Compare the best forex trading apps in 2022

We put together an expert panel to test and rate the best forex trading apps on the market right now. This guide gives you their verdict along with some tips and advice on how to choose the right app for you.
By:  &  James Knight
Reviewed by Richard Stutely
Updated: Sep 9, 2022
Tip: our preferred broker is, eToro: visit & create account

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 2022

  • eToro – the best forex app overall and best for beginners
  • Capital.com – Best forex app for exotics trading
  • Skilling – the best app for experienced forex traders
  • Pacific Union – the best app with a demo trading account
  • Alvexo – best app for forex CFD trading 

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.

1
Min. Deposit
$ 10
Promotion
User Score
10
55+ currency pairs available
Trade on a trusted platform
24/7 support via live chats, email or phone call
Start Trading
Payment Methods:
Bitcoin, Credit Card, Debit Card, Visa
Full Regulations:
LonghornFX offers high-leverage trading on a wide variety of assets. Trading with leverage carries a degree of risk which may result in losing more than your investments. Clients should practise risk management to protect themselves from losing more than they can afford when trading with leverage.
2
Min. Deposit
$ 10
Promotion
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
Payment Methods:
Bank Transfer, Wire Transfer
Full Regulations:
CySEC, FCA
Cryptoassets are highly volatile unregulated investment products. No EU investor protection. 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.
3
Min. Deposit
$ 10
Promotion
User Score
9.9
Can fund with BTC
64 global companies including Netflix and Amazon
Free deposits and withdrawals
Start Trading
Payment Methods:
Bitcoin, Credit Card, Debit Card, Wire Transfer
Full Regulations:
EagleFX offers leveraged trading on a range of assets within its platform. CFD and Spot Forex trading do carry a degree of risk which may result in you losing more than your initial investment. Please ensure you fully understand the risks involved with leveraged trading and ensure this is not detrimental to your personal or institution's financial well being.
4
Min. Deposit
-
Promotion
User Score
9.8
Take a position on major global indices, including US Wall St 30 and France 40
Low spreads and accurate pricing reflecting the underlying market
Comprehensive analysis and new for better decision making
Start Trading
Payment Methods:
Bank Wire, Check, Credit Card
Full Regulations:
CFTC, FCA, IIROC, MAS, NFA
Leveraged trading in foreign currency contracts or other off-exchange products on margin carries a high level of risk and may not be suitable for everyone. We advise you to carefully consider whether trading is appropriate for you in light of your personal circumstances. You may lose more than you invest.
5
Min. Deposit
-
Promotion
User Score
9.5
Forex Demo Account
Trading accounts in EUR, USD, PLN, CZK, GBP
MT4 and MT5 platforms
Start Trading
Payment Methods:
BPAY, Bank Wire, Bitcoin, Boleto, CartaSi, Carte Bleue, China UnionPay, Credit Card, Dankort, Debit Card, Giropay, Ideal, MoneyGram, POLi, Paxum, PayCo, Przelewy24, Sofort, Trustly, Western Union, ePay bg, ePayments Transfer, neteller, postepay, skrill
Full Regulations:

Top forex trading apps

1. eToro: Best FX trading app and best for beginners

eToro is a well known broker and has the best overall forex trading app. eToro gives traders access to a wide range of assets ranging from stocks to crypto and everything in between. A large part of its platform is focused on forex and using its app is an easy way to trade the currency market. 

After downloading its mobile application, users are able to place trades on all of the major forex pairs like EUR/USD. On the eToro app it is also possible to trade the minor FX pairs as well as a host of exotics. Using the app is simple and it offers the same features as its desktop counterpart like social and copy trading.

Pros

  • Wide range of FX pairs available 
  • Low spreads
  • Easy to use app 
  • Social trading and copy features

Cons

68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money 

2. Capital.com: Best forex app for exotics trading

Capital.com’s forex trading app is an excellent choice for  those who want to trade exotic pairs as well as the majors and minors. Capital.com’s analysts publish the latest market news and updates making it easier to trade smaller and more volatile currency pairs. 

It has over 5600 CFD markets including 136 forex pairs. These include all of the majors, minors, and many exotics. Some features that are beneficial to new or casual traders are its risk management and guaranteed stop loss tools. You can also trade with guaranteed stop losses which add an extra layer of safety while navigating volatile markets.

Pros

  • A good range of forex pairs to trade
  • Substantial educational content 
  • The latest news and expert market analysis
  • Over 5000 CFDs 
  • Low minimum deposit – $20

Cons

3. Skilling: Best FX app for experienced traders

Skilling is a top rated forex broker for experienced traders. Experienced forex traders will likely require more features when choosing an app and Skilling has a selection of three to choose from. First is Skilling Trader, it’s custom built app based on its own desktop platform. Next is MetaTrader4, a well known trading platform. Finally, CTrader, another well known platform used by professional traders. 

On any of the Skilling apps, users are able to trade a range of forex pairs including the majors, minors, and some exotics. It has competitive spreads and charges no commissions on any trades. On the apps it is also possible to take trades in other asset classes like indices, commodities, and crypto making it easy for experienced traders to switch between markets.

Pros

  • Three mobile apps 
  • Zero commission
  • Competitive spreads
  • Access to a wide range of financial markets 
  • Copy trading features

Cons

4. Pacific Union: Best FX app with a demo account

Pacific Union’s demo account is a top pick for traders wanting to practice their skills without risking real funds. You can register an account and select ‘demo’ which allows you to trade the forex market in simulation mode via its mobile app. Pacific Union also often runs promotions such as no deposit bonuses. 

While using its demo account it is possible to access and trade a range of other markets including stocks, indices, commodities, and cryptocurrencies. One key advantage of trading forex on Pacific Union is its low spreads, which can drop to 0.0pips for some pairs. App users also benefit from expert market analysis from its professional traders.

Pros

  • Low spreads – 0.0 pips for some pairs
  • Leveraged trading available
  • Regular promotions for registering an account
  • Range of forex pairs

Cons

5. Alvexo: Best for trading CFDs

Alvexo is a CFD broker that allows you to trade a range of markets. Stocks, indices, commodities, and ETFs are available, in addition to its Forex offering. Over 60 FX pairs are listed on its mobile app with the majors, minors, and some exotics included. It has three platforms to choose from which include MetaTrader4, Alvexo webtrader, and a mobile app. 

Access to forex signals, advanced charts, risk management tools, and real time alerts are just a few of the features available on the Alvexo trading app. As the broker uses MetaTrader4, users are able to download the MT4 mobile app to trade forex on the go. It also has a substantial educational section with lots of helpful tools.

Pros

  • Choice of two mobile apps
  • Competitive spreads
  • Range of other asset classes to trade
  • No commission
  • Broad range of educational content

Cons

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.

FAQs

ℹ Are forex apps legal?
ℹ Can I use forex apps where I live?
ℹ Do I have to pay tax on any money I make from forex trading?
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?
Are forex trading apps safe?
Do forex apps have copy features?
Is a forex trading app better than a desktop version?

Sources & references
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.
James Knight
Editor of Education
James is a lead content editor for Invezz. He's an avid trader and golfer, who spends an inordinate amount of time watching Leicester City and the… read more.