Top 5 Best Forex Trading Platforms in the UK
Forex is a marketplace for selling and purchasing currencies. Forex trading is the process of trading one currency for another. In a country like the United Kingdom, people have a lot of trading platforms to choose from. Considering this pain point of Forex traders, TradersUnion identified the 5 best Forex trading platforms in the UK.
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Top 5 Best Forex Brokers in the UK
TOP 5 Forex brokers in the UK - Dynamics of the popularity of
eToro – Best For Copy Trading in the UK
Established in 2007, eToro is regulated by Financial Conduct Authority (Registration Number 583263) and the Cyprus Securities and Exchange Commission. As of 2023, this Forex broker has over 17 million registered users.
It offers 93 cryptocurrency pairs. eToro facilitates trading through two accounts which include Retail Account and Professional Account. Traders with higher monthly trading volume can request eToro to upgrade the account from retail to professional.
eToro does not facilitate trading on MT4 and MT5. It has a web-based proprietary trading platform that facilitates social trading and copy trading. eToro Academy provides videos, webinars.
eToro’s customer support is available 24x5 on live chat, phone, and email. For any platform-related assistance, users may need to raise a ticket on its trading platform. The minimum deposit on eToro is $100 USD, for copy trading - $200 USD. It accepts several payment modes, including credit cards, debit cards, wire transfer, Skrill, Rapid Transfer, and PayPal.
Best Forex Brokers in the UK: FxPro
FxPro is a reliable and trustworthy broker with huge experience in handling large Forex orders. Founded in 2006, this Forex Broker has offices in London and Monaco. FxPro is regulated by Financial Conduct Authority (Registration No. 509956), the Cyprus Securities and Exchange Commission, and authorized by the Financial Sector Conduct Authority.
This trading platform offers 70 currency pairs at highly competitive spreads. With the spread of 1.27 pips on EUR/USD trading, FxPro is the most sought-after Forex broker in the United Kingdom. FxPro facilitates Forex trading services on three platforms, which include MT4/MT5, cTrader, and FxPro Edge web platform and FXPro Direct mobile platform.
The minimum deposit on FxPro is $100. It has 30 charting indicators, 31 drawing tools, and a 7-field watchlist. FxPro also offers a broad range of educational content to its customers. Its trading platform offers daily market commentary, educational videos, and snippets of information.
FxTrader has relatively higher fees and commissions when compared to its peers. It does not have a demo account which puts off novice traders. It charges an inactivity fee of $15 if the user does not do any trading on its platform for 12 months, followed by $5 per month.
Admiral Markets UK - Best for Metatrader Fans
Admiral Markets UK is one of the most experienced Forex brokers in the world. It is regulated by the Financial Conduct Authority (Registration Number 595450), Cyprus Securities and Exchange Commission (CySEC), and the Australian Securities and Investments Commission (ASIC). Over 120,000 traders from 110 countries do Forex trading on Admiral Markets. It is headquartered in London, the United Kingdom.
This Forex trading platform accepts the minimum deposits from $1. The 1:500 leverage helps experienced Forex traders unleash the true potential of Forex trading. However, it offers 1:30 leverage for retail clients.
Admiral Markets facilitates trading on Metatrader4, Metatrader5, and Metatrader Supreme. It offers account types such as Trade.MT5, Invest.MT5, and Zero.MT5. Admiral Markets is known for its valuable educational content and premium customer service. It publishes in-house analytics that helps traders take appropriate decisions while executing Forex orders. The all-in-cost to trade on Admiral Markets is 0.5 pips. Admiral gives exposure to 49 currency pairs and 27 commodity CFDs and 32 cryptocurrency pairs.
On the flip side, it charges an inactivity fee of 10 Euros per month. It also charges up to 1% for the currency conversion. The deposit and withdrawal facility is limited to wire transfer, credit cards, debit cards, and skrill.
AvaTrade – Best for Mobile Trading
AvaTrade is regulated by the Australian Securities & Investment Commission (ASIC), the Japanese Financial Services Authority (JFSA). Founded in 2016, AvaTrade has its headquarters located in Dublin, Ireland. It is accepted in countries like the United Kingdom, Malaysia, South Africa, India, and Canada.
AvaTrade offers 55 Forex pairs. For beginning traders with low trading volume, the EUR/USD trading would cost around 0.9 pips. For professional traders with huge trading volumes, this cost may go down to 0.6 pips. AvaTrade accepts a minimum deposit of $100 through wire transfer, credit card, debit cards, PayPal, Skrill, and Neteller.
AvaTrade has two types of accounts which include a Standard Account and a Professional Account. It offers leverage ranging from 1:30 to 1:400 for retail traders depending on regulatory terms in that particular jurisdiction.
AvaTrade offers a broad range of trading platforms when compared to its peers. It facilitates trading on MT4 and MT5. It also has proprietary trading platforms like AvaTradeGO and WebTrader. AvaTrade offers huge educational content for Forex traders. It has a library of 40 courses and 200 videos on Forex trading. Customer support is available through chat, telephone, and email 24x5.
Interactive Brokers - Best Desktop Trading Platform
Interactive Brokers is a trusted and reputable Forex broker in the UK. It is suitable for both novice and professional traders. Regulated by UK Financial Regulatory Authority (Registration No. 208159), the US Securities and Exchange Commission (SEC), the US Financial Industry Regulatory Authority (FINRA), Interactive Brokers has been in the market for more than two decades.
The features like $0 minimum deposit and 1:1000 leverage, 105 currency pairs, and 92 CFDs have made Interactive Brokers the most preferred trading platform in the UK.
Interactive Brokers has a proprietary desktop trading platform, Traders Workstation (TWS). Forex Traders may need to use the FXTrader Terminal of the TWS to carry out Forex trading. TWS facilitates real-time quotes, over 100 order types, and paper trading to improve the trading experience of its users.
Interactive Brokers charge a minimum of $2 per side for a Forex order. However, the charges would reduce if the trading volume exceeds 100,000 units of currency per order. This Forex broker gives huge discounts on commissions for active traders. For instance, the charges go down from $2 to $1 per side if the monthly Forex trading volume exceeds $5 billion.
Forex Trading Platform in UK Comparison
We put together a comparison between the 5 best trading platforms in the UK based on their features and characteristics.
FxPro – Features and Characteristics
Safety - FxPro is a safe trading platform regulated by one tier-1regulator two tier-2 regulators and one tier-3 regulator.
Demo Account - FxPro offers a demo account that helps newbies gain relevant trading experience before carrying committing the real money.
Trading Platforms - FxPro offers both web and mobile versions of trading platforms. You get access to MT4/MT5, cTrader, and FxPro Edge web platform, and FXPro Direct mobile platform if you register with FxPro.
Automated TradingFxPro has automated trading tools like FxPro VPS. This service is free for traders who qualify for the premium trading account.
Analytics - FxPro has automated trading tools like FxPro VPS. This service is free for traders who qualify for the premium trading account.
eToro – Features and Characteristics
Copy Trading – It is the best trading platform for copy trading. It enables users to create thematic copy-portfolios from financial third-party firms. You can also copy portfolios of popular traders in the investor program.
Tools – eToro partnered with a third-party analytical service, TipRanks. It offers analysis on equities, ETFs, and several other assets.
eToro Academy – This Forex broker has recently started its academy which offers well-structured videos, webinars, and guides that help both novice and professional traders equally.
Demo - eToro is highly suitable for beginning traders as it offers a $100,000 demo account without the time limit.
Admiral Markets - Features and Characteristics
Protection Tools – Admiral offers a wide range of volatility protection tools like predefined maximum slippage, cancellation of pending orders on price gaps, and activation of stop orders using reverse quotes.
Education – Admiral has a 9-lesson Forex course for beginners. Its in-house analytics team regularly releases analytics reports of various assets.
Technical Indicators – Admiral offers 51 charting indicators and 31 drawing tools.
No Dealing Risk – Admiral eliminates intervention of dealing desk by routing client orders to its parent company, Admiral Markets AS.
AvaTrade – Features and Characteristics
Education – AvaTrade has TradingCentral that offers a broad range of educational content suitable for beginners in Forex trading.
Bonus and Promotions – AvaTrade offers deposit bonuses and refer-a-friend bonuses. Users in a few selected jurisdictions earn a deposit bonus up to $200 and a refer-a-friend bonus up to $250.
Copy Trading – AvaTrade created a proprietary trading platform, AvaSocial, that enables users to copy the trading strategies and portfolios of experts.
Asset List – In addition to 55 currency pairs, it also offers 16 cryptocurrencies, 31 index CFDs, and 27 commodities.
Interactive Brokers - Features and Characteristics
Reliability – A listed entity on NASDAQ and a constituent of the S&P 400.
Research and Education – Traders Workstation gathers the data on Forex trading from Morningstar and Zacks. It also maintains Traders’ Insight and Quant Blog.
Automated Services – It has a mutual fund replication tool that helps investors to identify low-cost exchange-traded funds (ETFs).
Portfolio Management – Interactive Brokers offers automated portfolio management services wherein interactive advisors build and maintain portfolios on behalf of investors at an annual management fee of 0.12%.
Rules and Regulation
Licensing in the UK
Brokerage activity in the United Kingdom is licensed and regulated by the FCA. The country's main public legal institution imposes strict requirements on applicants:
- registration with Companies House
- payment of membership fees to a British bank
- maintaining an office within the jurisdiction
- preparing a document package to substantiate licensing objectives and compliance with all regulatory requirements
Investor protection in the UK
Investors in the UK are protected by the Financial Services Compensation Scheme (FSCS). The FSCS’ purpose is to pay traders compensation (up to £85,000 per client) in case a financial company goes bankrupt or is liquidated.
Taxation in the UK
If a trader’s profits are £50,000 or more, he must pay a 20% income tax. Profits under £50,000 are tax-free.
Top 3 Forex Trading Platform in the UK for Beginners
TradersUnion has compared the three best Forex trading platforms in the UK for beginners against the characteristics such as demo account, minimal deposit, education, simplicity of the platform, and the availability of passive investment opportunities.
| Broker | Account minimum | Passive investment options | Accounts for beginners | Education | |
|---|---|---|---|---|---|
$50 |
Copy Trading |
Demo |
Professional Social Network, Financial guides, Video Tutorials, financial podcasts |
||
$100 |
Social Trading/Mirror Trading |
Demo, Cent Account |
Analytics through Trading Central. Daily Market Commentary, Educational Videos, and Snippets of Information. |
||
$100 |
Copy Trading |
Demo |
Forex Trading Courses and over 200 Video Tutorials |
5 Tips to Choose Best Forex Brokers in the UK
Choosing the best Forex broker in the UK can be an exhausting journey. We identified five factors that a trader should consider while evaluating forex brokers.
Test Platform in Demo – Beginners may like to test the trading platform through a demo account. Most Forex traders in the UK offer a demo account to help novice traders understand the trading conditions and features of the trading platform.
Pay Attention to Safety – Not all Forex brokers are safe and reliable. A stockbroker is considered safe only when it has relevant approvals and licenses from the regulatory bodies. We recommend beginners open a brokerage account with stockbrokers who are authorized by regulatory bodies.
Pay Attention to the Reviews – Online reviews help beginners gain an understanding of the trading platform, features, and the quality of customer support. TradersUnion has reviewed each Forex broker against several parameters and ranked them accordingly.
Test Research Options – Analytics play a huge role in the success of a Forex trader. We recommend traders choose a trading platform that has a wide range of technical indicators, drawing tools, and analytics tools
Explore Automation Tools – Beginners may not be aware of the trading strategies during the initial days. They may like to emulate professional traders and their strategies. A trading platform that facilitates copy trading, social trading, or mirror trading would be highly appropriate for beginners.
How to trade with FxPro trading platform: a real-life example
A trader needs to go through several steps to execute Forex trades. We choose FxPro as an example to showcase the steps involved in the process of Forex trading.
Step-1: Register with a Forex Broker
Account Opening on FxPro
Step-2: Demo Trading
We recommend beginners to do demo trading to get familiar with the trading platform and the Forex trading conditions. Most brokers like FxPro ask you to open a separate demo trading account.
Demo Account Opening on FxPro
Step-3: Link Bank Account and Add Money
This is the step where you need to link your bank account to the trading platform and deposit money. If you choose to go ahead with FxPro, the minimum deposit amount would be $100. FxPro accepts deposits through debit/credit cards, Skrill and Bank Transfer.
Account Funding on FxPro
Step-4: Choose a Currency Pair and Open the Chart
You may need to choose the currency pair and open its chart. The currency pairs could include EUR/USD, AUD/JPY, or USD/AUD.
Step-5: Add Technical Indicators to the Chart
Every Forex broker allows users to use technical indicators like MACD, exponential average (200 EMA), Relative Strength Index, Bollinger Bands, and Average True Range. These tools would help in informed decision-making.
Step-6: Place the Order
On FxPro, you can place the order via chart. If you right-click on the chart, you can see ‘Create New Order’ in the list. The order placing window appears when you click on the ‘Create New Order’.
How to Place the Order on FxPro
Our Methodology
Traders Union (TU) makes use of over 100 parameters to evaluate Forex brokers. First, TU checks the safety and reliability of the broker. It evaluates if the broker has the licenses and approvals from the tier-1 and tier-2 regulatory bodies. If a stockbroker does not have relevant approvals from regulatory bodies, TU will not consider it for review.
TU would analyze the financial stability of the stockbroker before recommending it to people. TU analyses the liquidity and solvency position of the broker by checking its ability to meet short-term and long-term obligations. TU also attempts to check the broker’s revenues and the number of new customers added every quarter.
TU also gathers expert opinions from experienced real-time traders to analyze the user satisfaction levels with regards to the aspects such as the platform’s user-friendliness, quality of customer service, commissions, educational content, leverage, and margin rates.
Best Forex Brokers by Countries
Summary
Forex trading can be one of the best side professions to earn additional income. If you can learn the Forex trading strategies and create a personalized framework for trading, you would be able to earn a good income from Forex trading. One of the important steps in the journey of Forex trading is to choose a suitable trading platform. The 5 Best Forex trading platforms outlined in this guide are highly reliable and safe. These brokers have been in the market for more than a decade and offering great customer support. The Forex brokers like FxPro, Admiral Markets, AvaTrade, Interactive Brokers, and eToro are known for good educational content, lowest possible minimum deposits, high leverages, and low commissions.
Best Forex Trading Platform Reviews
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Comment
I’ve been familiar with the broker eToro for over a year, looking for a platform with extensive features for copy trading and the ability to buy stocks in small lots. The minimum deposit is $50, which is affordable, but spreads start at 1.0 pip — not the lowest in the market. I liked that the broker is regulated by CySEC and FCA, and has over 20 million clients worldwide. During this time, I tried buying fractional shares and investing in cryptocurrencies — the platform makes this quite convenient, although the website can be slow at times. I consider eToro more of a universal platform for passive investing than for frequent trading.
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Comment
The broker offers only one account currency — USD. It supports trading across a wide range of assets, including currencies, stock indices, commodities, and cryptocurrencies. Deposits can be made via cards, Skrill, PayPal, and even YooMoney. Some nuances include a withdrawal fee, an STP model without ECN, and a lack of advanced analytical tools on the website. Despite these aspects, eToro consistently maintains its position in international rankings.
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Comment
FxPro’s trading conditions are best suited for those who already understand the basic mechanics of the market. The minimum deposit of $100 might be discouraging for beginners, but it's reasonable for the average trader. The 1:500 leverage is standard, and the range of instruments is truly impressive — over 2,000 assets, including currency pairs, stocks, indices, futures, and crypto. For traders dealing with larger volumes, their negative balance protection could be a valuable feature.
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They've put a lot of thoughts into this. Even trader dasbhoard looks clean, with such a nice showing of what happened during th e day. Each time logging in feels pretty nice ;)
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I first registered with Admiral Markets UK because of the wide selection of assets — the platform offers over 5,000 instruments, including CFDs on currency pairs, ETFs, stocks, and cryptocurrencies. The minimum deposit depends on the account type: starting from just $1 for an Invest account, and $100–$250 for Trade/Zero accounts. During the first month, I tested several strategies on CFDs and ETFs and made a profit of around $45. The commissions were average — spreads start from 0.0 pips, but they do charge a fee for withdrawals, which is a bit disappointing.
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Comment
Admirals offers a decent risk management system. For most assets, spreads range from 0.1 to 0.4, and execution is Market Execution. Trading is available via WebTrader and mobile app. Support responds within 24 hours. The only downside is a withdrawal fee, but it is fixed with no hidden charges.
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I’ve been working with AvaTrade since last year. I chose this broker because it offers the opportunity to trade not only currencies, but also cryptocurrencies, indices, and metals. One of the main advantages is the wide range of instruments — over 250 assets are available. The minimum deposit is just $100, which made it easy to start without a major investment. I haven’t had any issues with order execution or speed; spreads average from 0.8 pips, which is acceptable for my strategies. I haven’t made huge profits, but over a couple of months, I managed to grow my deposit by 7%.
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Comment
AvaTrade stands out from competitors due to its geographic range of regulation — the broker is licensed in Ireland, Australia, Japan, South Africa, and the UAE. Client funds are protected through segregated accounts. Customer support is available 24/7, but the platform’s user interface, especially the mobile version, needs updating. For beginners, educational resources are provided, including webinars and guides.
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What stands out for me with Interactive Brokers is their mobile app. I use the IBKR Mobile app a lot when I’m not at my desk, and it offers pretty much the same experience as the desktop version. The ability to trade everything from stocks to options while on the go is a huge plus. It also has features for international trading, which makes it easy for me to handle trades across multiple markets. The app’s interface is straightforward and user-friendly, allowing me to monitor my portfolio, execute trades, and even access research tools seamlessly. While it might lack some advanced charting features, it’s still one of the most versatile apps I’ve used, especially for global traders like me
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Comment
I am a client of interactivebrokers and I have never faced any problems during the whole time. I am completely satisfied with the service: the staff is always friendly, responsive and ready to help, which really leaves a good impression. Special thanks to the operators - their attentive attitude to people creates a feeling of care and support. It is a pleasure to work with a company that values its customers and does everything for comfortable service!
FAQs
Is Forex trading legal in the UK?
Yes, Forex trading is legal in the UK. You can do Forex trading on trading platforms offered by authorized Forex brokers like FxPro, Admiral Markets, and Interactive Brokers.
Which currency pairs are the best for Forex trading?
We recommend you choose the most tradable currency pairs for Forex trading. A few recommended pairs are EUR/USD, USD/JPY, GBP/USD, AUD/USD, and USD/CAD.
Is automated trading good?
Yes, automated trading is good because it enables you to earn money without trading on your own. Copy trading is also a form of automated trading. You can also use automated trading services like Percentage Allocation Management Module (PAMM) and Lot Allocation Management Module (LAMM) to earn decent returns from Forex trading.
Which Forex broker is suitable for beginners like me who want to trade with little money?
All five brokers reviewed in this guide are suitable for beginners. However, as a beginner, you may want to choose a broker that offers the lowest commissions. In this case, FxPro, Interactive Brokers, and eToro fit your requirements.
Team that worked on the article
Peter Emmanuel Chijioke is a professional personal finance, Forex, crypto, blockchain, NFT, and Web3 writer and a contributor to the Traders Union website. As a computer science graduate with a robust background in programming, machine learning, and blockchain technology, he possesses a comprehensive understanding of software, technologies, cryptocurrency, and Forex trading.
Having skills in blockchain technology and over 7 years of experience in crafting technical articles on trading, software, and personal finance, he brings a unique blend of theoretical knowledge and practical expertise to the table. His skill set encompasses a diverse range of personal finance technologies and industries, making him a valuable asset to any team or project focused on innovative solutions, personal finance, and investing technologies.
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.
Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO).