Compare the best forex apps
An increased number of individuals are now involved with forex, and there are a variety of apps that cater for the growing demand. This article explains what to look for when you choose a forex app and lists the best ones for trading and investing.
What are the best apps for trading forex?
It depends on what your goals are. You’ll need a different app if you want to trade fiat currency pairs like GBP/USD, versus longer-term investments, travel, or remittance. Whatever your forex needs are, the below apps have been tried and tested by our team so you know they are up to the task.
Top apps for short term forex trading
If you want to trade forex quickly and conveniently, you need a broker app with low fees that’s easy to use. However, it shouldn’t compromise on tools and features because you’ll need them to help you predict price movements. The below options have a solid blend of beginner-friendly interfaces and informative charts.
Top apps for forex investing in the long term
We recommend a reliable multi-currency account app that allows users to store savings and swap a large variety of currencies easily. Hedging against particular currencies, or simply moving sums around in order to capitalise on economic trends over the long term can form part of a healthy financial plan. If you would like to try this strategy, we recommend the following apps:
What should I look for in a forex trading app?
Finding one of the top forex apps is dependent on a number of factors, including its design, security and cost. Below is a list of the main aspects you should consider before downloading one.
Design and ease of use
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.
Reputation and regulation
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 are often regulated scrutinously by the financial authorities, though this will vary depending on the country you live in.
In addition, brokers should be insured in the case of bankruptcy, so you can rest assured that your money shouldn’t be lost.
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.
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.
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.
Different apps offer various options for trading forex so you can personalise your trading terms. We have outlined some of the most useful trading options below for your consideration.
This involves gaining exposure to the price of an asset without owning it. CFDs are commonly used by forex traders because they offer higher leverage than owning a currency outright and they are often cheaper than buying an asset outright.
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 of 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 inexperienced forex traders to steer clear of leverage because it can also magnify your losses.
For traders 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.
Some forex traders make trades for the purpose of protecting their current or future trades 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.
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.
These can be a nice bonus and give some apps a key advantage over their competition. For those who have experience trading forex CFDs, the right selection of charts and graphs is key, whereas, for those who are inexperienced, demo accounts and tutorials can make a big difference. You can check out an app’s features in reviews before you download it.
Quick answers to key questions
Can I use trade forex on Android and iOS devices?
Yes, most forex trading applications are available on Android and iOS, including all of the platforms 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 trading apps cost?
Most apps are free to download and sign up. However, the overall cost model varies by platform. 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.
Do I have to verify my identity with a forex trading app?
Yes, any regulated service requires ID verification, so keep a copy of your photo ID to hand and have your contact details ready for submission.
Do apps charge fees for trading forex?
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.
Should I use a forex trading app?
If you want to make money speculating on the behaviour of financial markets, or if you have a logistical need to change currencies frequently and on the go, then yes. People have been trading forex using web browsers for years, and forex apps just make this more accessible.
If you aren’t ready to make up your mind yet, don’t rush; there is plenty of time to choose a forex app. To help you make a decision, we have listed the pros and cons of them below.
- Trade forex conveniently from your mobile device
- Many apps have simpler interfaces that are easier to use than websites
- There is an increasing variety of apps, so whatever you need, you should be able to find an app for it
- Losing your phone or having it stolen can compromise the security of your accounts
- Mobile devices can be more fiddly than websites
- Some apps have fewer features than their website versions
Should I trade forex with an app now?
Well, that’s entirely your choice. The best time to trade forex is ahead of major market movements because you can use the volatility to make profits. Therefore, it is really important for you to stay up-to-date with the latest forex news so you know when to execute trades.
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Where can I learn more about forex?
We might be blowing our own trumpet a little, but we feel the Invezz website is a great place to receive a forex education. Our courses introduce you to forex investment and explain things like how to read charts and use signals.
Yes. You can use an unlimited number of apps, and switching between different apps can often provide you with the best experience.
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 the app, though downloading them is usually free. There is the possibility that you will have to pay trading, deposit, or withdrawal fees, so make sure you source a breakdown of fees before you get started.
This depends on the service you are using. The fees will not be any greater than those on an online account, but they can apply to deposits, withdrawals and trades and typically range from 1-2%.
Yes. They have been developed for years and a great deal of effort has been made to ensure they are secure, and most apps are actually safer than websites nowadays.
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 trade with goes bankrupt, you are protected.
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.
Yes, you can. 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.
Yes, because trading forex and trading 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.
Some do, yes. Some forex apps 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 forex 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.