What Are the Top 5 Forex Trading Platforms in the UK?
Trading Platforms
Forex brokers are accountable for assisting trades in the foreign exchange industry by giving a forum through which vendors can buy and sell a broad range of currency pairs.
Forex is the enormous financial industry in the world. This is the reason many brokers are regulating in this field. To figure out which one is right and reliable for you is a confusing yet crucial process. Since your preference of broker can be powerful to your victory; selecting the false or invalid one can be financially devastating.
A forex broker that suits one vendor does not necessarily suit another, and it’s significant to conduct thorough research and exploration to find the good one for you.
Your considerations should be related to your personal circumstances and conditions. The aspects you should see in a broker are:
● Regulated or Not: You must see if it has credentials by some regulation or not. The best Forex brokers in the UK are regulated by Financial Conduct Authority (FCA)
● Trading Costs: See the spread cost; it's the difference between the buying and selling price of a currency pair. See the average spreads of all brokers and choose whatever suits you.
● Good Customer Service: Choose a broker that is easily contactable and offers good customer care.
● Fit with Your Trading Style: Choose a broker that matches your trading style to gain profits and for better assistance.
Ultimately, selecting the right forex broker for oneself comes down after extensive research. The following list of the top 5 forex brokers in the UK should give you a favorable beginning point.
1. XTB Online Trading
XTB is the best forex broker of 2021. It is one of the vastest exchange-listed FX brokers in the globe and is governed by many authorities, including the Financial Conduct Authority (FCA). XTB gives access to a figure of over 1,500 global trading industries including forex, indices, commodities, ETFs, and crypto.
Either you’re an amateur trader or a professional, you’ll love the award-winning trading platform of XTB. Gratitude to its ease-of-use and exceptional performance speeds. Its trading platform is easy, but also spontaneous, enabling you to supervise your investments promptly and skillfully.
XTB offers 3 different platforms:
● Web,
● Mobile
● Desktop App.
Their xStation web platform is simple enough to be used by beginners but also has adequate progressive tools to convince the more developed traders. Their mobile app is accessible by both iOS and Android that let you access 1,500+ trading markets with a single click of a button. The XTB desktop app has identical functionalities as the WEB version has and it is connectable with Windows and Mac.
Some of the XTB platform’s elements we admire include customizable trading graphs, risk-management traits such as stop-loss, economic calendars, and permit-to-market excitements. You can try this trading platform as they offer a free demo account. You can try that and see if this broker suits you or not.
2. FXCM
This broker is recommended for high-volume trading. This well-established and reputed broker was launched in 1999.
It provides a relatively low spectrum of currency pairs, having just 39 pairs, and its spread values are slightly above the trading markets’ average. Nevertheless, for those seeking to exchange frequently and at high proportion, it has an Active Trader account providing very competitive pricing.
FXCM also offers numerous trading platforms that include MT4, NinjaTrader, ZuluTrade, and Trading Station.
Its leverage is accessible up to 30:1 on many primary pairs, and the least deposit of £300 is needed for standard accounts while the Active Trader account needs the minimum deposit of £25,000.
3. Plus 500
This broker is for experienced traders. It is one of the best forex brokers in the UK that has an easy-to-use and all-time available service.
You can have over 60 currency pairs with competitive spreads without commission, and accessible leverage of up to 30:1.
Although MetaTrader and cTrader are not available on it, Plus500’s own platform is very user-friendly. This platform comes with a spectrum of spontaneous risk control features and is accessible on the web and mobile.
Plus500 expects a minimum deposit of £100 if wielding a credit or debit card, and £500 if utilizing bank transfer.
76.4% of commercial investors lose capital while exchanging with this provider. You should think about whether you can afford to take the high risk of losing your capital and then use this platform.
4. Fx Pro
Fx Pro is a relative newcomer as compared to other brokers, which was launched in 2006.
With around 70 currency pairs on this platform, and numerous accounts functional with varying spreads and commission costs, it is perhaps not a reasonable choice for novice traders.
Nonetheless, if you are experienced and have a good trading style, FxPro is a good option.
This broker offers the full MetaTrader suite, having MT4 and MetaTrader 5 (MT5) accessible. It also provides cTrader. Along with them, it has its own platform, FxPro Edge.
FxPro recommends £500 as the minimum deposit, though you can also start trading with just £100.
5. IG
IG is an all-rounder broker. It was launched in 1974. It is the longest-standing company on the broker's list and a prominent option with commercial and competent traders likewise.
It proposes highly competitive spreads, such as an average rate of 0.7 on EUR/USD pairs. With that, it offers over 90 currency pairs that are ready for trade.
IG’s proprietary web-based portal is known for its best speed, trustworthiness, functionality, and comfort of use, while its mobile app proposes a highly comparative experience. This broker also has MT4. You can start exchanging with IG at the lowest deposit of £250.
Final Thoughts
All of the above forex brokers are regulated by the FCA which, as mentioned in the introduction, is a fundamental concern when selecting a forex broker.
Of course, this list is not inclusive and is not aimed at making any ultimate decision made on your part. Rather, use it as an assistance tool to steer your exploration and find a broker that best suits your trading manner and personal situations.
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