UK traders can trade forex through FCA-regulated brokers. These brokers offer MT4, MT5, and cTrader trading platforms. They might also offer their own proprietary trading platform.
The Financial Conduct Authority (FCA) regulates Forex trading platforms in the UK. Only FCA-regulated forex trading platforms are safe for you. Do not trade with an unregulated forex trading platform. It is not safe and you can lose all of your money.
Comparison of Best Forex Trading Platforms UK
|Forex Broker||Regulation||Maximum Leverage||Minimum Deposit|
ASIC, FCA, FSCA
FCA, CySEC, FSCA
6 Best Forex Trading Platforms UK for 2022
Forex trading platforms are a dime a dozen. We have gathered for you the best of them in the UK.
- Pepperstone – Best Forex Trading Platform for MT4
- IC Markets – Good MetaTrader platform for Forex
- eToro – Social and Copy Trading Platform
- FXCM – Forex Broker with Multiple Platforms
- FxPro – Forex Broker with Low fees on cTrader Platform
- City Index – Best Forex Trading Platforms for Beginners
Now the brief description of all the above listed best Forex Trading Platforms in the UK.
#1 Pepperstone – Best Forex Trading Platform for MT4
Pepperstone is regulated with the FCA as Pepperstone Limited.
Regulation: They have been authorized to operate in the UK since 05/08/2015. Their FCA reference number is 648312. We consider Pepperstone low risk.
Trading Fees: On their Razor Account, Pepperstone offers GBP/USD, EUR/USD, and EURGBP at 0.59 pips, 0.17 pips, and 0.4 pips respectively. You are also charged a £4.50 commission for MT4 and MT5 platforms for 100,000 units traded. cTrader commissions are fixed at $6/lot Roundturm. Their fees on Nasdaq and Gold are shown in the table below
|Instruments||Spread||Commissions (round-turn per standard lot)|
|Gold||0.13 pips||Depends on your trading platform|
|Nasdaq (US100)||1.0 pips||Depends on your trading platform|
Available platforms: Pepperstone offers MetaTrader 4, MetaTrader 5, and cTrader platforms. The three platforms are available on the desktop and the web. They are also available as mobile apps on the Apple app store and Google play store. In addition, there is also TradigView with advanced technical and drawing tools.
Pepperstone also offer Social Trading. They have a trading platform for that as well. It is called DupliTrade.
Funding/withdrawals: Pepperstone supports four deposit/withdrawal methods. You can use your Visa credit/debit card, Mastercard credit/debit card, bank transfer, and PayPal. Deposits reflect in your account immediately for card transactions and PayPal.
Bank transfer deposits take up to three business days. Withdrawals take 1-3 business days before they reflect in your bank account.
Customer support: We spoke with Pepperstone’s live chat agents and had a holding time of two minutes before a response. The email response was okay, arriving after two hours. Overall customer support is good.
- MT4, MT5, and cTrader are supported
- Social trading is supported vis DupliTrade
- Extra tools for technical analysis
- Algorithm trading is supported
- Hedging is supported
- No guaranteed stop loss
#2 IC Markets – Good MetaTrader platform for Forex
IC Market’s cTrader platform is available on the web, desktop, and mobile app. The cTrader app works on both Android and iOS systems.
Regulation: IC Markets are licensed in another European Economic Area. However, they have temporary permission to operate in the UK as IC Markets (EU) Ltd. Their FCA license number is 837935 and they are considered low risk.
Update: At the time of this writing, IC Markets have applied to cancel their temporary FCA regulation. This is according to the information on the FCA website.
Trading Fees: IC Markets spreads for GBP/USD, EUR/USD, and EURGBP on their Raw Spread Account are 0.23 pips, 0.02 pips, and 0.27 pips respectively. You pay a round-turn commission of £5.00 per standard lot traded. cTrader round-turn commissions are fixed at $3.
Below are the fees for Gold and Nasdaq:
|Instruments||Spread||Commission (round-turn commission per standard lot)|
|Nasdaq (USTEC)||1.807 pips||£5.00|
Available platforms: IC Markets offer MetaTrader 4 and Metatrader 5. The MetaTrader platforms are available as mobile, web, and desktop. cTrader is also available and it supports algorithm trading.
Funding/withdrawals: You can deposit/withdraw your funds via Visa credit/debit card, Mastercard credit/debit card, Neteller, Skrill, and bank wire transfer. Deposit transactions are instant. Withdrawals can take up to 2-5 business days to reflect in your account.
Customer Support: We had the best customer support experience with live chat. There is a chatbot with a menu-based response that is programmed to answer common questions.
We also had a chat with their live chat agent and there were three minutes of holding time. Once connected their chat support was okay.
Email response was quick when we raised a query to their support email, arriving after 25mins.
IC Markets Pros
- You can trade on MT4, MT5, and cTrader
- No dealing desk so execution is fast
- You can write your own codes
- You can hedge your trades
IC Markets Cons
- Minimum deposit is high
- No guaranteed stop loss
#3 eToro – Social and Copy Trading Platform
eToro is regulated with the FCA as eToro (UK) Ltd.
Regulation: eToro FCA reference number is 583263. eToro is considered a safe platform for trading CFD because they are regulated.
Trading Fees: eToro offer both GBP/USD and EUR/USD at 1 pip while EUR/GBP is offered at 1.5 pips. There is no commission.
You can find the fees for Gold and Nasdaq below:
|Nasdaq (NSDQ100)||2.4 pips||N/A|
Available platforms: eToro offer their own proprietary trading platform. It is also available as a mobile app on the app store and Google play store. eToro is known for social or copy trading. So they have a good trading platform for it. The name of the platform is CopyTrader.
You can read our review of the UK’s best copy trading platforms for more on this.
Funding/withdrawal: You can deposit/withdraw your funds using a credit card, PayPal, and bank wire transfer. The shortest way to deposit is PayPal because transactions are completed in 2 business days. Bank transfers and credit card transactions take up to 10 business days.
Customer support: eToro’s live chat is only available to active clients. You cannot connect to their live chat if you are not a customer. We were able to test their live chat and got a response after five minutes. You can also reach eToro via email. We got no response when we reached them through email. The customer support experience is moderately good.
- Low minimum deposit
- No commissions on CFDs
- Social trading is available without extra fees
- No MT4, MT5, or cTrader
- No guaranteed stop loss
- Withdrawal fee of $5
- You cannot withdraw below $30
#4 FXCM – Forex Broker with Multiple Platforms
FXCM Trading Station and MetaTrader platforms are available as mobile apps and desktop versions. The Metatrader platform is also available as a web trading platform.
Regulation: FXCM is regulated with the FCA as Forex Capital Markets Limited. Their license number is 217689.
Trading fees: The spread for GBP/USD, EUR/USD, and EUR/GBP are 4 pips, 2pips, and 3 pips respectively. FXCM do not charge commissions.
|Nasdaq (NAS100)||1.18 pips||N/A|
Available Platforms: FXCM has multiple trading platforms compared to other brokers. Metatrader 4, NinjaTrader, Tradingview, and Trading Station.
Funding/withdrawals: You can deposit and withdraw funds via credit/debit card, Skrill, Neteller, and bank transfer.
Customer Support: We contacted FXCM through email and WhatsApp. The experience was good with instant responses on WhatsApp. FXCM responded to our mail after an hour.
- Multiple trading platforms
- Hedging is available
- Minimum deposit of $50
- Regulated with the FCA
- Limited number of CFDs
- Extra commissions on trades
#5 FxPro – Forex Broker with Low fees on cTrader Platform
On FxPro’s cTrader platform, you pay a commission of $45 for every 10 standard lots traded.
Regulation: FxPro are regulated with the FCA as FXPRO UK Limited. Their reference number is 509956. FxPro has been authorized in the UK since 10/09/2010 and they are considered low risk
Trading Fees: FxPro offers a spread of 2 pips for GBP/USD and EUR/USD. For EUR/GBP, the spread is 1 pip. You do not pay any commission on MT4 and MT5 trading platforms.
FxPro’s fees for Gold and Nasdaq is shown below:
|Instruments||Spread||Commission (per 10 standard lot) cTrader platform only|
|Nasdaq (USNDAQ100)||2.0 pips||$45|
Available Platforms: FxPro supports MT4, MT5, and cTrader trading platforms. They also offer their FxPro trading platform. All four are available as mobile apps (iOS and Google Play) and web traders. Only MT4, MT5, and cTrader platforms are available on desktops.
Funding/withdrawal: With FxPro, you can deposit/withdraw funds through bank transfer, broker-to-broker, and credit/debit cards. Credit/debit card deposits usually take 10 minutes. Bank transfer and broker-to-broker depend on the banks involved.
All withdrawals can take up to 1 working day.
Customer Support: We received a response via their live chat feature in one minute. We also tested their email support and received a response after four minutes. Overall support experience was good.
- Free Trading Central Plug in for technical analysis
- Up to 20 FxPro plugins without extra fees
- Low slippage percentage
- Wide range of CFDs
- Mt4, MT5, and cTrader are available
- Complex spread pricing and execution
- High commissions
#6 City Index – Best Forex Trading Platforms for Beginners
In case of Bank transfer City Index takes up to 1-2 working days. Funding and withdrawing via PayPal can take up to 2 working days.
Regulation: City Index is regulated with the FCA as StoneX Financial Limited and their FCA reference number is 446717. You can trade safely with City Index.
Trading Fees: The spread for GBP/USD, EUR/USD, and EUR/GBP are 1.1 pips. 2.0 pips, and 1.6 pips respectively. You pay no commission for trading these pairs. The table below shows City Index’s trading fees for Gold and Nasdaq:
|Nasdaq (US Tech 100)||1.0 pips||N/A|
Funding/withdrawals: City Index support three payment methods. You can deposit/withdraw your funds through credit/debit cards, bank transfers, or PayPal. Credit/debit card transactions take 3-5 working days. Bank transfer takes up to 1-2 working days. Funding and withdrawing via PayPal can take up to 2 working days.
Customer Support: We found an extensive FAQs section. You can find commonly asked questions there. We also tested the menu-based live chat feature. We received quick responses with no holding time.
City Index Pros
- Regulated with the FCA
- Guaranteed stop loss order
- MT4 is avaialble
City Index Cons
- City Index is a market maker
- Shares CFDs are available on their proprietary platform only.
More on Forex Trading Platforms
A forex trading platform begins with regulated brokerage companies. These companies have a system of accepting traders and connecting them to the forex market. A Trading platform is a major way forex brokers let traders access the markets.
Once you are registered and your trading account is activated, you can then use the trading platforms to trade forex. Trading platforms are broadly divided into two — third-party platforms and proprietary platforms. The former is developed by other companies for forex brokers. Examples of third-party platforms include MT4/MT5 (from MetaQuotes) and cTrader (from Spotware Systems).
On the other hand, proprietary platforms are developed by brokerage companies. They are designed and built by brokerage companies. eToro, FxPro, and City Index are examples of brokers with their own platforms. Some brokers support both types of trading platforms. However, there are a few brokers like XTB who only support their proprietary platforms.
What is the Difference Between Dealing Desk and Non-Dealing Desk Platforms
Forex trading platforms can be divided into dealing desk and non-dealing desk (NDD) platforms. Dealing desk platforms are market makers. They take the opposite sides of your trades. In simple terms, when you buy a currency pair, they are selling it to you and vice-versa.
Most dealing desk brokers usually have an in-house price book so they set the price of trading instruments. Because of this, there’s likely to be a conflict of interest where the broker stands to benefit from your trades. This does not mean dealing desk brokers should be avoided. You can review their legal documents to see how they deal with conflicts of interest.
NDD brokers, on the other hand, do not take opposite sides of your trades. They have no dealing desk and in-house price book. an NDD broker could be an ECN or STP broker. ECN brokers give direct market access. They connect you directly to buyers and sellers in their market.
STP brokers connect you to buyers/sellers through their liquidity pools which could be banks or other financial institutions.
Finally, there are hybrid brokers that combine the features discussed above. The important point is to know how they handle conflicts of interest. You can ask your forex trading platform for their conflict of interest document to know how they handle it.
How to Choose the Best Forex Trading Platform
We considered some criteria when assessing forex trading platforms. To know if a forex trading platform is the best for you, there are certain things you must check and verify. Here is what you check and how you go about it.
Is the forex trading platform regulated?
The Financial Conduct Authority (FCA) regulates forex trading platforms in the UK. Do not trade with unregulated forex trading platforms. You could lose all of your money to fraud.
Registering with FCA regulated broker would offer you protection as an investor in case the regulated broker goes out of business. Your funds are protected for up to £85,000. This protection is under the Financial Services Compensation Scheme (FSCS).
You will be able to get your money back. Some forex brokers give release this money without charges while some might subtract you an administration fee. Pepperstone is an example of such a broker as shown below:
How do you know if a broker is regulated with the FCA?
Step 1) Go to the broker’s website and scroll down to the footer. You will find their regulations clearly stated. Here is a picture from Pepperstone’s website.
You can see the regulation statement is clear with their registration number as 648312. Should you stop here? No.
Step 2) You have to go further to verify the information on the broker’s website. You have to check if it is the same on the FCA website. Go to https://register.fca.org.uk/s/. Scroll down until you arrive at the area shown below.
Furthermore, on regulation, some forex trading platforms only have temporary permission to operate in the UK. This is because they are licensed in another European Economic Area (EEA). An example of such a platform is IC Markets.
Their details on the FCA website are shown below:
They are not authorized and are marked as clones. As a trader, always makes sure you do your due diligence on any forex trading platforms. Never assume.
In addition, check the website that is authorized. Never open an account on a website that is not authorized. You can check this as well. Just click on Pepperstone in your FCA search result and scroll down. You will see a section that shows Pepperstone’s authorised website
Are overall fees low?
Your overall fees as a trader is a combination of trading and non-trading fees. Trading fees include spreads, commissions, and overnight charges. Non-trading fees include inactivity fees, deposit/withdrawal charges, or currency conversion charges.
It is important to know if the overall fees are low or high. Overall fees affect your profit or loss cumulatively so make sure to check them out. They are usually found under the forex broker’s fees or pricing. Here is a screenshot of how to check Pepperstone’s fees:
If you want to save your time, you can speak to the forex broker’s customer support via email or live chat.
Since we are discussing trading platforms, you should know that some trading fees can differ based on trading platforms. For example, Pepperstone charges a £4.50 round-turn commission (per standard lot) on MetaTrader. On cTrader, the round-turn commission is $6 (per standard lot).
FxPro also have different spreads for CFDs based on their trading platforms. This is why it is important to check the overall fees relative to the platforms supported by your broker
Is their platform multi-device?
MT4, MT5, and cTrader platforms are prominent with traders. You want to make sure your chosen forex trading platform supports them. They should also be available on multiple devices.
This is important because all devices do not give you the same experience. Mobile apps allow you to monitor your trades on the go. Desktop versions give you a detailed and concise view that is lacking on mobile apps.
Forex trading platforms usually state their platforms and the device or devices they are available on. All you need to d is go to their website and click on platforms or trading platforms.
Here is a screenshot of City Index’s MetaTrader 4 platform. You can see how it is available on multiple devices and functional on different operating systems.
Is customer support quick?
To know if the customer support is quick, you have to test it yourself. This way, you get a first-hand experience. You can use the live chat feature or send an email. You can grade the speed of the customer support this way.
Is it easy to withdraw funds?
You should be able to withdraw your money easily at any time. What you need to check are the withdrawal methods, how instant they are processed, and when the money shows in your account. You can find this by going to the funding and withdrawal section.
For FxPro as an example, click on pricing, then on funding in the dropdown.
How to Start with the Best Forex Trading Platforms in Australia
In this section, we will be showing you how to open a trading account with the best forex trading platforms in Australia. There are quite a number of them so we will be using one of them as an example (Pepperstone).
1) The first step is to go to their homepage. Pepperstone’s website for Australia is www.pepperstone.com/en-au. On the homepage, click on ‘join now’
2) Enter your email to register. Then click on ‘Get Started’
3)You will enter your email address again, create a password and choose an account type. Note here that you are choosing between an ‘individual’ or ‘corporate’ account. Not necessarily the trading accounts.
4) After these steps, you will have access to your ‘secure client area’. Here, you will need to give more personal details. Like your nationality, date of birth, residential address, etc.
5) When you scroll further down in the client area, you will be able to choose your account base currency, trading account type, and preferred trading platform.
6) The final step will require uploading your ID document for verification. You will also have to declare your employment and source of income.
7) Once your ID is verified, you can begin trading with Pepperstone.
FAQs on Best Forex Trading Platforms UK
Which forex trading platforms are regulated in the UK??
Any forex trading platform that is authorised by the FCA is regulated in the UK. So, make sure to check if the platform that you are choosing is authorized in the UK by checking their Reference Number on the FCA’s Register. Only this would ensure that your funds are protected.
As per our research, Pepperstone, City Index, FxPro and eToro are reputable brokers and are considered low risk.
Which forex trading platforms have the lowest spreads??
Which trading platform is best for beginners?
City Index is the best platform for beginners as per our review. Their offering is clear, with an average spread, Metatrader platform, low deposit, fair trading conditions, and okay support.
Which is the best platform for forex trading?
MetaTrader 4 and 5 are the most popular trading platforms. They have good charting tools that are ideal for trading. cTrader follows them closely and is growing in popularity too.