Intro and winners
How did BrokerChooser select the best FX trading apps?
- We tested trading apps at more than 100 online brokers,
- Compared fees (including spreads, withdrawal fee, commission),
- Compared the number of currency pairs available,
- Checked minimum deposit requirements,
- Checked whether the brokers are overseen by a trusted regulator
- Opened an account and tested the full range of services (charting, features, usability, customer service) with real money.
Best forex trading apps
Comparison of the top forex trading apps in 2023
There are many great apps for trading currencies out there, but the ones in our toplist go the extra mile.
| Name | FX commission per lot | Minimum deposit | Account activated in |
|---|---|---|---|
| IG | No commission is charged | $0 | 1-3 days |
| Oanda | No commission is charged | $0 | 1-3 days |
| TD Ameritrade | No commission is charged | $0 | 1-3 days |
| eToro | No commission is charged | $10 | 1 day |
| Forex.com | No commission is charged | $100 | 1-3 days |
Best forex trading apps
Trading fees at the top forex trading apps
How much you pay in fees for a trade is a crucial broker selection criteria. See the spreads for the most popular currency pairs.
| IG | Oanda | TD Ameritrade | eToro | Forex.com | |
|---|---|---|---|---|---|
| EURUSD spread | 0.6 | 0.9 | 1.3 | 1.0 | 1.3 |
| GBPUSD spread | 1.5 | 1.2 | 1.5 | 2.0 | 1.1 |
| AUDUSD spread | 0.6 | 1.4 | 1.6 | 1.0 | 1.3 |
| EURCHF spread | 3.0 | 1.5 | 2.5 | 5.0 | 2.8 |
| EURGBP spread | 1.5 | 1.2 | 2.0 | 1.5 | 1.6 |
Best forex trading apps
Forex trading on mobile
The forex market is the largest financial market in the world with the highest liquidity. Trading takes place 24 hours a day, so reliable and easy-to-use trading platforms are critical for forex traders.
Smartphone currency trading apps are increasingly popular with forex traders. Our research shows that traders want prices, charts, a variety of order types as well as cheap and convenient deposit and withdrawal methods at their fingertips.
Although nearly all forex brokers offer mobile applications, these differ greatly in terms of quality, design, reliability and safety. Our broker experts analyzed the entire service portfolio of individual brokers, not merely their currency trading apps when compiling the top list of best forex trading apps.
Best forex trading apps
How to choose the best forex trading apps
An excellent overall service level is required to make it to the BrokerChooser list of best brokers in any category. In addition, all service providers included in our list are reliable brokers. When it comes to forex trading and forex brokers, some criteria weigh more heavily in our methodology.
The most important selection criteria for the best apps for currency trading include a superb mobile trading platform with many functionalities and advanced charting; fair forex fees; a wide selection of currency pairs; as well as educational tools to guide you through the basics of trading.
BrokerChooser evaluates 9 key areas for all brokers. Every year, we finetune our methodology based on our own and our users' experiences. We check more than 500 criteria for each broker. We have more than 100 brokers reviewed on our site and our analysts examine more than 40,000 data points overall.
Best forex trading apps
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And now, let's see the top forex trading apps in detail one by one, starting with the winner, IG.
#1 Best forex trading apps
IG
IG, established in the UK in 1974, is one of the biggest CFD brokers in the world. It is regulated by several authorities globally, including the US Commodity Futures Trading Commission (CFTC), the National Futures Association (NFA), the UK's Financial Conduct Authority (FCA) and Germany's Federal Financial Supervisory Authority (BaFin). IG Group is listed on the London Stock Exchange, and is considered safe.
| Oanda snapshot | |
|---|---|
| Minimum deposit | $0 |
| Mobile app score | 5.0 stars |
| Inactivity fee | Yes |
| Currency pairs | 70 |
| Deposit methods | Bank transfer, Credit/debit cards, PayPal, Skrill, Neteller |
| Withdrawal fee | $0 |
| Read review | For a detailed analysis of Oanda services, check out our review for 2023 |
#2 Best forex trading apps
Oanda
Oanda is a US-based forex broker founded in 1996. It is a private company and therefore not listed on any stock exchange. Oanda operates via several entities worldwide and is regulated by top-tier authorities, such as the US Commodity Trading Futures Commission (CFTC), the National Futures Association (NFA) and the UK's Financial Conduct Authority (FCA). The broker is considered safe.
| Forex.com snapshot | |
|---|---|
| Minimum deposit | $100 |
| Mobile app score | 4.3 stars |
| Inactivity fee | Yes |
| Currency pairs | 91 |
| Deposit methods | Bank transfer, Credit/debit cards, Skrill, Neteller |
| Withdrawal fee | $0 |
| Read review | For a detailed analysis of Forex.com services, check out our review for 2023 |
#3 Best forex trading apps
TD Ameritrade
#4 Best forex trading apps
eToro
#5 Best forex trading apps
Forex.com
Best forex trading apps
FAQ
Can you get rich by trading forex?
Forex trading is a good way to make a lot of money provided you are an exceptionally skilled forex trader and/or you have a vast amount of money to invest. Nevertheless, do not expect to get rich overnight when you start trading forex.
Similarly to all other investments, forex trading comes with a high number of risks and retail investors may lose all their money if they get carried away.
Leverage (trading with money borrowed from your broker) is a common practice in forex trading, and carries the risk of losing more funds than you initially invested. Forex trading is not a one-way ticket to making big money in a short period of time.
Can I trade forex with my phone?
Yes, you can absolutely trade forex on your phone. All you need is a smartphone and an account at a forex broker.
The vast majority of forex brokers have their own forex trading apps that function just as well as a web-based or desktop trading platform. These foreign-currency trading apps will allow you place orders, follow markets real time and have access to global financial news. The best apps are also equipped with price alerts, charting tools and safe, two-step and/or biometric authentication capabilities.
What app do most forex traders use?
The most common and popular trading platform among forex traders is the MetaTrader 4 (MT4). A high number of forex brokers work with this trading platform while some others have their own trading platforms and apps developed.
MetaTrader 4 runs on smartphones (both Android and iOS) and the apps developed by the individual brokers are also compatible with these two mobile operating systems.
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