Find the 10 Best Forex and CFD Trading Platforms & Apps in the UK (2024)

Forex and CFD brokers are responsible for facilitating trades on the foreign exchange market, essentially by providing a platform through which traders can buy and sell a wide range of currency pairs.

Forex is the largest financial market in the world; as such there are many brokers operating in this field. Figuring out which one is right for you is a confusing but vital process, since your choice of broker can be influential to your success; choosing the wrong one could be financially devastating.

This article looks at the key points to consider when making your choice, before offering our list of the best forex brokers in the UK.

A list of the Top Forex and CFD Trading Platform & App for October 2024

1. Plus500
2. Pepperstone
3. Spreadex
4. eToro
5. AvaTrade
6. Vantage Markets
7. IG
8. Saxo
9. XTB
10. ActivTrades

Comparison Chart for the Best Forex Trading Platforms UK Review October 2024

Your capital is at risk.

Best Forex Trading Platforms UK Review October 2024

There are numerous brokers available and we would always recommend that you conduct your own thorough research to determine the best Forex trading platform and app, and do due diligence before making your own personal choice.

Although we have listed several brokers below, it should be noted that this is through online research, not personal experience.

At WikiJob, we are not financial advisors and any information provided throughout this article is for educational purposes only.

Recommended for: Experienced traders

Plus500 is a CFD provider and offers only CFDs.

Another user-friendly entry on our list of the best forex and CFD brokers in the UK is Plus500, providing an easy-to-use and accessible service.

You’ll find over 60 CFD currency pairs with competitive spreads, no commission and available leverage of up to 1:30.

Although MetaTrader and cTrader are not available, Plus500’s own platform is very user-friendly. It comes with a range of intuitive risk management features and is available on web and mobile.

Plus500 requires a minimum deposit of £100 if using a credit or debit card, and £500 if using bank transfer.

Plus500 UK Ltd authorized & regulated by the FCA (#509909).

Recommended for: Safety and regulation (7 jurisdictions), low-cost processing, fast execution speed, perfect for algo-traders, EAs, etc.

Founded in 2010, Pepperstone has been quick to adapt to the social copy trading trend, providing plenty of tools for traders to share and mimic trading styles.

With over 1,200 instruments, it offers two account types:

• Standard – The Standard account comes with market average spreads and zero commission
• Razor – This account operates on a commission basis but with exceptionally low spreads

Pepperstone offers TradingView, MT4, MT5 and cTrader platforms, as well as supporting multiple options for social traders, depending on jurisdiction area:

• Signal Start
• MetaTrader Signals
• Copy Trading by Pepperstone
• DupliTrade

Pepperstone normally recommends a minimum of $0 to start trading.

Spreadex is widely recognized as one of the best platforms for Forex and CFD trading in the UK, largely due to its comprehensive features, robust technology, and user-friendly interface.

Spreadex provides an extensive range of Forex pairs and CFDs, including indices, shares, commodities, and more. This diversity allows traders to access multiple markets from a single platform, making it easier to diversify trading strategies and manage a mixed portfolio from one account.

The Spreadex mobile app has received significant acclaim, winning awards for its user interface and reliability. The app offers full functionality, allowing traders to access their accounts, execute trades, view charts, and analyze markets on the go. This is particularly advantageous for traders who need to respond quickly to market changes or those who prefer trading from multiple locations.

Spreadex is known for its straightforward and intuitive platform interface. Both the website and mobile app are designed with the user in mind, making it easy for both beginners and experienced traders to navigate and use effectively. This focus on user experience helps reduce the learning curve for new traders while providing powerful tools and features that more advanced traders expect.

Integration with TradingView provides Spreadex users with access to one of the leading charting technologies available. This feature offers advanced charting capabilities, numerous technical indicators, and analytical tools that can help traders make informed decisions based on comprehensive data analysis.

Spreadex offers competitive spreads and leverages, allowing for cost-effective trading across a wide range of instruments. Additionally, the platform provides features like extended trading hours, which are particularly useful for Forex markets that operate around the clock, allowing traders to take advantage of global market conditions.

New Spreadex clients can benefit from bonuses such as a free Financial Tomes subscription for deposits over £500, providing valuable market insights and analysis. Spreadex also frequently updates its offerings, adding new features and expanding its product range to better meet the needs of its users.

Regulated by the Financial Conduct Authority (FCA) in the UK, Spreadex offers traders the assurance that they are dealing with a reputable and secure platform. The regulatory oversight ensures that the highest standards of security and fairness are maintained, which is crucial for building trust with users.

Below content does not apply to US users

Recommended for: Beginners

Founded in 2007, eToro is considered a very low-risk broker as it is highly regulated by the Financial Conduct Authority (FCA) in the UK and many other regulatory bodies elsewhere.

Opening an account is free and you can access a $100,000 demo account to test the system.

It offers 47 currency pairs for trading. Spreads for forex trading have recently been significantly reduced and range from a very competitive 1 to 3 pips for major currency pairs.

Typical spreads for EURUSD and USDJPY trades, for example, are just 1 pip.

You can see the full list of spreads on the eToro website.

You’ll need to deposit a minimum of $200 for Copy Trading, eToro's standout feature which allows you to follow other traders and copy their trades.

This forex broker is great for beginners due to its user-friendly interface and 24-hour customer support. It also offers a forex trading app and allows you to trade currencies, stocks and cryptocurrencies in one portfolio and the Copy Trading system is a great way to learn.

The company also offers trading courses and features a Learning Lab which houses a variety of tools to support clients with their trading experience.

To find out more, read our eToro review.

51% of retail investor accounts lose money when trading CFDs with eToro. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

AvaTrade is a CFD Regulated broker with +1,000 financial instruments and multiple trading platforms. It has been operating since 2006.

It offers a 20% welcome bonus up to $10,000, according to regulation and a free 21-day demo account with $100,000.

Instruments include:

• Metals
• Commodities
• Stocks
• FX Options
• Oil
• ETFs
• Options
• Crypto currencies
• CFDs
• Indexes
• Shares
• Spread betting
• Indices
• Forex
• Bonds

AVATrade EU Ltd is regulated by the Central Bank of Ireland. (No.C53877) Ava Trade Markets Ltd. is regulated by the B.V.I Financial Services Commission. It is also highly regulated in Australia, South Africa, Japan, Middle East, Cyprus and Israel

You can not trade with AvaTrade in the US, North Korea, New Zealand, Iran or Belgium.

Mínimum deposit of $100, no withdraw limit and no fees.

Vantage Markets was founded in 2008 to be a transparent forex broker and has grown to include 40+ forex pairs and over 1000 different assets including EFTs.

As a broker, Vantage Markets is well-regarded and considered safe thanks to regulation by ASIC, FCA and VFSC.

Vantage Markets offers access to the markets through the popular MT4 and MT5 platforms, and a feature-stuffed mobile app.

There are three account types:

• Standard STP. Perfect for novices, this is a no-commission account that works across all trading instruments, with a minimum spread of 1.0 pips. The minimum deposit is $50.
• Raw ECN. Designed for more experienced traders, this account charges commission at $3 per lot per side but the spreads start at 0.0 pips. The minimum deposit is $500.
• Pro ECN. This is for professional, high volume traders, and offers commission at $1.5 per lot per side, with spreads from 0.0 pips. The minimum deposit is $20,000.

Vantage Markets is seen as a good, reliable broker that offers social and copy trading – without being prohibitively expensive in terms of non-trading costs or commission.

For traders looking to deal exclusively in forex, the Vantage Markets offering is limited but well-crafted. There is no proprietary platform, but users can trade on MetaTrader 4 and 5.

Social and copy trading is available with ZuluTrade, DupliTrade and the myfxbook AutoTrade, and with both MT4 and 5 Expert Advisors can be used for algorithmic trading.

For beginners, there is not much education available with Vantage Markets, so it might be more suitable for a trader that has some experience, and the research provided is mostly from third party sources. Vantage Markets has a YouTube channel and there are daily trading videos posted there.

Vantage Markets allows for fast executions and is transparent on pricing, with good customer service.

IG invented spread betting in 1974 and today is the world’s leading online trading provider with more traders trusting them with their money than anyone else

IG is authorised and regulated by the FCA and provides traders access to over 18,000 markets. IG offers more 24-hour indices than any other provider, and extended hours on over 70 key US stocks 

For those who prefer to own the underlying asset, IG offers access to over 13,000 global shares and ETFs, or a wealth portfolio managed by one of their experts. 

Benefits:

• Advanced platform and charting – L2 dealer, ProRealTime and MT4
• Demo account
• Extended trading hours
• Extensive range of products
• Daily expert analysis & educational resources
• Round-the-clock customer service
• Negative balance protection for retail clients

Based on revenue (published financial statements, October 2022). 24/7 excludes the hours from 10 pm Friday to 8 am Saturday (UK time), and 20 minutes just before the weekday market opens on Sunday night. 

Saxo stands out as one of the best platforms for Forex and CFD trading due to its extensive offerings and sophisticated trading technology.

Forex Trading at Saxo:

• Extensive Currency Pairs: Saxo provides access to 185 FX pairs across majors, minors, and exotics, plus options for trading spot metals. This wide selection allows traders to diversify their trading strategies and capitalize on global currency fluctuations.
• Competitive Spreads: Starting from as low as 0.4 pips for major currency pairs, Saxo offers some of the most competitive rates in the market, which can significantly enhance trading profitability.
• Superior Liquidity and Fill Rates: Thanks to Tier-1 liquidity, traders enjoy higher fill rates, reduced incidences of premature stop-outs, and opportunities for price improvements, all of which are crucial for high-frequency forex trading.
• Advanced Risk Management: Saxo incorporates comprehensive risk management tools that enable traders to effectively manage and mitigate risks associated with forex trading.
• Flexible Trading Options: Traders can engage in forex trading both on the spot market and via derivatives, providing flexibility depending on their trading style and risk tolerance.
• Market Insight Tools: Saxo's "Market Movers" feature provides daily insights into the biggest gains and losses in the forex and spot metals markets, helping traders to gauge market sentiment and make informed decisions.

CFD Trading at Saxo:

• Diverse Instruments: Saxo offers over 8,000 CFD instruments including 7,600+ single stocks, 1,100 ETFs, indices, forex pairs, government bonds, commodities, and index options such as SPX and DXJ.
• Low Trading Costs: Saxo maintains tight spreads and low commissions on CFDs, with additional benefits such as lower pricing for traders in the Platinum and VIP account tiers.
• Extended Trading Hours: With the option for US extended hours trading, Saxo caters to traders who wish to trade outside of standard market hours, increasing the flexibility and potential opportunities for traders.
• Comprehensive Trading Platform: Both SaxoTraderGO and SaxoTraderPRO provide traders with powerful tools and resources needed for effective CFD trading, including advanced charting, real-time data, and analytical tools.

Saxo's combination of wide-ranging trading instruments, competitive pricing, robust trading tools, and a secure regulatory framework makes it an excellent choice for traders aiming to engage in Forex and CFD trading. Whether you are a beginner or an experienced trader, Saxo provides a trading environment that supports a wide array of trading strategies and risk management needs.

Recommended for: Customer service

Well worth considering when seeking the best brokers in the UK is XTB, founded in 2002 with an excellent reputation for customer service.

It has 48 currency pairs available to trade through two account types:

• Standard – Offering market average spreads
• Pro – Offering much tighter spreads but with added commission

XTB supports the full MT4 suite, and its proprietary platform, xStation 5, offers a user-friendly, intuitive solution that works well on desktop, web and mobile.

You’ll need a minimum deposit of £250 to start trading and you’ll find that several educational resources are available, including XTB’s trading academy.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

ActivTrades is a traditional CFD broker and has been trading for more than 20 years on 140 markets. ActivTrades is authorized and regulated by the FCA, CSSF and SCB.

Its strong points include:

• No minimum first-time deposit
• No commissions
• Several payment methods for deposits and withdrawals
• Tight spreads from 0.5 pips

It offers one of the best execution speeds in the industry with low latency below 0.004s.

It utilizes the most advanced technology to improve users' trading efficiency – users can automate trades, build integrations and create trading apps using ActivTrades' market-leading CFD and spread betting technology.

Exceptional trading infrastructure is available on ActivTrader and MetaTrader 4 and 5.

ActivTrades invests deeply in specially developed educational materials for its clients – including webinars, regular outlooks, manuals, etc.

Type of offers: ActivTrades focuses on well-developed products in its trading portfolio. Customers can choose from over 1,000 CFD or spread betting instruments across forex, indices, shares, commodities, financials and ETFs.

It also offers investing solutions for its institutional partners.

Spread betting allows UK residents ONLY to trade the prices of financial instruments, including forex, indices, commodities and LSE shares.

Key Considerations When Choosing a Forex or CFD Broker

A broker that suits one trader is not necessarily right for another, and it’s important to conduct thorough research to find the right one for you.

Considerations should be relevant to your personal circumstances, but here are a few key points that you’ll need to keep in mind:

Is It Regulated?

The primary consideration when choosing a forex or CFD broker is safety.

You’re entrusting it with monetary funds and personal information, and will want a guarantee that both are protected.

You’ll also want confidence in your chosen broker’s reputation and credentials; essentially ensuring that it's not likely to go out of business, or worse, scam you out of profits.

The best forex and CFD brokers in the UK will be regulated by the Financial Conduct Authority (FCA). This means it is obliged to operate to the highest standards with fairness and transparency.

Regulation information should be clearly visible on a broker’s website and its FCA registration number listed.

What Are Its Trading Costs?

The next thing to consider when choosing a forex or CFD broker is cost.

While some work on commission, most make money through spreads.

The spread is the difference between the buy and sell price on a currency pair and, depending on the type of trader you are, can have a significant impact on your profit margin.

Look at the average spreads each broker offers to find one that works best for you.

In addition to spread, you’ll also need to consider the minimum deposit required and any other fees the broker may apply, such as rollover costs (a charge to hold an open position overnight), interest rates and withdrawal charges.

Be sure to read the small print of each broker's service agreement to avoid unexpected costs. Also remember that the cheapest option is not always the best. Look for value for money rather than the lowest cost.

What Trading Platforms Does It Use?

The trading platforms offered by a forex or CFD broker are extremely important, since it’s through them that you’ll conduct all trading activity.

You’ll want a platform that’s intuitive, easy to navigate, suitable for your level of experience and that comes with a range of useful features to help inform the best trading decisions.

Many of the best forex or CFD brokers in the UK offer the popular MetaTrader 4 (MT4) platform as well as their own platforms, most of which you can try out before making any commitment with a free demo account.

Does It Offer Good Customer Service?

A broker doesn’t provide you with a one-off service. It supports you throughout your trading career, so it’s vital it provides good customer care.

A good broker should be easily contactable, handle problems efficiently and offer trustworthy trading guidance. Check out customer reviews of each potential broker on your list to see how they stack up.

When considering customer service, also keep in mind the level of support each broker offers through educational tools and resources. The best forex or CFD brokers want you to turn a good profit and will often provide video tutorials, articles and webinars, most of which are free to access for account holders.

Does It Fit With Your Trading Style?

The type of trader you are will have a significant influence on the best broker for you, so be sure to assess how well what it offers fits with your trading style.

If you’re a scalper, opening and closing trades to accumulate small profits several times a day, you’ll need a broker that offers tight spreads and does not insist on a minimum time frame between entering and exiting the market.

If your strategy is focused on the carry trade, where you intend to hold positions over time to profit from interest rate differentials, you’ll want to look at a broker’s rollover pricing and swap rates.

In addition to the above, you should also keep in mind things like:

• Available leverage
• The types of accounts on offer
• The range of currency pairs available for trade

Ultimately, choosing a good forex or CFD broker comes down to thorough research. The following list of the best forex and CFD brokers in the UK should give you a good starting point.

How to Verify FCA Authorisation

UK-based brokers and those who are licensed to operate in the UK following the regulations of the Financial Conduct Authority (FCA) are required to display their licence information in a prominent position on their website and in any other communications.

You will usually be able to find this information in the footer of the main website for the forex broker; it is a six- or seven-digit number.

To be sure that this information is legitimate, you can also check the broker details on the FCA Register.

Why Is the Financial Conduct Authority (FCA) Important for Forex Traders in the UK?

All UK-based brokers must be authorised by the FCA to offer forex or other instruments for trading in the UK.

This applies to both retail traders and those who trade in a professional capacity.

The FCA has very strict standards and codes of conduct, and these rules and regulations must be complied with by the financial institution – non-compliance can have far-reaching implications for the business including things like hefty fines.

This means that as a retail (or casual) trader, working with a broker that is FCA regulated means that they are regarded as safer and more secure; it is a good indicator that they will behave in a responsible way to protect your investments.

Most UK-based brokerage accounts are also covered by the Financial Services Compensation Scheme (FSCS), which protects up to £85,000 of investments if the brokerage was to become insolvent or go bankrupt – but this protection is not extended to professional accounts.

One other reason that FCA regulation is important to forex traders is that they require brokers to provide negative balance protection, which means that you cannot lose more money than you have available in your account.

Is Forex Trading Legal in the UK?

Forex trading is legal in the UK, but the broker that wishes to provide this service for traders in the UK must be regulated by the FCA and follow strict codes of conduct.

Forex traders in the EU may not be covered by FCA protection after Brexit; many UK-based brokers will need to have extra regulation in an EU member state to be able to provide forex services to EU customers.

Frequently Asked Questions

Final Thoughts

All of the above firms are FCA regulated which, as mentioned, is a primary consideration when choosing a forex or CFD broker.

Of course, this list is not exhaustive and is not intended to inform any final decision made on your part. Instead, use it as a reference tool to guide your research and find a broker that best suits your trading style and personal circumstances.

WikiJob does not provide tax, investment, or financial services and advice. The information is being presented without consideration of the investment objectives, risk tolerance, or financial circumstances of any specific investor and might not be suitable for all investors. Past performance is not indicative of future results. Investing involves risk including the possible loss of principal.

ESMA risk warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.