12 Best Forex Trading Apps for Beginners in 2024

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If you’re looking to trade currencies on a smartphone, you’ll need an account with a regulated forex app. Important factors to consider when choosing the best forex trading apps include regulation, supported markets, commissions, spreads, and minimum lot sizes.

In this guide, we reveal the twelve top forex trading platforms for 2024. Read on to discover which forex app is right for your trading goals.

The Top Forex Apps Ranked

Here’s our top 12 list of the best forex trading apps in 2024:

  1. eToroOverall best forex app with 55 trading pairs; spreads start at 1.0 pips. Copy and demo trading available.
  2. Plus500 – Trade over 13 forex futures with leverage and practice trading with a demo account.
  3. XTB: 48 forex pairs are supported with up to 500X leverage; Spreads from 0.1 pips and no commission.
  4. AvaTrade: Established forex broker aimed at intermediate to advanced traders with technical analytics.
  5. Trade Nation: 0% commission forex broker with spreads staring at 0.3 pips. Trade with leverage of up to 1:200.
  6. Libertex: Regulated zero-commission CFD broker with 50 forex pairs. Spreads start from just 0.2 pips.
  7. Pepperstone: Commission-free broker with 60+ currency pairs; Razor account offers 0.0 spread.
  8. Skilling: Commission-free forex trading. Standard account spreads start from 0.7 pips. Premium account offers 0.1 pips.
  9. Admirals: One of the largest forex brokers with its own trading app and 80+ currency pairs. Spreads start from 0.6 pips.
  10. IG: Brokerage launched in 1974 that supports 80+ forex pairs. US clients can trade forex with leverage of up to 1:50.
  11. Capital.com: Trade 125 forex pairs with no commission and spreads starting from 0.6 pips on EUR/USD.
  12. Forex.com: Popular US forex broker with over 80 forex pairs. DMA accounts are available.

The Top Forex Apps Ranked

You’ll need more than an overview when selecting the best forex trading apps. In this section, we review the top twelve providers for safety, fees, payments, trading tools, and much more.

1. eToro – Forex Trading App with 55 Currency Pairs, Low Spreads, and Copy Trading

eToro is an all-in-one brokerage platform that offers trading on more than 5,000 instruments, including 55 forex CFD pairs. You can trade all the major and minor trading pairs with spreads starting from as low as 1 pip for the EUR/USD pair. 

eToro’s mobile app is packed with trading features that make it easy to use. You can trade in just a few taps using the eToro mobile app, plus enable push notifications so you never miss an opportunity.

eToro FX trading app

In addition, eToro displays trader sentiment for each currency pair, making it easy to see what other traders think about a currency’s prospects.

You can also take advantage of eToro’s copy trading tool. This enables you to automatically mimic the moves of experienced forex traders in your own portfolio. You can copy multiple traders with different strategies, making it possible to profit in a wide range of market conditions.

Copy trading is completely free although some fees change according to assets. You only need to make a minimum deposit to get started which makes eToro one of the most competitive platforms on the market today.

eToro is a mobile trading platform that’s packed with indicators, drawing tools, news, and analysis. You can compare multiple trading pairs on the same chart or monitor multiple charts on a single screen. Regulated by leading institutions in the EU, US and UK, eToro is a powerful platform for staying one step ahead of the market.

No. Forex Pairs Min. EUR/USD Spread Max. Leverage Broker Type Platforms Min. Deposit
Accepts US Clients?
55 From 1.0 pip 1:30 Liquidity Provider for its CFDs and a Market Maker Proprietary (dependent on geo) Yes (Stocks and crypto, Forex is unavailable for US users)

Pros pros

  • Overall best foreign exchange app
  • Trade 55 forex pairs from 1.0 pips
  • Copy experienced forex traders
  • Highly customizable mobile forex trading platform
  • Monitor trader sentiment for forex pairs
  • Free demo account available

Cons cons

  • Small withdrawal fee
  • $10 per month fee after 12 months of inactivity

76% of retail CFD accounts lose money – your capital is at risk.

2. Plus500 – Trade 13 Futures Forex Low Commissions

Plus500 is a trusted trading platform, regulated and licensed by multiple financial authorities – Cunningham Commodities, LLC d/b/a Plus500, a Futures Commission Merchant registered with the US Commodity Futures Trading Commission and a member of the National Futures Association (NFA ID number 0001398), and it’s a publicly traded company on the London Stock Exchange.

The app is easy to use. Once you download it, You can trade forex future major pairs and exotics like Mexican Peso. There are also over 2,800 other CFD instruments to trade, like stocks, ETFs, options, and crypto, on the Plus500 CFD platform and over 2700 real shares on the Plus500Invest platform, all under a single list.

Plus500 Site

You won’t find the popular MT4 platform with Plus500. Instead, you get to trade via the browser-based Web Trader and the mobile app for iOS and Android.

Aside from this, everything else is similar to all other platforms. You select the futures asset you wish to trade and agree to buy or sell (transact) a financial asset, like a commodity, currency, or index, at a fixed price and time in the future. In other words, two parties enter into an agreement, with one of them buying a Future’s underlying asset and the other selling it later at a specific price and time in the future, regardless of the prevailing market price at the time, and can use features such as trailing stops.

No. Forex Futures Min. EUR/USD Spread Max. Leverage Broker Type Platforms Min. Deposit Accepts US Clients?
13 No spread on the futures platform depends on the margin multi-asset Web Trader and mobile apps $100 Yes, but only for the Plus500 Futures accounts

Pros pros

  • Proprietary mobile app for iOS and Android
  • Low commissions
  • Regulated futures broker with licenses in multiple countries
  • Depends on the margin
  • Fee-free deposits and withdrawals

Cons cons

  • No MT4 or MT5 mobile app support

Trading with leverage comes with a high risk and may not be suitable for everyone.

3. XTB – Commission-Free Forex Trading App Supporting Dozens of Currency Pairs   

XTB is a regulated forex broker with its own proprietary trading platform – xStation 5. This can be downloaded as a free app for iOS and Android. xStation 5 is also available as desktop software and via standard web browsers. This makes XTB ideal for switching between desktop and mobile devices.

XTB offers a safe way to trade forex – it’s regulated by the UK’s FCA. This means that your account balance is held in segregated bank accounts. Moreover, XTB is a public company listed on the Warsaw Stock Exchange. This offers increased transparency and accountability. In terms of markets, XTB supports over 50 currency pairs.

XTB review

XTB also supports indices, stocks, commodities, ETFs, and some of the best cryptocurrencies to trade. When it comes to fees, XTB does not charge trading commissions, making it a great free forex trading app. It advertises minimum spreads of 0.1 pips, which is very competitive. However, we found that actual spreads are much higher. This is because XTB has a variable spread system that reflects broader market conditions.

In terms of usability, the XTB app is suitable for all skill sets. Beginners will appreciate XTB’s simple interface and easy order placement process. Moreover, XTB offers a free demo account that mirrors the live forex markets. This gives you the opportunity to practice with technical indicators and real-time forex charts.

More experienced traders will appreciate XTB’s high leverage offering of up to 1:500. However, leverage limits are restricted in certain regions. For example, UK traders are capped at leverage of 1:30, as per FCA guidelines. There are no minimum deposit requirements at XTB. That said, forex must be traded in micro-lots, so that’s $1,000 without leverage.

No. Forex Pairs Min. EUR/USD Spread Max. Leverage Broker Type Platforms Min. Deposit
Accepts US Clients?
48 0.1 pip 1:500 Market Maker Proprietary No minimum No

Pros pros

  • Trade forex without needing to meet a minimum deposit
  • Commission-free trading and advertised spreads of 0.1 pips
  • 48 currency pairs supported – covering majors, minors, and exotics
  • Free demo account allows you to practice trade
  • Trade via the xStation 5 app, desktop software, or browser-based platform

Cons cons

  • Real-time spreads are usually much higher than advertised minimums
  • Does not offer copy trading tools

78% of retail investor accounts lose money when trading CFDs with this provider.

4. AvaTrade – Optimized Forex Trading App With Charts and Analysis Tools        

AvaTrade is a heavily regulated forex broker that holds licenses in nine different countries. This makes AvaTrade one of the best forex trading apps for safety. For instance, not only is AvaTrade regulated by the Central Bank of Ireland, but also by licensing bodies in Japan, Australia, and South Africa. Moreover, AvaTrade has been offering brokerage services since 2006.

AvaTrade offers a proprietary trading app for iOS and Android – AvaTradeGO. This comes packed with charting and analysis features. This includes technical indicators, custom order types, watchlists, alerts, and financial news. You’ll also have access to trading sentiment and an economic calendar. All supported features have been optimized for smartphone usage.

AvaTrade app review

AvaTrade supports 53 forex pairs – all can be traded on a commission-free basis. Spreads start from 0.9 pips on EUR/USD. Expect volatility, as spreads are dynamic. This means they rise and fall based on market conditions. AvaTrade offers leverage of up to 1:400. However, limits are dependent on your country of residence and trading status (e.g. retail or professional).

In addition to AvaTradeGO, this popular broker also supports MT4 and MT5. If you prefer one of these third-party apps, you can connect them to your AvaTrade account. After you register, you can start with AvaTrade’s free demo account. Alternatively, you can deposit $100 or more and begin trading with real money. No deposit or withdrawal fees are charged.

No. Forex Pairs Min. EUR/USD Spread Max. Leverage Broker Type Platforms Min. Deposit
Accepts US Clients?
53 0.9 pip 1:400 Market Maker Proprietary, MT4, MT5 $100 No

Pros pros

  • 0% commission trading on 53 currency pairs
  • One of the best forex trading iPhone apps for spreads – EUR/USD starts from 0.09 pips
  • No deposit or withdrawal fees
  • Native mobile app for iOS and Android – plus support for MT4 and MT5
  • Leverage of up to 1:400

Cons cons

  • Free demo account needs to be extended after three weeks
  • Minimum deposit of $100 is higher than most forex trading apps

Trading CFDs and FX Options entails risk and could result in the loss of your capital.

5. Trade Nation – Trade Major Forex Pairs Commission-Free With a Minimum Spread of 0.3 Pips  

Trade Nation is a regulated forex and CFD broker. It supports a wide range of assets, including currency pairs, stocks, indices, and commodities. When trading forex, you won’t pay any commissions. Instead, you’ll need to cover a variable spread – which is usually very competitive. For example, EUR/USD can be traded from just 0.3 pis.

Spreads on EUR/GBP and EUR/JPY start from 0.6 and 0.8 pips, respectively. That said, spreads on exotic currencies can be wide. For example, USD/ZAR starts from 7 pips. Trade Nation will appeal to forex traders who seek high leverage limits. The minimum margin requirement on major pairs is just 0.5%. This means you can trade with leverage of up to 1:200.

Trade Nation app

Exotic pairs come with higher margin requirements of 2%. We also like Trade Nation for its commitment to regulation. It holds licenses with bodies in the UK, Australia, South Africa, Bahamas, and Seychelles. The regulatory body you fall under will determine your leverage and margin requirements.

Supported payment methods include debit/credit cards and Bitcoin. There is no minimum deposit requirement at Trade Nation. In addition to its own native app, Trade Nation also supports MT4. This will appeal to those who want to deploy automated trading robots or access more advanced analysis tools.

No. Forex Pairs Min. EUR/USD Spread Max. Leverage Broker Type Platforms Min. Deposit
Accepts US Clients?
Not stated 0.3 pip 1:200 Market Maker Proprietary, MT4 No minimum No

Pros pros

  • One of the most user-friendly forex apps for Android and iOS
  • Minimum forex spreads of 0.3 pips
  • No trading commissions are charged
  • Get started with any amount – no minimum deposit requirements

Cons cons

  • Spreads are less competitive on exotic pairs
  • Trade Nation’s native app might be too beginner-friendly for experienced pros

‌Contract for differences are complex financial instruments that requires knowledge and understating as it involves a high risk of losing money rapidly due to leverage.

6. Libertex – Tight Forex Spreads From 0.2 Pips and 0% Commission on All Markets  

Libertex is one of the best forex trading apps for low fees. All supported forex pairs can be traded without commission. Moreover, spreads start from just 0.2 pips on major forex pairs. Libertex has a dynamic quote system, so spreads vary depending on market conditions. We also like that Libertex has a low minimum deposit requirement.

You can get started with any amount from $10. Libertex also offers a free demo account and no deposit is required to activate it. This comes with $50,000 in virtual trading funds. The Libertex app is user-friendly and available on iOS and Android. It has a simple layout yet comes with pricing charts, sentiment bars, technical indicators, and other trading tools.

Libertex app review

Libertex also supports MT4 and MT5, should you prefer one of these trading platforms. In addition to forex, Libertex supports other financial markets. This includes everything from stocks and ETFs to commodities and cryptocurrencies. Libertex is also one of the best forex trading apps for leverage – up to 1:999 is available.

Libertex is considered a safe forex trading app. It has over 3 million customers and was launched in 1999. Moreover, Libertex is authorized and regulated by CySEC. While over 120 countries are supported by Libertex, this doesn’t include the US.

No. Forex Pairs Min. EUR/USD Spread Max. Leverage Broker Type Platforms Min. Deposit
Accepts US Clients?
50 0.2 pip 1:999 Market Maker Proprietary, MT4, MT5 $10 No

Pros pros

  • One of the best high-leverage brokers (up to 1:999)
  • Trade 50 forex pairs at 0% commission
  • Spreads on major currencies start from 0.2 pips
  • Founded in 1999 and over 3 million customers
  • Supports MT4 and MT5

Cons cons

  • US clients are not accepted
  • Limited market insights from industry experts

Trading in financial instruments is a risky activity and can bring not only profits but also losses.

7. Pepperstone – Choose From 0% Commission or Zero-Spread Forex Accounts        

Pepperstone is a licensed forex broker suitable for all experience levels. It supports over 60 forex pairs alongside stocks, indices, and commodities. All available markets are traded as leveraged CFDs, meaning that US clients are prohibited from joining. That said, most other nationalities are supported.

Pepperstone offers two account types. If you’re a casual trader, the standard account will be suitable. This enables you to trade forex without paying any commission. Spreads on the standard account start from 0.7 pips. Experienced traders will prefer the razor account. This comes with a commission of $3.50 per traded lot.

Pepperstone app

However, you’ll have access to the most competitive market spreads. In many cases, Pepperstone’s razor account comes with spreads of 0.0 pips on major forex pairs. Pepperstone doesn’t offer a native mobile app, so you’ll need to choose from MT4, MT5, or cTrader. There is no minimum deposit requirement, and all three options come with demo account trading.

No. Forex Pairs Min. EUR/USD Spread Max. Leverage Broker Type Platforms Min. Deposit
Accepts US Clients?
60+ 0.7 pips (standard account). 0.0 pips (razor account) 1:30 ECN and Market Maker (execution depends on account type) MT4, MT5, cTrader No minimum No

Pros pros

  • Commission-free accounts come with a minimum spread of 0.7 pips
  • Razor accounts offer institutional-grade spreads from 0.0 pips
  • Supports over 60 forex pairs
  • No minimum deposit requirements

Cons cons

  • Retail clients are capped to leverage of 1:30
  • Does not have a proprietary trading app

75.6% of retail investor accounts lose money when trading spread bets and CFDs with this provider.

8. Skilling – User-Friendly Forex Trading App With Commission-Free and Premium Accounts        

Skilling is another top-rated forex broker that offers two account types to choose from. Beginners will appreciate the commission-free account, which comes with minimum spreads of 0.7 pips. This account type has a minimum deposit requirement of €100. The premium account is aimed at experienced traders. It offers a minimum spread of 0.1 pips on major forex pairs.

There is also a flat commission of $35 per $1 million traded. Although the premium account offers competitive pricing, the minimum deposit requirement is €5,000. Skilling’s native app for iOS and Android supports plenty of trading tools, including indicators and charts.

Skilling app review

Finding forex pairs to trade is seamless and orders have an average execution time of 0.05 seconds. Skilling also supports third-party trading apps, including MT4 and cTrader. In addition to forex, Skilling supports commodities, cryptocurrencies, indices, and stocks. Skilling is a safe trading platform that segregates client funds and offers negative balance protection on leveraged positions.

No. Forex Pairs Min. EUR/USD Spread Max. Leverage Broker Type Platforms Min. Deposit
Accepts US Clients?
73 0.7 pips (standard account). 0.1 pips (premium account) 1:30 Market Maker Proprietary, MT4, cTrader €100 (standard account). €5,000 (premium account) No

Pros pros

  • Commission-free accounts offer minimum spreads of 0.7 pips
  • Also offers premium accounts with 0.1 pip spreads
  • 73 currency pairs supported
  • User-friendly trading app with charting tools

Cons cons

  • Premium accounts require a minimum deposit of €5,000
  • Does not accept US clients

71% of the retail investors lose money when trading with this CFD provider. Trading financial products on margin carries a high degree of risk and is not suitable for all investors.

9. Admirals – Popular Forex Broker With a Sleek Mobile App and Over 8,000 CFDs to Trade  

Admirals is a popular forex broker that offers its own trading platform on iOS, Android and Huawei devices. Trade forex and over 8,000 other CFDs from the palm of your hand, or make deposits and withdrawals in-app. Forex pairs come with tight spreads, starting from 0.6 pips on EUR/USD, and you can trade with up to 1:500 leverage.

This brokerage provider is licensed in several countries including the UK and Australia. To keep your mind at ease, know that your funds are held in a segregated account and it never mixes with Admirals’ assets.

Admirals trading platform

Trade over 80 forex pairs, including majors like EUR/USD and GBP/USD and exotics like USD/THB and NZD/SGD. If that’s not enough, trade other CFDs like stocks, indices, cryptocurrencies, commodities and more.

Learn how to trade and improve your skills with the vast educational library or start trading with a demo account using virtual money. As an Admirals client, you get access to premium analytics, market news, fundamental analysis and more, which can help you become a better trader.

Admirals mobile app

Overall, Admirals offers the full forex trading package for beginners and it could be worth checking out.

No. Forex Pairs Min. EUR/USD Spread Max. Leverage Broker Type Platforms Min. Deposit
Accepts US Clients?
80+ From 0.6 pip 1:500 Liquidity Provider for its CFDs and a Market Maker Proprietary $25 No

Pros pros

  • Over 80 forex CFD pairs
  • Trade forex, stocks, commodities, indices, bonds, cryptocurrencies and ETFs on the app
  • Spreads on EUR/USD start at 0.6 pips
  • Free demo account with $100,000 in paper funds
  • Trade with leverage of up to 500:1

Cons cons

  • Trading products are CFTs

10. IG – US-Friendly Forex Broker With 0% Commission on 80+ Pairs         

Launched in 1974, IG is the most established forex trading app on this list. It supports more than 80 currency pairs across the majors, minors, and exotics. Fees are very competitive here, with IG offering commission-free access to all supported pairs. What’s more, the minimum spread on EUR/USD is just 0.8 pips.

IG’s native mobile app is available on iOS and Android. It comes packed with trading tools that will appeal to experienced pros. This includes exclusive market data, technical and economic indicators, custom orders, and risk management tools. The main drawback for US clients is that IG only supports forex.

IG forex app

That said, if you’re based elsewhere, you’ll have access to thousands of CFD instruments. This includes stocks, indices, and commodities. UK clients also have access to traditional stocks, funds, and investment trusts. There is no minimum deposit requirement at IG when transferring funds from a bank account. However, debit/credit card payments require at least $450.

No. Forex Pairs Min. EUR/USD Spread Max. Leverage Broker Type Platforms Min. Deposit
Accepts US Clients?
80+ 0.8 pips 1:50 for US clients Dealer and counterparty for foreign exchange contracts in the US Proprietary, MT4 No minimum on bank wires. Debit/credit card payments require at least $450. Yes

Pros pros

  • Established in 1974 and a member of the National Futures Association
  • Offers commission-free trading on 80+ forex pairs
  • EUR/USD spreads start from 0.8 pips
  • No minimum deposit requirement on bank wires

Cons cons

  • Not available to residents of Ohio
  • $450 minimum deposit on debit/credit card payments

11. Capital.com – Trade 125 Forex Pairs at 0% Commission [Minimum Spread of 0.6 Pips] 

Capital.com is an established CFD and forex trading platform. It has a native mobile app for iOS and Android. 125 forex pairs are supported, covering a huge blend of majors, minors, and exotics. This is in addition to thousands of stocks, cryptocurrencies, commodities, ETFs, and indices.

Therefore, Capital.com is one of the best forex trading apps for building a diversified portfolio. Capital.com is also popular for its low pricing structure. For a start, no trading commissions are charged on any supported market. What’s more, EUR/USD spreads start from 0.6 pips.

Capital.com review

We like that Capital.com has a separate app for forex education – Investmate. This comes with mini-courses on trading basics. Capital.com also supports third-party trading apps, including MT4 and TradingView. Moreover, Capital.com offers a free demo account – so you can practice trade, risk-free. Minimum deposit requirements start from $20.

No. Forex Pairs Min. EUR/USD Spread Max. Leverage Broker Type Platforms Min. Deposit
Accepts US Clients?
125 0.6 pip 1:200 Market Maker Proprietary, MT4, TradingView $20 No

Pros pros

  • Trade 125 currency pairs without paying commissions
  • Competitive spreads start from 0.6 pips
  • Also offers a separate mobile app dedicated to education
  • Established trading platform with multiple tier-one licenses

Cons cons

  • CFDs only – so doesn’t accept US clients
  • Bank wire deposits come with a minimum requirement of $250

79.59% of retail investor accounts lose money when trading CFDs.

12. Forex.com – Established and Regulated Forex Trading App That Accepts US Clients         

Forex.com is a popular currency broker that was launched in 2001. It holds many tier-one licenses and is regulated to offer trading services in the US. This makes Forex.com one of the best forex trading apps for US clients. We also like that Forex.com is suitable for beginners and experienced traders alike.

For example, first-time forex traders can open a commission-free account. This comes with a minimum spread of 1 pip. Experienced traders might prefer the DMA (Direct Market Access) account. Not only does this offer deep liquidity but you’ll get institutional-grade spreads. The DMA account comes with a maximum commission of $60 for every $1 million traded.

Forex.com app

This is reduced as trading volumes increase. Forex.com also supports non-US clients but account types and pricing varies depending on the jurisdiction. In terms of markets, Forex.com supports over 80 currency pairs. It offers a native trading app for iOS and Android, although MT4 and MT5 are also supported.

No. Forex Pairs Min. EUR/USD Spread Max. Leverage Broker Type Platforms Min. Deposit
Accepts US Clients?
80+ Depends on the account type. DMA accounts start from 0.0 pips. 1:50 for US clients ECN, STP, and Market Maker (execution depends on account type) Proprietary, MT4, MT5 $100 Yes

Pros pros

  • Trusted forex broker that was launched in 2001
  • Regulated in multiple jurisdictions – including the US
  • Suitable for beginners and experienced traders alike
  • Choose from a native trading app or MT4/MT5

Cons cons

  • Minimum deposit of $100
  • Only US clients have access to DMA accounts

What are Forex Trading Apps?

Forex trading apps are applications designed for trading currencies in the foreign exchange market online. They provide a convenient and accessible alternative to traditional brokerage services. Traders can access forex markets on the go and manage their portfolios easily.

Forex trading apps are suitable for both novice and seasoned investors.

Many apps have educational resources and support for those new to forex investing. Some have demo accounts that allow you to practice trading using virtual funds rather than real money. This can help beginners get to grips with investing in a safe environment.

Traders will also find detailed analytics, real-time market data, and advanced trading options to suit traders of every level.

Forex Trading App Features

Each forex trading app will have unique features and capabilities. However, there are some common features to look for when choosing a forex market trading app.

  • Trading and Order Execution: Forex trading apps allow users to place different types of orders (market, stop-loss, limit, take profit) and may offer advanced trading options such as margin trading or futures trading.
  • Real-Time Market Data: Access live currency prices and exchange rates and see real-time quotes for orders.
  • Charting Tools: The top forex trading platforms will have detailed interactive charts, drawing tools, price histories, and technical indicators to inform your trading strategy.
  • Portfolio Management Tools: Traders can manage their portfolios, monitor their investments, and fund their accounts.
  • Trading Alerts: Set up automated alerts for currency pairs and receive notifications about your investments’ price movements.
  • Risk Management Tools: These tools can provide real-time risk monitoring and support your decision-making. Examples include margin calculators, profit/loss calculators, and equity stop levers.
  • Educational Resources and Watchlists: Most mobile apps provide a wealth of knowledge at your fingertips to inform your trading. Apps like eToro support customizable watchlists to provide an overview of your chosen currency pairs.

Easiest Forex Trading App for Beginners

Choosing a trading app can be overwhelming when you are new to investing and trading currency pairs. We found that eToro is the best forex trading app for beginners. It offers a streamlined interface and a simplified fee structure. Investors can make trades in just a few taps, and eToro supports over 55 forex CFD pairs.

eToro also has a range of features to support beginners. It displays trader sentiment and offers a copy trading tool so you can learn from other, more seasoned traders.

You can also open a demo trading account with $100,000 in virtual funds. This free account lets you practice forex trading risk-free.

etoro demo account hompeage

Our Methodology When Rating the Best Forex Trading Apps 

To rank the best forex trading apps for 2024, we initially focused on safety, licensing, and customer protection. After all, forex trading apps offer regulated financial services, so it’s important that your funds are safe. We prefer currency trading platforms that are authorized and regulated by tier-one bodies, such as the FCA and FINRA.

These licensing bodies require brokerages to segregate client funds and offer adequate risk warnings. We also prioritize currency trading platforms that offer low payment fees and commissions, not to mention competitive spreads. This ensures that you keep the majority of your trading profits. Our methodology also explores what forex trading markets are supported.

This ensures that you have a wide range of currency pairs to choose from. Trading apps that support alternative asset classes, such as stocks, ETFs, and commodities, are also given preference. The best forex apps also offer a demo trading facility, which is ideal for beginners who want to learn the ropes of forex trading without risking any funds.

Our research methods also assessed the user-friendliness of each forex trading app. This is in addition to minimum account balances and lot sizes. As most forex trading apps have a minimum trade size of 0.01 lots ($1,000 on USD-quoted pairs), we also evaluated maximum leverage limits. Other important metrics within our methodology include customer service, payment methods, and educational tools.

How to Pick a Forex Trading App

In this section, we take a much closer look at how to choose the best forex trading app for your requirements.

Regulation and Client Safety

The first thing you should check when researching forex trading apps is regulation. Put simply, trading apps are backed by brokerages, which must be licensed to operate in certain markets.

Also, make sure the broker has client fund segregation, which keeps your money in separate bank accounts from the forex trading app. This means that if the trading app went bankrupt, it wouldn’t be able to use your capital.

Range of Currency Pairs 

You’ll come across three different types of currency pairs when using a forex market trading app – majors, minors, and exotics. Majors and minors are heavily traded and cover highly demanded currencies like US dollars, euros, Japanese yen, and British pounds.

Exotics are less frequently traded and include currencies from emerging nations. We found that the best forex trading apps support all majors and minors, plus a selection of exotic pairs. You’ll need to check what pairs are supported before opening an account.

What is the Best Forex Pair to Trade?

  • If you’re a complete beginner, it’s best to stick with major currency pairs.
  • EUR/USD and GBP/USD, for example, are the least volatile forex pairs to trade. As a beginner, this means you’ll experience less volatility and more competitive spreads.
  • More experienced traders will delve into minors and exotics. These forex markets offer more volatility and enable trades to target a higher risk-reward ratio.

Commissions and Spreads

Now let’s talk about fees. First, consider whether your chosen forex trading app charges commissions. If it does, this means you’ll pay a fee to enter and exit trades. That said, many forex trading apps now offer a commission-free experience.

  • You will, however, need to consider the spread. This is the difference between the buy and sell prices of a forex pair. The wider the gap, the more you are paying.
  • Forex trading apps usually advertise the ‘minimum’ spread that they charge on major pairs. However, the majority of apps have a dynamic spread system.
  • This means that spreads change based on market conditions. As such, the minimum spread might only be available at certain times of the day.

Nonetheless, you’ll likely find that commission-free forex apps charge higher spreads. And those that charge a commission offer more competitive spreads. This is why the spread and the commission need to be factored in.

Some forex trading apps offer multiple accounts – each with a minimum spread and/or commission. This enables you to choose the best pricing plan for your trading requirements. If you’re a casual trader, opt for a commission-free account. If you’re trading larger amounts, opt for an account with minimal spreads.

Payment Methods 

You’ll need to deposit funds before you can trade forex with real money. The best forex trading apps support instant payment methods.

You should also check whether deposit and withdrawal fees are charged. Some trading apps charge an FX fee depending on the currency being deposited.

Tools & Analysis

Trading tools and analysis features are very important when selecting the best forex app. Without adequate forex trade software, you won’t be able to make informed trading decisions.

For example, if you’re a fundamental trader, you’ll need an app that offers forex news, market insights, and an economic calendar. Technical traders will need a forex market app that offers real-time charts, indicators, and drawing tools.

Leverage 

Although leverage can be risky, it’s a minimum requirement if you don’t have a large amount of capital to trade. Put simply, leverage allows you to enter forex positions with less than you have in your account.

For example, the best forex trading apps have a minimum trade requirement of 0.01 lots. USD-quoted forex lots amount to $100,000, so that’s a minimum of $1,000. However, if you applied leverage of 1:10, you would only need to risk $100 on this trade.

In many countries, there are no leverage restrictions in place. This means that the forex trading app can offer any amount of its choosing. Libertex, for example, offers leverage of up to 1:999. At XTB, leverage of up to 1:500 is offered to eligible clients.

An Example of How Forex Leverage Works?

Let’s look at a simplified example of how leverage works in forex:

  • You’re looking to trade EUR/USD. Your chosen forex app has a minimum trade size of 0.01 lots. This amounts to $1,000 ($100,000 x 0.01 lots).
  • You’re based in the UK, so you can apply leverage of up to 1:30 on this trade. This means that instead of risking $1,000, you only need to stake $33.33 ($1,000 minimum / 30).
  • You close the trade a few days later and make gains of 5%. On a stake of $33.33 – 5% gains amount to just $1.67. However, you applied leverage of 1:30, so your gains are amplified to $50.10.

Minimum Deposit

In addition to lot sizes, you also need to consider minimum deposit requirements. This is the minimum amount you need to add to your account before you can start trading.

If you’re on a budget, XTB and Pepperstone don’t have a minimum deposit requirement.

However, you’ll need to deposit enough to cover the minimum trade requirement. As we’ve established, that’s usually 0.01 lots.

Capital.com trading minimums

Some forex trading apps have a high minimum deposit requirement when certain payment methods are used. IG requires $450 when using a debit/credit card. At Capital.com, $250 is required to make a bank transfer.

Don’t forget about withdrawals either. Some brokers have a minimum withdrawal requirement, so you won’t be able to cash out if your balance is below this figure.

Account Types

While some forex trading apps offer one account type, some have several to choose from.

  • For example, Pepperstone offers a commission-free account with minimum spreads of 0.7 pips.
  • Pepperstone also offers a 0.0 pip account with commissions of $3.50 per traded lot.

Some brokers also offer DMA (Direct Market Access) accounts. This gives you access to the same forex spreads as banks and other financial institutions.

If you’re a complete beginner trading small amounts, a commission-free account will suffice. Conversely, professional trades will be more suited for a zero-spread account with flat commissions.

Demo Account

It’s best to start off with a demo account before trading forex with real money. This enables you to practice with paper funds.

You can get used to forex pricing charts, pair types, technical indicators, and placing orders.

  • You won’t need to make a deposit to access its demo platform and it comes with $100,000 in risk-free capital.
  • Some brokers place a time limit on your demo account, meaning it can expire in 30 days.

It’s wise to stay in demo mode until you have mastered a forex trading strategy. You can reassess your performance frequently by looking at your historical trades and overall return on investment.

Demo Account vs Real Money

Demo accounts offer a free and safe way to practice trading without risking any of your own money. They also allow you to try out different apps to find the best foreign exchange app for your unique needs. Let’s take a look at some of the differences:

Demo Account Real Account
Purpose Practice trading Engage in live trading
Capital Virtual funds Your real funds
Fees None or simulated Fees apply
Risk None Actual financial risk
Verification None Usually requires some form of verification
Support Usually has some form of guidance General customer support
Outcome No impact on your finances or market Will result in losses or gains

Mobile Experience

The best investment apps offer a seamless user experience. You should be able to buy and sell currency pairs without being hindered by a small screen.

AvaTradeGO

The app should also offer a smooth experience when performing research and analysis. For example, deploying technical indicators and chart drawing tools.

This is why demo accounts are so important – they allow you to test the user-friendliness of the trading app before making a commitment.

etoro mobile app screenshots

Forex Trading Apps for iPhone

iPhone users have access to a wide range of forex trading apps specifically designed for iOS. For example, eToro offers a highly customizable mobile app packed with indicators, drawing tools, news, and analysis and is available on the Apple Store.

Forex Trading Apps for Android

Android users will also be able to choose from a diverse selection of mobile forex trading apps. eToro is also available for Android users. Another forex Android app, AvaTradeGO, is aimed at intermediate to advanced traders, and it comes packed with technical analysis features. This includes indicators, drawing tools, and customized charts

Customer Service

Top forex trading platforms usually offer an in-built customer support feature. This allows you to connect with a support agent without leaving the app. In most cases, customer service is available 24/5.

We prefer trading apps that have a fast response time. This means being connected to an agent in 1-2 minutes. Be wary of trading apps that only offer email support; you won’t be able to receive assistance quickly.

How to Download and Install a Forex Trading App

The process of downloading and using a forex trading app will vary from platform to platform. However, the general process should follow the same basic steps.

Step 1: Head to the App Store or Google Play Store

Open the App Store on your iOS device or the Google Play Store on your Android device.

Step 2: Search for and Download Your Chosen Forex Trading App

In the search bar, enter the name of the and search for the official trading app. Select it and tap “Install.”

Step 3: Login or Create an Account

Once the download and installation are complete, open the app. Then, log in with your existing account credentials or create a new account by following the registration process.

Step 4: Verify Your Account

To trade forex, you will usually need to verify your identity. This depends on your country of residence, but most countries require KYC (Know Your Customer) verification. This will require you to submit proof of identity and address. KYC can take anywhere from a few minutes to a few days.

Step 5: Familiarize Yourself with the App

Take some time to explore the various features and functionalities of the app. If there is a demo account, this is a good place to try out trades risk-free.

Step 6: Start Trading

Now, you can start trading forex and other financial instruments. Use the app’s features to research, analyze, and execute trades based on your trading strategy and preferences.

Conclusion

After ranking the best forex trading apps for 2024, eToro comes out as a clear winner. This is a popular forex broker that offers over 5 forex pairs with tight spreads, starting from 1.0 pips on EUR/USD.

76% of retail CFD accounts lose money – your capital is at risk.

References 

FAQs

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Kane Pepi
Editor
Kane Pepi
Editor

Kane Pepi is an accomplished financial and cryptocurrency writer who has an extensive portfolio of over 2,000 articles, guides, and market insights. With his expertise in specialized subjects such as asset valuation and analysis, portfolio management, and financial crime prevention, Kane has built a reputation for providing clear explanations of complex financial topics. He holds a Bachelor's Degree in Finance and a Master's Degree in Financial Crime, and is currently pursuing his Doctorate degree, which focuses on investigating the complexities of money laundering in the cryptocurrency and blockchain technology sectors. Kane's wealth of knowledge and experience in the field make…