TradingPlatforms Low Spread Forex Brokers UK – Cheapest Platforms Revealed
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Spreads are an additional charge implemented by forex brokers to charge users for trading. Spreads often catch traders out by making seemingly low-cost trades more expensive. This can make it tricky to trade forex on a tight budget in the UK. The solution is to use low spread forex brokers that limit the spreads that are charged per trade.

In this guide, we review some low spread forex brokers that you can use in the UK during 2023.

In This Guide

Low Spread Forex Brokers in the UK 2023 – List

There are several brokers out there that allow you to trade on forex currency pairs with low spreads. Here is an overview of the options available to UK traders.

  • eToro – A multi asset trading ecosystem and one of UK’s most popular brokers. eToro offers access to 52 different currency pairs and the platform is notable for its copy trading feature.
  • XTB – Multiple award winning forex brokerage that offers trades access to 48 currency pairs and uses the xStation 5 trading interface.  XTB provides more than 2100 trading instruments in total. This makes it a tempting choice for anyone wishing to diversify their portfolio.
  • AvaTrade – UK regulated brokerage platform that offers numerous trading interfaces for a limitless trading experience.  The platform provides accessto over 50 currency pairs, including major, minor, and exotic pairs, allowing traders to diversify their portfolio.
  • Trade Nation – A brokerage platform offering a range of assets regulated by financial bodies worldwide, including the UK Financial Conduct Authority since 2014.
  • Admiral Markets – Admiral Markets classes itself as an investment ecosystem and is an award-winning regulated broker in the UK. Offers its client base the chance to trade on desktop or remotely on-the-go using their mobile trading application which is available for both iOS and Android users.
  • Pepperstone – Voted the TradingView Broker of the Year 2022 and Best MetaTrader 4 Brokerage 2023. It allows clients to trade assetsusing a variety of trading platforms including the world renowned MetaTrader 4 and 5 interfaces.
  • Plus500 – A UK based brokerage platform that is a FTSE250 company listed on the London Stock Exchange. The platform offers clients low fees with tight spreads and zero commissions.
  • Skilling – CFD trading platform  offers access to 70 different currency pairs and a variety of payment methods including PayPal, GPay, ApplePay, Klarna and Skrill, among others.
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3 Providers that match your filters

Payment methods

Trading platforms

Regulated by

Support

Min.Deposit

£ 1

Leverage max

1

Currency Pairs

1+

Classification

1or more

Mobile App

1or more

Rating

Total cost

£ 0 Commission 0.00

Mobile App
9/10

Min.Deposit

£100

Spread min.

Applied pips

Leverage max

30

Currency Pairs

56

Trading platforms

Demo
Webtrader
Mt4

Funding Methods

Bank Transfer Credit Card Sepa Transfer Skrill

Regulated by

FCACYSEC

What you can trade

Forex

Indices

Actions

Raw Materials

Etfs

Average spread

EUR/GBP

2.4 pips

EUR/USD

1.4 pips

EUR/JPY

2.4 pips

EUR/CHF

2.4 pips

GBP/USD

2.4 pips

GBP/JPY

3.4 pips

GBP/CHF

2.4 pips

USD/JPY

1.4 pips

USD/CHF

2.4 pips

CHF/JPY

-

Additional Fee

Continuous rate

Variable

Conversión

Applied pips

Regulation

Yes

FCA

Yes

CYSEC

No

ASIC

No

CFTC

No

NFA

No

BAFIN

No

CMA

No

SCB

No

DFSA

No

CBFSAI

No

BVIFSC

No

FSCA

No

FSA

No

FFAJ

No

ADGM

No

FRSA

76.57% of retail investor accounts lose money when trading CFDs with this provider

Rating

Total cost

£ 0 Commission From 0%

Mobile App
10/10

Min.Deposit

£10

Spread min.

0.5% to 1.5% pips

Leverage max

30

Currency Pairs

50

Trading platforms

Demo
Webtrader
Copytrading

Funding Methods

Bank Transfer

Regulated by

CYSECASIC

What you can trade

Forex

Indices

Actions

Cryptocurrencies

Raw Materials

Etfs

Average spread

EUR/GBP

1.5 pips

EUR/USD

1 pip

EUR/JPY

2 pips

EUR/CHF

5 pips

GBP/USD

2 pips

GBP/JPY

3 pips

GBP/CHF

4 pips

USD/JPY

1 pip

USD/CHF

1.5 pips

CHF/JPY

6 pips

Additional Fee

Continuous rate

Variable

Conversión

0.5% to 1.5% pips

Regulation

No

FCA

Yes

CYSEC

Yes

ASIC

No

CFTC

No

NFA

No

BAFIN

No

CMA

No

SCB

No

DFSA

No

CBFSAI

No

BVIFSC

No

FSCA

No

FSA

No

FFAJ

No

ADGM

No

FRSA

76% of retail investor accounts lose money when trading CFDs with this provider.

Rating

Total cost

£ 0 Commission 0.07

Mobile App
9/10

Min.Deposit

£10

Spread min.

0.0001% pips

Leverage max

30

Currency Pairs

80

Trading platforms

Demo
Webtrader
Mt4
MT5

Funding Methods

Bank Transfer Credit Card Neteller Paypal Sepa Transfer Skrill

Regulated by

FCACYSECASIC

What you can trade

Forex

Indices

Actions

Cryptocurrencies

Raw Materials

Etfs

Average spread

EUR/GBP

-

EUR/USD

0.0

EUR/JPY

-

EUR/CHF

-

GBP/USD

-

GBP/JPY

-

GBP/CHF

-

USD/JPY

-

USD/CHF

-

CHF/JPY

-

Additional Fee

Continuous rate

Variable

Conversión

0.0001% pips

Regulation

Yes

FCA

Yes

CYSEC

Yes

ASIC

No

CFTC

No

NFA

No

BAFIN

No

CMA

No

SCB

No

DFSA

No

CBFSAI

No

BVIFSC

No

FSCA

No

FSA

No

FFAJ

No

ADGM

No

FRSA

Trading CFDs involves substantial risk of loss and may not be suitable for all investors.

Low Spread Forex Brokers UK Reviewed

Now that you have seen the list of some low spread forex brokers in the industry, below is the detailed review of the brokers on the list.

eToro offers a variety of instruments that are available to trade, including 45 forex CFDs. It includes all the major and minor currency pairs, and the platform even has some of the more exotic currencies that are available to trade. At the same time, they also offer several other asset classes such as stocks, indices, ETFs, cryptocurrencies, and commodities. Their spreads start as low as 1 pip, which makes them an extremely affordable low-cost platform.

eToro has its own trading platform that has been designed for both web portals as well as a mobile app. The platform has a clear interface and is also simple to navigate. At the same time, eToro also offers a demo account to all its users where they can trade with virtual capital before deciding to risk real money.

This provides traders with an opportunity to get familiar with the platform and its navigation, in addition to trying out some of their strategies to test them under market conditions. Their platform also includes over 100 built-in technical indicators and charting tools that you can use for your analysis.

eToro is also, at its core, a social trading platform which means that users can interact with other traders. The platform also has a news feed that will keep you updated with the latest happenings in various major economies and markets.

best low spread forex brokers

The platform also supports copy trading. This enables users to mimic the trades of professional traders. Copy trading involves automating the trading process which is appealing to traders who do not have time to conduct their own research and analysis.

eToro is a regulated platform, as it is regulated by numerous agencies across the world including the UK’s Financial Conduct Authority. They have a very low minimum deposit requirement, at just GBP 200. This can be deposited through either bank transfer, credit/debit card, or PayPal.

eToro fees:

Fee Amount
Stock trading fee Free
Forex trading fee Spread, 2.1 pips for GBP/USD
Crypto trading fee Spread, 0.75% for Bitcoin
Inactivity fee $10 a month after one year
Withdrawal fee $5

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.

XTB logo2. XTB – Multiple Award Winning Brokerage using xStation 5 Interface

A popular trading platform for stocks, currencies, and commodities that accepts a variety of assets is called XTB Broker in Europe. The platform has been accessible for more than 15 years and has more than 400,000 subscribers globally.

XTB provides more than 2100 trading instruments in total. This makes it a tempting choice for anyone wishing to diversify their portfolio and increase their market exposure. Additionally, XTB promises reasonable spreads and charges. Those who maintain positions after the market closes are subject to overnight costs according to the website.

Members of XTB can access a range of educational tools to improve their skills. There are also numerous tutorials and a whole trading academy included. Additionally, Users have access to in-depth market analysis to help them make informed trading decisions on XTB.

Additionally, XTB provides a demo account to test out the platform without risking any money. XStation 5 and XStation Mobile are the two trading systems that XTB provides. The second choice is the best for mobile trading.

XTB is suitable for scalping because the platform offers fast execution speeds. You can start trading with as little as you like because XTB has no minimum deposit requirements.

Visit XTB

Your money is at risk.

3. AvaTrade – Variety of Trading Interfaces for Limitless Trading Experience

AvaTrade logo

AvaTrade is a widely used platform that facilitates seamless forex trading in the UK. AvaTrade provides access to over 50 currency pairs, including major, minor, and exotic pairs, allowing traders to diversify their portfolio and potentially increase their returns.

The platform offers competitive spreads and flexible leverage options, which means that traders can manage their trading costs and increase their trading power.

In addition, AvaTrade provides a range of trading tools and resources to help traders make informed decisions about their trades, including real-time market news and analysis, as well as advanced charting tools. The platform also supports automated trading through its AvaOptions and MetaTrader 4 platforms, which can help traders execute their trading strategies more efficiently and accurately.

AvaTradeGo

Another important feature of forex trading on AvaTrade is the availability of risk management tools. Forex trading can be volatile, and AvaTrade offers a range of tools to help traders manage their risk and protect their investments. These tools include stop-loss orders, which allow traders to limit their potential losses by setting a predetermined exit point for a trade, and take-profit orders, which enable traders to lock in profits by setting a predetermined exit point for a trade.

Additionally, AvaTrade offers negative balance protection, which means that traders cannot lose more than their account balance. This can provide peace of mind for traders, especially during times of high market volatility. AvaTrade’s commitment to risk management and investor protection has earned it a reputation as a trustworthy and reliable forex broker.

Finally, AvaTrade offers excellent customer support and assistance, including 24/7 live chat and phone support, as well as email support and a comprehensive FAQ section. Overall, forex trading with AvaTrade offers traders a comprehensive platform to execute their trades.

Your money is at risk

4. Trade Nation – Competitive Spreads and Fully Regulated in Numerous Jurisdictions

Trade Nation - logo

Trade Nation is known to be one of the cheapest CFD forex brokers that offers fixed spreads from just 0.6 pips. The platform also charges no deposit or withdrawal fees or inactivity fees. Furthermore, there is no minimum deposit requirement to use the demo account to practice trading.

Traders can practice with Trade Nation without depositing any funds or putting any money at risk. This is ideal for less-experienced users who may want to improve their skills before trading live markets.

Trade Nation offers access to forex CFDs, stock CFDs, spread-betting, indices and commodities. It is possible to trade over 1000 financial instruments from around the globe. Traders can choose to use either MT4 or Trade Nation’s own TN Trader charting platform to trade. Both tools offer a variety of indicators that can be used to conduct analysis and make informed decisions.

Trade Nation has a clear interface which makes the platform ideal for all types of traders. What’s more, users can access the platform on the go through the mobile application.

Fee Amount
Stock trading fee Fixed spreads from 0.6 pips
Forex trading fee Fixed spreads from 0.6 pips
Crypto trading fee N/A
Inactivity fee Free
Withdrawal fee Free

75% of retail investor accounts lose money when trading CFDs with this provider.

5. Admiral Markets – Investment Ecosystem with Numerous Awards in the UKAdmiral Markets Logo

Admiral Markets is a trading platform brokerage founded in 2001. It classifies itself as an investment ecosystem and providers users access to over 8000 financial instruments including CFDs for forex, stocks, indices, bonds, commodities and ETFs.

Admiral Markets offers its client base the chance to trade on desktop or remotely on-the-go using their mobile trading application which is available for both iOS and Android users. For users wishing to trade on desktop users have access to MetaTrader the advance trading platform used by traders worldwide. For more masterful charting and analytics, Admirals provides users access to MetaTrader Supreme Edition and Stereo Trader, which are both pre-loaded with state-of-the-art trading tools and technical analysis indicators.

Admiral Markets Review

Admiral Markets offers various different account types which offer access to different asset classes and have different minimum deposit requirements. With regards to trading forex currencies, provides its users access to over 80 different currency pairs.

The trading platform has competitive spreads, typically for EUR/USD it is 0.6 pips. Admiral Markets also offers an Islamic Forex Account, which enables trading forex without having interest fees applied to credit or debits. The Islamic Forex Account is only available to use if signing up to the Trade.MT5 account type.

Admiral Markets also offers its clients educational materials. These include webinars, tutorials and articles to help investors navigate the world of trading. The platform also offers a Forex 101 course which is a three step programme, containing 9 online video lessons, which helps beginners learn the ins and outs of forex trading.

The trading platform also offers a wide variety of trading and analytics tools allowing users to trade using the MetaTrader 4 and MetaTrader 5 trading interfaces. Users can also get access to the MetaTrader Supreme Edition which comes packed with pre-set trading strategy indicators. Users also have access to StereoTrader, which is a MetaTrader trading panel for a more immersive trading experience.

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.

6. Pepperstone – Voted Best MetaTrader 4 Broker in 2023Pepperstone Logo

Pepperstone is a multi asset brokerage firm founded in 2010 by a group of experience traders committed to improving online trading experiences. Since its establishment Pepperstone has grown to become on of the world’s largest brokerage firms facilitating multi billions of trades per day.

This brokerage is regulated across multiple jurisdictions including Australia, Cyprus, Germany and the UK, among others. It offers clients access to over 1200+ financial instruments across forex, commodities, indices, stocks and ETFs.

Pepperstone allows clients to trade assets using a variety of trading platforms including the world renowned MetaTrader 4 and 5 interfaces. Users can also use cTrader, and all platforms are available to use on desktop or mobile for iOS and Android. One unique integration that Pepperstone provides is integration directly with TradingView whereby Pepperstone clients are able to directly connect and trade via their TradingView accounts.

Traders also have access to Capitalise.ai which is Pepperstone’s proprietary automation trading tool. Using Captialise.ai allows code-free automation trading while also presenting users with tools to back test simulated trading strategies, get smart notifications to monitor market movements, explore various live strategies, and customize advanced trading features.

Pepperstone - Voted Best MetaTrader 4 Broker in 2023

Pepperstone offers clients 3 different account types, Razor, Standard and Spread Betting with the primary difference being the spread and commission on forex trading. The Razor account type has lower spreads for forex typical averages are 0 – 0.2 pips for EUR/USD and other major currency pairs.

Although, with the Razor account there is commission of 2.25 GBP per lot per side. With the Standard and Spread Betting account types no commissions are charged for forex trades, however, spreads are significantly higher with averages spreads for EUR/USD being 1.0 – 1.2 pips for Standard Account, and 0.6 – 1.0 pips for Spread Betting accounts.

Regarding forex trading, Pepperstone offers clients access to over 60+ currency pairs, with deep liquidity and competitive spreads. The platform hosts majors, minors, crosses and exotics. A unique asset market type covered by Pepperstone is Currency Indices referred to as Currency Index CFDs.

These are key tools to assist traders by measuring the value of a currency against a basket of other currencies. This allows traders to understand the strength of a given currency in comparison with other global currencies for a better measure of sentiment, and to find new trading opportunities.

Visit Pepperstone

Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 81.7% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.

7. Plus500 – FTSE250 Company Listed on London Stock Exchangeplus500

Plus500 is a multi-asset trading group founded in 2008 and operated is UK company base since 2011. It is a broker that is regulated in the UK by the Financial Conduct Authority and offer client money protection by holding funds in segregated accounts.

This broker is notable for being a FTSE250 company which is listed on the London Stock Exchange. The platform offers CFDs for a variety of assets from stocks, commodities, indices, forex, options and ETFs.

The platform offers clients low fees with tight spreads and zero commissions. For forex trading Plus500 charges a currency conversion fee for trading instruments that are a different currency to the main currency of a users account. The currency conversion fee is up 0.7% mark up on the trade’s realised net profit or loss.

The platform offers traders access to over 60+ currency pairs and provides advanced trading tools to assist traders to protect profits while limiting losses. Users are able to trade forex with up to 1:30 leverage and spreads are very competitive, with GBP/USD spread being 0.01% -0.015%.

Plus500 - FTSE250 Company Listed on London Stock Exchange

The platform has a dedicated education and insights sections which provides users with resources that assist with trading. Plus500 has a trading academy with how-to videos, an e-book and reliable FAQs that can help traders to learn about different aspects or trading and navigate the platform.

Users also have the option to check out the economic calendar, news & market insights and alerts features for timely market information. One unique attribute of Plus500 is the +Insights feature, which is similar to social trading in that it allows users to analyse other traders’ trends, strategies and activity which can also be copied directly from the +Insights interface.

Plus500 is a broker that offers a wide range of payment methods including debit card, bank transfer, PayPal, Klarna, Skrill, ApplePay, among other regional popular payment forms. The platform does not charge for withdrawals, deposits, with no custodial or platform usage fees. The brokerage is available to use on desktop and mobile with the Plus500 app available on both iOS and Android, providing a user-friendly interface and simplistic easy-to-use brokerage platform for remote or on-the-go trading.

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

8. Skilling – Low Cost Forex Trading with Tight SpreadsSkilling logo

Skilling is a CFD provider with headquarters in Cyprus, Malta and Spain. The platform offers access to CFDs in forex, shares commodities and indices. This broker offers low fees and tight spreads with 0% commission on a standard account.

Skilling offers two different account types for traders which have different deposit and trading volume requirements, with varied commissions and spreads. The Standard account type is ideal for beginners and low volume traders with the minimum deposit amount being only €100. It also offers tight spreads starting from 0.7 pips and is also commission free. Users are able to trade with leverage of up to 1:30 when trading CFDs on a standard account.

Skilling Trading Platform

The Premium account type differs from the Standard account mainly providing even lower spreads. Spreads can be as low as 0.1 pips, and therefore, users of a Premium account are subject to trading commissions of 35 USD per million dollar volume.

Due to the Premium account providing lower spreads there is a minimum deposit requirement of €5000, or alternatively $10 million USD trading volume per month. The Premium account is more suited to higher volume forex trading considering the substantially lower spreads.

With regard to forex trading on the platform, Skilling offers access to over 70+ currency pairs including majors, minors and exotics. In 2022, Skilling won 3 awards in the Global Forex Awards for the Best Forex Trading Platform in LATAM, Europe and Globally.

The platform also offers security of funds to its clients, with funds held is tier 1 segregated banks and account insurance up to €1 million. Skilling is regulated under CySec and is also authorised by the Financial Conduct Authority to operate in the UK.

Users are able to trade on Skilling using three different trading platforms, cTrader, MetaTrader 4 and the propiertary Skilling Trader. The platform also offers a Skilling Copy interface allowing traders to browse through 400+ trading strategies in the social trading community.

These trading platforms are user-friendly and available on both desktop and mobile, while Skilling also offers a One Account-Two Platforms feature allowing users to trade using two separate platforms for a varied trading experience.

82% of retail investor accounts lose money when trading CFDs with this provider.

What Are Forex Spreads?

A forex spread is one of the many ways in which a forex brokerage platform makes its profits. Whenever you place an order on the market, there is a difference between the price at which you are willing to buy a particular forex currency pair and the price at which the seller is willing to sell their currency pair. The difference between these two prices is called the spread, and it is how exchanges make their money.

However, forex trading platforms these days are market makers. Therefore, they do not directly fulfill your order at the exchange. On the other hand, they observe the current price of whatever currency pair you are looking to trade, and then they give you their own buy and sell price based on the current market price. If you, for example, place a buy order on the USD/EUR pair, then your broker will take on the other side of the transaction and sell you USD/EUR pairs.

They will then set off this position in the market or by combining a buy position from you and a sell position from someone else. What this means is that market maker brokers do not actually fulfill your order directly at the exchange, but they take on the other side of the transaction themselves. The fee that they charge for doing this is called the spread and is visible as the difference between the buy and the sell prices of the pair.

This is why, if you decide to buy and sell something instantly, you will actually end up booking a loss, because the selling price for a currency pair on a market-making platform is always lower than the buy price at any given point in time. This is called the spread. This is the way commission-free platforms such as eToro make their money.

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.

What Is Considered A Low Spread In Forex?

The spread that will be considered a low spread really depends on the currency pair that you wish to be trading. For example, if you were to trade a major currency pair, then a low spread would differ significantly from the low currency spread for a minor pair.

So, based on the currency pairs you wish to trade, you need to decide which broker offers you the lowest spreads. As a general rule, major currency pairs have the highest spreads, followed by minor currency pairs, and then exotic currency pairs, which have the highest spreads of all.

For example, the EUR/USD pair is a frequently traded forex pair and it is commonly used as a metric for comparing spreads between different brokers. The industry average spread for the EUR/USD pair is 1 pip. This means that any broker who charges a spread lower than 1 pip is going to be considered a low spread broker. There are several brokers who charge such low spreads, and thus are more preferable for forex traders who are looking to primarily trade on major currency pairs.

It is important here to note that different forex brokers can have lower spreads than the industry average for different forex pairs. What this means is that a broker who has the lowest spreads in the industry for the GBP/USD pair might not necessarily have the lowest spreads for the EUR/USD pair.

Different brokers tend to price currencies differently, and it is important for you to know this. Therefore, if you are looking to trade one particular currency pair more often than others, then you should definitely do your research to identify the broker  with the lowest spread for that particular currency pair.

Another major factor to keep in mind is that some brokers offer variable spreads whereas others have fixed spreads. This is important for two reasons. The first reason why knowing whether your broker offers variable or fixed spreads is important is that this will affect your trading time.

Usually, currencies can be traded around the clock, and the forex markets never reality close.  If you have a broker with a fixed spread, then there is no issue and you could trade the currency pair at any time. However, if your broker offers variable spreads, then this means that the lowest spreads will only be present at certain times during the day. What those times are, depending on what currency you wish to be trading.

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.

For example, if you choose to trade major currency pairs, then the time for you to trade, in order to take advantage of the lowest variable spreads, would be to trade when both the European and the US markets are open since these are the markets wherein traders provide the maximum liquidity and activity in the forex markets.

Today, the forex market is the largest financial market in the world, with a daily turnover that has increased from $6.6 trillion in 2019 to $7.6 trillion in April 2023, according to the source.

There is a 4-5 hour time period in the day wherein both these markets are open, and therefore, the trading volumes are at their highest point. At this point during the day, since there is a very high buying and selling volume, it is quite likely that you will be able to trade with much lower spreads. This time wherein spreads are the lowest for variable spread brokers will differ if you were to trade minor currency pairs or exotics.

The second reason why knowing whether your broker offers fixed or variable spreads is important is that sometimes you might be misled by brokers into thinking that their spreads are low. For example, a particular broker might tell you that their spread for EUR/USD is 0.5 pips, but what they will bury in the fine print is that this is actually the lowest spread that they will offer, and that the spread can differ at various times during the day.

Therefore, in effect, you will usually end up paying a spread of more than 0.5 pips at times during the day. This is not a problem with brokers that offer fixed spreads, but their spreads are usually higher, making it the same thing in effect anyway.

Ranking Criteria

When selecting trading platforms, our team of experts look at a number of important criteria. These criteria are essential in choosing the right platform for investors.

  • Firstly, we look for brokers that are available in the UK and offer low spreads.
  • Secondly, we look for brokers that offer the major and minor currency pairs in the market and a wide range of other digital asset classes such as: stocks, indices, ETFs, cryptocurrencies and commodities.
  • We also know how important the issue of fees is, which is why in our article we have selected platforms that are convenient and do not require you to deposit a certain amount or pay extra for withdrawals. Some of them are even free, the fee only applies to premium accounts. These accounts are usually recommended for more advanced investors.
  • Educational resources and analysis tools are also important. Our chosen platforms offer the opportunity to learn, test and analyse the market through these tools. Many even offer a free demo account so you can familiarise yourself with the platform and the trades.

Tips For Trading With Low Spread in the UK

If you are looking to trade with a low spread broker, then there are several things that you should keep in mind. Some of these things have been listed below in detail:

  • Ensure that you are aware of whether the spread is variable or fixed. In case it is a variable spread, ensure that you find out when the spreads are at their lowest and only trade during these times.
  • Make sure that you are aware of any other hidden charges that the broker might levy. This might include overnight fees, inactivity fees, and deposit/withdrawal fees. Such small fees can actually add up and eat into your profits, thereby affecting the effectiveness of your trading strategies.
  • Make sure that you’re not trading with higher leverage than what you are comfortable with. The main thing that you need to remember is that the higher the leverage that you use, the lower your risk of margin and the higher your losses will be if the trade turns against you. Therefore, you should only use leverage if you’re comfortable with that degree of risk.
  • Combine both technical and fundamental analysis. For you to be a successful trader, it is important to be proficient in either technical or fundamental analysis. However, whichever strategy you choose in order to trade, it is important for you to be aware of the other side as well. For example, if you primarily trade on technical analysis, you should still know about major events and macroeconomic announcements that might affect currency prices. Knowing both sides of the trading world is important for you to maximise your chances of success in the forex markets.

How to trade on eToro

Step 1: Register on the Platform

Go to the eToro website and create a personal account. You will be asked to provide your personal details and to comply with the identity verification procedure in accordance with the regulations in force.

eToro Account

Step 2: Identity Authentication

In order to verify your identity, eToro will ask you to provide a document with your personal details. You can include a copy of your identity card, passport or driving licence.

Confirm Identity eToro

Step 3: Upload Funds to Your Account

Once your account verification has been successfully completed, you are free to add funds to your eToro account. You can choose from a variety of methods, including credit/debit cards, bank transfers or online payment services such as PayPal.

Step 4: Explore the platform

Once you’ve funded your account, you can start exploring the platform to better understand how it works and familiarise yourself before you start trading. You can also explore assets and track market data in real time.

Step 5: Choose a cryptocurrency

Select the specific asset you wish to trade. eToro offers a wide range of assets including stocks, cryptocurrencies, indices, commodities and more.

etoro

Step 6: Start trading

To initiate a trade, select the “Trade” button and determine the amount you wish to invest, the optional stop-loss and take-profit thresholds and the level of leverage, if any.

Step 8: Validate the trade

Before confirming the transaction, we recommend that you carefully review the details of the transaction, including the potential profit/loss and associated risk.

Conclusion

Trading forex using a low spread broker gives you access to among the biggest capital markets in the world. Having low spreads enables you to trade while paying minimal fees which could be advantageous for some traders. While there are several low spread forex brokers in the UK, and different brokers are suitable for different needs, not all platforms will provide the tools needed to make informed trading decisions.

In this guide, we have taken a look at several low spread forex brokers that are suitable for UK traders. Each platform offers educational tools and resources as well as charting tools, customer support and mobile capabilities. Conduct your own research before making a decision as to which broker to use.

FAQs

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Can I trade cryptocurrencies with low spreads from the UK?

References:

“https://www.forex.in.rs/forex-trading-statistics/?utm_content=cmp-true”
“https://www.wallstreetmojo.com/all-courses/”
“https://corporatefinanceinstitute.com/resources/wealth-management/financial-instrument/”
“https://www.youtube.com/watch?v=FyCbKDUhBJM”

Nishit Kumar Finance Writer and Analyst

Nishit Kumar Finance Writer and Analyst

Nishit is a NGL Trader Analyst at Akari Trading. He has also worked as an analyst for Morgan Stanley and Onyx Commodities.

Before starting his career in finance, Nishit studied at the University of Warick where he was an active member of the Hedge Fund society. Due to his qualifications and experience, Nishit is considered an industry expert and enjoys writing content that could help traders to make informed decisions.

As well as writing, Nishit worked as Associate Editor for The Economic Transcript until 2021. He has also written for Newsweek and has good knowledge of current events that could affect the financial markets.