7 Best Forex Trading Apps: Brokerage Charges, Ratings, and More

In the fast-paced world of currency trading, having access to a reliable and efficient forex trading app is crucial for success. As we move further into 2024, the competition among forex trading apps remains fierce, with each offering unique features to cater to the diverse needs of traders. In this blog post, we’ll explore some of the best forex trading apps available, helping you make an informed decision for your trading journey.

Exploring the 7 Best Forex Trading Apps of 2024

1. IG Trading App

IG Trading App Specifications:

• Platforms: Available on Android and iOS, with a progressive web app for iOS.
• Markets: Offers over 17,000 markets including forex, shares, indices, and commodities.
• User Experience: Known for its user-friendly interface and full dealing functionality.
• Tools: Includes risk management tools, charts, alerts, and practice trading with virtual currency on a demo account.
• Awards: Recognized for its award-winning trading platforms.

Brokerage Charges:

• Fees: Competitive fees structure, with some of the lowest in the industry starting at just $5.00 per trade on Australian shares and $0 commissions per trade on global shares.
• Stock CFD Fees: The commission for stock CFD trading is $0.02 per share; minimum of $15.

Funds Adding and Withdrawal:

• Methods: Credit card, debit card, PayPal, and bank transfer.
• Withdrawals: Typically processed within 1-3 business days.
• Security: Utilizes secure 256-bit SSL encryption technology.

Features:

• Trading on the Go: Trade on various markets with ease and access exclusive analysis and live Reuters news feed.
• Risk Management: Set price alerts and manage risk with stops and limits.
• Charting Tools: Access additional charting tools such as ProRealTime access and Autochartist.

Ratings:

• User Ratings: The app has a rating of 4.1 stars on Google Play with over 19.9K reviews.
• Trust: IG is highly trusted, publicly traded, and regulated across the globe

2. SaxoTraderGO

SaxoTraderGO Specifications:

• Compatibility: SaxoTraderGO is compatible with various browsers and operating systems, ensuring accessibility for all traders.
• Instruments: Offers global access to over 70,000 instruments, including stocks, options, forex, and more.
• User Interface: Known for its user-friendly interface and efficient order placement.

Brokerage Charges:

• Stocks & ETFs: Commissions from $1 on US stocks and ETFs.
• Futures: Commissions as low as $1 per contract.
• Options: Commissions as low as $0.75 per contract.
• Service Fee: A service fee of 0.75% per annum.

Funds Adding and Withdrawal:

• Deposit Methods: Bank transfer is the primary method for adding funds.
• Withdrawal Process: Withdrawals can be made directly from the SaxoTraderGO platform, and typically processed within a few business days.

Features:

• Trading Tools: Advanced trading tools, real-time market data, and extended trading hours.
• Risk Management: Unique tools like account shield and margin alerts to manage risk effectively.
• Research Hub: Curated research content, including news, analysis, price data, and trade ideas.

Ratings:

• User Ratings: SaxoTraderGO has received positive ratings, with a score of 4.5/5 on JustUseApp Reviews.
• Trust Score: The platform has a high trust score, reflecting its reliability and quality of service

3. CMC Markets

CMC Markets Specifications:

• Instruments: Offers over 12,000 instruments including forex, indices, commodities, shares, and treasuries.
• Platforms: Accessible via CMC web platform, iOS and Android app, and MT4 platform.
• Leverage: Up to 30:1 for retail clients.
• Trade Sizes: Fractional trade sizes available.

Brokerage Charges:

• Australian Shares: $0 for the first buy under $1,000, $11.00 or 0.10% for all other buy orders and sell orders.
• International Shares: $0 brokerage on US, UK, Japanese, and Canadian stocks; 0.6% FX spread applies.
• Options: $33.00 for online platform trades up to $10,000, over that 0.33%.

Funds Adding and Withdrawal:

• Deposit Methods: Direct deposit and BPAY.
• Withdrawal: Via bank transfer, typically processed within a few business days.
• Security: Adheres to strict security protocols for transactions.

Features:

• Charting: Over 115 technical indicators and drawing tools, pattern recognition, and a chart forum community.
• Technical Analysis: Integrated suite with a range of chart types and extensive price history.
• Trade from Charts: Ability to open and modify trades directly from charts.

Ratings:

• BrokerChooser: 4.5/5, praised for low forex fees and well-designed platforms.
• Trustpilot: 4.2/5, with a majority of reviews being positive.
• BrokerNotes: Overall rating of 9.6/10, highlighting commissions & fees, trading platforms, and research

4. Charles Schwab 

Charles Schwab Specifications:

• Platforms: Offers advanced trading platforms like thinkorswim® for desktop, mobile, and web.
• Instruments: Provides a wide range of investment options including stocks, options, futures, and more.
• User Experience: Known for its user-friendly interface and efficient order placement.

Brokerage Charges:

• Stocks & ETFs: $0 commission for online listed equity trades.
• Options: $0 online base commission + $0.65 per contract fee.
• Futures: $2.25 per contract, including futures options.

Funds Adding and Withdrawal:

• Deposit Methods: Wire transfers and transfers from other financial institutions.
• Withdrawal Process: Via ‘Transfers & Payments’ section on the platform, with several withdrawal methods available.

Features:

• Research Tools: Offers screeners, third-party reports, and market insights to aid investment decisions.
• Customer Support: Excellent 24/7 customer service and in-person support at local branches.
• Education: Provides educational resources and customizable platforms for all levels of investors.

Ratings:

• BBB Rating: Received an A+ rating from the Better Business Bureau.
• Fitch Ratings: Affirmed at ‘A’ long-term issuer default rating and ‘F1’ short-term issuer default rating

5. Interactive Brokers 

Interactive Brokers Specifications:

• Platforms: Offers the IB Trader Workstation, WebTrader, and mobile apps for trading.
• Operating Systems: Compatible with Windows, Mac OS, and Linux/UNIX systems.
• Screen Resolution: Supports dual screen, recommended 1280 x 1024 for advanced users.
• Memory: 4GB RAM minimum, 8GB recommended.
• Internet Connection: Broadband with backup recommended for advanced users.

Brokerage Charges:

• Stocks/ETFs: $0.0005 to $0.0035 per share for IBKR Pro; $0 for IBKR Lite.
• Options: $0.15 to $0.65 per contract.
• Futures: $0.25 to $0.85 per contract.
• Spot Currencies: 0.08 to 0.20 basis points × trade value per order.
• Bonds: 10 basis points × face value per order.

Funds Adding and Withdrawal:

• Deposit Methods: ACH, bank wire, online bill pay, check deposit, and Wise Balance transfer.
• Withdrawal Methods: Wire, ACH, check, and various low-value payment options.
• Withdrawal Process: Requests can be made through the Client Portal.

Features:

• Trading Technology: Competitive pricing, speed, size, diversity of global products, and advanced trading tools.
• Investment Options: Stocks, options, futures, currencies, bonds, and funds from a single platform.
• Market Data: Access to 24-hour market data and six days a week.

Ratings:

• NerdWallet: 5.0/5, highlighting advanced execution, strong trading platforms, and low pricing.
• Forbes Advisor: 4.4/5, noting low commissions, impressive platform features, and a wide range of investment offerings.
• U.S. News: Overall, 4.7/5, with high marks for fees, products, accounts, and usability

6. FOREX.com

FOREX.com Mobile Specifications:

• Platforms: Available on iOS and Android, with advanced TradingView charts and real-time trade and order alerts.
• Execution Rate: Offers a high execution rate with 99.53% of trades executed in less than a second.
• Security: Employs sophisticated encryption technology to ensure account security.

Brokerage Charges:

• Spreads: Offers both fixed and variable spreads, depending on the market.
• Commissions: Charges commissions on shares CFD trading and on FX trading when trading on a RAW Spread Account.
• Inactivity Fees: A fee of $15 per month after 12 months of no trading activity or open positions.

Funds Adding and Withdrawal:

• Deposit Methods: Credit/Debit Card, Wire Transfer.
• Withdrawal: Processed via the same method as the deposit, typically within 24-48 hours.
• Minimum Withdrawal: $100 or the remaining balance if less than $100.

Features:

• One-Swipe Trading: Simplified trading execution with a single swipe.
• Charting Tools: Advanced TradingView charting and analysis tools integrated into the app.
• Account Management: Full account management features available on the mobile app.
• Performance Analytics: Tools to review specific trading habits and behaviors.

Ratings:

• Trust Score: FOREX.com has a trust score of 99, indicating a high level of reliability.
• Awards: Recognized with over 30 awards, including “Best in Class” for Overall, Mobile Trading Apps, and Offering of Investments by ForexBrokers.com in their 2023 Annual Review

7. City Index Mobile 

City Index Mobile Specifications:

• Platform Availability: iOS and Android devices.
• Trading Instruments: Access to over 4,500 assets including shares, indices, forex, and commodities.
• Design: User-friendly interface with full functionality for trading on the go.

Brokerage Charges:

• Forex Fees: Low forex fees with spreads built into the trading costs.
• CFD Fees: Average CFD fees, with costs incorporated into the spread.
• Inactivity Fee: £12 per month after one year of inactivity.

Funds Adding and Withdrawal:

• Deposit Methods: Debit/Credit cards, internet banking, PayNow, and wire transfer.
• Withdrawal Options: Bank transfer and withdrawal to debit or credit cards.
• Charges: Credit/debit card deposits may incur a fee of 2% levied by the card processor; no charges for bank transfers/FAST and PayNow.

Features:

• One-Swipe Trading: Navigate markets with control and speed.
• Advanced Charting: Full-screen TradingView charts with over 60 technical indicators.
• Performance Analytics: Tools to review trading performance across key metrics.
• SMART Signals: Subscription service for trading signals based on market data.

Ratings:

• Trust Score: City Index has a high trust score of 99, indicating reliability.
• Mobile App Rating: The mobile app is rated highly for its design and ease of use.
• Customer Reviews: On Trustpilot, City Index has a rating of 4.2 out of 5 stars with 54% of the reviews being 5-star

Disclaimer:

Trading and investing in financial markets, including forex, stocks, and other derivatives, carry inherent risks. The information provided in this blog post is for educational purposes only and should not be considered financial advice. Always conduct thorough research and consult with a qualified financial advisor before making any investment decisions. Past performance is not indicative of future results.