What are trading apps?
Trading apps are an essential part of trading that enable traders to be connected to the market at all times. The majority of financial spread betting is still executed via desktop or laptop computer, but traders need CFD or spread betting apps to keep track of positions, move stops and limits and monitor profit and loss.
In fact, unless you are predominantly a phone trader and have a good working relationship with your broker who can keep you informed of what is going on, it doesn't really make sense to open a spread betting account without at least some mobile format. Thankfully, most spread betting companies have their own android, apple or mobile-friendly interface. But which one should you go for and what are the pros and cons of each one.
Our guide to choosing the right spread betting broker covers which firm you should trust with your business, but what about trading when you are out and about or not in front of the computer?
The best spread betting and CFD who have the top trading apps are included in our comparison table. We've highlighted the apps from the top brokers in the industry. You can go on to read our full reviews then open an account to try them out. You can view the apps in the app store but to see them work you need to go to the broker website and open a live or demo account. In most cases, this can be done in a few minutes and you can be trading as soon as you have activated your account.
How to find the best trading app
Trading apps are trading software that’s been specifically designed to run on and take advantage of the functionality and form factors of smartphones tablets and other portable devices. These trading apps are designed to be intuitive to use and navigate around and they make the most of the screen real estate available to them.
Trading apps have become incredibly popular because they empower their users connecting them directly to the world’s financial markets allowing them to trade and invest without any intermediation from a third party Trading app users can monitor the performance of their portfolio their account balances, draw charts and research stocks and other instruments in real-time and all from a device that they often carry with them in their pocket.
As with any trading software, it’s important to pick the trading that not only meets your needs but also that you can use easily and without too much effort. So for example, if you want to invest in and own stocks and funds, then an App that only offers margin trading on CFDs and FX won't be for you. Equally, a trading app that’s not compatible with the device you own won’t be any help to either. The good news is that downloading and test driving the apps before committing usually won’t cost you anything.
Trading apps are not for everyone or every type of trading and investing. There are limitations in terms of what the apps can do and the information they contain. Even if they do have the data you’re looking for, pouring over a large amount of text or a table full of figures is never that easy on a small screen. Let’s face it some things are just better done on a PC.
It would also be fair to say that trading apps are synonymous with the gamification of trading and investing, that approach may not suit everyone.
Things to look out for when downloading a trading app
Choose a good broker, you must be sure you have chosen a good broker in the first place. Good spread betting brokers invest serious money in keeping their clients connected to the market at all times. Always make sure your broker is regulated by the FCA and refer to our list of the best spread betting brokers to get started with a new account.
Check the trading app features, you need to ensure that the app you are choosing has the features you require. You need to open various accounts and test the app in a live environment. You don't necessarily need to deposit a huge amount to get started but you need to be comfortable with the app. For example, on desktop you may require all the sentiment data and charting technical analysis. But when on the move, all you require is a clear interface and easy dealing buttons so you can execute quickly when the moment is right.
What is latency like? If you are a scalper and trade in and out quickly looking to nick a couple of pips you need a lightening fast app from one of the major providers with super tight dealing spreads. If you are a longer terms trader and just want to be kept informed of live prices whilst not at your desk, a simpler app may be all you require.
Cross device is key. The Best mobile trading platforms will work on any device. Some spread betting brokers offer native apps and also a web-based mobile trading platform. In some cases the web-based trading platforms are better than the apps - as they more closely represent the full we based platform. You also need to ensure that any mobile trading platform you choose also works on Apple and Android devices...
Simplicity is paramount. More volume is going through on mobile and this means that the top brokers competing for the best mobile trading platform have to make them easy to use. Mobile trading apps provide a way for clients to be connected to the market at all times. As most day and short-term trading is no leveraged clients need to keep track of their positions 24/7. By choosing an app that puts the pertinent information to your positions right in front of you. i.e. endless news feeds are probably not going to add much value to a trading app. But, open positions and P&L clearly displayed are key.
If you are looking for the best mobile trading platform start with the brokers in our comparison pages:
All of the brokers listed are UK based and authorised and regulated by the FCA
What can you trade through a trading app?
Trading apps offer user access to all sorts of markets and instruments though not necessarily all in one place Some apps will offer you access to CFDs on equity indices, individual stocks, commodities and Forex trading. However, they may not allow you to invest in and own stocks and shares, funds and ETFs etc.
The apps will usually reflect the product range of the provider and if they don’t offer a particular service or market then it won’t be available in their trading app either.
If you are looking for a specialist service such as Spread Betting, or if you want to trade using a mobile version of a platform you know well for example MT4, then you will have to seek out specific trading apps for those services. Mobile apps for MT4 are widely available and tend to come as part of the overall package that a broker licenses from MetaQuotes when it signs up to the platform.
On top of that, the good news is that most brokers have dedicated trading apps for the service they offer so you should be able to find one that meets your needs.
How to open a trading app account
Opening an account via your phone and a trading app is a very similar process to any other online application. You will be asked to provide contact information such as your name and address telephone number etc.
There is a good chance that if you are resident in the UK and have been for some time that the broker will be able to verify your identity electronically and if that’s the case your new account could be up running very quickly. If you are asked to supply supporting documents a scan or image of the required documents can usually be uploaded or emailed to the App provider or broker.
How to make your first trade on a trading app
So you have downloaded your trading app and have applied for a live account all you need to do now is fund that account. That means transferring some money to the broker behind the app most likely through a bank transfer or a debit card payment although some brokers also accept payments from e-wallets such as PayPal. Bear in mind that the method /account that you transfer money from, will be the account that the money has to return to.
Assuming you have transferred in sufficient funds it will be time to make your first trade. If you haven't traded before then hopefully you will have spent some time on a demos version of the trading app and will have learnt the basics about how the app operates what markets are available etc. if you haven’t then you probably should as its much more cost-effective to learn and make mistakes in the demo environment than it is in the live markets.
Even if you are a more experienced trader it's not a bad idea to use the demo account to familiarise yourself with the app's functionality.
Placing your first trade can be a bit nerve-wracking but just take your time, stick to your strategy or plan and if you are using an indicator or other technical signal to highlight a trading opportunity, then make sure you're happy with it before pulling the trigger.
You will need to choose your market, the direction of your trade, and your trade size (in some apps you will have the ability to preconfigure your trade size) thinking about your total exposure and money management you do so. Hit the trade button you may be asked to check and confirm the order if you are, check and confirm the details and you will soon have struck your first deal.
One way that you can try to limit your risk is through the use of stop-loss which is an order or instruction attached to an open position that tells the app to close the position if the price or the loss on the trade moves to a given figure. Once triggered the stop loss will be executed at the next available price.
Stop losses are there to protect your capital, however, you will need to think about their placement that will be determined by the amount of money you want to risk on a trade and the trade size. Stop-loss placement is about striking a balance between money management and the way the markets are moving when you are trading.
Stop losses can often be placed when you place an opening trade or can be added to a position once it's up and running.
Trading apps record and keep a log of all of your activity and will notify you when you open or close a position, or when a stop loss or take profit order is triggered. You can also set alerts to be notified when an instrument's price hits a particular price point. For example, a key support or resistance level, or a prior price high or low point.
How to use trading apps
Trading apps are designed to make the most of the form and functionality of smart devices something that they do very well. What they don't do however is change the nature of trading that is still about making the right decisions, managing risk, running profits, cutting losers and stocking your trading plan and this is largely down to the individual trader.
Trading apps have some native limitations too; they may not offer all the functionality of their desktop equivalents. Space can also be an issue. It's not always that easy to plot long term charts or study a table full of figures on a small screen, even when it's in landscape mode.
One way to understand exactly what a trading app does well and not so well is to give it a thorough workout using a demo account that simulates live trading but that doesn’t require you to risk any real money. That means you can experiment and use all the order types, instruments charting tools etc and work out if the app is the right one for you and how you can use those features in your trading.
Can you make money trading through an app?
Trading apps offer convenience. You take them with you on your phone or tablet wherever you go and you can access the markets from anywhere you can find a reliable high-speed connection. This means that you can trade from pretty much any location too though whether you should is another matter.
However, there is a lot to be said for being able to check the markets and monitor your positions when you are out and trading apps can free you from being stuck in front of the desk all day.
One approach to trading using apps might be to do your research on a PC or laptop and once you have established the instruments and levels that are of interest to you.
You can place alerts or pending orders in those instruments at those levels and the trading app will alert you when those levels are reached or if those orders are executed.
Some trading apps offer you the chance to participate in Social or Copy trading, under copy trading you follow and copy more experienced traders. You choose which traders and strategies to follow and allocate a sum of money with which to copy their activity and the trading app does the rest. When they trade you trade, when they make money so will you and of course if they lose money so will you.
Just as in self-determined trading it’s important to have a strategy or plan when you are copy trading. You need to have a set of criteria to follow in your trader selection and be disciplined about how much money you allocate to each trader and you probably won’t want to duplicate your exposure either so rather than copying three traders that trade US tech stocks, instead try and pick the best out of the three and follow them.
Whether you are copy trading or trading for yourself you should always have a strategy and try to stick as closely to that as possible. Your strategy won’t really change regardless of the device or system you are trading on. Though your ability to execute it might, for example, it would be difficult to view charts in an instrument over multiple time frames simultaneously on a mobile device.
If you are new to trading you will want to keep your strategy relatively simple, to begin with, there will be plenty of time to build in complexity later on and if trading from an App it will make sense to play to its strengths by for example setting alerts and creating watchlist of the instruments and markets that you are interested in and to keep these lists relatively short to maximise the best use of your screen real estate.
Making money in trading whether using apps or other software is about having strategy and money management rules and sticking to those. Traders tend to lose money when they deviate from their plan and trade emotionally or shoot from the hip. Trading profits are never guaranteed but by creating and following a sensible trading plan you can slant the odds of success in your favour.
Which trading app is right for you?
Every trader will have a different user experience and set of requirements from and for their trading app these req requirements will be based on a variety of factors including but not limited to their level of trading experience, their budget, in terms of the amount of money they have to invest or trade with. The markets and instruments they wish to trade their trading style location and trading frequency.
Let's be honest if you have a short term scalping strategy but live in a corner of the country with an intermittent mobile phone signal then you are not going to be using a trading app.
However, if you live in the centre of a large town or city you will probably have a rock-solid mobile connection and may even be able to access 5G. Realistically you still won't be able to scalp using a trading app but you could do most other things.
As with all trading software, the best trading app will be the one that ticks the most boxes for you on your list of requirements, hopefully, you will find one that comes close to meeting them all.
The best mobile trading apps for beginners
- IG
- CMC Markets
- Spreadex
IG is ranked as the best trading app for beginners as it offers lots of educations guides, webinars and analysis to learn. The IG trading app also has a clear interface with simple to use features. If you are new to trading it is important to remember that derivatives are a high-risk form of speculation so ensure you fully understand the risks of trading before you start.
Another simple trading apps to use and navigate around is eToro. The simple intuitive to use interface makes it an ideal choice for those new to trading. The app is available from the relevant app stores for Android and iOS devices and it downloads very quickly and you can literally be up and running in seconds if you are an existing account holder and you can easily for an account via the app if you are not.
The app is menu-driven making it very easy to navigate around you switch between real and demo (virtual) trading on the home page. To find an instrument or market to trade simply use the magnifying glass search icon. If you are trading stocks you can choose to buy the underlying or trade CFDs on leverage and you can vary that at the point of order entry.
The eToro app allows you to build watchlists that you can filter. There is also a portfolio tool that allows you to monitor your performance and once again you can filter by asset type. So for example you could separate your equity trade performance from that of your FX trades.
You can also use the eToro app to social or copy trade. You can search for traders to copy, view their performance, portfolios and risk ratings and follow them if you choose to, and all from the app.
The best apps for trading cryptocurrency
It is no longer possible to trade cryptocurrency via CFDs or spread betting. However, you are able to invest in cryptocurrency through cryptocurrency exchanges.
Best trading apps for high net worth individuals and large traders
- IG
- Saxo Markets
- CMC Markets
IG is one of the best trading apps for high net worth individuals because of it's market range, but also the stability of IG as a broker. IG is one of the largest CFD and spread betting brokers and is listed on the LSE.
Best trading app for professional traders
- Saxo Markets
- Interactive Brokers
- IG
Saxo Markets has one of the best trading apps for professional traders. The Saxo Markets app provides direct market access CFDs, futures, options and access to it's wide range of investment products.
The best trading apps for forex trading
- CMC Markets
- Saxo Markets
- IG
CMC Markets is one of the best trading apps for forex as they offer the most forex pairs to trade. There are currently 71 forex pairs available to trade on the CMC Markets app. You can trade forex as a CFD or spread bet through CMC Markets. Second place goes to Saxo Markets, although you cannot trade forex as a spread bet through Saxo markets.
However, Forex trading it’s hard to see past the mobile version of MT4. The app is widely offered by forex brokers and thanks to the way that MetaQuotes built out their infrastructure the app syncs seamlessly with the desktop equivalent, which means that you can trade across devices and remain in touch with your positions and performance when you are on the go.
The MT4 app has an easy to use interface with a customisable quote list that you can trade from. If your broker offers them, you will be able to trade equity indices and commodities such as oil gold and silver from the app as well.
The app allows you to draw charts over various timescales and add indicators to them.
Trading and placing orders is straightforward in the MT4 mobile trading app and as soon as your trade is executed you can see your position and P&L in the trade history.
One of the most useful features is that you can download the app from the app store and use a proforma demo account independently of a broker to get familiar with its operation.
If you want to trade FX from a mobile device then the MT4 app is the one the others have to beat. However, If you have an interest in trading individual equity CFDs or other products then it probably won't be for you.
The best trading apps for CFD trading
The things to look out for in a trading app if you're going to be using it to trade CFDs are a wide range of markets CMC Markets offers 9300. IG Group 17,000 and Saxo Markets almost 20,000.
You should look for orders type other than just plain buy and sell, so for instance stops and limit orders and the ability to place stop-loss trades ideally at the outset of a trade and or in running.
Other items for would-be CFD traders to consider are the funding charges or rollover swaps applied to overnight positions
You will also only want to trade with an FCA regulated broker to ensure your funds are protected from fraud or failure, under the UK’s Financial Services compensation scheme. Don't be taken in by offers of higher leverage rates offered by brokers based in offshore and largely unregulated jurisdictions.
The best day trading app
The needs of the day trader are similar to those of the CFD and Swing trader and indeed they may be the same. A wide range of markets will offer the day trader the maximum number of trading opportunities. Day traders will also want decent charting tools as well as news feeds and alerts, alongside pending order types such as limits and stops.
Day traders will want to be able to trade long or short with equal ease and will therefore want to choose apps that offer margin trading in CFDs and rolling spot FX etc. As day trading is an active trading strategy you will want to be comfortable navigating around the app and using its functionality for example you will want to be able to set alerts and preconfigure your charts and watch lists etc, time is money after all.
The best trading app for the cheapest fees
Shopping purely on price where trading is concerned is not always the best policy traders would do to better to adopt a holistic approach to selecting their trading app looking for a trade-off between functionality, ease of use and trading costs. If you end up paying slightly more in trading fees to access a more polished and user-friendly product that resonates with you that may not be the worst outcome.
When it comes to depth of markets, app functionality, access to research and educational resources etc and reasonable cost then the contest comes down to a trade-off between IG, CMC Markets and Saxo Markets.
Those that are looking purely for Spread Betting should also consider Spreadex, whilst social and copy traders should also look at the offerings from Pelican and eToro
The best apps for swing trading
Swing trading is all about spotting trends or price momentum confirming the move and jumping on the trend once confirmed, as early as possible for as long as possible. Swings trades are generally technical traders; they use charts and indicators to look for and confirm trading opportunities.
So to swing trade from a trading app you will need one that offers a decent charting package. One of the best charting packages on a trading app is found at CMC markets.
The broker offers a wide range of instruments for you to trade across various asset classes and 13 separate chart types, as well as a host of indicators and tools. For example, you can draw hourly pivot points, which are an ideal indicator for intraday swing traders to screen for opportunities.
The app is available to download for free and has a demo account option. If you are going to test it out on the demo note that these accounts expire at month-end.
As to trading terms and fees, the minimum trade size is 50p the minimum deposit £100.00 trading charges vary by instrument but are competitive. For example, CMC Markets charge 0.10% on UK equities and a spread of 0.70 on EURUSD FX and 0.30 on Gold.
There are around 9,300 markets to choose from and the app comes with tools such as sentiment and positioning indicators, analysis news and calendars, though their Reuters news feeds are only active on live trading accounts.
The best free apps for demo accounts
Once again MT4 scores highly here as you can download and use a demo version courtesy of the platform's creator Metaquotes if you are looking to trade a wider range of market and to indulge in some social trading too, then the eToro app demo account is also a good bet.
Once again the app you use in the demo environment should offer the markets and products that you want to trade. If you are going to be investing in stocks you will want to use an app that offers access to physical stocks and not just CFDs.
That said if you are just trying to decide if trading is for you then either of these apps will allow you to explore and without having to open an account and they will provide you with a genuine flavour of how trading works and what's involved in trying to make money from it.
Best trading app for commodities
- IG
- CMC Markets
- Saxo Markets
IG offers the widest range of commodities trading through it's mobile app. There are 38 commodities to trade including gold, silver, oil and gas.
Best trading app for index trading
- Spreadex
- IG
- Saxo Markets
Spreadex offers the best range of indices for trading on it's app. Spreadex offers 34 indices for trading via CFDs or financial spread betting.
Best trading app for UK stocks
- IG
- Saxo Markets
- Spreadex
IG offers the most UK shares on it's trading app. You can trade large, medium and small cap stocks through the IG trading app as a CFD or spread bet. You can also invest, rather than trade in stocks via the IG app with an investment ISA or SIPP account.
Best trading app for US stocks
- Interactive Brokers
- IG
- Saxo Markets
As a US broker Interactive Brokers offers the best access to US stocks via it's trading app through physical shares or CFDs. IBKR does not, however, offer spread betting on US shares so you cannot trade USD shares in GBP as you can with financial spread betting brokers like IG.
Best trading app for futures & options
- Saxo Markets
- Interactive Brokers
- Fineco
Saxo Markets provides access to all the futures markets you can trade on it's online platform via DMA connectivity. The futures trading app is robust and has good order execution options.
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