fbpx

75-90% of retail traders lose money trading Forex and CFDs. You should consider whether you understand how CFDs and leveraged trading work and if you can afford the high risk of losing your money. We may receive compensation when you click on links to products we review. Please read our advertising disclosure. By using this website you agree to our Terms of Service.

EditorEditor: Alison HeyerdahlUpdated: Apr 26, 2024
AuthorAuthor: Chris Cammack

Last Updated On Apr 26, 2024

Chris Cammack

Having a reliable Forex trading app is important for all Forex traders. Whether you’re a beginner or a professional, being able to check market data and adjust trades on your phone is an essential part of your trading day.

These are the best Forex trading apps of 2024 designed for Nigerian traders of all levels. With this comprehensive list, you’ll gain a better understanding of the top Forex apps and their features, helping you find the right one to your fit your trading style. From risk-managements tools to advanced analysis, you will find everything you need from these apps for Forex trading on the go.

These are the best Forex trading apps in Nigeria for 2024.

  • Octa - Best Copy Trading App
  • AvaTrade - Trading App with Great Risk Management
  • FXTM - Best App for Automated Trading
  • HFM - Best App for Forex Analysis
  • Pepperstone - Best Mobile Apps for EAs and Scalpers
  • XM - Fastest Execution Speed
  • IC Markets - Best cTrader Mobile Experience
  • Skilling - Best Trading App for Beginners
  • XTB - Best Regulated Trading App
  • FBS - Highest Leverage Mobile Trading

Best Forex Trading Apps 2024

Scroll for more detailsPreviousNext
Broker
Broker Score
Official Site
Min. Deposit
Regulators
Mobile App
Apple Score
Google Score
Compare
Octa
4.37 /5
Read Review
Visit Broker >
67.65% of retail CFD accounts lose money
USD 25
CySEC Regulated Brokers
FSCA Regulated Forex Brokers
Mwali International Services Authority
MT5 App
1110.503.3/ 5
11110.54.4/ 5
AvaTrade
4.59 /5
Read Review
Visit Broker >
76% of retail CFD accounts lose money
USD 100
ASIC Regulated Forex Brokers
FSCA Regulated Forex Brokers
CySEC Regulated Brokers
Financial Services Agency
Central Bank of Ireland
Financial Regulatory Services Authority
AvatradeGo
11110.54.3/ 5
11110.54.2/ 5
FXTM
4.27 /5
Read Review
Visit Broker >
81% of retail CFD accounts lose money
USD 10
FCA Regulated Brokers
FSCA Regulated Forex Brokers
Financial Services Commission
Capital Markets Authority
FXTM Trader
1110.503.6/ 5
1110.503.7/ 5
HFM (HotForex)
4.53 /5
Read Review
Visit Broker >
72.90% of retail CFD accounts lose money
USD 0
CySEC Regulated Brokers
FCA Regulated Brokers
FSCA Regulated Forex Brokers
Dubai Financial Services Authority
Financial Services Commission
The Seychelles Financial Services Authority
HF App
1110.503.8/ 5
11110.54.0/ 5
Pepperstone
4.61 /5
Read Review
Visit Broker >
89%74- of retail CFD accounts lose money
USD 0
FCA Regulated Brokers
ASIC Regulated Forex Brokers
CySEC Regulated Brokers
Dubai Financial Services Authority
Bundesanstalt für Finanzdienstleistungsaufsicht
Securities Commission of the Bahamas
Capital Markets Authority
MT5 App
1110.503.9/ 5
11110.54.4/ 5
XM
4.45 /5
Read Review
Visit Broker >
75.33% of retail CFD accounts lose money
USD 5
CySEC Regulated Brokers
ASIC Regulated Forex Brokers
Dubai Financial Services Authority
International Financial Services Commission
FSCA Regulated Forex Brokers
XM App
1110.503.0/ 5
1110.503.7/ 5
IC Markets
4.56 /5
Read Review
Visit Broker >
70.81% of retail CFD accounts lose money
USD 200
CySEC Regulated Brokers
ASIC Regulated Forex Brokers
The Seychelles Financial Services Authority
Securities Commission of the Bahamas
MT5 App
11110.54.7/ 5
11110.54.4/ 5
Skilling
4.37 /5
Read Review
Visit Broker >
71% of retail CFD accounts lose money
USD 100
CySEC Regulated Brokers
Finansinspektionen
The Seychelles Financial Services Authority
Skilling Trading App
111110.55.0/ 5
1110.503.9/ 5
XTB
4.39 /5
Read Review
Visit Broker >
78% of retail CFD accounts lose money
USD 0
CySEC Regulated Brokers
FCA Regulated Brokers
Dubai Financial Services Authority
International Financial Services Commission
Komisja Nadzoru Finansowego
xStation App
11110.54.7/ 5
11110.54.6/ 5
FBS
4.33 /5
Read Review
Visit Broker >
76% of retail CFD accounts lose money
USD 5
CySEC Regulated Brokers
ASIC Regulated Forex Brokers
FSCA Regulated Forex Brokers
International Financial Services Commission
FBS Trader
11110.54.8/ 5
11110.54.5/ 5

What is a Forex trading app?

A Forex trading app is an application you can download to your phone or tablet that allows you to trade Forex and other financial instruments. Forex trading apps are usually offered free by Forex brokers. Some apps are proprietary, which means they are developed in-house by a broker. But many popular apps are developed by third-party companies. Proprietary Forex trading apps are usually easier to set up and use by beginners. 

Forex trading apps will let you open a demo or trading account with the broker, buy and sell instruments, deposit and withdraw funds from your broker, provide real-time market data, display news and analysis, and provide price alerts and other tools to manage your risk.

What is the difference between a Forex trading app and a Forex trading platform?

Forex trading apps are available on mobile devices, while Forex trading platforms run on desktop computers. Otherwise, they perform the same function. Both allow you to trade on financial markets and will connect to your broker’s trading system. Desktop trading platforms tend to have more features and tools than trading apps and are favoured by experienced traders who require more in-depth technical analysis and advanced order types.


Best Forex Trading App Reviews 2024

To test these mobile apps, we downloaded and installed them on Android and iOS devices and connected our live trading accounts. While trading on the mobile apps, we tested the platform’s stability and execution speed. We also compared their fees and checked how easy it was to deposit and withdraw money from our trading account. We only work with well-regulated brokers with a good reputation for treating their clients fairly. Want to know more about our in-depth review process? Click here to find out.

These are the best Forex Trading Apps in Nigeria for 2024, as determined by our comprehensive review process.


Others Also Visit

Scroll for more detailsPreviousNext
Visit
Octa
4.37 /5
Read Review
Visit
AvaTrade
4.59 /5
Read Review
Visit
Pepperstone
4.61 /5
Read Review
Visit
Exness
4.32 /5
Read Review
Visit
HFM (HotForex)
4.53 /5
Read Review
Visit

Octa – Best Copy Trading App

Broker Score
4.374.37 / 5
🏦  Min. DepositUSD 25
🛡️  Regulated By
💵  Trading Cost 
USD 6
⚖️  Max. Leverage1000:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

Octa is a well-regulated broker with support for three trading platforms across all mobile devices and is known for its range of bonus options. Octa also provides its own easy-to-use Octa Copytrading App for iOS and Android devices. Traders can choose from three account options, each with a 25 USD minimum deposit and spreads down to 0.6 pips (EUR/USD). 

The Octa Copytrading app allows clients to choose from a list of Master Traders to compare their gain, number of followers, and commission amount and start copying their trades automatically. The app provides detailed statistics on trading performance: profit amounts, floating profit, equity, percentage gain, and a breakdown of investment success with every Master Trader. Importantly, users can also stop copying trades manually at any time. The app also has a range of bonuses and promotions, such as a 50% first deposit booster and prize draws.

Pros
  • Fast and free withdrawals
  • Low minimum deposit
  • Tight spreads
Cons
  • Limited range of assets
  • Poorly regulated
AlertAccepts Nigerian Clients. Average spread EUR/USD 0.60 pips on trading account with lowest minimum deposit. Max leverage 1000:1. Islamic account available. MT4 & MT5 and Octatrader platforms supported. Octa is regulated by CySEC.

AvaTrade – Trading App with Great Risk Management

Broker Score
4.594.59 / 5
🏦  Min. DepositUSD 100
🛡️  Regulated By
💵  Trading Cost 
USD 9
⚖️  Max. Leverage400:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

AvaTrade’s flagship mobile app is called AvaTradeGo and was voted the Best Forex Trading App in 2020 at the Global Forex Awards. One of the best aspects of the AvaTradeGo app is the AvaProtect risk management tool – where traders can have all their losses fully refunded for a small fee. AvaTradeGo also provides a stable trading experience with an advanced dashboard, with intuitive management tools, clear charts, zoom for details, and a Market Trends feature to monitor trading trends within the AvaTrade community. AvaTrade’s fees are some of the lowest for an account with a 100 USD minimum deposit – as low as 0.9 pips on the EUR/USD.

AVATRADEGO FEATURES

  • Choose from over 1,000 instruments to trade, including Forex pairs, Commodities, Stocks, Cryptocurrencies and more
  • AvaProtect loss protection: Any losses are fully refunded, but any gains are the traders to keep
  • Market Trends: Monitor social trends, see what other traders buy and sell, and stay on top of your trades
  • Secure deposits, FSCA-regulated and 24/5 Customer Support 
Pros
  • Top-tier regulation and security with licenses from ASIC and CBI among others
  • Accessible trading with a low minimum deposit of 100 USD
  • Award-winning mobile trading with the AvaTradeGO app with social trading features
  • Wide range of assets including unique instruments like vanilla options
  • Educational material to support trader development and strategy enhancement
Cons
  • Market analysis could be more extensive
  • Poor regulatory oversight outside of the UK and EU
  • Avatrade is a Market Maker and operate a dealing desk which might not align with all trading preferences
AlertAccepts Nigerian Clients. Average spread EUR/USD 0.90 pips on trading account with lowest minimum deposit. Max leverage 400:1. Islamic account available. MT4 & MT5 platforms supported. AvaTrade Group regulated by ASIC, FSCA, B.V.I FSC & FSA.

FXTM – Best App for Automated Trading

Broker Score
4.274.27 / 5
🏦  Min. DepositUSD 10
🛡️  Regulated By
💵  Trading Cost 
USD 15
⚖️  Max. Leverage2000:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

Through the FXTM Trader mobile app, traders can access FXTM’s complete range of CFDs, including Forex, spot metals, 180 company shares, commodities, indices and cryptocurrencies. With FXTM Trader you can open and close positions in seconds, fetch live currency rates, manage your trading accounts, and supervise your FXTM Invest copy-trading account. Founded in 2011 and regulated by the UK’s FCA and the FSC in Mauritius, FXTM is an established Forex and CFD broker. 

FXTM TRADER FEATURES

  • Monitor your FXTM Invest, FXTM’s leading copy trading system
  • Micro Account with a 10 USD minimum deposit
  • Trading on Forex, commodities, metals, stocks, and indices from within the trading app
  • Access to the MyFXTM dashboard, letting you deposit, withdraw and monitor your funds in seconds
  • Enable 1-click trading for even quicker buying and selling
Pros
  • Good for beginners
  • Excellent education
  • Well regulated
  • Low minimum deposit
  • Copy trading accounts
Cons
  • Expensive withdrawals
AlertAccepts Nigerian Clients. Average spread EUR/USD 1.50 pips on trading account with lowest minimum deposit. Max leverage 2000:1. Islamic account available. MT4 & MT5 platforms supported. Leverage offered can vary depending on country of residence, and your trading knowledge and experience. FXTM is regulated by FCA, FSCA, and the FSC.

HFM (formerly known as HotForex) – Best App for Forex Analysis

Broker Score
4.534.53 / 5
🏦  Min. DepositUSD 0
🛡️  Regulated By
💵  Trading Cost 
USD 10
⚖️  Max. Leverage1000:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

HFM offers trading on Forex, commodities, indices, shares, bonds, and ETFs through the HFM HF App. Other app features include in-app fund transfers, advanced charting, and access to HFM’s HFcopy copy-trading account.  Also included is a live rate stream for CFDs on Forex, commodities, stocks and indices, a market news stream and the latest analysis published by the HFM research team.

HF APP FEATURES

  • Micro Account: with a 5 USD minimum deposit, fast market execution and spreads starting at 1 pip.
  • Analytical tools: Daily Market Analysis from experts, a market sentiment tool, and Trader’s Board – a detailed look at the world’s markets with volume indicators and live charts.
  • Trading calculators, an economic calendar, and information on upcoming live webinars with reservation functionality.
  • A dedicated section for copy-trading: Monitor the status of investments, allocate funds and manage your portfolio.
Pros
  • Low minimum deposit
  • Tight spreads
  • Well regulated
  • Good range of accounts
Cons
  • Limited base currencies
AlertAccepts Nigerian Clients. Average spread EUR/USD 1.00 pips on trading account with lowest minimum deposit. Max leverage 1000:1. Islamic account available. MT4 & MT5 platforms supported. HF Markets Group regulated by the FSCA, FCA, FSC, CySEC and the DFSA.

Pepperstone – Best Mobile Apps for EAs and Scalpers

Broker Score
4.614.61 / 5
🏦  Min. DepositUSD 0
🛡️  Regulated By
💵  Trading Cost 
USD 10
⚖️  Max. Leverage400:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

A world-renowned broker, Pepperstone offers mobile support, strong regulation and two simple accounts with ECN execution. Most orders are executed in less than 30 milliseconds, which is ideal for scalpers and clients who run expert advisors. The Standard Account is commission-free, and spreads on the EUR/USD starts at 1.00 pips. The Razor Account charges a 7 USD round turn commission, but the average spread on the EUR/USD is 0.10 pips* – about as close as traders can get to zero spread as possible.

The Pepperstone trading apps come with live quotes, real-time charts, in-depth news, and analytics. Pepperstone also offers a package of Smart Trader Tools, VPS services, Capitalise.ai, and all users will get access to Autochartist – a powerful pattern recognition plugin that automatically identifies trading opportunities based on price trends.

*spreads correct as of December 2023.

Pros
  • Well regulated
  • Tight spreads
  • Great platform choice
  • Wide range of assets
Cons
  • Limited market analysis
AlertAccepts Nigerian Clients. Average spread EUR/USD 1.00 pipson the trading account with lowest minimum deposit. Max leverage 400:1. Islamic account available. MT4, MT5, TradingView & cTrader platforms supported. Pepperstone is regulated by the FCA, ASIC, CySEC, SCB, CMA, BaFin and the DFSA.

XM – Fastest Execution Speed

Broker Score
4.454.45 / 5
🏦  Min. DepositUSD 5
🛡️  Regulated By
💵  Trading Cost 
USD 6
⚖️  Max. Leverage1000:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

XM is a well-regulated broker supporting MT4 and MT5 native XM apps with three account types: A Micro Account, Standard Account and a commission-based XM Zero Account with super-tight spreads. Each account offers tight spreads, with the EUR/USD starting at 1.6 pips on the Micro and Standard Account. The XM Zero Account has spreads down to 0.1 pips with a commission of 7 USD round trip. For beginners, education and research are some of the best globally.

XM APP FEATURES

  • Both MT4 and MT5 trading platforms are available as apps
  • Trade on Forex, stock CFDs, commodities, equities, precious metals, energies, and shares
  • 99% of trades are executed in less than a second with a 100% execution rate. No re-requotes or rejections of orders.
Pros
  • Well regulated
  • Excellent education
  • Free deposits and withdrawals
Cons
  • Limited platform choice
AlertAccepts Nigerian Clients. Average spread EUR/USD 0.60 pips on trading account with lowest minimum deposit. Max leverage 1000:1. Islamic account available. MT4 & MT5 platforms supported. XM Group regulated by CySEC, ASIC, and the Belize FSC.

IC Markets – Best cTrader Mobile Experience

Broker Score
4.564.56 / 5
🏦  Min. DepositUSD 200
🛡️  Regulated By
💵  Trading Cost 
USD 8
⚖️  Max. Leverage500:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

IC Markets is an Australian ECN broker with two Raw Spread Accounts and a Standard Account, all with variable spreads, on the MT4, MT5 and cTrader platforms. Mobile apps are supported for all trading platforms, but for traders interested in the best mobile cTrader experience, IC Market’s cTrader Raw Spread account is industry-leading and available on the IC Markets cTrader app for iOS and Android.

The cTrader Raw Spread Account features a smaller commission than the normal Raw Account (3 USD per lot vs 3.50 USD per lot), and spreads are often down to 0 pips, averaging 0.1 pips on the EUR/USD pair. The cTrader app provides the same access to tight spreads, deep liquidity and reliable 24/7 customer service that IC Market is known for, it also features single-tap execution and a split-screen interface for tablets.

Pros
  • Well regulated
  • Tight spreads
  • Wide range of assets
  • Great platform choice
Cons
  • High minimum deposit
  • Limited market analysis
AlertAccepts Nigerian Clients. Average spread EUR/USD 0.10 pips with 7 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4, MT5 & cTrader platforms supported. IC Markets is regulated by CySEC, ASIC, and the FSA.

Skilling – Best Trading App for Beginners

Broker Score
4.374.37 / 5
🏦  Min. DepositUSD 100
🛡️  Regulated By
💵  Trading Cost 
USD 7
⚖️  Max. Leverage500:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

Available on both Android and iOS devices, the Skilling Trader app is well-designed. Beginners will find that it is easy to use and includes a Trading Assistant that walks you through the app. The app allows traders to easily transfer, withdraw and deposit funds, search for instruments, and create watchlists.  It also has a huge range of technical indicators and charts in multiple time frames. We also enjoyed how easy it was to execute orders, and all of Skilling’s educational materials and market news are available on the app.

SKILLING TRADER FEATURES

  • Spreads starting at 0.8 pips with no commission
  • 100 EUR minimum deposit, Maximum leverage of 500:1
  • One Account. Two Platforms: Seamless integration between Skilling Trader and cTrader,
  • The choice of two platforms from a single trading account with the same margin, same wallet, and same trading conditions.
Pros
  • Copy trading accounts
  • Tight spreads
  • Great platform choice
Cons
  • No swap-free account option
  • Limited education
AlertAccepts Nigerian Clients. Average spread EUR/USD 0.70 pips on the trading account with lowest minimum deposit. Max leverage 500:1. MT4, Skilling, and cTrader platforms supported. Skilling is regulated by CySEC, the FCA, and the FSA-Seychelles.

XTB – Best Regulated Trading App

Broker Score
4.394.39 / 5
🏦  Min. DepositUSD 0
🛡️  Regulated By
💵  Trading Cost 
USD 7
⚖️  Max. Leverage500:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

XTB has successfully incorporated many of its desktop xStation trading platform’s features into the xStation mobile app. With a smooth and intuitive design, the transparent charts (also available horizontally) allow clients to track market movements accurately. XTB has relatively low fees compared to many brokers, with no minimum deposit requirement and spreads averaging 0.9 pips (EUR/USD). XTB offers trading on over 1500 financial assets including Forex, indices, commodities, stock CFDs, ETF CFDs, and cryptocurrencies.

XSTATION APP FEATURES

  • Access XTB’s award-winning market analysis and market sentiment from inside the trading app
  • Control your take-profit and stop-loss directly on the chart or through the integrated trading calculator
  • Filter instrument classes and set favourites with the market analysis dashboard.
  • Fully customisable layout. Traders can also choose between light and dark mode, saving battery and keeping clarity.
Pros
  • Well regulated
  • Tight spreads
  • Low minimum deposit
  • Good for beginners
Cons
  • Limited platform choice
AlertAccepts Nigerian Clients. Average spread EUR/USD 0.70 pips on the trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. xStation5 platform supported. XTB Group is regulated by CySEC, FCA, the DFSA, and the FSC

FBS – Highest Leverage Mobile Trading

Broker Score
4.334.33 / 5
🏦  Min. DepositUSD 5
🛡️  Regulated By
💵  Trading Cost 
USD 7
⚖️  Max. Leverage3000:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

Founded in 2009 and regulated by the FSCA in South Africa, FBS is a hybrid STP/ECN broker offering trading on Forex, commodities, cryptocurrencies, metals, and equities on the MT4 and MT5 trading platforms and the FBS Trader app.  With five live accounts and a minimum deposit of 1 USD on its smallest account, clients have access leverage of up to 3000:1 on most accounts. Only available on Android, but coming to iOS devices soon, the new FBS Trader app offers an all-in-one multi-asset trading platform for online trading anywhere. 

FBS TRADER FEATURES

  • More than 100 global and local payment methods. Deposit and withdraw at any time, 24/7
  • 20% Cashback for every order on trading Forex, stocks, and other assets
  • 24/7 chat support and demo trading from inside the app
  • Trade over 35 crypto pairs and crypto crosses 24/7
Pros
  • Tight spreads
  • Low minimum deposit
  • Excellent education
  • Excellent market analysis
Cons
  • Limited range of assets
  • Extreme leverage
AlertAccepts Nigerian Clients. Average spread EUR/USD 0.80 pips on trading account with lowest minimum deposit. Max leverage 3000:1. Islamic account available. MT4 & MT5 platforms supported. FBS is regulated by ASIC, CySEC, the FSCA, and the IFSC.

How to Choose a Forex Trading App

With the right Forex trading app, you can stay up to date with the latest market news, access charts, conduct technical analysis, and carry out trades all from the convenience of your smartphone or tablet. But with so many apps out there, how do you choose the best Forex trading app for you? Here are a few important things to consider:

  1. Regulation and Security: Ensure you choose an app from a well-regulated Forex broker with a good reputation. Well-regulated provide secure trading environments and are transparent about their fees, commissions, and risk management policies.
  2. Fees: This includes any commission charges, spreads, or other costs associated with using the app, such as rollover fees and deposit and withdrawal fees. Always make sure you understand your broker’s fee structure before starting trading.
  3. User-Friendly: You don’t want an app that’s too complicated and difficult to use. Look for an app that is user-friendly with an intuitive design that provides a streamlined trading experience. Many good brokers provide tutorial walk-throughs of their apps to help you get on your feet. 
  4. Trading Execution: Your app should be fast and reliable, meaning orders can be placed, closed and managed almost instantly. Apps with poor trade execution can greatly increase risk and may lead to higher losses. 
  5. Tools and Features: Ensure the app has the tools to maximise your trading opportunities. Does it offer real-time market data? Does it have advanced charting capabilities? Does it offer automated trading? Can you conduct technical analysis? Can you set automated price alerts? Knowing the features you want will help you narrow down your choice of app.
  6. Demo Accounts: Choose an app with a free demo account that allows you to test out its features and see whether it meets your trading needs. You can also test out your trading strategies in real market conditions before using real money.
  7. Financial Instruments: Many brokers only allow traders to trade on a portion of the instruments available on the desktop and browser versions of the platform. Consider whether the instruments you prefer trading are available on the app.

What is the best Forex trading App?

It’s impossible to say which trading app is best as traders have different priorities, but AvaTrade’s trading app, AvaTradeGo, provides a smooth trading experience with a sophisticated dashboard, complete with a set of intuitive risk-management tools, clear charts, zoom for details, and many more helpful features unique to this app.

Which is the Best Forex Trading App for Beginners?

The best trading apps for beginners are easy to set up and use and have built-in educational resources. In our testing, we found that the Skilling Trader App has many helpful features for beginners. Not only is it easy to use, but it also includes a Trading Assistant that walks you through the app features. Traders can easily transfer, withdraw and deposit funds, search for instruments, create watchlists, and all of Skilling’s educational materials and market news are available on the app. 

Are Trading Apps Safe?

All Forex and CFD trading comes with a high degree of risk of losing all the money in your trading account. In terms of app security, as long as you download an app from a well-regulated broker and protect your trading account with a strong password and two-factor authentication, your Forex trading app should be secure from hackers.

What are the Pros and Cons of using a Trading App?

While there are a few advantages to using trading apps, such as being able to respond immediately to market movements wherever you are, there are also disadvantages to be aware of, such as the risk of overtrading and trading while distracted.

Pros:

  • Immediately Responding to Price Changes: Trading apps allow you to respond to market movements in an instant. Rather than having to wait until you are at your PC to take advantage of price movements, you can open or close an order immediately with a tap of your screen.
  • Convenience: Before smartphone trading apps, it was a huge risk to leave your desk with an open trading position. But now, all aspects of Forex trading can be achieved via a trading app. Most apps will allow you to open and close positions, analyse the market and keep abreast of breaking news.

Cons:

  • Distraction: Mobile devices are designed to be with you when you are doing other things. But trading while you are doing other tasks is not encouraged. If you are trading on a mobile device, make sure you have taken the time and space to judge your trading decisions.
  • Overtrading: Often, the best move when trading is to do nothing. But with the convenience of a mobile trading app, you may be tempted to trade too often, or in a way you would not usually do.
  • Execution Speed: With 5G or Wi-Fi, execution speeds on mobile trading apps are generally good, but if your signal drops out, any kind of precision trading will be at risk. Mobile networks are getting faster all the time, but there will always be a delay relative to a desktop trading environment.
  • Screen Size and Chart Limitations: Professional traders use two monitors with multiple charts and often hold numerous open trades. You cannot do this on a small mobile screen without the risk of missing important details. Mobile traders should try to limit the number of open trades and be aware of the charting limitations on their trading app

Does MetaTrader have an App?

Yes, both MetaTrader 4 and MetaTrader 5 are available as trading apps for Android devices from the Google Play store. Apple removed the MetaTrader apps from its App Store in September 2022, following claims of misuse.  However, they have now been reinstated.

Forex Risk Disclaimer

Trading Forex and CFDs is not suitable for all investors as it carries a high degree of risk to your capital: 75-90% of retail investors lose money trading these products. Forex and CFD transactions involve high risk due to the following factors: Leverage, market volatility, slippage arising from a lack of liquidity, inadequate trading knowledge or experience, and a lack of regulatory protection. Traders should not deposit any money that is not considered disposable income. Regardless of how much research you have done or how confident you are in your trade, there is always a substantial risk of loss. (Learn more about these risks from the UK’s regulator, the FCA, or the Australian regulator, ASIC).

Our Rating & Review Methodology

Our State of the Market Report and Directory of CFD Brokers to Avoid are the result of extensive research on over 180 Forex brokers. These resources help traders find the best Forex brokers – and steer them away from the worst ones. These resources have been compiled using over 200 data points on each broker and over 3000 hours of research. Our team conducts all research independently: Testing brokers, gathering information from broker representatives and sifting through legal documents. Learn more about how we rank brokers.

Editorial Team

 

Chris Cammack
Head of Content

Chris joined the company in 2019 after ten years experience in research, editorial and design for political and financial publications. His background has given him a deep knowledge of international financial markets and the geopolitics that affects them. Chris has a keen eye for editing and a voracious appetite for financial and political current affairs. He ensures that our content across all sites meets the standards of quality and transparency that our readers expect.

 

Alison Heyerdahl
Senior Financial Writer

Alison joined the team as a writer in 2021. She has a medical degree with a focus on physiotherapy and a bachelor’s in psychology. However, her interest in forex trading and her love for writing led her to switch careers, and she now has over eight years experience in research and content development. She has tested and reviewed 100+ brokers and has a great understanding of the Forex trading world.

 

Ida Hermansen
Financial Writer

Ida joined our team as a financial writer in 2023. She has a degree in Digital Marketing and a background in content writing and SEO. In addition to her marketing and writing skills, Ida also has an interest in cryptocurrencies and blockchain networks. Her interest in crypto trading led to a wider fascination with Forex technical analysis and price movement. She continues to develop her skills and knowledge in Forex trading and keeps a close eye on which Forex brokers offer the best trading environments for new traders.

 

Others Also Visit

Scroll for more detailsPreviousNext
Visit
Octa
4.37 /5
Read Review
Visit
AvaTrade
4.59 /5
Read Review
Visit
Pepperstone
4.61 /5
Read Review
Visit
Exness
4.32 /5
Read Review
Visit
HFM (HotForex)
4.53 /5
Read Review
Visit

References

Here are the resources that were used to research and write this article.

Close