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Best Forex Trading Apps in 2021

A Forex broker in the 21st century is not offering anymore only a trading platform, but an entire range of platforms. In doing so, the aim is to cover all the needs of a trader and to give access to the market at any one moment of the trading day. 

After all, this is a win-win situation both for the broker and for the trader. On the one hand, the broker likes active traders, as it earns from commissioning every trade. Therefore, the more trades, the better for the business. On the other hand, the trader has access to the account at any time and place, providing an Internet connection exists. 

Trading apps come to complement the range of platforms that the broker offers. This article aims at introducing the best Forex trading app in 2021 so that the trader may choose the one that suits best. 

Our List of the Best Forex Trading Apps

Here is our list of the best Forex trading apps in 2021:

1
Min. Deposit
$10
Exclusive promotion
Our score
10
Leverage
500:1
New accounts
Spreads
0.7
PIPs
Regulations
Forex Pairs
55+
No Fee
Start Trading
Pros:
0% Commission Account
Low Spreads
Eco-Account Option
Payment Methods
Bitcoin, Credit Card, Debit Card
Full regulations list:
Please ensure that you fully understand the risks involved, taking into account your investments objectives and level of experience, before trading, and if necessary seek independent advice.
2
Min. Deposit
$10
Exclusive promotion
Our score
9.3
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
Credit Card, Debit Card, Visa, Bitcoin
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.
3
Min. Deposit
$200
Exclusive promotion
Our score
8.7
Leverage
500:1
New accounts
Spreads
0.5
PIPs
Regulations
FSPR, FMA New Zealand
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
Mastercard, Visa, Bank Transfer, Neteller, Skrill, UnionPay, FasaPay
Full regulations list:
FSPR, FMA New Zealand
4
Min. Deposit
$200
Exclusive promotion
Our score
8.5
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
Wire Transfer, Bank 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.
5
Min. Deposit
$10
Exclusive promotion
Our score
7.9
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
Credit Card, Debit Card, Bitcoin, 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.

What Is a Forex Trading App?

A Forex trading app is the trading platform’s version designed for smartphones. It can be custom made, or in-house built, or it can be licensed. 

If the broker offers the MetaTrader4 or 5 platforms, extremely popular among retail traders, then the Forex trading app is nothing but the MetaTrader app. Upon downloading it and finding the broker, the trader can log in to the trading account and start trading/monitoring the positions. 

If the broker has a different platform than the MetaTrader 4 and 5, it means that the Forex trading app is most likely custom-made. Keep in mind that an app is nothing that the broker’s interface for smartphones.

How Does a Forex Trading App Work?

To the surprise of many, there is plenty of trading activity on a Forex trading app. People like to believe that trading is done only in front of the desktop, but that is not correct. While the opening of a trade may take place on a desktop, the closing often happens on-the-go. However, to close a long trade, one must sell, so the squaring of a position is actually a trade on its own. 

This is enabled by the Forex trading app as trading on-the-go is the reason why it was created in the first place. 

Key Features To Look In A Forex Trading App

Ease-of-use is on the top of the list. By ease-of-use we refer to the process of opening the Forex trading app and how fast it connects to the markets. This is a big issue for in-house built Forex trading apps and one criteria to consider when selecting one. 

Another thing is if it is in-house built or licensed. For the in-house built ones, the trader needs to see a tutorial or something that explains the app features. Such a tutorial is typically provided by the broker. For the licensed ones, the chances are that the trader already knows to use the app, as it is intuitive and likely seen already on other brokers.

Pros & Cons of Using A Forex Trading App

Pros

Easy to trade on the go
Improved money management due to constant monitoring
Offers the trader more free time away from the screens
Push-up notifications on certain price alerts and news
Easy to access the trading account when needed

Cons

Limited technical analysis capabilities
Often leads to overtrading
Connectivity issues

How To Choose the Best Forex Trading App?

Unfortunately, the trader has little or no power over the Forex trading app to use – he/she must use the app provided by the broker. However, the trader has the power to choose the best broker and this is where the list provided in this article comes to help – it makes it easier to compare brokers and to select the most suitable one.

How To Safely Use a Broker to Make Money Online Trading?

The trader is the only one responsible for the decisions to buy or sell a specific market. The broker, on the other hand, is responsible for routing the orders to the market and matching them with the best suitable out there. However, the ultimate responsibility for the trading activity belongs to the trader.

Conclusion

Using a Forex trading app is an easy way to stay up-to-date with the developments in the trading account. Also, it makes it easier to intervene, should that be the case, as often markets move very fast. To make it simple to choose the best Forex trading app in 2021, our list compares them using various criteria, making the life of a trader much easier.

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. MetaTrader4 and 5 are two versions of the same product and are very popular among the FX retail traders. Other platforms also exist, but the MetaTrader versions 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 give access to other markets with the intention of differentiating their services from competitions. Therefore, from a Forex trading account, a trader may access oil, gold, silver, bonds, indices, and many other markets – all in the form of Contracts for Difference. A trader must know the difference between trading a CFD and owning the actual asset, as there is a big one.

  4. Very. Just fill in the form provided by the broker, send the documentation over, answer some basic questions regarding the trading experience and the account is ready. The process takes between a couple of hours to a couple of days.