Compare the best forex trading apps in 2022

Using an app is an easy and convenient way to trade forex. This handy guide selects the best forex trading apps to help get you started.
By: Prash Raval
Prash Raval
When not researching stocks or trading, Prash can be found either on the golf course, walking his dog or… read more.
Updated: May 10, 2022

What are the best forex trading apps?

1
Min. Deposit
$10
Promotion
User Score
10
Leverage
30:1
New accounts
Spreads
1
PIPs
Regulations
CySEC, FCA
Forex Pairs
No Fee
Start Trading
Pros:
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
Payment Methods
Bank Transfer, Wire Transfer
Full regulations list:
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.
2
Min. Deposit
$10
Promotion
User Score
9.3
Leverage
500:1
New accounts
Spreads
0.8
PIPs
Regulations
Forex Pairs
55+
No Fee
Start Trading
Pros:
55+ currency pairs available
Trade on a trusted platform
24/7 support via live chats, email or phone call
Payment Methods
Bitcoin, Credit Card, Debit Card, Visa
Full regulations list:
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.
3
Min. Deposit
$10
Promotion
User Score
8.7
Leverage
500:1
New accounts
Spreads
0.7
PIPs
Regulations
Forex Pairs
55+
No Fee
Start Trading
Pros:
Can fund with BTC
64 global companies including Netflix and Amazon
Free deposits and withdrawals
Payment Methods
Bitcoin, Credit Card, Debit Card, Wire Transfer
Full regulations list:
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
8.5
Leverage
:1
New accounts
Spreads
PIPs
Regulations
CFTC, FCA, IIROC
Forex Pairs
No Fee
Start Trading
Pros:
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
Payment Methods
Bank Wire, Check, Credit Card
Full regulations list:
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
7.9
Leverage
:1
New accounts
Spreads
PIPs
Regulations
Forex Pairs
No Fee
Start Trading
Pros:
Forex Demo Account
Trading accounts in EUR, USD, PLN, CZK, GBP
MT4 and MT5 platforms
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 list:

Top forex trading apps

Best overall – eToro

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.

Sign up with eToro >

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 

Pros

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

Cons

For beginners – Capital.com

Capital.com’s forex trading app is an excellent choice for beginners. It has one of the biggest educational sections of any forex broker around. New traders are able to learn from expert videos focusing on trading strategies. Capital.com’s analysts also publish the latest market news and updates making it easy for novice traders to understand the FX market better. 

It has over 5600 CFD markets including 136 forex pairs. These include all of the majors, minors, and some exotics. Some features that are beneficial to beginner traders are its risk management and guaranteed stop loss tools. New traders can take forex trades using guaranteed stop losses which add an extra layer of safety while navigating volatile markets.

Sign up with Capital.com >

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

For experienced traders – Skilling

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.

Sign up with Skilling >

Pros

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

Cons

With a demo account – Pacific Union

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.

Sign up with Pacific Union >

Pros

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

Cons

For CFDs – Alvexo

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.

Sign up with Alvexo >

Pros

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

Cons

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. 

How should I choose a forex trading app?

  • Fees. When trading forex there are often fees involved. Costs can include things like the bid/ask spread or commission. Some brokers have zero commissions but may have higher spreads, or vice versa. You should check fees before registering. 
  • Reliability. If you plan to use a forex trading app then you’ll want to make sure it’s reliable. Some apps can go down from time to time and you can read online customer reviews to understand how well an app performs. 
  • Spreads. The spread is the difference between the buy and sell price. Every broker will have different spreads and you should look at them as a trading cost. The lower the spread the cheaper your trade will be. 
  • Commission. Some forex trading apps will charge a commission each time you make a trade. Usually when your broker charges a commission it means that you will have a lower spread. 
  • Speed. A lot of forex traders use day trading strategies where they make lots of trades throughout the day. If your forex trading app is slow then this can drastically impact your profits so checking before you join a broker is recommended. 
  • Range of pairs. Some forex trading apps only let you trade a few FX markets while others include lots. It’s best to stick to the majors when you’re starting out, but for more experienced traders, minors and exotics can give more opportunities. 
  • Technical tools. Some forex traders like to use technical analysis when analysing the markets. A forex trading app that includes lots of technical indicators can be helpful when deciding what to trade from your mobile device. 
  • Regulation. Forex brokers are located around the world and some are based in jurisdictions with stronger regulations than others. It’s a good idea to choose a forex trading app that’s well regulated in your country or region. 
  • Security. The best forex trading apps have extra security features. Looking for apps that have additional steps to log in such as 2 factor authentication can make your trading account even more secure. 

Should I use a forex trading app?

Yes you should consider using a forex trading app. The best apps make it easy to trade the forex market from anywhere in the world and you’re not required to be sitting in front of your computer screen to do so. It is often a good idea to use both desktop or web based platforms as well as a trading app. 

When using a forex trading app you’ll have the flexibility to check on your trades without the need for logging into your computer. You’ll still be able to buy and sell forex pairs and have the same features as desktop platforms. 

Pros and cons of forex trading apps

Below we’ve provided the pros and cons of using a forex trading app to help you decide if using one is right for you. 

Pros

  • Easy access to the forex market even when on the go
  • The same functionality as desktop or web platforms
  • Free to download and use
  • The ability to spot market moves very quickly
  • Additional features like signals and market analysis

Cons

What are the fees for forex trading apps?

There is no set fee and it will vary depending on your broker’s terms. Generally you will either pay spread, commission, or a combination of both. Spread is the difference between the buy and sell price. Commission is determined by your broker and one that charges it, usually has low spreads. It’s helpful to check with your broker before downloading an app so you’re aware of the costs involved. 

What is the best forex trading app?
Are forex trading apps safe?
Do I have to pay tax on forex trading?
Do stock forex apps have copy features?
What is the best forex trading app for beginners?
Can I have more than one forex trading app?
Is a forex trading app better than a desktop version?

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.

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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 >

Prash Raval
Financial Writer
When not researching stocks or trading, Prash can be found either on the golf course, walking his dog or teaching his son how to kick a… read more.