Best Forex Trading Platform UK [Updated 2024]
Trading is risky and you might lose part, or all, of your capital invested. The information provided is for informational and educational purposes only and does not represent any type of financial advice and/or investment recommendation.
Forex trading can be a fun and interesting way of investing, and thanks to the internet, getting access to the foreign exchange market couldn’t be easier.
Online brokers provide a cheaper way for individual traders to start buying and selling on the forex market, where it used to only be possible for individuals and institutions who had a high net worth or who could afford the services of a physical broker.
With online fx brokers, you can get started without an enormous investment – some online brokers will allow you to open an account with a £0 initial deposit – and you can trade in the way that suits you best.
In this article, we will look at the top 10 UK forex trading platforms, focusing on why they are so good, what sets them apart from the rest of the market, and anything that a trader should be aware of (both positive and negative).
The 10 best forex brokers UK are:
Plus500 – Brilliant customer service
eToro – Best for social trading
Pepperstone – Trusted and well-regulated
AvaTrade – Built-in calculator shows the complete cost of each order
XTB – Well-designed proprietary trading platform
Vantage Markets – Super fast and simple account opening
CMC Markets – Most customisation options on trading platform
SwitchMarkets.com – Offers a free VPS for use with algorithmic trading tools
City Index – Well-regulated with a long trading history
IronFX – Brilliant education tools
Later in this article is a checklist of what you should be thinking about when it comes to choosing the right online forex trading platform and brokerage to suit you.
Best Forex Trading Platform in the UK: The Top 10
Here is our pick of the top UK forex brokers:
1. Plus500
Advantages
Low trading and non-trading fees
Simple proprietary platform and seamless mobile integration
Great research tools
Disadvantages
Inactivity fee of $10 per quarter charged after 3 months
Education offering not strong
Plus500 is listed on the London Stock Exchange and is well-regulated, including by the FCA in the UK. It was founded in Israel in 2008.
The Retail Account can be opened completely online, and this is the type of account that will suit most forex traders.
There are no account, withdrawal, or deposit fees for using the platform, and the forex trading fees are considered to be quite low.
The base currency for your account will be set according to your country of residence, which means that for UK traders, you can fund your account in GBP via bank transfer, credit and debit card, or some eWallets.
It is worth noting that although the minimum deposit for a Retail Account is £100 if you use a card, it goes up to £500 if you use a bank transfer.
Plus500 has its own proprietary trading platform, and it has good security and search functions, as well as being well-designed and user-friendly.
You can set price alerts and notifications on the web platform too. The mobile app is like the web platform for seamless interactions.
Forex traders can choose from 70 currency pairs but can add stock CFDs, ETF CFDs, cryptocurrencies, and even real stocks to diversify their portfolios.
There are a substantial number of technical indicators available, which makes Plus500 a great option for traders who like to do a lot of charting.
There are also analyses and insights available, as well as a Trader Sentiment Tool and live statistics.
The education at Plus500 could be considered lacking for the beginner trader; although there are articles and videos, they are not well structured or easy to locate.
However, customer support is available 24/7 and includes email, live chat and even WhatsApp, with quick and reliable answers.
Plus500 is expanding and currently offers three platforms: Plus500CFD with more than 2800 CFD instruments, Plus500Invest with more than 2700 shares (available in certain countries), and Plus500Futures- a futures platform available in the US only.
81% 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.
2. eToro
Advantages
Fast and seamless account opening
Excellent trading platform access
Copy trading is available
Disadvantages
Some non-trading fees are higher than other brokers
Customer service is lacking
Only available base currency is USD, which means that there may be currency conversion fees.
Founded in 2007, eToro is a well-regulated company from Israel.
The eToro web platform is easy to use and intuitive, making it one of the best forex brokers for beginners UK, but more experienced traders may want something with more customization options.
The mobile app is similar in form and function to the web platform, but it is built to be seamless and work with the assets of the iOS and Android systems.
Experienced traders or those with at least $5,000 to invest can take advantage of SmartPortfolios, which is an extension of the social trading idea.
Each SmartPortfolio is a collection of several assets that are bundled together according to a specific trading strategy or theme.
Trading fees with eToro are relatively low, and there are no account or deposit fees. However, there is a withdrawal fee of $5 per transaction and the minimum amount that you can withdraw is $30.
There is also an inactivity fee of $10 charged after one month of no activity, but unlike some other providers, just logging into your account is considered activity, so you don’t have to make regular trades.
You can make a deposit or a withdrawal through a bank account, with a credit or debit card, and with some eWallets. The minimum deposit is $10.
Aside from 49 currency pairs, with eToro, you can also trade CFDs, real stocks, ETFs, and Cryptocurrency.
The research tools available with eToro include analyst recommendations and market sentiment, but there is only basic fundamental data available.
Beginner traders can learn as they go using the eToro Academy, which has lessons based on articles, guides, videos, webinars and podcasts.
There is also a useful demo account that can help traders hone new strategies and try out new trading instruments.
Customer service is mostly based on web tickets and is quite slow to respond. Customer service is not available 24/7.
74% of retail investor accounts lose money when trading CFDs with this provider. Don’t invest in unless you’re prepared to lose all the money you invest.
3. Pepperstone
Advantages
Users can trade socially using partners including Myfxbook and MetaTrader Signals.
Spread betting is available for users in the United Kingdom
Brilliant research tools
Disadvantages
Limited trading instruments available
Trading platforms are outdated and basic
Pepperstone was founded in Australia in 2010 and expanded quickly, opening a London office in 2015.
Regulated by ASIC, FCA, BaFin, SCB, DFSA, CySEC and CMA, Pepperstone offers several different account types, including a demo account.
Accounts are free, fast, and fully digital, and there is no minimum deposit.
You can choose to open a Standard Account, which does not charge commission on trades but instead builds the trading costs into the spread (on average 0.6 pips), or a Razor Account which has smaller spreads but charges a commission per lot.
Experienced traders can have an Active Trader account that offers rebates based on the number of trades and is an effective way to save on commission.
You can fund your account using bank transfer, cards, or eWallets, and make withdrawals in the same way, but there is a $1 withdrawal fee for eWallets.
Pepperstone does not have a proprietary platform, but you can trade using the popular MetaTrader 5 suite, MT4, TradingView or cTrader. There is a web platform, a desktop platform, and a mobile platform available.
Pepperstone is primarily a forex broker, but you can also trade CFDs and cryptocurrencies. They have a strong customer service provision through email, phone and live chat that is available 24/7.
There is a brilliant selection of research tools that are available on Pepperstone.
Trading ideas from AutoChartist, as well as technical analyses, are supported by a free Smart Trader Tools package that includes 28 tools like a sentiment trader and correlation matrix.
Pepperstone has also launched a Telegram channel that operates as a news feed with expert analyses and commentaries.
The educational offering at Pepperstone covers a lot of different topics and comes as videos, articles, and webinars, as well as a detailed glossary.
You can also practice your trading and develop your own strategies on a demo account.
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.
4. AvaTrade
Advantages
AvaProtect can be used to ‘insure’ a trade for an extra cost, protecting users from losses
Fee structure is transparent, with a calculator to show how much each trade will cost
Very fast and fully digital account opening
Disadvantages
Trading fees can be higher than other brokers
Not very many currency pairs are available, and there is a limited number of other instruments
Hefty inactivity fees
AvaTrade was founded back in 2006 and is well-regulated (including ASIC and the Bank of Ireland).
Opening an account online with AvaTrade is simple and straightforward, and there are no account, deposit, or withdrawal fees which is good – but the inactivity fees can quickly stack up if you do not trade regularly.
You will be charged £50 per quarter after three months of inactivity, and after a year, there is a £100 admin fee applied for non-use.
To open an account, you need to deposit at least £100, but you can use bank transfer, eWallet, or a debit or credit card.
You can trade on the MetaTrader platform, but the AvaTrade proprietary platform is simple and well-designed, although you can’t customize your dashboard like you can with some other brokers.
The mobile app is known as AvaTradeGo, and it has an intuitive interface with access to the basic order types. The mobile app also has education and customer service access built in.
AvaTrade doesn’t have as many currency pairs on offer as other brokers, but you can diversify with CFDs and cryptocurrencies.
The research on AvaTrade comes from Trading Central, with trading ideas and a news feed described as Market Buzz. As well as fundamental data, there are 90 technical indicators to use on the charts.
AvaTrade offers a demo account as well as educational videos in a library. You can also read articles and follow a tutorial on using trading platforms.
Although customer service is not available 24/7, there are different ways to get help if you need it, including live chat, email, and phone.
5. XTB
Advantages
Excellent proprietary platform available on web, mobile, and desktop
Simple account opening process
Impressive range of trading instruments
Disadvantages
Limited number of currency pairs
Only five base currencies
XTB is regulated by the FCA for users in the UK, and it was founded in 2002.
Account opening is simple and fast, with only one account type available for most users – the Standard Account.
There is no minimum deposit for individual account holders, but if you want to open a Corporate Account (if you are a professional trader), then you need to deposit a minimum of £15,000.
While the trading fees are low for Forex, XTB also offers commission-free stock trading, which is great for the diversification of a portfolio, and the non-trading fees are considered low.
There are no account fees, deposits are free (although there may be a 1-2% charge for depositing using eWallets), and the inactivity fee of £10 only kicks in after 12 months of inactivity.
There is a minimum withdrawal limit of £60, and any amount under this will be subject to a charge.
XTB has a really good proprietary platform to get access to the markets, with excellent customization options.
While at first glance it looks quite complicated, it is well designed to be easy to use – and the mobile app is similarly well crafted. You can also use a desktop app if you prefer, which is useful.
Although XTB might not have as many currency pairs available as other brokers, the opportunity to diversify with real stocks and CFDs, as well as ETFs and crypto, makes it a great option for traders who want to branch out from Forex.
Customer service is only available five days a week via email, live chat, and phone.
There are several types of research, like trading ideas and fundamental data, as well as heatmaps and a simple news feed.
The education at XTB stands out because there are lessons on trading that are rounded off with quizzes to check your understanding. There are also webinars, eBooks, and a demo account available.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
6. Vantage Markets
Advantages
Social trading is available at Vantage Markets
Low trading and non-trading fees
Good education provision
Disadvantages
Most research tools only available to traders with an account balance of more than $1,000
Large minimum deposit needed to open an account
Limited number of instruments available
Launched in Australia in 2009, Vantage Markets is well-regulated by top-tier entities, including the FCA and ASIC.
While both the trading and non-trading fees are considered low, the structure of the fees is quite complicated and based on the type of account that you open.
Opening an account is fast. Usually, you can get active within five minutes, which is considerably quicker than some of the other brokers, where it can take up to five business days.
You can fund your account and make withdrawals using bank transfer, eWallet and credit or debit card. There are no account fees, no deposit or withdrawal fees, and unlike some of the other brokers, Vantage Markets does not charge an inactivity fee.
However, you can only make one international bank transfer from your account per month.
There are three basic accounts with different spread and commission structures.
STP account: $200 minimum deposit, 1.4pip average spread
RAW ECN account: $500 minimum deposit, 0.0pip average spread, $3 round turn commission
Pro ECN account: $20,000 minimum deposit, 0.0pip average spread, $2 commission
With Vantage Markets, you need to use the MetaTrader suite to get access to the markets.
MetaTrader is a well-known platform, but it does seem outdated and less intuitive than some of the more modern platforms.
You can access MetaTrader via a web platform, a mobile app and a desktop platform.
Customer service is only available during normal office hours but can be accessed through live chat, email and telephone.
Vantage Markets offers 45 currency pairs as well as CFDs and cryptocurrencies.
They have also partnered with social trading platforms like ZuluTrade and MetaTrader Signals so you can copy the trades of other (successful) traders.
Although there are a lot of research tools available on the Vantage Markets platform, many of them are only available to traders who have a minimum account balance of $1,000.
This can be an issue for newer traders or those who are engaging in microtransactions.
However, the education is quite broad and effective, with a selection of lessons as well as webinars, articles, and videos.
Vantage Markets also have a demo account available, so you can practice your online trading or try out new strategies.
Trading Forex and CFDs involves significant risk of losing of your invested capital and is not suitable for all investors. 64.86% of retail investor accounts lose money when trading CFDs with this provider. You should not invest more than you can afford to lose and should ensure that you fully understand the risks involved. Before trading, please take into consideration your level of experience, investment objectives and seek independent financial advice if necessary.
7. CMC Markets
Advantages
Widely customizable trading platform
Substantial number of forex pairs
Chart forums to share technical analyses with other traders
Disadvantages
Slow account opening
Can’t change leverage
Customer service only 24/5
One of the oldest brokers on this list, CMC Markets, was founded back in 1989.
It is both well-regulated and listed on the London Stock Exchange, which makes it a great option for the security of your funds.
CMC Markets does not charge account, deposit, or withdrawal fees, and although there is a £10 monthly inactivity fee after 12 months, this is waived if there are no funds held in the account.
Although the account opening process is fully digital, it can take a couple of days to verify.
There is no minimum deposit needed to open an account with CMC Markets.
If you need help, the customer service is fast and responsive through email, live chat, or phone, but only available 24/5.
The ‘Next Generation’ web trading platform is the most customizable option available now, and it is well-designed and user-friendly.
You can use multiple order types and set price alerts and notifications.
The mobile app is the same but optimized for either iOS or Android. However, if you prefer to trade using a desktop platform, you will only be able to use MetaTrader.
What is good about CMC Markets is the sheer volume of Forex available – there are 338 currency pairs, including major, minor and even exotic pairs. You can also trade CFDs and cryptocurrencies on this platform.
Part of the research available comes from fundamental data provided by Morningstar reports, but there are also technical analyses and great charting tools that you can use one (or more) of the 80 available technical indicators on.
The education is basic but quite wide-ranging; there are articles, webinars, and videos, as well as a glossary and a demo account available.
77% of retail CFD or spread betting accounts lose money with CMC Markets.
8. SwitchMarkets.com
Advantages
Excellent educational offering
Free VPS offered to help traders who want to use algorithmic trading or an Expert Advisor
Copy trading available
Disadvantages
Withdrawals can take three to five business days
Not FCA regulated
SwitchMarkets is a relative newcomer to the forex broker scene, having only been established in 2019, but this Australian broker is already regulated by ASIC and is considered trustworthy.
The trading fees at SwitchMarkets are low, as are the non-trading fees, and you can deposit and withdraw using cards, eWallets and bank accounts.
The minimum deposit to open an account is $50, and you can choose from either a standard account, with £0 commission and competitive spreads, or a Pro account that has a $7 round turn commission and average spreads of 0pips, depending on what and how much you are trading.
Users can trade using MetaTrader, and the platform is available as a web trader, on mobile, and as a desktop trading app.
Traders can choose between more than 60 currency pairs, and there are also CFDs, commodities and cryptocurrency available to diversify a portfolio.
Customer service is only available via live chat or email, and it is only available on weekdays, but it does offer 24-hour coverage on these days.
While the research offerings might be basic, there are a few useful tools like a lot size calculator and an economic calendar.
SwitchMarkets has teamed up with HowToTrade.com to provide more than 50 free trading lessons, making the education offering solid for beginner traders.
Risk warning: Trading OTC derivatives is risky; please read our PDS and disclaimer before trading with us. We encourage you to seek your own independent advice and to consider your own financial situation, needs and objectives prior to making any decisions.
9. City Index
Advantages
Long history and well regulated
Low fees for both trading and account management
Excellent performance analytics tool
Disadvantages
Can’t adjust leverage – 30:1 (unless using a Pro account)
Slow customer service
Founded in 1983, City Index is the trading brand of StoneX Group which is listed on the NASDAQ stock exchange, and it is regulated by the FCA, as well as ASIC.
City Index has a fully digital account opening process which can take a day to complete, but there is no minimum deposit and no account, withdrawal, or deposit fees.
There is an inactivity fee of £12 after 12 months. City Index has low trading fees for both Forex and CFDs.
The Trader Account is the basic account that most users will open, and with this, there is no minimum balance.
If you want to access a Relationship Manager, you will need either a Premium or a Pro account, but these come with added criteria like a £10,000 account balance or previous professional trading experience.
There are only three base currencies with City Index, but you can fund and withdraw using bank transfers, cards, and some eWallet options at no charge.
The City Index proprietary web trader platform is very user-friendly and easy to customize, with a simple search function and lots of order types.
You can set alerts for price changes, and the portfolio and fee reports can be downloaded in several different formats.
There is a mobile app that has an embedded economic calculator, and the desktop app works in a comparable way to the web trader but feels a little less user-friendly.
The customer service at City Index is only available 24/5, and although you can make contact through phone, email, and live chat, responses can be slow at times.
With City Index, you can trade 84 currency pairs as well as different CFDs and cryptocurrencies.
There are trading ideas and technical analyses available through Trading Central, and with 90 technical indicators, the charting options are very good. There is also a news feed and an economic calendar.
As part of the educational offering, City Index provides a performance analytics tool that allows you to understand the way you are trading from a psychology, strategy and timing perspective.
This is in addition to a free demo account, articles, videos and webinars.
10. IronFX
Advantages
Well-regulated
Research app is a useful tool
Demo account available
Disadvantages
Confusing number of accounts available
Web/Desktop research is lacking
No proprietary platform
Founded in Cyprus in 2010, IronFX is regulated by CySEC, FCA and ASIC, among others.
Account opening is fast and fully digital, but the minimum deposit for a Standard Account is $100, which is quite expensive.
There are no deposit fees, but there is a $50 inactivity fee after 12 months, and withdrawals to a bank account that are under $300 will incur a $55 fee.
For the more experienced trader, there are several different account types available – floating and fixed, ECN, zero spread and zero commission are all options, and there is a Micro account for tiny transactions that has a $50 minimum deposit.
All these account types might be overwhelming for the new trader, so the Standard Account is the easiest one to get started with.
IronFX does not have a proprietary platform but offers access to the market through MetaTrader, and this is available on the web, desktop, and mobile.
There is an IronFX app called IronFX Research, but this is just a tool to help traders perform their due diligence, and you cannot make trades with it.
With IronFX, you can trade a wide number of instruments, including Forex, indices, stocks, commodities and futures.
Customer service is available through live chat, phone, and email.
The research offering at IronFX is not as good as other providers, offering just some market insights, but the educational resources available are good in comparison.
The IronFX Academy holds skills lessons, webinars, articles, eBooks, and videos relating to all sorts of different aspects of trading, and there is a useful ‘encyclopaedia’ available too.
How to Choose the Best Forex Broker in the UK
Make Sure the Platform Is Regulated
When you are entrusting a broker with your money, you want to be as sure as you can that it will be safe and protected.
Brokers that are regulated by a body like the Financial Conduct Authority (FCA) in the UK must meet certain expectations about conduct and security, which means that they are more trustworthy.
Other things to look out for include whether they are listed on a stock market and if they segregate client funds.
Logging in to your trading account should have at least 2FA (two-factor authorization), and on a mobile app, you will want to set up some biometric security too.
Your capital will be at risk depending on the trades that you make, but regulation means that the broker will protect what is in their custody.
Check and Understand the Cost/Hidden Fees
Fees are an important part of trading, and the fees that are charged by the broker are how they make money – so when you see a broker that is advertising zero commission or unbelievably tight spreads, you will want to check out where the costs will be coming from.
There are different types of fees to be aware of:
Trading fees – Including commission (a charge per transaction) or built into the spread (an additional percentage of the pips between buying and selling price)
Non-trading fees – These include account maintenance, deposit, withdrawal, inactivity and custody fees
While you might be looking for a low-cost way to get started with trading, don’t forget that the cheapest option may not be the best, and you often get what you pay for in terms of customer service, trading instrument availability, research and education.
Focus On Choosing a Platform That Fits Your Trading Style
There are potentially hundreds of online forex brokers that will offer UK traders the opportunity to open an account, but there are certain trading styles that need a specific type of broker.
For example, if you want to use robots and Expert Advisors, you need to choose a broker that allows for algorithmic trading.
If you want to be able to make long-term investments and leave them alone to grow and mature, you will want to avoid a broker that charges an inactivity fee.
As a beginner trader, you might not know what strategy or trading style you are going to use, but you do need to give yourself as many options as possible.
Look For Good Customer Service
Customer service is just as important in an online setting as in a physical broker, and while the service agents might not be able to give you customized trading advice, they are there to help with other issues.
Customer service should be easy to contact and available when you need them.
Many brokers offer a 24/7 service which should really be the industry standard, but there are those that only operate when the markets are open.
You can usually contact them by phone, email, or live chat, but options are expanding, and some brokers offer contact via WhatsApp and social media, too.
Education and Research
Education is important for a beginner trader, but it is also useful for the more experienced user too.
The education on offer should be enough to not only get you started with trading but it should help you navigate the platform and understand any special features.
One of the best ways to learn how to trade is to use a demo account, which is usually preloaded with fake currency so you can make trades on an active market without any financial risk.
You can also use the demo account to try out new trading strategies or a new trading instrument.
In terms of research, knowing more about Forex, the market, and other financial instruments will make you a savvier investor – and that can only be a good thing.
Wide-ranging research options can provide technical data, charts, indicators, and fundamental data, as well as expert opinions and analyses that can help you make decisions on what trades to make.
Frequently Asked Questions
What is the best forex trading platform in the UK?
There are many forex trading platforms in the UK, with different special features – and the one you choose will depend on your trading needs.
For many people, brokers like Plus500 and Pepperstone are great brokers with an excellent offering to UK traders.
Can I trade forex online in the UK without a broker?
To access the market in the UK, you need to use a broker. This provides you with a specific interface to use the market, and a regulated broker protects your finances.
What is the minimum deposit for forex brokers in the UK?
The minimum deposit for forex brokers in the UK depends on the broker, with different companies charging different amounts.
Some brokers allow an account to be opened with no minimum deposit, while for others, it can be more than £100.
What forex trading platforms offer the option to open a demo account?
Almost every forex trading platform offers a demo account; it is a great way for traders to get to know the platform and how the broker works.
The best forex trading platform UK for beginners will usually have a demo account, as this is the best way to learn how to trade without risking your financial health.
Is forex trading tax-free in the UK?
Casual traders (those who are not in the business of trading forex like a stockbroker, for example) will find that their profits are subject to capital gains tax.
Forex trading is also subject to stamp duty in the UK, which can be as much as £5 per lot.
What are the withdrawal limits for forex brokers in the UK?
The withdrawal limits for forex brokers in the UK will be set by the individual broker, but it is worth noting that according to Anti-Money Laundering (AML) legislation, you can only withdraw to a bank account or card that is registered in your name.
Do I need a bank account to use a forex trading platform in the UK?
You don’t need to fund a forex trading account with a bank account if you use a forex broker in the UK, but having a bank account will help make opening a trading account easier as it can help prove your identity and address.
What is the most popular forex trading platform in the UK?
The most popular forex trading platform in the UK is probably MetaTrader 4, as it is the most popular trading platform globally.
However, many brokers will have their own proprietary platform that traders can access the forex market on, often with different charting and research options.
Are forex trading platforms in the UK safe?
If you are looking for a safe forex trading platform in the UK, you will want to ensure that they are regulated by the FCA.
The Financial Conduct Authority oversees regulating financial businesses in the UK, making sure that investors are protected and their funds are secure.
Forex trading is risky, however – even a regulated broker will not be able to protect you from bad trading decisions or a tumbling market.
What forex trading platform is the best for a beginner in the UK?
For a beginner in the UK, the most important things to look for are the provisions for education.
Some brokers offer a full trading course, like the eToro Trading Academy, while others provide articles, videos, and webinars, as well as a demo account.
How much do forex traders make on average in the UK?
Professional forex traders make an average of £69,582 in the UK, according to Glassdoor, but this is for professional forex traders rather than casual traders. Your capital will be at risk.
How can I start trading forex in the UK?
To start trading Forex in the UK, you need to choose a broker to open an account with to get access to the markets.
Once you have an account and it has been funded, you can buy currency pairs.
Final Thoughts
There are many great forex brokers with excellent benefits that a trader in the UK could use to access the forex markets, and it is important that you know what you want to trade and how you want to trade before you choose the top forex broker UK that is right for you.
Trading forex, like other trades and investments, can be risky – so take advantage of education and research to make sure that you are making the best decisions you can before you trade.