Looking for the best forex trading app, at a cost that suits you, with access to the forex pairs and the tools and features you need? I’ve done countless hours of research, across several parameters, to identify which forex trading apps stand out from the crowd.
Also consider: My guide to Best Forex Brokers UK
Top Forex Trading Apps for December 2024
In my list below, I give a brief overview of the top FX trading apps. Be sure to read about each FX trading app in detail before making a decision.
Best forex trading apps at a glance
Featured Trading platform
13,500+ markets
- Good for beginners and mid-level traders
- Great trading platforms
- Low-cost trading platform
Featured investing platform
Copy top traders
- Best for copy trading
- Free trading on stocks
- Easy account opening
Featured CFD trading platform
Commission free trading
- User friendly mobile app
- Excellent trading tools
- Tight spreads
- Top Forex Trading Apps for December 2024
- Tickmill: Best for range of accounts
- How do the best forex trading apps work?
- How easy is it to use a best forex trading app?
- How much does a forex trading app cost?
- Where can I get the best forex trading apps for free?
- What are the best forex trading indicators?
- What is the best forex trading strategy?
- What are the benefits of using a forex trading app?
- What are the risks of using a forex trading app?
- How do I open an account with a forex trading app?
- How do I choose a forex trading app?
- What features should I look for in a forex trading app?
- How much does a forex trading app cost?
- What is the difference between a forex trading app and a forex broker?
- What is a forex trading platform?
- Best Forex Trading Apps UK FAQs
City Index is a low-cost, well-established CFD and spread betting platform that provides access to more than 40 options markets, with daily, monthly, and quarterly contracts on offer. City Index is part of the NASDAQ-listed StoneX group.
Key Features
- Access 40+ options markets in indices, FX, metals, and commodities
- Quality news feeds from Reuters and in-house research
- Economic calendar and social media presence for retail investors
- Choice of trading platforms, including Metatrader 4 (MT4)
- Beginner-friendly educational resources
- Powerful research tools for market understanding
- Comprehensive trading tools and market news from Reuters
Pros:
- Low-cost trading platform
- Great choice of assets
- Excellent education and research tools
- Great customer support
Cons:
- No MetaTrader 5
- Inactivity fee applied
Service Fees:
- Buy/Sell Spreads: Rather than charging commission, City Index’s charges are incorporated into the spread. You’ll need to open an account (or demo account) to see spreads on their 1,000s of markets but, depending on the market, both fixed and variable spreads are offered. These start at margins from 5% and fixed spreads from 0.4pts.
- Commission: There is no commission on spread betting markets. With CFDs, you’ll only pay commission when trading shares. Commission for these trades is typically 0.08%.
- Overnight funding: Overnight financing fees on both long and short positions are 2.5% +/- the benchmark regional interest rate.
- Guaranteed Stop Order: A charge is made for use of this feature. For full details, check the website.
- Deposit / Withdrawal fees: No charges.
- Inactivity fee: A monthly inactivity fee of £12 will be applied for accounts that are inactive for 12 months or more.
- Currency conversion: Spread betting accounts are not affected because all trades take place in one base currency, usually sterling. Fees apply on CFDs. Check the website for full details.
- Borrowing costs for shorting CFDs: Borrowing costs are incurred when you short a shares CFD position. Very few markets will incur a borrowing charge – check the relevant market information sheet for details.
Investment Types:
- Indices
- Shares
- Forex (FX)
- Commodities
Best for:
City Index is a good option for beginners and mid-level traders seeking an uncomplicated platform from which to access CFDs and spread betting.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.
eToro is well known for its thriving community and copy trading opportunities which makes this the perfect choice for a novice forex trader looking to mirror the trading activities of more experienced and successful traders.
For experienced Forex traders, eToro provides powerful trading tools including the ability to view currency market research, technical analysis, ProCharts, customisable watchlists, and volatility trends.
The eToro forex trading app has all the appropriate security measures in place, providing complete peace of mind.
Pros
- Excellent copy trading facilities
- Good selection of trading tools
- Low-cost
Cons
- Conversion fees
- Inactivity fee
eToro Fees
- EUR/USD – Standard Spread 1.00 pips
- Trading Cost – Standard Spread USD 10
- EUR/USD – Raw Spread 1.00 pips
- GBP/USD – Raw Spread 2.00 pips
- USD/JPY – Raw Spread 1.00 pips
- Trading Commission Fees included in spread
eToro Account Features
- Copy trading
- Demo account
- Market order
- Limit order
- Stop-loss
- Trailing stop-loss
- Price alerts
- Notifications
- Portfolio reports
{etoroCFDrisk}% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. Your capital is at risk. Other fees apply. For more information, visit etoro.com/trading/fees
Plus500 offer an excellent trading platform for experienced traders, and host san excellent array of tools and features to enhance your trading experience including several risk management tools to help minimise any potential losses.
In addition, commission-free trading makes Plus500 a low-cost option.
Utilise the free demo account to get to grips with trading over 60 forex pairs via CFDs.
Pros
- Over 60 forex pairs
- Commission-free trading
- Very user-friendly
Cons
- No customer support via phone
- Limited education
- Non-trading fees
Plus500 Fees
- $10 per month after 3 months inactivity
- 0.7% currency conversion fee
- 0.8 pips average
Plus500 Account Features
- Guaranteed stop
- Trailing stop
- Stop limit and stop-loss price levels
- Traders sentiment
- Price alerts
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 80% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
The AvaTrade Go mobile application offers some excellent features on the move with low spreads and high leverage. Of particular note is the access to over 250 currency pairs, making AvaTrade of interest to anyone looking to trade in the less popular currencies.
AvaTrade also has a thriving social trading community, providing scope to follow their top traders, and what really makes them stand out is their market-leading news and trading insights which includes daily updates for forex trading. The usefulness of daily news, delivered straight to your pocket, should not be underestimated with forex trading as this gives you time to react to events that could cause shifts in market value.
The app gets excellent reviews with users citing the excellent layout and usability. There is also a great selection of features to assist traders including clear charts, management tools, and alerts.
Pros
- Excellent forex news
- Easy to navigate app
- Over 250 currency pairs
Cons
- High inactivity fees
- Average forex fees
AvaTrade Fees
- 0.9 pips average spread
- $50 per quarter after 12 months inactivity + annual $100 administration fee
AvaTrade Account Features
- Price alerts
- Real-time market quotes
- Social trading
- Technical indicators
- Real-time market trends
- Charts
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
The Tickmill trading app is provided by MetaTrader, which comes with all the expected functionality, including changing or closing existing orders, trading on charts, and the ability to calculate profit and loss. The also app also allows traders to seamlessly connect to the desktop version in order to take advantage of additional tools and features.
With the vast range of account types available at Tickmill, the platform has successfully managed to bridge the gap between experienced traders and beginners. In fact, the Pro Account has some of the lowest spreads I’ve seen, starting at 0.0 pips; however, beginners will have to contend with higher spreads of 1.6 pips on the Classic Account.
Beginners are well provided for in terms of education, with webinars, ebooks, tutorials, and seminars available to help expand their forex trading knowledge.
Pros
- Low fees on the Pro Account
- Negative Balance Protection
- Excellent Education
Cons
- Limited news feed
- High spreads on the Classic Account
Tickmill forex trading fees
- Minimum initial deposit to start trading $100
- Average spread EUR/USD – 0.11 pips Pro Account
- Average spread EUR/USD – 1.7 Classic Account
Tickmill features I like:
- MetaTrader 4
- MetaTrader 5
- Autochartist
- Myfxbook
- Demo account
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% of retail investor accounts lose money when trading CFDs with Tickmill UK Ltd. You should consider whether you understand how CFDs or our other products work and whether you can afford to take the high risk of losing your money..
Saxo Markets provide access to over 40,000 financial products, making them one of the most extensive offerings on the market. They also come in as a low-cost option with one of the most competitive spreads available at 0.4 pips on major forex pairs.
In addition, Saxo have managed to successfully bridge the gap between beginners and experienced traders by providing dedicated platforms that match your level of experience. SaxoTraderGO is the beginner-friendly version allowing users to trade Forex in a user-friendly environment. SaxoTraderPRO is for more advanced traders who might benefit from the six screens available and algorithmic ordering.
Pros
- Dedicated trading platform for beginners and pros
- Extensive list of tradable assets
- Very competitive spreads
- 190 FX pairs
Cons
- Can be slow to verify accounts
- No 24/7 support
Saxo Markets Fees
- 0.4 pips
- £25 platform fees per quarter for accounts with cash funds
Overnight fees:
- +2-3% long positions
- -2-3% short positions
Saxo Account Features
- Variable pricing
- Educational tools
- Six screens on SaxoTrader Pro
- Algorithmic ordering
- Third-party tools
- MetaTrader 4
67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs, or any of our other products work, and whether you can afford to take the high risk of losing your money. The value of your investments can go down as well as up. Losses can exceed deposits on some margin products. Professional clients can lose more than they deposit. All trading carries risk.
Forex.com have designed an app that is a joy to navigate even for beginners. They offer two mobile platforms, the ever-popular MT4 and their own proprietary platform. Excellent search functions make finding your currencies a breeze and functions such as place market, limit, stop, stop trailing, and OCO orders all add to the experience.
Forex.com really shine when it comes to charting with a plethora of charting tools and comprehensive research and news sources providing complete analysis to complement your trading activities.
On the negative side, recent reviews have suggested that Forex.com are having some issues with the app slowing down or even freezing from time to time however, I hope this is something Forex.com will rectify and it’s certainly not worth writing off just yet.
Pros
- Over 80 currency pairs
- Excellent range of features
- Demo account available
Cons
- App has been known to freeze
- No fundamental data
- Inactivity fee
Forex.com Fees
- Standard spread 1 pip
- Zero commissions
Forex.com Account Features
- Range of platform options
- Advanced charting tools
- Demo account
- Real-time view of pricing
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73%-77% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.
Interactive Brokers have just about everything a professional trader could ask for, with over 20 order types, advanced charting, risk analysis tools, and technical research news. This could all be a little overwhelming for beginners; however, professionals should be in their element.
There are four platforms for trading forex on offer at Interactive Brokers: the Client Portal for beginners and intermediate traders; IBKR Mobile for intermediate traders; Trader Workstation, specifically aimed at professional traders with the power to execute trades across multiple asset classes; and IBKR API, which is the most advanced platform for professionals.
Pros
- Extensive range of tradable assets
- 20 different order types
- Low cost for high-volume traders
Cons
- Poor level of customer service
- Hidden fees on the IBKR Pro Plan
IBKR forex trading fees:
- Average spread EUR/USD standard: 1.60
IBKR Account Features
- 105 forex pairs
- Recommendations
- Fundamental data
- Charting
- News feed
- Demo account
Investing in financial products involves taking risk.Your investments may increase or decrease in value, and losses my exceed the value of your original investment.
There are 70 different FX currency pairs available to trade on the forex market via CFDs with competitive spreads from just 0.8 pips. This is relatively low compared to other brokers that I have found.
For forex charting and analysis, traders can access the advanced MT4 platform through OANDA. MT4 is a favourite amongst professional traders and offers everything that you need to analyse price charts.
Pros
- Offers a free demo trading account to all traders.
- Compatible with MT4 and TradingView.
- Regulated by the Financial Conduct Authority (FCA) in the UK.
Cons
- Only FX and CFD available
76.6% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money
How do the best forex trading apps work?
A top forex trading app allows users to create a secure account, deposit funds, and buy and sell currencies with the express aim of making a profit. Each forex app will provide a range of tools and forex trading services to enhance trading including but not limited to:
- Guaranteed stop-loss
- Trailing stop
- Stop limit and stop-loss price levels
- Traders sentiment
- Price alerts
- News flow
- Charting tools
- Economic calendars
- Educational content
- Technical indicators
- Market scanners
Many online forex apps offer a free demo account, which can be used by potential traders to practice their trades and learn to navigate the mobile trading platform without any risk to personal funds.
Most forex brokers are regulated and offer high levels of security for the protection of traders. There is usually a cost associated with the use of these platforms however, this can vary significantly.
How easy is it to use a best forex trading app?
This can vary from app to app depending on their usability, design and navigation as well as the number of tools and features available. In general, the apps I have listed above are all easy-to-use options that are suitable for beginners, but with enough tools to enhance your trading.
Opening an account takes minutes, although you should ensure you have your national insurance number to hand. I would always recommend that you take the time to use the demo account, should there be one on offer, in order to fully familiarise yourself with the app.
How much does a forex trading app cost?
Many forex brokers will attempt to entice traders to their platform by offering what can appear to be competitive pricing structures. However, this isn’t always the case, as forex brokers will often make up this charge in other areas. Therefore, it is important that you understand the costs displayed by forex brokers.
Commissions
This can come in three forms, a fixed spread, a variable spread, or a commission based on the percentage of the spread. Which of these is best will depend on a number of factors so it is a good idea to take the time to calculate what a few of your intended trades would cost according to the structure of the platform concerned.
Whilst many of the platforms I have listed above offer commission-free trading, you will need to ensure that this is not offset by sacrificing some of the tools and features that you require. Platforms that charge a small commission may be offering a proprietary software that is worth the extra cost.
Non-trading costs
Non-trading costs can start to eat away at your gains so it’s important that you consider these. They can come in many forms including withdrawal and deposit charges, inactivity fees, and account fees.
Where can I get the best forex trading apps for free?
There are plenty of forex trading apps available that charge zero commission trading and no platform fee, however, it is always worth checking the spread as this is often where they will make their profits and the spread can vary between trading apps.
However, for zero commission trading, and low spreads the best forex trading apps are CMC Markets and IG.
What are the best forex trading indicators?
Indicators can really elevate your forex trading and you should be using them daily to aid your trading decisions. It’s important that you take the time to fully comprehend the indicators on offer; however, at a minimum the following ten indicators are often considered essential.
- Moving Average
- Bollinger Bands
- Average True Range
- Moving average convergence/divergence
- Fibonacci
- Relative Strength Index
- Pivot Point
- Stochastic
- Donchian Channels
- Parabolic SAR
What is the best forex trading strategy?
In order to ensure that you succeed on a consistent basis, a solid trading strategy should be employed. This should be aligned to your level of experience and goals. Here are some strategies to consider.
Trend trading
This is not only reliable but also simple to execute. To implement this, you simply need to trade in the direction of the current price trend. This is best done by identifying the overarching trend direction, duration and strength. This will give you a fair chance of locking in profits by indicating the best time to exit your current position.
Position trading
Position trading involves holding a position for an extended period of time. It is a long-term trading strategy that requires you to sustain small market fluctuations. Ideal entry and exit points are identified using analytical data.
Range trading
Using a price action graph, support and resistance levels can be identified as the highest and lowest point that a price reaches. This in turn creates a bracketed trading range.
What are the benefits of using a forex trading app?
There are several benefits associated with using forex trading apps for buying and selling currencies.
Firstly is the ease and convenience of these online applications. An account can be created in minutes, and funding your account is usually a straightforward process. In addition, trading can be done from the comfort of your home, or even on the move using the mobile app. This makes keeping track of all your trades and executing trades in response to forex market fluctuations very easy.
Another great advantage of using a broker’s trading platform is the tools and features available to enhance your trading. These can include risk protection tools, education, research materials, notifications, news, and other features. Both novice and advanced traders can utilise these features which can include automated trading strategies, however, the features offered can vary significantly between forex brokers.
In addition, forex trading platforms can offer a cost-effective way to trade currencies however, again the costs involved can vary according to the best forex broker you select.
What are the risks of using a forex trading app?
Forex trading is considered to be very risky and there is a chance that you could lose more than your original stake if you don’t have appropriate protections enabled. Some of the risks include:
Exchange rate risk
This is caused by the changing values of any particular currency. There are a number of factors that can influence this including supply and demand, political entities, war, and pandemics to name a few. Stop loss orders are utilised in order to avoid unsustainable losses as a result of fluctuations in the exchange rate and should be utilised at all times.
Interest rate risk
Changes to interest rates have a direct impact on the foreign exchange market. They usually happen in response to economic indicators, however, with the right trading tools, it can be possible to predict changes in interest rates.
Leverage risk
Leverage can lead to losses that exceed your original stake. This is why a stop-loss is of utmost importance when trading forex.
How do I open an account with a forex trading app?
Generally speaking, opening an account with a forex trading platform is a quick and simple endeavour. Follow these easy steps
- Choose a forex broker
- Download the app from the Google Play Store or App Store.
- Complete the application form, providing your National Insurance Number
- Use the username and password you selected to log in to your account
How do I choose a forex trading app?
There are several considerations you should take into account when choosing the best forex trading app for your needs.
- Is the forex broker regulated? Check that they are authorised and regulated by the Financial Conduct Authority. In addition, cover from the Financial Services Compensation Scheme can help protect your funds.
- Does the forex broker provide all the features you require to trade forex?
- What currency pairs does the forex broker offer?
- What customer service provision is on offer?
- What sort of trading software is available?
The information in this article is intended as a guide to help you choose the right forex trading app for you and your needs.
What features should I look for in a forex trading app?
- Super fast execution – any delays in the execution of your deals can lead to a change in price.
- Good selection of currency pairs – you will need to ensure that the best forex app provides quotes for all the currency pairs that are of interest to you before you start trading forex.
- Excellent account management interface – keeping track of your trades and positions is paramount to your trading success, and therefore you will need an app with a good interface and excellent navigation.
- Advanced trading tools – as a minimum, you should look for a forex broker whose app provides access to orders that can streamline your trades including take profits, stop losses, and trailing stops. In addition a good array of technical analysis tools that include charting and indicators for your chosen currency pairs. Ensure that all charts are updated in real-time and ascertain whether you are able to trade directly from the charts.
- Good fundamental analysis – forex traders can benefit from a good news feed, from a reputable source, available on the trading app. Look for a forex broker with sources such as Reuters or AP/Dow Jones. In addition, an economic calendar can be a useful resource.
How much does a forex trading app cost?
Many forex brokers will attempt to entice traders to their app by offering what can appear to be competitive pricing structures. However, this isn’t always the case, as forex brokers will often make up this charge in other areas. Therefore, it is important that you understand the costs displayed by forex brokers.
Commissions
This can come in three forms, a fixed spread, a variable spread, or a commission based on the percentage of the spread. Which of these is best will depend on a number of factors so it is a good idea to take the time to calculate what a few of your intended trades would cost according to the structure of the platform concerned.
Whilst many of the platforms I have listed above offer commission-free trading, you will need to ensure that this is not offset by sacrificing some of the tools and features that you require. Platforms that charge a small commission may be offering a proprietary software that is worth the extra cost.
Non-trading costs
Non-trading costs can start to eat away at your gains so it’s important that you consider these. They can come in many forms including withdrawal and deposit charges, inactivity fees, and account fees.
What is the difference between a forex trading app and a forex broker?
The forex trading app is the software used to conduct trades, whereas the forex broker is the company or institution that provides the service linking the trader to the market. In some instances, a forex broker will have their own proprietary trading software, whereas in other instances the forex broker will offer their services via an integrated software.
What is a forex trading platform?
A forex trading platform is an online interface used by traders to buy and sell foreign currencies. This can be in the form of a web-based, desktop, or mobile application.
Forex trading platforms are usually provided by forex brokers and can range in the tools and services they provide. Some forex brokers will offer their own custom trading platforms, whilst others will use integrated trading platforms such as MetaTrader 4.
In addition to foreign exchange markets, forex platforms will often provide access to a range of assets including stocks, commodities, cryptocurrency, and indices.
Best Forex Trading Apps UK FAQs
How do I deposit money into my forex trading account?
What is the safest Forex?
Please note
The value of your investments (and any income from them) can go down as well as up and you may not get back the full amount you invested. Past performance is not a reliable indicator of future performance. Investments should be considered over the longer term and should fit in with your overall attitude to risk and financial circumstances.
