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Best Forex Trading Platforms in UK

In this article you’ll find a variety of high quality Forex trading platforms. This is a continuation of our “Financial Instruments” series that you may also want to check out : CFD Trading Platforms , Best Exchange App , Investment Apps . Our approach is not to highlight the main features and advantages, but also to highlight the disadvantages to assist you decide.

14 million people are online traders, according to Brokernotes and Forex Canada, it’s estimated that around 10 million will get into Forex trading. Most of them are citizens from European (Great Britain, Germany, France) and North American countries (USA, Canada). Choosing the best forex broker aka platform, service (web / mobile) takes time and research, so we’d like to tackle things in a first step – by highlighting 10 popular services.

Warning : CFDs are complex instruments and carry a high risk of losing money quickly because of leverage. Between 71 and 89% of retail investor accounts lose money when trading CFDs. Some parameters such as the margin can also be volatile depending on the market trend. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

1 of 10

Plus500

Warning : 71% of retail investor accounts lose money when trading eToro. You should consider whether you can afford the high risk of losing your money.

Warning . 76.4% of retail CFD accounts lose money when trading Plus500.

  • Plus500: CFD Online Trading on Forex and Stocks

    Plus500: CFD Online Trading on Forex and Stocks

    Developer: Plus500 TradingnFinance

    Price: Free

     

Plus500 is a highly rated day trading software and a well-known CFD platform since 2008. It offers all the required channels: mobile applications (iOS / Android), a web-based platform and a browser extension. The maximum leverage is 1: 300 (for non-EU citizens), which implies that with just $ 100, you can manage assets worth $ 30,000. Plus500 has negative balance protection, that is, when a currency pair drops to a particular level, the user’s transaction will be automatically closed and money will be saved.

Web Mobile Desktop Minimum deposit FX margin Currency pairs FX commission Indicators Trading hours Demo account
$ 100 N / A 70 $ 0 N / A 24/5

Pros

  • Reasonable withdrawal and transaction fees
  • Guaranteed stop order

Cons

  • Inactivity Fee
  • No algo trading, no API
  • OANDA fxTrade for Android

    OANDA fxTrade for Android

    Developer: OANDA CorporationnFinance

    Price: Free

     

  • OANDA fxTrade Forex Trading

    OANDA fxTrade Forex Trading

    Developer: OANDA Corporation

    Price: Free

     

A company with global reach and headquarters in NY, USA, provides its Forex trading platform (web / desktop / mobile) as well as the popular MetaTrader 4 or AMarkets . The real-time data comes from 25 central banks worldwide.

There is no minimum account requirement, and you can start with a demo account with virtual funds and no time limit. Depending on the region, specific rules may apply to account funding, fees, margin rates, and processing time. For help, use the chat with a virtual assistant in 4 languages or, if necessary, with a real person.

Web Mobile Desktop Minimum deposit FX margin Currency pairs FX commission Indicators Trading hours Demo account
$ 0 ~ 5% 55 $ 5 per lot 60+ 24/5

One of the biggest advantages of Oanda is that it doesn’t require fixed trade sizes called lots. As we all know, most Fx trading platforms such as MT4 allow trading currency pairs in standard lots (100,000 units), minilots (10,000 units) or the smallest possible – micro lots (1,000 units).

 

At Oanda, we can bid for any amount, even just 1 unit, which equals $ 1 or $ 1, etc. According to the Oanda core price sheet, a typical commission for USD base accounts is $ 5 per lot. There is also the Oanda fxTrade mobile app which provides access to even more currency pairs (over 90) and the ability to set default trading parameters, warnings, etc.

Pros

  • Open an account with just $ 1
  • Trading is also possible below a micro lot
  • Powerful API for algo trading

Cons

  • Might be too complex for beginners
  • Accounts have no negative balance or anti-slip
  • xStation - Forex & CFD Trading

    xStation – Forex & CFD Trading

    Developer: X-Trade BrokersnFinance

    Price: Free

     

Web Mobile Desktop Minimum deposit FX margin Currency pairs FX commission Indicators Trading hours Demo account
$ 0 ~ 3% 49 $ 4 per lot 60+ N / A

With brokerage experience since 2002, XTB is one among the largest forex trading platforms in the world. With offices in the UK, Poland, Germany, Spain, France and other countries, they’re under the supervision of the strictest authorities. XTB offers its xStation trading platform for stationary and mobile devices. Support for the popular MetraTrader 4 platform is also available.

 

The main advantages of ecn brokers australia are regular free online webinars and various forex trading courses, also in multiple languages. According to the price sheet, the standard commission for USD base accounts is $ 4 per lot. xStation offers over a thousand analysis tools, customer support around the clock, a cashback system and other advantages.

Pros

  • No minimum for opening an account
  • The best Fx guides and tutorials
  • Micro lot trades are possible

Cons

  • Withdrawals of $ 100 or less will be charged $ 30 commission.
  • No API for MT4
  • IG Trading - CFDs, Shares, Forex Trading


    IG Trading – CFDs, Shares, Forex Trading


    Developer:


    IG GroupnFinance

    Price:


    Free

     

Founded in 1974, IG Group launched an online trading application in 2012. It’s a gateway to over 16,000 financial markets, has 178,000 active customers who conduct approximately 350,000 transactions per day.

Web Mobile Desktop Minimum deposit FX margin Currency pairs FX commission Indicators Trading hours Demo account
$ 250 0.5% 96 $ 10 per $ 1M traded 60+ 100

As one of the leading forex trading platforms, IG offers a large number of currency pairs. The fees are pretty competitive, margins of 0.5%, 0.6 average spreads. It’s possible to trade via an online platform or mobile applications, as well as access to ProRealTime, MT4, L2 (with direct market access). IG also offers tutorials, world news on forex day, social trading.

Pros

  • High quality trading platforms
  • Helpful and reliable customer service
  • Competitive Fx Margin Requirements

Cons

  • Inactivity Fee
  • No support for MT5
  • Social trade incomplete
  • IBKR Mobile

    IBKR Mobile

    Developer: Interactive Brokers GroupnFinance

    Price: Free

     

  • IBKR Mobile

    IBKR Mobile

    Developer: Interactive Brokers LLC

    Price: Free

     

Interactive Brokers Group, Inc., founded in 1977 with huge capital and numerous industry awards, has also become one of the forex trading platforms through its FXTrader. It has an uncomplicated interface where you can set the layout as one cell or up to a 4 × 4 currency grid, change the colors, etc.

Web Mobile Desktop Minimum deposit FX margin Currency pairs FX commission Indicators Trading hours Demo account
$ 0 ~ 2% 22 0.2% 33 100

Also referred to as IBKR, it provides good usability, extensive trading opportunities, order management, watchlists and portfolio tools for forex traders. For more information on commissions, see IBKR Fx Pricing Structure. Overall, this Fx platform will likely be suitable for professional traders.

Pros

  • No minimum deposit requirement
  • Powerful trading software
  • Excellent for market and portfolio analysis

Cons

  • Inactivity Fee
  • The Trader Workstation (TWS) can be tricky for new users
  • Not a lot of currency pairs
  • Pepperstone Group Limited cTrader

    Pepperstone Group Limited cTrader

    Developer: SpotwarenFinance

    Price: Free

     

Thanks to an Australian broker with 73,000 trading accounts, Pepperstone has been one of the largest forex platforms since 2010. It offers prices from a variety of sources, low spreads, over 60 currency pairs, and free funding for a variety of deposit options.

Web Mobile Desktop Minimum deposit FX margin Currency pairs FX commission Indicators Trading hours Demo account
£ 200 5% 61 $ 7 per lot 33 24/5

In times of liquidity, spreads can drop as much as 0 pips on EUR / USD. The amount of the fee depends on which trading platform you’re working with – MT4, MT5 or cTrader, a Pepperstone product. For MetaTrader 5, the commission for 1 lot ($ 100,000) is $ 3.5 (check the complete pricing structure ).

Pros

  • All common platforms available
  • Affiliate program
  • Transparent fee structure

Cons

  • Withdrawal fee $ 20
  • No way to change the leverage
7th of 10

LCG Trader

  • LCG Trader - CFDs & Spread Bets on 7,000+ Markets

    LCG Trader – CFDs & Spread Bets on 7,000+ Markets

    Developer: London Capital GroupnFinance

    Price: Free

     

The London Capital Group (LCG) is a pioneer in the online trading industry. It provides access to MetaTrader 4 and their own LCGTrader platforms, along with cAlgo for automated trading and cMirror for social trading (copy trading).

Web Mobile Desktop Minimum deposit FX margin Currency pairs FX commission Indicators Trading hours Demo account
$ 10 5% 61 5% 70+ 24/5

Premium services are available to traders with a deposit of £ 25,000, as are lower commissions depending on the volume of trade. In LCGTrader there’s also the choice to add a guaranteed stop loss order for extra pips. For instance, with the Classic account type, the average spread for EUR / USD is 1.45 pips, while for ECN accounts ($ 10K deposit) it’s 0.65 pips.


Pros


  • Algo and social trade

  • Competitive spreads

  • Guaranteed stops


Cons


  • Commission is twice as high on MT4 as on LCGTrader
  • JForex

    JForex

    Developer: Dukascopy Bank SAnFinance

    Price: Free

     

  • JForex

    JForex

    Developer: Dukascopy Bank SA

    Price: Free

     

Dukascopy Bank in Geneva, Switzerland, offers JForex for currency trading in addition to its main banking services. Comprehensive documentation, clear guidelines and competitive spreads create trust. JForex 3 is a desktop platform with many indicators, improved graphs, historical tests, real-time news, and built-in customer support. However, there’s no way to create watchlists.

Web Mobile Desktop Minimum deposit FX margin Currency pairs FX commission Indicators Trading hours Demo account
$ 1000 10% 64 $ 1 traded per $ 1M 250+ 24/5

The trading commissions for Dukascopy depend on the set fees and the daily / monthly / quarterly performance on the SWFX – a Swiss foreign exchange marketplace. Dukascopy charges an additional fee of $ 20 for withdrawals, which is among the highest among European brokers.

Pros

  • JForex’s own Fx platform
  • Suitable analysis material

Cons

  • Great first deposit
  • High commissions for traders with low deposits
  • CMC: CFD Trading

    CMC: CFD Trading

    Developer: CMC MarketsnFinance

    Price: Free

     

CMC Markets is a UK-based financial company that has been trading online in global markets since 1989. In the Forex trading platform space, it offers a service called Next Generation which has several unique tools, many features, and low fees. Depending on the region, the trader’s options in terms of leverage, commissions and other factors differ, please refer to the CMC Markets website for more details.

Web Mobile Desktop Minimum deposit FX margin Currency pairs FX commission Indicators Trading hours Demo account
$ 200 3.3% 330 spread + 1% 115+ 24/5

Pros

  • Powerful trading platform
  • Over 300 currency pairs
  • Good customer service

Cons

  • No API
  • Charge after 2 years of inactivity
  • MT4 instruments limited
  • FXCM Trading Station Mobile

    FXCM Trading Station Mobile

    Developer: FXCM Global Services, LLCnFinance

    Price: Free

     

  • FXCM Trading Station Mobile

    FXCM Trading Station Mobile

    Developer: Forex Capital Markets LLC

    Price: Free

     

FXCM, or Forex Capital Markets, is a UK retail broker for trading in the foreign exchange market. However, it is a bit controversial because it was banned in the US in 2017 for customer fraud (more on Wikipedia ). Nevertheless, FXCM grants access to 4 forex trading platforms: Trading Station, MetaTrader4, Ninjatrader and Zulutrader. Trading Station is their own proprietary service.

Web Mobile Desktop Minimum deposit FX margin Currency pairs FX commission Indicators Trading hours Demo account
$ 50 3% 56 spreads-only N / A 24/5

deriv broker login is customizable, it consists of widgets and you can choose their size / position. We also noticed that the desktop version is sometimes delayed while the online platform works better and faster. For a basic account, the maximum leverage for the major pairs is 30: 1, and the minimum spread is 1.3 for a EUR / USD pair. Active traders can get lower prices and spreads.

Pros

  • Powerful web-based platform
  • Low fees and funding rates
  • Good technical research tools

Cons

  • Bad mobile and desktop UX