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The forex market never sleeps – for committed traders, it's crucial to be able to stay connected. A robust forex trading app with costs that suits your budget, features, tools, and forex pairs you need will ensure that.
Moneyzine combed through reams of data to identify the most outstanding options available for UK traders. Below, we take a closer look into the best forex trading apps, discuss how they compare against one another and how to find the best solution for your individual needs.
List of Best UK Forex Trading Apps
| Name | Score | Visit | Disclaimer | |
|---|---|---|---|---|
 | 9.8 | Visitplus500.com | CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. Availability subject to regulations. FCA (FRN 509909). | |
 | 8.7 | Visitetoro.com | Don't invest unless you're prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more. | |
 | 8.7 | Visitfinecobank.com | ||
 | 4IG | 8.9 | Visitig.com | Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money. |
 | 8.8 | Visithome.saxo | CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs, FX or any of our other products work and whether you can afford to take the high risk of losing your money. Losses can exceed deposits on some products. | |
 | 8.4 | Visittrading212.com | CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 83% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. | |
 | 6.6 | Visitcapital.com |
Plus500 disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 81% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
Top 10 UK Forex Trading Apps Reviewed
With over 1,500 Forex trading platforms worldwide, deciding which is right for you can take time. To help select the best one, we have compiled a list of the top 10 Forex trading apps and reviewed them based on their features and performance.
Overall best app for forex trading – eToro
Best forex trading app with no commission – Fineco Bank
Best app for trading forex with CFDs – IG
Forex trading app for the best execution – Saxo Markets
Best forex trading app for beginners – Trading 212
Best app for forex spread betting – Capital.com
Excellent CFD trading app for trading alerts – Plus500
Best forex trading app for risk management – AvaTrade
Best forex trading app for advanced traders – Pepperstone
Combining an intuitive application with a straightforward trading mechanism, eToro tops our list of best forex trading apps for UK investors. The platform includes up to 50 currencies across major, minor, and exotic categories, with leverages capped at 1:30 for majors and 1:20 for minors. The trading experience, as said before, is made as smoothly as possible: from the trade ticket window, you can either open the trade or set an order, limit your risk exposure by applying stop-loss or trailing stop-loss orders, choose leverage, and learn the overnight/weekend fees. This is just an example of the subtleties eToro employs to streamline trading.
Charting is powered by ProCharts, which is a powerful tool yet lacks depth. The same thing applies to the research department; the platform lacks a traditional screener, though every asset page includes a news feed to gauge market sentiment. eToro users rely on its social trading network to generate trading ideas: social feeds are preeminent across every section of the platform; users can easily search and filter successful traders with matching preferences and automatically copy their trades.
Italy’s FinecoBank has recently expanded its operations in the UK and quickly gained traction due to its tight spreads, low-cost trading, and the sheer variety of trading instruments. The platform includes up to 50 forex pairings which are traded commission-free, unlike other instruments including shares, futures, or bonds. Its mobile application is arguably designed better than the web platform – it's modern, sleek, and incredibly easy to navigate. It may come across as daunting to a novice trader due to being feature-rich, yet the app packs a wealth of educational materials and tutorials regarding how to use the platform as well as trading at large, it still has a large intended audience.
The UK’s CFD veteran, IG is an excellent choice for trading CFDs in the FX market. CFDs are incredibly complex and risky investment vehicles, with a whopping 76% losing money – while features in IG’s arsenal don’t eliminate the risks altogether, it employs some powerful tools to minimise the exposure. Most outstanding of which is the FCA-backed negative balance protection, which prevents your account from going negative equity. It’s a very valuable measure to take when dealing with rapidly changing markets such as forex.
Besides negative balance protection, users can also use guaranteed stops to prevent slippages, or trailing stop-loss orders to further minimise the risks. All of these, along with other features in its offerings, are accessible through the mobile application. Despite the number of moving parts, IG’s mobile product supports a clean design and is fairly intuitive with top-notch execution quality. The mobile charts include all functionalities offered and users are able to create price and news alerts.
Denmark’s Saxo offers an impressive range of 190 FX pairings across major, minor, and exotic categories. Originating as an investment bank, the outfit’s commitment to transparency and due diligence is a force to be reckoned with. As per its adherence to the FX Global Code, which encourages the development of global standards across foreign exchange markets, the platform discloses its daily average spread data and dealing practices.
Features offered in its mobile application SaxoTraderGo largely overlap with its web version. The more advanced SaxoTraderPro cannot be accessed through mobile devices, meaning that mobile users cannot use tools like algorithmic trading or Level II order book. Nevertheless, its mobile app fares well against its competitors: it includes fundamental and technical analysis tools, curated analysis by an in-house SaxoStrats team, a powerful charting package with up to 40 technical indicators, and an enhanced trade ticket.
Trading 212 has been named among the best trading apps available for UK investors numerous times – the outfit’s mobile-first approach shines through when navigating the application. It has a modern design and is very straightforward. Yet, this is largely due to its simplicity. The app lacks advanced trading tools and falls flat when it comes to research amenities. While the lack of moving parts makes the trading mechanism straightforward with virtually no learning curve, it can underwhelm advanced traders. The offerings and outlay, topped with a wealth of educational materials, make the platform particularly appealing for beginner forex traders.
Capital.com brings a simple solution to cluttered apps by dividing its offerings into multiple platforms: a CFD app, a spread betting app, and an educational app, called Investmate. The specialised app packs in all functionalities accessible through the web platform, including a smart feed to get all market developments, advanced charting with up to 70 technical indicators, risk management tools, and more. Besides its proprietary apps, the platform also offers access to the MetaTrader4 application with which seasoned traders can automate their trades.
While the platform lacks in providing fundamental data for other securities, most notably stocks, FX traders can benefit from its far-reaching news feed, curated by an in-house research team. Capital.com TV regularly publishes expert analyses of market events and trading ideas, and the news and features section provides insight articles.
Plus500’s proprietary trading app particularly shines in its push notifications – while this isn’t a key criterion for many, it becomes an excellent choice for those who prioritise being kept informed about subtle changes in the market. The innovative function goes beyond regular price alerts, and covers the following:
Notifications for when an instrument’s absolute price change reaches a certain level; can be set on a daily or hourly basis,
Traders’ Sentiment informs traders when the percentage of buyers or sellers reaches a certain level, yet it is limited to Plus500’s 400,000+ customer base,
Regular price alerts that inform when the buy and sell prices reach a desired rate.
Other outstanding features include multiple order types and a robust charting tool with up to 109 technical indicators – yet, beyond these, the platform remains flat, especially in terms of market research.
Plus500 is designed for experienced traders, though the lack of moving parts makes the app fairly straightforward to use. Those with less experience can start with a demo account and learn from the Trading Academy, webinars, and insights.
Plus500UK Ltd authorized & regulated by the FCA (#509909).
Plus500 Risk Warning: *81% of retail CFD accounts lose money
AvaTrade’s trademark AvaProtect – the unique risk management feature allows traders to protect specific trades against losses for up to $1 million (about £830,000) over a set time frame for an additional hedging cost, which varies by the trade when a position is opened. The feature is accessible through the platform’s proprietary AvaTradeGo app and doesn’t require any additional installation. This, along with a straightforward trading mechanism, renders the platform particularly appealing for novice traders who are wary of dealing with a volatile market such as forex.
With impressive market exposure and unparalleled versatility in trading tools, Pepperstone continues to be an excellent choice for advanced forex traders. The app’s greatest asset lies in its numerous integrations with powerful tools, including MetaTrader and Capitalise.ai (code-free) for automation, TradingView for industry-grade charting, and cTrade for advanced order capabilities. Platforms are accessible through Pepperstone’s mobile application and carry full functionality as the web platform.
The third-party plugins come in addition to the platform’s already impressive arsenal. Its market research department includes in-house curated expert analysis as well as access to providers like Autochartist or Delkos, along with a copy trading functionality.
Interactive Brokers routinely tops the lists for the most comprehensive trading platforms: combining numerous advanced tools with an impressive reach of over 100 FX pairings, the outfit’s flagship mobile product IBKR is an excellent choice for active traders who seek diversity in their trades.
The mobile app IBKR is limited to CFD and Forex trading, which makes it specialised yet, still, not straightforward – the sheer amount of moving parts, including numerous order type configurations, strategy tools, and screeners can overwhelm an inexperienced trader. In its totality, IBKR is more geared towards advanced and/or professional traders. Despite its versatility and quality, the platform maintains very low commission rates and tight spreads for industry standards.
Finding the Best Forex Trading Apps
While finding the best platform largely boils down to personal preferences, there are some key considerations to take into account – below listed is the set of base criteria we used whilst curating our list. While it doesn’t guarantee a best fit, this guide may be a great starting point to refine your research.
FX Trading Fees
Commissions, spreads, and overnight swap charges concern the forex traders the most, and they vary by broker to an extent. Here's a breakdown of costs you should be familiar with so it's easy to compare forex brokers.
The commission is charged by a broker for executing trades. It may come as a percentage charge or a flat fee and can vary depending on the type of account or the instrument being traded.
Spread is the difference between the bid and ask prices and is typically expressed in pips, the unit of change in an exchange rate between two currencies.
Overnight swaps refer to the fees charged for keeping a position open overnight, which can vary depending on the currency pair and the amount of leverage used. The fees are usually calculated as the difference between a forward rate and the spot rate, multiplied by the size of the position.
Currency conversion fees are charged when converting one currency to another. These fees can vary depending on the FX provider and the type of currency being converted (depending on volume, volatility, etc). Typically, currency conversion fees are charged as a percentage of the transaction amount, but may also include a flat rate fee.
Margin fees refer to the percentage of the total value of a currency pair that a trader must have in their account to place a trade on margin. They can range from 0.25% to 2%: the higher the margin fee, the higher the risk of the position.
The Number of Currency Pairs
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 and Product Safety
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.
There are at least 600 trading platforms included in the FCA's list of unauthorised firms. Make sure to confirm your forex broker's membership with the FCA before using it.
I. Head to their home webpage, and scroll down to the footer. Most brokers display an FCA reference number there.
II. After copying the number, head to the FCA register and enter the details.
III. There, you can confirm whether your preferred platform is registered and that they have updated their details within the last year.
Platform Stability and Frequency of Updates
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.
Research and Analysis Tools
The best forex trading apps are packed with the most relevant research and analysis tools for an FX trader. The most commonly used features include;
Forex Charts
Line Chart – It is the simplest of all forex charts: it uses a single line to connect a series of data points (the closing prices for each period). Due to its simplicity, it provides an easy way to visualise the price direction.
Candlestick Chart – It gives more information when compared to a line chart: every candle represents the opening and closing prices of a certain time period (the body of a candle), and the highest and lowest prices within the same period (the wicks). The candlesticks are colour-coded to indicate whether the closing price was higher or lower than the opening price.
Bar chart – It largely overlaps with candlestick graphs, showing the open, high, low, and closing prices for each period, with a vertical bar connecting each of these points. It is often used to analyse market trends, identify potential entry and exit points, and assess the overall sentiment of the market.
Heikin-Ashi Chart – It is a type of candlestick chart that is used by traders to identify trends and predict price movements in the forex market. It is different from a regular candlestick chart in that it uses a weighted moving average of the open, closed, high and low prices to plot its candles. Heikin-Ashi charts can be helpful to traders by smoothing out price data and making it easier to identify trends, support and resistance levels, and possible entry and exit points.
Analysis Tools
Forex Volatility Calculator – It is used to measure the amount of risk associated with a particular currency pair using the fluctuations of the exchange rate over a period of time. It helps determine the optimal entry/exit times and leverage needed for the position.
Pivot Point Calculator – It is used to calculate support and resistance levels based on the previous day’s high, low, and closing prices. These levels can then be used to identify potential entry and exit points for trades.
Position Sizing Calculator – It is used by forex traders to determine the size of a position that they should enter into based on their risk tolerance, account size, and other factors. By calculating the number of lots to enter and the position size, you can manage their risk and money management strategies more accurately.
Full Functionality and Usability
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.
Final Thoughts on Mobile Forex Trading
While the rapid rise of forex trading apps in the UK paved the way for the commercialisation of foreign currency trading among retail investors, it also resulted in many entering the market without a sufficient understanding of the mechanisms and risks involved. Fast-changing market behaviour, high leverage offered by brokers, and steep volatility render forex trading among the riskiest investing instruments. A whopping 87% of retail traders lose money. While it’s not technically impossible to turn a profit, it’s crucial to educate oneself on market behaviour and tools before starting to move capital around.
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