With the rise of online trading apps, individual traders are becoming more involved in forex trading. Many apps are available on the internet, and traders are pretty conscious about choosing one as money is involved. Moreover, scamming has become so rampant that traders must research for authenticity and find the best that suits their needs. These apps come with various features; we will find the best apps for forex trading by analyzing their pros and cons in this article.
Which Factors Should Be Considered While Selecting an App?
It is crucial to explore certain factors of an app before choosing it.
Reputation and Regulation: The most critical factor when choosing an app is its compliance with your country’s financial regulations and administration by a credible financial authority.
Ease of Account Creation: Your broker must offer an easy and swift mechanism for account creation. Although authorities involving funds have complex and lengthy registration processes, one should still look for an option with a less complex process.
Quick Deposits and Withdrawals: The broker must be quick in deposits and withdrawals. Many inexperienced traders face withdrawal issues, so look for an option with a fast withdrawal facility.
Trading Features: Trading requires a lot of information for technical and fundamental analysis; almost all credible brokers offer features (charts and technical indicators) for analyses, but the level of detailing is different, so check if the details meet your requirements, then choose.
User-friendly interface: I prefer an app with an easy-to-use interface. A trader does multiple tasks and needs access to many features simultaneously, so one should choose an easy and fluid interface.
Commissions: Look for the fee the broker charges, directly or indirectly. Compare charges with other brokers according to your expertise level and investment.
Top 5 Best Apps for Forex Trading
After exploring the factors above, let’s delve into specific features of the best apps for forex trading offer.
IG
Considering the above factors, IG comes first in the list of best apps for forex trading. It is a multi-asset broker established in 1974. The IG app is available on both Android and iOS. IG is considered the most trustworthy and has won the number one broker award in the ForexBrokers‘ annual Awards. It offers good trading charts, research tools, and a wide range of tradeable markets. IG is known for its trustworthiness and educational material, which is available for analysis.
Pros
- IG has scored highest in trust score (99); it is regulated by eight tier -1 regulators, which means it is a trusted forex trading platform.
- It offers plenty of trading tools, features, and over 19000 tradeable instruments with competitive pricing.
- IG offers market-competitive spreads for currency pairs. In 2023, a commission equivalent to 0.2 pips was charged.
Cons
- The minimum deposit limit is 250 USD, which is very high compared to its competitors.
- IG operations are limited in some regions. It does not operate in some countries of Asia and Africa.
- Limited exposure to MT5. Meanwhile, many other platforms have transformed into MT5.
SAXO
Saxo TraderGo is considered the second-best trading app in forex. It offers everything a trader needs from a platform. Saxo’s mobile app is perfectly synced with its browser-based version. It provides over 60 trading charts/ indicators and accurately covers the economic calendar and related news. The platform also incorporates educational videos from experts, which help traders make accurate entry and exit points.
Pros
- There is no minimum deposit limit on Saxo TraderGo. It allows traders to start even with one dollar.
- It offers around 64 trading charts on its mobile app, which is synced with its web version, making it more useful.
- Saxo TradingGo’s trust score is among the highest, licensed with 7 tier 1 jurisdictions.
- More than 70000 trading instruments are enlisted on Saxo.
Cons
- Average spread is on the higher side than its market competitors.
- Although educational videos are helpful, there is still considerable room for improvement.
- Trade maneuvering is complex; Saxo does not allow quick modifications on TP or SL during a trade
CMC Markets
CMC Markets is one of the leading platforms in the world for trading forex, commodities, and indices. It was founded in 1989. Its mobile app provides a user-friendly interface enabling traders to navigate various functionalities. The app is available on both Android and IOS. Real-time analysis of data through live charts helps in making informed decisions. Risk management tools and educational material help traders make accurate technical analysis. Sufficient material is available in the form of upcoming events that help traders in fundamental analysis. Over 12000 tradeable instruments are available, including over 300 currency pairs. Forex brokers say it is one of the most highly trusted platforms, with a trust score of 99.
Pros
- CMC Markets, authorized by 5 tier-1 entities, making it one of the most trusted platforms.
- It offers low-cost trading compared to industry competitors.
- A minimum deposit limit is not set to start trading on the CMC Market; hence, anybody can use this feature-rich platform.
Cons
- Although it provides ample educational material, there is still room for improvement, especially in interactive content.
Charles Schwab
Charles Schwab has been a leading multi-financial services firm since 1971. It not only offers trading options in forex but also provides trading options in equities, mutual funds, and investment. It enjoys a good reputation for its authentic research-oriented financial education related to trading, investments, banking, etc. It has an award-winning forex trading mobile app called thinkorswim. The app is equipped with a user-friendly interface and a wide range of currency pairs, commodities, and charting options, helping traders on a successful journey. The hallmark of the Charles Schwab app is its educational material, including interactive sessions like seminars, webinars, etc. Around 40000 tradeable symbols are available for traders.
Pros
- Charles Schwab offers many other financial services, including banking and brokerage, which are accessible with a single login.
- It is a highly trusted platform for forex and publicly traded equities, with a trust score of 99. The minimum deposit limit is zero.
- Charles Schwab provides these financial services in more than 30 countries. Hence, a global outreach makes it ideal for international traders.
- Excellent and interactive educational material makes fundamental analysis easy.
Cons
- Charting tools are limited, and so are trading signals.
- Forex-related material is only available on their mobile app (thinkorswim); their web platforms do not extend this facility.
Interactive Brokers
It has been a highly reputable, trusted trading brokerage firm since 1978. It also offers multi-asset trading options for diverse traders. IBKR has a global outreach and active functioning in around 33 countries. It offers market-competitive trading fees, ample charting options, and educational material for making accurate technical and fundamental analyses. It is a highly trusted, publicly traded firm with over 8500 tradeable symbols, including over 100 forex pairs.
Pros
- IBKR is known for its market-competitive pricing strategy. A trader can start with a mere 1 USD.
- It is a highly trusted platform with a trust score of 99 from forexbrokers.
- IBKR has global outreach, making it suitable for global traders.
Cons
- It does not offer MetaTrader as an alternative platform.
Bottom Line
Forex trading has become rampant with the development of web/mobile-based brokerages. You may have come across many advertisements regarding forex trading apps. It isn’t easy to choose which app is better for trading. This article provides insights about choosing the best apps for forex trading. Regulatory status, charting options, user-friendly interface, and commissions are some of the core factors when selecting a platform. Reviewing these aspects, IG, SAXO, CMC Markets, Charles Schwab, and Interactive Brokers are the five best apps for forex trading.
