Top Forex Trading Platforms UK in December 2023 – Cheapest Platform Reviewed

7. Plus500 – London Stock Exchange listed brokerage platform; trade more than 2800 instruments; leverage up to 1:30

Plus500 founded in 2011, is a FTSE250 company that became publicly listed on the London Stock Exchange. It is a multi asset trading platform offering CFDs for stocks, commodities, indices, forex, cryptocurrencies, options and ETFs. This brokerage boasts over 2800 financial instruments available to traders and has seen over $800 billion in trading value since inception.

Plus500 offers three different account types to clients, Invest (for stocks), CFD (leverage trading) and Futures (U.S. future markets). For customers based in the UK only the CFD option is available, however, this will give traders access to most of the instrument types the platform offers. This brokerage offers low costs, no commissions on trades and tight spreads, typically 0.7 – 2 pips on stocks and a 0.7% mark up on forex currency that is different to the primary currency of a user’s account.

The platform provides forex traders with access to over 60 pairs and permits leverage of 1:30. There are also educational resources on forex available on their trading academy page. Plus500 helps traders keep up to date on news and global events with their economic calendar, and also bolsters risk management tools to manage trading activity. This allows users to manage different type of close outs for positions, all while having sound knowledge of upcoming global events which can affect trading positions.

Uniquely, Plus500 offers a +Insights feature where users can monitor, track and duplicated other traders’ activity on the platform. Within the interface users can also duplicate positions that they deem attractive, which can be seen similar to copy trading. Plus500 allows users to access all features through their browser-based web trader, or alternatively from the Plus500 app available on iOS and Android mobiles.

81% of retail investor accounts lose money when trading CFDs with this provider.

8. Alvexo – Online forex broker with over 450 available assets; real-time market data; trade forex CFDs

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 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.

Alvexo fees:

76.22% 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.

9. Skilling – UK forex trading platform with low fees from just 0.1 pips; over 800+ instruments available

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.

When trading major forex pairs with Skilling, you can engage in buying and selling within a narrow spread of just 0.1 pips. Furthermore, regardless of your chosen forex pair, there are no commissions applied.

This feature proves especially beneficial for those interested in trading smaller amounts, as it ensures potential profits are not eroded by flat-rate commission fees. Novice traders will also find Skilling’s user-friendly web trader platform to be uncomplicated and hassle-free. Additionally, Skilling offers a valuable selection of educational guides and a comprehensive 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 FCA. 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.

10. FXCM – Forex trading app with a free demo account; supports copy trading via ZuluTrade; compatible with MT4

FXCM is a forex trading platform that was first launched in 1999. Authorized and regulated by the FCA, this forex provider is suitable for those seeking a reliable and low-cost way of accessing the currency scene.

That being noted, FXCM enjoys popularity not only among experienced traders but also among newcomers, thanks to its low initial deposit requirement of just $50. Furthermore, FXCM offers a risk-free environment for honing your forex trading skills through their demo account. When you feel prepared to transition to live trading, you have the convenience of making instant deposits using a debit card.

When it comes to supported markets, FXCM provides access to dozens of tradable forex pairs. This covers a good variety of majors, minors, and exotics. Users 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.

11. Forex.com – market-leading FX broker; spreads from 0.2 pips; access major and exotic currency pairs

Launched way back in 2001, Forex is a long-established trading platform. The platform is geared towards experienced FX traders who 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, seasoned pros trading larger volume, may 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 £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.

Key Features of UK Forex Brokers

We have discussed a wide selection of UK forex trading platforms currently on the market. We’ve purposefully reviewed a range of different providers that cater to different requirements.

For example. while some of these UK forex brokers stand out for offering low spreads and zero commissions, offers are particularly useful for newer traders.

Crucially, in order to find the right forex broker UK, you need to do a bit of research into each platform. Below is an overview of the different features that you will find on each platform.

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, along with 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 for you in the UK could be one that offers a variety of markets.

For example, eToro not only offers 50+ forex pairs but also thousands of stocks, ETFs, cryptocurrencies, and commodities. This eliminates 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, if 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 prices of your chosen forex pairs. UK forex brokers tend to 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 assess how competitive the offer is before signing up.

Trading Tools & Features

Different forex trading platforms offer a variety of trading tools and features.

This includes:

• 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 that 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 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 appreciated against the US dollar. On the other hand, you would suffer losses if the exchange rate dropped.

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 refer 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. Liquidity providers can be hedge funds, corporate banks, and 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.

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 Brokers for New Traders

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 suitable for less-experienced traders. For a platform review covering fees and commissions, 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 with just one pip. This is also a swap free forex broker. Opening an account is free, and there are no markups, 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. 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 that allows 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.

74% 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.

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 more valuable 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 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.

MT4 has several features that allow you to conduct advanced price analyses on all supported instruments. These include a range of timeframes, interactive charts, and 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.

Forex Trading Useful Terminology

When searching for the best forex platform to use, it may be helpful to better understand some of the terminology that you may come across.

Trading account: This is the account that you will use to place trades. Forex trading accounts are typically managed by brokers. The accounts can only be accessed by the traders who created them or anyone of has the account login details.

Currency pairs: A currency pair is a type of asset that you trade in the forex market. The pair represents a price quote for two currencies- a base currency and a quote currency. When you place an order for a currency pair, the base currency is bought and the second currency is sold.

Leverage: Leverage is borrowed money that can be used to increase the size of a position on a trade. Leverage is shown as two numbers separated by a colon and represents the amount of money that you can borrow for every amount that you trade. For example, 1:100 means that you can borrow $100 for every $100 traded.

Pips: A pip is a unit of measurement between price points that is used to describe how much the price of a currency pair moves during a trade. The value of each pip depends on the size of your trade. For a trade position of 10,000 units, 1 pip would equal $1. So you would make or lose $1 for every 1 pip of price movement.

Spreads: A spread is the difference between the sell rate and buy rate of a currency pair. Narrow spreads are desirable as it is easier to profit from these pairs.

UK Forex Brokers – Conclusion

According to the source, the UK is the largest forex trading center in the world, accounting for 43.1% of the global market share. With so many forex trading platforms in the UK to choose from, it can be challenging to know which one to go with. For precisely this reason, our experts created this guide on Forex Trading Platforms.

We analyzed the most important aspects of trading platforms, choosing the best options for our readers. 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.

Your money is at risk.

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