Alex Williams
Alex Williams  โ€”

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forex trading iconForex trading – trading foreign currencies and making a profit based on their price differences – is complex, risky, and invigorating. There are few other markets that offer such potential for profits, and it’s easier than ever to get into the game from the comfort of your own home.

But since you don’t have unlimited access to the stock markets, you’ll more than likely have to rely on a forex broker to put through your trades for you. Fortunately, there are tons of options. But the trouble comes with figuring out which forex broker is really worth your time.


Best Forex Trading Platform (UK ๐Ÿ‡ฌ๐Ÿ‡ง)

We have compiled a comprehensive list to make your decision-making process a lot easier.

Today, let’s break down the best forex trading platforms in the UK for 2020 based on their fees, features, and tons of other factors we’ve examined in depth.


#1 eToro

Excellent Industry Reputation ๐Ÿ“š
Key Specifications:
  • Copy Trading
  • Learning materials
  • 47 currency pairs
  • Demo account with $100,000
  • No deposit fees
  • 24/7 customer support
PROS
  • Very easy to learn
  • Has an intuitive user interface
  • Relatively cheap to use
CONS
  • Has fee for GBP to USD

eToro Review ๐Ÿ“—

eToro was founded in 2007 and is one of the best forex trading platforms in the UK for low-risk traders thanks to its heavy regulation by the FCA (Financial Conduct Authority). It's also an excellent budget-friendly forex broker since opening an account doesn't cost anything and you'll even get a free demo account to test out all of its features.

It’s one of the best UK forex brokers since it has a wide variety of different trading options that can all be controlled from a single, intuitive portfolio, plus a staple feature called Copy Trading.

Features and Interface ๐Ÿ› ๏ธ

Copy Trading is essentially a built-in command that allows you to follow other successful forex traders and then copy their trades.

This trading by imitation is helpful for beginners since you can figure out who knows what they're doing and follow along, earning money as the experienced traders do. You’ll also be able to learn the ropes of forex trading this way.

Speaking of learning, eToro offers several training courses and a special “learning lab” that will support you during your forex trading journey.

The overall interface is very user-friendly and you’ll be able to access 47 currency pairs for trading right off the bat. The aforementioned demo account offers you up to $100,000 in fake currency so you can test things out before deciding to take the plunge.

Fees and Value ๐Ÿ’ถ

As mentioned, it doesn’t cost anything to open up an account. But you do have to deposit $200 if you want to access the Copy Trading feature. eToro also has a few fees: a $5 withdrawal fee and a $50 minimum if you want to make a withdrawal in the first place.

There aren’t any deposit fees but the default currency is USD, and converting from GBP to USD comes with a 0.025% fee.

Still, eToro offers a lot of value overall and is one of the best UK forex brokers for those who are just starting out.


#2 Pepperstone

Awesome Cryptocurrency Trading Opportunities ๐Ÿ’ฑ
Key Specifications:
  • Social/copy trading
  • Two account types
  • Multiple platforms available
  • Low-latency trading
  • 24/7 customer service
  • 60 currency pairs
PROS
  • Very fast trade times
  • Good for mimicking trading styles
  • No deposit fees
CONS
  • No unique trading platform

Pepperstone Review ๐Ÿ“•

Pepperstone came about in 2010 and is now known for being one of the best forex brokers in the UK, especially for social trading, on the market. As with the Copy Trading described with eToro, social trading allows traders to mimic each other's trading styles or share useful information for the overall benefit for everyone.

They offer 60 currency pairs for forex trading, plus two account types.

Standard accounts come with market average spreads and no commission fees, while Razor accounts have lower spreads but have additional commission fees.

Features and Interface ๐Ÿ”ง

Rather than use a unique platform, Pepperstone uses third-party platforms like cTrader, MT4/MT5, and Zulutrade, plus others. Thus, you’ll be able to take your pick of varying the best online trading platforms depending on your preference or if you have some experience with one of these platforms from another service.

Pepperstone is also well known for its fast execution speeds – in fact, most trades are executed in under 60 ms. High-volume traders or automated traders will be able to make use of this.

As mentioned, they allow for copy or strategic trading, and have phenomenal customer support that’s available 24/7.

Fees and Value  ๐Ÿช™

Pepperstone doesn’t have any minimum deposit limits. Instead, they recommend a minimum of £500 to offset initial losses.

Value can be quite good if you go with a standard account, but your trading options will be limited since the Standard account only comes with market average spreads.

All in all, it’s one of the best forex brokers in the UK and a good second option compared to eToro, with particular value for high-volume traders.


#3 CityIndex

Intuitive and Easy-To-Use Platform ๐Ÿชถ
Key Specifications:
  • Lots of research tools
  • Monthly intelligence emails
  • Tutorial phone call upon opening the account
  • Works with proprietary platform or MT4
  • 84 forex pairs
  • Competitive spreads
PROS
  • Low forex fees
  • Very easy to open an account
  • Research tools are great
CONS
  • The platform isnโ€™t super user-friendly

CityIndex Review ๐Ÿ““

If you’re looking for more competitive spreads, CityIndex might be one of the best forex brokers in the UK for you. They began in 2014 and are now a subsidiary company beneath GAIN Capital.

At this time, they offer 84 currency pairs – more than any other forex broker on the list so far – with major, minor, and exotic currencies like cryptocurrencies.

They also provide a proprietary platform with special spreads for their majors. The platform is customizable and it functions well enough on desktops, although it’s far from the most user-friendly platform on the market. You can also use the MT4 platform if you are more comfortable with its controls.

Features and Interface ๐Ÿงฐ

Spreads are typically quite tight from around your .5 to 0.8 points. Diverse and high-quality research tools make CityIndex much more valuable to experienced traders that want to really dig into the details of their forex trades before pulling the trigger.

They also offer additional client support, including a welcome pack and a call that will give you a tutorial through the proprietary platform.

Monthly market intelligence emails are included for added resources and actionable intel. However, their customer service team is curiously not available on weekends.

Fees and Value ๐Ÿ’ด

CityIndex does require a minimum deposit of £100. They also have relatively high stock CFD trading fees, but this shouldn’t affect you if you are primarily interested in forex trading.

Opening an account is pretty easy and, when you consider the low fees for forex trades, it a good choice for beginners with confidence or more experienced traders that will take advantage of all the research tools and newsletters available for their benefit.


#4 CMC Markets

Good Technical Research Tools ๐Ÿช›
Key Specifications:
  • 300 forex currencies
  • Three account types
  • Mobile and desktop apps
  • In-depth market analytics
  • Multiple platforms available
  • Low spreads on average
PROS
  • Well-regulated, lots of security
  • The mobile app is great
  • Nice research resources
CONS
  • No tutorials
  • Charge some high fees

CMC Markets Review ๐Ÿ“’

CMC Markets has over 30 years of experience and they’re one of the best forex brokers in the UK, plus a great CFD platform. They're well regulated by the FCA, so they offer plenty of security and safety and they're publicly traded on the London Stock exchange.

Related: Is Online Trading Safe?

They offer three distinct account types based on your purpose: Corporate, CFD, and spread betting.

Regardless of the choice you make, you’ll be able to trade on over 9000 instruments, including plenty of forex options (300 in total). Spreads are typically low, around 0.7 on majors, and can occasionally leverage up to 30:1.

Features and Interface โš™๏ธ

CMC Markets uses a proprietary platform called Next Generation. This works for both web and mobile devices, and the mobile version is one of the best forex trading apps. So controlling your trades while you’re at home or on the go is quick and easy.

The interface is quite intuitive and traders of all experience levels shouldn’t have much of an issue. You can also use MT4 if that’s more your speed.

Arguably the most interesting feature available on this platform is the in-house market analytics. These resources will allow you to make intelligent trades and follow market trends as described by industry-leading analysts. It's a great feature for both beginners and more experienced forex traders.

Fees and Value ๐Ÿ’ต

Fortunately, CMC Markets doesn’t charge you to open an account and doesn’t have a minimum deposit. Thus, it’s incredibly accessible, at least from a budget-focused standpoint. This being said, they do charge occasional fees (like for having an inactive account).

They’re also not very new-trader friendly, lacking tutorials or learning materials like many other brokers offer.


#5 FxPro

Low-Risk and Trustworthy Service ๐Ÿก
Key Specifications:
  • Research tools
  • Multiple platform types
  • Multiple account types with different spreads
  • 70 currency pairs
  • 24/7 customer service
  • Variable commission rates
PROS
  • Great for experienced traders
  • In-depth tools available
  • Excellent currency options
CONS
  • Not so good for beginners
  • Platforms are a bit dense

FxPro Review ๐Ÿ“™

FxPro is actually one of the more recent forex brokers in the UK to draw our interest, having started in 2006 (though that’s actually a year earlier than eToro!). Even so, they offer 70 currency pairs and several different account types.

The account types offer different spreads and commission rates – yes, this does mean that commission fees are unavoidable, so they’re not the best forex trading platform in the UK if the idea of commission fees turns your stomach.

This being said, it’s a great platform for traders who already have a style or strategy in mind. It’s well-suited for experienced traders, especially since it only works with the full MetaTrader (MT4 and MT5) suite.

Features and Interface โ›๏ธ

In addition to both MT4 and 5, FxPro has a proprietary platform called FxPro Edge, plus another third-party platform called cTrader. This plethora of interface options means that you’ll be able to find something that suits your style no matter what, though none of these are particularly great for beginners.

But they do offer lots of precise trading controls, research analytics, and direct channels to your brokers for strategic directions.

Fees and Value ๐Ÿ’ธ

FxPro does recommend a minimum deposit of £500, which is a bit steep for first-time traders. They only require a £100 deposit, however.

All in all, their name describes their focus: FxPro is best suited for those traders with plenty of experience under their belts, rather than first-timers trying to make their first profits trading currencies on the stock market.


#6 FXCM

Homegrown Trading Station ๐ŸŒฑ
Key Specifications:
  • Two types of accounts
  • Multiple trading platforms
  • 39 currency pairs
  • Many international currency options
  • Strategic and educational sections available
  • Active Trader account offers good spreads
PROS
  • Tons of free trading tools
  • Has low minimum deposit requirement
  • Has educational materials
CONS
  • Banned for US citizens
  • Limited currency pair portfolio

FXCM Review ๐Ÿ“˜

FXCM was founded in 1999, and they offer tons of international forex currencies. The downside is that they only offer 39 currency pairs, and the available spreads are just slightly above the market average.

This being said, they offer high-volume trades, so they’re arguably the best for traders who like to make big plays or aggressive moves relatively frequently.

As one of the best UK forex brokers that’s also well-regulated, FXCM offers multiple platforms and a ton of free trading tools so that beginners and experts alike have plenty of things to play with. They don't, however, accept any US clients due to losing their regulatory license for that region.

This issue aside, they’re a solid platform for traders who are primarily interested in bartering with the limited currency pairs they do have.

Features and Interface โš’๏ธ

FXCM offers two types of accounts: Standard and Active Trader. The latter is more interesting since it offers competitive commission rates and excellent spread options. It’s definitely more suitable for experienced traders.

They also offer several trading platforms like ZuluTrade, MT4, and NinjaTrader. Like most forex brokers, they have a proprietary platform called Trading Station – this is easily the most user-friendly of the bunch. It also includes a comprehensive educational section that’s perfect if you’re learning the ropes of forex trading.

Fees and Value ๐Ÿ’ฐ

FXCM only demands a minimum deposit of £300 if you want a standard account. But the minimum amount for an Active Trader account is £25,000. Fees can also vary quite a bit.

All in all, it’s a decent option but far from the best forex trading platform in the UK. Its limited currency pairs and high fees for the Active Trader account make this more of a niche pick than a good option for most users.


#7 IG

Outstanding Educational Resources ๐Ÿ•ฎ
Key Specifications:
  • 16,000 markets overall
  • Over 90 currency pairs
  • Educational material
  • Real-time analytics tools
  • User-friendly trading platform
  • 24/7 customer service on multiple channels
PROS
  • Great for advanced traders
  • Has an excellent platform
  • Spreads are typically phenomenal
CONS
  • Very high fees in some cases

IG Review ๐Ÿ“–

IG, founded in 1974, is perhaps the best UK forex brokers for premium traders thanks to their extensive list of assets. With over 16,000 markets to choose from, they’re particularly well-suited for advanced or expert traders. They’re regulated by both the FCA and the London Stock Exchange, or LSE.

With a plethora of tools and competitive spreads for many of the most popular forex currency pairs, IG is the perfect platform for expert forex traders in the UK and beyond.

Features and Interface ๐Ÿ”จ

There’s a lot to like here, including a customizable and user-friendly trading platform that features a clear layout. You’ll be able to customize the platform to make multiple work pages to view your content however you like. They also offer tons of educational materials.

More important are the real-time technical analysis tools available to every trader on the platform, including real-time streaming news and detailed charts. The spreads available are highly competitive – EUR/USD is around 0.7, for example, and over 90 currency pairs are available in total.

Fees and Value ๐Ÿฆ

IG requires a minimum deposit of £250, and they do charge particularly high inactivity fees. But the inactivity window is pretty long (two years), and any other fees are transparent and upfront before you make a trade.

Ultimately, it’s a great forex broker for strategic and skilled individuals looking to make the most of their trading expertise.


How to Choose a Forex Trading Platform โ“

Regulation ๐Ÿ‘ฎ

The regulation essentially describes the level of security that a company can offer. Different forex brokers are regulated by different agencies: the two most common are the LSE and FCA. Security insures traders against theft and allows brokers to offer extra currency pairs or trading assets.

More regulation is almost always better.

Trading Fees ๐Ÿ’ณ

Most forex (and other) brokers will charge fees. Sometimes these are “account inactivity” fees, while other times they are fees for opening an account. It’s how the brokers make money. You should also see if they charge commission fees, these are small slices of your earnings whenever you make money on a trade.

They can be quite substantial, but they’re the cost of using a broker instead of getting a license and doing your trading yourself.

Your Trading Style ๐Ÿ“ˆ

Naturally, some of the best forex brokers in the UK will be better for certain trading styles than others. For instance, FXCM doesn’t offer a ton of currency pairs compared to the other options on this list. But they do allow for high-volume trades, making them a good fit for aggressive traders that like to buy or sell lots of forex stocks at once.

Try to find a forex broker that matches your trading style (defensive or aggressive, fast or short, etc.) and you’ll have much more success.

Supported Devices and Availability ๐Ÿ“ฑ

Some forex brokers only operate using platforms suitable for desktops or laptops. Others may come with one of the best forex trading apps that works on both iOS and Android phones and tablets. Mobile-friendly brokers are always excellent since you can access your trades or make last-minute decisions while on the go.

Customer Support ๐Ÿ“ž

Lastly, don’t forget to consider customer support. Some of the best forex trading platforms and brokers offer 24/7 customer support through text messaging, phone calls, live chat, and more. Customer support can help when you need something about a platform explained or if you have a technical issue.


Best Forex Trading Platform UK: FAQ ๐Ÿ’ก

What Is the Best Forex Trading Platform for Beginners?

eToro is arguably the best online trading platform for beginners  in the UK since it’s an affordable and easy platform to get into, plus it comes with plenty of educational materials and a learning center. You can use all these materials to become a better forex trader over time.

Combine all that with our ultimate beginner guide to trading and you'll be unstoppable. 

Is Forex Trading Legal in the UK?

Yes. The best forex trading brokers in the UK must usually be regulated by the markets on which they operate, which is why you’ll see the brokers above and elsewhere regulated by the FCA or LSE, or both.

Do You Pay Tax on Forex Profits in the UK?

Yes, although if you only make money from forex by spread betting as an amateur, you might not have to pay taxes. If you make a significant amount or your primary amount of income from forex trading, however, you must be taxed on those profits at the end of the year. Capital Gains Tax applies in this case.

How Much Do Forex Traders Make in the UK?

It depends! Forex trading is a complex art, and those with plenty of experience and fortune can make tons of money. Others, of course, are less fortunate.

You’ll certainly make more with one of the best forex brokers in the UK. It’s estimated that the average salary for a forex trader is around £35,621 per year in England, or about the national average.


Final Words ๐Ÿ

The best forex trading platforms in the UK are certainly worth your time, especially if you have any interest in making a little side profit on the forex markets in the foreseeable future. eToro is a particularly good choice – we love that they offer tons of educational materials and no fees for entry.

Give them a try and let us know what you think. In time, maybe you’ll gain the skills necessary to move up to IG and start making huge profits!