With the rise in demand for apps on the go, we’ve seen a dramatic increase in the offering of Forex apps and brokers in the global market. Learn more about the best Forex apps below!
The Top Forex Apps Available Now
Before we take a more detailed look at the best forex apps, here’s a quick rundown of the top apps for forex trading in 2020.
- eToro – Best all round forex app with low fees
- Forex.com – Great app for forex charting
- TD Ameritrade – Ideal for technical analysis
- Plus500– Forex app with tight spreads
- Naga Trader– AI and social forex trading
- PaxForex – High leverage forex app
- OANDA – Excellent mobile trading platform
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It is critical for any individual interested in starting a career in Forex to take their time and review the different service providers available at any time.
Choosing the right broker or app is one of the first steps towards a successful career as a trader.
These are the best Forex apps available to retail individuals in 2020:
Best Forex Apps of 2020
1. Forex.com App
Forex.com is part of one of the most important and well known prime brokers of Commodity Futures in the US (Gain Capital).
Forex Trading in the US has been one of the most strict and heavily regulated asset classes in the country, seen a fully American broker uneventfully running their own Forex division only confirms how solid and stable the firm really is.
One of the best things about using a broker or app that is designed with the intention of being used for a specific asset class is that the overall environment tends to be more straightforward.
This will ultimately be translated into fewer headaches and a faster execution process.
Forex.com offers an in-house mobile platform, making the altogether experience more desirable and as mentioned before, faster.
Instead of following the same decision and developing its own desktop platform, the firm decided to integrate the same execution processor from its mobile app with a charting engine (trading view). The result of this merger is a platform that can be used by both institutional and retail investors.
Minimum Deposit: $50
Best Feature: Unlike with most brokers where spreads and commissions are fixed even for heavy users, Forex.com uses a different approach where prices and overall cost of trading become cheaper based on the number of trades and the traded volume.
Recommended for: US clients interested in a full forex broker, especially those with active trading strategies
Application: The company offers access to a fully forex oriented platform that is available for most mobile devices. If your decision making is based on technical analysis and financial indicators, you will love their desktop version as it combines the same processing and execution model of their mobile app and a tier-one charting engine.
- Top notch platform and apps
- Built-in charts only available in high-end brokers
- Regulated by one of the toughest entities in the world
- Unless you are very active trading the cost of operating might be considerably expensive than its competitors
- No negative Balance Protections, this implies that your losses if not managed properly can be higher than the value of the account
- High leverage is not available on all pairs, only the top 3 pairs of the G10 are included
2. TD Ameritrade App - Paradise for Technical Analysis
Even though the firm was initially supposed to operate as a subsidiary of the Toronto Dominion Bank in Canda, the success shown in their business was a key reason to spin off the business and separate the two entities. Over its 48 years of existence, TD Ameritrade has become a widely known name associated with investing and with retirement plans in the US.
Not many brokers can say that they cracked the game and become top players on different asset classes at the same time, but this is exactly what TD Ameritrade did with their Thinkorswim App!
In the early nineties, a professional trader and coach took the initiative to built its own app. The whole project was based on a thesis that more individuals would be interested if they had a more user-friendly platform, and he truly hit the bull's eye with his idea.
Please note that even though Thinkorswim was never designed with the intention of offering forex trading, the firm added its own dedicated screen for currency trading. The access to multiple devices in live sync at the same time and their state of the art charting capabilities make Ameritrade the dreamed app for anyone interested in technical analysis.
Minimum Deposit: $2,000
Best Feature: The firm offers the overall best platform of the market
Recommended for: Traders that need a powerful tool to perform and execute their strategies. It is worth mentioning that this is where the firm truly excels
Application: You can criticize the prices of the broker or their customer service is slow, but there is not a single reason for a trader to criticize Ameritrade if they truly know how to use it. Thinkorswim is the pinnacle of how a true trading experience should look like.
If you usually rely on your mobile devices to perform and execute trades remotely, then Thinkorswim will surprise you with their live connectivity. To put it into perspective, if you have a chart in your desktop app and you decide to draw a trendline, you will the end trendline show up in your mobile app and even in your smartwatch if you own one. You will have your analysis and charts on hand at all times.
- Commissions on certain asset classes like stocks and options can be expensive but their forex division offers access to spot prices with no spread and with fixed fees ranging at $1
- Partnership with major news and data providers
- Superior and alien-like technology not available for retail clients anywhere else
- It takes time to learn how to use the platform and it might be too complicated for new traders
- High minimum deposit compared to more traditional forex brokers
3. Plus500 App - Comprehensive CDF Broker to Trade Forex
Plus500 is another Israeli broker with strong ties to the European market. After eleven years of existence, the company has proven to be a reliable and mature option for anyone interested in trading Forex through CFDs.
Part of the reliability and prestige of the firm comes from being a public traded company in the London Stock Exchange, this ensures traders that they will receive maximum transparency over the finances of the company and that information is of public access.
From an App perspective, the firm took a different approach to what TD Ameritrade did in the US where instead of offering a powerful and complicated platform they went for a powerful but simplistic approach.
There are many different options when it comes to forex apps, what sets Plus500 apart is its proprietary dashboard, which is considered to be intuitive to use.
The overall integration of their platform and their mobile apps works just as perfect as the best possible Swiss watch you can imagine.
If you are looking to take your CFD trading to the next level, consider Plus500 as a well regarded option in today's market.
Minimum Deposit: $100
Best Feature: Plus500 offers a great forex experience through its intuative dashboard and interface.
Recommended for: Experienced traders. If you are an experienced trader you should take into consideration Plus500 as your new go-to Forex App for CFD trading. Please be aware that as part of their approach their trading software does not support hedging and scalping strategies.
Application: Part of what makes Plus500 be such a great experience is that their mobile app offers all the functionalities of their desktop and web platforms.
- Simple platform layout makes the app easy to use
- Offers a considerably broad range of over 2000 CFDs
- Plus500UK Ltd is authorized & regulated by the FCA
- Not available in the US.
- Charges inactivity fees and overnight trading fees
- Scalping and hedging is prohibited
4. Naga Trader App - Cheaper option for Social Trading
With the rise of social media and networks, NAGA Trader was another firm that decided to follow a more dynamic approach to traditional brokerage services. Just like with Zulu, the firm started its operations as a social trading network and they escalated into becoming the well known and powerful brokerage house they are today.
Their business model is pretty straightforward and simple, they offer access for traders to follow and copy professional traders in exchange for a commission of the profit generated. Another key point where the company has proven to be a tough contender and competitor to names like Zulu is due to its new robo-advisor capabilities. This Cybo model allows individuals to automatize their trading strategies and to get access to a fully capable portfolio manager based on Artificial Intelligence.
From an app perspective, the company delivers a pretty seamless interaction between its web trading platform and their fully mobile app. Just like with Plus500 it is easy to tell that they also follow a very minimalistic approach to trading.
It is important to mention that while the overall platform looks great, trading with it can be a hassle since they lack the most crucial technical analysis tools needed to properly trade. If you are looking for a cheaper version of what Zulu offers, Naga Trader is a great option. Keep in mind that they are by no means a bad broker, in reality, they might be one of the best-backed brokers in Europe because of being partially owned by the oldest bank in Germany and also one of the principal Private Equity Funds of China.
It is a fairly new institution that has done a lot in a very short period of time. I'm confident to say that in a few years they might be able to fight for a higher rank as an international brokerage house.
Minimum Deposit: $500
Best Feature: Social trading capabilities (need some improvement but overall a great option)
Recommended for: Any individual interested in a social trading platform with the ability to also rely on artificial intelligence for trading execution
Application: From a layout perspective their apps and platforms look great, seamless, easy to use and very user-friendly. Once you start digging deeper to a higher degree of execution you start noticing that their apps do not cover certain tools needed to follow a technical approach to trading. It is important to mention that these apps are available on
Overall NagaTrader is not a bad option as an app or a broker but they are still pretty far behind to some of the current jewels in the world of Forex.
- User-friendly and easy to use platform
- Considerably large database of pro traders offering their services
- Artificial Intelligence model offered as Portfolio Manage
- Not suitable for individuals following a more complicated or sophisticated approach to technical analysis and trading
- No access to MT4 or any other type of more powerful app
5. PaxForex - Best Offshore Broker
One of the first things that I look after when choosing a broker is their regulation, this is usually one of the best indicators in terms of color and risk. PaxForex follows a very peculiar approach and business model where they are not regulated by a governmental entity, instead, the firm pays for the private audit of major firms like KPMG and Deloitte.
The business model offered by this firm is the closest model to a European Broker that you will see available in the US. Please take your time to understand the risk associated with trading with an unregulated broker before making any decision.
Just like most smaller brokers do in Europe, the firm decided to buy access to an MT4 license instead of developing their platform.
Please note that even though the company has a clean track record of delivering great service, the fact that it is not regulated is such a crucial point that eclipses the overall value of the broker
Minimum Deposit: $100
Best Feature: Simplicity. Instead of spending millions on a platform the company invests that money in better research and analysis for its customers.
Recommended for: Individuals looking to trade with a reputable company that does not have to follow the guidelines of most traditional brokers. Since it is not regulated by any important entity the firm operates in a loophole of the regulation in Montenegro (this is the reason why US clients are accepted and welcomed)
Application: The company took a different approach to its platform, where instead of spending a considerably big fortune on developing a proprietary app they instead decided to buy access to a well known and reputable third-party application, MT4. According to their webpage, the company decided to reinvest the money needed to build their own platform into delivering better educational content and also research material about current market conditions.
MT4 is one of the best trading platforms available in the world, not only the app offers access for mobile devices but its also incredibly efficient and powerful if you know how to use it properly. Many European brokers offer access to MT4 but still not many individuals truly take proper advantage of all their benefits and quirks.
An important point to mention is that Metaquotes offers access to hundreds of different indicators and thirdparty addins designed to meet most trading requirements and needs.
- Higher leverage than most european brokers after recent changes in EU regulations
- Tight spreads and low commissions
- Excellent liquidity provided by top tier names like Goldman Sachs, Credit Suisse and Merril Lynch
- The firm is not regulated by any gubernamental entity or regulator
- Credit card deposits will incur in a high commission of 5% of the value of the deposit
- The company have to face MiFID regulations in the future which may close the existing loophole on which the operate offshore
6. Oanda - Forex Royalty
Oanda can be considered Forex Royalty for many reasons, for instance, they are one of the first Forex brokers in the US and also because not many forex brokers can brag about managing in excess of $100 billion in assets.
As the demand for forex increased in the US the firm changed their approach and starting doing changes to their proprietary platform in order to make it more suitable for retail traders, the result is the pristine and beautiful looking app the company currently offers.
It is important to mention that being an American broker offering Forex is not an easy task, but being able to offer access to retail clients is almost an impossible thing to achieve. This is a great example of how financially sound and mature the company is for regulators to allow this type of trading to take place.
Keep in mind that even though the firm currently offers access to other asset classes besides forex, the overall methodology and applications were cut for forex primarily.
From an app perspective, keep in mind that Oanda was initially offered to institutional players only, hence the powerful platform in terms of execution.
It is important for me to mention that technical analysis is not at the level of names like Thinkorswim but the overall experience is decent enough for most traders to feel comfortable and to execute their trades with no problems.
Minimum Deposit: $1 (one)
Best Feature: One of the best in class execution platforms, fast, reliable and easy to operate
Recommended for: US customers looking for a cheaper alternative to names like TD Ameritrade without having to sacrifice with a lower-tier provider
Application: At first glance, you can tell that the platform offered by Oanda is very complete, in fact, it was designed to be used only by institutional players at first. As mentioned above, I don't think that the platform is bad at all, but it does lack in terms of technical analysis and decision making tools. The main reason for this is that most institutional clients have access to proprietary analysis models and they only rely on Oanda for the execution of the trade and the overall brokerage service.
- Excellent execution node, straightforward and easy to operate
- Low trading fees relative to the high class of service delivered
- Major governmental regulators
- Cost of Withdrawal is relatively expensive compared to their competitors
- Oanda's customer service might be the worst factor. You can easily spend hours trying to connect on the phone with the right person, and even weeks if you are emailing them
- Accounts do not offer any type of negative balance protection, this means that losses incurred can exceed the fonds of the portfolio
Choosing the Best Forex Apps
As mentioned before, there has never been a better and more accessible moment to become a trader than it is today.
Individuals should take advantage of the broad range of brokers and companies offering excellent forex app services at an unbeatable and accessible price.
Keep in mind that choosing the right Forex app is not a task that should be taken lightly, the repercussions of dealing with the wrong company can easily reflect into the performance of the trading account. Even though pricing is one of the main focus points for certain individuals, it is important to keep in mind that when it comes to a broker paying a little bit more can result in exponentially better services.
One of the most important advises I usually give to new traders is to pay close attention to where an app or broker is regulated. Certain regulations can be tougher over this type of business provider, this results in an overall more transparent environment. Your focus should be on learning how to trade and how to read the markets, not on being worried about the location of your funds. There are many great apps out there, just take your time to review them and choose the one that suits you the best.
What is the best Forex App for Beginner Traders?
If you are a beginner trader I actively suggest you aim for a broker with a vast offering of educational material and with the most simplistic approach. In practice, these will be key elements that will boost confidence and knowledge of the market and the sector. Think of trading as a marathon and not a sprint, when you are ready you can always change to a more sophisticated broker, starting with a complex platform can result in expensive mistakes as you learn your way around the platform.
Can you actively trade from a mobile device (best app)?
Accessing the markets from anywhere and at any time has become easier as most modern brokers offer powerful mobile platforms. Even though mobile platforms were intended to be used as a backup resource for trading, they have evolved to a point where some of them offer almost every tool found in dedicated desktop software. If you are planning on relying solely on your mobile device for execution and trade management, your best option would be Thinkorswim as their platform is a mini replica of their dedicated software.
How much capital do I need for trading?
In an effort to motivate small investors to participate in the markets, most brokers have lowered their minimum requirements to levels never seen before. Even though some brokerage houses will open an account for as low as $100, traders should be aware that they have to be realistic in terms of the returns of such a low balance. Please note that a healthy Forex account should range between $2000 and $3000, this is under to provide enough buffer and space to actually let trades work. This will also allow for proper risk management to be sensible as well.
Can I run Forex apps with a traditional computer?
A common misconception that many new traders have is that they think they need to own a super powerful computer and six flat-screen monitors in order to successfully trade. In reality, this could not be further from the truth. Keep in mind that most professional traders at hedge funds and banks usually use this type of setup due to the different types of markets they are overseeing and the complexity of their strategies.Minimum requirements for most dedicated Forex Trading software are low and they will run in most modern computers. Unless you are a heavy user that needs access to different platforms and applications running at the same time you won't need anything over a household PC.
Is Forex Trading really that risky?
Keep in mind that risk is part of trading and investing, it is certain that no one will give you a high return without an equally high level of risk. It is important for individuals to be aware that even though Forex offers a great space for high returns, losses can also be high if the right measurements are not taken. Currencies are considered risky due to their sensitiveness to news and binary events. Just imagine the volatility seen by the sterling pound after the Brexit was announced! No matter how good and reliable a trading strategy can be, losses will always be a part of this business. The key is to be able to manage risk appropriately and to always look for capital preservation over a money-making mindset.