Best ECN Broker for News Trading
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As the biggest market worldwide with a $5.3 trillion daily trading volume, the foreign exchange market is a tempting stage for many newcomers. The market’s maturity, high liquidity, an abundance of tradable assets, and low volatility across the leading currency pairs attract both active traders and long-term investors looking for a dynamic asset to diversify their portfolio with.
If you are thinking about joining the forex market, your number 1 question probably is which forex brokers are worth considering. In this guide, I will go through the ten best forex trading apps that beginner forex traders and industry veterans looking to change their forex trading platform can consider.
The article includes only the best forex trading app solutions and ECN brokers for news trading with a proven history, transparent terms, and sufficient trading functionalities. It is a good starting point to narrow down the most competitive options on the market and ease your way into finding the best forex trading app solution provider tailored to your needs.
See Also: Forex Trading for Beginners – The Complete Guide
10 Best Forex Broker Trading Apps for News Trading
When choosing a forex trading app or an forex broker, many factors are at play. However, chief among them usually are trustworthiness, trading platform functionalities, forex app usability, costs, tradable markets, customer support quality, and accessibility.
Here are the ten best forex trading apps that I believe will suit the needs of even the most sophisticated and experienced traders:
1. Interactive Brokers (Android App / iOS App)
IB is a big player in the forex markets and the global financial markets as a whole. It is among the most trustworthy forex brokers and a go-to solution provider for those seeking a top-class offering to trade forex, stocks, ETFs, options, futures, cryptocurrencies via Paxos Trust Company, bonds, mutual funds, and other assets. It operates in over 150 markets globally and is consistently rated in the top 3 of the world’s best brokers.
Those looking for a broker that won’t charge them excessively are in for a treat. Interactive Brokers charges some of the lowest costs in the industry. Forex traders can take advantage of tight spreads as narrow as 1/10 PIP, commissions between 0.08 to 0.20 bps times the trade size, with no hidden spreads or markups. In addition, IB supports over 100 currency pairs and gives you access to real-time quotes from 17 of the world’s largest FX dealers and an abundance of professional FX trading tools.
Speaking of currency trading tools, let’s focus on IB’s platforms that let investors trade across asset classes, including forex. First comes Client Portal, which is a web-based trading platform. It is very convenient and powerful and will satisfy the needs of most traders. Next comes Trader Workstation (TWS), the desktop trading platform in IB’s offering.
IBKR Mobile works well to monitor and trade on the go from Android and iOS devices, making it the best currency trading app and platform, with more features and functionalities than you can probably think of.
There is also the IB APIs to further enhance your trading toolbox by connecting external apps, software and platforms with Interactive Brokers.
Whatever we said about the desktop platforms also goes for IBKR Mobile and Client Portal. They are intuitive and powerful and will give you everything you need to trade currency pairs easily when on the go.
With Interactive Brokers, you can fund your account in 24 currencies and trade assets denominated in multiple currencies with 0 account minimums or inactivity fees.
Click here for more details and to get started with Interactive Brokers
2. IG (Android App / iOS App)
IG is one of the most recognizable brands in the forex industry, and if you have browsed the internet for places where you can learn forex trading, you are probably already familiar with it. The forex broker has a long history, having been around since 1974.
Over the years, IG’s offering has evolved tremendously. Today, it brings clients access to over 17,000 instruments. Aside from major, exotic, and emerging market FX pairs, the multi-asset broker also supports index, stock, commodity, cryptocurrency, ETF, bond, IPO, and other asset classes and tradable instruments.
IG is renowned for its low margins and competitive charges. It also has 24/7 support which is very responsive.
The great thing about IG is that you can open an account quickly and fund it by a bank transfer or debit/credit card. There is even a complete introduction program to ease new users and help them to begin trading confidently. The IG forex trading app is intuitive and easy to use even by beginning forex traders. It supports all features that you will find with the main forex trading platform.
IG has won multiple awards, including being singled out for the best solution for forex trading, #1 overall broker, best CFD and stocks trading provider, best finance app, and more by some of the most reputable sources.
The best way to find out whether IG is the most suitable forex trading app for you is to give the demo account a try. You can test the forex trading platform with €10,000 of virtual funds.
3. Forex.com (Android App / iOS App)
Forex.com is a well-established forex trading service provider founded in 2001 and a part of the StoneX financial group. Going by the name alone, one would probably be thinking that there isn’t a better place to trade currencies than on Forex.com. The truth is, it isn’t just the name that makes it one of the best forex trading apps out there.
The service provider claims to be providing “the complete CFD trading experience,” and it isn’t away from the truth – it is, indeed, a great choice for those looking to start trading CFDs. Its forex trading platforms are highly-functional and have earned many accolades over the years. The desktop platform is Meta Trader 5. However, it is the mobile apps that deserve more focus since they are very intuitive and packed with various tools and features, including built-in TradingView charts and a custom wishlist creation functionality. The iOS and Android forex trading apps allow you to trade on the go with one-swipe trading, making the entire process an absolute pleasure.
The FX offering is competitive, giving you access to over 80 pairs and low spreads. For example, the EUR/USD spread is as low as 0.5 pts. However, it is worth noting that, aside from currencies, Forex.com also offers CFD trading for indices, commodities, shares, and cryptocurrencies.
Forex.com is used by over 1,000,000 traders, making it an even more popular online trading platform than IG, which claims to have around 313,000 users.
The support is class and available to help you live 24 hours daily from 10 am Sunday to 5 pm Friday.
4. eToro (Android App / iOS App)
Considering eToro’s aggressive marketing, even industry newcomers are probably already familiar with the service provider. For those who aren’t, however, it is worth noting that eToro is a relatively new but widely popular multi-asset investment platform.
Founded in 2007, the Cyprus-registered broker offers a social trading platform where you can buy and sell CFDs on various instruments. On eToro, you can trade stocks, cryptocurrencies, commodities, indices, ETFs, and currencies.
However, it is worth noting that the FX offering is a bit limited in scope compared to those of other service providers. As of August 2022, there are 49 currencies supported, so if you are on the hunt for more exotic trading pairs, it might be a good idea to look elsewhere. Margin traders would love eToro since it allows up to 1:30 leverage (or up to 1:400 as a Professional Client) for forex trading. The currency trading spreads vary based on the traded pair but range between 1 and 1,000 pips.
The service provider shines in terms of platform features. The social trading platform enables traders to replicate other traders’ actions in real-time, build smart portfolios, browse analysts’ research, use advanced charting features, and more.
The apps are renowned for their ease of use, intuitive interface, and aesthetic design. They allow you to interact and bounce trading ideas with eToro’s 25m traders on the go.
Upon opening an account with eToro, you will receive a free $100,000 demo account to test the platform.
5. Oanda (Android App / iOS App)
Oanda has been around for over 25 years already. And while most of you might know it as a real market data provider, in fact, it is one of the popular forex trading platforms. The broker allows you to trade over 120 CFD instruments. Among them are more than 70 forex pairs and various indices, cryptocurrencies, commodities, and bonds. The spreads are reasonable, starting from 0.8 pips for EUR/USD and EUR/GBP.
It is worth noting that Oanda still runs the MT4 platform. However, this doesn’t mean its forex trading services are limited in any way. Oanda has developed powerful APIs that allow any forex trader with tehnical skills to automate their trading strategies. Furthermore, the platform grants access to over 65 popular technical indicators powered by TradingView.
The mobile forex trading apps offer the same functionalities as the desktop platform. If you fancy trading from a mobile device, you will be pleasantly surprised that Oanda’s apps are highly-customizable, allowing you to personalize your trading style. Among the features are adding an unlimited number of charts, price change notifications, a quick trading functionality, up-to-the-minute news, market analyst commentary, and more. You can also take advantage of rich technical indicators, drawing tools, trader performance analytics, and more.
Over the years, Oanda’s offerings have earned various prestigious awards, including the best forex broker, the highest client satisfaction for telephone customer service, and more.
6. FXTM
Forex Time, or FXTM for short, is one of the newer service providers in the niche, having been around since 2011. For a little over a decade, the broker has attracted over 4 million traders.
On FXTM, you can trade commodities, indices, and forex. The platform supports over 60 FX pairs. What’s more, with the Advantage account, FXTM’s most popular account option, you can trade pairs like EUR/USD and USD/JPY with zero spreads.
For desktop users, FXTM supports both MT4 and MT5. The mobile forex trading applications for Android and iOS are named FXTM Trader. The app is mainly focused on forex trading and supports various functionalities, including opening and closing positions in seconds, access to live currency rates, easy management of your trading accounts, and more. Aside from forex, on FXTM Trader, you can also trade CFDs on 180 companies and CFDs on commodities and indices.
A notable drawback of FXTM is the information on its site. It is way more limited than what you can find on the websites of most forex brokers. As a result, often, you might feel that you can’t get the whole picture. Due to this, beginners might consider using another mobile trading platform that is better suited to educating and helping them improve their trading skills.
7. Nadex (Android App / iOS App)
The North American Derivatives Exchange (Nadex) is a preferred platform for advanced traders looking to trade binary options, knock-outs, and call spreads. These instruments are available for various assets, including forex, indices, and commodities.
Trading the forex market through Nadex gives you access to low-cost, fixed-risk contracts on major pairs, including EUR/USD, EUR/GBP, and USD/JPY. In total, you can trade 11 currency pairs on Nadex.
The service provider has desktop and mobile platforms. The desktop is a powerful proprietary solution that gives you everything needed to successfully manage your forex trades.
The trading app, called NadexGO, is an intuitive solution to easily handle your trades while on the move. Navigating the mobile trading apps reveals the effort put into its design and user-centered approach. For example, it shows your potential profit or loss before you trade. Furthermore, it supports drawing features and customizable charts powered by the most popular technical indicators (however, bear in mind that the number of technical trading tools is way too limited compared to the platforms of other online brokers). You can deposit and withdraw funds with ease.
In fairness, Nadex isn’t your traditional foreign exchange trading service provider. It is tailored to the needs of more advanced market participants experienced in trading derivatives. If you aren’t sure whether Nadex is the solution to go with, make sure to give its demo account a try and trade $10,000 in virtual funds.
And lastly – you might be surprised to find out that Nadex is a part of the Crypto.com brand.
8. Saxo Bank (Android App / iOS App)
Those of you who are from Europe probably already know that, alongside Interactive Brokers, Saxo Bank is one of the best trading app alternatives to US brokerage account service providers in terms of depth of offering, commissions, and supported assets.
On Saxo Bank, you can trade all of the major forex trading pairs, alongside minors and exotics for a total of 190+ foreign currencies. The pips start at 0.6. The entry prices are competitive, and the more active a trader is, the lower the fees.
Forex aside, Saxo Bank users can also trade stocks, ETFs, bonds, cryptocurrencies, and more. There are also many leveraged products, including options, futures contracts, forex, forex options, crypto FX, CFDs, and commodities. In total, the platform supports over 60,000 instruments.
Clients can enjoy deep liquidity and top-class execution, capable of satisfying even the demands of the most sophisticated institutions. Today, Saxo Bank serves over 850,000 clients.
There is 24/7 customer support which is among the best in the industry.
Saxo Bank’s clients can trade through two platforms – SaxoTraderGO and SaxoTraderPro. As their names suggest, the former is the liter and more straightforward solution, while the latter is tailored to the needs of institutional clients and professional traders. However, both allow for extensive charting, news analysis, comprehensive research, and advanced risk management tools. They also support integration with third-party tools and APIs to further enhance your trading experience.
9. CMC Markets (Android App / iOS App)
CMC Markets is not only a worthy addition to the list of the best mobile apps to start forex trading but even one of the solution providers with the best offerings in terms of the number of supported assets.
You can trade over 330 forex instruments and over 9,000 shares and ETFs through spread betting and CFDs. CMC Markets also supports index, crypto, commodity, and treasuries trading.
Regarding trading costs, CMC’s offering competes with the industry’s most competitive offerings. The spreads are tight and start at 0.7.
The trade execution is fast (0.0045 seconds) and with minimal slippage, in line with the industry’s best standards.
According to the company, it also offers the highest-rated customer service in the industry.
What really sets CMC Markets apart, however, is its platform, specifically designed for the forex trader. Insitutional and retail investor accounts owners can take advantage of sophisticated trading features, including powerful charting capabilities, pattern recognition scanner, advanced order execution, exclusive access to market news and insight from CMC’s in-house analysts, news and market commentary from Reuters, an economic calendar, and valuation data from Morningstar.
The CMC Markets mobile trading app allows you to trade as if you are on a desktop machine. Furthermore, you can take advantage of various types of instant notifications, a customizable dashboard, a client sentiment tracker, topical watchlists, and more.
As a result, CMC Markets’ platform has earned numerous accolades over the years.
10. City Index (Android App / iOS App)
City Index is another great place where you can trade forex. The online broker is specialized in spread betting, CFD, and forex trading. It has been around for over 40 years and currently serves more than 1m trading account holders.
The platform supports over 13,500 assets from various classes, including indices, stocks, commodities, and forex. The FX pairs are around 84, including majors, minors, and exotics. The spreads are among the best in the industry, starting from 0.5 points.
The service provider’s branding is modern and in line with the latest design trends. So is the case with its mobile trading apps, as well. However, the beautiful aesthetics and intuitive interaction don’t come at the expense of functionalities. The mobile app brings you advanced charting (powered by TradingView charts), custom indicators, real-time price alerts, and drawing tools, seamless order execution, real-time trade ideas, and more. Among the distinguishing features is the Performance Analytics Center where you can dive deeper into your performance and discover how to improve it. This can help backtest trading strategies and help prevent retail accounts lose money in real-time trading.
Desktop users can choose between MT4 and Web Trader, City Index’s own platform. The service provider offers a comprehensive comparison between both so that you can easily find out which will serve your needs best.
City Index clients have access to 24/5 dedicated customer support.
Like Forex.com, City Index is also owned by the Fortune 100 company, StoneX.
Summary
Considering that the forex market is the most traded and among the most mature ones, it is no surprise that there is an abundance of service providers worth a try. The list with the top forex trading apps has something to offer to everyone – from the complete beginner to the experienced and widely-successful forex trader. However, in the end, it all depends on what one is looking for.
Traders who plan on using advanced trading features or trading additional asset classes as well might opt for Interactive Brokers, which I consider the best all-around solution. Not to mention that it is a low-commission broker with outstanding customer support. Saxo Bank also falls in this category.
Those planning to trade more exotic instruments like options, call spreads, and knock-outs will probably go with Nadex. Traders who want professional market price data will consider Oanda, while those looking for a more traditional service provider might consider Forex.com and IG.
All-in-all, there are lots of options and, most importantly – lots of good options. To find the best one, however, I suggest opening a demo account and trying them all.
FAQ
Can you Day trade forex with $100?
Most brokers allow you to trade in small lot sizes and you can start buying and selling forex with as less as $10. While others have higher initial deposit requirements, $100 is a sufficient amount to start trading currencies. For certainty, check your preferred broker’s specific requirements.
Can you get rich forex trading?
You can get rich trading forex but it won’t be easy since it requires mastery. Up to 85% of retail investor accounts lose money and, usually, they are losing money rapidly. Also, it would be easier to get rich trading forex if you have more capital at your disposal to trade at scale.
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