What's the best forex trading app?
Verdict
- Pepperstone is our pick for a forex trading app: its own app runs alongside MT4, MT5, cTrader and TradingView on one account, and Razor pricing averages 0.1 pips on EUR/USD plus commission.
- From Hong Kong, the account sits with Pepperstone Markets Limited in the Bahamas (SCB, SIA-F217); Pepperstone holds no SFC licence.
- Capital.com's app ranks second and adds guaranteed stops; the XS Trading App ranks third, with EUR/USD from 0.1 pips on the Elite account ($6 round-turn commission, $500 minimum).
- If you prefer to follow other traders, Pepperstone's international site offers CopyTrading by Pepperstone, cTrader Copy and MetaTrader Signals.
A forex app has to do three things well: show a fair price, let you manage risk on a phone, and not trap you when you need a desktop platform. Pepperstone's covers all three. Here is what the forex costs look like inside the app, how it compares with MetaTrader on mobile, and the copy-trading options.
Pepperstone: one account, five ways in
Most forex apps lock you into one front end. Pepperstone's Razor account opens on its own app and web platform, MT4, MT5, cTrader and TradingView, and the Standard account on all of those except TradingView. You can watch a position on the app and adjust it later on desktop, with the same balance and history. Pepperstone's international entity offers retail clients up to 1:200 on FX and accepts $10 to start.
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Forex costs you'll see in the app
If you want the lowest commission, cTrader is the cheaper Razor platform for FX; the Pepperstone app charges the same as MT5 and TradingView.
| Razor | Standard | |
|---|---|---|
| EUR/USD average | 0.1 pips | 1.1 pips |
| GBP/USD average | 0.2 pips | 1.2 pips |
| USD/JPY average | 0.3 pips | 1.3 pips |
| Commission in the Pepperstone app | $3.50 per side | None |
| Commission on cTrader | $3.00 per side | None |
Pepperstone's app or MetaTrader on your phone?
- Pepperstone's app: simplest layout, both account types, and access to perpetual CFDs.
- MT4 or MT5: the familiar MetaTrader layout, linked to the same account your desktop expert advisors trade on.
- cTrader: lowest Razor FX commission, cTrader Copy and C# automation.
- TradingView: charts and order entry in one place, Razor only.
Copy trading from the app
On Pepperstone's international site, CopyTrading by Pepperstone comes as an app and web platform; Pepperstone says it carries more than 9,000 vetted traders and works with MT4 and MT5 accounts. Copying passes every loss of the trader you follow straight to your balance, so start with a small allocation and check the trader's drawdown history first.
Checks before you trade forex on a phone
- Confirm the company on your agreement: Pepperstone Markets Limited in the Bahamas, with no SFC licence and no named compensation scheme.
- Set the base currency to HKD or USD before your first deposit.
- Turn on price alerts and set stops at entry; Pepperstone stops are not guaranteed.
- Remember that 80% of retail CFD accounts lose money with this entity, according to Pepperstone.
Sources
Figures as published by each broker or regulator on its own site.
Does Pepperstone charge an inactivity fee?
No. Pepperstone charges no inactivity or account-keeping fee; your costs are spreads, Razor commission and overnight swaps on the trades you make.
Can I use MetaTrader instead of the Pepperstone app?
Yes. Both account types connect to MT4 and MT5, and Razor adds TradingView. cTrader is available on both.
Which Pepperstone platform has the cheapest forex commission?
cTrader, at $3.00 per side on Razor FX. The Pepperstone app, MT5 and TradingView charge $3.50 per side.
Trading CFDs on margin is high risk: leverage can wipe out a deposit quickly, and these products are not suitable for everyone. Nothing on this page is investment advice. Fees, spreads and leverage change, so confirm them on the broker's own site before trading.