In the dynamic world of forex trading, wanting to know the best forex trading apps and platforms is understandable because choosing the right app can be the pivotal factor between success and missed opportunities. I’ve meticulously scrutinized and tested numerous forex trading apps for several months.
Just as there are apps to trade trade gift cards online, through extensive research and hands-on experience, I’ve condensed the expansive field into a definitive list of the top 10 forex trading apps.
This selection represents the pinnacle of trading technology, tailored to meet the diverse needs of seasoned traders and those taking their first steps in the forex market.
Each app on this list offers a unique blend of features, empowering you to navigate the intricate world of forex trading with confidence and precision.
Top 10 Best Forex Trading Apps – Our Top Picks
Here are our top 10 Forex trading apps in the world:
- FBS Trader App
- MetaTrader 4 (MT4)
- Oanda
- ForexTime
- AvaTrade
- Interactive Brokers
- CTrader
- Thinkoswim
- City Index
- Trading 212
1. FBS Trader App
When delving into forex, and crypto trading, FBS trader app swiftly emerges as a formidable contender, on our list of the best forex trading apps, especially for beginners.
Having explored its intricacies, I’ve discovered that FBS excels in several aspects, including seamless account setup, and an extensive array of cryptocurrencies, solidifying its position as a frontrunner in the trading industry.
One of its standout features, which I found captivating, is the concept of copy trading. This innovation allowed me to shadow fellow users’ trading strategies and portfolios, providing valuable insights and enhancing the learning experience for novice and seasoned traders. Any newcomer has three tries to invest with zero risk, using FBS CopyTrade. If a user fails, the app will return 100% of their loss.
FBS further distinguishes itself with its user-friendly trading platforms, intuitively designed for hassle-free navigation, making it an ideal choice for those just commencing their trading journey.
However, it has its drawbacks. While testing the platform, it has slim product portfolio, and very few account base currencies.
Nevertheless, FBS remains a compelling choice for anyone seeking efficient and cost-effective trading, while enjoying the convenience of an exceptional mobile app.
Pros
- Copy trading
- Low stock and stock index CFD fees and no inactivity fee
- Easy and fast account opening
- Excellent customer support & education
Cons
- Slim product portfolio
- Few account base currencies
- No investor protection for non-EU clients
Our Rating
- Features: 4.9
- Customer support: 4.9
- Pricing: 4.8
- User-friendliness: 4.9
User Testimonial
“I have been using it since 2017 and never had problems. It’s a good platform for beginners, in my opinion, and for people who don’t use much leverage. I am now a popular investor” – vincenzost, Reddit.
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2. MetaTrader 4 (MT4)
MetaTrader 4, often referred to as MT4, owned by MetaQuotes Software, is next on our list of the best forex trading apps. It offers a plethora of market indicators that prove invaluable in decision-making during trades.
While its prowess shines in contracts for differences and foreign exchange (forex) trading, it’s versatile enough to cater to various markets, making it a flexible choice for traders.
The icing on the cake is that MetaTrader is feature-rich and free to download and use. For those eager to dive deeper into the wealth of advanced data provided by MT4, seeking insights from a financial advisor is a prudent move.
Having been on the scene since 2005, MetaTrader is a seasoned and widely renowned trading platform. MetaQuotes, the software company behind it, has been instrumental in its evolution.
Despite multiple versions being available, MetaTrader 4 has stood out as the preferred choice among users, even after the introduction of MetaTrader 5 in 2010. The platform boasts an impressive array of features, but it’s important to note that direct customer service could be more present.
MetaTrader 4 has significantly streamlined my ability to perform real-time operations efficiently, whether opening, closing, or maintaining trades, without delays or execution errors.
The platform’s lightweight nature is commendable, as it seamlessly adapts to various mobile and portable devices. Additionally, the straightforward integration with VPS services facilitates automated trading processes.
However, one noteworthy limitation I’ve encountered is relying on the MQL programming language to create custom robots and indicators. Despite this constraint, my journey with MetaTrader 4 has been primarily characterized by its robust capabilities and convenience.
Pros
- Can automate trades based on your preferences
- Free demo accounts are available
- Suitable for experienced investors
Cons
- Not great for high-frequency trading
Our Rating
- Features: 4.8
- Customer support: 4.7
- Pricing: 4.7
- User-friendliness: 4.8
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3. OANDA
Oanda, a US-based broker, primarily focuses on forex trading while extending US stock trading options to EU clients.
One notable positive aspect I’ve encountered is the user-friendly nature of Oanda’s trading platforms. Navigating through trades, monitoring positions, and executing orders have all been smooth and hassle-free experiences.
This ease of use makes it an attractive choice for traders of varying experience levels, including beginners like myself, when I started.
Oanda’s research tools have been a standout feature. The platform offers a plethora of technical indicators, which I found immensely helpful for conducting technical analysis.
It has allowed me to make informed trading decisions by providing comprehensive data and analysis options. Additionally, the availability of an API has given me the flexibility to customize my trading experience, integrating external tools seamlessly.
The account opening process is another area where Oanda shines, particularly for novice investors. I appreciated the simplicity and speed with which I could open an account. This quick and user-friendly onboarding process made it easy for me to start my trading journey. Hence, it is one of the best forex trading apps out there.
However, it’s not all roses. Oanda does have its limitations. The restricted product portfolio is a downside, particularly if you want to diversify beyond forex and CFDs. As a US client, I found it disappointing that I couldn’t access stock trading through Oanda, while European clients could.
Safety is a top priority when choosing a broker, and Oanda’s lack of a stock exchange listing and its absence of a banking background gave me some reservations. These factors may impact the overall safety and stability of the platform, which is a crucial consideration for risk-averse investors.
Lastly, the availability of customer support is slightly inconvenient. With assistance only available during standard business hours from Monday to Friday, it may not cater to the needs of traders who require support over the weekend or during extended hours.
Our Rating
- Features: 4.5
- Customer support: 4.2
- Pricing: 4.4
- User-friendliness: 4.3
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4. ForexTime (FXTM)
FXTM, as an international CFD and forex broker, is under the regulation of the UK’s FCA, CySEC of Cyprus, and the Mauritian FSC. As of March 2021, FXTM stopped serving retail clients in the European Economic Area (EEA) under CySEC regulation. Only professional clients are eligible to use FXTM’s services within this region.
Regarding account opening with FXTM, you’ll find the process fast and fully digital. Their customer service is known for providing quick and relevant responses in many languages.
However, there are a few downsides to consider. The CFD fees are average, and there are inactivity and withdrawal fees to be aware of. FXTM’s educational services might not meet your expectations, and their product portfolio is limited.
I like that Forextime continues to adjust to market and regulatory changes, ensuring traders maintain a competitive edge. The degree of transparency is another positive, I point out.
Pros
- Excellent commission-based Forex pricing environment and transparency
- Upgraded MT4/MT5 trading platforms plus proprietary mobile trading app
- Quality market research and educational content for beginner traders
Cons
- No cryptocurrencies and limited choice of commodities
Our Rating
- Features: 4.4
- Customer support: 4.1
- Pricing: 4.2
- User-friendliness: 4.2
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5. AvaTrade
AvaTrade, a global forex and CFD broker, provides a seamless and fully digital account opening process. AvaTrade offers a range of deposit and withdrawal options, all without any associated charges. They also boast a diverse and user-friendly set of research and educational tools.
However, there are certain drawbacks to consider. AvaTrade’s product portfolio is limited, focusing on forex various CFDs encompassing stocks, indexes, commodities, and cryptocurrencies.
Inactivity fees with AvaTrade are relatively high, and their forex trading fees may be less competitive. It’s worth mentioning that AvaTrade recently established a strategic partnership with the Aston Martin Formula 1 Team.
Pros
- Availability of an account for representatives of Islam (swap-free);
- Option for automated trading using trading advisors, indicators, and other analysis tools;
- No restrictions on trade and scalping;
Cons
- Trading terminals are prone to freeze occasionally.
Our Rating
- Features: 4.3
- Customer support: 4.0
- Pricing: 4.1
- User-friendliness: 4.1
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6. Interactive Brokers LLC
Interactive Brokers LLC (IBKR) is highly recommended for those searching for a comprehensive broker offering exceptional services at competitive fees. IBKR’s strengths lie in its extensive array of asset types from global exchanges, accompanied by a wide range of trading platforms that offer advanced functionality and robust research tools.
For beginners, the IBKR Global Trader app provides an excellent entry point for trading stocks, ETFs, options, and cryptocurrencies. It is worthy of mention on our review about the best forex trading apps and platforms.
At the same time, more experienced users can delve into the complex capabilities of Trader Workstation at the other end of the spectrum.
However, it’s essential to be aware of certain drawbacks with IBKR. The account opening process can be lengthy and tedious. Some trading platforms may be overly complex for novice traders, and customer service might occasionally be busy.
Despite these minor drawbacks, Interactive Brokers is an all-encompassing broker option with competitive fees and a wealth of trading opportunities.
Pros
- Large investment selection.
- Vital research and tools.
- Over 18,000 no-transaction-fee mutual funds.
Cons
- The website could be easier to navigate.
Our Rating
- Features: 4.1
- Customer support: 3.9
- Pricing: 4.1
- User-friendliness: 4.2
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7. cTrader
cTrader is known for its quick order execution and user-friendly design. It offers advanced charting tools but may have fewer built-in indicators than MT4 or MT5.
If you’re considering a forex trading app, XTB is worth your attention, supporting many global markets encompassing stocks, forex, commodities, indices, and cryptocurrencies. In your journey exploring XTB, you’ll want to know how it fares in terms of fees, market offerings, spreads, payment options, leverage limits, and the quality of customer support.
As someone who’s delved into XTB, it’s evident that this platform shines as one of the finest choices for day trading in the forex realm. With support for 57 forex pairs, including a diverse mix of majors, minors, and exotics, it caters to a broad spectrum of trading preferences.
Whether you’re looking to engage in EUR/USD, EUR/GBP, or USD/GBP, XTB allows you to buy and sell micro-lots, making it an attractive option for those with budget considerations.
Notably, the competitive nature of forex spreads on XTB stands out, with examples like EUR/USD trading starting from just 0.01 pips and EUR/GBP currently boasting an appealing spread of merely 0.18 pips.
The beauty of forex trading with XTB is the round-the-clock availability, allowing you to trade 24 hours a day, five days a week. It’s also worth noting that XTB offers some of the most generous leverage limits in forex trading, with leverage of up to 1:500 for significant pairs.
In my experience, XTB has proven itself to be a dynamic and accommodating platform for forex trading, with a well-rounded set of features that ensure I am well-equipped to navigate the world of trading confidently.
Pros
- Trade stocks, ETFs, indices, commodities, cryptocurrencies, and forex
- % commission on all supported markets
- One of the best high-leverage brokers (up to 1:500 available)
Cons
- Does not accept US clients
Our Rating
- Features: 4.7
- Customer support: 4.5
- Pricing: 4.7
- User-friendliness: 4.6
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8. Thinkorswim
Thinkorswim by TD Ameritrade offers advanced charting, technical analysis, and multiple order types. It’s a powerful tool but may seem complex for beginners. TD Ameritrade’s thinkorswim platform, now under the Schwab umbrella since its acquisition in 2020, is a comprehensive investment tool tailored to the needs of serious investors.
It complements TD Ameritrade’s core retail platform, designed to cater to the hard-core investing community. One standout feature is its extensive stock search functionality, providing stock prices and valuable information such as bid/ask spreads, options chains, and one-cancels-the-other (OCO) bracket orders.
The versatility of thinkorswim extends across various asset classes, encompassing stocks, ETFs, mutual funds, bonds, futures, foreign exchange, and even micro-cryptocurrency futures. This extensive asset coverage makes it a go-to platform for diverse investment needs.
You can access Thinkorswim through multiple channels, including a desktop client, a web browser, and a well-designed in-app trading interface. While the web-based portal and desktop application offer valuable features, the latter surpasses data options and customization, providing users with a more tailored experience.
Thinkorswim’s strength lies in its wealth of data and customization features, which is a double-edged sword. The platform provides various technical and fundamental analysis tools for its target audience of sophisticated investors.
This enables you to monitor asset movements and access news and information about the companies associated with those securities.
In essence, thinkorswim’s focus on data and customization caters to the discerning needs of experienced investors, making it a powerful tool for those who require in-depth insights and analysis for their investment decisions.
Pros
- Two of the world’s best regulators license it.
- Optimal trading conditions for individual assets.
- Segregated accounts.
Cons
- A limited number of deposit/withdrawal options
Our Rating
- Features: 4.6
- Customer support: 4.4
- Pricing: 4.5
- User-friendliness: 4.5
9. City Index
City Index, a global CFD broker, holds regulations from various financial authorities, including the top-tier UK FCA. City Index offers low forex trading fees, and non-trading fees, such as withdrawals, come at a minimal cost. The account opening process is efficient and swift, complementing a broad selection of top-quality research tools.
However, it’s essential to be aware of certain limitations. City Index primarily focuses on forex, CFDs, and crypto trading. Regarding stock CFDs, the associated fees are on the higher side.
Additionally, their desktop trading platform may not be the most user-friendly option. Despite these considerations, the City Index remains a viable choice for CFD trading, particularly regarding competitive forex fees and regulatory oversight.
Pros
- Low fees for forex
- Fast and smooth account opening
- Diverse research tools
Cons
- Product portfolio limited to forex and CFDs
Our Rating
- Features: 3.9
- Customer support: 3.8
- Pricing: 4.0
- User-friendliness: 4.1
10. Trading 212
Trading 212, a CFD broker, stands out with its regulatory oversight from the UK’s FCA, the Bulgarian authority FSC, and CySEC in Cyprus. It offers an enticing proposition of commission-free stock and ETF trading.
Account opening with Trading 212 is a seamless, fully online process known for its simplicity and speed. The web and mobile trading platforms are thoughtfully designed, making them exceptionally user-friendly and an attractive choice for novice investors.
However, certain limitations need consideration, including the limited product portfolio with notable omissions like options and bonds. Notably, forex fees are relatively high, and the absence of USD as an account currency could lead to increased costs when trading US stocks due to currency conversion fees.
Pros
- Real stocks and ETFs are commission-free
- Quick and easy account opening
- Great trading platforms
Cons
- High forex fees
Our Rating
- Features: 3.7
- Customer support: 3.6
- Pricing: 3.9
- User-friendliness: 4.0
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Buyer’s Guide
When exploring the top 10 Forex trading apps in the world, it’s essential to consider various factors to find the best product or service that aligns with your needs.
Here are some key points to keep in mind during your search:
- Features: When searching for the best Forex trading apps, assessing their features is crucial. Seek out apps that offer a comprehensive range of tools, including real-time market data, advanced charting, technical analysis, and risk management features. The ideal app should empower you with the tools to make informed trading decisions.
- User Experience: Evaluate the user-friendliness of Forex trading apps. Opt for apps with intuitive interfaces and smooth navigation, ensuring that beginners and experienced traders can efficiently execute trades and access essential information.
- Pricing: Consider the cost of using each Forex trading app. Some apps may offer free versions with limited features, while others may have subscription or commission-based pricing models. Be sure to understand the pricing structure and any additional fees that might apply.
- Security: Prioritize security when selecting a Forex trading app. Ensure the app follows industry-standard security protocols, including data encryption and two-factor authentication, to safeguard your personal and financial information.
- Currency Pairs: Different Forex apps may provide access to various currency pairs. Choose an app offering a wide selection of currency pairs, including principal, minor, and exotic, to suit your trading preferences.
- Order Execution: Analyze the order execution speed and reliability of each app. Fast and accurate order execution is crucial in the Forex market to capitalize on price movements.
- Demo Accounts: Look for apps that offer demo accounts, allowing you to practice and test your strategies with virtual funds before risking natural capital.
- Customer Support: Assess each app’s level of customer support. Reliable customer support channels, such as email, chat, or phone support, can be invaluable when encountering technical issues or having questions about the app’s functionality.
- Education and Research: Seek out apps that provide educational resources, such as trading tutorials, market analysis, and economic calendars. These tools can help you stay informed and make informed trading decisions.
- Reviews and Ratings: Research user reviews and ratings to gauge the app’s reputation and performance. Look for apps with positive feedback from traders and a strong track record of reliability.
FAQs About the Best Forex Trading Apps
What forex app do most traders use?
The MetaTrader platform suite is the widely preferred choice for forex and CFD trading apps. Developed by MetaQuotes Software Corporation, it is extensively used for trading forex, CFDs, shares, and various asset classes.
Can I trade forex with Naira as the base currency?
Yes, you can trade forex with Naira as the base currency. Some forex traders offer Naira-denominated accounts, which can be particularly advantageous for beginners, helping them avoid currency conversion fees. Notable platforms like FXTM, Exness, and HF Markets provide Naira trading accounts.
Which app is the most commonly used for forex trading?
The MetaTrader platform suite, developed by MetaQuotes Software Corporation, is the most widely used app for trading forex, CFDs, shares, and other asset classes. Its user-friendly interface and robust features have made it a popular choice among traders.
Make Use of the Best Forex Trading App Today
While numerous forex trading apps vie for your attention, having rigorously tested the top contenders, I recommend FBS trader app as the premier choice.
FBS offers a standout suite of features that elevate it above the competition, including a user-friendly interface, especially for beginners, and a vibrant social trading community.
FBS has significantly enhanced my trading experience, providing the resources to make informed decisions in the dynamic forex market.
The platform’s seamless blend of intuitive design and in-depth functionalities makes it a must-have for seasoned or new traders.
With FBS, you gain the power to take control of your forex trading journey and achieve outstanding results in global currency trading.
What did you think of our review of the best forex trading apps? Let’s have your comments as you dive into the world of forex trading confidently by choosing FBS as your go-to app.
