ForexBrokers.com has been reviewing online forex brokers for over six years, and our reviews are the most cited in the industry. Each year, we collect thousands of data points and publish tens of thousands of words of research. Here's how we test.
Almost everyone on the planet has a smartphone, but not all mobile apps offer the same forex trading capabilities. This trading guide covers which brokers offer the best forex trading apps in 2023.
Competition remains fierce among mobile trading apps, and our research team has tested and scored the forex trading apps of 60+ different brokers. To rank each mobile trading platform, we assessed over a dozen individual variables, and all testing was conducted using Samsung Galaxy S9+ and Samsung Galaxy S20 Ultra devices running Android OS 12.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 65% and 82% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Best Forex Trading Apps
Based on 13 different variables, here are the brokers that offer the best forex trading apps.
- SaxoTraderGO mobile app, MetaTrader mobile
Saxo Bank’s SaxoTraderGO mobile app boasts an impressive, intelligent design, coupled with an abundance of useful information that makes it easy for traders to make clear-headed decisions when assessing markets and managing trading positions. Read full review
IG offers an impressive suite of proprietary mobile apps, led by its flagship IG Trading app (also known as IG Forex), which boasts a well-designed layout teeming with features such as alerts, sentiment readings, and highly advanced charts. Read full review
Outstanding platforms and tools
Over 19,000 tradeable instruments
No predefined layouts on the flagship web platform
CMC Markets' mobile app is cleanly designed and comes packed with research tools, powerful charts, predefined watchlists, integrated news and educational content, and much more. Bottom line: CMC Markets delivers a terrific mobile app experience. Read full review
TD Ameritrade’s thinkorswim mobile app comes packed with powerful tools nested in an intelligent layout that puts the user in control. There are complex order types for forex trading, over 70 tradeable currency pairs, and advanced charting. Read full review
Outstanding platform in thinkorswim
Thorough research offerings
Excellent educational materials
Does not offer copy trading
Forex pricing is slightly higher than industry average
Interactive Brokers’ innovative IMPACT app is a great choice for stocks and crypto, and its highly rated IBRK mobile app is excellent for trading forex and CFDs. The IBKR app is rich with features, many of which mirror what’s available on the web platform. Read full review
Robust platform for professional traders
Wide range of global markets
Thorough research offering
Trader Workstation platform is likely too complicated for inexperienced traders
City Index is a trusted brand that offers diverse market research and an impressive range of tradeable markets – albeit with average pricing. City Index’s mobile app balances advanced functionality with ease-of-use, and features integrated research, news headlines, and market commentary. Read full review
FOREX.com’s proprietary mobile app offers a fluid user interface and a minimalist design that makes trading and managing positions a breeze, and features a host of powerful tools and useful market research. Read full review
Multiple high-quality platforms
Excellent market research
Wide range of markets
Only about 600 instruments are available on the MT5 platform, compared to over 4,500 on non-MetaTrader platforms
When choosing a new forex broker account for online trading, consider these five areas of the trading experience:
Trust (regulatory status): You want a broker that you can trust, above all else. Therefore, your broker should have a high trust factor. For example, any broker that holds multiple top-tier regulatory licenses and thus is regulated in the U.S., U.K., Australia, Singapore, Canada, Hong Kong, Japan, or Switzerland, will have a higher Trust Score on ForexBrokers.com.
Trading platforms: Our research finds that most proprietary platforms are superior to third-party software
like MetaTrader. Either way, be sure to select the trading platform that meets your needs across devices, whether that's on the web, your desktop, or with a mobile trading app.
Trading tools: When I evaluate the research content, trading tools, and educational materials available from brokers, I expect them to be rich with features and easy to use. The more comprehensive each category is within the mobile app you choose, the better off you will be in maximizing trading opportunities.
Tradeable markets: Consider the total available markets and the number of instruments that are available for you to trade at a given broker. For example, one broker may offer a small selection of currency pairs but a vast array of CFDs on other markets like stocks, commodities, futures, cryptocurrency, and other asset classes. Conversely, maybe you want to trade some exotic currencies and want a broker with a larger selection of forex pairs.
Demo accounts: Opening a free demo account allows you to learn the ins and outs of a trading app, like test-driving a car before you buy it. You get to use the virtual account across all supported devices, such as web, desktop, and mobile. If the platform meets your needs, then you can fund a live account. Some traders also use demo accounts to test various trading strategies before trying them out with real funds.
Can you trade forex on your phone?
Yes, if you have a modern smartphone running either an Android or iOS operating system, you can install forex trading apps on your phone. After opening the app, you can log in to your forex account and begin trading from your phone. If you are interested in trading CFDs, there is a range of great mobile options available from some of the top brokers in the industry. Check out our guide to the Best CFD Brokers and Trading Platforms to learn more about CFDs (and to check out our picks for the best CFD brokers).
Does forex have an official app?
No, there is no official app or website because the foreign exchange (forex) market is decentralized — that is, there is no single location or site for the market. The forex market consists of central banks and financial institutions such as brokers, dealers, banks, and corporations. Read more on Wikipedia.
Many trustworthy forex brokers do offer mobile apps for trading. There is a wide selection available, including apps that are developed by brokers in-house, as well as apps from third-party developers. To avoid scams, you should only use regulated banks and brokers that are properly licensed to offer forex trading services in your country of residence. For example, if you live in the U.K., check the Financial Conduct Authority (FCA) to verify a broker is regulated.
Note: If you're looking specifically for the broker FOREX.com, it offers both a proprietary app, called FOREX.com mobile, and the popular MetaTrader 4 (MT4) app. Read our full-length review of FOREX.com, or check out our MetaTrader guide.
What is the best forex trading app?
Saxo Bank is our top pick for the best overall forex trading app experience. Saxo Bank’s SaxoTraderGO app is intelligently designed and fits into a unified platform experience across devices by closely mirroring its highly-rated web platform counterpart. Read more about Saxo Bank’s mobile suite in our full-length Saxo Bank review.
Check out a gallery of screenshots from Saxo Bank's SaxoTraderGO app, taken by our research team during our product testing.
Our testing found that IG offers the best smartphone app — IG Trading — for forex trading in 2023. IG is regulated globally, and its IG Trading app provides access to a variety of quality trading tools alongside multiple news sources for researching trading opportunities. Charting on the IG Trading app is also rich with features. Check out our full-length review of IG to learn more about IG’s suite of mobile apps.
This gallery of screenshots was taken by our research team while testing IG's highly-rated mobile trading app.
What's the best forex trading app for beginners?
The IG Trading app is an excellent choice for beginners, due to its range of tools, integrated content, and the ability to access educational material from IG Academy and DailyFx (it even has a standalone mobile app for education). IG is a leader in education, making its IG Trading mobile app the best forex trading app for beginners in 2023.
As an alternative, Plus500's easy-to-navigate app provides the essentials for trading, and makes viewing available markets a breeze. That said, just because an app is easy to use doesn't mean it is easy to make money.
No single mobile trading app can claim to be more profitable than another, because profitability is determined by the outcome of the individual trading decisions you make (regardless of the app you use). That said, it does potentially increase your probability of success when you have access to the latest trading tools and cutting-edge software.
That's why many of the most successful traders only use the most trusted brokers — who also happen to have excellent mobile apps. Here are our picks for the top mobile trading apps in 2023:
The MetaTrader platform suite — available for mobile — is developed by MetaQuotes Software Corporation and is the most widely used app for trading CFDs, forex, shares, and other asset classes.
There are two versions of the MetaTrader app for both Android and Apple iOS devices — including the MetaTrader 4 (MT4) app as well as the newer MetaTrader 5 (MT5) app, which continues to gain adoption. Learn more about MetaTrader 5 (and find a great forex broker that offers MT5) by checking out our full MetaTrader 5 guide.
Take a quick look at the MetaTrader 5 Mobile Trading app interface with our video walkthrough:
Note: MetaTrader has been removed from the Apple App store and is currently unavailable for iOS.
While MT4 and MT5 are incredibly popular due to their wide availability, many of the best mobile apps are developed in-house by some of the best online brokers, such as Saxo Bank and IG.
Can I teach myself forex trading?
Yes, and you shouldn't pay for any courses as there is plenty of high-quality free education available directly from most online brokers, as well as third-party websites (our favorite is BabyPips). However, forex trading is not easy — the majority of traders lose money.
To be successful in trading forex, you must learn how to manage risk properly, depending on your goals and the strategy you choose to follow or develop. First, open a free demo account and trade using fake money to learn how the trading platform software works.
To make money trading forex, work towards keeping your average losers small (relative to your average winners). This old adage says it best: "Cut your losers short and let your winners run."
Can you get rich by trading forex?
While only a select few will reach elite trader status and turn over billions of dollars in trading volume, there are many successful traders who make money from trading forex and CFDs. While it's important to remember that the majority of traders — some 65% to 82% — lose money, that does mean that anywhere from 18% to as much as 35% of traders were able to make money during that same time.
"Getting rich" or increasing your wealth has more to do with the consistency of your trading results and the size of your account. The key to building wealth while trading forex is to keep your average losses low, relative to your average profits.
There is no get-rich-quick scheme for trading forex, and it isn't a way to make fast money unless you take extreme risks and bank on luck — which is more akin to gambling than investing.
How do I start trading forex with $100?
To trade forex with just $100, you will need to trade micro lot contracts (1,000 units of currency), which are offered by most brokers. First, compare forex brokers that are
regulated in your country of residence. Next, apply for a new account, fund, login, and fill out the order ticket to place your trade.
Pro tip: Open a free demo (practice) account to learn how the trading platform works. You can test your strategy with the virtual balance (fake money) before placing any real trades using the $100 balance from your live account.
Regardless of how much money you start trading with, you'll need a reliable method for sending a receiving funds to use a live forex trading account. One of the most popular methods for funding forex trading accounts is to use PayPal. You can read our full PayPal guide to check out the best forex brokers that accept PayPal, and to learn more about the benefits (and drawbacks) of using PayPal.
ForexBrokers.com 2023 Overall Rankings
Now that you've seen our picks for the best mobile apps for forex trading, check out the ForexBrokers.com Overall Rankings. We've evaluated over 60 forex brokers, using a testing methodology that's based on 100+ data-driven variables and thousands of data points. Check out our full-length, in-depth forex broker reviews.
At ForexBrokers.com, our evaluations of online brokers and their products and services are based on our collected quantitative data as well as the qualitative observations and qualified opinions of our expert researchers. Each year we publish tens of thousands of words of research on the online forex brokerage industry.
Mobile testing is conducted on modern devices that run the most up-to-date operating systems available:
For Apple, we use MacBook Pro laptops running macOS 12.5, and the iPhone XS running iOS 15.
For Android, we use the Samsung Galaxy S9+ and Samsung Galaxy S20 Ultra devices running Android OS 12.
All websites and web-based platforms are tested using the latest version of the Google Chrome browser.
Our researchers thoroughly test a wide range of key features, such as the availability and quality of watch lists, mobile charting, real-time and streaming quotes, and educational resources – among other important variables. We also evaluate the overall design of the mobile experience, and look for a fluid user experience moving between mobile and desktop platforms.
There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. Read more on forex trading risks.
Steven Hatzakis is the Global Director of Research for ForexBrokers.com. Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. A forex industry expert and an active fintech and crypto researcher, Steven advises blockchain companies at the board level and holds a Series III license in the U.S. as a Commodity Trading Advisor (CTA).
Blain Reinkensmeyer has 20 years of trading experience with over 2,500 trades placed during that time. He heads research for all U.S.-based brokerages on StockBrokers.com and is respected by executives as the leading expert covering the online broker industry. Blain’s insights have been featured in the New York Times, Wall Street Journal, Forbes, and the Chicago Tribune, among other media outlets.
John Bringans is the Senior Editor of ForexBrokers.com. An experienced media professional, John has close to a decade of editorial experience with a background that includes key leadership roles at global newsroom outlets. He holds a Bachelor’s Degree in English Literature from San Francisco State University, and conducts research on forex and the financial services industry while assisting in the production of content.
Joey Shadeck is the Content Strategist and Research Analyst for ForexBrokers.com. He holds dual degrees in Finance and Marketing from Oakland University, and has been an active trader and investor for close to ten years. An industry veteran, Joey obtains and verifies data, conducts research, and analyzes and validates our content.
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