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AuthorBy Chris Cammack
Updated: May 5, 2022

Forex trading apps give Forex traders a way to research, open and close trades from a mobile device. While some aspects of mobile trading like screen size and limited functionality can be cumbersome, the most important trading features are available in mobile applications. Forex trading apps are always free, but each will offer different features and functionality. Most traders who use a mobile device for trading will do so when travelling or away from a desktop trading application. 

To test these mobile apps, we downloaded and installed them on Android and IOS devices and connected our live trading accounts. While trading on the mobile apps, we tested the platform stability, execution speed, and functionalities to understand the experience a trader should expect when using the app. According to our testing and our research, these are the best Forex trading apps in Australia for 2022.

Best Forex Trading Apps 2022

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Broker
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ASIC Regulated
Mobile App
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Cross Device Syncing
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Compare
FP Markets
4.28 /5
Read Review
Visit Broker >
Your capital is at risk
AUD 100
FP Markets App
11110.54.8/ 5
11110.54.3/ 5
Pepperstone
4.61 /5
Read Review
Visit Broker >
Your capital is at risk
AUD 100
MT5 App
1110.503.9/ 5
11110.54.4/ 5
XM
4.25 /5
Read Review
Visit Broker >
Your capital is at risk
AUD 5
XM App
1110.503.0/ 5
1110.503.7/ 5
AvaTrade
4.48 /5
Read Review
Visit Broker >
Your capital is at risk
AUD 100
AvatradeGo
11110.54.3/ 5
11110.54.2/ 5
easyMarkets
3.98 /5
Read Review
Visit Broker >
Your capital is at risk
AUD 200
easyMarkets App
11110.54.6/ 5
1110.503.0/ 5

How to Choose a Forex Trading App

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

Fast Execution Speed: Fast execution speed is an essential feature of the best Forex apps. While execution speed still partially depends on the mobile device’s connection to the internet, the app itself mustn’t suffer any loss in execution speed when compared to the desktop version of the platform.

Full Functionality: Trading apps should match their desktop versions’ functionality and feel familiar to the desktop platform users. While charts on a mobile device will be less customizable than on a desktop, there should be some of the more popular custom indicators and common timeframes functions found on the desktop version.

Platform Stability: A stable iOS or Android trading app is an absolute necessity. Should your app crash while trades are open, you risk losing capital should the markets are move against your position. Platform stability is an absolute necessity and should never be compromised.


FP Markets – Best Forex Trading App

FP Markets is a leading ASIC-regulated STP broker, providing tight spreads on their RAW Account, coupled with the choice of MT4, MT5 and IRESS trading platforms. The FP Markets Trading App is a proprietary mobile trading platform that incorporates the best of MT4 and MT5 in an easy-to-use and intuitive trading experience. The feature-packed trading platform is available on all iOS and Android devices.

Use the FP Markets Trading App to CFDs across shares, indices, commodities, futures, cryptocurrencies, and 60+ currency pairs. One-click trading is available in-app, alongside advanced market analysis using charting tools and a range of technical indicators. The app is fully customisable to suit the preferences of all experience levels of traders.

Pros
  • Well regulated
  • Tight spreads
  • Good range of accounts
  • Great customer support
Cons
  • Expensive withdrawals
AlertAccepts Australian Clients. Average spread EUR/USD 0.10 pips with 6 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5 & IRESS platforms supported. FP Markets is regulated by CySEC and ASIC.

Pepperstone – Best App Trading Platforms

Pepperstone is an Australian ECN broker known for tight spreads, ultra-fast trade execution, full support for all major platforms; MT4, MT5 and cTrader – and downloadable apps for iOS and Android for all three. The mobile versions of all platforms are freely available and natively designed for Android and iOS on tablets and mobile phones.

Most trades on Pepperstone have execution in less than 30ms, which is ideal for scalpers and clients who run expert advisors. Pepperstone offers two market execution accounts with some of the tightest spreads in the industry – the Razor Account has spreads down to 0 pips for the EUR/USD and a 7 USD commission. Spreads on mobile applications are identical to their desktop counterparts. 

Pros
  • Well regulated
  • Tight spreads
  • Great platform choice
  • Wide range of assets
Cons
  • Limited market analysis
AlertAccepts Australian Clients. Average spread EUR/USD 0.60 pips with 0.0 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5 & cTrader platforms supported. Pepperstone is regulated by the FCA, ASIC, and the DFSA.

XM – Fastest Execution Speed

XM is a well-regulated broker supporting MT4 and MT5 native XM apps with three account types: A Micro Account, Standard Account and a commission-based XM Zero Account with super-tight spreads. Each account offers tight spreads, 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 with a commission of 7 USD round trip. For beginners, education and research are some of the best globally.

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.

Pros
  • Well regulated
  • Excellent education
  • Free deposits and withdrawals
Cons
  • Dealing desk
  • Wide spreads on its entry-level accounts
AlertLeverage limitations apply to all the EU regulated entities of the group.

AvaTrade – Best Bespoke Forex Trading App

AvaTrade has the best bespoke 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. AvaTradeGo provides a stable trading experience with an advanced dashboard, with intuitive management tools, clear charts, zoom for details, and a Market Trends feature to monitor trading trends within the AvaTrade community.

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

Pros
  • Good for beginners
  • Well regulated
  • Low minimum deposit
Cons
  • Dealing desk
  • Limited market analysis
AlertAccepts Australian Clients. Average spread EUR/USD 0.90 pips. Minimum initial deposit 100 AUD. Max leverage 30:1. Islamic account available. MT4 & MT5 platforms supported. AvaTrade Group regulated by ASIC, FSCA, B.V.I FSC & FSA.

EasyMarkets – Best Education and Tools

Trading App: easyMarkets states its values as simple, honest, and transparent and the easyMarkets trading app is just that, creating a platform that is modern, simple, and accessible for beginner traders. The easyMarkets trading app is designed for new traders and features an extensive list of tools offered by easyMarkets.

Innovative Tools: Tools offered are the unique Freeze Rate and dealCancellation and tools intended to help new traders manage their risk. Freeze Rate allows traders to freeze a price for a few seconds in a volatile market, while dealCancellation lets traders cancel a trade either one, three or even six hours after the trader opened it.

Pros
  • Well regulated
  • Wide range of assets
  • Innovative trading tools
Cons
  • Limited platform choice
  • Limited account options
AlertAccepts Australian Clients. Average spread EUR/USD 1.80 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 & the proprietary easyMarkets platform are supported. easyMarkets is regulated by CySEC, ASIC, and the FSA in Seychelles.

What is the best Forex trading App?

AvaTrade’s flagship mobile app is called AvaTradeGo and was voted the Best Forex Trading App in 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?

Better trading apps enhance the convenience of 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 desks 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

Forex trading apps are convenient, and let traders can monitor open positions when away from their desks. 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.

Response Time

Trading apps also allow you 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 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, but trading, while you are doing other tasks, is not encouraged.

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 mobile trading apps are generally 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. 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 results of extensive research on over 100 Forex brokers. The explicit goal of these resources is to help traders find the best 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 your perspective.

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

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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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