Online trading has seen a remarkable increase in the past few years and forex trading tops the list in popularity. According to City A.M., forex trading experienced a 30% increase among Londoners between 2016 and 2019. It is far from a get-rich-quick scheme but with some skills development, time and startup capital anyone can learn to use forex trading platforms in the UK. 5 Best Forex Trading Platforms in the UK
All you need to start with forex trading is a platform that matches your skill level and needs. The right online broker and platform should mean steady returns and minimal losses. Every platform is different in terms of fees, trading tools, selling points, investment options, and market research. To get you up to scratch with all these features, read on to find out about the five best forex trading platforms in the UK.
1. Plus500
Features:
- 2,000+ CFDs to pick from.
- Regulated by the FCA.
- Free demo.
Pros:
- Negative balance protection system.
- The platform is easy to use.
- The customer support is first-class.
Cons:
- No forex news, daily market commentary or other basic research tools.
- No discounts for regular or VIP traders.
Plus500 has over 2,000 CFDs and access from 50 different countries. It is traded on the London Stock Exchange and is part of the FTSE 250 Index. In order to trade through Plus500, you use its online platform called WebTrader. Plus500 WebTrader utilizes SSL encryption making it one of the most secure forex trading platforms in the UK, giving any user peace of mind.
A negative balance protection system is offered by Plus500, as it has been mandated under the European Securities and Markets Authority (ESMA) since 2018. It protects a user against losing more money than they invested leading to an account with a negative balance.
The straightforward WebTrader interface makes it possible for you to create watchlists, monitor and place trades and even analyse charts. There are almost 100 indicators to pick from on their technical analysis charts using time frames which vary.
All of the WebTrader functions can be accessed from iOS, Android, and Windows devices through the website or with the mobile app. You can even get the price alert, change %, and trader’s sentiment notifications on some connected smartwatches.
Some great features for advanced traders are the customisable technical analysis charts, which give you the power to click a few times, and your trade is placed using a familiar layout. External third-party tools are unfortunately not allowed on the system.
2. Pepperstone
Features:
- Scalping trading.
- Live chat.
- Minimum deposit of £200.
- A feature of price alerts.
- Trading signals.
- Works on Windows and iOS.
Pros:
- Regulated by the FCA.
- A solid reputation.
- Fund segregation.
- No obligation demo account.
Cons:
- Forex-only trading platform.
- The news feed is too basic.
Pepperstone is known for being low on costs and being super fast because the processing is done at high speed. To open a forex trading account you need to make a minimum deposit of £200, which is low compared to other similar services. Their market intelligence stretches back over eight years which will guide you to make an informed decision.
Platforms that are world-class such as MetaTrader4, MetaTrader5, and cTrader are used to do mirroring trade. These platforms have analytical and technical indicators, live news feeds, automated forex trading, and other add-on tools to improve your trading experience.
If you want to access the source of your trade information on your Mac or Android device, we recommend you use the split-screen function, whilst the trading screen is open on one section of your device. This happens automatically on eToro. You can try all of this out in a demo account before depositing your money to trade live.
A great feature is the live chat function. Alternatively, you can choose to use email support or phone. The live chat function is the best way for customer support. You’ll be able to find help 24/7 from the award-winning customer support team at Pepperstone. The company’s customer support has come out on top at the UK Forex Awards, Global Forex Awards, and Investment Trends.
3. eToro
Features:
- No hidden fees or commissions.
- CopyPortfolios.
- Experts can be asked questions.
- Availability of fractional shares.
- Copy Trader.
Pros:
- No commission charges.
- Trading for 14 years.
- UK headquarters.
- Android compatible software is available.
- Free signup and no commissions on trades.
Cons
- No windows app.
- A virtual private server is unavailable.
Trading on eToro is also attractive because you can become a social trader. The CopyTrader function allows you to follow a specific trader and not only see what they are trading but copy their trades to benefit from their experience. This is by no means a guarantee of a profitable trade but new traders can use them to get used to trading or to confirm their own research and choices. It is the best site to visit for new or social traders.
One of the biggest selling points of this platform is that there are no commissions, no management fees, or even dealing charges. Plus you have unlimited trades. Zero commissions mean that no broker fee will be charged when you are making or closing an order. These selling points help you reduce the overheads when trading, but it, unfortunately, does not apply to short stock or leverage trades. In most cases, the only charges are withdrawal fees.
4. IG
Features:
- Segregation of funds.
- Headquarters in the UK.
- £200 minimum deposit fee.
- Live chat available.
- Regulated by the FCA.
Pros:
- The app is highly compatible.
- Trade types are broad.
- 46 years in business.
Cons:
- The product portfolio is limited.
- Higher than most for forex and CFD fees.
The IG broker is one of the biggest forex trading platforms in the UK, as well as one of the oldest in the UK with 45 years of industry experience. They give you access to over 80 major, minor, and exotic forex pairs.
IG charges you a commission on each trade you make, but that can be less of a problem when you see the fantastic ways to trade that are at your disposal. They will lower prices for you if you trade actively and make at least ten trades monthly. In this case, £8 per UK trade will reduce to £5.
If you have completed at least three trades in a month, all the US deals will have zero commission on them. Even if you fall in the class of a half-active user, you will be able to achieve this.
The world-class systems cTrader, MetaTrader4 and MetaTrader5, ProRealTime, L2 Dealer, or IG’s own proprietary system can serve as a platform for your account. It lets you customise the way you want to trade and work on Android, desktop for Windows and Mac OS. All of these platforms work on the trading app offered by IG UK mobile solutions.
5. Interactive Investor
Features:
- Live chat.
- Stop-Loss Orders.
- Trading can be done with One Click Trading.
- FCA regulated.
- Fund segregations.
- Headquartered in the UK.
Pros:
- The demo account is free.
- Diverse products.
- You only pay a £1 Deposit on a live account.
Cons:
- No price alerts.
- No stand-alone platforms.
- No desktop platform.
Over 100,000 traders use Interactive Investor and you can open up a live account for a minimum of £1. Interactive Investor offers three tiers of account which will determine the fees you pay alongside the products you choose. Each of the plans also receives a free credit worth £7.99 to use against any trade within 90 days.
You also get a free demo account. Here you can practice against live markets with no time limits. This is a good way for you to get used to the platform. This platform is, however, not recommended for beginner traders.
Conclusion
Suppose you are looking for forex trading platforms in the UK that would be exceptionally good for trade-mirroring with zero commissions on every trade you make. In that case, eToro is the best online trading platform for you. For the best in overall value including speed, price, regulations, market intelligence and tools/features, then Pepperstone is your go-to choice. All of the latest Next-Gen features are available with it.
Always follow these eight steps when investing in forex:
- When you open an account, make sure to only choose a regulated broker.
- If free educational material is available, make use of it.
- When possible, always open a free demo account where you can practice.
- Develop a trading strategy.
- Your risk capital should only be deposited in small amounts.
- Percentage return management is where you should keep your focus.
- Once you have a consistent track record, make sure you scale.
- Get to know and use different forex trading platforms in the UK before you settle for a particular one