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The best forex trading apps make trading and going to invest in foreign currencies on your tablet or smartphone simple and easy.
This is especially helpful in today’s interconnected world, where the foreign exchange market plays a significant role in daily business. It is a global, blockchain – based marketplace for financial institutions and businesses to trade currencies.
According to Bank for International Settlements research, forex trading generates an estimated $6.3 trillion per day, making it larger than other financial markets. It is regularly dominated by large international banks and corporations that trade and convert international currencies around the clock.
Forex trading also serves as the foundation for international trade and investment. For example, if an American company wants to import goods from a European country, the transaction will almost certainly have to be completed in euros. These businesses can quickly and easily exchange dollars for euros using forex.
Forex trading, in addition to facilitating international trade, is a lucrative investment opportunity. Companies and investors make billions of dollars every day by purchasing and trading currencies. However, forex trading requires a significant amount of experience and skill.
This is where forex trading platforms come in, automating a common business practise. In essence, these will scour the market for the best currency trading opportunities. And in this article, we’ve chosen the best forex trading apps available right now.
Top Forex Trading Apps
According to our extensive research, the best forex apps are as follows:
- EXNESS.COM
Best Overall - FOREX.com
Best Research and Charting Tools - eToro
Best for Copy-Trading - Oanda
Best for Safety - FXTM
Best for Beginners
Best Forex Trading Apps 📲
1 EXNESS.COM Best Overall
Exness has hundreds of thousands of active clients and trillions of dollars in trading volume as of April 2022. The broker provides its clients with a diverse range of assets, including Forex, Crypto, Metals, Energies, and others. The award-winning broker also offers a variety of account types to meet the specific needs of each trader.
Who Is Exness Recommended For?
Exness is recommended for experienced traders, as this broker does not provide many “how-to” resources that would be useful to a beginner. If you’re new to Exness, you can still sign up; just keep in mind that you’ll need to learn the basics elsewhere. This broker’s account types and MetaTrader suite will appeal to advanced and intermediate traders.
Top Exness Features
Withdrawals are processed instantly. Exness is particularly proud of its instant withdrawals. A withdrawal can be completed in seconds, according to this broker. There is no need for manual processing, and withdrawals are instant even on weekends.
VPS Hosting for Free Exness offers free VPS hosting if you need fast, dependable execution. The continuous internet coverage will protect you from problems that could disrupt your trading.
Price History in Detail Clients can access a historical archive of all price tick data through Exness. This archive is derived by the broker from its real-time pricing. Simply visit https://www.exness.com/tick-history/, choose an instrument and time period, and click to download a zip file containing past bid/ask prices.
Trade volume is high. Exness has an impressive trade volume. It had a total trading volume of $2.105 trillion as of April 2022. As of April 2022, there were 281,270 active clients, who made a total of $870 million in withdrawals in the first quarter of 2022.
Broker who is open and honest. Exness is an open broker. It is regulated by a number of multiple companies and makes its reports public so that clients can view its audits and performance indicators. These reports are available at https://one.exnesstrack.com/financial-reports/a/ts0ams0a
2. FOREX.com – Best Research and Charting
Few things are more enjoyable than drawing charts on your phone, and FOREX.com takes the cake in this category. FOREX.com, like some of the other names on this list, provides MT4 as well as its own mobile platform, which is the more popular option among users.
The app’s workflow is logical and simple, making it simple to use even for beginners (it also has a lot of green which we found relaxing). You can also place market, limit, stop, stop trailing, and OCO orders, as well as use the search function. You cannot set order time limits, but the price alerts are very simple to change.
The most interesting features are most likely research-related. To begin with, charting tools abound, and using them is simple.
FOREX.com has excellent research and news sources available through the app and on their website, making the app ideal for traders who require thorough analysis before investing. However, because FOREX.com does not provide fundamental data, you must obtain it elsewhere.
To make things even easier, the platform allows you to download clear fee and portfolio reports – having all of your assets and expenses in one place is beneficial. The only area where this platform falls short is dependability. When you’re in the middle of an important trade, the app has a propensity to slow down or even freeze.
Aside from that rare drawback, the platform is user-friendly, outstanding for research, and includes useful features such as multiple order types and price alerts. The broker also has some of the lowest spread prices and an impressive list of overall offerings, so take a closer look at FOREX.com if this is what you’re looking for.
3. eToro – Best for Copy-Trading
In terms of accessibility and functionality, eToro’s trading app competes well with other top apps overall, but there is a catch. This platform is designed for copy trading and offers huge benefits to experienced traders.
Copy trading requires watching what professional traders do in real time and immediately copying their trades by clicking a single. This provides an opportunity for new traders to earn money while learning advanced trading strategies, which is encouraging for those who are just getting started in forex. This feature also allows users to view their preferred trader’s portfolio and trading history, making sure that they are making an informed decision.
Aside from these benefits, eToro’s app is easy to use and has all of the features you’d expect from a good platform. The search function is highly useful, you can set alerts, and the platform can provide you with a detailed fee report.
The only real main drawbacks are the lack of charting and fundamental data. Aside from that, the app will provide you with trading ideas and analyst recommendations. Two-step authentication is also available, making this app slightly safer than many others on this list.
In essence, eToro lacks research capabilities but excels in the majority of other areas. The app’s copy trading capabilities and trader features are especially remarkable.
Check out the full eToro review and see if this broker has all that you’re looking for.
4. Oanda – Best for Safety
If you have money in your brokerage account, it is most likely not a small sum; therefore, safety is important. Oanda performs well in this category because it is a reputable company with top-tier regulators and a secure platform. But that’s not the only thing Oanda offers.
Although Oanda supports MetaTrader 4 and MetaTrader 5, the majority of users prefer the broker’s proprietary platform. Oanda, like most top platforms, has a simple, user-friendly design that allows you to navigate the menus quickly and without confusion (and it looks quite stylish too).
Products can be found by typing their names or asset categories into the search bar. Then you can draw and compare price movements using Oanda’s highly customizable charting tools. After that, you can set price alerts to be notified whenever something reaches the price you want to buy/sell at.
The platform has most of what you need, including two-step authentication, which adds an extra layer of security; the only thing missing is face/fingerprint ID, which would make logging in more convenient.
The app is available in English, Arabic, German, Japanese, Chinese, and Russian on both iOS and Android. Overall, the app is useful, well-rounded, and secure – a welcome addition to Oanda’s trading platform, which is currently near the top of the industry.
5. FXTM – Best for Beginners
Starting with the fundamentals may be the best approach for a new trader. FXTM does not have its own app, but it does provide a customised version of the industry-standard MT4 and MT5 platforms. Most forex brokers use these two, particularly MT4, so mastering them is an excellent introduction to forex trading.
MetaTrader 4 is the most widely used platform and one of the most user-friendly in the industry. The design is very clean and simple, making it simple to navigate the platform.
All functions are accessible directly from the popup menu, which can be opened from any page at any time. Looking at menus for quotes, charts, news, customer support, and everything else is always at your fingertips.
You can use the search function to find products by their names or asset categories, which is similar to how many other forex platforms work. The buy/sell menu displays the current price of the asset you’re looking at as well as a chart displaying price movements over the previous day. This is very convenient because you don’t have to switch screens to see if you’re making a good trade or not.
To cater to an international audience, the platform looks and feels very intuitive, and it is available in 22 languages. However, there are a few disadvantages.
The app, unlike the desktop platform, does not support price alerts and does not support two-step authentication. The login only requires your password and lacks face/fingerprint identification – without a doubt, it could be safer.
Overall, FXTM provides a very user-friendly mobile trading app that allows you to gain good user experience and learn about the platform that almost every other forex broker supports. However, a useful mobile app isn’t the only thing that distinguishes a good broker, so read our in-depth FXTM review if this company appears to be the right forex-trading medium for you.
