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Compare the best forex trading apps in 2022
What are the best forex trading apps?
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.
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.
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.
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.
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.
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.
Fact-checking & references
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