Best Forex Trading Apps (2020): Make Sure It Has These 3 Features 📲

If you want to trade forex or are already doing so, you probably know how important it is to time your trades perfectly. And what better way to keep a finger on the market’s pulse than having a trading machine in your pocket at all times.

As you might’ve noticed, humanity has mastered the craft of making big computers smaller. The complex forex trading software you needed a desktop computer for before will now work perfectly on your phone – without losing any functionality. Lucky for us, it just turns out this is a good time to use such apps.

The COVID-19 pandemic has struck a blow on the world economy, but oddly enough, this has revived the forex market. The market is full of opportunity and anyone with a phone can seize the day while it lasts. But then, the question is – what mobile trading platform is the best?

There’s no one-size-fits-all answer here, which is why we’ve made a list of the top forex apps, each with its unique strengths. Traders on the go need a solid platform to work on, so let’s see what the industry’s crème de la crème has to offer, and which app is perfect for you.

Best Forex Trading Apps

1. eToro – Best Overall

As a whole, eToro’s trading app competes well with other top apps in terms of accessibility and functionality, but there’s a catch. This platform is made for copy trading and has great perks for cryptocurrency enthusiasts.

Copy trading means seeing what professional traders do in real-time and copying their trades immediately by simply pushing a button. New traders can use this as an opportunity to earn money while learning advanced trading strategies, which is encouraging for those who are just getting into forex. This feature also allows users to see the portfolio and trading history of their trader of choice so they know they’re making an informed decision.

Another interesting feature is the cryptocurrency wallet. This is a separate app you can use to store all your cryptos safely and is connected to the trading app so you can sell your digital coins whenever you want. eToro is well-known for having one of the best offers for cryptocurrency traders, which is one of the reasons it’s often considered one of the top UK forex brokers.

Aside from these perks, eToro’s app is user-friendly and has all the features you might expect from a good platform. The search function is very helpful, you can set alerts, and the platform can give you a clear fee report. 

The only real drawbacks are the lack of charting capabilities and fundamental data. Other than that, the app will give you access to trading ideas and analyst recommendations. Two-step authentication is also there, which makes this app somewhat safer than many others on this list.

In essence, eToro doesn’t provide great research capabilities but is very strong in most other areas. Especially noteworthy are the app’s copy trading capabilities and features for crypto traders – if you’re one of the many traders who sees potential in these features, check out the full eToro review and see if this broker has all that you’re looking for.

2. IG – Best Premium Service

If you’re searching the web looking for forex brokers, you’ve more likely already come across IG. Aside from a good overall offer, IG currently has a pretty dominant position in the industry when it comes to mobile forex trading apps due to its new platform – especially among the top US forex brokers.

If you want to trade forex through IG, you have two options for mobile – IG’s proprietary platform and the industry-standard MetaTrader 4. If you’ve already used MT4, then there isn’t much to say about it. It is a very easy-to-use platform with all the basic functions you need for forex trading.

IG’s own platform, however, usually gets better reviews from professionals and beginners alike. The platform is easy to navigate and all important info is displayed in big colorful letters – the aesthetic design might not be revolutionary, but it lets you see everything clearly, avoiding confusion and stress. This is something all traders want without exception.

Like its browser-based counterpart, the app has a search function that can help you find assets quickly by typing in their names or the category they fall into. Placing orders and setting order time limits is very simple, and more importantly, super-quick due to the logical design of the interface.

Speed, ease of use, and functionality are there – whether you’re completely new to forex trading or a pro, checking out an in-depth review of IG might be a good idea.

The app is top-notch when it comes to accessibility and reliability but its functions are somewhat limited compared to the web version. Unlike the desktop platform, IG’s mobile app only allows you to set price alerts. Moreover, there is no two-step authentication or face/fingertip ID recognition. 

The app is only available in English and is optimized for iOS and Android. Some older platforms like MT4 have a rare tendency to slow down or freeze, which is unacceptable for the fast-paced work that forex traders do.

On the other hand, IG has much more reliable software and you likely won’t find it lacking in this regard if you are a trader on the go. In short, it has solid functionality, is intuitive, quick, and bug-free, which is what all traders need.

3. Forex.com – Best Research and Charting

Few things are more fun than drawing charts on your phone, and that’s where Forex.com takes the cake. Like some other names on this list, Forex.com offers MT4 along with its own mobile platform – which is the more popular choice among users.

The app’s workflow is logical and simple, making it easy to maneuver, even if you’re a beginner (it also has a lot of green which we found relaxing). The search function is also there to help, and you can place market, limit, stop, stop trailing, and OCO orders. You cannot set up order time limits, but at least the price alerts are very easy to adjust.

The coolest features are probably research-related. First off, charting tools are aplenty and using them is very intuitive.

Forex.com has top-notch research and news sources you can find through the app and on their website – this makes the app great for traders who need a thorough analysis before investing. However, Forex.com doesn’t provide fundamental data so you have to get that elsewhere.

To make things even easier, the platform lets you download clear fee and portfolio reports – it’s good to have all your assets and expenses in one place. The only area where this platform lacks is reliability. The app tends to slow down or even freeze sometimes, which can be frustrating if you’re in the middle of an important trade.

Aside from that rarely-occurring drawback, the platform is user-friendly, great for research, and has handy features like multiple order types and price alerts. The broker also has some of the lowest prices for spreads and an impressive list of offerings overall, so take a look at Forex.com in more detail if this is what you’re looking for.

4. FXTM – Best for Beginners

If you’re a new trader, starting with the basics might be the right approach. FXTM doesn’t have its own app but offers its version of the industry-standard MT4 and MT5 platforms. These two, especially MT4, are used by most forex brokers so mastering them is a great intro to forex trading.

MetaTrader 4 is the more popular platform and is one of the most beginner-friendly in the game. The design is very clean and simple so it’s easy to navigate the platform without effort.

All the functions can be accessed directly through the popup menu you can open from any page at any time. So, looking at menus for quotes, charts, news, customers support, and everything else is at your fingertips at all times.

You can use the search function to find products via their names or asset categories, so it’s mostly the same as on many other forex platforms. The buy/sell menu will show the current price of the asset you’re looking at and has a chart that displays the price movements for the past day. This is very handy as you don’t have to switch screens to find out if you’re making a good trade or not. 

The platform looks and feels very intuitive, and is available in 22 languages so as to cater to the international audience. However, there are a few drawbacks.

Unlike the desktop platform, the app doesn’t support price alerts and there is no two-step authentication. The login only requires your password and doesn’t have face/fingerprint ID – no doubt, it could be safer.

All in all, you can get a very user-friendly mobile trading app with FXTM that will allow you to get good user experience and learn about the platform that just about every other forex broker supports. However, a handy mobile app isn’t all there is to a good broker so see our comprehensive FXTM review if this company seems like the right forex-trading medium for you.

5. Oanda – Best for Safety

If you have money on your brokerage account, it’s probably not a small amount – that’s why safety is paramount. Oanda excels here because it’s a reputable company with top-tier regulators and a secure platform. But that’s not all there is to Oanda.

Oanda supports MetaTrader 4 but most users opt for the broker’s proprietary platform. Like most top platforms, Oanda’s has a straightforward, user-friendly design that allows you to navigate the menus quickly and without confusion (and it looks quite stylish too).

You can find products by typing in their names or asset categories into the search bar. Then you can use Oanda’s highly customizable charting tools to draw and compare price movements. When that’s all done you can set price alerts so you know as soon as something reaches the price you’re looking to buy/sell at.

Most of what you need is there including two-step authentication that gives the platform an extra layer of security – the only thing that’s missing is face/fingerprint ID which would make logging in more convenient.

Whether you’re using iOS or Android, the app is available on English, Arabic, German, Japanese, Chinese, and Russian. All things considered, the app is handy, well-rounded, and safe – a good addition to Oanda’s trading platform, which is near the top of the industry at the moment.

6. Nadex – Best for Spreads

Active traders who like fast-paced spread and binary option trading often turn towards Nadex. The North American Derivatives Exchange indeed specializes in these short-term trades and the platform they provide sings the same tune.

Traders on the go can use the aptly named NadexGO – a brand-new platform made after Nadex’s previous app had to be scrapped due to change in the legislature. NadexGO works even better than its predecessor and is a very quick and reliable piece of software.

The design is clear and easy to understand, but this app wasn’t exactly made for beginners. Features are plentiful, especially when it comes to charting and analysis, which is why you should be ready for a degree of complexity when using this app.

The charting tools and indicators are numerous, meaning you can draw charts and customize them to your heart’s content. All data streams in real-time – combine these features with low prices and you get an excellent app for trading spreads. This is something that usually interests active traders, so take a look at the in-depth Nadex review if you see yourself betting on spreads.

Aside from the speed, reliability, and top-notch charting capabilities, NadexGo doesn’t go much above average. Other features are limited, and you’ll find many programs that are more suitable if you’re a forex beginner. 

Can I Trade Forex on My Phone?

Yes, and there are some advantages to trading forex via your mobile device. The craft of app-making has evolved in recent years – the mobile platforms of today have the same (or almost the same) functionality as professional desktop-based programs. This means you don’t lose out by using a mobile app over a desktop platform, except when it comes to screen size.

Since forex trading is a game of good timing, it literally pays to be able to make trades wherever you want and whenever you are. Accessing the markets through your phone while on the bus might mean you can sell your forex pairs at the peak price for the given day. On the other hand, waiting to get home to complete a trade means you’ve lost potentially valuable opportunities.

What Makes a Forex Trading App Good?

The first things to look at are UI design and reliability. Naturally, you want the platform to be intuitive and not confusing. Many apps nowadays are very straightforward and have a logical workflow, as well as a search function – all of this makes them very easy to maneuver and understand.

The problem that many apps face, however, is bugs and slow performance. This is especially true for older programs – imagine if you’re in the middle of a trade and your app freezes for a minute.

Restart it, and the price of the item you wanted to sell has gone down, leaving you frustrated and with a lighter wallet. Checking user reviews around the web is a good way to see if an app is solid or if it crashes all the time – advertisements won’t tell you this.

Aside from these characteristics, your app should ideally allow you to set alerts and notifications. This means you can set your phone to ring when the price of a certain item reaches the point you want. For example, set a relatively low price alert for the EUR/USD, and when the phone rings, you take it out and buy low so you can sell high later.

Most mobile platforms also give you access to news and expert research you can use to make, just like the top Forex trading platforms. They also allow you to draw charts that can let you track price movements. Also, two-step authentication is always welcome since it makes your brokerage account a lot harder to crack if someone steals your phone. 

How Long Does It Take to Learn Forex?

As with all things, how long it takes to learn forex depends on the person. The usual period traders often mention is 6 months – that’s how long it takes for many traders to become profitable. Learning forex has 3, or maybe 4 main aspects: 

1. Theoretical Knowledge

You should definitely know what forex and other related terms mean before you throw all your money into the market. Getting a grasp of the theoretical know-how means learning a few fundamental trading concepts as well as the terminology used in the forex world.

Don’t worry, there really isn’t that much to learn and this part of the training is usually over very quickly.  The best way to go about this is to find a broker with good educational videos and tutorials or to find a thorough forex trading guide to get you started.

2. Research

Strictly speaking, this isn’t theoretical knowledge because researching the forex market is a practical matter. A trader should know how to read charts, how to determine risk, and where to look for relevant news/data. 

News is important. For instance, the market has grown recently but the Dollar has weakened amid COVID-19. Experienced traders dealing in USD pairs know they have to adapt their strategies to this event.

Typically, you can get news and most other valuable info through the app directly – but knowing how to use it is something you need to learn.

3. Demo Account

Almost every single forex broker nowadays offers a demo account. This means you get a realistic, simulated trading experience in the real market but with fake money.

This doesn’t mean falsified cash, but simply worthless, digital money on your demo account’s balance. This should be the next logical step in your forex training because it allows you to employ your knowledge in realistic circumstances without risking actual money.

4. Real Trading

Nothing beats the real deal, and a demo account can’t fully prepare you for the real market. This is because traders make more level-headed decisions when their money is not on the line like with a demo account. Playing carefully in the real market is ideally what any beginner should do as the next step in their forex-learning journey.

After this, it’s just practice and steady improvement. Also, it’s important to be aware of all the legal stuff before trading – how much taxes you have to pay for what, who you can turn to in case of fraud, etc. Check out our quick guide to US forex regulations if you want a simple rundown of all the laws you need to be aware of when trading.

What Is the Best Forex Broker for Beginners?

As a beginner, you want the following features: A user-friendly platform, low fees, good education, and negative-balance protection. An accessible platform and low prices are self-explanatory but you would greatly benefit from good educational resources as a beginner. 

Another thing all beginners should look for is negative-balance protections. Making a very bad trade means your balance can go below zero – if that happens you can end up owing your broker money.

Having negative-balance protection means all your losses will be contained at zero so you can never get in debt because of a few bad trades. The brokers at the top of the list above are a good place for all of these things.

Another good idea for traders who don’t feel confident enough to make brave market predictions is copy trading. This means piggybacking your way to success by closely following expert traders and copying their trades. 

This form of trading always has higher fees, but you have full insight into the portfolio and historical performance of the traders you choose. This can earn you money, but better still, it can let you “spy” on pro traders and learn their strategies and tricks.

What Is the Difference Between Metatrader 4 and Metatrader 5?

The first one is older, but even so, it’s not outdated. Technically speaking, MT5 is better in every way – it’s faster, more bug-free, has more charting indicators and drawing tools, etc. 

However, good ol’ MT4 is still the dominant trading platform in the forex industry. This is because it’s been there for such a long time and people have gotten used to it. First of all, most brokers support MT4, which means that mastering this platform will allow you to trade through most forex brokerages. 

Aside from that, MT4 has a large fan-base. The amount of add-ons, upgrades, auto-trading algorithms, and other modifications you can install on MT4 is huge. You won’t get this kind of customizability with any other platform, which is why so many traders still opt for MT4 despite its outdated design and general bugginess.

Do You Have to Pay for Forex?

The answer is yes, but how much you have to pay will depend on the broker you choose. Some brokers charge fixed fees for trades but most charge you percentages a.k.a. “pips”. This means – the bigger the trade, the larger the commission.

What Is a Pip in Forex?

“Pip” stands for “part per million”. For example, if you’re making a million-Dollar trade and your broker charges 6 pips for trades – your commission will be 6 parts of a million, which is $6. To wrap your head around this, you can think of a pip as 1/100 of 1%. Almost all brokers charge fees in pips, so you better have a calculator ready when adding up your expenses.

How Many Pips Is a Good Trade?

Having a daily profit goal might seem like a good strategy, but it’s often not realistic. Depending on what currencies you specialize at, the markets might simply not allow you to make good trades on some days, and the vice-versa is also true. 

Gauge your financial situations and goals, and then set an average pip target for the next 3 or 6 months. This way, you won’t be pressured into making aggressive trades on bad market days and your profit goal will depend on your financial desires. How many pips you need to call a trade successful is completely relative and should reflect your financial goals.

How to Spot Forex Scams

The forex market has grown tremendously recently after the biggest job gain in US history, and scammers have followed suit. Forex scams have always been with us and avoiding them is the priority for all traders – and to avoid them, you must know how forex scams work. Let’s look at the biggest red flags you need to look for when buying forex services.

Always Suspect Signal Sellers

The prices you see on your forex trading platform are provided by your broker and sometimes, they are not in real-time. Sometimes, brokers will provide users prices that are a few minutes old, and sell their buddies the info that streams in real-time.

This means that the broker’s friends will know the real prices before anyone else, giving them the ability to “predict” how the markets will move in the next few minutes and exploit that. Needless to say, you should avoid these fraudulent brokers, but also the so-called signal sellers.

Signal sellers will claim to have this insider information and will sell you software that can give you the “real and up-to-date” prices you can benefit from. In reality, this software uses basic statistical analysis to guess how the prices will look like in 5 minutes – these programs are not more valuable than a sensible guess.

A legitimate broker might be able to give you real-time quotes, but this software will cost you and provide false data. Be cautious of signal sellers so you don’t get caught off guard by false promises.

Fraud Forex Investment Funds

Like regular investment funds, forex investment funds are companies that will use your money, trade on the forex market, and give you the profits while only keeping a small percentage for themselves.

This all sounds nice and dandy, but most of these funds are scams. They will often require you to give them full autonomy over your funds and in return, you’re “guaranteed” incredibly high returns, sometimes going as high as 100% per year. 

However, the only thing you can get from these investment funds is empty, hyped-up promises, and the only thing you can lose is a lot of money. Be extremely careful when approaching services like this – look at their country of origin and avoid them if their predicted yearly returns seem ridiculously high.

Fraudulent Brokers

Even well-known forex brokers that have been in the business for a long time either sell signals to special interests or keep their fee structure convoluted to trap users into paying huge fees.

How is this possible? Well… The forex market is somewhat regulated but there is no centralized regulatory body for all brokers.

Different countries have different laws and it’s very likely to come across a foreign broker that isn’t constrained by the same rules as the brokers in your country. Moreover, the spot market, which is a huge chunk of the forex market, is completely unregulated.

Keeping away from fraudsters is the first step towards becoming a successful forex trader, but there are so many scams that it’s easy to mix up the good with the bad. Make sure you know how to spot a forex broker scam before you dive into the market with a substantial amount of money.