Best Forex trading app eToro
Top Forex trading app:
eToro - Proprietary app
OANDA - MetaTrader Mobile
IG Markets - MetaTrader Mobile, Proprietary app
Trading.com - MetaTrader Mobile, Proprietary app
FOREX.com - MetaTrader Mobile, Proprietary app
Interactive Brokers - Proprietary app
Modern mobile applications from leading Forex brokers allow trading on the forex market 24/5, monitoring open positions, and analyzing the market from anywhere convenient. Traders have access to most of the features available in the desktop version of the trading platform. Traders Union has selected the best brokers for mobile trading, offering an optimal set of trading conditions and applications for the most popular trading platforms, as well as their own mobile applications with advanced functionality.
Warning:
There is a high level of risk involved when trading leveraged products such as Forex/CFDs. Between 65% and 82% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
| Broker | Android App | iOS App | MT4 | MT5 | cTrader | Proprietary app | |
|---|---|---|---|---|---|---|---|
Here is a comparison between the best trading applications on parameters such as demo account, copy trading, technical indicators, drawing tools, watch list, newsfeed, and trading bots.
| eToro | OANDA | IG Markets | Trading.com | FOREX.com | Interactive Brokers | Fidelity | Thinkorswim by TD Ameritrade | |
|---|---|---|---|---|---|---|---|---|
|
Min deposit |
$100 |
|
$1 |
$5 |
$1000 |
|
$1 |
$2000 |
|
Regulation |
CySEC, FCA, ASIC |
FSC (BVI), ASIC, IIROC, FCA, CFTC, NFA |
FCA, BaFin, ASIC, MAS, CySec, FINMA, BMA, CFTC, NFA |
FCA, CFTC, NFA |
CIMA, FCA, FSA (Japan), NFA, IIROC, ASIC, CFTC |
SEC, FINRA, SIPC, FCA, NSE, BSE, SEBI, SEHK, HKFE, IIROC, ASIC, CFTC, NFA |
US Securities Commission (SEC), SIPS |
FINRA, SIPC, CFTC, NFA |
|
Spread |
From 2 points |
From 0 points |
From 0.4 points |
From 0.6 points |
From 0.2 points |
From 0 points |
From 0 points |
From 0 points |
|
Trading platform |
Mobile Trading, WebTrader |
WebTrader, MetaTrader4, Mobile platforms, MetaTrader5 |
MetaTrader4, API, ProRealTime, IG Trading Platform |
MT5 |
FOREX.com, MT4, MT5 |
Trader Workstation, IBKR Mobile, APIs |
Active Trader Pro |
Thinkorswim |
|
Instruments |
Currencies, assets of stock and commodity markets, cryptocurrencies |
FX, Indices, Bullion, Commodities, Crypto |
Forex; CFDs on indices, commodities, and stocks; |
Currency pairs (57), CFD on shares (1200+), commodity group (8), indices (14), metals (2), energy resources (5) |
Forex, cryptocurrencies, indices, commodities, stocks |
Stocks, options, futures, currency, metals, bonds, ETF, mutual funds, CFD, EPF, Robo-portfolios, hedge funds |
Shares, commodity assets, exchange-traded (ETF), mutual and investment funds, options, futures, bonds, annuities, fractional shares |
Over 70 currency pairs |
|
Trading features |
Cryptocurrency trade; Structural investment portfolios; Copy Portfolios; Trading Central. |
Advisors; Availability of a demo account; A large number of training materials. |
Leverage depends on the instrument and the regulator; |
$5/month – payment for inactivity on the account |
There is a cryptocurrency trading |
Options, trading, CFD, ETF, EPF |
You can create an investment portfolio from fractional shares |
There is cryptocurrency trading |
|
Accounts |
Standard and demo |
Standard, Core, Swap-free, Premium, Premium Core |
Demo and CFD |
Ultra-Low Standard, Ultra-Low Micro |
Standard account, Commission account, Direct Market Access account (DMA) |
Real, Demo |
Demo, Traditional IRA, Rollover IRA, ROTH IRA, Brokerage Account, brokerage and fund management, account "529", Fidelity Go, Fidelity personalized management and consulting |
Standard Forex (account for trading currency pairs, other assets are not considered in this review) |
For beginners, the best app is MetaTrader Mobile, as it has an intuitive interface and offers the same standard set of functions as the desktop application. MetaTrader Mobile allows traders to:
Trade on the forex market 24/5.
View real-time quotes and price charts.
Execute trades, including market and pending orders.
Monitor and manage open positions and pending orders.
Analyze the market using technical indicators and analytical objects.
View trading history.
Set up alerts and push notifications.
Access news, trading signals and economic calendar.
Among brokers, you can choose those that offer not only standard features but also additional ones for mobile applications. For example, some brokers offer custom indicators, of which there may be more than 50, and a greater number of timeframes. Having a cent account and copy trading feature can be especially useful for beginners. Copy trading allows you to automatically copy the trades of more successful traders, while a cent account allows you to trade on a real account with minimal risks.
Choosing the best Forex app can be an exhausting journey for beginners. With thousands of trading apps available online, beginners may get confused with their choices. This guide helps to choose the best Forex app that is suitable for your trading requirements:
Determine your trading goals. First, decide if you want to be an active trader, passive trader, long-term investor, forex trader, or options trader.
Do you have experience in trading already? Are you completely a new trader? Are you a professional trader who wants to shift from one platform to another for a seamless experience? If you don’t have any experience with Forex trading already, you may need to choose a platform that offers a demo account with a minimum deposit of $0 or $10. If you are a professional trader with active trading experience and sufficient capital to trade, you may look at the availability of currency pairs, leverage, and reliability in customer support rather than the minimum deposit amount.
All Forex trading brokers must have regulatory approvals. Check if the trading broker you chose has the license from the relevant regulatory authority.
Several websites like Traders Union review Forex trading applications regularly. One can select a handful of reputed brokers by reading through reviews of various Forex traders.
Evaluate the selected trading apps against your trading requirements and goals. Choose the trading app that meets the criteria in your evaluation.
Consider the trading tools and features offered. Look for advanced charting, technical indicators, risk management tools, news feeds, and support for expert advisors/automated trading. The best platforms have robust capabilities.
Check the platform's connectivity and speed. Since Forex is traded 24/7, you want a platform that provides fast execution and doesn't crash or freeze during critical moments.
According to a survey by Traders Union, the most popular trading platform used was MetaTrader 4 and 5, chosen by 47% of respondents. Interestingly, the majority of traders who choose this platform prefer to trade from their mobile phones.
MT4 and MT5 are offered by the majority of global forex brokers. However, there are many other forex trading platforms available worldwide, almost all of which have a mobile version. For example, in the United States, apps from brokers such as TD Ameritrade and Interactive Brokers are very popular. In Europe, professionals often use the Saxo Bank app. These platforms are known for their complexity, wide range of analytical tools, indicators, and trading instruments. They are generally more suitable for professional traders and investors.
The differences between MT4 and MT5 may not be significant for beginners, but they do exist, especially for professionals. MT5 offers more advanced features compared to MT4, including:
Indicators: MT5 has more built-in technical indicators and graphical objects, which can be beneficial for advanced technical analysis.
Expert Advisors (EAs) and Trading Bots: MT5 supports more complex EAs and trading bots, allowing for more sophisticated automated trading strategies.
Trading Instruments: MT5 offers a wider range of trading instruments, including more types of assets like stocks and futures, compared to MT4.
While MT4 remains popular due to its simplicity and widespread use, MT5 is gaining traction among traders looking for more advanced features and a wider range of trading options.
When choosing a trading app, it's important to look for certain features that can enhance your trading experience. Standard functionality typically includes:
Trading Alerts for price movements and other important events.
Various types of charts (e.g., line, bar, candlestick) for technical analysis.
A range of 40-60 technical indicators for analyzing market trends.
Basic tools for drawing on charts, such as trend lines and Fibonacci retracements. Tipical range of such tools - 10-30.
Additionally, it's great if the broker also offers:
The ability to use custom or user-created indicators.
Economic Calendar with important economic events and their impact on the market.
Autochartist tool that identifies trading opportunities based on technical analysis.
TradingView platform: An advanced charting platform that also serves as a social network for traders to share ideas and experiences.
Some brokers offer the ability to control trading bots within their app, which is not typically included in the standard set of features. For scalpers, one-click trading can be convenient, allowing for quick execution of trades.
These features can vary among brokers, so it's important to choose a broker and app that best suit your trading needs and preferences.
I would like to share my experience working with several trading apps. I started my trading career like most people, with MetaTrader 4. Overall, this platform allowed me to learn the basic skills of trading and has a standard set of functions that meet the needs of most beginners. It's convenient that many MT4 brokers offer Autochartist and copy trading.
Later, I switched to trading through the сTrader app because I became interested in working with bots on ECN accounts with one of the major brokers. However, the сTrader app is more suited for a more advanced audience, for traders who understand programming and automated trading systems.
For these same purposes, apps from top US brokers like Interactive Brokers are suitable. I have used this app for over 7 years. For a novice, it may seem a bit complicated, and even now I use it more for investments than for trading.
We evaluate and assess each broker using over 100 objective criteria, resulting in an average score for each Forex broker, which characterizes all aspects of its work. We also take into account its trading volume, which we have access to thanks to hundreds of thousands of traders of our Union. We also take into account reviews on brokers by their traders, which we curate on our website. As a result, according to our unique algorithmic matrix, which is applied to all companies, our program impartially calculates the overall average for each company and its position in the rating. This makes our rating system the most objective and independent in the Forex market.
Table of categories of criteria for evaluating Forex brokers
| Criteria category name | Criteria number in category |
|---|---|
Financial |
38 |
Reliability |
27 |
Security |
18 |
Trading conditions |
15 |
Customer support |
9 |
If you are a beginner, we recommend you choose RoboForex because it offers a $10 minimum deposit. The minimum deposit with Fx Pro is $100. The multi-language trading platform of RoboForex would also ease the language barriers for beginners.
The demo account would be highly helpful for beginning Forex traders who don’t have any experience in trading. With the demo account, they understand the trading conditions and features of the platform before engaging in real-time trading. For experienced traders, the demo account may be of the least priority while choosing a trading platform.
There is no hard-and-fast rule on this. You can start Forex trading with as little as $100. However, you enjoy good returns only when you have high capital at your disposal. We suggest beginners use no more than 1% of the total capital on a single Forex trade.
The best app to use in forex trading can vary based on individual needs. But RoboForex is highly recommended due to its comprehensive trading tools, ease of use, and strong regulatory oversight.
Trading involves the act of buying and selling financial assets like stocks, currencies, or commodities with the intention of profiting from market price fluctuations. Traders employ various strategies, analysis techniques, and risk management practices to make informed decisions and optimize their chances of success in the financial markets.
A broker is a legal entity or individual that performs as an intermediary when making trades in the financial markets. Private investors cannot trade without a broker, since only brokers can execute trades on the exchanges.
Forex trading, short for foreign exchange trading, is the practice of buying and selling currencies in the global foreign exchange market with the aim of profiting from fluctuations in exchange rates. Traders speculate on whether one currency will rise or fall in value relative to another currency and make trading decisions accordingly.
CFD is a contract between an investor/trader and seller that demonstrates that the trader will need to pay the price difference between the current value of the asset and its value at the time of contract to the seller.
The CFTC protects the public from fraud, manipulation, and abusive practices related to the sale of commodity and financial futures and options, and to fosters open, competitive, and financially sound futures and option markets.
Chinmay Soni is a financial analyst with more than 5 years of experience in working with stocks, Forex, derivatives, and other assets. As a founder of a boutique research firm and an active researcher, he covers various industries and fields, providing insights backed by statistical data. He is also an educator in the field of finance and technology.
As an author for Traders Union, he contributes his deep analytical insights on various topics, taking into account various aspects.
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.
Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO).
