AuthorBy Jeffrey CammackAuthor InformationUpdated: October 29, 2020

Forex traders need to have constant access to trading accounts and market news to take advantage of unexpected opportunities. Mobile apps are the best way to keep trading when on the move, but mobile trading also has its downsides.

To make this list of the best Forex trading apps, we have included the apps that best capture the desktop trading experience. This includes advanced charts, news feeds and live market data.

Best Forex Trading App

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Best Forex Trading Apps 2020

Last updated on 29 Oct 2020
Updated 29 Oct 2020
by Editorial Director Jeffrey Cammackby Jeffrey Cammack
Jeffrey Cammack
All Brokers Regulated
All Brokers Regulated
by Trusted Authoritiesby Trusted Authorities
Sweden
1
AvaTrade
Min. Deposit
GBP 100
4.184.18
Min. Spread
0.9 pips
REGULATED BY
Trading Desk Type
11110.54.18/ 5
AlertAccepts UK Clients. Average spread EUR/USD 0.9 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 & MT5 platforms supported. AvaTrade Group regulated by ASIC, FSCA, B.V.I FSC & FSA. 79% of retail investor accounts lose money when trading CFDs with this provider of retail investor accounts lose money when trading CFDs with this provider.
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Good value, beginner-friendly and hugely respected all over the world, AvaTrade is one of the most reputable brokers in the industry. With support for the leading trading platforms and top-quality multilingual support, AvaTrade has built a brand on a solid reputation and continues to add to that reputation with the recent addition of AvaProtect – an automated loss-protection tool – to its product lineup.

AvaTrade offers trading in Forex, commodities, cryptocurrencies, exchange-traded funds, options, bonds, and equities and is a good choice for any type of forex trader ranging from beginners to scalpers and intraday traders to long-term traders.

Pros
  • Good for beginners
  • Well regulated
  • Low minimum deposit
Cons
  • Dealing desk
  • Limited education
Read More About AvaTrade
2
eToro
Min. Deposit
GBP 200
3.333.33
Min. Spread
1.0 pips
REGULATED BY
Trading Desk Type
1110.503.33/ 5
AlertMost retail CFD accounts lose money. Your capital is at risk.
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eToro pioneered social trading in 2012 and has been widely recognised for making the social trading experience as smooth and engaging as possible. It has since grown to become one of the largest Forex brokers in the world, and its success has made it clear that many traders view an active and helpful community as an essential part of their trading strategy.

eToro has won multiple awards for innovation, and as cryptocurrencies have become more popular, has introduced a wide variety of cryptocurrency CFDs to traders.

eToro’s trading model is quite different from most other brokers and may take some time to get accustomed to, but if you are looking for a fun and simple social trading experience, then eToro is the broker for you.

Pros
  • Well regulated
  • Good for beginners
  • Innovative trading tools
Cons
  • Limited education
  • Wide spreads
Read More About eToro
3
XM
Min. Deposit
GBP 5
4.384.38
Min. Spread
0.6 pips
REGULATED BY
Trading Desk Type
11110.54.38/ 5
AlertMost retail CFD accounts lose money. Your capital is at risk.
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XM Group has achieved substantial growth since opening in 2009, earning 1.5 million clients in 196 countries. XM’s operational philosophy is aimed at client satisfaction and low client turnover; they earn client loyalty through award-winning 24/5 personal customer service, varied account types and competitive trading conditions.

Regulated the FCA, CySEC and ASIC and the recipient of many industry awards, XM Group stands out from a crowded field of market maker brokers for their customer service and educational support.

Pros
  • Well regulated
  • Excellent education
  • Wide range of assets
  • Fast and free withdrawals
Cons
  • Dealing desk
Read More About XM
4
Pepperstone
Min. Deposit
GBP 200
4.514.51
Min. Spread
Variable pips
REGULATED BY
Trading Desk Type
11110.54.51/ 5
AlertMost retail CFD accounts lose money. Your capital is at risk.
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Founded in 2010, Pepperstone is an Australian ECN broker known for tight spreads, ultra-fast trade execution and broad platform support. Pepperstone’s award-winning, 24-hour support provides the foundation for its excellent customer service, where personalised assistance is available via several methods.

As our highest rated pure ECN broker, if you want to pay a small commission for tighter spreads, you won’t find a better broker than Pepperstone.

Pros
  • Well regulated
  • Tight spreads
  • Great platform choice
  • Wide range of assets
Cons
  • High minimum deposit
  • Limited market analysis
Read More About Pepperstone
5
Plus500
Min. Deposit
GBP 100
3.693.69
Min. Spread
Variable pips
REGULATED BY
Trading Desk Type
1110.503.69/ 5
AlertAll information presented is verified as of the date of the review.Most retail CFD accounts lose money. Your capital is at risk.
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With 50+ Forex CFD pairs available, tight spreads and fast execution, Plus500 is a popular broker with both its new and long-standing customers.  Even though a lot of effort has been put into creating a user-friendly platform, CFDs are complex financial products, and thus the platform is not suitable for inexperienced traders.

Award-winning customer service is available 24/7 and the Plus500 platform is web-based with no need for any downloads or setup, making this a good provider for those starting out who want to keep it simple. 

Plus500 has one account with a 100 USD minimum deposit requirement and keeps simplicity at the core of its business.

Pros
  • Well regulated
  • Wide range of assets
Cons
  • Limited education
  • Limited account options
Read More About Plus500
6
easyMarkets
Min. Deposit
GBP 100
4.244.24
Min. Spread
0.9 pips
REGULATED BY
Trading Desk Type
11110.54.24/ 5
AlertMost retail CFD accounts lose money. Your capital is at risk.
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Founded in 2001, easyMarkets has always innovated, introducing tools like negative balance protection and guaranteed stop-loss before anyone else. This innovation has continued with its unique easyTrade, Freeze Rate and dealCancellation tools, all intended to assist new traders and keep trading transparent and simple.

easyMarkets still provides the strong basic services expected from a broker while constantly innovating to meet the greater expectations of the client base.  With simple account types, a strong variety of platforms to support traders, and a 50% deposit bonus for new traders, easyMarkets is easy to recommend.

Pros
  • Well regulated
  • Wide range of assets
  • Innovative trading tools
Cons
  • Limited platform choice
  • Limited account options
Read More About easyMarkets
7
XTB
Min. Deposit
GBP 5
4.384.38
Min. Spread
0.1 pips
REGULATED BY
Trading Desk Type
11110.54.38/ 5
AlertMost retail CFD accounts lose money. Your capital is at risk.
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Well-regulated, safe and award-winning, XTB is a true leader in the Forex trading industry.

Joining other leading ECN/STP brokers with unbeatable trading conditions, excellent trader education and rock-solid analysis, XTB has also developed an award-winning proprietary trading platform that goes beyond MT4 to offer clients easy-to-use functionality with fast execution speeds.

Pros
  • Well regulated
  • Tight spreads
  • Low minimum deposit
  • Good for beginners
Cons
  • Limited platform choice
Read More About XTB

Features of the Best Forex Trading Apps

Mobile Trading 1

Forex trading apps are all different, but the best will have fast execution speeds, complete functionality, platform stability and a full range of assets to trade.

Fast Execution Speed

While this depends on the mobile device’s connection to the internet, it is important that the app itself does not suffer any loss in execution speed when compared to the desktop version of the platform.

Fast execution speed is an essential feature of the best Forex apps

XM App

The XM trading platform is famous for its execution speed and the same technology powers its trading app – expect fast mobile execution and an intuitive trading experience. 

Full Functionality

Trading apps should match the functionality of their desktop versions and they should feel familiar to users of the desktop platform. While charts on a mobile device are going to be less customisable than on a desktop, there should be some of the more popular functions found on the desktop version. This is especially valuable for custom indicators and common timeframes.

Mobile apps should feel familiar to users of the same desktop app

 

Etoro Mobile

The eToro mobile app is famous for its simple, intuitive design and its similarity to the eToro desktop trading platform.

Platform Stability

There is nothing worse than a Forex trading app crashing when you the markets are moving against your position. Platform stability is an absolute necessity and should never be compromised.

A stable trading app is an absolute necessity

Markets.com’s Marketsx app is not only packed full of features but is also based on native design for iOS and Android. This provides a smoother and more stable trading experience.

Marketsx

Which is the best Forex trading App?

AvaTrade has the best Forex trading app. Its flagship mobile app is called AvaTradeGo and was voted the Best Forex Trading App in 2020 at the Global Forex Awards. AvaTrade has invested a lot of time and money into AvaTradeGo and the results are clear.

AvaTradeGo was voted the Best Forex Trading App 2020 at the Global Forex Awards

AvaTradeGo provides a smooth trading experience with a sophisticated dashboard, complete with a set of intuitive management tools, clear charts, zoom for details, and many more helpful features unique to this app.

What are the advantages of Forex Trading Apps?

The advantages of the best Forex trading apps are the convenience, mobility, and quick response time they provide for traders.

Convenience

Before smartphone trading apps, Forex traders had to close all their positions when they left their desk and accessing Forex news and data was difficult.

With a trading app, you can keep trading when you leave your desk

But now all aspects of Forex trading can be achieved via a trading app. Most apps will allow you to open and close positions, use advanced charting to analyse the market and keep abreast of breaking news and economic data that affect the markets.

Mobility

While Forex trading apps are convenient, they also allow traders to continue all aspects of Forex trading while on the go.

With a trading app, you can track your positions, even when you are out shopping

Whether you are commuting to work on a train, or walking down the street to go shopping, you can keep track of your positions and the market movements.

Response Time

Trading apps also allow you to respond to market movements in an instant.

Trading apps allow traders to respond to market movements in an instant

Rather than having to wait until you are at your PC to take advantage of price movements, you can open or close an order immediately with the tap of your screen.

What are the disadvantages of Forex Trading Apps?

Small screens, distractions while you are on the move, slow execution speed and the potential for overtrading are all disadvantages of mobile trading that you should be aware of.

Screen size

Professional traders use two monitors with multiple charts and often hold numerous open trades. You cannot do this on a small mobile screen without the risk of missing important details.

Mobile traders should be aware of the charting limitations on their app

Mobile traders should try to limit the number of open trades and be aware of the charting limitations on their trading app

Distractions 

Mobile devices are designed to be with you when you are doing other things. Trading while you are doing other tasks can be a dangerous game.

Trading when you are doing other tasks is a dangerous game

If you are trading on a mobile device, make sure that you have taken the time and space to judge your trading decisions before following through.

Man on phone on street

Execution Speed

While execution speeds on the best mobile trading apps are good, you should not use them for scalping. Mobile networks are getting faster all the time, but there will always be a delay relative to a desktop trading environment.

Overtrading

Often, the best move when trading is to do nothing – especially when you are on the move and without access to the tools and charts you have at your desk. With the convenience of a mobile trading app, there is the danger that you will be tempted to trade too often, and in ways that you would not normally do when at your desk.

Final Word

Forex trading apps are a useful addition to a trader’s toolbox but should never be used as a replacement for a desktop platform.

Mobile trading apps are not a replacement for a desktop platform

While their convenience is undeniable, there is just too much space for distraction and overtrading while on a mobile device.

The best Forex trading apps can achieve some of the aspects of the best trading platforms but will never be able to match a desktop platform for analysis and execution speed.

Forex Risk Disclaimer

Trading Forex and CFDs is not suitable for all investors as it carries a high degree of risk to your capital: 75-90% of retail investors lose money trading these products. 

Forex and CFD transactions involve high risk due to the following factors: Over-leveraging, unpredictable market volatility, slippage arising from a lack of liquidity, inadequate trading knowledge or experience, and a lack of regulatory protection for clients.

Traders should not deposit any money that is not disposable. Regardless of how much research you have done, or how confident you are in your trade, there is always a substantial risk of loss. (Learn more from the FCA or from ASIC)

Our Methodology

Our State of the Market Report and Broker Directory are the result of extensive research on over 100 Forex brokers. The explicit goal of these resources is to help traders find the best Forex brokers – and steer them away from the worst ones – with the benefit of accurate and up-to-date information.

With over 150 data points on each broker and over 3000 hours of research and review writing, we believe we have succeeded in our goal. 

In a world where trading conditions and customer support can vary based on where you live, our broker reviews focus on the local trader and give you information about these brokers from your perspective.

All research has been conducted by our in-house team of researchers and writers, gathering information from various company representatives, websites and by sifting through the fine print. Learn more about how we rank brokers

Resources

Featured Brokers

Trading Forex and CFDs is not suitable for all investors and comes with a high risk of losing money rapidly due to leverage. 75-90% of retail investors lose money trading these products. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

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