10 Best Forex Trading Apps for Beginners in 2023

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 a forex app include regulation, supported markets, commissions, spreads, and minimum lot sizes.

In this guide, we reveal the 10 best forex trading apps for 2023. Read on to discover which forex app is right for your trading goals.

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 10 providers for safety, fees, payments, trading tools, and much more.

1. eToro – Overall Best Forex Trading App for Beginners with Copy Trading Tools Offering Passive Investing

We rate eToro as the best forex trading app for beginners. This is a regulated trading app that supports over 50 forex pairs. You can trade majors, minors, and exotics around the clock – the minimum deposit to get started is just $10. What’s more, eToro offers a free demo account, which you can use before making a deposit.

This gives you unfettered access to the live forex markets in a risk-free setting. The eToro demo account comes pre-loaded with $100,000 in virtual capital. You can replenish your virtual balance whenever you wish and there are no time restrictions. This enables you to learn how forex charts and technical indicators work.

If you want to trade forex with real money, the eToro app accepts many different payment methods. This includes e-wallets like PayPal and Skrill, not to mention debit and credit cards. These payment methods are processed instantly, so you can start trading forex without delay.

The minimum trade size at eToro is 0.01 lots. This amounts to 1,000 units of the quote currency. For example, if you’re trading GBP/USD, that’s $1,000. However, eToro offers leverage of up to 1:30 on major forex pairs. So the $1,000 minimum is reduced to $33.33. Minor and exotic pairs come with lower limits of 1:20. This increases the minimum trade size to $50.

If you’re completely new to forex trading, you might find the eToro copy trading tool useful. This enables you to choose an experienced forex trader and automatically copy their positions. In other words, you can trade forex passively without needing to do any research or analysis. The copy trading tool comes with a minimum investment requirement of $200.

In terms of trading fees, eToro has a spread-only pricing structure on forex. The lowest spread available is 1 pip. This is considered high when compared to other forex trading apps. However, it’s important to remember that eToro doesn’t charge forex commissions. Moreover, eToro offers fee-free deposits and withdrawals and USD payments (0.5% on other currencies).

In addition to forex, eToro also supports stocks, ETFs, cryptocurrencies, commodities, and indices. This makes eToro one of the best forex brokers for diversification. The eToro app comes with an in-built live chat feature. This allows you to contact support in real-time 24/5. When it comes to safety, eToro is regulated by FINRA. It also holds licenses with the FCA, CySEC, and ASIC.

This ensures that you can trade forex in safety. For example, eToro is required to segregate client funds from its own. It is also required to implement KYC processes and present adequate risk warnings. eToro’s forex trading app is rated 4.3/5 on iOS and 4.1/5 on Android. According to TrustPilot, eToro is rated 4.4/5.

74% of retail investor accounts lose money when trading CFDs with this provider.

2. 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 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. 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.

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

3. 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 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.

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

4. 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.

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.

‌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.

5. 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 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.

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

6. 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.

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.

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

7. 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.

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.

8. 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.

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.

9. 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.

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.

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

10. 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.

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.

Trading financial products on margin carries a high degree of risk and is not suitable for all investors.

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.

For example, eToro is authorized and regulated by FINRA, meaning it can facilitate US client accounts. eToro is also regulated by the FCA and CySEC, which covers the UK and European markets. FINRA, FCA, and CYSEC are tier-one bodies that have very strict regulatory requirements.

This includes 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 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.

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.

This prevents the need to leave the app when adding funds. For example, eToro offers instant payments via debit/credit cards, PayPal, Neteller, and other e-wallets.

You should also check whether deposit and withdrawal fees are charged. Some trading apps charge an FX fee depending on the currency being deposited. For example, while eToro offers fee-free USD payments, other currencies are charged 0.5%.

Tools & Analysis

Trading tools and analysis features are very important when selecting the best forex app. Without adequate tools, 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 app that offers real-time charts, indicators, and drawing tools.

And if you’re a complete novice, you might like eToro’s copy trading feature.

Here’s how it works:

• You’ll initially choose an experienced forex trader with a solid track record.
• After entering an investment amount ($200 minimum), you will automatically copy their trades. This is at a proportionate amount.
• For example, suppose you invest $1,000. The trader allocates 15% of their portfolio on a USD/TRY position.
• This means that you also risk 15% of your copy trading investment, which is $150.
• When the trader closes their USD/TRY position, so will you.

Copy trading allows you to trade forex without having any prior experience. The copy trading tool is also ideal if you don’t have time to constantly research the markets.

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.

• Leverage limits are not only determined by the forex app but also by your country of residence.
• For example, retail clients from Australia can trade forex with leverage of up to 1:30.
• According to ESMA, EU-based clients are also capped at leverage of 1:30.
• US clients get higher limits at 1:50. This means that a 0.01 lot trade requirement only needs an account balance of $20.

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.

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.
• At eToro, the minimum starts from $10.

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

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.

• One of the best forex demo accounts is offered by eToro.
• You won’t need to make a deposit to access its demo platform and it comes with $100,000 in risk-free capital.
• Unlike other forex apps, eToro doesn’t place a time limit on its demo account.

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.

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.

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.

Customer Service

Leading forex trading apps 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.

Conclusion

After ranking the best forex trading apps for 2023, eToro comes out as a clear winner. eToro offers spread-only trading on 52 forex pairs.

The eToro app was designed with beginners in mind and minimum deposits start from $10. First-time forex traders might also consider the eToro demo account, which is free to open and doesn’t require a deposit.

74% of retail investor accounts lose money when trading CFDs with this provider.

References 

• https://brokercheck.finra.org/firm/summary/298361
• https://markets.ft.com/data/equities/tearsheet/summary?s=XTB:WSE
• https://www.fca.org.uk/publications/policy-statements/ps19-18-restricting-contract-difference-products
• https://www.nfa.futures.org/
• https://asic.gov.au/about-asic/news-centre/find-a-media-release/2020-releases/20-254mr-asic-product-intervention-order-strengthens-cfd-protections
• https://www.finra.org/rules-guidance/guidance/reports/2019-report-exam-findings-and-observations/segregation-client-assets
• https://www.esma.europa.eu/sites/default/files/library/esma35-43-2134_technical_advice_to_the_ec_on_product_intervention.pdf
• https://corporatefinanceinstitute.com/resources/career-map/sell-side/capital-markets/direct-market-access-dma/
• https://www.bloomberg.com/quote/EURUSD:CUR
• https://www.wsj.com/market-data/quotes/fx/USDTRY

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