Compare the best forex trading apps for iOS & Android in 2023
Introduction
The top forex trading applications currently available on the market were evaluated by our expert team, which we assembled. This article offers you their recommendation along with some pointers and suggestions on how to pick the best app for you.
By installing the apps and running a series of tests on each one, our specialists evaluated every app offered by the top forex brokers. These behaviors included trading, leveraging, and performing some simple technical analysis.
Then, each expert rated their top apps, and we added together all of the rankings to produce a final list of the top apps available.
Best forex trading apps overall for 2023
1.
Exness: Best for tight spreads and a pro-style trading experience
2.
Pacific Union: Best for social trading & customer support
3.
OANDA: Best for trading with live market data
4.
Admirals: Best for real time news and price data
5.
Capitality: Best for trading like a pro
Top 9 forex trading apps, reviewed
1. Exness. Best for tight spreads and a pro-style trading experience.
Pros & Cons
- Trade all significant asset types commission-free.
- Spreads that are competitive starting at 0.3 pip
- Extremely adaptable trading platform accessible through desktop, mobile app, and online browser
- Superior regulation, and protection from negative balance
- Access restrictions in the US and the Kingdom
Overview
Because Exness provides narrow spread trading and a customized trading experience, we adore it. Exness offers a vast selection of exotic pairings in addition to more than 100 forex pairs, including all main and minor pairs.
Exness provides a wide selection of professional-style trading tools and a choice of account types to accommodate traders of all skill levels. While more seasoned traders can utilize the Exness terminal or connect it to the Meta Trader software and trade from there, beginners can benefit from a free demo account or micro-lots for minimal minimum trades.
The costs: Basic accounts are charged through the spread rather than a commission. Spreads on popular forex pairings begin at 1 pip. Certain assets are subject to overnight costs (exc. swap-free accounts).
2. Pacific Union. Best for social trading & customer support
Pros & Cons
- 200+ financial instruments and 70+ FX pairs are available for trading.
- Extremely small deal size minimums
- Support for 18+ different languages
- $100 minimum withdrawal amount
- Fewer resources than many rivals
Overview
We adore Pacific Union because its user-friendly platform is packed with a wealth of educational materials, such as how-to manuals and video tutorials. There are more than 30 forex pairings available from Pacific Union, both major and minor.
Award-winning broker with a custom social trading app that makes it simple for new users to mimic the tactics and positions of the top traders on the platform. Together with its mobile and web-based apps, Pacific Union makes use of the well-known Metatrader 4 platform. Traders have a range of leverage options up to 500:1 at their disposal.
The fees: Depending on your account type, Pacific Union charges fees. Although there are no commission fees on its regular account, bid/ask spreads begin at 1.3 pip. Pro accounts have spreads that begin at 0 pips and are charged a $3.5 RT commission each lot. Depending on size, swap fees for overnight holding a trade can change.
3. Oanda. Best for trading with live market data
Pros & Cons
- Forex broker license in several Tier 1 jurisdictions
- A trading range of more than 70 forex pairings
- Provides both individual and business services.
- Restricted service for consumers in the US and the UK
Overview
We adore Oanda since its streamlined trading interface was designed for dependability and quickness. With Oanda, a CFD broker, you can trade on more than 70 currency markets, both big and minor. The platform is appropriate for users of all levels of expertise, offers robust analysis capabilities, and a huge library of instructional videos.
Award-winning broker Oanda interfaces with the TradingView and Metatrader4 platforms. Additionally, it has a proprietary mobile and desktop app that can be completely customized. Oanda has been in business for more than 25 years and is authorized by governments in the UK, Australia, Asia, and Europe.
The costs: Oanda does not impose trading commissions. The Bid/Ask spread, which starts at 0.7 pips, is how it generates revenue. For keeping positions open overnight, swap fees are assessed and vary based on size. Moreover, there is a 1% administrative fee for switch charges. Accounts inactive for a year incur a £10 charge.
4. Admirals. Best for real time news and price data
Pros & Cons
- Modern charting and trading tools
- Accounts with no commissions and no additional costs
- There are several educational options available, such as webinars and seminars.
- Access to a wide range of trading assets
- Unavailable to traders in the US
- No fixed margins
Overview
With 50 currency pairs accessible, including 20+ exotic pairs, Admirals is a wonderful investment platform where you can build a diversified portfolio. You may invest in more than 8,000 assets with as little as €1.
You may test out the Admirals platform with a demo account, and a tonne of information is accessible without charge. Together with the most recent price charts, this also provides a wide range of real-time news and research.
All currency trades are free of charge, however there are costs associated with them in the form of spreads. In the major pairs, spreads
5. Capitality. Best for trading like a pro
Pros & Cons
- Trade more than 2000 CFDs in six markets.
- Access a web trading platform of institutional calibre
- Sector with extensive market knowledge and education
- Unlicensed offshore broker with a St. Vincent and the Grenadines registration
- Requires a comparatively large upfront deposit
Overview
We adore Capitality because it enables amateur investors to trade using professional data and tools. 80 currency pairs are among the 2100+ financial instruments that Capitality offers.
You can get real-time quotations, live market data, and lightning-fast trade execution through the Capitality web trading interface without having to download anything. Also, a free economic calendar is available to you so you can schedule your transactions in accordance with the important financial events.
The spread is how capitality collects its fees. For main currency pairings, spreads begin at 0.1 pip, but they can rise dramatically for minor and exotic pairs.
Best forex trading apps for your needs
What is the best forex trading app for beginners?
The greatest app for novices is eToro. Its forex trading app is designed with novice users in mind, and the entire platform was created to make trading in financial instruments easier to access. In addition to being simple to use, it also provides a vast library of educational materials for new traders to study and a special function called CopyTrader that lets you imitate the trades of other users.
Which is the safest forex app?
Capital.com is the safest app we recommend, however all of them received great security ratings. Look for an app offered by a well-known, reputable broker that is overseen by a financial regulator like the FCA if you’re worried about keeping your money secure. Capital checks that box, which signifies a compensation system will protect your deposits.
What is a forex trading app?
You can trade FX using this downloadable programme on a mobile device. A smartphone or tablet can be used to access the majority of forex brokers’ apps, which are available in addition to their desktop or web-based programmes. You can typically perform the same tasks on your broker’s desktop platform using forex trading apps.
How does a forex trading app work?
Similar to a desktop or web-based application, it functions similarly. On an app, traders can purchase and sell currency pairs. Technical analysis and price chart analysis are also options. The primary desktop programme for a broker is available as a mobile app for forex trading.
You only need to open an account with a broker to use a forex trading app. The trading app must then be downloaded to your tablet or phone. You can start trading the forex market while on the go after it has been downloaded.
What should I look for in a forex app?
Your needs will depend on a variety of criteria, including its design, security, and price. Here is a list of features to look for while downloading an app.
- A simple to use interface
You should pick an app that is sophisticated and easy to use to make your life easier because a bulky, tough-to-use programme will make forex investing excessively complex. Be sure the app you select is appropriate for your goals and level of forex experience because some apps will be more specialized than others.
- FCA or a similar financial authority approval
You must be confident in the security of your investments if you are going to put your own money at risk. Before using an app, make sure to read the reviews to determine its reputation. Furthermore, financial regulators like the FCA or SEC must monitor apps that offer forex services. Check if the app is governed where you live using their websites.
- An app that’s safe and secure on your device
It is crucial that an app has strong security when you use it to invest your own money. The last thing you want is an app that doesn’t protect your money and personal information, so keep an eye out for important security features like two-factor authentication and encryption.
- Access to tools and charts
The forex market can look like a bunch of moving lines to the naked eye, but with the right tools and charts, you can spot patterns and make price predictions. Therefore, you should choose an app with a good range of charts and features, such as RSI and moving averages, for all your technical analysis needs.
- Low fees and commissions
Each platform’s associated costs will differ. Fees, however, can take many various forms. Be sure you are aware of the costs an app will charge for trading, deposits, and withdrawals before signing up. Furthermore, the quantity of an app’s fees become more crucial if you intend to exchange currencies frequently.
- A variety of different trading options
Various apps provide a range of settings so you can tailor your approach. For your consideration, we have listed some of the most effective techniques below.
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Trading CFDs. Without really owning the asset, this entails gaining exposure to its price. Because they provide greater leverage than holding a currency entirely and are frequently less expensive than buying an asset outright, CFDs are widely employed.
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Spread wagering. Spread betting can be for you if you wish to wager on whether the value of a specific currency will increase or decrease. Following the most recent forex news might be a successful strategy if you can predict market moves.
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Trading with leverage. Those who wish to access a greater investment without having to pay for it up front should use this. That is a wise choice if you know what you’re doing because it can boost your profits. Leverage can potentially magnify your losses, so we caution people without enough experience to avoid using it.
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Scalping. This should be a strategy of interest to people who desire to fast join and exit the market on a big number of trades to profit from minute price changes. Scalpers are by nature disciplined, focused, and meticulous, and technical analysis aids in the decision-making process.
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Hedging. Some people engage in trading in order to shield their present or potential positions from the downside risk brought on by unfavorable market circumstances. They can do this in a number of ways, such as by opening buy and sell positions on the same currency.
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Shorting. One may invest in a long position, believing that something will increase in value, or a short position, believing that something would decrease in value. Both fundamental analysis and technical analysis should be considered when deciding whether to go long or short on a currency.
7. Additional features like access to a demo account
This can be a great extra and give some apps a significant edge over rivals. For those with experience, choosing the right charts and graphs is crucial, however for those with less experience, using demo accounts, lessons, and social trading can have a significant impact.
Quick answers to key questions
Can I trade forex on Android and iOS devices?
Indeed, the majority of these apps, including all of the ones we’ve evaluated, are available on iOS and Android. Just visit the Google Play Store or the App Store to see what is available and select a download.
How much do forex apps cost?
Most apps provide free downloads and registration. The total cost model differs, though. For instance, some applications charge transaction fees, which can vary from zero to two percent but are often between one and two percent. When you sign up, be sure to read the app’s FAQ page or one of our reviews for a thorough explanation of the prices.
Can I use multiple apps?
Yes. There is no restriction on the quantity of apps you can use or own. Having multiple apps is a smart idea because different brokers offer different advantages. For instance, you might use one forex trading app for the important pairs and another for exotics.
Do I have to pay to use forex apps?
Although typically free to download, it depends on the software. When it comes to actually trading through an app, you typically have to pay fees, and they vary depending on the broker. The app may take a cut by imposing bigger spreads on you, or you may be paid a fee or commission for each trade.
What are the fees of a forex app?
The answer changes depending on the platform. There are subscription costs for some platforms, while there are trading, deposit, or withdrawal fees for other platforms. They must make money somehow, even on apps without any of these features, and this might come from the difference between the price at which a currency can be purchased and the price at which it can be sold.
Are forex apps regulated?
A variety of financial authorities, yes. You can feel secure knowing that regulators are keeping a close check on things as long as you select an app with a solid reputation. Also, insurance backers secure your money, so even if the business where you have an account goes out of business, you are still covered.
Can I trade with leverage on an app?
You can, indeed. Leverage is a crucial component of forex trading, and brokers in the UK and EU can provide leverage of up to 1:30. Although it increases the risk you will encounter, this is an excellent approach to have more exposure to the value of a certain currency. Use caution.
Can I trade CFDs on an app?
Definitely, since both forex trading and CFD trading are effectively the same thing. This is always done with CFDs when trading forex through a broker: rather than owning the currencies directly, you own the value change when the price changes.
Where can I learn more about forex?
The website for Forex ratings is a fantastic resource for learning about currency and how it all operates. You may use the forex calendar to obtain the most recent economic data that might affect currency prices. Our courses introduce you to forex investment and cover topics like how to interpret charts and apply forex signals.
Use the button to choose one of our top-rated applications if you’re ready to download one and start trading right away.
Methodology: How did we choose the best forex apps?
Each of our specialists was tasked with rating each app based on a predetermined set of standards. Among them were how simple it was to download and set up an account, how user-friendly the interface is, and how much more analysis you could do than with a normal browser.
We combined all of their findings and conducted further analysis using internet reviews and feedback to determine how users felt about each app. The final ranking that you can see on this page is the result of the interaction of these elements.
Where one is available on Forex ratings, each app review includes a link to a more thorough explanation of the service and the reasons behind our ratings.
Conclusion
In conclusion, with the ever-growing popularity of forex trading, having a reliable and user-friendly trading app has become crucial for traders. In 2023, there are numerous forex trading apps available for both iOS and Android platforms, each with its unique features and benefits. The best forex trading apps offer real-time market data, user-friendly interfaces, advanced charting tools, and a range of trading instruments, all accessible from the convenience of a mobile device.
However, traders must also consider other factors, such as security, regulation, and customer support when choosing a forex trading app. Ultimately, the choice of the best forex trading app will depend on individual needs, preferences, and trading style. It’s advisable to try out a few different apps before making a final decision to ensure the chosen app meets your requirements and helps you achieve your trading goals.
Yes. However, in some countries, this may vary, so make sure you check the laws on your national government’s website before using any app.
It depends, though in the majority of countries, yes. If you live in a country with internet restrictions, there is a chance you could have a problem, so be sure to check the law in your jurisdiction before downloading one.
It depends on where you live, and you will often be subject to some form of capital gains tax. If you live in the UK, you pay tax on earnings over £12,300, and you can find more details on the government website.
Some do, yes. Some have desktop websites that are integrated with the mobile app, whereas others are only available on mobile devices. Having access to the same account on mobile and desktop can give you a lot of options, and generally makes a service more flexible.
Don’t panic! The majority of mobile apps have password recovery facilities. Simply follow the instructions on your app, and don’t hesitate to call or e-mail the respective company explaining your issues.
No, you can simply reinstall the app and access your account. However, if you delete your account entirely, this can cause issues. So, if you want to delete an account, make sure to transfer your funds to a different platform first.
The risks are exactly the same as using any other kind of investment app: low. This is because the risk of funds being lost due to security breaches is incredibly rare, and the only real risk is making investments you aren’t clued up about. So, provided you conduct due diligence and don’t invest based on emotion or rush into decisions, you should be fine.
Yes, however, not all of them support it. This is an undeniably useful feature for you to look out for when choosing an app.
Yes they are. The best forex trading apps also include additional security features such as 2FA that involves an extra step with signing in. You can also use fingerprint or facial recognition features to unlock your app.
Yes, eToro and some other platforms offer copy trading features. Copy trading makes it easy for beginners to start profiting while they learn. Even experienced traders can benefit from copy trading by charging money for others to copy them.
It depends on what you prefer. A forex trading app makes it easy to trade and analyze while on the go. However there are some limitations such as a smaller screen size. Using a computer is better for analyzing the markets.
People may discover trustworthy, unbiased information on money, trading, and investing on Forex Ratings, but we do not give financial advice; users should always conduct their own research. Stocks, cryptocurrency, and commodities are just a few of the extremely volatile items our website covers. New investors frequently lose money. Users shouldn’t ever invest more money than they can afford to lose because success in the financial markets is not guaranteed. Before making any investment, you should think about your unique situation and take the time to analyze all of your possibilities.
