Best Forex Trading Platform UK 2022 - Cheapest Platform Reviewed
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Best Forex Trading Platform UK 2022 – Cheapest Platform Reviewed.
83.45% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
For investors based in the UK and researching forex trading platforms, there are a number of forex brokers that are authorized and regulated by the FCA.
In order to find the right forex platform for their needs, prospective FX traders will need to look at factors like supported currency pairs, fees and If you have any concerns pertaining to where and ways to use dedicated mining server, you could contact us at our website. commissions, trading tools, payments, and customer support. In this guide, we review several forex trading platforms UK investors are accepted at.
UK Forex Trading Platforms 2022 List.
Below are various forex trading platforms suited to beginners. We review each forex trading platform in more detail further down on this page.
*not available for existing ECN clients, other fees may apply.
UK Forex Brokers Reviewed – Compare Forex Trading Platforms.
The forex trading scene is home to trillions of pounds worth of activity each and every day. As such, it makes sense that dozens of FCA-regulated trading platforms have since opened up. This allows you to find a provider that meets your financial goals.
1. Capital.com.
If you’re looking for an online trading platform to invest in stocks, FX, CFDs, and cryptos, Capital.com could be the right fit. Capital.com is regulated by key financial agencies, including the FCA in the United Kingdom, and offers commission-free trading and tight spreads.
Capital.com is a well-known FX and CFD broker that was founded in 2016 and is regulated by a number of major financial regulators, including the Financial Conduct Authority of the United Kingdom.
Capital.com allows you to trade FX and CFDs. There are 3,418 stock CFDs, 26 index CFDs, 34 commodity CFDs, 138 forex pairs, and cryptocurrency CFD derivatives available. The fact that all tradable assets can be bought and sold commission-free is Capital.com’s biggest selling feature, especially when it comes to trading expenses. From stock CFDs to cryptocurrency CFDs, you may trade a wide range of markets at a minimal cost, which is great for new traders. Furthermore, this is ideal for day traders because you may pick between long and short orders.
All payment methods have a $20 minimum deposit, except wire transfers, which have a $250 minimum deposit. There are also no deposit or withdrawal fees, as previously stated. Withdrawals can take up to 24 business hours, while deposits made with debit cards and e-wallets are handled instantly.
Capital.com is licensed by financial institutions such as the Financial Conduct Authority of the United Kingdom and CySEC. Should the broker go bankrupt, UK-based clients are covered up to £85,000, while EU-based clients are covered up to €20,000.
83.45% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
2 . eToro.
With more than 27 million investors as of 2022 using eToro to buy and sell financial instruments, this forex trading platform has a wide user base. It could be worth considering if you are a complete newbie in the world of forex trading as a platform to get started with.
Firstly, eToro is home to over 50+ forex trading pairs. This includes many major and minor pairs alongside a good selection of exotic currencies. All supported forex pairs on eToro can be traded commission-free, so the only fee applicable is the spread. This is also the case with the platform’s other supported asset classes – which includes thousands of stocks, ETFs and cryptocurrencies, making it also a Bitcoin and Ethereum trading platform.
eToro also allows you to trade forex with high leverage. As per FCA rules, the highest leverage you can get via UK retail investor accounts is 1:30 and 1:20 on majors and minors/exotics, respectively. This allows you to start trading forex with a small amount of capital. In fact, the minimum deposit on eToro is just $10 (£8). Perhaps the main innovative feature offered by this UK forex trading platform is that of the Copy Trading tool.
This allows you to select an experienced and profitable forex trader that uses eToro, and then copy all of their positions like-for-like. This feature is particularly popular with beginners that want to trade forex but don’t understand the fundamentals of technical analysis. There is no additional fee to use the eToro Copy Trading tool, so you’ll still trade forex commission-free, only via another trader. As an industry-leading social trading platform, eToro is also useful for sharing forex trading ideas with other users of the site.
In terms of deposit options, this UK forex trading platform supports a range of UK payment methods. This includes debit cards, e-wallets like Paypal and Skrill, and a traditional bank transfer. When it comes to safety and security, eToro is heavily regulated. Not only does it hold a license with the FCA, but eToro is also authorized and regulated by ASIC and CySEC.
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3. Alvexo.
There are more than 650,000 customers in over 20 countries who use Alvexo as a regulated online brokerage offering a whole range of investment opportunities including CFD on Commodities, Stocks, Indices, and ETFs. "Trading real brokers for real traders", this is how its website describes its main objectives.
With more than 450 assets, real-time quotes on over 450 assets, and an intuitive range of trading platforms and applications, Alvexo was founded in 2014 by market veterans. A number of tools are available for market analysis.
The fact that Alvexo offers educational resources, as well as customer service, is known among traders as well. Alvexo offers clients a wide range of economic news, trade courses, webinars, and even seminars along with the daily market signals available through their platform.
Fee Amount Stock trading fee Variable Spreads Forex trading fee Variable spreads. 2.9% for EUR/USD on its Classic account Inactivity fee $10 per month after three months Withdrawal fee Free.
76.57% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
4 . Libertex.
Next up on our list of the forex trading platforms UK investors can open an account at is Libertex. The platform – which has been active in the online forex trading scene since the late 1990s, is home to a range of majors, crosses, and exotics. Regarding the latter, you can trade forex pairs containing the Singaporean dollar, Russian ruble, Mexican pesos, and more.
Unlike eToro, Libertex charges a small commission every time you place a buy or sell order. But, not only does this average just 0.01% per trade, but Libertex offers ZERO spreads. As such, even when you factor in the variable commission, this forex trading platform offers competitive fees.
On top of forex, Libertex also offers a large selection of CFDs. This covers stocks, metals, indices, oil and gas, ETFs, and more. Once you open an account with Libertex, you can trade forex via your web browser. This avoids the need to download third-party software. However, if you’re a seasoned pro and want access to advanced order types and technical indicators, Libertex is also compatible with Metatrader 4 (MT4).
Both the main Libertex platform and MT4 can be accessed via a native mobile app, too. An additional feature offered by Libertex is its educational department. This offers a collection of guides and explainers on key forex trading terms. When it comes to payments, Libertex makes the funding process a simple one. If you want to benefit from an instant deposit, you can choose from a UK debit card or e-wallet.
The minimum deposit at this United Kingdom forex trading platform is £100. This goes down to £10 per transaction once you have made an initial deposit. In terms of safety and security, Libertex is regulated by Cyprus-based CySEC. It is, however, authorized to accept UK traders. Plus, as mentioned earlier, Libertex has been active in the online trading scene for more than two decades – so it’s an established player in the forex scene.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
5. Skilling.
Skilling is one of the latest entrants to the UK forex trading scene – with the platform launching in 2019. With this in mind, Skilling still offers competitive trading fees in the online space.
By trading major forex pairs, Skilling allows you to buy and sell your chosen financial market from a spread of just 0.1 pips. Additionally – and irrespective of which forex pair you decide to trade, you won’t pay a single penny in commission.
This is particularly useful if you are looking to trade small amounts, as you won’t have your potential profits eaten away by a flat-fee system. Newbies are also catered for as the Skilling web-trader is simple and burden-free. There are also a good assortment of educational guides and a fully-fledged demo account.
With that said, Skilling is also looking to attract seasoned forex traders. This is evident in the fact it offers full support not only for MT4 trading platforms, but cTrader, too. Skilling also offers a huge 1:500 leverage on its foreign exchange markets. You will, however, need to prove that you are a professional client to get this much.
If not, you’ll be capped to the usual 1:30 limit – as per UK regulations. While we are on the subject of regulation, Skilling is authorized by the FCA. It is also regulated by CySEC and the FSA. Opening an account with Skilling takes minutes and the minimum deposit is just £100. You fund your account with a debit card, e-wallet, or by transferring funds from your UK bank account.
Your capital is at risk when trading CFDs with this provider.
6. AvaTrade.
AvaTrade is a popular FX and CFD broker that was founded in 2006 and is authorised by numerous financial regulators, including the Australian Securities and Investments Commission (ASIC) and the Central Bank of Ireland (CBI). Users of Avatrade can trade forex, CFDs, and cryptocurrencies without paying a commission.
This CFD and forex broker was founded in 2006 and is regulated by numerous financial organisations.
AvaTrade provides forex trading as well as a broad range of CFD derivatives, including stocks, bonds, ETFs, commodities, and indices. You may also trade seven different cryptocurrencies straight through the AvaTrade platform with no commissions and no bank fees.
The only trading fees you’ll pay with AvaTrade are the bid-ask spread and the overnight financing fee if you keep positions open past the standard trading hours.
There are no deposit or withdrawal fees, as well as no account fees, when it comes to non-trading fees. However, after three months of inactivity, AvaTrade brokerage accounts are subject to a $50 inactivity fee. Following that, after one year of inactivity, a $100 annual administration fee is withdrawn from the trading account.
AvaTrade, which was founded in 2006, operates on a global scale and is thus authorised and regulated by a number of financial authorities. These include the Australian Securities and Investments Commission (ASIC), the South African Financial Sector Conduct Authority, Japan’s Financial Services Agency and the Financial Futures Association of Japan, the Abu Dhabi Global Markets Financial Regulatory Services Authority, CySEC, the Central Bank of Ireland, the B.V.I (British Virgin Islands) Financial Services Commission, and the Israel Securities and Exchange Commission. AvaTrade is also an Islamic forex broker.
71% of retail investor accounts lose money when trading CFDs with this provider.
7 . FXCM.
FXCM is an established forex trading platform that was first launched in 1999. Authorized and regulated by the FCA, this forex provider is often the go-to platform for those seeking a reliable and low-cost way of accessing the currency scene.
With that said, FXCM is also popular with first-time traders as it allows you to get started with a deposit of $50. Additionally, you can use the FXCM demo account to practice your forex trading endeavors in a 100% risk-free environment. Then, when you are ready to trade with real money, you can instantly deposit funds with a debit card.
When it comes to supported markets, FXCM gives you access to dozens of tradable forex pairs. This covers a good variety of majors, minors, and exotics. You can also trade shares, commodities, and indices – all in the shape of CFD instruments. FXCM offers leverage on all of its supported markets.
Although retail clients are capped to 1:30, professional traders can get up to 1:400. When we explored the FXCM fee structure for our review, we found this UK forex broker does not charge any commissions. Spreads are also competitive, especially on major pairs. FXCM allows you to trade forex via its website or mobile app – which is available on Android and iOS.
There is no guarantee you will make money with this provider.
8 . Forex.com.
Launched way back in 2001, Forex is a long-established trading platform. If you are a professional trader seeking advanced forex services, this provider is likely to be what you are looking for. Firstly, you’ll have access to over 80 forex pairs.
This covers a lot of bases in the currency trading scene – both in terms of majors/minors and exotics. When it comes to fees, Forex.com offers three account plans. If you’re on the Standard Account, you’ll benefit from zero commission trades and spreads from 1 pip.
However, if you’re a seasoned pro trading larger volumes, you want to consider either the Commission or STP Pro Accounts. The former gives you access to spreads of just 0.2 pips on EUR/USD. In turn, you’ll pay a commission of $5 per £100,000 traded.
Alternatively, the STP Pro account offers spreads of 0.1 pips on many pairs and commission starts at just $60 per $1 million traded. Irrespective of which account plan you sign up for, Forex.com is compatible with MT4. The platform also supports MT4 VPS hosting, which illustrates that it is a great option for automated forex EAs and high-frequency traders.
In terms of getting started, Forex.com requires a minimum deposit of just £100 when using a debit card or Paypal. If opting for a bank wire, there is no minimum deposit. Finally, Forex.com is authorized by the FCA in the UK, and many other bodies around the world.
There is no guarantee you will make money with this provider.
Forex Trading Platform UK Fees Comparison.
We’ll review how the UK’s forex brokers compare in terms of pricing so you can decide on the cheapest trading platform with the lowest fees. As many brokers have dynamic spreads, we’ve taken the spread for GBP/USD at the time of writing to give you an idea of how pricey each broker is.
Trading Platform Fees Spread or commission? GBP/USD Inactivity fee Overnight fees eToro Spread 2 pips £10 per year after 12 months Yes Capital.com Spread 1.4 pips None Yes Skilling Spread 1.3 pips No inactivity fee Yes Plus500 Spread Variable £10 per month after three months Yes FXCM Spread 1.4 pips £50 per year after one year Yes Forex.com Spread 2.1 pips £12 per month after 12 months. Yes.
How to Choose the Right Forex Broker UK for You.
We have discussed a wide selection of UK forex trading platforms currently on the market. We’ve purposefully reviewed a range of different providers so that many requirements are catered for.
For example. while some of these UK forex brokers stand out for offering low spreads and zero commissions, offers are particularly useful for newbies.
Crucially, in order to find the right forex broker UK for your needs, you need to do a bit of homework on the platform. The important factors that need to be considered are discussed below.
Regulation.
The online trading scene in the UK is heavily regulated – especially when it comes to retail clients. At the forefront of this is the FCA – which sets high standards for all of the forex trading platforms that it issues licenses to.
By sticking with a UK forex broker that is FCA-regulated, you can be sure that the provider operates by the book.
For example, the platform will need to keep your funds in segregated bank accounts, verify the identity of all traders, and be transparent about what fees and commissions it charges.
At the other end of the scale, by trading forex online with an unlicensed platform – or one that is regulated offshore, you’re simply asking for trouble.
Tradable Assets.
UK forex platforms typically give you access to dozens of currency pairs. Many cover major and minor markets, alongside a great selection of exotics. Additionally, you might also be thinking about trading other asset classes.
Instead of having to open an account with a specialist CFD trading platform or stock trading platform, the right forex broker UK wise for you could be one that offers a variety of markets.
For example, eToro not only offers 50+ forex pairs, but thousands of stocks, ETFs, cryptocurrencies, and commodities. This saves you the need to open multiple trading accounts with multiple providers.
Fees.
All forex trading platforms in the UK charge fees in return for offering you access to your chosen marketplace.
This includes the following:
Commissions : Many of the forex trading platforms that we discussed on this page allow you to trade forex commission-free. However, there are many providers in this space that will charge a variable commission when you enter and exit the market. For example, the provider charges 0.5% and you stake £200, you’d pay a commission of £1. Spreads: Commission-free forex trading platforms make money from the spread. This is the gap between the buy and sell price of your chosen forex pairs. UK forex brokers tend to offer spread of less than 1 pip on major markets. Leverage Fees: Unless you are prepared to trade an entire forex lot – which is usually worth $/£ 100,000, you will need to apply leverage. In turn, this comes with overnight financing costs. This means that you will pay a small fee for each day that you keep the forex trade open. Transaction Fees: Don’t forget about transaction fees – as some forex trading platforms in the UK will charge you when you deposit and/or withdraw funds. Also keep an eye on FX fees when making a deposit, especially if you’re using an international broker.
All of the above fees should be clearly displayed on the forex trading platform’s website. As such, you can assess how competitive the provide is before signing up.m.
Trading Tools & Features.
Different forex trading platforms offer a variety of trading tools and features.
Leverage : As noted above, leverage allows you to trade with more than you have in your brokerage account. Forex trading platforms in the UK tend to offer leverage of up to 1:30 on majors and 1:20 on minors/exotics. The only way to get more than this is if you are classed as a professional client. Copy Trading: One of the UK forex trading platforms on our list – eToro, offers a Copy Trader feature. This allows you to trade forex online without needing to do any of the legwork. Instead, your chosen trader will buy and sell forex pairs on your behalf – offering a passive investment experience. Order Types : You’ll want to choose a forex trading platform that offers a variety of order types. This will give you more flexibility in entering and exiting the market. At a minimum, this should include limit, stop-loss, and take-profit orders. Education: Many UK forex brokers cater to inexperienced traders. This means that they offer an assortment of trading guides, videos, and even webinars. Technical Analysis: If you’re a seasoned forex trading pro then stick with trading platforms that offer lots of technical indicators and charting tools. MT4 : If you want to install an automated forex EA or simply want access to market-leading research tools, it might be worth choosing a platform that is compatible with MT4.
Usability.
Trading forex online and making consistent profits is never guaranteed. As such, choose a forex trading platform that offers simple functionality.
In our search for forex brokers UK traders are accepted at, we came across a number of providers that offered a clunky experience. Not only were these providers difficult to navigate, but there was often a lag in order execution time.
We found that eToro had minimal lag on its primary online trading platform as well as its Android/iOS app.
Demo Account.
Leading on from the section above on usability, the only way to assess this effectively is to use the platform’s demo account facility. This is something offered by all of the UK forex trading platforms that we reviewed.
For example, eToro allows you to trade with ‘paper funds’ without you needing to make a deposit. The important thing is that the eToro demo facility mirrors its main trading account like-for-like.
This allows you to get comfortable with placing forex orders and deploying risk-management strategies. It’s also useful for testing the waters in terms of leverage.
Payments.
Once you have used the provider’s demo account facility, you’ll be required to make a deposit before you can start trading with real money.
Many UK forex brokers accept bank cards. This will allow you to quickly make a deposit as the funds should be credited instantly. Alternatively, some forex trading platforms – such as eToro, also support e-wallets.
Also be sure to check what the minimum deposit is on your chosen payment method, what fees apply, and how long the provider takes to process withdrawal requests.
Customer Service.
Many forex trading platforms in the UK offer live chat around the clock. This ensures that you can get instant support on your question or concern without needing to pick up the telephone.
With that said, we also came across providers that only offer support via email. This means that you’ll need to wait for several hours before getting a response (or days in some instances), which isn’t ideal.
How do Forex CFDs work?
The fundamentals of forex trading are that you exchange a specific amount of one fiat currency against another. For example, if you were to buy EUR/USD, you would make positive returns if the euro appreciates against the US dollar. On the other hand, you would stand to suffer losses if the exchange rate drops.
Forex CFD trading allows you to speculate on the market movements of the underlying asset while also using leverage to maximize your purchase power. Instead of settling a set amount of base currency, contracts for differences are settled in cash. This means they’re based on the opening and closing prices of an FX pair.
One of the main features of CFD trading is that when you use leverage you can amplify your position’s size while depositing a relatively small initial margin. It’s also worth noting that while leverage increases your exposure to the forex market it also maximizes potential losses.
Different Types of Forex Brokers.
Forex brokers come in all shapes and sizes. They vary depending on what their FX quotations are based on. There are four main categories to choose from:
No Dealing Desk Market Maker or Dealing Desk Broker Electronic Communications Network (ECN) STP (Straight Through Processing)
Each of these forex brokers has a different way of managing transactions and executing orders. Details about the four key types of forex brokers and their features follow:
No Dealing Desk Forex Brokers.
The No Dealing Desk (NDD) forex broker does not have a dealing desk, as the name suggests. Nonetheless, it offers diverse composite forex quotes sourced from various forex quote providers. These third-party companies give the No Dealing Desk broker its liquidity within the FX market.
A majority of forex quote providers post their main markets with the No Dealing Desk forex platform. The NDD broker will execute trades according to those forex quotes. No Dealing Desk forex brokers typically charge a commission or they broaden the market spread as a way to earn a profit for the service they provide.
Market Makers.
A forex market maker offers a two-sided market created by an in-house expert forex trader who acts as part of the broker’s dealing desk. Market Makers or Dealing Desk forex brokers typically execute trades without trading in the underlying market. Market Makers offer a forex quote based on the underlying market prices, and then take the other side of the transaction by buying on their bid side or selling on their offer side.
Electronic Communications Network (ECN)
Forex trading platforms that operate on an Electronic Communications Network, or ECN, usually do not have their own dealing desk. As a result, the ECN broker offers an electronic trading platform where advanced traders and expert market-makers at commercial banks can enter bids and offers.
A key benefit of using an ECN is that the trader posting the price can maintain a level of anonymity. This is ideal for investors who want to keep their trading strategies private.
STP (Straight Through Processing)
Straight-through processing brokers typically refers to the way forex trades are processed. STP brokers execute orders directly through a broker’s servers and onto liquidity providers without the need for any dealing desk intervention. The liquidity providers can be hedge funds, corporate banks, as well as investors. Typically, the STP forex broker has an in-house liquidity pool and liquidity providers compete in terms of their buy/sell spreads for STP orders.
In other words, STP means that the forex broker acts as a seamless link between the trader and the underlying market, as opposed to a dealing desk that re-processes orders.
Type of Forex Broker Key Features No Dealing Desk Does not have a dealing desk, offers diverse composite forex quotes sourced from various forex quote providers. Many forex quote providers post their main markets with the No Dealing Desk forex platform. The NDD broker will execute trades according to those forex quotes. No Dealing Desk brokers often charge a commission. Market Makers Offers a two-sided market. Typically execute trades without trading in the underlying market. Market Makers offer a forex quote based on the underlying market prices, and then take the other side of the transaction by buying on their bid side or selling on their offer side. ECN Usually do not have a dealing desk. ECN brokers offer a platform for expert traders and market makers at banks to enter bids and offers. Offer high levels of anonymity. STP Without the need for a dealing desk, STP brokers execute orders directly through a broker’s servers and onto liquidity providers. STP forex brokers have an in-house liquidity pool and liquidity providers compete for competitive buy/sell spreads for STP orders.
Which Forex Broker has a Range of Currency Pairs?
For day traders and other short-term forex trading strategies, you might want to research the range of supported currency pairs. This is because day trading, scalping, and spread betting, all try to capitalize on short-term price movements within a single trading day.
With this in mind, let’s take a closer look at just how many forex pairs forex trading platforms in the UK offer.
Forex Broker Currency Pairs eToro 49 currency pairs including majors, minors and exotics. Capital.com 138 Forex CFDs Libertex 45+ currency pairs Skilling 106 currency pairs AvaTrade 59+ currency pairs Plus500 70+ FX pairs FXCM 40+ FX pairs Forex.com 91+ currency pairs.
Forex Brokers for Beginners.
If you’re just stepping into the world of online investing, forex trading can be quite a challenge at first. With so much to learn and so many variables that have a direct impact on trading outcomes, you need to pick the right forex broker that’ll assist you every step of the way in terms of customer support.
After reviewing several forex trading platforms in the UK, we found that eToro is advertised as a forex broker for beginners. For a platform review , covering fees and commissions to tradable assets and payment methods, read our full eToro review.
eToro facilitates commission-free forex trading. This means that when you trade currency pairs you’ll only have to pay the low spread starting from just one pip. This is also a swap free forex broker. Opening an account is free and there are no mark-up, ticketing fees or stamp duty tax.
Approaching the forex markets without any knowledge of the space is like trying to navigate a ship through a storm without a helm. Beginner traders will therefore appreciate the free demo account and copy trading tools that eToro provides. Practice your trading strategies and broaden your knowledge of online investing with the eToro demo account. These practice accounts, or paper trading accounts, allow you to trade in a simulated, risk-free environment that mimics real market conditions. The eToro demo account comes with $100,000 worth of virtual funds.
Furthermore, eToro also offers several copy trading tools:
CopyTrader – this allows you to copy the trading strategies of other expert traders on the social trading platform. You can browse through the profiles of eToro traders, checking their past performances, risk ratings, average holding times and more. The minimum amount you can invest is $200 and the total number of traders you can copy at one time is capped at 100. CopyPortfolio – this is a CFD portfolio allowing you to invest in either a specific asset class or a basket of eToro investors. Investing in a theme means that you’ll be investing in a basket of diversified currency pairs. The minimum investment amount to use CopyPortfolio is $5,000.
68% of retail investor accounts lose money when trading CFDs with this provider.
Forex Brokers for Professionals.
Experienced forex traders are less reliant on automated trading features and demo accounts. For an advanced investor, technical indicators and fully customizable charts are of more value than a copy trading tool – but which forex broker offers the right tools and features for advanced users?
This is where MetaTrader 4 comes in. MT4 has been operating since 2005 and is among the industry-leading forex trading platforms in the UK. As well as forex, MetaTrader 4 can be used to participate in other markets such as commodities and indices through CFDs and spread betting.
MT4 is widely accepted for two main reasons. Firstly, it’s highly customizable to your trading goals and preferences. Secondly, it offers automated trading via algorithms to close and open positions based on pre-set criteria.
MetaTrader 4 features:
Fully customizable and flexible trading platform Access trading signals from trusted third-party providers Expert advisors for algorithmic trading Global accessibility via PC, web, android, iOS.
A popular forex broker for professionals is AvaTrade. This CFD and forex broker was launched in 2006 and is heavily regulated by financial authorities including ASIC and the Central Bank of Ireland.
To gain access to the MT4 trading platform, simply open a live trading account with AvaTrade and choose MetaTrader 4 as your preferred trading platform. The minimum deposit is £100 to gain exposure to the markets. Then download MT4 and log in using your AvaTrade credentials.
Why should I use MT4 on AvaTrade? MT4 has several features that allow you to conduct advanced price analyses on all supported instruments. These include a range of timeframes, interactive charts, as well as built-in technical indicators. The AvaTrade MT4 platform allows you to pinpoint the optimal prices to enter and exit your positions.
AvaTrade does not charge trading commissions, meaning the only trading fees you will encounter are the bid-ask spreads, and the overnight financing fee if you keep positions open after standard market hours transpire. For a more detailed look at the ins and outs of AvaTrade see our dedicated AvaTrade review .
71% of retail investor accounts lose money when trading CFDs with this provider.
How to Get Started with a Forex Trading Platform.
The steps below cover how to create a forex broker account:
Step 1: Open an Account and Upload ID.
Visit a regulated UK Forex broker and open an account. This will require you to enter some personal details – such as your name and email address.
You will also be asked to upload a copy of your:
Valid passport or driver’s license Utility bill or bank account statement (issued within the last 3 months)
Once you upload the above documents, you’ll be able to make a withdrawal at any given time. Your deposit limits will also be removed.
Step 2: Deposit Funds.
Add funds to your account, via:
Debit card E-wallet (Paypal, Skrill, or Neteller) Bank transfer.
Step 3: Search for Forex Trading Pair.
You can now search for the forex pair that you wish to trade. The way to do this is to enter the specific pair into the search box at the top of the page.
Then, you need to click on the ‘Trade’ button.
Step 4: Place a Trade.
You now need to select from a buy or sell order. Select the former if you think the exchange rate will increase and the latter if you think the opposite.
Enter your stake into the ‘Amount’ box and select your desired leverage ratio, if applicable.
Finally, click on the ‘Open Trade’ button to complete your commission-free forex trade.
UK Forex Brokers – Conclusion.
With so many forex trading platforms in the UK to choose from, it can be challenging to know which one to go with.
The main thing is that your chosen provider is one regulated by the FCA, supports your chosen pairs, and offers low fees and tight spreads.
It takes just 10 minutes to open an account at one of the various forex brokers in the UK that we reviewed.
Is forex trading legal in the UK?
Yes, although forex trading in the UK is heavily regulated, it is perfectly legal to buy and sell currency pairs online. Just make sure that your chosen forex platform is regulated by the FCA.
What is the an established forex trading platform UK for low fees?
After reviewing dozens of providers, we found that eToro has low fees. The platform not only offers tight spreads, but all tradable markets are commission-free.
What is the a suitable forex trading platform UK for beginners.
With more than 27 million clients as of Q1 2022 - eToro is often the go-to forex trading platform for beginners. The platform is particularly simple and getting started takes minutes.
Are forex trading platforms UK safe?
Well-established forex trading platforms in the UK are safe, as they will be regulated by the FCA. This ensures that you can buy and sell forex pairs in a safe and secure manner.
What is a popular forex pair to trade in the UK?
Irrespective of your skill set, the main pair to trade in terms of spreads, volume, and liquidty is EUR/USD. USD/GBP is also worth considering if you are looking for the aforementioned characteristics.
Which forex trading platforms UK accept Paypal?
If you want to trade forex with Paypal, eToro supports this e-wallet alongside Skrill and Neteller.
What is a forex trading platform in the UK that has copy trading?
eToro is known as a market leader in the growing social and copy trading scene. The platform is home to more than 700,000 verified copy traders, many of which specialize in forex.
Who is the biggest forex broker in the UK?
The largest forex broker in the UK is eToro. With a client base of over 27 million, eToro is fully regulated and authorized by the UK’s Financial Conduct Authority. This social trading platform gives you access to many forex pairs, as well as CFDs, fractional share trading, copy trading and more. It has 24/7 customer support, and the demo account is well-suited to beginner traders looking to experiment without any risks.
Which broker offers CFDs for forex trading?
Out of the eight forex brokers that we have reviewed in this guide, Capital.com offers just under 140 forex CFDs. With 0% commissions and competitive spreads, many users have opened a Capital.com account to gain access to leveraged, speculative instruments.
How can I check if a forex broker is regulated?
Regulated brokers will display their FCA license, or make a reference to it on their homepage. For example, if you scroll to the bottom of the eToro.com page you will see a comprehensive list of its financial regulators underneath the risk disclaimer. Alternatively, you could simply visit https://register.fca.org.uk and enter the name of the forex broker you’re interested in. If it holds a license with the FCA it will appear in the search results along with the license number.
Kane Pepi is a British researcher and writer that specializes in finance, financial crime, and blockchain technology. Now based in Malta, Kane writes for a number of platforms in the online domain. In particular, Kane is skilled at explaining complex financial subjects in a user-friendly manner. Kane has also written for websites such as MoneyCheck, InsideBitcoins, Blockonomi, Learnbonds, Buysharesand the Malta Association of Compliance Officers.
83.45% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
For investors based in the UK and researching forex trading platforms, there are a number of forex brokers that are authorized and regulated by the FCA.
In order to find the right forex platform for their needs, prospective FX traders will need to look at factors like supported currency pairs, fees and If you have any concerns pertaining to where and ways to use dedicated mining server, you could contact us at our website. commissions, trading tools, payments, and customer support. In this guide, we review several forex trading platforms UK investors are accepted at.
UK Forex Trading Platforms 2022 List.
Below are various forex trading platforms suited to beginners. We review each forex trading platform in more detail further down on this page.
*not available for existing ECN clients, other fees may apply.
UK Forex Brokers Reviewed – Compare Forex Trading Platforms.
The forex trading scene is home to trillions of pounds worth of activity each and every day. As such, it makes sense that dozens of FCA-regulated trading platforms have since opened up. This allows you to find a provider that meets your financial goals.
1. Capital.com.
If you’re looking for an online trading platform to invest in stocks, FX, CFDs, and cryptos, Capital.com could be the right fit. Capital.com is regulated by key financial agencies, including the FCA in the United Kingdom, and offers commission-free trading and tight spreads.
Capital.com is a well-known FX and CFD broker that was founded in 2016 and is regulated by a number of major financial regulators, including the Financial Conduct Authority of the United Kingdom.
Capital.com allows you to trade FX and CFDs. There are 3,418 stock CFDs, 26 index CFDs, 34 commodity CFDs, 138 forex pairs, and cryptocurrency CFD derivatives available. The fact that all tradable assets can be bought and sold commission-free is Capital.com’s biggest selling feature, especially when it comes to trading expenses. From stock CFDs to cryptocurrency CFDs, you may trade a wide range of markets at a minimal cost, which is great for new traders. Furthermore, this is ideal for day traders because you may pick between long and short orders.
All payment methods have a $20 minimum deposit, except wire transfers, which have a $250 minimum deposit. There are also no deposit or withdrawal fees, as previously stated. Withdrawals can take up to 24 business hours, while deposits made with debit cards and e-wallets are handled instantly.
Capital.com is licensed by financial institutions such as the Financial Conduct Authority of the United Kingdom and CySEC. Should the broker go bankrupt, UK-based clients are covered up to £85,000, while EU-based clients are covered up to €20,000.
83.45% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
2 . eToro.
With more than 27 million investors as of 2022 using eToro to buy and sell financial instruments, this forex trading platform has a wide user base. It could be worth considering if you are a complete newbie in the world of forex trading as a platform to get started with.
Firstly, eToro is home to over 50+ forex trading pairs. This includes many major and minor pairs alongside a good selection of exotic currencies. All supported forex pairs on eToro can be traded commission-free, so the only fee applicable is the spread. This is also the case with the platform’s other supported asset classes – which includes thousands of stocks, ETFs and cryptocurrencies, making it also a Bitcoin and Ethereum trading platform.
eToro also allows you to trade forex with high leverage. As per FCA rules, the highest leverage you can get via UK retail investor accounts is 1:30 and 1:20 on majors and minors/exotics, respectively. This allows you to start trading forex with a small amount of capital. In fact, the minimum deposit on eToro is just $10 (£8). Perhaps the main innovative feature offered by this UK forex trading platform is that of the Copy Trading tool.
This allows you to select an experienced and profitable forex trader that uses eToro, and then copy all of their positions like-for-like. This feature is particularly popular with beginners that want to trade forex but don’t understand the fundamentals of technical analysis. There is no additional fee to use the eToro Copy Trading tool, so you’ll still trade forex commission-free, only via another trader. As an industry-leading social trading platform, eToro is also useful for sharing forex trading ideas with other users of the site.
In terms of deposit options, this UK forex trading platform supports a range of UK payment methods. This includes debit cards, e-wallets like Paypal and Skrill, and a traditional bank transfer. When it comes to safety and security, eToro is heavily regulated. Not only does it hold a license with the FCA, but eToro is also authorized and regulated by ASIC and CySEC.
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3. Alvexo.
There are more than 650,000 customers in over 20 countries who use Alvexo as a regulated online brokerage offering a whole range of investment opportunities including CFD on Commodities, Stocks, Indices, and ETFs. "Trading real brokers for real traders", this is how its website describes its main objectives.
With more than 450 assets, real-time quotes on over 450 assets, and an intuitive range of trading platforms and applications, Alvexo was founded in 2014 by market veterans. A number of tools are available for market analysis.
The fact that Alvexo offers educational resources, as well as customer service, is known among traders as well. Alvexo offers clients a wide range of economic news, trade courses, webinars, and even seminars along with the daily market signals available through their platform.
Fee Amount Stock trading fee Variable Spreads Forex trading fee Variable spreads. 2.9% for EUR/USD on its Classic account Inactivity fee $10 per month after three months Withdrawal fee Free.
76.57% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
4 . Libertex.
Next up on our list of the forex trading platforms UK investors can open an account at is Libertex. The platform – which has been active in the online forex trading scene since the late 1990s, is home to a range of majors, crosses, and exotics. Regarding the latter, you can trade forex pairs containing the Singaporean dollar, Russian ruble, Mexican pesos, and more.
Unlike eToro, Libertex charges a small commission every time you place a buy or sell order. But, not only does this average just 0.01% per trade, but Libertex offers ZERO spreads. As such, even when you factor in the variable commission, this forex trading platform offers competitive fees.
On top of forex, Libertex also offers a large selection of CFDs. This covers stocks, metals, indices, oil and gas, ETFs, and more. Once you open an account with Libertex, you can trade forex via your web browser. This avoids the need to download third-party software. However, if you’re a seasoned pro and want access to advanced order types and technical indicators, Libertex is also compatible with Metatrader 4 (MT4).
Both the main Libertex platform and MT4 can be accessed via a native mobile app, too. An additional feature offered by Libertex is its educational department. This offers a collection of guides and explainers on key forex trading terms. When it comes to payments, Libertex makes the funding process a simple one. If you want to benefit from an instant deposit, you can choose from a UK debit card or e-wallet.
The minimum deposit at this United Kingdom forex trading platform is £100. This goes down to £10 per transaction once you have made an initial deposit. In terms of safety and security, Libertex is regulated by Cyprus-based CySEC. It is, however, authorized to accept UK traders. Plus, as mentioned earlier, Libertex has been active in the online trading scene for more than two decades – so it’s an established player in the forex scene.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
5. Skilling.
Skilling is one of the latest entrants to the UK forex trading scene – with the platform launching in 2019. With this in mind, Skilling still offers competitive trading fees in the online space.
By trading major forex pairs, Skilling allows you to buy and sell your chosen financial market from a spread of just 0.1 pips. Additionally – and irrespective of which forex pair you decide to trade, you won’t pay a single penny in commission.
This is particularly useful if you are looking to trade small amounts, as you won’t have your potential profits eaten away by a flat-fee system. Newbies are also catered for as the Skilling web-trader is simple and burden-free. There are also a good assortment of educational guides and a fully-fledged demo account.
With that said, Skilling is also looking to attract seasoned forex traders. This is evident in the fact it offers full support not only for MT4 trading platforms, but cTrader, too. Skilling also offers a huge 1:500 leverage on its foreign exchange markets. You will, however, need to prove that you are a professional client to get this much.
If not, you’ll be capped to the usual 1:30 limit – as per UK regulations. While we are on the subject of regulation, Skilling is authorized by the FCA. It is also regulated by CySEC and the FSA. Opening an account with Skilling takes minutes and the minimum deposit is just £100. You fund your account with a debit card, e-wallet, or by transferring funds from your UK bank account.
Your capital is at risk when trading CFDs with this provider.
6. AvaTrade.
AvaTrade is a popular FX and CFD broker that was founded in 2006 and is authorised by numerous financial regulators, including the Australian Securities and Investments Commission (ASIC) and the Central Bank of Ireland (CBI). Users of Avatrade can trade forex, CFDs, and cryptocurrencies without paying a commission.
This CFD and forex broker was founded in 2006 and is regulated by numerous financial organisations.
AvaTrade provides forex trading as well as a broad range of CFD derivatives, including stocks, bonds, ETFs, commodities, and indices. You may also trade seven different cryptocurrencies straight through the AvaTrade platform with no commissions and no bank fees.
The only trading fees you’ll pay with AvaTrade are the bid-ask spread and the overnight financing fee if you keep positions open past the standard trading hours.
There are no deposit or withdrawal fees, as well as no account fees, when it comes to non-trading fees. However, after three months of inactivity, AvaTrade brokerage accounts are subject to a $50 inactivity fee. Following that, after one year of inactivity, a $100 annual administration fee is withdrawn from the trading account.
AvaTrade, which was founded in 2006, operates on a global scale and is thus authorised and regulated by a number of financial authorities. These include the Australian Securities and Investments Commission (ASIC), the South African Financial Sector Conduct Authority, Japan’s Financial Services Agency and the Financial Futures Association of Japan, the Abu Dhabi Global Markets Financial Regulatory Services Authority, CySEC, the Central Bank of Ireland, the B.V.I (British Virgin Islands) Financial Services Commission, and the Israel Securities and Exchange Commission. AvaTrade is also an Islamic forex broker.
71% of retail investor accounts lose money when trading CFDs with this provider.
7 . FXCM.
FXCM is an established forex trading platform that was first launched in 1999. Authorized and regulated by the FCA, this forex provider is often the go-to platform for those seeking a reliable and low-cost way of accessing the currency scene.
With that said, FXCM is also popular with first-time traders as it allows you to get started with a deposit of $50. Additionally, you can use the FXCM demo account to practice your forex trading endeavors in a 100% risk-free environment. Then, when you are ready to trade with real money, you can instantly deposit funds with a debit card.
When it comes to supported markets, FXCM gives you access to dozens of tradable forex pairs. This covers a good variety of majors, minors, and exotics. You can also trade shares, commodities, and indices – all in the shape of CFD instruments. FXCM offers leverage on all of its supported markets.
Although retail clients are capped to 1:30, professional traders can get up to 1:400. When we explored the FXCM fee structure for our review, we found this UK forex broker does not charge any commissions. Spreads are also competitive, especially on major pairs. FXCM allows you to trade forex via its website or mobile app – which is available on Android and iOS.
There is no guarantee you will make money with this provider.
8 . Forex.com.
Launched way back in 2001, Forex is a long-established trading platform. If you are a professional trader seeking advanced forex services, this provider is likely to be what you are looking for. Firstly, you’ll have access to over 80 forex pairs.
This covers a lot of bases in the currency trading scene – both in terms of majors/minors and exotics. When it comes to fees, Forex.com offers three account plans. If you’re on the Standard Account, you’ll benefit from zero commission trades and spreads from 1 pip.
However, if you’re a seasoned pro trading larger volumes, you want to consider either the Commission or STP Pro Accounts. The former gives you access to spreads of just 0.2 pips on EUR/USD. In turn, you’ll pay a commission of $5 per £100,000 traded.
Alternatively, the STP Pro account offers spreads of 0.1 pips on many pairs and commission starts at just $60 per $1 million traded. Irrespective of which account plan you sign up for, Forex.com is compatible with MT4. The platform also supports MT4 VPS hosting, which illustrates that it is a great option for automated forex EAs and high-frequency traders.
In terms of getting started, Forex.com requires a minimum deposit of just £100 when using a debit card or Paypal. If opting for a bank wire, there is no minimum deposit. Finally, Forex.com is authorized by the FCA in the UK, and many other bodies around the world.
There is no guarantee you will make money with this provider.
Forex Trading Platform UK Fees Comparison.
We’ll review how the UK’s forex brokers compare in terms of pricing so you can decide on the cheapest trading platform with the lowest fees. As many brokers have dynamic spreads, we’ve taken the spread for GBP/USD at the time of writing to give you an idea of how pricey each broker is.
Trading Platform Fees Spread or commission? GBP/USD Inactivity fee Overnight fees eToro Spread 2 pips £10 per year after 12 months Yes Capital.com Spread 1.4 pips None Yes Skilling Spread 1.3 pips No inactivity fee Yes Plus500 Spread Variable £10 per month after three months Yes FXCM Spread 1.4 pips £50 per year after one year Yes Forex.com Spread 2.1 pips £12 per month after 12 months. Yes.
How to Choose the Right Forex Broker UK for You.
We have discussed a wide selection of UK forex trading platforms currently on the market. We’ve purposefully reviewed a range of different providers so that many requirements are catered for.
For example. while some of these UK forex brokers stand out for offering low spreads and zero commissions, offers are particularly useful for newbies.
Crucially, in order to find the right forex broker UK for your needs, you need to do a bit of homework on the platform. The important factors that need to be considered are discussed below.
Regulation.
The online trading scene in the UK is heavily regulated – especially when it comes to retail clients. At the forefront of this is the FCA – which sets high standards for all of the forex trading platforms that it issues licenses to.
By sticking with a UK forex broker that is FCA-regulated, you can be sure that the provider operates by the book.
For example, the platform will need to keep your funds in segregated bank accounts, verify the identity of all traders, and be transparent about what fees and commissions it charges.
At the other end of the scale, by trading forex online with an unlicensed platform – or one that is regulated offshore, you’re simply asking for trouble.
Tradable Assets.
UK forex platforms typically give you access to dozens of currency pairs. Many cover major and minor markets, alongside a great selection of exotics. Additionally, you might also be thinking about trading other asset classes.
Instead of having to open an account with a specialist CFD trading platform or stock trading platform, the right forex broker UK wise for you could be one that offers a variety of markets.
For example, eToro not only offers 50+ forex pairs, but thousands of stocks, ETFs, cryptocurrencies, and commodities. This saves you the need to open multiple trading accounts with multiple providers.
Fees.
All forex trading platforms in the UK charge fees in return for offering you access to your chosen marketplace.
This includes the following:
Commissions : Many of the forex trading platforms that we discussed on this page allow you to trade forex commission-free. However, there are many providers in this space that will charge a variable commission when you enter and exit the market. For example, the provider charges 0.5% and you stake £200, you’d pay a commission of £1. Spreads: Commission-free forex trading platforms make money from the spread. This is the gap between the buy and sell price of your chosen forex pairs. UK forex brokers tend to offer spread of less than 1 pip on major markets. Leverage Fees: Unless you are prepared to trade an entire forex lot – which is usually worth $/£ 100,000, you will need to apply leverage. In turn, this comes with overnight financing costs. This means that you will pay a small fee for each day that you keep the forex trade open. Transaction Fees: Don’t forget about transaction fees – as some forex trading platforms in the UK will charge you when you deposit and/or withdraw funds. Also keep an eye on FX fees when making a deposit, especially if you’re using an international broker.
All of the above fees should be clearly displayed on the forex trading platform’s website. As such, you can assess how competitive the provide is before signing up.m.
Trading Tools & Features.
Different forex trading platforms offer a variety of trading tools and features.
Leverage : As noted above, leverage allows you to trade with more than you have in your brokerage account. Forex trading platforms in the UK tend to offer leverage of up to 1:30 on majors and 1:20 on minors/exotics. The only way to get more than this is if you are classed as a professional client. Copy Trading: One of the UK forex trading platforms on our list – eToro, offers a Copy Trader feature. This allows you to trade forex online without needing to do any of the legwork. Instead, your chosen trader will buy and sell forex pairs on your behalf – offering a passive investment experience. Order Types : You’ll want to choose a forex trading platform that offers a variety of order types. This will give you more flexibility in entering and exiting the market. At a minimum, this should include limit, stop-loss, and take-profit orders. Education: Many UK forex brokers cater to inexperienced traders. This means that they offer an assortment of trading guides, videos, and even webinars. Technical Analysis: If you’re a seasoned forex trading pro then stick with trading platforms that offer lots of technical indicators and charting tools. MT4 : If you want to install an automated forex EA or simply want access to market-leading research tools, it might be worth choosing a platform that is compatible with MT4.
Usability.
Trading forex online and making consistent profits is never guaranteed. As such, choose a forex trading platform that offers simple functionality.
In our search for forex brokers UK traders are accepted at, we came across a number of providers that offered a clunky experience. Not only were these providers difficult to navigate, but there was often a lag in order execution time.
We found that eToro had minimal lag on its primary online trading platform as well as its Android/iOS app.
Demo Account.
Leading on from the section above on usability, the only way to assess this effectively is to use the platform’s demo account facility. This is something offered by all of the UK forex trading platforms that we reviewed.
For example, eToro allows you to trade with ‘paper funds’ without you needing to make a deposit. The important thing is that the eToro demo facility mirrors its main trading account like-for-like.
This allows you to get comfortable with placing forex orders and deploying risk-management strategies. It’s also useful for testing the waters in terms of leverage.
Payments.
Once you have used the provider’s demo account facility, you’ll be required to make a deposit before you can start trading with real money.
Many UK forex brokers accept bank cards. This will allow you to quickly make a deposit as the funds should be credited instantly. Alternatively, some forex trading platforms – such as eToro, also support e-wallets.
Also be sure to check what the minimum deposit is on your chosen payment method, what fees apply, and how long the provider takes to process withdrawal requests.
Customer Service.
Many forex trading platforms in the UK offer live chat around the clock. This ensures that you can get instant support on your question or concern without needing to pick up the telephone.
With that said, we also came across providers that only offer support via email. This means that you’ll need to wait for several hours before getting a response (or days in some instances), which isn’t ideal.
How do Forex CFDs work?
The fundamentals of forex trading are that you exchange a specific amount of one fiat currency against another. For example, if you were to buy EUR/USD, you would make positive returns if the euro appreciates against the US dollar. On the other hand, you would stand to suffer losses if the exchange rate drops.
Forex CFD trading allows you to speculate on the market movements of the underlying asset while also using leverage to maximize your purchase power. Instead of settling a set amount of base currency, contracts for differences are settled in cash. This means they’re based on the opening and closing prices of an FX pair.
One of the main features of CFD trading is that when you use leverage you can amplify your position’s size while depositing a relatively small initial margin. It’s also worth noting that while leverage increases your exposure to the forex market it also maximizes potential losses.
Different Types of Forex Brokers.
Forex brokers come in all shapes and sizes. They vary depending on what their FX quotations are based on. There are four main categories to choose from:
No Dealing Desk Market Maker or Dealing Desk Broker Electronic Communications Network (ECN) STP (Straight Through Processing)
Each of these forex brokers has a different way of managing transactions and executing orders. Details about the four key types of forex brokers and their features follow:
No Dealing Desk Forex Brokers.
The No Dealing Desk (NDD) forex broker does not have a dealing desk, as the name suggests. Nonetheless, it offers diverse composite forex quotes sourced from various forex quote providers. These third-party companies give the No Dealing Desk broker its liquidity within the FX market.
A majority of forex quote providers post their main markets with the No Dealing Desk forex platform. The NDD broker will execute trades according to those forex quotes. No Dealing Desk forex brokers typically charge a commission or they broaden the market spread as a way to earn a profit for the service they provide.
Market Makers.
A forex market maker offers a two-sided market created by an in-house expert forex trader who acts as part of the broker’s dealing desk. Market Makers or Dealing Desk forex brokers typically execute trades without trading in the underlying market. Market Makers offer a forex quote based on the underlying market prices, and then take the other side of the transaction by buying on their bid side or selling on their offer side.
Electronic Communications Network (ECN)
Forex trading platforms that operate on an Electronic Communications Network, or ECN, usually do not have their own dealing desk. As a result, the ECN broker offers an electronic trading platform where advanced traders and expert market-makers at commercial banks can enter bids and offers.
A key benefit of using an ECN is that the trader posting the price can maintain a level of anonymity. This is ideal for investors who want to keep their trading strategies private.
STP (Straight Through Processing)
Straight-through processing brokers typically refers to the way forex trades are processed. STP brokers execute orders directly through a broker’s servers and onto liquidity providers without the need for any dealing desk intervention. The liquidity providers can be hedge funds, corporate banks, as well as investors. Typically, the STP forex broker has an in-house liquidity pool and liquidity providers compete in terms of their buy/sell spreads for STP orders.
In other words, STP means that the forex broker acts as a seamless link between the trader and the underlying market, as opposed to a dealing desk that re-processes orders.
Type of Forex Broker Key Features No Dealing Desk Does not have a dealing desk, offers diverse composite forex quotes sourced from various forex quote providers. Many forex quote providers post their main markets with the No Dealing Desk forex platform. The NDD broker will execute trades according to those forex quotes. No Dealing Desk brokers often charge a commission. Market Makers Offers a two-sided market. Typically execute trades without trading in the underlying market. Market Makers offer a forex quote based on the underlying market prices, and then take the other side of the transaction by buying on their bid side or selling on their offer side. ECN Usually do not have a dealing desk. ECN brokers offer a platform for expert traders and market makers at banks to enter bids and offers. Offer high levels of anonymity. STP Without the need for a dealing desk, STP brokers execute orders directly through a broker’s servers and onto liquidity providers. STP forex brokers have an in-house liquidity pool and liquidity providers compete for competitive buy/sell spreads for STP orders.
Which Forex Broker has a Range of Currency Pairs?
For day traders and other short-term forex trading strategies, you might want to research the range of supported currency pairs. This is because day trading, scalping, and spread betting, all try to capitalize on short-term price movements within a single trading day.
With this in mind, let’s take a closer look at just how many forex pairs forex trading platforms in the UK offer.
Forex Broker Currency Pairs eToro 49 currency pairs including majors, minors and exotics. Capital.com 138 Forex CFDs Libertex 45+ currency pairs Skilling 106 currency pairs AvaTrade 59+ currency pairs Plus500 70+ FX pairs FXCM 40+ FX pairs Forex.com 91+ currency pairs.
Forex Brokers for Beginners.
If you’re just stepping into the world of online investing, forex trading can be quite a challenge at first. With so much to learn and so many variables that have a direct impact on trading outcomes, you need to pick the right forex broker that’ll assist you every step of the way in terms of customer support.
After reviewing several forex trading platforms in the UK, we found that eToro is advertised as a forex broker for beginners. For a platform review , covering fees and commissions to tradable assets and payment methods, read our full eToro review.
eToro facilitates commission-free forex trading. This means that when you trade currency pairs you’ll only have to pay the low spread starting from just one pip. This is also a swap free forex broker. Opening an account is free and there are no mark-up, ticketing fees or stamp duty tax.
Approaching the forex markets without any knowledge of the space is like trying to navigate a ship through a storm without a helm. Beginner traders will therefore appreciate the free demo account and copy trading tools that eToro provides. Practice your trading strategies and broaden your knowledge of online investing with the eToro demo account. These practice accounts, or paper trading accounts, allow you to trade in a simulated, risk-free environment that mimics real market conditions. The eToro demo account comes with $100,000 worth of virtual funds.
Furthermore, eToro also offers several copy trading tools:
CopyTrader – this allows you to copy the trading strategies of other expert traders on the social trading platform. You can browse through the profiles of eToro traders, checking their past performances, risk ratings, average holding times and more. The minimum amount you can invest is $200 and the total number of traders you can copy at one time is capped at 100. CopyPortfolio – this is a CFD portfolio allowing you to invest in either a specific asset class or a basket of eToro investors. Investing in a theme means that you’ll be investing in a basket of diversified currency pairs. The minimum investment amount to use CopyPortfolio is $5,000.
68% of retail investor accounts lose money when trading CFDs with this provider.
Forex Brokers for Professionals.
Experienced forex traders are less reliant on automated trading features and demo accounts. For an advanced investor, technical indicators and fully customizable charts are of more value than a copy trading tool – but which forex broker offers the right tools and features for advanced users?
This is where MetaTrader 4 comes in. MT4 has been operating since 2005 and is among the industry-leading forex trading platforms in the UK. As well as forex, MetaTrader 4 can be used to participate in other markets such as commodities and indices through CFDs and spread betting.
MT4 is widely accepted for two main reasons. Firstly, it’s highly customizable to your trading goals and preferences. Secondly, it offers automated trading via algorithms to close and open positions based on pre-set criteria.
MetaTrader 4 features:
Fully customizable and flexible trading platform Access trading signals from trusted third-party providers Expert advisors for algorithmic trading Global accessibility via PC, web, android, iOS.
A popular forex broker for professionals is AvaTrade. This CFD and forex broker was launched in 2006 and is heavily regulated by financial authorities including ASIC and the Central Bank of Ireland.
To gain access to the MT4 trading platform, simply open a live trading account with AvaTrade and choose MetaTrader 4 as your preferred trading platform. The minimum deposit is £100 to gain exposure to the markets. Then download MT4 and log in using your AvaTrade credentials.
Why should I use MT4 on AvaTrade? MT4 has several features that allow you to conduct advanced price analyses on all supported instruments. These include a range of timeframes, interactive charts, as well as built-in technical indicators. The AvaTrade MT4 platform allows you to pinpoint the optimal prices to enter and exit your positions.
AvaTrade does not charge trading commissions, meaning the only trading fees you will encounter are the bid-ask spreads, and the overnight financing fee if you keep positions open after standard market hours transpire. For a more detailed look at the ins and outs of AvaTrade see our dedicated AvaTrade review .
71% of retail investor accounts lose money when trading CFDs with this provider.
How to Get Started with a Forex Trading Platform.
The steps below cover how to create a forex broker account:
Step 1: Open an Account and Upload ID.
Visit a regulated UK Forex broker and open an account. This will require you to enter some personal details – such as your name and email address.
You will also be asked to upload a copy of your:
Valid passport or driver’s license Utility bill or bank account statement (issued within the last 3 months)
Once you upload the above documents, you’ll be able to make a withdrawal at any given time. Your deposit limits will also be removed.
Step 2: Deposit Funds.
Add funds to your account, via:
Debit card E-wallet (Paypal, Skrill, or Neteller) Bank transfer.
Step 3: Search for Forex Trading Pair.
You can now search for the forex pair that you wish to trade. The way to do this is to enter the specific pair into the search box at the top of the page.
Then, you need to click on the ‘Trade’ button.
Step 4: Place a Trade.
You now need to select from a buy or sell order. Select the former if you think the exchange rate will increase and the latter if you think the opposite.
Enter your stake into the ‘Amount’ box and select your desired leverage ratio, if applicable.
Finally, click on the ‘Open Trade’ button to complete your commission-free forex trade.
UK Forex Brokers – Conclusion.
With so many forex trading platforms in the UK to choose from, it can be challenging to know which one to go with.
The main thing is that your chosen provider is one regulated by the FCA, supports your chosen pairs, and offers low fees and tight spreads.
It takes just 10 minutes to open an account at one of the various forex brokers in the UK that we reviewed.
Is forex trading legal in the UK?
Yes, although forex trading in the UK is heavily regulated, it is perfectly legal to buy and sell currency pairs online. Just make sure that your chosen forex platform is regulated by the FCA.
What is the an established forex trading platform UK for low fees?
After reviewing dozens of providers, we found that eToro has low fees. The platform not only offers tight spreads, but all tradable markets are commission-free.
What is the a suitable forex trading platform UK for beginners.
With more than 27 million clients as of Q1 2022 - eToro is often the go-to forex trading platform for beginners. The platform is particularly simple and getting started takes minutes.
Are forex trading platforms UK safe?
Well-established forex trading platforms in the UK are safe, as they will be regulated by the FCA. This ensures that you can buy and sell forex pairs in a safe and secure manner.
What is a popular forex pair to trade in the UK?
Irrespective of your skill set, the main pair to trade in terms of spreads, volume, and liquidty is EUR/USD. USD/GBP is also worth considering if you are looking for the aforementioned characteristics.
Which forex trading platforms UK accept Paypal?
If you want to trade forex with Paypal, eToro supports this e-wallet alongside Skrill and Neteller.
What is a forex trading platform in the UK that has copy trading?
eToro is known as a market leader in the growing social and copy trading scene. The platform is home to more than 700,000 verified copy traders, many of which specialize in forex.
Who is the biggest forex broker in the UK?
The largest forex broker in the UK is eToro. With a client base of over 27 million, eToro is fully regulated and authorized by the UK’s Financial Conduct Authority. This social trading platform gives you access to many forex pairs, as well as CFDs, fractional share trading, copy trading and more. It has 24/7 customer support, and the demo account is well-suited to beginner traders looking to experiment without any risks.
Which broker offers CFDs for forex trading?
Out of the eight forex brokers that we have reviewed in this guide, Capital.com offers just under 140 forex CFDs. With 0% commissions and competitive spreads, many users have opened a Capital.com account to gain access to leveraged, speculative instruments.
How can I check if a forex broker is regulated?
Regulated brokers will display their FCA license, or make a reference to it on their homepage. For example, if you scroll to the bottom of the eToro.com page you will see a comprehensive list of its financial regulators underneath the risk disclaimer. Alternatively, you could simply visit https://register.fca.org.uk and enter the name of the forex broker you’re interested in. If it holds a license with the FCA it will appear in the search results along with the license number.
Kane Pepi is a British researcher and writer that specializes in finance, financial crime, and blockchain technology. Now based in Malta, Kane writes for a number of platforms in the online domain. In particular, Kane is skilled at explaining complex financial subjects in a user-friendly manner. Kane has also written for websites such as MoneyCheck, InsideBitcoins, Blockonomi, Learnbonds, Buysharesand the Malta Association of Compliance Officers.
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