Forex Trade

What Is The Best Forex Trading Platform UK 2023 

Are you among those who’re in a race to invest in the forex industry? If yes, you’d definitely need a forex trading platform to run the game of cryptocurrencies and relish rewards. For your ease, we’ve enlisted a few best forex trading platforms, websites, software, brokerage firms, and applications that enable leveraged trading of national currency pairings.

‍Take into account that trading involves a risk to your funds. When trading CFDs with the majority of the suppliers listed below, many investors’ accounts experience losses. Before continuing, you should decide if you can manage to incur the significant chance of losing your money.

When deciding the best platform to use for forex trading, do not forget to check whether the platform is authorised by a financial authority or not. The regulator of the UK, the Financial Conduct Authority (FCA) has authorised the following best forex trading platforms that you can look into for trading your cryptocurrencies. Let’s blow the lid off the best forex trading platforms in the UK.

The Best Forex Trading Platforms In The UK

1. Pepperstone

Pepperstone, a renowned forex broker, enables you to trade a broad range of crypto assets including forex, indexes, equities, ETFs, commodities, and other assets (CFDs). The Pepperstone platform offers over 1000 trading products, low-cost spreads, and quick execution times. Successful investors get access to even more specialised features and significantly higher leverage. Several of the most well-known and potent trading platforms, such as TradingView, MetaTrader 4 (MT4), and MetaTrader 5 (MT5), are also available through Pepperstone, enabling you to start trading and take advantage of the smooth formation of innovative trading strategies. One of the best things about this platform is that every investor whether experienced or a beginner can use this platform for free as there is no fee for creating an account on this platform. It is free of cost, and anyone can utilise its free demo account to practise forex trading.

2. eToro

If you actually belong to the world of forex trading, you must be familiar with eToro. You may invest in and trade in stocks, FX, cryptocurrencies, ETFs, indices, and commodities using the multi-asset platform eToro. Users may trade financial assets directly or through contracts for differences (CFDs). Users may trade crosses, exotic pairings, and minors as well. Opening an account with eToro is completely free, and all authorized members get a free US$100,000 demo account that they can use to rehearse trading until they feel comfortable. The spreads on eToro begin at 1 pip and serve as trading commissions for forex brokers.

More than 60 forex trading pairs can be found on eToro. Along with a wide variety of exotic currencies, this contains several major and minor currency pairs. The only charge that applies while trading on eToro is the spread and commission-free trading is available for all supported FX pairs. This is also true for the site’s other classes of supported assets, which include hundreds of equities, ETFs, and cryptocurrencies, making it a platform for trading Bitcoin and Ethereum.

You may trade forex with large leverage on eToro as well. According to FCA regulations, the maximum leverage available through UK retail investor accounts for majors and minors/exotics, respectively, is 1:30 and 1:20. As a result, you may start trading forex with little money. Actually, the eToro minimum deposit is only $10 (£8). The Copy Trading function is arguably the most cutting-edge feature provided by this UK forex trading platform.

You won’t pay any extra money to utilise the eToro Copy Trading feature, so you can continue to trade foreign exchange commission-free. Sharing forex trading ideas with other eToro users is helpful because it is the industry’s top social trading platform.

3. Avatrade

Another very useful and popular FX and CFD broker is AvaTrade which was established in 2006 and is licenced by a number of financial regulators, including the Central Bank of Ireland and the Australian Securities and Investments Commission (ASIC) (CBI). Trading in cryptocurrencies, CFDs and FX is free for Avatrade users. This 2006-founded CFD and FX broker is overseen by many financial institutions.

In addition to offering a wide variety of CFD derivatives, such as stocks, bonds, ETFs, commodities, and indices, AvaTrade now offers FX trading. Seven additional cryptocurrencies may also be traded directly through the AvaTrade platform without any commissions or bank fees.

Regarding non-trading costs, there are none for account maintenance, deposits, or withdrawals. However, a $50 inactivity fee applies to AvaTrade brokerage accounts after three months of inactivity. A $100 yearly administration charge is then deducted from the trading account after one year of inactivity.

4. IG

IG is a sizable trading platform that enables you to exchange over 15,000 markets, like forex, options, commodities, and indexes via CFDs and spread bets, as well as invest in thousands of international equities and ETFs. The most well-known FX market pairings, EUR/USD, GBP/USD, USD/CHF, EUR/JPY, and EUR/CHF, are among the more than 80 cross-currency pairs that IG provides. In addition, users may trade developing FX pairings, Australasian, Scandinavian, and minor currency pairs. With IG, you may connect to a variety of third-party platforms or use IG’s proprietary trading interface to trade FX CFDs with confidence and convenience wherever you are. You may access IG’s own platform via a computer, an iOS or an Android smartphone. With a straightforward and attractive design, the website provides you with a quick snapshot of market prices, spreads, and margins.

IG platform doesn’t imply any fee as it is completely free. All authorised members have access to a free demo account that they may use to experience forex trading in the UK until they feel comfortable. The spreads, which serve as trading commissions for forex brokers, start at just 0.6 pips with IG. Additionally, IG imposes overnight financing fees and charges for utilizing the ensured stop-loss function while holding CFD contracts overnight. There are further costs. IG offers a Trading Account, Stocks and Shares ISA, and SIPP as part of its product lineup.

5. Libertex

Libertex platform is packed with a variety of majors, crosses, and exotics and has been involved in the digital forex trading industry for decades. For the latter, you may trade currency pairings that include the Singapore dollar, the Singaporean dollar peso, the Mexican peso, and more.

Libertex charges a tiny commission each time you execute a buy or sell order, unlike eToro. But Libertex provides ZERO spreads in addition to the fact that this averages just 0.01% for every trade. As a result, this forex trading platform gives reasonable commissions even after accounting for the variable commission.

Libertex provides a wide range of CFDs in addition to FX. This includes indexes, oil & gas, ETFs, metals, stocks, and more. You may trade forex using your web browser once you’ve opened an account with Libertex. This eliminates the requirement to download outside applications. Libertex is also compatible with Metatrader 4 if you’re a seasoned pro and want access to sophisticated order types and technical indicators (MT4).

Additionally, MT4 and the Libertex platform are also accessible through native mobile apps. The educational division of Libertex is another service it provides. This provides a selection of explanations and tutorials for important terminology used in FX trading. Libertex streamlines the funding procedure when it comes to payments. If you’d like

6. CMC Market

CMC Market is among the best forex trading platforms with the help of which you may access more than 12,000 financial instruments on several international financial markets, including those for shares, indices, commodities, and currencies. More currency pairings are available from CMC Markets than from any other broker featured on Koody, and execution is totally automated and extremely quick. 

You may trade minors, exotics, forex indexes, as well as less well-known currencies like the Turkish lira and Norwegian krone. With CMC Markets, you can pick from more than 105 technical indicators and drawing tools, and 12 built-in chart styles for an exceptional charting experience. More comprehensive services are available to premium subscribers, including free Financial Times subscriptions, priority customer assistance, and spread discounts of more than 28%.

The spreads, which serve as trading commissions for brokerage firms, begin as low as 0.7 pip with CMC Markets. Based on the size and length of the deal, holding charges (for trades held overnight, which are effectively a fee for the money you borrow to pay the leveraged component of the trade) may also be applicable. An ISA or SIPP are not offered by CMC Markets.

Summary

If you want to relish the perks of forex trading, you’d need the best forex trading platform where you can trade your forex assets. FX trading in the UK requires expertise as well as trading skills. One needs to be familiar with terms like ask and bid prices, leverage ratios, bear and bull markets, margins, spread, forwards and futures markets, etc. in order to be successful as an FX trader.

It might be difficult to decide what is the best forex trading platform to use with so many available in the UK. The most important criteria are FCA regulation, support for your preferred pairings, reasonable fees, and narrow spreads from your selected service.