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Having a reliable Forex trading app is important for every type of Forex trader. Whether you’re a beginner with a day job or a professional with multiple trades in play at any given time, being able to check market news and adjust trades on your phone is an essential part of your trading day. We have catered to various priorities and experience levels to make this list of the best Forex trading apps. Interested in demo trading on your phone? Or maybe you are looking for an app with the best trading tools? You will find an app on this list that suits your needs.
Trader safety is our first priority, so we first verified that all of these trading apps are safe to use and free to download; we then made sure that they allow traders to open and close trades from a mobile device. While trading on the mobile apps, we tested the app’s stability and execution speed. We also compared trading costs and checked how easy it was to deposit and withdraw money from our trading account.
According to our testing and our research, these are the best Forex trading apps in Kenya for 2023.
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 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 fees are some of the lowest for an account with a 100 USD minimum deposit – as low as 0.9 pips on the EUR/USD.
AVATRADEGO FEATURES
Choose from over 1,000 instruments to trade, including Forex pairs, Commodities, Stocks, Cryptocurrencies and more
AvaProtect loss protection: Any losses are fully refunded, but any gains are the traders to keep
Market Trends: Monitor social trends, see what other traders buy and sell, and stay on top of your trades
Secure deposits, FSCA-regulated and 24/5 Customer Support
Accepts Kenyan 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 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.
XM APP FEATURES
Both MT4 and MT5 trading platforms are available as apps
Trade on Forex, stock CFDs, commodities, equities, precious metals, energies, and shares
99% of trades are executed in less than a second with a 100% execution rate. No re-requotes or rejections of orders.
Accepts Kenyan Clients. Average spread EUR/USD 0.70 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & MT5 platforms supported. XM Group regulated by CySEC, ASIC, and the IFSC.
FXTM – Best App for Automated Trading
Founded in 2011 and regulated by the UK’s FCA and the FSC in Mauritius, FXTM is an established Forex and CFD broker. Through the FXTM Trader mobile app, traders can access FXTM’s complete range of CFDs, including Forex, spot metals, 180 company shares, commodities, indices and cryptocurrencies. With FXTM Trader you can open and close positions in seconds, fetch live currency rates, manage your trading accounts, and supervise your FXTM Invest copy-trading account.
FXTM TRADER FEATURES
Monitor your FXTM Invest, FXTM’s leading copy trading system
Micro Account with a 10 USD minimum deposit
Trading on Forex, commodities, metals, stocks, and indices
Access to the MyFXTM dashboard, letting you deposit, withdraw and monitor your funds in seconds
Enable 1-click trading for even quicker buying and selling
Accepts Kenyan Clients. Average spread EUR/USD 1.50 pips on trading account with lowest minimum deposit. Max leverage 2000:1. 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.
HFM (HotForex) – Best App for Forex Analysis
CMA regulated with KES trading accounts, HFM offers trading on Forex, commodities, indices, shares, bonds, and ETFs, and crypto CFDs. The HF App features include in-app fund transfers, advanced charting, and access to HFM’s copy-trading accounts (HFCopy and PAMM). Other features include a live rate stream for CFDs on forex, commodities, stocks and indices, a market news stream and the latest analysis published by the HFM research team.
HF APP FEATURES
Micro Account: with a 5 USD minimum deposit, fast market execution and spreads starting at 1 pip.
Analytical tools: Daily Market Analysis from experts, a market sentiment tool, and Trader’s Board – a detailed look at the world’s markets with volume indicators and live charts.
Trading calculators, an economic calendar, and information on upcoming live webinars with reservation functionality.
A dedicated section for copy-trading: Monitor the status of investments, allocate funds and manage your portfolio.
Accepts Kenyan Clients. Average spread EUR/USD 1.00 pips on trading account with lowest minimum deposit. Max leverage 400:1. Islamic account available. MT4 & MT5 platforms supported. HF Markets Group regulated by the FSCA, FCA, FSC, CySEC and the DFSA.
FBS – Highest Leverage Mobile Trading
FBS Trader app: FBS is a hybrid STP/ECN broker offering trading on Forex, commodities, cryptocurrencies, metals, and equities on the MT4 and MT5 trading platforms and the FBS Trader app. The new FBS Trader appoffers an all-in-one multi-asset trading platform for online trading anywhere. Regulated internationally, with five different live accounts for all levels of traders, and a minimum deposit of 1 USD on its smallest account, clients have access leverage of up to 3000:1 on most accounts.
FBS TRADER FEATURES
More than 100 global and local payment methods. Deposit and withdraw at any time, 24/7
20% Cashback for every order on trading Forex, stocks, and other assets
24/7 chat support and demo trading from inside the app
Trade over 35 crypto pairs and crypto crosses 24/7
Accepts Kenyan Clients. Average spread EUR/USD 0.70 pips on trading account with lowest minimum deposit. Max leverage 3000:1. Islamic account available. MT4 & MT5 platforms supported. FBS is regulated by ASIC, CySEC, the FSCA, and the IFSC.
Skilling – Best Trading App for Beginners
Available on both Android and iOS devices, the Skilling Trader app is well-designed. Beginners will find that it is easy to use and includes a Trading Assistant that walks you through the app. The app allows traders to easily transfer, withdraw and deposit funds, search for instruments, and create watchlists. It also has a huge range of technical indicators and charts in multiple time frames. We also enjoyed how easy it was to execute orders, and all of Skilling’s educational materials and market news are available on the app.
SKILLING TRADER FEATURES
Spreads starting at 0.8 pips with no commission
100 EUR minimum deposit, Maximum leverage of 500:1
One Account. Two Platforms: Seamless integration between Skilling Trader and cTrader,
The choice of two platforms from a single trading account with the same margin, same wallet, and same trading conditions.
Accepts Kenyan Clients. Average spread EUR/USD 0.80 pips with 0.0 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 and cTrader platforms supported. Skilling is regulated by CySEC and the FSA-Seychelles.
Markets.com – Most Instruments to Trade
Founded in 2010, Markets.com’s offers trading on over 2,200 financial instruments including stocks, Forex, commodities, indices, cryptocurrencies, ETFs, and bonds. Markets.com mobile trading app, called Marketsx, offers fast, low-cost trading on over 2,200 financial instruments. The app has been natively designed for both iOS and Android, providing a smooth and stable trading experience.
MARKETSX FEATURES
Low trading costs, with spreads starting at 0.6 pips on the EUR/USD and no commission.
Over 2000 global shares, 67 currency pairs, 41 global indices, 27 commodities (including everything from gold and copper to wheat, cotton, and heating oil), 60 ETFs, 7 cryptocurrencies, and 4 government bonds.
23 of Marketsx exclusive Blends CFDs. Blends are stock baskets of industry-leading companies.
Built-in advanced charting – trendlines, channels, pitchforks, Fibonacci Retracements, and more.
A range of tools that use data from leading analysts, hedge funds, and commentators. Each tool has integrated buy and sell buttons.
Accepts Kenyan Clients. Average spread EUR/USD 0.70 pips on trading account with lowest minimum deposit. Max leverage 300:1. Islamic account available. MT4 & MT5 platforms supported. MarketsX is regulated by CySEC, ASIC, and the FSCA.
XTB – Best Regulated Forex Broker
Founded in 2002 in Poland, XTB offers trading on over 1500 financial assets including Forex, indices, commodities, stock CFDs, ETF CFDs, and cryptocurrencies. XTB has successfully incorporated many of its desktop xStation trading platform’s features into the xStation mobile app. With a smooth and intuitive design, the transparent charts (also available horizontally) allow clients to track market movements accurately. XTB has relatively low fees compared to many brokers, with no minimum deposit requirement and spreads averaging 0.9 pips (EUR/USD).
XSTATION APP FEATURES
Access XTB’s award-winning market analysis and market sentiment from inside the app
Control your take-profit and stop-loss directly on the chart or through the integrated trading calculator
Filter instrument classes and set favourites with the market analysis dashboard.
Fully customisable layout. Traders can also choose between light and dark mode, saving battery and keeping clarity.
Accepts Kenyan Clients. Average spread EUR/USD 0.70 pips on the trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & xStation platforms supported. XTB Group is regulated by CySEC, FCA and the IFSC
What should traders look for in a Forex Trading App?
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
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
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.
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.
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.
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 180 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 200 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 by sifting through the fine print. Learn more about how we rank brokers.
References
Here are the resources that were used to research and write this article.
Accepts Kenyan 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.
