The best forex trading apps can enhance your investment performance. Whether you require a downloadable application on Android or iPhone (iOS), or you are searching for FX signals or a demo account for practice and simulation – our review of the top forex trading apps has got you covered.
Every day, companies and individual investors buy and sell billions in currencies. This presents genuine opportunities, but it takes skill, experience, and effective insights to be a truly lucrative forex trader.
There are numerous things to consider, as well as a wealth of data to be analyzed and interpreted. This is where forex trading apps come in. FX applications are specially designed to optimize the mobile trading experience while providing tangible market insights and real-time data and news to inform trade decisions.
They are usually available free of charge and can be downloaded to a range of platforms, from Android, Uptodown APK and iOS devices to Windows or Mac.
Types Of Forex Trading Apps
Forex trading apps can support a range of the activities required to be a successful FX investor.
Users need a platform to interact with the markets, buying and selling currency pairs to generate profits. Traders may also need online/offline educational tools like journal applications to learn their craft and continue their professional development over the long term.
Global news developments are also important because they can have a significant impact on the value of currencies. In addition, the analysis of trends and statistics can prove useful, so the best free forex trading apps often come with tips and advice from forex experts and peers.
When deciding on the number 1 forex trading app, each trader will need to identify the most important features that will supplement their strategy and investing style. They may even be region-specific, for example, the best forex trading app in South Africa, Pakistan, Singapore, UAE, Australia, or Kenyan. Alternatively, the top applications on iPhones, iPads and Androids can be tool-based, such as using automated robots to speculate on forex & binary options. Other investors may prefer to download an FX trading app based on social network and media reviews from Reddit, Twitter, or Instagram.
The most comprehensive forex trading apps, these tools allow you to buy and sell major, minor and exotic currency pairs. Fully-serviced investing apps are provided by most top forex brokers free of charge. Clients can scan the markets to find potentially profitable opportunities and then execute instant or pending orders.
On the downside, the trading experience on mobile is not always as fully-featured or as effective as the corresponding desktop terminal.
However, forex trading apps still have their uses for keeping track of positions and closing out trades.
Forex trading apps that offer real-time market insights and analysis can validate trend predictions and confirm trade entries and exits. The best apps provide interactive charting across multiple timeframes and graphing styles, such as candlestick, bar, and line.
They also integrate touch controls and offer split-screen modes to observe two or more FX markets simultaneously. Modern forex analysis apps are powered by the cloud, enabling you to access trade data, analysis tools, and price alerts wherever you are. They provide streaming quotes that cover forex, indices, cryptocurrencies, commodities, and precious metals.
Look out for additional built-in trading tools, such as:
- Risk scanners
- Data release alerts
- Trading simulators
- Intelligence reports
- Economic calendars
The best FX analysis apps can be free or come with a charge.
Some forex trading apps provide live signals with trade suggestions. For example, buy the EUR/USD at X price and place a stop limit at Y.
Forex signals are based on the analysis and suggestions of professional investors.
They can be provided free of charge or users may have to pay a small fee. It is important for prospective traders to check the track record and reviews of signal providers, as there is a long list of scams and fraudulent operators in this area.
Market News & Event Calendar
It is useful to stay abreast of 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 announcements, particularly if you have an open trade in progress, you can make informed decisions. Many forex trading apps deliver an events calendar that will list economic announcements like central bank rate-setting meetings or notable figures and reports being released. The simplest forex trading apps often have sections for economic or financial news bulletins, but the best tools offer in-depth insights to accompany headlines. They may even incorporate technical analysis alongside news to help you interpret the latest developments. The best brokers also provide forex heat maps and market sentiment indicators.
Demo & Practice Apps
The majority of forex investors starting out trade around their day job. Trial apps provide a free simulated trading environment with access to virtual funds. Users can practice strategies and trading setups without risking their own cash. The top forex practice applications also provide comprehensive market tutorials to keep learners busy. Look for the following features:
- Stop-loss and limit orders
- Access to a large number of FX assets
- Advanced charting with one-click trading
- The ability to build and manage a diverse portfolio in real-time
Note that the best forex brokers offer a free demo account available on mobile.
Best Forex Trading Apps
The top 5-10 best forex trading apps will offer a range of features.
Each investor may value different things, but when comparing mobile software look for the following:
- Execution speed
- Charting & drawing
- Available trading hours
- In-app customer support
- Well maintained by the developer
- Major, minor and exotic currency pairs
- Platform layout, usability and customizability
- Reliable software with no crashes or technical glitches
- Fee-free and fast deposits and withdrawals via PayPal and other popular methods
- Check the mobile app matches the desktop platform or website in terms of tools and order functionality
Application software is often developed for all major types of devices, so Android, iOS, Windows and Mac.
Beyond the device itself, however, there are several forex platforms that are particularly popular:
MetaTrader 4 (MT4)
MetaTrader 4 is the most popular forex platform. It is available at most online brokers and is beginner friendly. The application offers 23 analytical objects and 30 built-in technical tools. Users also benefit from 9 timeframes, 3 execution modes, 2 market orders and 4 pending orders.
Traders can also access live signals and can automatically copy the positions of thousands of investors. 1,700+ indicators and 2,100+ technical indicators are available from the MetaTrader marketplace.
MetaTrader 5 (MT5)
Many brokers now offer MT5 integration in place of (or as well as) MT4.
MT5 has additional features and more asset classes available: stocks, indices, commodities and cryptocurrencies, as well as detailed reports and faster trading.
Users also benefit from professional analysis tools with 21 timeframes, up to 100 charts, plus over 80 technical indicators and trading tools.
In addition, MT5 features an integrated newsfeed for fundamental analysis. Similar to MT4, MT5 facilitates automated trading through Expert Advisors (EAs).
Some brokers also develop their own forex trading apps and platforms, available both on websites and mobile devices.These can come in the form of dedicated signals services, news applications or free demo accounts.Some of these applications are user-friendly and compatible with iOS and Android devices.However, we would recommend checking reviews and ratings on the respective app store.
Pros Of Forex Trading Apps
The main benefits of forex trading apps include:
- Convenience – In the past, traders could only engage with the forex market from their office or home set-up. They could follow the latest news by scouring the newspapers and watching the television; only able to explore and analyze data by sitting at their desktop.
- Previously, getting advice and analysis required making contacts and regularly checking in with them. Nowadays, forex trading apps can perform all of these functions.
- Mobility – Forex trading apps allow you to access everything you need in one place, making it convenient to trade on-the-go. This feature empowers you to work from anywhere and keep your finger on the pulse of the market.
- Speed – Real-time data and insights, as well as one-click trading, enable forex traders to react immediately to market opportunities.
Cons Of Mobile Forex Trading
Here are some issues investors may encounter when trading forex through mobile apps:
- Screen size – Mobile devices do not allow for the display of multiple charts or holding several positions at once, unlike twin desktops used by many FX traders.
- Distractions – Mobile devices are designed to give notifications and enable social media access, which can be distracting and lead to errors while trading.
- Execution Speed – Fast, Straight-Through Processing (STP) trading is unlikely to be possible on a mobile device.
The speed of mobile networks is always improving, but there is often latency compared to desktop terminals.
Forex trading apps can also be prone to crashing.
- Over Trading – The convenience of forex investing apps can put you at risk of trading too often.
- Discipline is key – have a plan and stick to it.
Final Word On Forex Trading Apps
There are multiple options when it comes to forex apps.
Some solutions provide a live trading environment while others are demo applications aimed at beginners.
Other tools provide live forex signals and automated trading.
The best forex trading learning app will even allow users to take screenshots and save them as a PDF for later reference.
When choosing your number 1 forex trading app, think about the features the broker and provider offers.
This list can include safety and security measures, execution speed, software reliability, reputation and regulation, fees, and download compatibility.
Use our list of the best forex trading apps in 2023 to get started.
What App Do Forex 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, some of the most popular tools based on downloads in the Google App Store are Trading212 (10+ million), Plus500 (10+ million) and Markets.com (1+ million).