Trade on the Go: UK's Best Forex Trading Apps

When choosing the best forex trading app, understanding the full structure of FX trading fees is essential. Commissions, spreads, overnight swaps, currency conversion fees, and margin fees are among the most crucial factors that influence your trading costs — and ultimately, your profitability. These fees can differ significantly from one broker to another, so taking the time to compare them is well worth the effort.

• A commission is the fee charged by the broker for executing your trades. This can either be a flat rate per trade or a percentage based on trade size. Some brokers offer commission-free trading, especially on standard accounts, but the cost is usually offset by wider spreads. In my experience, I started with a broker offering no commission on major currency pairs, but quickly realised the spreads were much higher, which affected my short-term trades. After switching to a low-commission account with tighter spreads, my trading results improved noticeably.

• The spread is the difference between the bid and ask price of a currency pair, usually measured in pips. It's effectively the broker’s profit margin and a key cost to traders, especially those making frequent trades. Lower spreads are usually found with ECN accounts, which is why many experienced traders prefer them. I vividly remember comparing spreads on EUR/USD between two platforms — one had an average spread of 1.6 pips, the other just 0.3 pips. That difference, though it seemed minor, made a significant impact on my scalping strategy.

• Overnight swaps fees (or rollover fees) are charged when a position is held open beyond the trading day. These fees depend on the interest rate differential between the two currencies in the pair, as well as the leverage used. Some platforms provide a swap calculator, which I found incredibly useful when planning longer-term trades. Once, I held a GBP/JPY position over the weekend and was surprised by the hefty swap fee – that was a costly lesson in not checking overnight rates in advance.

• Currency conversion fees if your trading account is in one currency and you trade instruments priced in another, you’ll likely incur a currency conversion fee. This fee can be a fixed percentage or a combination of a flat rate and percentage, depending on the provider and currency volatility. While trading with a dollar-based account, I noticed these fees stacking up when moving profits back into GBP, especially during periods of market turbulence.

• Margin fees are the portion of your trade's total value that must be held in your account as collateral. Typically ranging from 0.25% to 2%, the margin requirement can vary based on the broker, leverage used, and currency pair. Higher margin requirements reduce the risk of over-leveraging but can also limit potential returns. In the beginning, I underestimated the impact of margin fees — until I received a margin call on a trade that had moved slightly against me due to a tighter-than-expected margin rule.

Understanding and calculating all these fees helped me better manage my trading capital and reduce unexpected losses. Whether you're just starting out or already trading actively, keeping a close eye on these costs can make a big difference in the long run.

Every forex broker has their own set of currency pairs listed among their offerings, and more often than not, they tend to include dozens of pairings. Historically, traders usually go with the pairs with the highest volume, which include:

• EUR/USD: the euro and US dollar

• USD/JPY: the US dollar and Japanese yen

• GBP/USD: the British pound sterling and US dollar

• USD/CHF: the US dollar and Swiss franc

Yet, different strategies call for different pairings. The aforementioned are the most heavily traded pairs and are called majors. They usually have lower trading costs and tighter bid/ask spreads. Pairings that don’t include US dollars are called minors, they come with slightly higher spreads and are not as but still sufficiently liquid. Exotic pairings include currencies from emerging markets, these pairs are even less liquid and carry the widest spreads in comparison. The price volatility increases as you move from major pairs to exotic pairs.

It makes sense to identify the pairs you wish to trade with and look for platforms that include those among their offering and opt for a platform that has a wide range of offerings to keep your options open.

FCA regulation ensures that financial services firms operate in an honest, fair, and transparent manner. This includes ensuring that customers are offered fair prices, that transactions are completed in a timely manner, and that clients’ assets are safeguarded. As per these regulations, brokers segregate company accounts from accounts holding client assets, which protects the clients’ funds in the event that the broker becomes insolvent or is unable to meet its obligations. As the client funds are not part of the broker’s assets, they cannot be seized to cover the debts.

Besides regulatory compliance, the providers employ a variety of safety measures to protect user data and funds. These include data encryption, two-factor authentication, secure payment processing, and anti-fraud measures. The best forex trading apps tend to provide additional risk-management features such as price alerts and notifications, stop-loss orders, and automated trading capabilities to cushion the trading experience.

Another factor to consider is the platform's stability and regular updates.

Platform stability can affect execution speed and latency, and a bugged product can break the trading experience altogether. Some common bug issues include login issues, order entry issues, incorrect data display, slow loading times, and other technical issues. The best way to understand whether the work is being done to products is to monitor the app updates on stores like App Store or Google Play – ensure that any new bug issues have been addressed and fixed, and give it a thorough test run via a demo account to assess downtime and buffering, and see how long it takes to execute a trade.

Besides bug fixes, regular updates ensure that the app is kept up to date with the latest features and tools.

The best forex trading apps come packed with the most relevant research and analysis tools for FX traders. Some of the most commonly used features include:

Forex Charts

• Line Chart is one of the most basic chart types, the line chart connects a series of data points (typically closing prices for each period) with a single line. I’ve personally found this to be a quick and effective way to gauge the overall price direction, particularly when I’m in a rush and need to make a fast assessment. While basic, it provides a clean and simple visual representation that allows for easy tracking of price movements over time.

• Candlestick Chart offers much more detailed information compared to a line chart. Each candlestick represents the opening and closing prices, as well as the highest and lowest prices within a specific time period. What I like most about candlestick charts is their ability to highlight market sentiment. The colour coding—whether the closing price is higher or lower than the opening price—helps me to quickly assess the mood of the market. I’ve used this chart extensively, especially when analysing price action at key support and resistance levels.

• Bar chart is a chart type similar to candlestick charts but uses vertical bars to display the open, high, low, and close for each period. The bar chart can be especially useful when assessing market trends, and it provides a clear visual representation of price action. In my trading, I’ve found bar charts to be particularly helpful for identifying entry and exit points, as the visual nature of the chart allows for a quick assessment of price fluctuations.

• Heikin-Ashi Charts are an advanced variation of candlestick charts that use a weighted moving average to smooth out price data. I’ve started incorporating Heikin-Ashi charts into my strategy, particularly when trying to identify the broader trends. The smoother price action makes it easier to spot market trends and pinpoint key levels of support and resistance, which helps when making long-term trading decisions.

Analysis Tools

• Forex Volatility Calculator measures the fluctuations in the exchange rate over a certain period, helping traders assess the risk involved in a specific currency pair. I’ve found that using a volatility calculator can really enhance my risk management strategies. By analysing volatility, I can pinpoint optimal entry and exit points while adjusting my leverage

• Pivot Point Calculator is used to determine support and resistance levels based on the previous day’s high, low, and closing prices. These levels are crucial for making informed decisions about potential trade entries and exits. From my experience, pivot points have been an invaluable tool in identifying market direction, as they serve as a strong reference for key price levels. Whenever I spot a trade near these pivot points, I feel more confident in my decision to enter or exit a position.

• Position Sizing Calculator is crucial for managing risk, and the position sizing calculator helps traders determine how much capital should be allocated to each trade. I use this tool to manage my exposure based on my risk tolerance, account size, and current market conditions. By calculating the number of lots to trade and the appropriate position size, I can stick to a sound money management strategy and ensure that my risk is within acceptable limits.

Although many brokers are now adopting a mobile-first approach, functionality across products still varies. To ensure a seamless switch between devices, it's wise to seek forex trading apps that support every feature included within the web platform.

Besides functionality, usability is crucial when dealing with risky and complex instruments like currency trading. Some platforms are more geared towards seasoned traders and come with a steep learning curve, whereas others have a larger intended audience – to assess personal suitability, it’s crucial to test out the product through a demo account before moving funds around.