To trade forex, you will need an online broker. Trading with an accredited forex broker is essential for success in worldwide currency markets.
As a currency investor or trader, you might have certain needs relevant to which tool, platform, or research requirements you have. Becoming familiar with your investment style can help decide which forex broker might be best for you.
Before we start showing the top 10 Forex trading apps, we should know the next:
- What is the Forex trading app?
- How much does a Forex trading app cost?
- Does Forex trading need a bank account?
- How to withdraw money from Forex?
What is a Forex trading app ? :
Forex trading apps are mobile applications that monitor currency market rates, and allow users to buy, sell, and make profits.
Some apps provide additional tools for trading such as charting packages, news feeds, account management functions, and settings.
How much does a Forex trading app cost ?
The cost varies with the app’s features and specifications. There is no fixed cost.
Does Forex trading need a bank account?
When setting up a new account on most of Forex trading apps, you do not need to submit any information about your bank account, but you need it when trading in the app to withdraw profits or deposit money.
How to withdraw money from Forex?
Forex app supports many withdrawal methods such as Bank account, PayPal, Western Union, etc.
Top 10 Forex Trading Apps:
As a forex trader, you want to get access to market news feeds, charts, accounts, and quotes quickly to be able to have full advantage of the chances that are offered to you.
Smartphone apps allow you to get in your accounts, check quotes, and set orders in a few seconds. You will be in the ideal position to invest in the chance offered soon after an economic news release when you work with a forex app.
Below are the top 10 best smartphone forex apps reviews to guide you in trading:
This app is easy to use and focuses on the interest of the user and this makes traders who have basic knowledge of how markets work have a great experience during trading.
Pros of Netdania:
- Excellent app speed.
- Great features that allow trading on the app for free and fast.
- Ability to build algorithms, data charges, and set alerts to keep pace with exclusive changes in the market.
Cons of Netdania:
- The app can be confusing to some at first.
- The paid version of this app is very expensive.
- Beginners in this field may require some additional knowledge to work with this app.
OANDA is a market recognized company and a reliable source of financial statements.
The OANDA app provides traders with the most advanced trading and information technologies to ensure efficient online currency trading.
Pros of OANDA:
- The company offers in its app a wide range of currency pairs, including exotic pairs as well, such as EUR/CHF.
- The app has an easy-to-use, low-cost platform for simply trading currencies.
- Available in the app, the OANDA Center for Research and Innovation is a blog about innovation, product design, and modern trading techniques.
- The app supports English, Russian, Japanese, Chinese, Spanish, German, Russian, and French.
Cons of OANDA:
- Bad customer service.
- The MT4(An independent platform that allows traders to access a wide range of markets and a lot of different financial instruments, which include foreign currencies, commodities, Decades for Difference (CFDs), and indices for technology EAs)
- Platform does not support Expert Advisors (EAs).
XTB is a reputable broker interested in taking you to a higher level-trading platform.
Pros of XTB: xStation:
- The app design is simple, intuitive, and easy to use.
- The app contains more than 4000 instruments including Forex contracts, indices, commodities, stocks, and tradable index funds from all over the world.
- Opening an account is quick and easy.
- Fast and easy deposit and withdrawal.
- Low CFD price index (market share index).
Cons of XTB: xStation:
- Email support is weak.
- The app does not accept customers in the United States.
- The minimum starting trade amount is 250 of any currency used for trading ($ 250, € 250).
- The company producing the app (XTB: xStation) is not under the control of ASIC (It is a regulatory body responsible for overseeing the activities of companies that deal in financial services).
A unique app that provides traders a fast and easy way to trade on Forex.
Pros of IG Markets:
- IG Markets offers low spreads on more than 90 pairs using several unique trading platforms.
- It has a wide range of investment tools right for you.
- Traders can trade margins or contracts in more than 10,000 markets around the world.
- The app allows traders to choose from more than 6000 global shares.
- High liquidity.
- Forex trading with this app gives you regular opportunities and gives you ease to Leverage trading.
Cons of IG Markets:
- The app allows merchants to create only one account.
- It contains some technical errors when disconnecting from the internet (the device should remain connected to the Internet 24 hours without interruption).
- Delays or malfunctions in the Internet connection may cause the app to make erroneous trades.
- Communication and support is not good in some countries.
This professional app allows traders and clients to directly access wonderful services that put customers on the highest priority list regarding financial markets.
Pros of Interactive Brokers:
- Multiple business tools are provided throughout the days.
- The minimum deposit is only $ 1.
- Ease of trading on advanced platforms from multiple devices.
Cons of Interactive Brokers:
- A very complex desktop trading platform.
- The process of opening an account is complicated.
- The app does not accept clients from 10 countries.
- Spread accounts are not stable.
- Leverage is restricted.
It is an application that gives you access to more than 70 Forex trading market and contains courses that help you learn to trade Forex.
Pros of Pepperstone: cTrader:
- App support is very fast, it has won awards.
- In addition to the ease of the app, it includes strict regulation of Forex trading operations.
- Hedging and scalping allowed.
- The app has a filtering system for selecting the most important tools for trading on Forex and making them in front of the user.
Cons of Pepperstone: cTrader:
- Minimum support $ 200.
- The app does not contain fixed spread accounts (The difference between the selling price and the purchase price of a particular transaction in the global financial markets).
- The app does not deal with clients in the United States.
7- LCG Trader:
This app provides some new features for its users to make trading easy.
Pros of LCG Trader:
- The minimum deposit and start trading forex on the app is $ 1.
- Strict regulation of operations conducted within the app from 3 judicial authorities.
- The app contains many modern platforms equipped with the latest trading tools in the Forex market.
Cons of LCG Trader :
- The app does not allow traders from Australia, Belgium, Canada, New Zealand, Singapore, and the United States to register for the app to start trading.
- There are no fixed spread accounts.
- Not the cheapest fee/commission in Forex trading.
- ECN trading is limited to traders with 10000 dollars capital.
8- Dukascopy JForex:
The app provides you with the latest foreign exchange market information in real-time and provides you with all the news of the movements and currency markets.
Pros of Dukascopy:
- It contains multiple trading tools.
- The app contains PAMM (Percentage Allocation Management Module) accounts.
- The app contains a scheme (esisuisse) to secure deposits.
Cons of Dukascopy:
- The app does not accept US clients.
- Forex leverage is restricted.
- App commissions are high.
- The demo account is available and free for 14 days only.
- Funding options found in the app are limited.
9- FXTM Trader:
An app that allows you to trade online anywhere using your mobile phone, the app contains more than 250 financial instruments to help you trade easily.
Pros of FXTM Trader:
- The app allows you to access live client quotes and easily manage your trading accounts.
- The app contains a control panel that allows you to track your trusts, balance, and profits.
- British license.
Cons of FXTM Trader:
- High spreads.
- Traders must pay a commission on withdrawals of up to $ 40.
10- Easy Markets:
Easy Markets is an app that allows users to trade forex, stocks, indices, and currencies with ease and speed.
Pros of Easy Markets:
- Built-in analytical tools.
- Easy to use.
- The app allows traders to cancel the deal, freeze the price, stop the loss and take the profit in a guaranteed and without fees.
- It has a simple and easy to use interface.
Cons of Easy Markets:
- Sometimes, the app delay in monitoring the speed of price movements and this is not good for traders.
- The app does not support news and integrated charts to follow the movement of markets.
- The app does not contain a deferred deal option.
If you are a beginner in Forex trading, these programs are for you (IG MARKET, Easy markets, FXTM Trader).If you have moderate and high Forex trading experience, the rest of the programs are for you.