Whether you’re looking to trade forex professionally or in your spare time, having access to the global currency markets on a 24/7 basis is absolutely crucial. In fact, imagine having a large amount of exposure to a currency, and only finding out about a devaluation when it is too late?
Although you can’t be sat at your trading desk all day, what you can do is ensure that you have the best forex apps on your smartphone. This way, not only will you be able to trade forex at the click of a button, but you’ll have access to key market data in real-time. In this guide, we’ve reviewed the top forex trading apps for iOS & Android devices by usability, fees and features and found eToro to be the best. Read on to find why we recommend eToro and the top forex trading apps for 2019!
What is a forex trading app?
The forex market forms a huge part of today’s business and finance. It is a global and decentralised environment where not only banks and business but also individuals can trade currencies and that is where forex trading apps come in. They are software designed to suit your mobile screens but maintaining the same features offered by the desktop versions of the actual trading platforms. After all, research has shown that forex trading generates over $5 trillion and even though it is mostly dominated by banks and businesses, individuals play a big part in it too, so making it as convenient as possible through mobile apps is now a necessity.
How we rated these forex trading apps
In case you are wondering, the way we rate these apps mostly depends on our tests. The things we take into consideration are:
- Trading platform
- Variety of currency pairs
- Availability of special features
- Functionalities (alerts, price signals, technical indicators and so on)
Top 5 Forex trading Apps for 2019
No matter how often you plan to trade, it is of utmost importance that you have the ability to buy and sell forex pairings on your mobile phone. You don’t want to be in a position where you need to urgently exit a trade, but need to wait until you get home to do it. That could be the difference between you making a small loss, or a significant one. As such, it’s best to go with a forex app that allows you to trade on a 24/7 basis, in the most user-friendly of manners. The eToro app is definitely the best forex trading app in 2019 if that is what you are looking for.
In general, eToro offers some of the best trading platforms around, including MT4 and MT3 and the trading platform available on the trading app maintains the user-friendly characteristics offered on the online platform and includes the same special feature, copy trading. It basically allows you to place the same trades as the top investors active on eToro to help you make the most out of your trading experience.
On top of listing more than 47 currency pairings, the eToro app also allows you to trade crypto, commodities, stocks and shares, and indices. Furthermore, the eToro forex app is also licensed and authorized by the UK’s FCA and Cyprus’s CySEC – two highly stringent regulators that will ensure your funds are kept safe.
There are not many fees to be aware of on eToro and those that are present are fairly limited. To sign up and to make a deposit, no fees apply but there is a $25 withdrawal fee and a $5 inactivity fee. Apart from that, there are also spreads to keep an eye on. They vary depending on the asset you want to trade with of course, but most of the time, it is set at 0.09% per side for stocks and ETFs, but for forex, the spread is of 3 pips for common pairs such as USD/CAD but it can go up to 50 pips for the least common ones. Most of the forex assets have a spread of around 20 pips or below.
Etoro is supported in 140 countries and has over 10 million users worldwide at the moment. You will certainly be able to trade on it unless you are currently based in Iran, Myanmar, North Korea, Sudan, Cuba. If you are based in the UK or the USA, we definitely recommend trading on the eToro forex trading app.
Pros and Cons
By having the eToro app on your smartphone, you’ll be able to trade forex at the click of a button. The app has been fully optimized for both Android and iOS devices, meaning that you’ll get a top-grade trading experience while on-the-move. Here is a list of the app’s pros and cons:
- Trade forex 24/7
- 47 forex pairs available
- Regulated by the FCA (UK) and CySEC (Cyprus)
- U.S. friendly
- Easy to use
- Perhaps not enough educational resources
- Spreads can get high depending on the asset you choose
How to download the eToro app
To get started, simply follow the steps outlined below:
- Create an eToro account
- Confirm your identity by uploading ID document
- Deposit funds in your account after selecting a payment option ($200 minimum)
- Download the eToro app for your phone
- Access the markets at any time through one-click log-in
Check out our eToro forex platform review to find out more about this broker.
Download the eToro app
2. IQ Option Forex
To really take your forex trading to the next level, you should also consider installing IQ Option Forex. The app provides a range of market insights to assist with your investment decisions. Available on both Android and iOS, the IQ Option Forex app is free to download. We definitely recommend downloading the app and trading on it as it offers some great features that will certainly improve your trading experience.
The IQ Option mobile app offers a user-friendly and well-designed trading platform that very much resembles the functions of well-reputed platforms like MetaTrader4 or WebTrader. It also offers mobile chart trading, which will help you keep an eye on market changes, asset prices and so on. Other than that, the app maintains a lot of the trading tools offered by the desktop software, such as technical indicators like Moving Averages.
IQ Option offers a great variety of forex assets to choose from for both the desktop platform and the mobile app. There are 75 currency pairings that you can trade with. On top of these, the exchange also allows you to trade with commodities, ETFs, indices, cryptocurrencies and stocks. The app is also CySEC regulated, meaning that all its trading activities are monitored by the trusted agency to protect users.
For deposits and withdrawals IQ Option does not charge any fees and the minimum deposit is of $10. Spreads vary depending on the asset you are interested in trading with. Other fees include commissions, which can range from 1% to 2.5% of the transaction and there are also swap fees of 0.03% for keeping trading positions overnight.
IQ Option operates in 178 countries, excluding the US, Canada, Russia, France, Belgium and a few others. IQ Option is the best forex trading app out there if you are based in South Africa. You will not be able to trade on IQ Option in the US because of local regulations that do not allow the broker to accept US citizens or residents as customers.
Pros and Cons
Like we did for eToro, it is only fair to provide a list of the strengths but also the weaknesses of the IQ Option app:
- Access to key market developments
- Great for learning about market insights
- Provides market intelligence
- Suitable for most asset classes, including forex.
- Does not accept Bitcoin
- Is not available in the United States
Download the IQ Option app
3. Bloomberg Business
Once you’ve sorted your mobile trading app, your next task is to install an app that will provide you with financial news in real-time. This is crucial, as you’ll want to be notified about any key market developments that could affect your forex positions.
One of the best forex apps for market news is that of the Bloomberg Business Mobile App. Available on both Android and iOS, Bloomberg is known globally for its industry-leading news and analysis. On top of having round-the-clock access to key market research, you’ll also receive news notifications straight to your phone. You can actually pre-set the type of updates you want, which can be tailored specifically to the forex pairs you plan to trade.
Real-time news updates
Available on both Android and iOS phones
Pre-set notification preferences
In-depth research analysis
4. Forex Hours
Although rather unknown in the trading scene, the Forex Hours app is crucial if you plan to trade currencies that span different time zones. The app gives you a full breakdown of each global market, the times that they open and close, and whether you should be aware of any hot-spot hours. For example, if you wanted to trade GBP/USD (known as the ‘Cable’), then the most active trading period is the few hours that both the New York and London Stock Exchanges are open.
The Forex Hours app makes this simple for you, by keeping you up-to-date with what markets are open. You can also pre-set the app to send you notifications when market signals occur, such as when buyers significantly out-weigh sellers on a particular forex pairing.
Be in the know-how of what global markets are open for trading
Pre-set notifications for key market signals
Ascertain the best forex trading hours
Free to download [/su_list]
If you’re looking to increase your exposure to real-time forex analysis (which you should be), then it’s crucial that you have the FXDailyReport.com app installed on your phone. The platform provides up-to-date news and analysis on the vast majority of major and minor forex pairings, on a 24-hour basis.
The FXDailyReport.com app also provides a useful analysis of exotic pairs. If you have a select number of forex pairs that you like to trade, you can instruct the app to send you notifications every time a new development occurs. Once again, this is a great way to stay ahead of the market and ensure that you don’t miss any crucial news.
24-hour developments on forex trading
Customize what notifications you receive
Never miss important news linked to your favorite forex pairings
Access to other markets such as stocks, commodities, and indices [/su_list]
What are the advantages of trading forex on an app over computer?
Depending on what kind of trader you are, sitting at a desk or in your bed staring at a computer screen might not be your ideal style of trading, and that is where trading forex apps come in. If you are someone who is constantly moving around, then trading apps are the way to go. Smaller screens of course, but much more flexibility.
A second advantage of forex trading apps is speed. Downloaded apps are often much faster than online trading on your laptop. That is because a software that is downloaded and stored on your mobile device will be much faster and perform significantly better than a software that strictly depends on how fast your internet connection is.
Ease of Access
Trading from your mobile phone is much easier and quicker than trading on your computer. It is a bit like using social media, how much more often do you scroll down on your phone than you do on your laptop? Mobile trading is the same, you just tap on the app and start trading. It is simple, fast and efficient.
Are forex trading apps free?
Forex trading apps are completely free to download. Keep in mind that the same fees that apply on the desktop platform, will apply on the trading apps. This means for instance, if an exchange requires a minimum deposit of $250, then the trading app of that exchange will most likely require the same amount. The same goes for spreads, commissions, inactivity fees, withdrawal fees and so on.
Are forex trading apps safe?
Forex trading apps are definitely safe. Not only the security measures that are in place for the desktop and online platforms are also present in the app, but forex trading apps also give you a feeling of safety. Accessing a trading platform on your personal phone feels much safer than doing so on an intricate and sometimes vulnerable system like Google. In terms of privacy, a platform that you can download on your phone is certainly more secure than an online one.
Do I have the same functionalities trading forex on an app than I do on a computer?
The idea behind forex trading apps is to give you access to all of the functionalities offered on your computer, but on your mobile phone. Of course the layout of the platform will differ due to the significant difference in size between a computer screen and a mobile screen, but it is most likely that all of the functions offered on your laptop will be offered on the app too. This includes all functionalities, starting from stop losses and order types to charts, price signals and so on.
Tips for choosing a forex trading app
If you are indecisive about what forex trading app to choose, there are a few things you should take into consideration before you choose one. Make sure you trade on an app that offers:
➡️Mobile Chart Trading. We consider mobile chart trading an essential feature that you should definitely take into account when choosing the right forex trading app for you. It allows you to place multi-asset trading orders faster through the chart screen. An example of a mobile platform offering mobile chart trading is OANDA.
➡️Alerts. Alerts are also very useful when it comes to forex trading. They are basically meant to notify you when a specific happens, that might require you to take some action, such as changing a trading position or terminating one. Alerts can often make the difference between a loss and a profit, so make sure that whatever app you choose, it will offer trade alerts.
➡️Price Signal Notifications. Whenever supply or demand changes, so do market prices and a change in price can determine whether you want to sell, buy or keep an asset. So we recommend making sure that whatever app you choose offers price signal notifications.
➡️Technical Indicators. Technical indicators help you analyse short term price movements and can also be used as a starting point to determine whether you should enter or exit a trade. Again, make sure that your trading app offers them before you make your decision.
➡️Customizable Interface. A customizable interface will allow you to tailor the features and functions of the interface to your preferences. That can mean changing the layout of the trading platform or putting certain functions or assets at the top of your lists for easier access. This is a characteristic that will definitely simplify your trading experience.
➡️Charting Features for iPad. If you intend to trade on your iPad and not just on your phone, we also recommend making sure that the mobile app has charting features that are compatible with iPads.
Best forex apps: the verdict
If you want to give yourself the best possible chance of making your forex trading career a successful one, then it’s crucial that you have the right apps installed on your phone. By downloading the apps that we have suggested, you’ll be armed with the right tools to make this happen.
This will not only ensure that you’ll be able to trade forex on a 24/7 basis with eToro, but you’ll also have access to key market news and analysis in real-time. As such, if you’re notified of an important development that could affect your forex position, then you have the capacity to act on it immediately.
Ready to get started trading forex on your phone? Click the link below to get started with eToro, our recommended forex trading app.
Which one of these is the best forex trading app for beginners?
The best forex trading app for beginners is the eToro app. Apart from the sophisticated but at the same time easy to use trading interface, the exchange offers lower fees, a great variety of assets, and efficient safety measures. What makes it the best app for beginners though, is the copy trading option. You will be able to place the same trades as the top investors active on eToro, to help you develop a trading strategy and make profits.
What is forex trading?
Forex trading refers to the trading of currencies. It is currently a very active industry, with over $5 trillion traded daily. Currencies can only be traded in pairs because you are investing in the value of one currency against another. These are called currency pairings. Some examples of currency pairings are USD/EUR, GBP/JPY, CAD/NZD and so on.
If I am from the US, can I still open an account?
Yes, you definitely can. The best forex trading app for the US is eToro. IQ Option is not available to US residents. eToro offers some great services that you will definitely not be left disappointed by. eToro is recommendable even if you are based in the UK, Australia and Europe. IQ Option is the best trading app for South Africa.
Is it better to trade on a forex trading app or a computer?
It very much depends on the kind of person you are. If you have a static lifestyle and you stay at home often then perhaps trading on the laptop can be easier considering that it has a bigger screen. If on the other hand you move around a lot, perhaps the best option would be to trade on your smart phone. It is much easier to carry around. Forex trading apps are available for both iOS and Android so there is no need to worry about what kind of phone you have.
Do forex trading apps maintain the same trading functionalities as the ones offers when trading on computers?
Usually they do. For instance, eToro offers the copy trading option on computer and on mobile app. The only difference is the interface layout, simply because of the screen size difference. More specific functionalities such as price signals and technical indicators also remain, at least when it comes to the forex trading apps we recommend.