Forex trading is a great way to make money, but it can also be a very risky endeavor. If you don’t know what you’re doing, you could lose all of your money in a matter of minutes.
That’s why it’s important to have the right tools at your disposal when it comes to forex trading. The apps listed below will help you navigate the world of foreign exchange markets and make smarter decisions that lead to more profits.
Table of Contents
Best Apps For Trading Forex
Foreign exchange trading, known as forex or FX, involves the trading of currencies. The forex markets are the most liquid in the world, making trading opportunities to profit from the changing value of currencies very attractive.
Forex markets trade 24 hours a day, from Sunday 5 p.m. eastern time to Friday 4 p.m. eastern time. Given the nature of the forex markets’ active global marketplace, liquidity, and volatility, fast access to market news and information as well as trading platforms is critical for forex trading.
This has made smartphone trading apps extremely popular with forex traders. Active currency traders need and want market news, quotes, charts, and their trading accounts at their fingertips at all times.
KEY TAKEAWAYS
Forex markets are among the largest and most liquid markets in the world.
The daily volatility of forex markets presents attractive opportunities to capture profits.
Trading forex has never been easier for individuals, who can now trade on the go in real time using fully-functional mobile apps.
App-based trading is now offered by most forex brokers even if you don’t have an account set up with their main platform.
Look for functionality that gives you an edge with real-time market updates, advanced analytics and charts, educational tools, and the latest in global market and business news.
What to Look for in a Forex App
The major currency pairs traded in the forex market are active, often volatile, event-driven, and, therefore, very vulnerable to business, political, and economic news that’s announced throughout the regular 24-hour trading day.
Nearly all forex brokers offer mobile applications. Some of the individual broker apps are so popular that traders who don’t have accounts with the broker still use them. Other popular forex trading apps offer free and easy access to news, price quotes, and charting.
Look for apps that give you the functionality that you need to trade forex effectively. In such fast-paced markets, you may want the edge offered by real-time market updates, advanced analytics and charts, educational tools, and the latest in global market, financial, and business news.
More than $5 trillion
The amount that is traded on the forex market every day.1
- NetDania Stock and Forex Trader
NetDania Stock and Forex Trader is one the highest-rated and most popular apps used by forex traders because of its ease of use and versatility. The app provides up-to-the-minute forex interbank rates and access to real-time price quotes on stocks and commodities, such as gold and silver—more than 20,000 financial instruments in all.2
In addition, the app offers live, streaming charts and the latest market news from FxWirePro and Market News International. It also allows traders to set price or trendline alerts on specific currency pairs, stocks, or commodities. Traders can customize the menu to suit their personal preference for news and price quotes. The app is available for iPhone and Android smartphones.
NetDania Stock and Forex Trader delivers real-time forex interbank rates.
- Trade Interceptor
Trade Interceptor is another popular trading app available for iPhone and Android users. The app provides traders with a host of options, including the ability to trade currency pairs, binary options, and commodity futures through a choice of forex brokers.
Trade Interceptor’s interface offers analysis and technical trading tools, including nearly 100 technical chart indicators. It also provides access to live, streaming price quotes and price charts, including the latest Bitcoin prices.
Traders can set alerts for price levels or news releases. They can access the daily economic news calendar and real-time market news. There is also a feature that allows traders to do simulated trading and backtest trading strategies using historical price data.
With Trade Interceptor, you can simulate trades and backtest trading strategies using historical data.
- Bloomberg
Bloomberg offers a number of mobile applications for iPhone and Android, but access to some of these requires that users have current subscriptions to Bloomberg services. However, even its basic business mobile app is more than sufficient for traders whose primary interest is real-time access to the latest market news.
The app offers access to global financial markets and business news, market price data, and portfolio tracking tools. Its menu is customizable.
The Watchlist feature lets traders track and analyze their current positions in currencies, commodities, stocks, mutual funds, and exchange-traded funds (ETFs) with charts and information summaries. Users can also watch Bloomberg TV live through a streaming video feed.
Use Bloomberg’s mobile app Watchlist to monitor and analyze current positions.
- thinkorswim Mobile
One of the most popular trading apps provided by a broker is TD Ameritrade’s thinkorswim Mobile. It’s a full-service trading platform that lets TD Ameritrade clients trade currencies, options, futures, and stocks with an easy-to-use interface. Users can access live, streaming charts that they can load with common technical indicators. Traders can even load chart study tools that they created themselves.
For up-to-the-minute business and financial market news, users can access live, streaming CNBC broadcasts. Active traders can use the thinkorswim Mobile app to monitor their positions, orders and accounts. They can make account deposits and modify trading orders or alerts.
The myTrade community feature lets users connect and communicate with fellow traders. Additionally, investors can test out their trading strategies with the paperMoney trading simulator feature.
thinkorswim Mobile lets you connect with fellow traders through its myTrade community feature.
Can You Get Rich by Forex Trading?
Forex trading offers opportunities to profit handsomely (though it’s not without its risks). To make the most of these opportunities, you must understand how forex markets function and what drives them. You should understand how forex trading works. Serious forex traders may want to get to know the mobile forex trading apps available for smartphones.
Can I Trade Forex with My Phone?
Yes, you can. These days, you can trade forex with a mobile forex trading app and a smartphone. These apps do more than allow you to trade while you’re on the move. They can help you keep real-time tabs on the markets, global financial and business news, and technical analysis of current and potential investments.
Which Forex Trading Platform Is Best for Beginners?
The IG Trading platform app is rated highly for use by beginning forex traders.
Learn the Basics of Trading and Investing
Looking to learn more about trading and investing? No matter your learning style, there are more than enough courses to get you started. With Udemy, you’ll be able to choose courses taught by real-world experts and learn at your own pace, with lifetime access on mobile and desktop. You’ll also be able to master the basics of day trading, option spreads, and more. Find out more about Udemy and get started today.
best forex trading app for beginners
The best forex brokers for beginners all share three essential qualities.
The first and most important quality is the broker’s status as a well-regulated and highly trusted brand. Second is the provision of a user-friendly web-based platform with a strong variety of educational resources. Third is access to quality and actionable market research.
In our 6th annual review of forex and contract for difference (CFD) brokers, we spent endless hours opening demo accounts, navigating various forex platforms and mobile apps, conducting market research, testing website usability, and watching educational videos and webinars.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 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.
What is forex trading?
Forex trading is the process of exchanging one currency for another — known as buying or selling currency pairs — based on prevailing exchange rates from the forex market. The forex market is the largest global market, with nearly $6.59 trillion in currency traded on average per day.
What is a forex broker?
When trading foreign currencies, you use a forex broker (also known as a currency trading broker) to place your trades. When you trade forex, you buy or sell in currency pairs, such as the “EUR / USD” (euro / U.S. dollar). You open an account, deposit funds, then use the broker’s trading platform to buy and sell currency using margin. The forex markets are open 24 hours a day, five days a week.
To learn more about the basics of trading forex, we recommendwe recommend the School of Pipsology alongside the NFA’s Trading Forex booklet.
The Best Forex Brokers for Beginners
ForexBrokers.com 2022 Review
Here’s a summary of the best forex brokers for beginner forex traders.
IG – Best for education, most trusted
AvaTrade – Excellent educational resources
Capital.com – Innovative educational app
eToro – Best copy trading platform
Plus500 – Overall winner for ease of use
CMC Markets – Best web trading platform
TMGM – Comprehensive educational courses
IG Logo
Overall
Summary
Review
Pros/Cons
Best for education, most trusted
Minimum Deposit £250.00
Trust Score 99
Tradeable Symbols (Total) 19537
IG offers a vast selection of educational material in a variety of formats, as well as a dedicated mobile app for education called IG Academy. IG is not just for beginners – it ranked as the best overall broker for our 2022 annual review. Read full review
Pros
Outstanding platforms and tools
Over 19,000 tradeable instruments
Competitive pricing
Cons
No predefined layouts on the flagship web platform
Limited product range on MT4
AvaTrade Logo
Overall
Summary
Review
Pros/Cons
Excellent educational resources
Minimum Deposit $100.00
Trust Score 93
Tradeable Symbols (Total) 1260
AvaTrade is a trusted global brand that offers an extensive selection of trading platforms for forex and CFD traders, as well as exceptional educational content that helped it nab our Best in Class rating for Beginners for our 2022 annual review. Read full review
Pros
AvaOptions app is an excellent forex options mobile trading platform
Offers 44 forex options and over 1,200 CFDs
Cons
Pricing for retail accounts is average, but trails industry leaders
Desktop platform is slow to load, has outdated design
Visit Site open_in_new
Extra-Low Spreads!
(71% of retail investor accounts lose money)
Capital.com Logo
Overall
Summary
Review
Pros/Cons
Innovative educational app
Minimum Deposit $20.00
Trust Score 77
Tradeable Symbols (Total) Over 6,000
Capital.com has a solid array of educational materials that includes articles, videos, and a comprehensive lesson program. It also has a dedicated mobile app for education called Investmate, as well as dozens of educational videos on its YouTube channel. Read full review
Pros
High-quality educational articles and courses
Newsroom-grade research articles
Offers over 400 crypto CFDs
Cons
MetaTrader 5 not available
Respectable range of tradeable symbols, but fewer than industry leaders
Visit Site open_in_new
CFDs on 6,500+ markets
(79.17% of retail investor accounts lose money)
eToro Logo
Overall
Summary
Review
Pros/Cons
Best copy trading platform
Minimum Deposit $10-$200
Trust Score 93
Tradeable Symbols (Total) 3056
eToro offers a comprehensive trading experience with over 3,000 tradeable symbols, and a Learning Academy that features videos, articles, and weekly webinars. eToro’s user-friendly web platform and eToro mobile app are great for casual and beginner investors. Read full review
Pros
Large number of investors to copy
Extensive range of markets to trade
User-friendly platforms and app
Cons
No automated trading strategies
Stops, limits mandatory on trades
Research trails competitors
Plus500 Logo
Overall
Summary
Review
Pros/Cons
Overall winner for ease of use
Minimum Deposit €100
Trust Score 99
Tradeable Symbols (Total) 1896
Plus500 is a trusted global brand that offers access to share trading and a thorough selection of CFDs. Plus500’s simplified trading platform attracts beginners looking for a user-friendly experience, and helped Plus500 earn our top award for Ease of Use in our 2022 annual review. Read full review
Pros
Beginner-friendly web trading platform
Broad selection of CFDs
Cons
Few advanced tools for more active traders
Research and education resources are lacking
CMC Markets Logo
Overall
Summary
Review
Pros/Cons
Best web trading platform
Minimum Deposit $0.00
Trust Score 99
Tradeable Symbols (Total) 11927
CMC Markets delivers a terrific user experience, comprehensive market research, and an excellent mobile app. CMC Markets provides a wealth of educational material for beginners in a variety of formats, including written articles, video updates, podcasts, and live webinars. Read full review
Pros
Low trading costs
Excellent web and mobile platforms
Robust research materials
Cons
Educational offering could be improved
MT4 offering limited to 62 symbols
TMGM Logo
Overall
Summary
Review
Pros/Cons
Comprehensive educational courses
Minimum Deposit $100
Trust Score 79
Tradeable Symbols (Total) 12000
TMGM delivers an impressive educational toolset, with its TMGM Academy standing out for its quizzes and interactive content which we found to be excellent for beginners. TMGM’s educational content also pays close attention to the finer details, such as tracking and offering feedback on your progress. Read full review
Pros
Competitive commission rates on Edge account
Minimum deposit starts at $100 for spread-only or commission-based accounts
TMGM Academy is an impressive educational tool
Cons
MetaTrader 5 (MT5) has not yet launched
Majority of available symbols are segmented on the IRESS platform and not optimized for forex trading
Forex trading platforms education comparison
Taken from our forex broker comparison tool, here’s a comparison of the education features for the best forex brokers for beginners.
Feature IG AvaTrade
Visit Site Capital.com
Visit Site
Has Education – Forex or CFDs Yes Yes Yes
Client Webinars Yes Yes Yes
Client Webinars (Archived) Yes Yes Yes
Videos – Beginner Trading Videos Yes Yes Yes
Videos – Advanced Trading Videos Yes Yes Yes
Investor Dictionary (Glossary) Yes Yes Yes
Is forex trading good for beginners?
Forex trading can be complex and may not be suitable for everyone. Whether forex is good for you will depend on your financial condition, your goals, and how much investing experience you already have as a beginner.
Overall, beginners must exercise caution, especially as the majority of forex traders lose money. Also, leveraged forex trading — whether as a CFD or otherwise — is traded from a margin account, which means it is possible for you to incur a negative balance and lose more than you invest.
Note: If you’re a beginner, start by learning the risks associated with forex trading. Read all the educational materials that online forex brokers provide before trading with live funds.
A free demo account allows you to learn the software. Many beginners start with a small amount of money they can afford to lose, with the goal of establishing a consistent trading record.
Can I teach myself forex trading?
Yes, and the best forex brokers offer a variety of educational materials, such as articles and videos, that make it possible to teach yourself forex trading. While studying up doesn’t guarantee success, it’s an important first step.
Plus500’s simple platform design makes it a good one for learning the fundamentals. Some brokers, like IG, even offer progress tracking and quizzes at the end of each course to test your knowledge as you move through the material.
How do I start trading forex?
Before depositing real money, open a free demo account that lets you use the trading platform and learn how it works. After you learn the software and practice using the virtual account, you can open a live forex trading account and begin with an amount of capital that you can afford to lose.
Forex trading step by step
Choose only regulated brokers to open a live account.
Study free educational material.
Open a free demo account and practice.
Learn to use the trading software.
Develop a trading strategy.
Deposit a small amount of risk capital.
Focus on managing percentage returns.
Only scale when you have a consistent track record.
Is forex trading profitable?
The majority of traders lose money. Therefore, to beat the odds and make money trading forex, you must have a trading strategy that focuses not only on identifying trading opportunities (i.e., signals when to buy or sell) but also calculates the optimum trade size relative to your balance. In addition, the target risk and profit levels should be determined in advance using a stop-loss order and limit.
This way, you have a plan on when to exit a trade, whether at a loss or profit. Because, to be successful in trading, you just need to keep your average losses smaller than your average profit. That’s harder than it sounds, but is the secret to making money trading forex.
How do I choose a forex broker?
It’s crucial to use a forex broker that holds the necessary licenses. Choosing a regulated broker that is permitted to offer services in your country helps you avoid potential scams. Also, by selecting a trusted forex broker that is well-capitalized, you reduce the risk of the broker going bankrupt and losing your deposit.
To select a forex broker, start by looking for brokers that are regulated in your country and any available consumer compensation funds provided as protection against bankruptcy. Next, read full-length forex reviews. Finally, compare your top two choices side by side to decide on a winner.
Pro tip: In addition to trust, other factors to consider include trading costs, range of markets, available platforms, mobile trading apps (see our top picks for forex trading apps), market research and news sources, educational articles, and the quality of customer service that the forex broker provides.
What is the best forex broker for beginners?
If you’re a beginner looking for a thorough selection of educational materials, then IG is the best choice among forex brokers. We’ve also written an extensive guide for the best forex brokers in the U.S. for beginners, in addition to the brokers that support international traders.
Also noteworthy is Plus500 for its trading platform, which is great for beginners thanks to a simple layout that is easy to learn.
How much money do you need to trade forex?
The amount of money you will need to trade forex depends on several factors, including your expected trade sizes, risk threshold per trade, the available margin requirements from the broker (i.e., leverage), and any minimum deposit requirement to open your account.
For example: If you plan to trade one mini lot (10,000 units) worth of the euro currency at a time, and the forex broker offers a maximum of 20:1 leverage, that means you will need at least 5% of the trade value just for the margin, and another 1 euro for every pip you plan on risking when the market moves against your position. (Note: In this case 1 pip is 0.0001 euro worth of currency.)
So in the above example, one standard lot of 10,000 EUR/USD would require at least 500 euros in margin, and if you wanted to risk no more than 200 pips per trade, another 200 euros would need to be available. That means you would need a starting balance of 700 euros to trade forex.
Can I trade forex with $10?
Generally no, because even with the ability to trade micro-lots at most forex brokers, $10 would barely be enough for the margin requirement alone, even if you had access to the highest leverage. The best forex broker for small accounts will offer micro contracts, as well as a low minimum deposit. That said, you still need to consider having enough margin available to open each trade.
For example, with at least $300, a trader could open one micro lot at a time and still have enough available for higher margin requirements, such as in Europe or the U.S. With a single micro-lot, each pip is worth around 10 cents for every $1,000 of currency you trade.
Which forex broker has the lowest minimum deposit?
There are several forex brokers, such as CMC Markets (which is also our pick for the best forex trading platform technology), that advertise a $0.00 minimum deposit, which means you can open a live account and deposit whatever amount you like to start trading.
Note: When deciding how much to start with, keep extra costs in mind, such as wire transfer fees and other transfer-related costs that will depend on your chosen payment method — as well as the collateral (margin) you plan to use for your expected trade sizes.
What are the most popular currency pairs?
The most heavily traded currency pairs by volume all include the U.S. dollar (USD), followed by the euro (EUR), Japanese yen (JPY), Great British Pound (GBP), Australian dollar (AUD), Canadian dollar (CAD), and Swiss Franc (CHF). This is according to the latest Triennial Survey by the Bank for International Settlements (BIS), which found that approximately 88% of all forex trades include the U.S. dollar.
Note: The resulting pairs from these popular currencies are known as the “major pairs” and include the EUR/USD, USD/JPY, GBP/USD, AUD/USD, CAD/USD, CHF/USD, and followed by the Chinese renminbi (CNY), which is the eighth most traded currency, but seventh most traded currency pair when combined with the U.S. dollar (CNY/USD).
Can I get rich by trading forex?
While possible, getting rich by trading forex is rare. Practice and skill are required to make money trading forex. Successful traders strive to make trades that, on average, return larger profits (winners) than losses (losers) over time. Historically speaking, several hedge fund managers have been able to get rich trading forex. For example, George Soros made over £1 billion in profit by short selling the British pound in 1992, in what can be described, if one is prone to understatement, as a large bet.
Which forex brokers accept U.S. or non-U.S. clients?
Forex brokers who hold regulatory status in the U.S. can accept U.S.-based clients. Meanwhile, forex brokers who accept non-U.S. clients will usually need to hold licenses in the countries where their clients reside.
For example, if you reside within the European Union, you will be able to open an account with an EU-regulated broker. If you live in a U.S. state, you will need to open an account with a U.S.-regulated broker. If you’re interested specifically in stock trading, read our guide to best U.S. trading platforms for beginners.
The Best Forex Trading Platforms for Beginners
IG – IG web platform
AvaTrade – AvaTrade WebTrader
Capital.com – Capital.com web platform
eToro – eToro CopyTrader
Plus500 – WebTrader
CMC Markets – Next Generation
TMGM – MetaTrader 4
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