Forex trading has rapidly evolved over the years, and one of the key drivers of this evolution is technology. With the rise of smartphones, forex trading apps have become an essential tool for traders of all levels. Whether you’re a seasoned professional or a beginner, having the right trading app can significantly impact your trading experience. In this guide, we’ll explore the best forex trading apps available in 2024, providing a comprehensive comparison and scores based on user experience, features, and overall performance.
Why Forex Trading Apps Matter
In the fast-paced world of forex trading, being able to react to market changes swiftly and efficiently is crucial. Forex trading apps offer several advantages:
- Accessibility: Trade anytime, anywhere.
- Real-time Updates: Stay updated with market news and price alerts.
- Comprehensive Tools: Utilize charts, indicators, and analysis tools.
- Convenience: Seamlessly switch between devices without losing your data or settings.
How We Rated the Best Forex Trading Apps
Our team conducted thorough research and testing to evaluate the top forex trading apps. We considered the following criteria:
- User Experience (UX): Intuitiveness, ease of use, and overall design.
- Features: Range and usefulness of trading tools and functionalities.
- Performance: Speed, reliability, and app stability.
- Regulatory Status: Trustworthiness and adherence to regulatory standards.
- Customer Support: Availability and quality of customer service.
We rated each app out of 100 for user experience and compiled a detailed comparison table for easy reference.
The Top Forex Trading Apps of 2024
1. MetaTrader 4 (MT4)
User Experience Score: 90/100
Overview
MetaTrader 4 (MT4) is one of the most popular trading platforms globally, especially known for forex trading. Launched in 2005 by MetaQuotes Software, MT4 has gained a massive following due to its robust and reliable performance.
Key Features
- User-Friendly Interface: MT4 offers an intuitive and easy-to-navigate interface, making it accessible for both beginners and advanced traders.
- Advanced Charting Tools: The platform provides a variety of charting tools, including 30 built-in indicators and 24 analytical objects, to help traders perform technical analysis effectively.
- Automated Trading: One of MT4’s standout features is its support for automated trading through Expert Advisors (EAs). Traders can create, test, and apply EAs to automate their trading strategies.
- Customizability: MT4 allows users to customize charts and indicators to suit their trading styles.
- Security: The platform uses 128-bit encryption to secure data exchange between the client terminal and servers, ensuring safe trading activities.
Mobile App Features
- Android and iOS Compatibility: Available on both Android and iOS devices, providing traders with the flexibility to trade on the go.
- Real-Time Quotes: Access real-time quotes of financial instruments.
- Technical Analysis: Perform technical analysis with a wide array of indicators and chart types.
- Trading History: View the history of your trading transactions.
- Interactive Charts: Analyze market movements with interactive charts and various timeframes.
- Android App: Yes
- Apple iOS App: Yes
- Mobile Alerts – Basic Fields: Yes
- Watchlists – Total Fields: 60
- Watchlist Syncing: Yes
- Charting – Indicators / Studies (Total): 50
- Charting – Drawing Tools (Total): 31
- Mobile Charting – Draw Trendlines: Yes
- Mobile Charting – Multiple Time Frames: Yes
- Economic Calendar: Yes
User Experience Score: 90/100
MT4 is praised for its stability, extensive feature set, and user-friendly interface. However, some traders find the platform’s look and feel somewhat outdated compared to newer platforms.
2. MetaTrader 5 (MT5)
User Experience Score: 92/100
Overview
MetaTrader 5 (MT5) is the successor to MT4, launched in 2010 by MetaQuotes Software. While it retains many features of MT4, MT5 includes additional functionalities and improvements, making it suitable for trading a wider range of financial instruments, including stocks, commodities, and futures.
Key Features
- Multi-Asset Platform: MT5 supports not only forex trading but also stocks, commodities, and futures, making it a versatile choice for multi-asset traders.
- Improved Charting Tools: MT5 offers 21 timeframes and more than 80 technical indicators and analytical tools.
- Economic Calendar: An integrated economic calendar helps traders keep track of important economic events and news.
- Advanced Order Management: MT5 introduces more order types and execution modes, giving traders greater control over their trades.
- Built-in MQL5 Development Environment: Create, test, and optimize trading strategies using the MQL5 programming language.
Mobile App Features
- Android and iOS Compatibility: Available for both Android and iOS, offering a seamless trading experience across devices.
- Enhanced Charting: Enjoy advanced charting tools and technical analysis on the go.
- Push Notifications: Receive notifications about trading events and alerts.
- Market Depth: Access Level II pricing and detailed market depth information.
- Financial News: Stay updated with the latest financial news within the app.
- Android App: Yes
- Apple iOS App: Yes
- Mobile Alerts – Basic Fields: Yes
- Watchlists – Total Fields: 64
- Watchlist Syncing: Yes
- Charting – Indicators / Studies (Total): 80
- Charting – Drawing Tools (Total): 44
- Mobile Charting – Draw Trendlines: Yes
- Mobile Charting – Multiple Time Frames: Yes
- Economic Calendar: Yes
User Experience Score: 92/100
MT5 is highly regarded for its comprehensive feature set and improved functionalities over MT4. Some users, however, might find the transition from MT4 to MT5 challenging due to the added complexity.
3. TradingView
User Experience Score: 88/100
Overview
TradingView is a web-based charting platform and social network for traders, founded in 2011. It is widely recognized for its powerful charting capabilities and extensive community features.
Key Features
- Advanced Charting Tools: TradingView offers a vast array of chart types, drawing tools, and indicators, making it a favorite among technical analysts.
- Social Trading: Traders can share their charts, ideas, and strategies with the community, follow other traders, and learn from their analyses.
- Multi-Device Syncing: Access your charts and settings from any device, whether you’re on a desktop, tablet, or smartphone.
- Custom Scripts: Create custom indicators and strategies using TradingView’s Pine Script language.
- Alerts: Set custom alerts for specific price levels, indicators, or trading conditions.
Mobile App Features
- Android and iOS Compatibility: Fully functional mobile apps for both Android and iOS.
- Interactive Charts: Utilize interactive charts with pinch-to-zoom and scroll features.
- Social Feed: Engage with the TradingView community directly from your mobile device.
- Push Notifications: Get instant notifications for alerts set on your desktop version.
- Watchlists: Create and manage watchlists that sync across all your devices.
- Android App: Yes
- Apple iOS App: Yes
- Mobile Alerts – Basic Fields: Yes
- Watchlists – Total Fields: 100
- Watchlist Syncing: Yes
- Charting – Indicators / Studies (Total): 100
- Charting – Drawing Tools (Total): 50
- Mobile Charting – Draw Trendlines: Yes
- Mobile Charting – Multiple Time Frames: Yes
- Economic Calendar: Yes
User Experience Score: 88/100
TradingView is celebrated for its user-friendly design, powerful charting tools, and vibrant community. However, the subscription cost for advanced features can be a drawback for some users.
4. ThinkTrader
User Experience Score: 85/100
Overview
ThinkTrader, initially known as Trade Interceptor, is a powerful trading platform offering advanced charting tools and an intuitive interface. It is especially popular among forex and CFD traders.
Key Features
- Multiple Chart Types: ThinkTrader provides 14 different chart types to suit various trading styles.
- Extensive Indicators: Access over 160 indicators for comprehensive technical analysis.
- Multi-Broker Integration: Connect with multiple brokers from a single platform.
- Cloud-Based Alerts: Set and receive alerts on your mobile device, ensuring you never miss a trading opportunity.
- Trading Simulator: Test and refine your trading strategies with a built-in trading simulator.
Mobile App Features
- Android and iOS Compatibility: Available on both Android and iOS devices.
- Advanced Charting: Use advanced charting tools and indicators on the go.
- One-Tap Trading: Execute trades quickly with one-tap trading functionality.
- Real-Time News: Stay updated with real-time market news and analysis.
- Watchlists: Create and manage watchlists across multiple devices.
- Android App: Yes
- Apple iOS App: Yes
- Mobile Alerts – Basic Fields: Yes
- Watchlists – Total Fields: 80
- Watchlist Syncing: Yes
- Charting – Indicators / Studies (Total): 80
- Charting – Drawing Tools (Total): 50
- Mobile Charting – Draw Trendlines: Yes
- Mobile Charting – Multiple Time Frames: Yes
- Economic Calendar: Yes
User Experience Score: 85/100
ThinkTrader is appreciated for its robust feature set and ease of use. However, some users report occasional issues with app stability and performance.
5. cTrader
Overview
cTrader is a trading platform developed by Spotware, designed to provide a high-quality trading experience with a focus on transparency and advanced trading tools. It caters to both beginner and professional traders.
Key Features
- Intuitive Interface: cTrader’s interface is clean and user-friendly, making it easy for traders to navigate and execute trades.
- Advanced Charting Tools: The platform offers a wide range of charting tools, including multiple chart types, timeframes, and indicators.
- Level II Pricing: Access detailed market depth information with Level II pricing.
- Automated Trading: cTrader Automate (formerly cAlgo) allows traders to develop and use automated trading strategies.
- Copy Trading: Through cTrader Copy, traders can copy the strategies of successful traders.
Mobile App Features
- Android and iOS Compatibility: Available on both Android and iOS devices.
- Customizable Charts: Customize your charts with various indicators and drawing tools.
- One-Click Trading: Execute trades with a single click or tap.
- Price Alerts: Set and receive price alerts to stay informed of market movements.
- News and Calendar: Access real-time market news and an economic calendar.
cTrader is known for its intuitive interface and advanced trading capabilities. It’s designed for both novice and professional traders, offering rich charting tools and a smooth trading experience.
- Android App: Yes
- Apple iOS App: Yes
- Mobile Alerts – Basic Fields: Yes
- Watchlists – Total Fields: 50
- Watchlist Syncing: Yes
- Charting – Indicators / Studies (Total): 60
- Charting – Drawing Tools (Total): 30
- Mobile Charting – Draw Trendlines: Yes
- Mobile Charting – Multiple Time Frames: Yes
- Economic Calendar: Yes
User Experience Score: 87/100
cTrader is praised for its transparency, user-friendly interface, and advanced trading tools. Some users, however, may find the platform’s learning curve a bit steep.
6. NinjaTrader
Overview
NinjaTrader is a trading platform primarily used for futures, forex, and stock trading. It is well-known for its advanced charting and analytics capabilities, catering to serious traders who require powerful tools.
Key Features
- Advanced Charting: NinjaTrader offers highly customizable charts with a wide range of indicators and drawing tools.
- Automated Trading: Create and deploy automated trading strategies using NinjaScript, NinjaTrader’s proprietary programming language.
- Market Analyzers: Utilize advanced market analyzers to scan for trading opportunities based on specific criteria.
- Trade Simulation: Test your strategies in a risk-free environment with NinjaTrader’s trade simulation.
- Extensive Brokerage Support: Connect with multiple brokers to trade various asset classes.
Mobile App Features
- Android and iOS Compatibility: NinjaTrader offers mobile trading through its integration with third-party apps like CQG Mobile.
- Interactive Charts: Use interactive charts with multiple indicators and drawing tools.
- Real-Time Data: Access real-time market data and quotes.
- Order Management: Manage your orders and positions on the go.
- Alerts: Set and receive trading alerts to stay on top of market movements.
NinjaTrader offers extensive customization options and is geared towards serious traders who need powerful tools for technical analysis and automated trading.
- Android App: Yes
- Apple iOS App: Yes
- Mobile Alerts – Basic Fields: Yes
- Watchlists – Total Fields: 40
- Watchlist Syncing: Yes
- Charting – Indicators / Studies (Total): 80
- Charting – Drawing Tools (Total): 30
- Mobile Charting – Draw Trendlines: Yes
- Mobile Charting – Multiple Time Frames: Yes
- Economic Calendar: Yes
User Experience Score: 84/100
NinjaTrader is highly regarded for its powerful charting and analytical tools, making it a preferred choice for professional traders. However, its complexity and lack of a dedicated mobile app can be limiting for some users.
Detailed Comparison Table
| Feature | MetaTrader 4 | MetaTrader 5 | TradingView | ThinkTrader | cTrader | NinjaTrader |
|---|---|---|---|---|---|---|
| Android App | Yes | Yes | Yes | Yes | Yes | Yes |
| Apple iOS App | Yes | Yes | Yes | Yes | Yes | Yes |
| Mobile Alerts – Basic Fields | Yes | Yes | Yes | Yes | Yes | Yes |
| Watchlists – Total Fields | 60 | 64 | 100 | 80 | 50 | 40 |
| Watchlist Syncing | Yes | Yes | Yes | Yes | Yes | Yes |
| Charting – Indicators / Studies (Total) | 50 | 80 | 100 | 80 | 60 | 80 |
| Charting – Drawing Tools (Total) | 31 | 44 | 50 | 50 | 30 | 30 |
| Mobile Charting – Draw Trendlines | Yes | Yes | Yes | Yes | Yes | Yes |
| Mobile Charting – Multiple Time Frames | Yes | Yes | Yes | Yes | Yes | Yes |
| Economic Calendar | Yes | Yes | Yes | Yes | Yes | Yes |
How to Choose the Best Forex Trading App
When selecting a forex trading app, consider the following key aspects:
Trust (Regulatory Status)
You want a broker that you can trust above all else. Your broker should preferably be regulated in multiple top-tier jurisdictions, such as the U.S., U.K., Australia, Singapore, Canada, Hong Kong, Japan, or Switzerland. At ForexBrokers.com, we track over 250 regulatory licenses for 60+ forex brokers; learn more by checking out our Trust Score page.
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 evaluating the research content, trading tools, and educational materials available from brokers, they should 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, ETFs, 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.
Conclusion
Choosing the right forex trading app is crucial to your success as a trader. The apps we’ve reviewed are among the best available, each offering unique features and advantages. Whether you prioritize advanced charting tools, ease of use, or the ability to trade a wide range of markets, there’s an app that fits your needs. Remember to take advantage of demo accounts to find the perfect match before committing to a live account.
Happy trading!
