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Best Forex Trading Apps in 2021

Forex brokers in this century don’t offer a single trading platform, they offer a range of platforms to suit different traders at different times. You can typically trade from a PC-installed program, via the broker’s website, or on the go with a mobile app. This benefits the trader (who can trade from anywhere at any time) and the broker (which earns more commissions from the increased trading activity).

This guide helps you choose the best trading app and presents you with a few from which to choose.

Our List of the Best Forex Trading Apps

Here is our list of the best Forex trading apps for this year:

1
Min. Deposit
$50
Exclusive promotion
User Score
10
Leverage
30:1
New accounts
Spreads
1
PIPs
Regulations
CySEC, FCA
Forex Pairs
No Fee
Start Trading
Pros:
Join the Social Trading revolution. Connect with other traders, discuss trading strategies, and use our patented CopyTrader
eToro is the world’s leading social trading platform, offering a wide array of tools to invest in the capital markets
Largest number of currency pairs to trade
Payment Methods
Bank Transfer, Wire Transfer
Full regulations list:
CySEC, FCA
Cryptoassets are highly volatile unregulated investment products. No EU investor protection. eToro USA LLC does not offer CFDs and makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared by our partner utilizing publicly available non-entity specific information about eToro. Your capital is at risk.
2
Min. Deposit
$10
Exclusive promotion
User Score
9.3
Leverage
500:1
New accounts
Spreads
0.7
PIPs
Regulations
Forex Pairs
55+
No Fee
Start Trading
Pros:
Can fund with BTC
64 global companies including Netflix and Amazon
Free deposits and withdrawals
Payment Methods
Bitcoin, Credit Card, Debit Card, Wire Transfer
Full regulations list:
EagleFX offers leveraged trading on a range of assets within its platform. CFD and Spot Forex trading do carry a degree of risk which may result in you losing more than your initial investment. Please ensure you fully understand the risks involved with leveraged trading and ensure this is not detrimental to your personal or institution's financial well being.
3
Min. Deposit
$10
Exclusive promotion
User Score
8.7
Leverage
500:1
New accounts
Spreads
0.8
PIPs
Regulations
Forex Pairs
55+
No Fee
Start Trading
Pros:
55+ currency pairs available
Trade on a trusted platform
24/7 support via live chats, email or phone call
Payment Methods
Bitcoin, Credit Card, Debit Card, Visa
Full regulations list:
LonghornFX offers high-leverage trading on a wide variety of assets. Trading with leverage carries a degree of risk which may result in losing more than your investments. Clients should practise risk management to protect themselves from losing more than they can afford when trading with leverage.
4
Min. Deposit
$200
Exclusive promotion
User Score
8.5
Leverage
500:1
New accounts
Spreads
0.5
PIPs
Regulations
FMA New Zealand, FSPR
Forex Pairs
27+
No Fee
Start Trading
Pros:
BlackBull Markets’ unique feature lies in its stated goal of delivering an “institutional” trading experience to retail clients
No-Dealing Desk Broker (NDD), with Straight Through Processing (STP) all done on a true ECN
State of the art Equinix servers, based in New York (NY4), London (LD5) and Tokyo (TY3)
Payment Methods
Bank Transfer, FasaPay, Mastercard, UnionPay, Visa, neteller, skrill
Full regulations list:
FMA New Zealand, FSPR

What Is a Forex Trading App?

A forex trading app is the version of the broker’s trading platform designed specifically for smartphones. Depending on the broker, the app may be built in-house or licensed from a third-party software provider. 

If the broker offers the popular MetaTrader 4 or MetaTrader 5 trading platform then the app will be the third-party MetaTrader app. After downloading the app, you just need to find your broker, log in, and start trading. If your broker doesn’t support MetaTrader then you’ll be using the smartphone app that they most likely developed themselves.

How Does a Forex Trading App Work?

Many people think that most trading is done in front of a desktop computer but a surprising amount of trading is done via mobile apps. The subtlety is that whereas most trades are opened on the desktop, most of them are closed on the go. The reason is simple: opening a trade requires a lot of chart-based technical analysis that benefits from a large screen.

Key Features To Look in a Forex Trading App

Ease-of-use is at the top of the forex app feature list, specifically how easy it is to open the app and connect to markets. If it’s the MetaTrader app, you might already know how to use it, and there is a thriving community of users who can help you out. If it’s the broker’s own app, it should be intuitive to use without having to read through reams of tutorial materials.

Ideally, a forex trading app will support all the functions of the desktop or web equivalent. You should be able to use all available order types (market order, limit order, stop order), view charts, and deposit/withdraw funds.

Pros & Cons of Using A Forex Trading App

Pros

Ability to trade any time
Ability to trade from anywhere in the world
See push notifications for things like price alerts
No need for special equipment or even a desk
Trade as soon as you take your phone out of your pocket

Cons

Limited technical analysis capabilities (due to the small screen)
Often leads to overtrading; i.e. trading too much
Subject to mobile signal connectivity issues

How To Choose the Best Forex Trading App?

Unfortunately, traders have little or no power over the forex trading app to use because they must use the app provided by the broker. At best, you might be able to choose between MetaTrader and the broker’s own app. The choice, therefore, really comes down to which broker to choose, based on its app and many other factors.

How To Safely Use a Forex Trading App to Make Money Online Trading?

Whether you use a mobile forex trading app or any of the other trading interfaces provided by your broker, trading safely comes down to the same two things: risk management and money management. Risk management means limiting the amount of money you can lose on each individual trade, for example by applying a protective stop order that will close a trade automatically if it starts to go against you. Money management means ensuring that your account stays solvent, for example by deciding on the maximum drawdown you are willing to suffer on the way to an eventual profit, or by allocating no more than 1% of your available funds to each separate trade.
- Mircea Vasiu

Conclusion

A forex trading app lets you trade from anywhere at any time as long as you have your mobile phone with you. On the plus side, this means you can react more quickly to unfolding events. On the minus side, it means you might be tempted to trade too often.

Frequently Asked Questions

  1. No. Most of them are regulated by one or more entities, but regulation is mandatory only in some jurisdictions. In other words, it depends on the local laws. Most advanced economies do not allow brokers without a license to offer their services in the country/region.

  2. MetaTrader 4 and 5 are two versions of the same product and are very popular among retail FX traders. Other platforms also exist, but the MetaTrader versions have stood the test of time as they are suitable for all types of trading: automated, scalping, swing, investing.

  3. Yes, they do. Besides the full FX range, brokers also provide access to other markets to differentiate their services from competitors. From a forex trading account, a trader can also typically access oil, gold, silver, bonds, indices, and many other markets in the form of contracts-for-difference (CFDs).

  4. Very easy. It takes mere minutes to fill out an online application form, and you could get access to some features almost immediately. To fully activate your account, and before you can withdraw any money, you’ll most likely have to upload some identification documentation.

  5. A stop order is a pending order that you attach to an existing trade. It instructs the broker to close your position if the price starts to go against you; the aim being to exit at a small loss before it becomes a big loss.

  6. Most brokers’ mobile apps can be installed on Apple’s iOS operating system (for iPhones and iPads) as well as Android phones. The same goes for MetaTrader 4 and 5. Find the app in the relevant app store or download it from the broker’s website.

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