Compare the best forex apps

A convenient and accessible way for you to start trading forex is by using a mobile app. This page explores the best options to get started, whatever your goals are.
By: Charlie Hancox
Charlie Hancox
Alongside his passion for trading, Charlie has represented Great Britain and won national championships as a water polo player,… read more.
Updated: May 24, 2021
Tip: our preferred broker is, eToro: visit & create account

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 choosing one of the top forex apps.

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 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.

1
Min. Deposit
$50
Promotion
User Score
10
Trade/invest in stocks with just $50
Invest for dividends and get payout on stocks on Ex-Dividend day
Over 11 payment methods, including PayPal
Start Trading
Description:
eToro is a multi-asset investment platform with more than 2000 assets, including FX, stocks, ETF’s, indices and commodities. eToro users can connect with, learn from, and copy or get copied by other users. Buying stocks on eToro is free and you can invest with as little as $50.
Payment Methods
Bank Transfer, Wire Transfer
Full regulations list:
CySEC, FCA
eToro USA LLC does not offer CFDs and makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared by our partner utilizing publicly available non-entity specific information about eToro. Your capital is at risk.
2
Min. Deposit
$1
Promotion
User Score
9.3
0 Commissions and no deposit minimums
Registered with and regulated by SEC and FINRA
Loss of cash protection
Start Trading
Description:
Financial company driven by technology and offering all-in-one self-directed investment platform that provides excellent user experience.
Payment Methods
Full regulations list:

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:

1
Min. Deposit
$1
Promotion
User Score
10
Instantly switch between your crypto and traditional currency with zero fees and up to 3% savings
Spend your crypto and fiat currencies with realtime conversion at point-of-sale and instant crypto rewards
Cryptoback™ rewards pay out up to 1.5% in BTC every time you use your Wirex card in-store
Start Trading
Payment Methods:
Credit Card, Debit Card, Wire Transfer
Full Regulations:
FCA

What should I look for in a forex trading app?

Finding one that works for you 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. 

Security

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. 

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.

Additional features

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 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 trade forex on Android and iOS devices?

Yes, most applications of this type 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 getting involved with forex via web browsers for years, and apps just make this more accessible. 

Still undecided?

If you aren’t ready to make up your mind yet, don’t rush; there is plenty of time to choose an app. To help you make a decision, we have listed the pros and cons of them below.

Pros

  • Access the forex market 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

Cons

Should I trade forex with an app now?

Well, that’s entirely your choice. The best time to make a play 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 news so you know when to execute trades.

The U.S. dollar slipped on Thursday on reports of soft U.S. inflation data for January, as well as the Fed’s decision to maintain accommodative policy stance. Fundamental analysis: Inflation continues to trend lower Core inflation in the States was reported at 0% in January, compared to the expected 0.2%. Head…
Treasury pick and the former Fed chief Janet Yellen is due to testify on Capitol Hill today. She is expected to reaffirm that the Biden-led US administration won’t pursue a path of weaker dollar. Fundamental analysis: Change in policy compared to Trump Janet Yellen, U.S. Treasury nominee picked by U.S.
The dollar is likely to start a bearish cycle in case the Democratic candidate Joe Biden wins in the next month’s elections, analysts believe.  Fundamental analysis: Dollar remains vulnerable The U.S. dollar remains vulnerable to “substantial devaluation” as the fundamental aspect of the market points towards a deeper pullback,…

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.

FAQs

ℹ Can I use multiple apps?
ℹ Are forex apps legal?
ℹ Can I use forex trading apps where I live?
ℹ Do I have to pay to use forex apps?
ℹ Are there fees when forex trading on an app?
ℹ Are mobile apps safe?
ℹ Are forex apps regulated?
ℹ Do I have to pay tax on any money I make?
ℹ Can I trade with leverage on an app?
ℹ Can I trade CFDs on an app?
ℹ Do apps integrate with online accounts?
ℹ What if I forget my password?
ℹ Will I lose my money if I uninstall a forex app?
ℹ What are the risks of using forex apps?
ℹ Can I use my PayPal account to deposit money on an app?


Fact-checking & references

Our editors fact-check all content to ensure compliance with our strict editorial policy. The information in this article is supported by the following reliable sources.

Risk disclaimer

Invezz is a place where people can find reliable, unbiased information about finance, trading, and investing – but we do not offer financial advice and users should always carry out their own research. The assets covered on this website, including stocks, cryptocurrencies, and commodities can be highly volatile and new investors often lose money. Success in the financial markets is not guaranteed, and users should never invest more than they can afford to lose. You should consider your own personal circumstances and take the time to explore all your options before making any investment. Read our risk disclaimer >

Charlie Hancox
Financial writer
Alongside his passion for trading, Charlie has represented Great Britain and won national championships as a water polo player, and as a budding film director, has… read more.