Search TradingPlatforms
Home » forex

Based in the UK and looking for the best forex trading platform? If so, there are dozens of top-rated forex brokers that are authorized and regulated by the FCA.

But, in order to find the best platform for your needs, you need to look at factors like supported currency pairs, fees and commissions, trading tools, payments, and customer support. In this guide, we review the Best Forex Trading Platforms UK.

In This Guide

Best Forex Trading Platforms 2021 List

Below you will find the top forex trading platforms for beginners to consider in your pursuit of a top-rated provider. We review each forex trading platform in great detail further down on this page.

  1. eToro – Overall Best Forex Trading Platform UK for Beginners
  2. Capital.com – Best CFD Broker to Buy and Sell Forex Pairs with Low Fees
  3. Libertex – Low-Cost Forex Trading Platform UK with ZERO Spreads
  4. Skilling – Forex Trading Platform With Spreads Starting at 0.1 Pip
  5. AvaTrade – Top-rated FX Broker with Competitive Fees
  6. Plus500 – One of the Biggest CFD Brokers in the UK
  7. FXCM – Best Forex Trading Platform UK for Low Deposits ($50 Minimum)
  8. Forex.com – Best UK Forex Broker for Professional Traders
My Trade Size

€ 100 (0.001 lots)

Sort By

2 Providers that match your filters

Deposit Methods

Trading Platforms

Regulated by

Additional Features

Min. Deposit

£500

Min. Spread

2

Max. Leverage

2:1

Currency Pairs

1+

Rating

1 or better

Mobile App

1 or better
Recommended Broker
253 New users today

Rating

Total Cost

€0.01

Mobile App
10/10

Min. Deposit

€50

Min. Spread

1 pips

Max. Leverage

50:1

Currency Pairs

52

Trading Platforms

Demo
WebTrader
CopyTrading

Deposit Methods

Bank Transfer Credit Card

Regulated by

FCA, CySEC, ASIC, CFTC, NFA, BAFIN

What you can trade

Forex

Indices

Actions

Cryptocurrencies

Raw Materials

ETFs

Average spread

EUR/GBP

2.5

EUR/USD

1

EUR/JPY

2

EUR/CHF

5

GBP/USD

2

GBP/JPY

3

GBP/CHF

4

USD/JPY

1

USD/CHF

1.5

JPY/CHF

2.8

Additional Fees

Rolling fee

0

Conversion

0

Leveraged

30:1

FCA

30:1

CySEC

30:1

ASIC

30:1

CFTC

30:1

NFA

30:1

BAFIN

Rating

Total Cost

€0.01

Mobile App
9/10

Min. Deposit

€20

Min. Spread

0.6 pips

Max. Leverage

20:1

Currency Pairs

100

Trading Platforms

Deposit Methods

Regulated by

What you can trade

Forex

Indices

Actions

Cryptocurrencies

Raw Materials

Average spread

EUR/USD

0.6

GBP/USD

0.8

Additional Fees

Rolling fee

Conversion

0.0

Leveraged

Best Forex Broker UK 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.

We have done the leg-work for you by reviewing the very best forex trading platforms in the UK right now.

1. eToro – Overall Best Forex Trading Platform UK for Beginners

With more than 17 million investors now using eToro to buy and sell financial instruments, this top-rated forex trading platform is well worth considering. This is especially the case if you are a complete newbie in the world of forex trading and are thus seeking a user-friendly platform to get started with.

Firstly, eToro is home to over 50+ forex trading pairs. This includes most 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 stock, ETFs and cryptocurrencies, making it the best ethereum trading platform.

eToro also allows you to trade forex with high leverage. As per FCA rules, the most 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 $50. Perhaps the most innovative feature offered by this top-rated 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 newbies 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 benefit from a commission-free experience. As a leading social trading platform, eToro is also great for sharing forex trading ideas with other users of the site.

eToro copy trading

If you want to get started with eToro right now, this top-rated forex trading platform supports a good range of UK payment methods. This includes debit/credit cards, e-wallets like Paypal and Skrill, and a traditional bank transfer. And of course, 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.

Pros:

  • Super user-friendly online broker and trading platform
  • Trade thousands of assets with tight spreads
  • 100% commission-free
  • You can also trade stocks, indices, ETFs, cryptocurrencies, and more
  • Deposit funds with a debit/credit card, e-wallet, or bank account
  • Social trading and copy trading
  • Regulated by the FCA, ASIC, and CySEC
  • Provides negative balance protection

Cons:

  • Not suitable for advanced traders that like to perform technical analysis

67% of retail investors lose money trading CFDs at this site

2. Capital.com - Best CFD Broker to Buy and Sell Forex Pairs with Low Fees

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 attractive 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 credit/debit cards and e-wallets are handled instantly.

Capital.com is licensed by top-tier 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.

Pros:

  • User-friendly demo account
  • Fully regulated by the FCA and CySEC
  • 24/7 customer support
  • Wide range of supported payment methods
  • Access to trusted MT4 platform

Cons:

  • Cannot set price alerts on the web platform

76.72% of retail investors lose money trading CFDs at this site

3. Libertex – Low-Cost Forex Trading Platform UK with ZERO Spreads

Next up on our list of the best forex trading platforms UK is that of Libertex. The platform - which has been active in the online forex trading scene since the late 1990s, is home to a good 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 slide, but Libetex offers ZERO spreads. As such, even when you factor in the variable commission, this top-rated forex trading platform offers super competitive fees.

libertex UK forex trading platform

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/credit or e-wallet.

libertex UK forex trading platform

The minimum deposit at this top-rated forex trading platform is just £100. This goes down to just £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 seen.

Pros:

  • Zero spread CFD trading
  • Very competitive commissions - starting from 0% upwards
  • Good educational resources
  • Long established broker
  • Compatible with MT4
  • Great choice of markets

Cons:

  • Only offers CFDs

83% of retail investors lose money trading CFDs at this site.

4. Skilling – Forex Trading Platform With Spreads Starting at 0.1 Pip

Skilling logo Skilling is one of the latest entrants to the UK forex trading scene - with the platform launching as recently as 2019. With this in mind, Skilling is offering some of the most 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.

skilling review

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 or credit card, e-wallet, or by transferring funds from your UK bank account.

Pros:

  • More than 800 financial instruments
  • Commission-free share trading with tight average spreads
  • Great for newbies with little trading experience
  • Supports algorithmic trading
  • Compatible with MT4 and cTrader
  • User-friendly mobile app for iOS and Android

Cons:

  • Does not support ETF trading

Your capital is at risk when trading CFDs with this provider.

5. AvaTrade - Top-rated Forex Broker with Competitive Fees

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)AvaTrade 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 top-tier 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.

AvaTrade

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 trading dashboard

AvaTrade, which was founded in 2006, operates on a global scale and is thus authorised and regulated by a number of top-tier 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.

Pros:

  • Low non-trading fees
  • No deposit fees
  • Low $100 minimum deposit to open a live trading account
  • Unfettered access to a host of trading platforms including MT4 and MT5
  • Free demo trading account

Cons:

  • Inactivity fee is slightly above average

71% of retail investor accounts lose money when trading CFDs with this provider.

6. Plus500 – One of the Biggest CFD Brokers in the UK

Plus500 Logo Active traders in the UK mainly focus on major pairs like EUR/USD and GBP/USD. This is especially the case with newbies, as major pairs come with the tightest spreads and least volatility. However, if you're the type of forex trader that has a higher tolerance for risk, you might want to consider Plus500.

This is because the top-rated CFD trading platform offers a great selection of exotic currency pairs. To give you an idea of some of the currencies the platform offers, this includes the likes of the Singaporean dollar, Hungarian forint, Danish krone, Polish złoty, Mexican pesos, South African rand, Thai baht, and more.

plus500 spreads review

Most of the aforementioned exotic currencies can be traded alongside the British pound. Irrespective of whether you are trading majors, minors, or exotics - Plus500 is a 100% commission-free CFD trading platform. The only fee you need to take into account is the spread. During busy hours, this starts at a spread of just 0.01% on major pairs.

Deposits and withdrawals are also fee-free and there are no ongoing charges. Outside of forex, Plus500 excels in other key asset areas. This includes CFDs that track stocks, ETFs, bonds, indices, commodities, and more. Once again, all of these markets can be traded commission-free. Although Plus500 doesn't support MT4/5 or cTrade, its proprietary platform comes packed with order types and chart reading tools.

plus500

Getting started at Plus500 takes minutes, too. All you need to do to getting started at Plus500 is open a demo account in less than five minutes. Opening a real account is also a very smooth process. You need to submit your documents, wait to get the verification done, and you're ready to go. You can also instantly make a deposit with your UK debit/credit card or Paypal. The minimum deposit stands at just £100. In terms of reputation, Plus500 is authorized and regulated in several countries. This includes a license with the FCA. Its parent company - Plus500 Ltd is listed on the London Stock Exchange, too.

Pros:

  • A commission-free trading policy
  • Tight spreads
  • Huge library of forex and CFDs
  • In-house trading platform, available on web browsers and mobile phones
  • Plenty of features including risk management tool, price alerts, and trader's sentiment tool
  • Heavily regulated including a license by the FCA

Cons:

  • No social trading tools
  • CFDs only

72% of retail CFD accounts lose money.

7. FXCM – Best Forex Trading Platform UK for Low Deposits ($50 Minimum)

FXCM is an established forex trading platform that was first launched in 1999. Authorized and regulated by the FCA, this top-rated 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 just $50. Additionally, you can use the FXCM demo account to practice your forex trading endeavors in a 100% risk-free environment. Then, when it's a case of being ready to trade with real money, you can instantly deposit funds with a debit/credit card.

FXCM forex trading UK

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, we were pleased to see that this top-rated UK forex broker does not charge any commissions. Spreads are also very competitive, especially on major pairs. FXCM allows you to trade forex via its website or mobile app - which is available on Android and iOS.

Pros:

  • FCA-regulated
  • Lots of currency pairs to trade
  • Choose from several trading platforms - including MT4
  • Supports EAs and forex robots
  • 0% commission on all assets
  • Tight spreads
  • You can also trade stock, crypto, oil, and gold via CFDs

Cons:

  • Minimum deposit of $360 for EU clients

There is no guarantee you will make money with this provider.

8. Forex.com – Best UK Forex Broker for Professional Traders

Launched way back in 2001, Forex is a hugely established trading platform. If you are a professional trader that is 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 most 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.

forex.com uk review

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 most 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.

forex.com uk review

In terms of getting started, Forex.com requires a minimum deposit of just £100 when using a debit/credit 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.

Pros:

  • Specialist forex trading app
  • Access to dozens of currency pairs
  • Particularly strong when it comes to exotic currencies
  • No minimum deposit when opting for a bank wire
  • Also offers CFDs
  • Heavily regulated - including US licenses
  • Top-notch forex and economic new

Cons:

  • KYC process is a bit long-winded

There is no guarantee you will make money with this provider.

Best Forex Trading Platform UK Fees Comparison

Now let's take a look at exactly how the UK's best forex brokers stack up in terms of pricing so you can easily pick 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 Best Forex Broker UK for You

We have discussed a wide selection of the best forex trading platforms UK currently in the market. We've purposefully reviewed a range of different providers so that most requirements are catered for.

For example. while some of the best forex trading platforms UK stand out for offering super low spreads and zero commissions, offers are particularly useful for newbies.

Crucially, in order to find the best forex broker UK for your needs, you need to do a bit of homework on the platform. The most important factors that need to be considered are discussed below.

Regulation

FCA regulated forex trading platforms UK 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 does everything by the books.

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

The best forex trading platforms UK typically give you access to dozens of currency pairs. Most 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 best forex broker UK
will offer a variety of markets.

etoro forex pairs

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: Most 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 their money from the spread. This is the gap between the buy and sell price of your chosen forex pairs. The best forex trading platforms UK offer spreads 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 easily assess how competitive the provide is before signing up.m

Trading Tools & Features

The best forex brokers UK offer a variety of trading tools and features.

etoro copy trading forex

This includes:

  • Leverage: As noted above, leverage allows you to trade with more than you have in your brokerage account. The best forex trading platforms UK 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: The best forex trading platform UK on our list - eToro, offers a Copy Trading 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 truly passive investment experience.
  • Order Types: You'll want to choose a forex trading platform that offers a good variety of orders. 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: The best forex trading platforms UK 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 it's best to stick with 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 no easy feat. As such, it's best to choose a forex trading platform that offers simple functionality and a great all-round experience.

In our search for the best forex brokers UK, 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.

etoro leverage

With that said, our top-rated forex trading platform UK - eToro, offers a seamless user experience. This is the case for both 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 best forex trading platforms UK that we discussed today.

For example, eToro allows you to trade with 'paper funds' without you needing to make a deposit. The most 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 good 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.

We find that the best forex trading platform UK for beginners supports debit and credit 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

The best 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

The best forex trading platforms UK come in all shapes and sizes. Forex brokers vary depending on what their FX quotations are based on. As such, 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 the best 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.

Most forex quote providers post their best 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 for the best 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 the best composite forex quotes sourced from various forex quote providers. Most forex quote providers post their best 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 the best buy/sell spreads for STP orders.

Which forex broker has the most 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 the best forex trading platforms 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

Which forex broker is best 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 help you every step of the way.

After reviewing hundreds of forex trading platforms UK, we found that eToro is the best beginner-friendly forex broker. For a thorough review, covering everything from fees and commissions to tradable assets and payment methods, be sure to also 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 hundreds 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 top-rated 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.

67% of retail investor accounts lose money when trading CFDs with this provider.

Which forex broker is best 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 now one of the leading forex trading platforms 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.

AvaTradeGo

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 best 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

The best forex broker for professionals is AvaTrade. This CFD and forex broker was launched in 2006 and is heavily regulated by top-tier financial authorities including ASIC and the Central Bank of Ireland.

To gain access to the top-rated MT4 trading platform, simply open a live trading account with AvaTrade and choose MetaTrader 4 as your preferred trading platform. Deposit a minimum of £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 expert 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 best 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 be sure to check out our dedicated AvaTrade review now.

71% of retail investor accounts lose money when trading CFDs with this provider.

How to Get Started with the Best Forex Trading Platform UK

Ready to start buying and selling currencies with the best forex broker UK? If so, we are now going to talk you through the process of opening an account, making a deposit, and placing your first forex trade!

Step 1: Open an Account and Upload ID

Head over to the eToro website and open an account. This will require you to enter some personal details - such as your name, address, and national insurance number.

eToro sign up

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 upload the above documents, you'll be able to make a withdrawal at any given time. Your deposit limit of $2,250 will also be removed.

Step 2: Deposit Funds

eToro will now ask you to make a deposit with one of the following payment methods:

  • Debit cards
  • Credit cards
  • E-wallets (Paypal, Skrill, or Neteller)
  • Bank transfer

There is a small 0.5% FX fee on deposits at eToro. But, don't forget you'll be able to trade 50+ forex pairs commission-free and with tight spreads.

Step 3: Search for Forex Trading Pair

You now can now search for the forex pair that you wish to trade. The easiest way to do this is to enter the specific pair into the search box at the top of the page.

TRADE FOREX ON ETORO

As you can see from the image above, we are looking to trade GBP/JPY.

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.

TRADE FOREX ON ETORO

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.

Best Forex Brokers UK - 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 most thing is that your chosen provider is regulated by the FCA, supports your chosen pairs, and offers low fees and tight spreads.

We found that the award for the best forex trading platform UK goes to eToro. This super user-friendly FCA-regulated platform offers over 50+ forex trading markets at a commission rate of 0%.

It takes just 10 minutes to open an account on eToro and start trading from the comfort of your home!

eToro - Best Forex Trading Platform UK with 0% Commission

67% of retail investor accounts lose money when trading CFDs with this provider.

FAQs

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 best forex trading platform UK for low fees?

After reviewing dozens of providers, we found that the best forex trading platform UK for fees is eToro. The platform not only offers tight spreads, but all tradable markets are commission-free.

What is the best forex trading platform UK for beginners

With more than 17 million clients - 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?

The best forex trading platforms 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 the best forex pair to trade in the UK?

Irrespective of your skill set, the best pair to trade in terms of spreads, volume, and liuquidty 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 the best forex trading platform UK for copy trading?

eToro is without a doubt the market leader in the ever-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?

Overall, the best forex broker in the UK is eToro. Boasting a client base of over 20 million, eToro is fully regulated and authorized by the UK’s Financial Conduct Authority. This social trading platform gives you access to heaps of forex pairs, as well as CFDs, fractional share trading, copy trading and more. It has great customer support, and the demo account is ideal for beginner traders looking to experiment without any risks.

Which broker offers the most 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?

Most 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.

 

About Kane Pepi
About Kane Pepi

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.

Scroll Up