Please remember that when you trade, your capital is at risk. More than 65% of retail investor accounts lose money when trading CFDs with most of the providers below. You should consider whether you can afford to take the high risk of losing your money before moving forward.

Best Forex Trading Platforms

Updated On: Mar 9, 2023
Best Forex Trading Platform UK

Contents:

Best Forex Trading Platforms in the UK

We’ve compiled a list of the best forex trading platforms in the UK. These are our top five forex brokers for buying and selling national currency pairs using leverage.

Please remember that when you trade, your capital is at risk. More than 65% of retail investor accounts lose money when trading CFDs with most of the providers below. You should consider whether you can afford to take the high risk of losing your money before moving forward.

The platforms listed below are authorised and regulated by the UK’s financial watchdog, the Financial Conduct Authority (FCA).

Here are the best forex trading platforms in the UK:


FinecoBank - Market spread from 0.8 pips; 50+ currency pairs

FinecoBank Logo
Minimum Deposit
£0
Market Spread
From 0.8 pips
Currency Pairs
50+

FinecoBank is one of Europe’s largest banks, with 20+ years of leadership history in brokerage and over 30 million orders processed every year. Its core mission is to make online trading simple by providing direct access to the markets in just one click. With FinecoBank, you can access 26 global markets and trade over 20,000 financial instruments worldwide on a single account, including forex, CFDs, UK and overseas shares, ETFs, funds, bonds, futures and options. FinecoBank offers a wide selection of cross-currency pairs, including the most important FX market pairs, EUR/USD, GBP/USD, GBP/JPY and AUD/USD. Users can also invest and trade directly in GBP, EUR, USD, CHF and 20+ currencies.

FinecoBank users enjoy advanced tools, interactive charts and automatic orders via the website, mobile apps or PowerDesk platform. PowerDesk is an advanced and fully customisable trading platform with powerful charting, analytics tools, and stock screeners. The large spectrum of indicators and chart analysis available on PowerDesk will satisfy the needs of the most experienced forex traders. PowerDesk also offers powerful risk management tools such as Stop Loss, Take Profit, Trailing Stop, Conditional Orders, One-Cancels-the-Other (OCO) and Basket Orders. Users can access real-time prices across thousands of products, with live P&L updates and economic data. In-house training to improve your trading abilities and acquire specific skills for forex trading is also available. FinecoBank is suitable for both beginners and experts.

With FinecoBank, the spreads, which function as trading fees for forex brokers, start as low as 0.8 pips. Overnight position charges also apply based on the value and duration of your trade. FinecoBank does not charge currency conversion fees, but FX spreads apply. FinecoBank’s products include a Trading Account and Stocks and Shares ISA.

Please note: When you invest, your capital is at risk. 68.01% of retail investors lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and can afford to take the high risk of losing your money.

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XTB - Market spread from 0.1 pips; 48 currency pairs

XTB logo
Minimum Deposit
£0
Market Spread
From 0.1 pips
Currency Pairs
48

XTB is an easy-to-use, fully customisable European trading platform and one of the largest stock exchange-listed CFD and forex trading brokerages in the world. XTB provides traders instant access to hundreds of global markets and over 2,100 instruments, including forex, indices, commodities, stock CFDs and ETF CFDs. With XTB, you can trade 48 national currency pairs, including majors such as GBP/USD, EUR/USD, EUR/GBP,  USD/CAD, USD/CHF, USD/JPY and AUD/USD. You can also trade minors, exotic pairs and crosses.

xStation by XTB is a powerful trading software available on iOS, Android and desktop devices and suitable for both beginners and advanced forex traders. The xStation forex trading apps give you access to comprehensive charting and risk management tools. With the built-in trading calculator, you can easily estimate costs, profits or losses before opening a position, modify stop loss and take profit orders directly on the chart or close all positions with a click of a single button. You can also enjoy access to market sentiments, which shows you how XTB customers around the world position themselves on individual markets. The software also supports micro-lot trading. In addition, XTB has an extensive library of educational materials containing videos, webinars and courses suitable for both beginners and experienced traders. When you sign up, you will have access to a dedicated account officer who will work with you to help you better understand your needs and how XTB works. 

It is free to open a forex trading account with XTB. Deposits in GBP and EUR are free of charge, but withdrawals below £60 have a £12 processing fee. On XTB, the spreads, which function as trading fees for forex brokers, start at 0.1 pips. XTB also charges overnight fees relative to the value of your positions. Inactive accounts attract a monthly fee of €10 (£9). Other fees apply. For more information, visit XTB.  XTB has offices in over 13 countries, including the UK, Germany and France, and over 500,000 customers worldwide. XTB does not offer an ISA or SIPP.

‍Please note: Contracts for Difference (CFDs) are leveraged products and carry a significant risk of loss to your capital, as prices may move rapidly against you, and you may be required to make further payments to keep any trades open. Between 74 and 89% of retail investor accounts lose money when trading CFDs. These products are not suitable for all clients. Please ensure you fully understand the risks and seek independent advice. 

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eToro - Market spread from 1 pip; 49 currency pairs

eToro Logo
Minimum Deposit
£0
Market Spread
From 1 pip
Currency Pairs
49

eToro is a multi-asset trading platform that allows you to invest and trade in forex, stocks, ETFs, indices, commodities, cryptocurrencies, and NFTs, directly or via contracts for difference (CFDs). With eToro, you can trade up to 49 national currency pairs, including majors such as EUR/USD, GBP/USD, USD/JPY, AUD/USD, USD/CAD, USD/CHF and EUR/GBP. You can also trade minors, exotic pairs and crosses.

The eToro trading software is powerful, intuitive and easy to use. ProCharts, a professional-grade technical analysis tool available via the software, enables you to compare charts from different financial instruments and time frames. The software also provides risk management tools, such as Stop Loss, Take Profit and Trailing Stop Loss, which you can use to better manage your positions, protect your investments and secure your profits. Forex trading on eToro is suitable for both beginners and advanced traders. Beginners can benefit from the educational materials, user-friendly desktop and mobile forex trading apps and copy trading tools (which allow you to copy the trades of top-performing forex traders on the eToro platform). Advanced forex traders can take advantage of the superior charting and analytics tools, social trading features, and real-time market news and insights.

It is entirely free to open an account with eToro, and all registered users receive a US$100,000 demo account for free, which you can use to practise trading until you become confident. On eToro, the spreads, which function as trading fees for forex brokers, start at 1 pip. eToro also charges overnight fees relative to the value of your positions. Trading on eToro occurs in USD, so a currency conversion fee will apply if you deposit or withdraw in a currency other than USD. Withdrawals incur a fee of US$5, and the minimum withdrawal amount is US$50. For UK customers, eToro offers an eToro Money app which allows you to convert your GBP to USD free of charge, thereby reducing your foreign exchange costs. eToro does not offer an ISA or SIPP.

‍Please note: When you invest, your capital is at risk. 80 - 90% 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. Additionally, cryptoassets are highly volatile and unregulated in the UK. No consumer protection. Tax on profits may apply. Copy Trading does not amount to investment advice. Other fees apply. For more information, visit eToro.

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Pepperstone - Market spread from 0.6 pips; 60+ currency pairs

Pepperstone logo
Minimum Deposit
£0
Market Spread
From 0.6 pips
Currency Pairs
60+

Pepperstone is a CFD and forex broker that allows you to trade a wide variety of instruments, including forex, indices, stocks, ETFs, commodities and other assets via contracts for difference (CFDs). The Pepperstone platform boasts low-cost spreads, fast execution speeds and access to over 1,200 trading instruments. The Pepperstone CFD trading accounts allow a minimum trading size of 0.01 lots and a maximum of 100 lots. Retail traders can access leverage of up to 30:1 and 60+ currency pairs. Professional traders can access much higher leverage and even more exclusive features. With Pepperstone, you can trade more than 60 national currency pairs, including majors such as EUR/USD, EUR/GBP, GBP/USD, USD/CAD, USD/CHF, USD/JPY and AUD/USD. Users can also trade minors, exotic pairs and crosses.

Pepperstone also allows you to trade and enjoy the seamless creation of advanced trading strategies via some of the most popular and powerful trading software, including TradingView, MetaTrader 4 (MT4), MetaTrader 5 (MT5), CTrader, DupliTrade (for social and copy trading), and Capitalise AI (for code-free trading automation). The Pepperstone platform is suitable for both beginners and advanced traders. It is entirely free to open an account with Pepperstone, and all registered users gain access to a free demo account which you can use to practise forex trading until you become confident.

On Pepperstone, the spreads, which function as trading fees for forex brokers, start at 0.6 pips. Pepperstone charges commissions on CFD Razor accounts when trading forex and a swap rate (overnight fee) for holding CFD positions overnight. Other fees apply. Pepperstone does not offer an ISA or SIPP.

Please note: When you invest, your capital is at risk. Between 74 and 89% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and can afford to take the high risk of losing your money.

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Saxo - Market spread from 0.4 pips; 190+ currency pairs

Saxo logo
Minimum Deposit
£0
Market Spread
From 0.4 pips
Currency Pairs
190+

Saxo Markets is the UK division of Saxo Bank, a large European bank and investment platform that allows you to invest in 60,000+ financial products from stock markets around the world, including London, New York, Hong Kong, and 50+ other global markets. With Saxo, you can invest in leveraged trading products such as forex, CFDs, futures, commodities and options, or cash investment products such as UK and overseas stocks and shares, bonds, and ETFs.

Saxo offers a wide selection of currency pairs, including majors such as GBP/USD, EUR/USD, USD/JPY, AUD/USD, USD/CAD, USD/CHF and EUR/GBP, minors, exotic pairs and spot metals. Saxo traders benefit from extensive charting with 50+ technical indicators, integrated trade signals, news feeds and risk-management features via the SaxoTraderGO platform, which is available on desktop, tablet or smartphone. Advanced traders can access even more sophisticated trading features on SaxoTraderPRO, Saxo Bank’s desktop-only advanced trading platform.

With Saxo, the spreads, which function as trading fees for forex brokers, start as low as 0.4 pips. Overnight interest rates and charges also apply based on the value and duration of your trade. Saxo’s suite of products includes a Trading Account, Stocks and Shares ISA and SIPP.

Please note: When you invest, your capital is at risk. 73% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and can afford to take the high risk of losing your money.

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What Is Forex Trading?

Forex (foreign exchange or FX) trading involves the speculative buying and selling of national currencies with the goal of making a profit.

If you’ve ever travelled out of the country, received or paid someone in a currency other than your local currency or visited a post office, bank, or bureau de change to buy travel money, you have already participated in the foreign exchange market. 

But unlike buying and selling foreign currencies in a bureau de change or bank for personal or even commercial use, when you trade forex, you do not actually receive the foreign currency in your bank account or the cash in your hand. Instead, you are participating in a contract that specifies that if the currency you purchase increases in value, you take the profit, and in the same way, if it drops in value, you accept the loss. This is called “over the counter” or OTC trading, which means there is no physical exchange of the actual currency.

People and institutions use forex to hedge currency and interest rate risk, speculate on geopolitical events, diversify portfolios, or simply make a quick financial gain.

Because countries need to trade with one another to thrive, the foreign exchange market tends to be the largest and most liquid asset market in the world. According to a 2022 triennial (three-year) report from the Bank for International Settlements (a global bank for national central banks), trading in OTC FX markets reached $7.5 trillion per day in April 2022, up 14% from $6.6 trillion three years earlier.

Forex literally translates to foreign exchange, which refers to trading or exchanging one currency for another. “Forex” is a portmanteau of the words “foreign” and “exchange”.

How Does Forex Work?

People and institutions trade forex for a variety of reasons, including hedging currency and interest rate risk, speculating on geopolitical events and diversifying portfolios.

  1. Forex for Hedging: When you buy or sell goods and services in a foreign country, you are at risk of losing money due to fluctuations in the values of international currencies. Institutions that trade globally on a large scale are at an even bigger risk of losing significant amounts of money due to currency fluctuations.

    To mitigate this risk, foreign exchange markets provide a way to hedge currency risk by fixing a rate at which the transaction will be completed. This is accomplished by buying or selling currencies in the forward or swap markets in advance, which locks in an exchange rate.
  2. Forex for Speculation: Many factors affect the supply and demand for currencies, such as international trade, interest rates, tourism, geopolitical events, and economic strength.

    As a result, there is an opportunity to profit from changes in the value of one currency compared to another. If, for example, a forex trader expects the price of the USD to increase against the GBP. The trader can buy the GBP/USD pair on the forex market and sell it for a profit when the price rises.
  3. Forex for Diversification: Traditionally, before the advent of cryptocurrencies, people who wanted to diversify their investment portfolios with exchange-traded securities that go beyond stocks, ETFs and bonds used forex.

    Forex can be a good addition to your portfolio, provided you are not overleveraged and understand how the forex markets work.

The best forex trading platforms in the UK provide the tools and support to empower everyday traders to trade forex for hedging, speculation and diversification.

How Are Currencies Traded?

Currencies are traded on the forex markets and are usually traded in pairs. This is because when you buy one currency, you simultaneously sell the other. Each currency has a three-letter symbol similar to the ticker symbols you find on stock exchanges (for example, AAPL represents Apple Inc. on the NASDAQ Stock Market in the US).

In the forex market, we use GBP for the British pound sterling, EUR for the euro, USD for the United States dollar and so on. Currency pairs are quotations of two different currencies, with the value of one currency being quoted against the other. For example, GBP/USD. 

Each currency pair comprises two elements: the first is known as the “base currency”, and the second is the “quote currency”. The base currency is always equal to 1, while the quote currency is the value of the second currency. For example, if GBP/USD = 1.3, this means that £1 = US$1.3. Alternatively, you could say it would cost US$1.3 to buy £1. An easy way to think of this is - any time you look at the value of a currency pair, you are looking at the value of the second currency.

Currency pairs on the forex markets typically have two prices: the “Bid” price, which is the price you buy a currency pair and the “Ask (or Offer)” price, which is the price you sell a currency pair. 

It is relatively easy to enter and participate in the forex markets. The markets are open 24 hours a day, five days a week: starting each day in Australia and ending in New York, and anyone with a smartphone and internet connection can access them. The easiest way to participate in the forex market is by signing up with a forex trading app or broker. Additionally, participating in the FX markets requires very little of your own money to start, as most forex brokers provide the opportunity to use leverage (credit) to increase the size of your portfolio.

Finally, since trading foreign exchange is a macroeconomic endeavour, one need not bother with understanding the nuances of microeconomic factors.

How to Trade Forex for Beginners

Beginners can start trading forex in the UK by following the steps below:

  1. Learn Forex Terminologies: FX trading in the UK requires specialised knowledge of terminologies and an understanding of how the markets work.

    To succeed as an FX trader, one must understand forex terminologies such as ask and bid prices, leverage ratios, contracts for difference (CFDs), types of forex accounts, bear and bull markets, lot sizes, margins, pip, pipette, spread, sniping and hunting, spots, forwards and futures markets, among others. Scroll down to see our short definitions of some of these terms.
  2. Understand Leverage Ratios: Leveraged trading is when you use borrowed money to increase the size of your position. The FX broker typically provides this loan, and you can usually access it with just a click of a button.

    Leverage ratios in forex differ significantly from what you find in equities markets. The leverage ratio in forex markets can go as high as 400:1. A 400:1 ratio, for example, means that the broker will multiply your current capital by 400, thereby increasing the size of your portfolio and, as a result, the size of your profits or losses. While this may sound scary, it is important to note that the highest leverage ratio available to a retail forex trader in the UK is 30:1.

    Additionally, the financial watchdog, the Financial Conduct Authority (FCA), ensures that the best forex brokers in the UK provide protections that guarantee a client cannot lose more than the total funds in their CFD account.
  3. Open a Forex Trading Account: Once you are comfortable with leverage and know a few terminologies, it is time to set up a forex trading account. This is the easy part. Visit any of the brokers listed above, enter a few personal details, verify your personal information, add a payment method and fund your account.

    You should always check that the provider you sign up with is regulated by the Financial Conduct Authority (FCA). All the FX brokers listed on Koody are regulated by the FCA.
  4. Research Currency Pairs: Currency pairs are quotations of two different currencies, with the value of one currency being quoted against the other, for example, GBP/USD.

    Currency pairs are divided into two main categories: majors and minors. The currencies that trade the most volume against the USD are called majors. Such currencies include EUR/USD, GBP/USD, USD/JPY, AUD/USD, USD/CAD and USD/CHF. The EUR/GBP is also a major currency pair.

    All other currency pairs are called minors, exotic pairs or crosses. The major currency pairs tend to have the most liquid markets and trade 24 hours a day, Monday through Friday.
  5. Understand Market Drivers: The drivers for currency price movements are different from those for equity markets. Market drivers include macroeconomic factors such as interest rates, inflation rates, geopolitical events, economic policies, international trade and balance of payments.

    A good understanding of FX market drivers can help you make decisions about what currency pairs to buy or sell and when.
  6. Develop an FX Trading Strategy: To become a successful forex trader, you need a trading strategy that incorporates sound fundamental and technical analysis. You must also avoid impulsive behaviour and only trade currency pairs that you have researched thoroughly.

    Additionally, you must apply a bit of common sense to know when to exit a losing position, even if you have already lost a significant amount of your initial capital. Lost money can always be recovered in future trades if you maintain composure and create and stick to strict buy-and-sell rules.
  7. Pay Attention to Fees: As we have stressed in this article, trading forex typically involves leverage which is the same as taking a loan from a financial institution. Loans are usually associated with all sorts of fees: overnight fees, spreads, etc. It is important to keep on top of them so as to avoid unwelcome surprises.
  8. Start Trading Forex: Once you’ve built enough confidence to enter the forex markets, hit the trade button and start trading.

Forex Market Opening Times

The forex market is open 24 hours a day, five days a week: starting each day in Australia and ending in New York.

Unlike individual stock exchanges, such as the New York, London or Frankfurt stock exchanges, which work to specific opening hours and hence have a stop-start nature, forex markets work non-stop five days a week from 9 pm GMT on Sunday until 8 pm GMT on Friday. 

The ability of the forex markets to trade over 24 hours is due in part to different international time zones. The forex market has four main trading hubs, each working across different time zones: Sydney, London, Tokyo and New York. When FX trading stops in one location, it continues in another. Forex is also traded in Zurich, Frankfurt, Paris, Hong Kong and Singapore.

Types of Currency Traders

There are four main types of forex traders: scalper, day trader, swing trader and position trader.

  1. Scalper: A scalper is a trader who looks to make quick profits from small price changes in the market. A scalp trader holds their positions for seconds or minutes at most with the goal of making many small profits that add up to a decent amount at the end of the day.
  2. Day Trader: A day trader is a short-term trader who closes their positions on the same day they are opened. The duration of a day trade can be hours or minutes, but each trade is always liquidated on the same day. Like scalp trading, the goal here is to make many small profits that add up to a decent amount at the end of the day.
  3. Swing Trader: A swing trader is a trader who holds their position for longer than a day but never more than a few weeks or months. Swing trades can be useful during major announcements by governments or times of economic tumult.
  4. Position Trader: A position trader holds their position for an extended period of time, usually many months or even years.

Forex Trading Terminologies

To succeed in forex trading, you need to understand the terminology. Here are some important forex terms to get you started:

  1. Forex Account: A forex account is a trading account for buying and selling currency pairs. There are three main types of forex accounts based on lot sizes: micro (trade up to 1,000 units of a currency pair in one lot), mini (trade up to 10,000 units in one lot) and standard (trade up to 100,000 units in one lot).

    You should not be intimidated by the lot sizes, as each lot includes leverage. So if a forex broker offered you a 20:1 leverage ratio, for example, you only need US$50 of your own money to open a micro forex account.

  2. Lot Size: Currencies are traded in sizes called lots. There are four main lot sizes: nano (consists of 100 units of a currency), micro (consists of 1,000 units), mini (consists of 10,000 units) and standard (consists of 100,000 units). Naturally, the larger the lot size, the higher the profits (or losses) you stand to make from your trades.

  3. Leverage: Leveraged trading is when you use borrowed money to increase the size of your position. The FX broker typically provides this loan, and you can usually access it with just a click of a button.

    Leverage ratios in forex differ significantly from what you find in equities markets. The leverage ratio in forex markets can go as high as 400:1. A 400:1 ratio, for example, means that the broker will multiply your current capital by 400, thereby increasing the size of your portfolio and, as a result, the size of your profits or losses. While this may sound scary, it is important to note that the highest leverage ratio available to a retail forex trader in the UK is 30:1.

    Additionally, the financial watchdog, the Financial Conduct Authority (FCA), ensures that the best forex brokers in the UK provide protections that guarantee a client cannot lose more than the total funds in their CFD account.

  4. Contract for Difference (CFD): A contract for difference is a trading product that enables you to buy and sell currency pairs in the forex market without owning the underlying asset. CFDs are based on agreements with the broker and rely on heavy use of leverage.

    You should carefully assess the risks associated with CFDs or other leveraged products before committing to them, as the resulting losses can often be greater than initially expected.

  1. Margin: Margin in forex trading refers to the amount of your own money used to open a position. If you open a position with US$500 at a 5:1 leverage ratio, for example, your total exposure (or the total amount of money in that trade) would be US$2,500. Since only US$500 of the money came from your pocket, that US$500 is the margin, and the remaining US$2,000 is leverage.
  2. Bid Price: The bid price is the price at which a trader is willing to buy a currency pair.
  3. Ask Price: The ask (or offer) price is the price at which a trader is willing to sell a currency pair.
  4. Spread: A spread is the difference between the bid and ask prices in a foreign currency trade. Since FX brokers do not charge commissions for trades, one of the ways they make money is through spreads.
  5. Bear Market: A bear market in forex trading is a period of continuous decline in currency prices, usually about a 20% drop from recent highs. Bear markets are typically caused by depressing economic fundamentals, investor fear, uncertainty, natural disasters, pandemics such as COVID-19, etc.
  6. Bull Market: A bull market in forex trading is a period of continuous rise in currency prices, usually a 20% rise from the lows reached in a bear market. Bull markets are usually characterised by low unemployment, positive economic news, increased consumer confidence and strong economic growth.
  7. Long: When a trader takes a long position, it simply means that the trader has purchased the underlying asset, in this case, the currency pair. Anytime you buy an asset on an exchange, you are going long. Market participants go long when they anticipate that the price of an asset will increase in value and they can profit from it.
  8. Short: A trader shorts a currency pair when they believe the price will drop in future. Shorting is when a trader borrows a currency pair from a broker, sells it at the current price, and waits for the price to decrease. Once the price drops, the trader repurchases it at a lower price in order to make a profit.
  9. Pip: A pip is a “percentage in point” or “price interest point”. It represents a one-digit movement in the fourth decimal place of a currency pair. For example, if the GBP/USD moves from US$1.28032 to US$1.28042, then it has moved by one pip. A pip is used to measure the change in the price of one currency in relation to another.
  10. Pipette: A pipette in forex trading is a one-digit movement in the fifth decimal place of a currency pair.


Frequently Asked Questions

1. What are the best forex trading apps for beginners?

Here are the best forex trading apps for beginners:

  1. eToro - Market spread from 1 pip; 49 currency pairs
  2. Pepperstone - Market spread from 0.6 pips; 60+ currency pairs
  3. XTB - Market spread from 0.1 pips; 48 currency pairs
  4. FinecoBank - Market spread from 0.8 pips; 50+ currency pairs
  5. Saxo - Market spread from 0.4 pips; 190+ currency pairs

2. Do you pay tax on forex trading in the UK?

Yes, forex trading is subject to tax in the UK. The tax treatment depends on whether you are trading forex via Contracts for Difference (CFDs) or Spread Bets. If forex trading is performed through a spread betting account, the income from your trades will be exempt from tax under UK tax law. If you trade forex via CFDs, you are liable to pay Capital Gains Tax (CGT) on the profits from your trades above the capital gains allowance. 

It is important to keep accurate records of all your forex trading activities to ensure you pay the correct amount of tax to HMRC. You may also wish to consult a tax adviser to ensure you fully understand your tax obligations.


3. What software do professional forex traders use?

Professional forex traders typically use a range of software tools to help them make informed trading decisions. Some of the most commonly used software for forex trading are:

  1. MetaTrader 4: MetaTrader 4 is a popular trading software for forex and CFD trading, offering advanced charting tools, technical indicators, and automated trading options.
  2. MetaTrader 5: MetaTrader 5 is a newer version of the MetaTrader software with added features such as more advanced technical analysis tools and a wider range of asset classes.
  3. TradingView: TradingView is a web-based trading software that provides real-time market data, customisable charting tools, and social networking features for traders and investors.
  4. cTrader: cTrader is a trading software that offers ECN trading and advanced charting features with a focus on transparency and speed of execution.

The best forex trading platforms in the UK provide access to some of these platforms. Others offer their own in-house software, which is just as powerful.

In addition to trading platforms, professional traders may also use analytical software tools to help them analyse market trends and develop trading strategies. These tools may include data analysis tools like Excel, Google Sheets or Python, as well as backtesting software that allows traders to test their trading strategies using historical market data.

4. How do I start trading forex in the UK?

To start trading forex in the UK, you need to:

  1. Learn the basics of forex trading: Forex trading involves buying and selling currencies to make a profit. Start by learning about currency pairs, trading strategies, and risk management techniques.

  2. Choose a reliable broker: A reputable broker is essential for a successful and enjoyable trading experience. Look for brokers regulated by the Financial Conduct Authority (FCA), which ensures they follow strict guidelines to protect traders.

  3. Open a demo account: Before risking your money, practice trading with a demo account. This allows you to test your trading strategies and get familiar with the platform's features without risking real money.

  4. Develop a trading plan: A trading plan outlines your trading goals, strategies, desired profit, acceptable loss, and risk management techniques. It helps you stay disciplined and avoid emotional trading decisions.

  5. Start trading: Once you feel comfortable trading with a demo account, you can start trading with real money. Start with a small amount and gradually increase your position size as you gain experience.

  6. Stay informed: Keep up to date with economic events and news that could impact the currency markets. This helps you make informed trading decisions and adjust your trading plan as needed.

  7. Manage your risk: Forex trading involves risk, so it is crucial to manage your risk carefully. This includes setting stop-loss orders, using proper position sizing, and avoiding overtrading.

5. How much should I invest in forex as a beginner?

You can start forex trading with as little as £100 in the UK. However, forex trading requires a significant time commitment, and in order to make a full-time income, you will likely need capital in the hundreds of thousands of pounds.


6. Which forex trading platform is best for beginners in the UK?

The best forex trading platforms for beginners in the UK are eToro, FinecoBank and Saxo. These platforms are easy to use and accessible on desktop, iOS and Android devices. They also provide a host of educational resources, including courses, webinars and video tutorials to help beginners learn forex trading. FinecoBank and Saxo are also relatively cheap compared to other forex brokers.


7. Is forex trading worth it?

Whether forex trading is worth it depends on various factors such as risk tolerance, investment goals, and market conditions.

For instance, if an individual has a high-risk tolerance and is willing to put in the effort to research and analyse market trends, they may be able to profit from forex trading. On the other hand, if someone is risk-averse and lacks market knowledge, they may end up losing money.

Additionally, the forex market is highly affected by global events and economic factors, such as political instability, inflation, and interest rates. This means that traders need to stay up-to-date on these factors and be able to make informed decisions based on market trends.

Forex trading can be worth it for experienced traders who are willing to take risks and invest time in learning the market. However, it is not a guaranteed way to make money and can be risky for beginners or those unwilling to invest the necessary time and effort.


8. Can you make a living with forex trading?

Yes, it is possible to make a living with forex trading, but it requires a lot of dedication, discipline, and experience. Forex traders who are successful make consistent profits over a long period by managing their risks and using a variety of trading strategies. For example, traders may use technical analysis to identify trends and support/resistance levels or fundamental analysis to analyse economic indicators and news events.

With that said, forex trading involves a high degree of risk, and traders should always be aware of the potential for losses. It is essential to have a solid understanding of the markets and to continuously learn and adapt to new market conditions if you hope to become a successful forex trader.

9. Are forex markets regulated?

Yes, forex markets are regulated. The Financial Conduct Authority (FCA) regulates forex trading in the UK.

10. Who are the best forex brokers in the UK?

Here are the top five forex brokers in the UK:

  1. FinecoBank - Market spread from 0.8 pips; 50+ currency pairs
  2. XTB - Market spread from 0.1 pips; 48 currency pairs
  3. eToro - Market spread from 1 pip; 49 currency pairs
  4. Pepperstone - Market spread from 0.6 pips; 60+ currency pairs
  5. Saxo - Market spread from 0.4 pips; 190+ currency pairs

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