Best Forex Trading Platform UK 2021 – Cheapest Platform Revealed

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.

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. Libertex – Low-Cost Forex Trading Platform UK with ZERO Spreads
  3. Skilling – Forex Trading Platform With Spreads Starting at 0.1 Pip
  4. Plus500 – Best Forex Broker UK for Exotic Currencies
  5. FXCM – Best Forex Trading Platform UK for Low Deposits ($50 Minimum)
  6. Forex.com – Best UK Forex Broker for Professional Traders

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 – Over Best Forex Trading Platform UK for Beginners

etoro review

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, cryptocurrencies, and more.

eToro also allows you to trade forex with 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 $200 – or about £145. 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

Cons:

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

75% of retail investors lose money trading CFDs at this site

 

2. 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[/su_list]

Cons:

  • Only offers CFDs[/su_list]

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

 

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

Skilling logoSkilling 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, but cTrader, too. Skilling also offers a huge 1:500 leverage on its forex 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 spreads
  • Great for newbies
  • 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.

 

4. Plus500 – Best Forex Broker UK for Exotic Currencies

Plus500 LogoActive 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 forex 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 forex 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 is open an account and 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

76.4% of retail CFD accounts lose money.

 

5. 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.

 

6. 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.

 

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 UKThe 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 £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 support 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 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

Your capital is at risk.

75% 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.

 

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.