AuthorBy Chris Cammack
Updated: December 11, 2020

Forex traders need to have constant access to trading accounts and market news to take advantage of unexpected opportunities. Mobile apps are the best way to keep trading when on the move, but mobile trading also has its downsides.

To make this list of the best Forex trading apps, we have included the apps that best capture the desktop trading experience. This includes advanced charts, news feeds and live market data.

  • FXTM - Best Forex Trading App
  • OctaFX - Most Trusted Broker
  • BDSwiss - Best Trading Platforms
  • AvaTrade - Most User-Friendly Forex Trading App
  • XM - Fastest Execution Speed
  • eToro - Best App for Social Traders
  • HotForex - Best App for Forex Analysis
English

Best Forex Trading Apps 2021

Last updated on 11 Dec 2020
Updated 11 Dec 2020
by Editorial Director Chris Cammackby Chris Cammack
Chris Cammack
All Brokers Regulated
All Brokers Regulated
by Trusted Authoritiesby Trusted Authorities
Trusted
1
FXTM
Min. Deposit
USD 10
4.174.17
Min. Spread
0 pips
REGULATED BY
Trading Desk Type
Overall Rating
11110.54.17/ 5
AlertAccepts Malaysian Clients. Average spread EUR/USD 1.90 pips on trading account with lowest minimum deposit. 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 CySEC, FCA, FSCA, and the FSC.
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FXTM is an award-winning ECN/STP broker popular with beginner traders and experienced traders alike. Its popularity is due to the very wide range of accounts types, from instant execution accounts with very low minimum deposits to ultra-low spread ECN accounts – MT4 is supported across all account types and MT5 is available on the ECN accounts. An Islamic option is available for all account types but only on the MT4 platform.

With recognition from the FCA and CySec, excellent training material, and 24/7 customer support, FXTM is a great broker for all traders.

Pros
  • Good for beginners
  • Excellent education
  • Well regulated
  • Low minimum deposit
Cons
  • Expensive withdrawals
Read More About FXTM
2
OctaFX
Min. Deposit
USD 50
4.104.10
Min. Spread
0 pips
REGULATED BY
Trading Desk Type
Overall Rating
11110.54.10/ 5
AlertAccepts Malaysian Clients. Average spread EUR/USD 1.10 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & MT5 and cTrader platforms supported. OctaFX is regulated by CySEC.
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OctaFX is a client-focused, international broker with a loyal following of Malaysian traders. The website is fully translated into Bahasa Melayu and OctaFX are always running competitions and promotions for Malaysian clients; these include a 50% first deposit bonus, demo trading contests with cash prizes and frequent lottery giveaways (prizes include scooters, laptops and other gadgets).

An Islamic option is available for all account types and new traders will like the excellent analytical section and range of useful trading tools such as AutoChartist, copy trading and an account monitoring service that lets beginners learn anonymously from successful traders. Trader education for beginners is well-presented and platform support is almost unbeatable, with MT4, MT5 and cTrader all offered.

Pros
  • Great platform choice
  • Fast and free withdrawals
  • Copy trading accounts
Cons
  • Limited education
  • Restrictive account types
Read More About OctaFX
3
BDSwiss
Min. Deposit
USD 100
4.324.32
Min. Spread
1 pips
REGULATED BY
Trading Desk Type
Overall Rating
11110.54.32/ 5
AlertAccepts Malaysian Clients. Average spread EUR/USD 1.60 pips on trading account with lowest minimum deposit. Max leverage 400:1. Islamic account available. MT4 & MT5 platforms supported. BDSwiss is regulated by CySEC, FSC, and the FSA-Seychelles.
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Founded in 2012, BDSwiss is a responsible and well-regulated broker with a local office in Kuala Lumpur, a Malay website, and a large following of Malaysian traders. It offers account types suitable for both beginners and more experienced traders, including a Raw Account with spreads down to 0 pips.

Islamic accounts are available on all accounts except the Raw Account, MT4 and MT5 are both supported, and educational and analytical material are both excellent. Deposits and withdrawals are generally free and fast and with award-winning trading conditions, BDSwiss is a good choice for all traders.

Pros
  • Tight spreads
  • Good for beginners
  • Wide range of assets
Cons
  • Expensive withdrawals
  • Limited market analysis
Read More About BDSwiss
4
AvaTrade
Min. Deposit
USD 100
4.184.18
Min. Spread
0.90 pips
REGULATED BY
Trading Desk Type
Overall Rating
11110.54.18/ 5
AlertAccepts Malaysian 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.
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AvaTrade is a beginner-friendly CFD broker offering trading on Forex, cryptocurrencies, commodities, indices, stocks, bonds, and EFTs. AvaTrade has one of the best mobile trading applications in the industry and unlike many European brokers, has a local Malaysian customer support team and website. 

AvaTrade’s single account has a minimum deposit of 100 USD and offers competitive spreads for a market maker broker. This account can also be converted to an Islamic account – though spreads will be wider than on a traditional account.

AvaTrade has over 200,000 active traders on the MT4, MT5, and AvaGo platforms and provides free access to trading tools like Autochartist, Duplitrade and AvaProtect, its own innovative risk management system.

Pros
  • Good for beginners
  • Well regulated
  • Low minimum deposit
Cons
  • Dealing desk
  • Limited education
Read More About AvaTrade
5
XM
Min. Deposit
USD 5
4.384.38
Min. Spread
0.60 pips
REGULATED BY
Trading Desk Type
Overall Rating
11110.54.38/ 5
AlertAccepts Malaysian Clients. Average spread EUR/USD 1.60 pips on trading account with lowest minimum deposit. Max leverage 888:1. Islamic account available. MT4 & MT5 platforms supported. XM Group regulated by CySEC, ASIC, and the IFSC.
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XM Group (XM) is a full dealing desk broker which offers floating spreads and suits all kinds of traders.  XM offers swap-free Islamic accounts as well as a variety of other account types to suit traders.  It is a perfect broker for scalpers, intraday traders as well as long-term traders because of the tight spreads, fast execution times and good analysis software.  XM has a low minimum deposit making this broker accessible for traders just starting out.

Pros
  • Well regulated
  • Excellent education
  • Wide range of assets
  • Fast and free withdrawals
Cons
  • Dealing desk
Read More About XM
6
eToro
Min. Deposit
USD 200
3.693.69
Min. Spread
1 pips
REGULATED BY
Trading Desk Type
Overall Rating
1110.503.69/ 5
AlertAccepts Malaysian Clients. Average spread EUR/USD 1 pips on trading account with lowest minimum deposit. Max leverage 400:1. Islamic account available. Only eToro proprietary trading platform supported. eToro is regulated by CySEC, FCA, and ASIC.
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eToro pioneered social trading in 2012 and has over 10 million customers in over 140 countries. Islamic accounts are available for all clients with a 1000 USD minimum account balance and deposits and withdrawals can be made from all major Malaysian banks. Spreads are wider than some other brokers and all withdrawals are charged a 5 USD fee, but eToro does have the smoothest and most engaging social trading experience available. 

eToro offers more than 2000 assets (including Forex, stocks and cryptocurrencies) through its own well-designed and socially integrated trading platform, which is available through a web browser and as a mobile app. eToro’s trading model is very different from most other brokers, but if you are looking for an intuitive and modern social trading experience then eToro is the best.

Pros
  • Well regulated
  • Good for beginners
  • Innovative trading tools
Cons
  • Limited education
  • Wide spreads
Read More About eToro
7
IC Markets
Min. Deposit
USD 200
4.264.26
Min. Spread
0.10 pips
REGULATED BY
Trading Desk Type
Overall Rating
11110.54.26/ 5
AlertAccepts Malaysian Clients. Average spread EUR/USD 0.00 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4, MT5 & cTrader platforms supported. IC Markets is regulated by CySEC and ASIC.
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IC Markets presents itself as the best and largest true ECN broker. It is ASIC and CySEC regulated and offers the MetaTrader4, MetaTrader5 and cTrader platforms. IC Markets is highly recommended to both new and experienced traders looking for faster execution and tighter spreads.

Beginner traders will find the IC Markets account structure welcoming and simple to understand. IC Markets understands customer retention involves a combination of tighter spreads, cutting edge technology, fast trade execution and top quality customer service.

Pros
  • Well regulated
  • Tight spreads
  • Wide range of assets
  • Great platform choice
Cons
  • High minimum deposit
  • Limited market analysis
Read More About IC Markets
8
HotForex
Min. Deposit
USD 5
4.364.36
Min. Spread
0 pips
REGULATED BY
Trading Desk Type
Overall Rating
11110.54.36/ 5
AlertAccepts Malaysian Clients. Average spread EUR/USD 1.20 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.
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HotForex is an award-winning, global broker with a reputation for client satisfaction. Increasingly popular with Malaysian traders, HotForex has a dedicated Malaysian customer service team and its website is fully translated into Malay.

Trading conditions are varied across five account types, but spreads are generally tight (and are often zero pips on the market execution account). All accounts are also available as Islamic accounts, and HotForex also offers copy-trading and managed accounts.  All clients have a dedicated account manager, and deposits and withdrawals are free no matter the funding method.

Pros
  • Low minimum deposit
  • Tight spreads
  • Well regulated
  • Good range of accounts
Cons
  • Limited base currencies
Read More About HotForex
9
Eightcap
Min. Deposit
USD 100
4.074.07
Min. Spread
0 pips
REGULATED BY
Trading Desk Type
Overall Rating
11110.54.07/ 5
AlertAccepts Malaysian Clients. Average spread EUR/USD 0.00 pips with 7 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & MT5 platforms supported. Eightcap Markets is regulated by ASIC & the VFSC.
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Winner of the Award for Best Global MT4 Broker 2020, Eightcap is an ASIC-regulated, no-intervention market maker with variable spreads on two simple account types. Spreads are tight on both accounts, with spreads on the Raw Account often down to 0 pips in exchange for a small commission.

Both MT4 and MT5 are fully supported and deposits and withdrawals are fast and free. Forex education and analysis are not as comprehensive as some of Eightcap’s larger competitors, but customer service is available in 10 languages and is responsive and knowledgeable.

Pros
  • Great platform choice
  • Excellent education
Cons
  • Limited demo account
  • No swap-free account option
  • Extreme leverage
Read More About Eightcap

🏆FXTM – Best Forex Trading App

With FXTM’s new app, FXTM Trader, you can open and close positions in seconds, access live currency rates, manage your trading accounts, and stay one step ahead of the markets.

✔️FXTM Invest and MyFXTM

Within FXTM Trader, you can access MyFXTM and manage your FXTM Invest account. FXTM Invest is FXTM’s best-in-class copy trading system which allows for fully automated trading. FXTM Invest is an innovative copy-trading program which allows investors to follow suitable strategies and receive a portion of the profits. Strategy Managers can earn extra by generating profits for their investors and receiving a profit share (%).  

fxtm-app

✔️Trade 250+ Instruments

Through the FXTM trader app, you get access to FXTM’s complete range of CFDs. These include Forex, spot metals, 180 company shares, commodities, indices and cryptocurrencies including Bitcoin, Ethereum and Litecoin.

AlertAccepts Malaysian Clients. Average spread EUR/USD 1.90 pips on trading account with lowest minimum deposit. 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 CySEC, FCA, FSCA, and the FSC.

🏆AvaTrade – Most User-Friendly Forex Trading App

AvaTrade has the best Forex trading app. Its flagship mobile app is called AvaTradeGo and was voted the Best Forex Trading App in 2020 at the Global Forex Awards.

✔️Simple and Intuitive

AvaTradeGo provides a smooth trading experience with a sophisticated dashboard, complete with a set of intuitive management tools, clear charts, zoom for details, and many more helpful features unique to this app.

✔️AvaProtect

AvaTrade’s newest tool, AvaProtect, is available on AvaTradeGo. AvaProtect allows traders to purchase loss-protection for a time. Any losses during that time are fully refunded, but any gains are the traders to keep.

✔️Market Trends

Watch markets develop in real time, the Market Trends feature is an easy way to monitor social trends from the AvaTrade trader community. All trading instruments are connected to show you what other traders buy and sell, trading behaviour, and visuals with up-to-date info.

AlertAccepts Malaysian 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.

🏆XM – Fastest Execution Speed

XM is a well-regulated broker supporting both MT4 and MT5 and three account types: A Micro Account, Standard Account and the commission-based XM Zero Account with super-tight spreads. Well-known for its execution speed, over 99% of trades are executed in less than a second with a 100% execution rate and no re-requotes or rejections of orders.

XM App

✔️MT4 + MT5 Apps

Both MT4 and MT5 are available on native XM apps and allow for a seamless experience when switching from your PC or Mac to your mobile device. All three account types are available in the apps.

✔️Tight Spreads + Quality Education

XM offers tight spreads on all three account types, 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 but attracts a commission of 3.50 USD. For beginners, education and research are some of the best in the world, earning a 5-star rating from our review team.

AlertAccepts Malaysian Clients. Average spread EUR/USD 1.60 pips on trading account with lowest minimum deposit. Max leverage 888:1. Islamic account available. MT4 & MT5 platforms supported. XM Group regulated by CySEC, ASIC, and the IFSC.

🏆eToro – Best App for Social Traders

Founded in 2007, eToro were the creators of the social trading system. It remains the leading social trading broker and its unique and innovative trading platform is built from a mobile-first perspective, leading to a smooth and simple trading experience.  

✔️Simplicity

Copying other eToro user’s trades straight from the social feed is a simple process and the app has won many awards for its intuitive and straightforward design. Many of the complex trading features found on other platforms like MetaTrader and cTrader are either removed or are blended into the trading experience in a more natural way. This point-and-click platform is perfect for beginners and needs little introduction before opening trades.

etoro-web-copytrader

✔️Zero Commission Cryptocurrency Trading

eToro users enjoy zero commission and eToro offers access to over 90 crypto and cross-crypto pairs. eToro is also a fully regulated crypto service provider. eToro members can buy Bitcoin, Ethereum, XRP, and other top cryptocurrencies without deposit fees.

AlertAccepts Malaysian Clients. Average spread EUR/USD 1 pips on trading account with lowest minimum deposit. Max leverage 400:1. Islamic account available. Only eToro proprietary trading platform supported. eToro is regulated by CySEC, FCA, and ASIC.

🏆HotForex – Best App for Forex Analysis

HotForex’ recently upgraded HF App allows you access to the financial markets and your HotForex account all from the palm of your hand. New features include a in-app fund transfers, advanced charting, and access to HFcopy and PAMM accounts.

✔️Research and Analysis Tools

The HF App features several useful analytical tools that are unusual to find in a Forex trading app. Included are HotForex’ excellent Daily Market Analysis from the broker’s experts, Trading Positions – a market sentiment tool – and Trader’s Board, a detailed look at the world’s markets including volume indicators and live charts. Additional features are trading calculators, an economic calendar, and information on upcoming live webinars with reservation functionality.

✔️PAMM and HFcopy

Also new in the HF app is a dedicated section for PAMM Managers and Investors using the HFcopy account. Clients can monitor the status of investments, allocate funds accordingly and manage their portfolios efficiently. HFcopy allows clients to interact with more experienced traders and copy their trading strategies, trade monitoring is always available in-app.

AlertAccepts Malaysian Clients. Average spread EUR/USD 1.20 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.

Features of the Best Forex Trading Apps

Mobile Trading

Forex trading apps are all different, but the best will have fast execution speeds, complete functionality, platform stability and a full range of assets to trade.

Fast Execution Speed

While this depends on the mobile device’s connection to the internet, it is important that the app itself does not suffer any loss in execution speed when compared to the desktop version of the platform.

Fast execution speed is an essential feature of the best Forex apps

XM App

The XM trading platform is famous for its execution speed and the same technology powers its trading app – expect fast mobile execution and an intuitive trading experience. 

Full Functionality

Trading apps should match the functionality of their desktop versions and they should feel familiar to users of the desktop platform. While charts on a mobile device are going to be less customisable than on a desktop, there should be some of the more popular functions found on the desktop version. This is especially valuable for custom indicators and common timeframes.

Mobile apps should feel familiar to users of the same desktop app

Etoro Mobile

The eToro mobile app is famous for its simple, intuitive design and its similarity to the eToro desktop trading platform.

Platform Stability

There is nothing worse than a Forex trading app crashing when you the markets are moving against your position. Platform stability is an absolute necessity and should never be compromised.

A stable trading app is an absolute necessity

Markets.com’s Marketsx app is not only packed full of features but is also based on native design for iOS and Android. This provides a smoother and more stable trading experience.

 

Marketsx App

Which is the best Forex trading App?

AvaTrade has the best Forex trading app. Its flagship mobile app is called AvaTradeGo and was voted the Best Forex Trading App in 2020 at the Global Forex Awards. AvaTrade has invested a lot of time and money into AvaTradeGo and the results are clear.

AvaTradeGo was voted the Best Forex Trading App 2020 at the Global Forex Awards

AvaTradeGo provides a smooth trading experience with a sophisticated dashboard, complete with a set of intuitive management tools, clear charts, zoom for details, and many more helpful features unique to this app.

What are the advantages of Forex Trading Apps?

The advantages of the best Forex trading apps are the convenience, mobility, and quick response time they provide for traders.

Convenience

Before smartphone trading apps, Forex traders had to close all their positions when they left their desk and accessing Forex news and data was difficult.

With a trading app, you can keep trading when you leave your desk

But now all aspects of Forex trading can be achieved via a trading app. Most apps will allow you to open and close positions, use advanced charting to analyse the market and keep abreast of breaking news and economic data that affect the markets.

Mobility

While Forex trading apps are convenient, they also allow traders to continue all aspects of Forex trading while on the go.

With a trading app, you can track your positions, even when you are out shopping

Whether you are commuting to work on a train, or walking down the street to go shopping, you can keep track of your positions and the market movements.

mobile-trading-3

Response Time

Trading apps also allow you to respond to market movements in an instant.

Trading apps allow traders 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 the tap of your screen.

What are the disadvantages of Forex Trading Apps?

Small screens, distractions while you are on the move, slow execution speed and the potential for overtrading are all disadvantages of mobile trading that you should be aware of.

Screen size

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 be aware of the charting limitations on their app

Mobile traders should try to limit the number of open trades and be aware of the charting limitations on their trading app

Distractions 

Mobile devices are designed to be with you when you are doing other things. Trading while you are doing other tasks can be a dangerous game.

Trading when you are doing other tasks is a dangerous game

If you are trading on a mobile device, make sure that you have taken the time and space to judge your trading decisions before following through.

Man on phone on street

Execution Speed

While execution speeds on the best mobile trading apps are good, you should not use them for scalping. Mobile networks are getting faster all the time, but there will always be a delay relative to a desktop trading environment.

Overtrading

Often, the best move when trading is to do nothing – especially when you are on the move and without access to the tools and charts you have at your desk. With the convenience of a mobile trading app, there is the danger that you will be tempted to trade too often, and in ways that you would not normally do when at your desk.

Final Word

Forex trading apps are a useful addition to a trader’s toolbox but should never be used as a replacement for a desktop platform.

Mobile trading apps are not a replacement for a desktop platform

While their convenience is undeniable, there is just too much space for distraction and overtrading while on a mobile device.

The best Forex trading apps can achieve some of the aspects of the best trading platforms but will never be able to match a desktop platform for analysis and execution speed.

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: Over-leveraging, unpredictable market volatility, slippage arising from a lack of liquidity, inadequate trading knowledge or experience, and a lack of regulatory protection for clients.

Traders should not deposit any money that is not disposable. 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 from the FCA or from ASIC)

Our Methodology

Our State of the Market Report and Broker Directory are the result of extensive research on over 100 Forex brokers. The explicit goal of these resources is to help traders find the best Malaysian Forex brokers – and steer them away from the worst ones – with the benefit of accurate and up-to-date information.

With over 150 data points on each broker and over 3000 hours of research and review writing, we believe we have succeeded in our goal. 

In a world where trading conditions and customer support can vary based on where you live, our broker reviews focus on the local trader and give you information about these brokers from a Malaysian perspective.

All research has been conducted by our in-house team of researchers and writers, gathering information from various company representatives, websites and by sifting through the fine print. Learn more about how we rank brokers

The best Forex trading apps can achieve some of the aspects of the best trading platforms but will never be able to match a desktop platform

References

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Trading Forex and CFDs is not suitable for all investors and comes with a high risk of losing money rapidly due to leverage. 75-90% of retail investors lose money trading these products. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

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