This article will discuss some of the 8 best Forex Trading Platforms in the UK. You could be looking for a broker in the UK to register a forex trading account because London has the highest volume of foreign exchange, or forex, trading in the world. If your case is so, this post is for you. Read on to learn more about this topic.
Forex Trading Platforms UK
You must first confirm that any U.K. forex broker you choose is duly has the regulation in the U.K. The Financial Conduct Authority, also known as the FCA, is responsible for overseeing the financial markets in the United Kingdom.
In order for forex brokers to conduct business both locally and even with clients abroad, they must be duly gain authorization and subject to FCA regulation. Therefore, it’s essential to check the FCA online register to see your broker’s registration number.
Best Forex Trading Platforms UK
Retail customers in the UK have the permission by forex brokers to buy and sell currency pairs in an effort to increase trading earnings.
In this article, we contrast the top 10 forex brokers operating in the UK at the moment. The forex brokers covered on this page provide a broad range of forex pairs at reasonable fees, as well as a number of trading tools and features.
The CFD trading platform XTB provides access to a wide range of assets, including commodities, indices, and equities. Additionally, UK citizens have access to a forex trading platform with 48 currency pairs. Because they allow micro-lot trading, speculators can speculate on the currency markets with little initial investment.
When trading forex, spreads start at just 0.1 pip, according to XTB, and there are no commission fees. On major pairs, leverage up to 1:30 is available; on minor/exotic pairs, leverage up to 1:20. Everyone who uses XTB will have access to a unique account manager. There are several helpful tools for forex traders on the market analysis section of the XTB website.
For raw spread accounts, Pepperstone is the top forex broker in the UK. Regular forex traders will benefit from this account type because they can access major currency pairs at 0 pip rates. For each traded lot, the raw spread account charges a commission of $3.50.
Pepperstone also offers standard accounts. Spreads start at 0.6 pip on the EUR/USD currency pair, and all trades can be entered with no commission. Pepperstone provides quick deposits through PayPal and debit/credit cards for funding.
Bank transfers are also allowed, however the delivery time is up to three working days. In addition to providing more than 60 different currency pairs, Pepperstone also offers stocks, ETFs, commodities, and indexes under supported markets. Finally, a variety of trading platforms, including MT4, MT5, cTrader, and Trading View, are supported by Pepperstone.
IG is a well-known brokerage and share dealing platform that was founded in 1974 and is headquartered in the UK. Access to more than 80 currency pairs is available through this supplier, which includes a variety of majors, minors, and exotic currencies. Retail clients in the UK can use leverage up to 1:30, and the platform provides protection against negative balances.
We appreciate that IG’s site provides three distinct options to trade FX. This includes DMA (Forex Direct) accounts, tax-free spread betting, and CFD instruments. The latter, however, is exclusively accessible to clients who are professionals. However, there are no commission fees for either the spread betting or CFD accounts.
IG provides spreads on EUR/USD at a minimum of 0.6 pips. However, this does result in an average daily movement of 1.13 pip. More than 18,000 markets are available with IG, including genuine stocks, ETFs, CFD indices, commodities, and more. UK customers must deposit at least £250 at IG, and Visa debit/credit card payments cost 1%.
Meta Trader 5
Most people use MetaTrader 5 (MT5) as their CFD trading platform. When compared to MT4, it is more potent and enables trading on decentralized markets. Additionally, the platform features Depth of Market (DoM), allowing you to access order books at the most competitive pricing.
38 technical indicators, 68 analytical tools, Share CFD Trading, Depth of Market (DoM), 64-bit processing for more potent backtesting, 21 Timeframes, and 6 pending order types are some of the characteristics of this platform.
FXTM is a well-known forex broker that provides UK citizens with three different account types. This makes certain that all investment profiles are taken into account. First off, the micro account offers spreads that begin at 1.5 pip trading that is commission-free.
The Micro account requires a minimum deposit of £50. Anyone who has the means to deposit at least £500 should think about opening an advantage account. Spreads begin at 0 pips while commissions are applied to each deal on average in the range of $0.40 and $2.
The same pricing structure as the micro-option is available with the advantage plus account, but this one also grants access to a larger margin call ratio of 80%. FXTM accepts payments using e-wallets and debit/credit cards. Therefore, they do not having billing for UK citizens as well as deposit fees.
The top spread betting website and forex broker in the UK is capital.com. As of this writing, this day trading platform offers no fewer than 138 currency pairings, including all majors and minors as well as a large number of exotic currencies. The capital.com supports currency pairs which you can trade without any commission.
In this marketplace, spreads are likewise fiercely competitive. Trading pairs like EUR/USD, for instance, just require a 0.6 pip minimum spread. Capital.com supports both long and short orders when entering a position. Because of this, traders in the UK might try to profit from both increasing and declining currency exchange rates.
Additionally, Capital.com permits its users to trade the most popular currency pairs using leverage in accordance with UK rules of 1:30 or more. This indicates that you can obtain trading capital of £500 for every £100 staked. Trading leverage of up to 1:20 is available to UK traders when trading minor and exotic pairings.
The FCA, SEC, CySEC, and ASIC have all approved and granted licenses to eToro, a regulated forex broker. The FSCS also provides coverage for the platform. We prefer eToro for a variety of reasons, one of which is that the system may be the finest for newcomers to forex trading platforms UK.
The trading platform is web-based, relatively user-friendly, and gives traders access to straightforward yet highly customizable pricing charts. Finding a suitable currency pair to trade is simple with eToro’s filter and search features, and placing orders is also a simple process.
eToro permits UK traders to purchase and sell currency pairs on a spread-only basis with no additional fees. Although EUR/USD starts at 1 pip, spreads will vary based on the instrument. UK forex traders have access to leverage up to 1:30. This means that the minimum bet when using the maximum amount of leverage is only $33.33, or roughly £28.
For individuals seeking to trade currencies tax-free, AvaTrade is among the top forex brokers in the UK. This is possible because AvaTrade provides a spread betting option. In a nutshell, AvaTrade’s spread betting markets follow the value of currency pairings in real time.
Gains from a position in forex spread betting are not subject to taxation in the UK. Additionally, AvaTrade supports both long and short positions in its spread betting facility and offers leverage of up to 1:30. The fact that AvaTrade doesn’t charge commissions is yet another significant advantage.
However, spreads on EUR/USD are slightly greater than the market average, costing a minimum of 0.9 pip. However, we also appreciate AvaTrade’s fee-free deposits, which accept debit and credit cards. Additionally, AvaTrade provides traders with a variety of platforms to choose from, including MT4 and MT5.
A list of suggested FCA-regulated UK forex brokers has been compiled based on variables such as currency trading conditions, market range, fees, and customer support. You can get started with any of these platforms.