best forex trading apps for Android/iPhone, overlay multiple charts at a go to compare and trade multiple FX pairs and assets, trading spreads and fees/commissions, minimum deposits, and leverage, and whether you can trade with the app in your location.
How we selected these forex trading platforms?
As seen from the app download links on the respective app stores, the apps are extremely famous among forex traders looking for software with which to trade Forex.
Most have millions of downloads. Real/actual forex traders also rated highly these apps either on the app link pages or third-party review sites and most score a 4/5 rating and above.
We also selected and ranked these forex apps as best in their categories based on the popular and outstanding features they have for forex traders. We considered other factors, such as trading costs, rebates, insurance, minimum deposits, and maximum leverages, as admissible.
Trends in Forex Markets
#1) Based on a 2022 survey, most or about 50% of all forex is dealt in terms of FX swaps and 24% in spot forex, with the latter experiencing a decline over the years. Derivatives or swaps are emerging for many institutional clients, as they a popular in hedging currency risks, managing funding liquidity in different currencies, and taking different market positions.
Forwards, which are also used to hedge currency risks and bet on future currency movements, have had their market share increase considerably over the past.
#2) The USD is involved in nearly 90% of global FX transactions and it is dominant in both spot and derivatives markets. The Euro and JPY are next in popularity.
Forex market turnovers by currency:
#3) Volatility caused by recent war events which has the world’s attention has only boosted turnovers as traders shift more towards hedging currency risk or taking more speculative positions.
#4) Customer (retail) trading volumes decreased in 2022 due to volatility, but inter-dealer trading has been on the uptrend since 2016. Less inter-dealer trading is public, as trading among the inter-dealer electronic brokers declined.
List of the Best Forex Trading Apps
Here is the popular list to choose from:
- MetaTrader 4 (MT4)
- FOREX.com
- OANDA Forex Trading
- IG
- eToro
- FXTM app
Comparing the Top Mobile Trading Platforms
| Name of Forex app | Mobile Downloads | Max leverage | Minimum deposit | EUR/USD spreads | Commissions |
|---|---|---|---|---|---|
| MetaTrader 4 | 10+ million on Android app store. | Depends on broker | $0 depends on broker account you have. | Broker account dependent. | Broker account dependent. |
| FOREX.com | 100k+ on the Android app store. | 1:50 | $100 | 1.3 pips | flat $5 commission per standard lot (100K) |
| OANDA | 1+ million on Android app store. | 1:50 | $0 | 1.58 pips | $0.01 per trade |
| IG | 50+ K on Android app store. | 1:20, 1:30, or 1:50 depending on currency pairs. | $0 but depends on the method, e.g. $50 for credit/debit cards. | 0.86 - 1.13 pips | $0 for US clients. |
| eToro | 10+ million on the Android app store. | 1:30 for personal and 1:400 for professional accounts. | $10 in U.S. and U.K. or $50 in other locations. | 0.6-1 pip | Built into spreads. |
Detailed Reviews:
#1) MetaTrader 4 (MT4)
Best for advanced traders with much better trade and experience customizations.
MetaTrader 4 (MT4) mobile app is highly popular just like the desktop app, with close to a million reviews on the Google App Store and 68,000 reviews on the iOS app store. Like the desktop and web MT4 app, you choose to trade with hundreds of brokerage companies that support MT4 and select thousands of servers to use.
If any proprietary trading apps frustrate you, then we recommend you try this best forex trading app for Android and iPhone or its upgraded MT 5 version.
The app provides access to all 4 types of pending orders besides the market orders and the pending orders, like in all markets, will be executed even after closing the app. Traders can use 30 technical indicators, 24 drawing analytical objects, 9 timeframes, and three types of charts, namely bars, Japanese candlesticks, and broken lines.
With the MT4 mobile app, traders can trade from within the charts, which are also scalable and scrollable. The app also contains the capability for traders to open up to 10 windows with indicators simultaneously. They can also track the positions and executed order histories.
Users can also stream financial news with dozens available daily, all for free. Traders can also open group chats and channels, set push notifications, and customize chart color schemes.
How to trade with MT4 on mobile
Step #1: Download from the Google and iOS app stores and install. Tap login with your existing account if you already have a live trading account with a forex trading broker. Otherwise, you can either choose a demo account that allows you to test all the features of the app or head over to a forex trading broker such as IG or Forex.com and sign up for a live trading account from their websites.
The brokers will send login details which you should use to log in to the MT4 app. Different brokers have different account verification and review procedures, with some having instant approval procedures and some taking days to get approved.
The trading limits, accessible markets, fees, and commissions will depend on the broker with whom you have an account.
Step #2: Deposit money. Different brokers have different account deposit minimums and allow deposits via different methods. You will need to deposit money into your brokerage account.
Step #3: Start using MT4 to trade. Check our other guide on how to trade forex using MT4.
Other Features:
- Access to trading robots, including free ones from the stores and the MQL5 community, is available.
- Ranked the best forex trading apps in terms of trade customization and automated trading.
- Depending on the broker, you can copy trades of successful traders.
- Trade plenty of other markets as well – CFDs of futures, metals, crypto, etc.
- Access to a forum where traders to discuss strategies and experiences.
- A vast number of trading resources.
| Required OS Versions | Android 5.0 and up; iOS 11.0 or later; macOS 11.0 or later and a Mac with Apple M1 chip or later. |
| Maximum Leverage | Depends on the broker account |
| Account Types | Depends on the broker account |
| Minimum Deposit | Depends on the broker account |
| Regulation | Depends on broker account |
Pros:
- There is access to thousands of customizable indicators and trading algorithms from a variety of sources.
- One of the best apps for forex trading offers chart and trade customizations.
- Supported by a majority of popular and common forex brokers.
Cons:
- No direct customer service on MT4, e.g. on direct phone or live chat help from the broker with whom you have the trading account. You must get it from brokerage software or websites.
- MT4 is most recommended for advanced traders.
Why we selected MetaTrader 4 forex mobile trading app:
The app is for universal connection to forex brokers for those who love to trade with one or switch between multiple brokers. This app offers a wide range of free trade customization options, possibly more than any other app except for MT5. It is also highly comparable to TradingView for advanced traders.
Trading Fees: Dependent on forex brokerage.
Website: https://play.google.com/store/apps/details?id=net.metaquotes.metatrader4
=> Check our Review of MT4 Brokers Here
#2) FOREX.com
Best for reliability, diverse account types to suit various needs.
FOREX.com provides a market to trade 91+ forex pairs on the Android and iOS app, although the app can also trade metal CFDs. Having over 1,000 reviews on the Google and Apple app stores makes it one of the best forex apps, but it has rich offerings in terms of functionality.
Besides using advanced order types to place trades from within the app and monitoring open positions, traders can get smart signals, analyze and predict future prices using charts (60+ technical indicators, 50+ drawing tools, and 14 chart types), and receive real-time market news from Reuters and other sources.
Traders can compare multiple asset markets by overlying them onto a single chart, do performance analytics on their trades to discover how they are performing, and uncover their trading hub, deposit, withdraw, and test forex trading using demo accounts.
How to trade with the FOREX.com mobile app:
Step #1: Download and install the app from the Android or Apple app store. Open the app, visit the Forex.com website, and tap the Open an Account tab to create a live trading account. Use the demo account opening tab on the website if planning to test features before you can trade in live markets.
Step #2: Once logged in, access the My Account tab, select More icons, and then Add Funds under Funding Options and deposit with your method of choice.
Step #3: Choose a pair to trade. Visit the Markets tab to trade. Navigate to Markets -> Watchlists -> More -> Market information scroll down to Preferences and use the selector to set your price tolerance for a particular market. Alternatively, tap a market to open its details and use the Info tab to access the Preferences option on which you can set the price tolerance.
Other Features:
- One-click smart trading through accessible ready-made trading algorithms, which makes it one of the best forex trading apps for beginners.
- TradingView integration is such that traders can use TradingView charts when analyzing trades and when trading.
- Place limit orders, use market orders, and partially close orders. Also set to get notifications when orders are triggered.
- Market analysis from different sources in addition to the news. The economic calendar is also available.
- Sync between mobile and web apps.
- Access mobile app trading guides on the website.
- Set your price tolerance, which represents the fill proximity between the quoted price of an FX pair or asset and the actual price the trade will execute (the latter can differ because of slippage caused by delays, etc.). The system rejects the order fill if the tolerance is violated.
- Set email and push notifications to get informed when trades are triggered.
| Required OS Versions | Android 5.0 and up; iOS 14.0 or later. |
| Maximum Leverage | 1:50 |
| Account Types | Standard, Raw Pricing, MT5, MT4, Corporate Account, and IRA accounts.VIP accounts (fund with at least $10,000, trade $50M of volume in a calendar month, or maintain an available daily balance of $25,000 for new clients. Existing clients should have a daily balance to qualify and achieve a monthly trading volume of $200,000 to continue enjoying VIP trader status). |
| Minimum Deposit | $100 |
| Regulation | CySEC,FSA, CFTC, FCM, NFA. |
Why we selected FOREX.com Forex mobile trading app:
Besides offering over 90 currency pairs for trading, Forex.com can be a platform for traders who want to diversify beyond forex because many traders do so. It has low leverage for ordinary accounts and a relatively higher deposit minimum, but you get market analysis, great charting and analytics tools, as well as TradingView support.
Pros:
- Open multiple Buy positions on a market or pair. The positions can have multiple quantities. Multiple quantity positions can be closed without following the order in which they were opened. The same quantity order must be closed on a FIFO (First-In-First-Out) basis. If using MetaTrader, all must be closed on a FIFO basis regardless of quantity.
- Multiple top-tier regulations, including CFTC in the US, FCA in the UK, and ASIC in Australia.
- Good support for clients through market analyses, access to diverse tradable assets (4,500+), and support for TradingView.
Cons:
- A FIFO requirement limits the extent of hedging trades by opening positions on both sides of the market.
- Clients in certain areas lack insurance coverage. As a specific example, we don’t provide negative balance protection and guaranteed stop-loss orders for the U.S.
Trading Fees: Raw Spread Accounts attract a commission of between 0.7 to 2.8 pips for majors and up to 225 pips for rarest + a flat $5 commission per standard lot (100K) charged when trade is executed. Standard Accounts attract a spread-only charge and no commissions. Margin rates from 0.5% to 20% on FX.
Other Charges: $15 inactivity fees when the account is dormant for a year. There are no costs for withdrawal and deposit processing. Roll-over fees are set at +/- 2.5% of the benchmark regional interest rate. Conversion fees apply to deposits in non-base currency.
Website: https://forex.com/en-us/trading-platforms/mobile-trading
#3) OANDA Forex Trading
Best for multiple base currencies, third-party platforms that make it possible to exploit forex trading fully, and diverse account types including money manager accounts.
OANDA is not rated by very many people in the app stores, but this does not make it a lesser trading app for forex traders. There also are complaints about its high bank withdrawal fees of $20 per transaction.
The platform charges no deposit and withdrawal fees except credit/debit card and bank wire withdrawal fees mentioned.
There also are several other reasons for trading forex using the iOS and Android app. The spreads are as low as 0 pips on majors, and traders access a wide range of charting tools (over 50 technical indicators, 32 drawing tools, and 11 chart types).
OANDA also offers £85k of investor protection to the UK, €20k to EU clients, and CAD 1 million to Canadian traders. It is also regulated by multiple-tier financial regulators, including the FCA in the UK, CIRO in Canada, and ASIC in Australia. U.S. clients can trade only forex and CFDs while stocks are only accessible to EU clients.
The platform offers access to 75+ FX currencies, with the base currencies being EUR, USD, GBP, AUD, CAD, CHF, HKD, JPY, and SGD.
How to trade forex with the OANDA app:
Step #1: Visit the website or download and install the app on your mobile platform.
Step #2: Click or tap the Start Trading button from the home page. Enter all the required details. You will also need to verify your account.
Step #3: Start trading.
Other Features:
- Trading education and online courses, research and market analyzes, trading videos, technical analysis, news, podcasts, and webinars.
- API.
- Negative balance protection.
- Social Trading/Copy Trading makes it one of the best FX trading apps for beginners.
- Elite Trader program with trading rebates that range from $5 to $17 per million. Rebates are given to those who trade 10 million and more.
- Watchlists, 81 charting indicators, 431 drawing tools, mobile alerts, mobile charting capability, and a forex calendar are available.
- Account management includes transferring money between multiple accounts and accessing statements.
- Algorithmic trading through third-party tools. Also supports TradingView, NinjaTrader, MultiCharts, and MotiveWave, making it one of the best forex apps in this regard.
- Premium content through Dow Jones Select, and third-party technical analysis software from MotiveWave and MultiCharts.
| Required OS Versions | Android Jelly Bean and up; iOS 11, 12, or above. |
| Maximum Leverage | 1:50 |
| Account Types | Standard account and Elite Trader loyalty account. Personal, managed, or PAMM accounts, joint accounts, introducing broker accounts, business, IRA, and Eligible Contract Participant (ECP) accounts and all can be upgraded to premium status. |
| Minimum Deposit | $0. Premium accounts may require a USD 20,000 deposit if not the alternative of USD10m+ monthly traded volume. |
| Regulation | CFTC in the U.S.A., FCA in the U.K., MAS in Singapore, BVI Financial Services Commission in the British Virgin Islands, and CIRO and IIROC in Canada. |
Why we selected the OANDA forex mobile trading app:
For regular traders, there are benefits such as high trading rebates, which are some of the highest in the market.
Pros:
- Trade as little as one unit of currency when trading forex. Makes it suited for trading with small deposits without being constrained by minimum trade sizes.
- Low trade sizes coupled with low deposit minimum requirements.
Cons:
- No guaranteed stop-losses for clients in some locations, e.g. in the U.S. and U.K. No account protection for U.S. clients through FDIC or SIPC insurance, for instance. Some products are also accessible by clients in some locations, but not all.
- High bank wire withdrawal fee.
Trading Fees: Spreads range from 1.4 to 3.1 pips. Minimum commission of $0.01 per trade.
Other Charges: Financing fees, funding rates (overnight fees which are calculated as the next swap rates plus admin fees between 1% and 4%). The first withdrawal fee within a month is free, otherwise, additional withdrawals are charged USD 15 plus a third-party fee, depending on the withdrawal method. Deposits are free.
Website: https://apps.apple.com/us/app/oanda-forex-trading/id370922777
#4) IG
Best for U.S. traders, trading rebates, and low-cost trading.
IG Android, iOS, web, and desktop applications provide markets for 80+ FX spots and CFDs on FX pairs and this means you can go long or short on currencies. Having been established in 1974 and with 313,000+ clients globally means it is a highly trusted trading application.
IG offers above-the-board research, market data, and analytic support for the most serious forex traders, whether they are individuals, companies, or institutions. Besides, corporate and company clients can take advantage of the high trading rebates.
How to trade forex with IG mobile app:
Step #1: Download the app from the app stores and install it.
Step #2: Open a trading account or start with a demo account. Tap Create an account from the app and fill in the details to apply.
Other Features:
- 2%, 3%, and up to 5% margin rates depending on the forex pair being traded.
- Email, SMS, or push notification. Also, create personalized watchlists.
- IG Academy, free webinars from experts, analyst insights, news, trade ideas, trading guides, and articles.
- Volume-based trading rebates – between 5% and 15% cash back for trading between $50 million and %500 million+ per month depending on tier.
- Positions closed if equity drops below 50% of margin requirement if the trader remains on margin calls for 24 hours, and/or when margin calls are made of increased volatility.
| Required OS Versions | Android 7.0 and up; iOS 15.0 or later for iPhone, iPad, and iPod. |
| Maximum Leverage | 1:20, 1:30, or 1:50 depending on currency pairs. |
| Account Types | Standard accounts, and Retail and institutional corporate accounts. |
| Minimum Deposit | $0 depending on method; e.g. $50 for credit and debit cards. |
| Regulation | FCA U.K., BaFin Germany, MTF and MiFD in the European Union, FINMA Switzerland, DFSA Dubai, FSCA South Africa, MAS Singapore, JFSA Japan, ASIC Australia, CFTC U.S.A., and through its Bermuda incorporation. |
Why we selected the IG forex mobile trading app:
IG offers an attractive three-tier trading cash rebate program with savings of up to 15% on trading fees despite its low margin rate compared with most other forex apps. The platform is used by thousands of clients globally and many satisfied clients means it has a high trust score.
Pros:
- Low non-trading fees compared to other platforms, with withdrawals being free of charge and inactivity fees charged after two years of inactivity.
- Huge variation of trading instruments in addition to forex, to which clients can diversify their portfolios.
- A good number of proprietary and third-party trading platforms are supported.
Cons:
- Low relative leverage.
Trading Fees: Forex spreads range from 0.6 to 0.9 pips on major FX pairs. Minors, Australasian, Scandinavian, Exotic, and Emerging FX pairs are available at higher spreads sometimes over 1000 and above pips although most of all pairs are below 30 pips.
Other Charges: No withdrawal and deposit costs except third-party costs. 0.50% fee on withdrawal if the currency conversion fee if the currency being withdrawn does not match the account base currency.
Overnight funding fee to keep cash CFD positions open (past 10 p.m. U.K. Time); losses due to slippage on stops (slippage on limits may also mean profit). Fees apply to optional services such as data/research info and price feed subscriptions. Account documentation fees may apply.
Website: https://ig.com/us/trading-apps
#5) eToro
Best for social and copy trading, ease of use, and experience, as well as beginner and advanced traders.
eToro iOS and Android app is highly rated with 134,000 ratings on Google Play. The fact that eToro does not integrate with MT4 or other third-party apps means the app is the most popular option for traders and it provides all of the features accessible from the web-based trading app.
The app lets you trade FX in both raw and CFD form but you can also trade cryptocurrencies, stocks, metals, and over 3,000 financial assets. Usage of the app has also boomed of late because the company does not charge any U.S. stocks and ETF trading fees to United States customers.
In addition to market research, advanced technical analysis tools, and market opinions and analyses from experts, you also get access to the award-winning Popular Investor Program and CopyTrader platform which started way back in 2007 and is now home to over 30 million traders.
They use it to copy trades of successful traders and/or earn passive income by providing trades to be copied.
However, eToro is known for being much better for beginner traders than most forex apps, although it has a vast range of tools for experienced traders. Its eToro Club membership, which comes with a host of offers, is aligned with the many needs of high-volume traders. It offers low trading fees and commissions for those meeting certain monthly minimum trade volumes, up to 0 pips.
How to trade forex with the eToro forex mobile app:
Step #1: Download the app from the Google or iOS app store and install it on the device.
Step #2: Create an account on the eToro app or website. You could start with a demo trading account or still open a live trading account.
Other Features:
- Copy up to 100 investors simultaneously while trading any instrument including forex. The minimum investment is $200 for this dynamic. It lets you follow top traders and see who to copy.
- Its ease of use makes it one of the best FX trading apps for beginners.
- Extra features for forex traders include eToro money cash management services. For instance, you can send and receive money easily.
- Compare performance between pairs by overlaying two or more charts on the same screen using ProCharts, a professional-grade technical charting tool.
- News and analysis for instance through Crypto Roundup and The Bottom Line. You can unlock more research and news features with an eToro Club membership. These include live-stream webinars starting with Silver membership while Delta PRO and Business Insider news and analyses are accessible by Platinum+ members and Diamond users who also have access to Wall Street Journal and Financial Times subscriptions for free. eToro Academy provides additional resources.
- TipRanks third-party research from professional analyzes at investment banks and financial companies around the world. Also access to weekly videos and articles, market analytics, and commentaries through the Digest & Invest series and Market Bites podcast.
- Indemnity insurance of up to EUR 1 million per client in the EU, U.K., and Australia.
| Required OS Versions | Android 6.0 and up; iOS 11.0 or later; macOS 11.0 or later and a Mac with Apple M1 chip or later. |
| Maximum Leverage | 1:30 for personal and 1:400 for professional accounts. |
| Account Types | Personal or retail accounts, professional, corporate, Islamic, and demo accounts. |
| Minimum Deposit | $10 in U.S. and U.K. or $50 in other locations. |
| Regulation | FCA, CySEC, MFSA in Malta, ASIC in Australia, FSAS in Seychelles, MSB in the USA, FinCEN in the USA, and GFSC in Gibraltar. |
Why we selected the eToro mobile trading app:
If you are looking for a trading app with a huge support for copy trading and a vast range of tradable assets to which you can diversify from forex trading (over 3,000 stocks and over 300 ETFs in addition to other assets), eToro’s would be one of the top.
Aside from its limited forex pairs and high withdrawal fees, eToro is also accessible in 140+ countries (in the U.S. it is accessible in 40+ states).
Pros:
- Easy to use app including for beginner traders.
- A wide range of tradable assets to which one may diversify.
- Versatile CopyTrader platform which can make it easier for traders.
- A high trust score of 90/99. Also regulated by three Tier-1 jurisdictions and one Tier-4 jurisdiction.
Cons:
- The tiers through which clients can get trading fee rebates (Silver, Gold, Platinum, and Platinum+ to Diamond) require a deposit ranging from $5,000 to $250,000.
- Limited number of FX pairs (40) to trade.
- Only one base currency (USD) attracts a conversion fee any time you deposit a different currency.
Trading Fees and Commissions: The average spread is 1 pip. The spreads include the fee or commission.
Other Charges: Overnight fees, inactivity fees ($10/month after 12 months of inactivity), currency conversion (150 points), $5 bank wire fees, $5 withdrawal fees, copy trading fees, etc. Deposits are free.
Website: https://play.google.com/store/apps/details?id=com.etoro.openbook
#6) FXTM App
Best for trading signal provision, including from third parties, copy trading, and diverse account types.
FXTM provides a market for spot FX and CFDs for FX pairs, allowing them to go long and short on the assets. Furthermore, it is available in 150 countries, has more than 4 million customers, and has over 45 industry awards, making it one of the most preferred online asset trading brokers.
Customers can access 250+ tradable financial instruments and open diverse account types (Micro account, the FXTM Advantage account, and the FXTM Advantage plus account). Customers can also trade commodities, indices, metals, oil, gold, natural gas, and stock CFDs.
How to trade forex with the FXTM mobile app:
Step #1: Download from the app stores and install.
Step #2: Register for a MyFXTM profile or log in with details of an existing account. Find your trading server under ‘Accounts Overview’ if creating a new account. Choose your account type and make a deposit.
Step #3: Start trading
Other Features:
- Copy trading functionality is also accessible where traders can simply decide which strategy managers to copy and invest a amount in the copied strategy. Traders can start with as little as $100 to copy trades. Traders can also open a Strategy Manager account and earn up to 30% of the profits of those who follow their accounts to copy trades from the account.
- Daily market analyses from experts, trading guides and education, trading videos, economic calendars, e-books on a variety of topics, regular market reports, as well as market news and insights.
- Signal Centre, powered by an independent third-party provider of signals Acuity, provides trading signals directly in the account inboxes, three times a day, for FX, stocks, commodities, and indices. These signals provide specific entry prices, take-profits, stop-losses, and confidence levels which mean they are actionable. The free signals are provided before the European, US, and Asian sessions. Traders can also use trading algorithms.
| Required OS Versions | Android 8.0 and up; iOS 15.0 or later. |
| Maximum Leverage | 1:100, 1:200, 1:400, or 1:1000 depending on the amount of funding. |
| Account Types | Personal, Corporate, Trust, Joint, IRA, and Prime/Pro accounts. |
| Minimum Deposit | 50 CCY for personal accounts, and 50,000.00 CCY for Corporate, Trust, or IRA accounts. |
| Regulation | FCA in the U.K., ASIC in Australia, and FSCA in South Africa. |
Why we selected the FXTM forex mobile trading app:
In addition to spreads as low as 0 pips for ECN accounts, customers have access to a wide range of trading support in terms of expert market analyses, expert commentaries, third-party signals, and copy trading. FXTM also provides bonuses and promotions in addition to its affiliate programs.
Pros:
- Maximum leverage is high at 1:2000. Even micro accounts can access leverage of 1:1000.
- FXTM has vast support for traders looking for trading assistance with things like signals, market analyses, and copy trading. For instance, there are third-party signals delivered daily, a profiled known in-house market analyst team that delivers regular analyses, and a copy trading platform. All of these are free.
- Deposit and welcome bonuses and other types of bonuses as promotions. 30USD bonus. Also, earn 30% of the First Deposit and other deposits amounting to $500+ (up to $300 or equivalent per client). Also, affiliate commissions are available for qualified traders which are paid monthly (traders can earn rewards of up to $600 per qualified trader).
- Easily enable swap-free mode to avoid overnight fees. Islamic accounts are also available.
- Free of charge local bank transfers. Also accepts a range of deposit and withdrawal options (credit card, debit cards, crypto, Skrill, and Neteller.).
Cons:
- Limited choice of currency pairs (about 60).
- Its services are not accessible to citizens and residents of the USA, Mauritius, Japan, Canada, Haiti, Suriname, the Democratic People’s Republic of Korea, Puerto Rico, New Zealand, the Islamic Republic of Iran, the Occupied Area of Cyprus, and Hong Kong.
Trading Fees and Commissions: 0 pips to 1.6 pips for majors, 0.1 pips to 7.5 pips for minors, and 0 pips to 53 pips for exotics. Commissions are $2 per lot per side which translates to between $3.92 to $4.88 in total commission depending on the FX pair and contract size.
Other Charges: Deposits are all free except for third-party costs. Free credit and debit card processed withdrawals or withdrawing via Neteller, Skrill, and Union Pay, but a $40 withdrawal fee will be charged for all Bank Wire requests.
Website: https://play.google.com/store/apps/details?id=com.fxtm.prod
Frequently Asked Questions
1. Can I use forex on my phone?
There are hundreds of forex trading apps for mobile phones, both iOS, and Android, and all manner of tablet devices.
You will, however, need to search for a forex trading broker platform on which you can sign up for a live account and start trading. Then the broker might have a native mobile app but if not, they might support trading on the MT4 and MT5 mobile apps which offer even more features and functionality than most broker native apps. MT4 is the most popular option for those searching for the best forex trading apps for iPhone and Android.
2. Which app is best for practicing forex?
Forex practicing apps include eToro, FXTM, IG, FOREX.com, AvaTrade, and many others on which you can first open a demo trading account before starting with a live account to trade. These top forex trading platforms also double as the best forex trading apps for beginners.
Demo accounts offer virtual cash but mostly live market conditions so you can test the apps, your trading skills, strategies you might have bought or acquired somewhere, or even have a feel of how the market goes. MT4 and MT5 also offer demo accounts.
3. Is forex trading available in the USA?
Many apps for forex traders that offer forex trading brokerage accounts are eToro, FXTM, NetDania, AvaTrade, Capital.com, XM, Forex.com, IG, Saxo Bank, CMC Markets, OANDA, Interactive Brokers, TD Ameritrade, Nadex.
These offer both institutional and retail forex trading accounts and are regulated by the CFTC and are members of the Futures Commission Merchants and Forex Dealer Members.
4. Can I trade forex with $100?
$100 is a sufficient deposit for forex trading in the real market because most forex brokers allow opening a trade with much lesser minimums. Additionally, most brokers do not have a minimum deposit requirement. Traders make 10% of the deposit per month on average while professional traders can earn as much as 500% a year.
Over 60% of traders, however, lose money in forex trading. A $100 will get you a retail account and in some cases, you won’t access the leverage and other offers/rebates with some brokers.
5. How do I start trading forex?
Step #1: Learn/research forex
Step #2: Sign up with a broker account and use a demo account.
Step #3: Deposit funds into a trading account.
Step #4: Calculate the required margin and margin level.
Step #5: Select your forex trading strategy.
6. How much do you need to start trading forex?
You can start with as low as $10 to $50 (sometimes down to $1 for a cent forex account) depending on what a broker accepts as a minimum deposit and how much your bank or credit/debit card accepts as a deposit amount into the broker platform. In most cases, that will not get you many orders or positions.
With a deposit of between $100 to $200, you can get a pro forex trading practicing account and trade without exposing much of your money to risk.
Note that your deposit determines the size of your trade, therefore, you would need to deposit more to trade more. It also depends on how much you want to make as a trader. At $100, you can manage to make only 10% in a month.
7. How long does it take to learn forex trading?
Between 6 to 24 months on average. Forex trading does have a steep learning curve for you to earn money in it. Although the basic technical analysis can be learned within weeks, it might take longer to learn the theory behind trading, risk management, trading techniques, market psychology how forex works, how to use and apply order types, etc.
8. How do I get a Forex license in the USA?
As a broker company, the first thing is registering the company after selecting a jurisdiction under which to operate. You need at least $20 million to get the license and it takes between 1 to 2 years to obtain that license from the jurisdictions.
For other country category licenses, you might pay between $20 million to $100 million. In some countries, the license will take 1 to 2 months to obtain.
The second step is preparing corporate documents, and then paying state duties. You will need to draft a business plan and the AML/KYC policies. All jurisdictions require clients to fill-out and submit an application form alongside these documents. Open a corporate bank account and connect to a merchant account to process bank payments. Other things required may include a physical or virtual office, accounting services, employees, website and its formalities.
9. What is the best forex app for beginners?
eToro, AvaTrade, and Forex.com score highly among forex apps best suited for beginner traders although they have features favorite for most advanced traders. eToro and Forex.com, for instance, are rated as easy-to-use platforms given the straightforwardness of the design. They also explainer materials useful for anyone starting the forex trading journey.
10. Who is the number 1 forex trader in the world?
IG, CMC Markets, TD Ameritrade are some of the global leader forex trading platforms by volume of trades, and their platforms are also used to trade forex by millions of clients around the world. Others include London Capital Group, Saxo Capital Markets, OANDA, eToro, Pepperstone, and FXTM.
Conclusion
This tutorial discusses forex trading apps and lists the top 6 trading applications that you can use on mobile phones and tablets or other mobile devices. The best mobile trading apps will certainly have many features but the tutorial dwelt on trading-specific features supported by the broker.
Among other functionalities, you may check for the capability to chart from within the app, trading rebates, low trading fees, and commissions, the potential to copy trade and use automated trading algorithms, and order types, among other features.
Forex.com has over 4,500 tradable instruments in addition to over 90+ forex pairs, is easy to use, features trade performance analytics, and many other benefits. It is recommended as the best mobile forex trading app overall that also combines brokerage accounts.
MT4 does not offer direct trading so you will need to open an account with a forex broker but it is the best app for forex trading overall in terms of features and functionality. It will offer more than offered by most native or proprietary mobile apps provided by forex brokers.
MetaTrader 4 and eToro are the most popular by number of downloads which speak to their quality of service as the best forex trading platforms. MT 4 can be used to trade forex with almost any popular broker including the ones we mentioned in this list, and is known for its outstanding charting, functionality, and trading experience customization features.
eToro is rated as the best FX trading app in the category of best social and copy trading apps. All mobile apps are free to download and use but IG will probably be your best mobile application if you are looking for the most affordable in terms of trading fees.
Research Process:
- Total apps shortlisted for review: 32
- Total platforms reviewed: 6
- Time taken to research: 26 Hours