Foreign exchange trading has been one of the active and live markets for traders throughout trading history. The development of technology has become more and more popular; because many technological advancements have affected trading markets. Consequently, it is not surprising to find out there are many forex trading apps that allow the traders to do their transactions on their mobiles conveniently.
So, no matter where you are, you can do your transactions easily by using the apps that you have installed on your smartphone. In this regard, you will read about the best apps that you can find in the forex markets and how to choose one of them. After that, it is time to follow the instruction for starting trades in forex markets with one of these apps. Note that you should look for apps that are free, easy-to-use, and popular among traders.
The Best Forex Trading Apps Reviews
If you take a quick look at the research engines, you can find several apps which may confuse you in finding the best one. That's why here is a list of the best ones used by a lot of traders from all over the world. It would be a good idea if you knew them not just by their name, but by the complete reviews about each of them; so that you would be able to choose one of them for your trading better. Remember that knowledge is power, and without knowing, you would always be doubtful about using one of them.
eToro
eToro, which was first launched in 2007, is one of the most popular forex trading markets. Nowadays, 12 million traders from different countries worldwide are using this app. eToro is not only a popular app for forex trading; it supports other assets like ETFs, cryptocurrencies, commodities, stock, and shares trading. You can do transactions in each of these fields of trading that you want.
For downloading eToro, there is no need for paying money, and you can download the app for free from the eToro website. The iOS and Android versions of this app are available, and there is no need to be worried about the type of smartphone you are using. eToro is the type of app with more minor limitations in having access to currency options. That's why when you use it; you will soon understand the fact that you have access to dozens of currency pairs.
According to reliable data, this app is one of the best ones for beginners. This is because of its simplicity that does not make the newbie traders overwhelmed. The outstanding features of eToro allow you to do your transactions as an experienced forex trader. You can open a trading account by eToro in a minute and a minimum deposit of $200. Since eToro is regulated by the FCA (UK), CySEC (Cyprus), and ASIC (Australia), you can be sure about its safety.
For having a quicker review on eToro, it is better to study it in terms of pros and cons. Thus, the advantages of eToro that attract the traders' attention are:
- It is regulated by the FCA, CySEC, and ASIC
- Trusted app with 12 million trading accounts from all over the world
- Social and copy trading characteristics
- Permission for trading with leverage
- Setting up trading price alerts.
When it comes to the disadvantages of eToro, the only thing which could be mentioned is its inappropriateness for advanced traders.
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Plus500
Plus500 is another best forex trading app that is popular in the realm of the online brokerage firm. This app gives you access to many financial instruments, which are in the form of CFDs. By using Plus500, you have access to several trading pairs across the minors, majors, and exotics. You can download this app for free, which is ready both for iOS and Android devices. After installing the app, you can make your account fast and a minimum deposit of £100.
Another exciting feature of this app is that there is no need to charge commissions for any trades. The other thing that can keep your forex trading costs to a minimum is the number of very competitive spreads. Moreover, Plus500 does not require any deposit or withdrawal fees either. You can also use leverage facilities with this app. Since Pluss500 is a CFD trading app, there is no need to be worried about safety issues.
In terms of the pros and cons of the Plus500, we can start with the pros, which are:
- One of the highly regulated forex trading apps
- There is no commission for any forex trading positions
- Providing leverage facilities
- Highly rated mobile app
- No transaction fees
- The minimum deposit of £100
- A lot of CFD instruments
The only disadvantage of Plus500 is the lack of offering traditional investment assets.
Capital.com
Capital.com is another best forex trading app for beginners which is because of its user-friendly usage. Therefore, the first-timers can use it easily without any tension for the trading app's difficulty or unfamiliarity. It is also an FCA-regulated broker that offers you a lot of currency pairs to trade. Furthermore, you can trade any currency pairs without commission, and the spreads are very competitive. You can open an account on Capital.com in minutes and a minimum deposit of £/$ 20, which is the best condition for newbie traders with low inflation.
Capital.com is linked with another app for education and teaching the traders the tips of the transactions. In this sense, you can learn the ins and outs of forex trading, which in the end, is a better all-round investor. Using this app gives you access to other asset classes such as indices, shares, ETFs, and digital currencies. You can trade on all these assets via CFDs. The commission-free of trade is another thing that can be beneficial for you.
Finally, to express the advantages of Capital.com in a quick view, it is better to mention:
- Free-commission transactions on all asset classes
- Industry-leading spreads
- Easy-to-use mobile app
- The minimum deposit of £/$ 20
- FCA-regulated
- Great currency pairs' option
Like the three previous apps, this one has only one disadvantage related to the minimum deposit when using a bank account. In this sense, the minimum deposit rise to £250.
Forex.com
This one is one of the best forex trading apps for US residents. By using this app, you will be able to trade on a massive library of pairs. This app is also available for both iOS and Android devices. You can have access to all major and minor pairs alongside dozens of exotics. If you are looking for the price feature of this app, you should know that this will depend on the Forex.com account that you have chosen. For instance, if you use the Standard Account for trading for forex, you will have a commission-free basis trading on the mobile app. However, a Commission Account will cost you $5 per standard lot.
The Forex.com app is one of the most substantial apps in terms of research tools. Thus, if you use this app, you will access economic and financial news every day. You can start your trade with a minimum deposit of $100, and no minimum is bank wire. Another key factor about this app is its no fees applicable.
All in all, the power points of this app are:
- A specialist app of forex trading
- Announcing the latest forex and economic news
- Access to dozens of currency pairs
- Highly regulated
- Offers CFDs
- No minimum deposit in trading with bank
- So powerful in trading exotic currencies
The only downfall of Forex.com is the fact that it doesn't support e-wallets Paypal and Skrill.
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IG
IG, also known as the best forex alerts app, is a market leader in the UK brokerage scene. It was launched in 1974, and from that time until now, it is the one working with hundreds and thousands of traders. This firm is also a fully-fledged forex department; therefore, you can find more than 90 individual pairs for trading, which provide a good opportunity for traders of all shapes and sizes.
You can use the services of IG with its online platform or its mobile app. The iOS and Android versions of this app are available, and you can use each of them quickly. By using the IG app, all buy and sell positions come commission-free. In addition to forex, you can trade cryptocurrencies, commodities, stocks, bonds, and more. This is because of hosting more than 1700 instruments by this broker.
The IG forex trading app is brilliant by having a lot of trading features such as advanced chart reading tools and real-time price alerts. IG also provides the latest news of trading and the other news types that are closely related to the forex markets. The minimum deposit for opening an account on the IG app is £250, and in terms of safety, it is regulated by the FCA and ASIC.
Let's review the IG app by a simple study of its pros and cons. Among all its pros, it is better to consider:
- Long-standing reputation
- Supporting more than 90 currency pairs
- Availability of leverage and short-selling
- Free commission on the trading of forex
- Providing dozens of international markets
- Brilliant research department
The minimum deposit of £250 and a $15 minimum commission for US stock are this app's cons.
FXCM
The FXCM is the best forex app for MetaTrader 4, one of the best platforms for forex trading. By using this app, you can do forex trading and other types of transactions of stocks, commodities, indices, and digital currencies. This app supports a good selection of majors and minors pairs and exotics like the Mexican peso and South African rand.
In addition to MetaTrader 4 (MT4), you can choose this forex trading app from the other popular platforms like ZuluTrade and the FXCM Trading Station. By integrating TradingView into your account, you can take advantage of chart analysis and research. This app is available for both iOS and Android devices, and it is a piece of good news to hear that an app like FXCM with such features is a no-commission based app.
In examining the advantages and disadvantages of this app, it is better to start with its pros which includes:
- Regulated by FCA
- Providing lots of currency pairs to trade
- Tight Spreads
- MT4 based platform and the other famous platforms
- Support EAs and forex robots
- Commission-free on all assets
The only disadvantage of this app is its minimum deposit of $360 for EU clients.
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24Option
Since 24Option is a European-centric forex broker, it is called the best forex trading app for Europeans. In addition to providing positions for forex trading, other assets such as cryptocurrencies, stocks, indices, ETFs, commodities, and more are supported for trading. Both website and mobile apps are available for trading, and you can use leverage on this platform. This forex trading platform is also backed with MetaTrader 4, so you can access technical trading indicators and chart drawing tools.
This app provides you with debit/credit cards, e-wallet, and bank wire transfers, convenient payment methods. On the other hand, the minimum deposit closely depends on the payment method that you have chosen. For instance, by the credit cards, the minimum deposit would be $/£ 100; but by bank wire, the minimum deposit will be higher at $/£ 1,000.
Studying two ends of quality spectrums of this app, its pros are:
- Commission-free forex trading
- Supporting E0wallets
- MetaTrader 4 supported
This article is an ad report and has not been produced by eghtesadonline editorial team.