Forex trading apps have become even more popular in recent times as more forex brokers are offering user friendly trading apps to traders all over the globe. With technology always improving, this has made forex trading apps easily accessible.
You may not always want to sit on your desktop computer or with a laptop in your lap, this is where a mobile forex trading app can be useful. I chose the best forex trading apps based on the spreads, commissions, trading tools, educational materials, market research and analysis, execution speeds, regulation, currency pairs and customer support.
Here I have compiled a list of the best forex trading apps that will allow you to trade from anywhere in the world on your mobile device.
Best forex trading apps:
- Competitive spreads
- Low slippage
- Award Winning Broker
- Plenty of Liquidity Providers (LP's)
- Fast deposit / withdrawal
- Excellent 24/7 support
- MetaTrader 4 platforms
- Multiple account types
- Many Trading Tools
Features of the best forex trading apps
Although the majority of forex trading apps will offer the same core online trading services, there specific features to look out for that separate the best forex trading apps from good forex trading apps.
Real-time forex pricing
The price of a currency pair is continuously moving up and down. When you trade a forex pair, you are speculating on if the price will rise or fall. It is therefore important to have the latest price information displayed within the forex trading app.
As mobile phones may not have the same processing power as a desktop computer or laptop, the trading apps may lag or even crash whilst you are trading online. You could test out the forex trading app with some demo trades to ensure that it is compatible with your mobile device and delivers currency prices with minimal delays.
Trading educational materials
The best trading apps should offer the user a good selection of educational resources to help them improve their trading knowledge and skills. This can include trading guides, videos, quizzes, tutorials, FAQs and glossary of terms.
Forex research & analysis
The best trading apps should give users daily forex news and analysis which they can use to assist them with finding potential trade opportunities and for managing open positions. This could include an economic calendar or expert analysis from the brokers research team.
When forex trading, you need to pay the spread which is the difference between the bid and ask price of a currency pair. Most major currency pairs have tight spreads although some of the more exotic pairs can have quite large spreads. Generally speaking, the lower the spread, the lower the cost of making a trade.
The best trading apps will offer the lowest spreads which can help to save on trading costs in the long term.
In addition to paying the broker a spread for each trade, they may also charge a commission fee on top. This is to help cover the brokers operating costs and is worth considering in addition to the spread. Make sure you trading strategy accounts for all broker charges as they can eat into profits, especially if using a scalping strategy.
The best forex trading apps will usually charge low commission fees. Whilst some brokers do not charge a commission, they may compensate for this by increasing the spread.
The best trading apps will offer a good selection of forex trading tools which can be used to assist traders in their day to day trading activities. This can include tools for conducting detailed chart analysis to try and predict market movements along with tools to improve the efficiency of performing frequent actions. They should offer similar tools to desktop forex trading platforms.
Forex app support
If you get stuck at any point and need help, the best forex apps should have a customer support representative on hand to help you. Ideally, they will be available to contact from directly within the app.
Forex currency pairs
Each mobile trading app can have different forex currencies available to trade. If you want to trade a specific currency pair, you should make sure that it is available on your forex app. The best forex trading apps will offer a range of major, minor and exotic currency pairs.
If you wish to trade other markets, some trading apps support online trading of stocks, commodities, precious metals, indices, energies, cryptocurrencies and more. You should check the trading app has all markets that you plan to trade now and perhaps in the future.
Forex trading app regulation
The best forex trading apps will be regulated by a respected regulatory authority such as the Australian Securities and Investment Commission (ASIC), Cyprus Securities and Exchange Commission (CySEC) and the Financial Conduct Authority (FCA) in the United Kingdom.
Regulated mobile trading apps can give users more protection than non-regulated apps can. This helps to give you peace of mind that the app must abide by strict rules and regulation whilst you have some protection if things were to go wrong.
Where to download a forex trading app?
Hopefully you now have an understanding of forex trading apps and you may be considering to download an app on your mobile device and start trading forex online. If you are looking for a forex broker to download a trading app from, please see my best forex brokers for those who I think are worth consideration.