Compare the best forex trading apps for iOS & Android in 2023

By:

Charlie Hancox

Charlie is a Financial Writer for Invezz. He covers commodities, cryptocurrencies, and breaking news. Prior to joining Invezz he helped grow Crux Investor into the fastest-growing... read more.

 & 

James Knight

James is a lead editor for Invezz, where he covers topics from across the financial world, from the stock market, to cryptocurrency, to macroeconomic markets. His ... read more.

Reviewed by:

Richard Stutely

Richard is a Fact Checker for Invezz who ensures all our reviews and guides are accurate and unbiased. He is a best-selling international business author whose... read more.

Updated: Aug 5, 2023

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9/10

82% of retail CFD accounts lose money.

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Our experts tested every app on offer from leading forex brokers by downloading them and performing a series of actions to see how each one performed. Those actions included things like placing a trade, using leverage, and doing some basic technical analysis.

Each expert then raated their favourite apps and we compiled all of their rankings to generate a final list of the best apps out there. Read on to find out which apps came out on top and which ones work best for your trading style.

Best forex trading apps overall for 2023

Compare the best forex trading apps

These apps came out on top according to our ranking system. Sign up by clicking one of the links in the table, or scroll down to learn more about each app and to find out how each one scored on each of our criteria.

Most Popular

1

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Min. Deposit

$ 10

Best offer

User Score

10

Join the Social Trading revolution. Connect with other traders, discuss trading strategies, and use our patented CopyTrader

eToro is the world’s leading social trading platform, offering a wide array of tools to invest in the capital markets

Largest number of currency pairs to trade

Start Trading more info

Payment Methods:

Bank Transfer, Credit Card, Debit Card, PayPal, Wire Transfer

Full Regulations:

CySEC, FCA

77% of retail CFD accounts lose money.

2

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Min. Deposit

$ 250

Best offer

User Score

9.0

Muti asset broker with the top currencies at your fingertip

Forex Trading - Available 24/7 with 0% trading fees

Dedicated Senior Account manager to guide you through the platform

Start Trading more info

Payment Methods:

Credit Card, Debit Card

Full Regulations:

HCMC in Greece

3

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Min. Deposit

$ 0

Best offer

User Score

9.0

Open a free account in minutes

Go global with fee-free foreign exchange

Finance tracking made simple

Start Trading more info

Payment Methods:

Credit Card, Debit Card

Full Regulations:

Top 9 forex trading apps, reviewed

1. eToro. Best for beginners, copy-trading & demo-account

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1500

No. assets

$10

Minimum deposit

Forex

Platform type

Pros & Cons

Great for beginners, simple to set up and get started Zero commission stock trading Popular ‘CopyTrader’ function lets you follow top traders Excellent customer service, with live chat support provided Over 2,000 CFDs available to trade

Comparatively high fees for withdrawals and account inactivity Does not integrate with the MetaTrader platform High spreads on some assets

Overview

We love eToro because it’s an easy place to trade the currency markets. Forex can be intimidating, but eToro strips back the complexity to give you a platform where you can trade 50+ currencies at competitive prices and with up to 30x leverage.

As well as being a broker that offers lots of investor protection, eToro offers a very social trading experience. You can easily see how all the major and minor forex pairs are performing every day, track how investors feel about every one of those currencies, and copy other people’s trade suggestions from your desktop or the eToro app.

The fees: eToro charges a fee on currency CFD trades through the spread. Spreads are variable depending on the currency and start from 1 pip for EUR/USD trades, 1.5 pips for EUR/GBP, and 2 pips for GBP/USD. Overnight and weekend fees apply.

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77% of retail CFD accounts lose money.

2. Capitality. Best for trading like a pro

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...

No. assets

...

Minimum deposit

Forex

Platform type

Pros & Cons

Trade 2000+ CFDs in six markets Access institutional quality web trading platform Comprehensive market knowledge and education section

Unregulated offshore broker registered in St. Vincent and the Grenadines Relatively high initial deposit required

Overview

We love Capitality because it gives regular investors the means to trade with pro data and tools. Capitality offers 2100+ financial instruments, including 80 currency pairs. 

The Capitality web trading terminal gives you access to live market data, real time quotes, and super-fast trade execution, all without needing to download anything. There’s also a free economic calendar that lets you know when the big financial events happen so you can plan your trades accordingly.

The fees: Capitality charges its fees through the spread. Spreads start from 0.1 pips for major forex pairs but can be significantly higher for minor and exotic pairs.

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Best forex trading apps for your needs

What is the best forex trading app for beginners?

eToro is the best app for beginners. Its forex trading app is geared towards new users and the entire platform has been built to make financial trading more accessible. Not only is it easy to use but it has a huge library of educational content for novice traders to study, and you can copy other users’ trades through its unique CopyTrader feature.

Which is the safest forex app?

Capital.com ranks as our safest app, although every app we recommend scored highly for security. If you’re concerned about keeping your money safe, look for an app that’s offered by a big name, established broker that is regulated with a financial authority like the FCA. Capital ticks that box, which means your deposits are protected by a compensation scheme.

What is a forex trading app?

It’s a downloadable application that allows you to trade forex from your mobile device. Most forex brokers offer apps in addition to their desktop or web based applications and can be accessed by either a smartphone or tablet. Forex trading apps usually allow you to carry out the same functions as your broker’s desktop platform.  

How does a forex trading app work?

It works in a similar way to a desktop or web based application. Traders are able to buy and sell forex pairs on an app. It is possible to also analyse price charts and conduct technical analysis. Forex trading apps are mobile versions of a broker’s main desktop application. 

To use a forex trading app you simply need to register an account with a broker. Next you’ll have to download its trading app to either your phone or tablet. Once downloaded you’ll be able to start trading the forex market while on the go. 

What should I look for in a forex app?

Finding one that works for you is dependent on a number of factors, including its design, security and cost. Here’s a checklist of what to look for in an app when you download it.

1. A simple to use interface

An app with a clunky design that is difficult to use will make investing in forex unnecessarily difficult, so you should choose an app that is refined and accessible to make your life easier. In addition, some apps will be more specialised than others, so make sure the one you choose is suitable for your needs and level of forex experience.

2. FCA or a similar financial authority approval

If you are going to invest your own money, you need to have confidence that it will be safe. Make sure to check the reviews of an app before you use it to establish its reputation. Moreover, apps that provide forex services must be regulated by financial authorities like the FCA or SEC. Use their websites to check if the app is regulated where you live.

3. An app that’s safe and secure on your device

When investing your own capital through an app, it is extremely important that it has good security. Keep an eye out for key security features like two-factor authentication and encryption, because the last thing you want is an app that doesn’t secure your funds and personal data. 

4. 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.

5. Low fees and commissions

The related costs of each individual platform will vary. However, fees can come in many different forms. Before you sign up to an app, make sure you are familiar with the fees it will impose for trading, deposits and withdrawals. Furthermore, if you plan on exchanging currencies frequently, the size of an app’s fees become more important.

6. A variety of different trading options

Different apps offer various options so you can personalise your strategy. We have outlined some of the most useful methods below for your consideration.

• CFD trading. This involves gaining exposure to the price of an asset without owning it. CFDs are commonly used because they offer higher leverage than owning a currency outright and they are often cheaper than buying an asset outright.
• Spread betting. If you want to bet on whether the value of a particular currency goes up or down, spread betting could be for you. If you can anticipate price movements by following the latest forex news, this can prove to be a profitable method.
• Leveraged trading. This is for individuals who want to gain access to a larger investment without having to pay for it upfront. If you know what you are doing, it is a good option because it can increase your profits. However, we advise those without sufficient experience to steer clear of leverage because it can also magnify your losses.
• Scalping. For those who want to quickly enter and exit the market on a large number of trades to take advantage of small price movements, this should be a strategy of interest. By nature, scalpers are disciplined and focussed, with an eye for detail, and technical analysis helps inform their decisions.
• Hedging. Some people make trades for the purpose of protecting their current or future positions from downside risk created by adverse market conditions. There are a variety of ways they can do so, such as taking out a buy and sell position on the same currency.
• Shorting. Just as one can take a long position – investing in the belief something will rise in value – they can also take a short position – investing in the belief something will fall in value. Your decision to go long or short on a currency should be based on both fundamental and technical analysis.

7. Additional features like access to a demo account

These can be a nice bonus and give some apps a key advantage over their competition. For those who have experience, the right selection of charts and graphs is key, whereas, for those who are inexperienced, demo accounts, tutorials and social trading can make a big difference.

Quick answers to key questions

Can I trade forex on Android and iOS devices?

Yes, most applications of this type are available on Android and iOS, including all of the apps we have reviewed. Simply head to the Google Play Store or App Store to see what’s on offer and choose one to download.

How much do forex apps cost?

Most apps are free to download and sign up. However, the overall cost model varies. For example, some apps have transaction fees, which usually range from 1% to 2%, though they can be free on some apps. For a detailed breakdown of the fees before you sign up, make sure to check out the app’s FAQ page or find it in one of our reviews.

Can I use multiple apps?

Yes. You can use an unlimited number of apps, and there is no limit on how many you can have. It can be a good idea to have more than one app as different brokers have different benefits. For example you could have one forex trading app for the major pairs, while using another to trade the exotics.

Do I have to pay to use forex apps? 

It depends on the app, though downloading them is usually free. You normally have to pay fees when it comes to actually trading through an app and these vary depending on the broker. You may be charged a fee or commission per trade, or the app might take a cut by charging higher spreads.

What are the fees of a forex app?

This varies from platform to platform. On some platforms, there is a subscription fee, whereas, on others, there are trading, deposit, or withdrawal fees. Even on apps with none of these, they need to make money somewhere, and this may be taken from the spread between what you can buy a currency for, and what you can sell one for.

Are forex apps regulated?

Yes, by various financial authorities. Provided you choose an app that has a good reputation, you can rest assured that regulators are keeping a close eye on things. Moreover, your funds are protected by insurance backers, so if the company you have an account with goes bankrupt, you are protected.

Can I trade with leverage on an app?

Yes, you can. Leverage is an important part of forex trading and brokers in the UK and EU can offer up to 1:30 leverage. This is a good way of gaining greater exposure to the value of a certain currency, though it also heightens the amount of risk you will face, so exercise caution.

Can I trade CFDs on an app?

Yes, because trading forex and CFDs are essentially the same things. When trading forex via a broker, this will always be done with CFDs: rather than owning the currencies outright, you own the value change as the price fluctuates.

Where can I learn more about forex?

The Invezz website is a great place to get a grounding in forex and to learn more about how it all works. Our courses introduce you to forex investment and explain things like how to read charts and use forex signals, while you can use the forex calendar to find the latest economic data that might affect currency prices.

If you’re ready to download an app and start trading now, use the button to pick one of our top rated apps. Otherwise, you can find more guidance in the links below.

Methodology: How did we choose the best forex apps?

We asked each of our experts to score each app against a fixed set of criteria. Those included how easy it was to download and set up an account, how intuitive the interface is, and how much analysis you could perform compared to using a web browser.

We put all of their results together and did some further research into what other customers felt about each app, using online reviews and feedback. These factors all combined to give the final ranking that you can find on this page.

Each app review links to a more detailed breakdown of the service and why we rate it as we do, where one is available on Invezz. We may earn a commission if you click a link and sign up for an account from this page.

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