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Best Forex Trading Apps in the UK 2024

Tobi Opeyemi Amure
Reviewed by:
Best forex trading apps UK

In a nutshell, the best apps to start forex trading in the UK are Plus500, eToro, and Spreadex. Plus500 offers a user-friendly interface and a wide range of forex pairs. eToro is known for its social trading features and large forex market access, while Spreadex provides excellent charting tools and competitive spreads for forex traders.

Looking for your perfect forex trading app?

I’ve tested, scored, and ranked the best apps to trade forex in the UK.

Whether you’re searching for security, user-friendliness, or low spreads, I’ve got you covered.

Best overall
Best for beginners
Award-winning
4.5
4.5
4.5
Description:

Award-winning mobile app for trading forex CFDs. Comprehensive platform for all levels of experience.

Description:

30 million users globally trust eToro for their copy and social trading needs, benefiting from a vast array of stocks, ETFs, forex, commodities, and cryptocurrencies.

Description:

Award-winning mobile trading app suitable for beginner and experienced traders.

Pros:
  • Intuitive, user-friendly platform
  • Demo trading account & learning academy
  • Fast and responsive customer service
  • Trading tools & charts
Pros:
  • 50+ forex pairs
  • User-friendly platform for beginners
  • Copy the moves of professional forex traders
  • Social trading & educational features
Pros:
  • Trading platform is near-perfect
  • Excellent safety ratings
  • Great charting tools
  • Low spreads
Disclaimer:
82% of retail investor accounts lose money when trading CFDs with this provider.
Disclaimer:
76% of retail CFD accounts lose money.
Disclaimer:
64% of retail investors lose money when trading spread bets and CFDs with this provider.
Best overall
4.5
Description:

Award-winning mobile app for trading forex CFDs. Comprehensive platform for all levels of experience.

Pros:
  • Intuitive, user-friendly platform
  • Demo trading account & learning academy
  • Fast and responsive customer service
  • Trading tools & charts
Disclaimer:
82% of retail investor accounts lose money when trading CFDs with this provider.
Best for beginners
4.5
Description:

30 million users globally trust eToro for their copy and social trading needs, benefiting from a vast array of stocks, ETFs, forex, commodities, and cryptocurrencies.

Pros:
  • 50+ forex pairs
  • User-friendly platform for beginners
  • Copy the moves of professional forex traders
  • Social trading & educational features
Disclaimer:
76% of retail CFD accounts lose money.
Award-winning
4.5
Description:

Award-winning mobile trading app suitable for beginner and experienced traders.

Pros:
  • Trading platform is near-perfect
  • Excellent safety ratings
  • Great charting tools
  • Low spreads
Disclaimer:
64% of retail investors lose money when trading spread bets and CFDs with this provider.

9 Best Forex Trading Apps UK Ranked

Here is a quick list of the best forex trading apps to use in the UK based on my hands-on analysis:

76% of retail CFD accounts lose money.

  1. Plus500 – Best-rated mobile app* forex CFDs1
  2. eToro – Best forex trading app UK for beginners
  3. Spreadex – Award-winning app to trade forex
  4. Trade Nation – Best for low-cost fixed spreads
  5. AvaTrade – Best app for forex trading with low spreads
  6. Saxo Markets – Best forex app for a large selection of currency pairs
  7. Forex.com – Best forex trading app for advanced charting tools
  8. IG – Best forex trading app UK for using MetaTrader 4
  9. Oanda – Best UK forex trading app for Android users

Best Forex Apps Compared for Beginners

Here I’ve compared the forex trading apps based on five key rating criteria you must consider and compare:

RankFX trading appNumber of currency pairsAverage Spread EUR/USDMinimum depositCommission per lotRegulation
1Plus50070+0.8£100£0FCA
2eToro50+1$10£0FCA
3Spreadex60+0.6£0£0FCA
4Trade Nation36+0.6£0£0FCA
5AvaTrade550.9$100£0MiFID
6Saxo Markets185+0.9£500£0FCA
7Forex.com80+1.4$100£0FCA
8IG80+0.86£250£0FCA
9Oanda711£0£0FCA

Best Forex Trading App UK Reviews

The UK has the largest share of forex trading at 43% globally, making it the largest forex trading center worldwide2.

If you are looking to get started trading forex in the UK, you’re in luck!

There are a variety of excellent forex trading apps available to UK traders, each with unique features and benefits.

Having worked in the retail investment & trading sector in London over the last four years, I had the opportunity to experience the dynamic and fast-paced forex market first-hand.

In my role working for one of the UK’s leading financial companies, “a trustworthy and respected provider of news, education and market analysis for the everyday investor”, I was able to work with and test some of the biggest forex apps on the market.

Using my experience in this field, I’ve compiled a list of the best forex trading apps in the UK based on five key criteria:

  1. Number of currency pairs
  2. Average spread EUR/USD
  3. Minimum deposit
  4. Commission per lot
  5. Regulation

Factors such as usability, education materials, and additional features were also considered.

All the forex apps I’ve reviewed below are available on Android and iOS, and more importantly, regulated by the UK’s financial watchdog, the Financial Conduct Authority (FCA), or similar.

You can read about how we test platforms here.

This article was reviewed by Tobi Opeyemi Amure, a trading expert and writer at InvestopediaInvesting.com, and Trading.biz.

1. Plus500 – Best rated mobile app* forex CFDs

Plus500 - Best forex trading app for experienced traders in the UK.

Plus500 is a top CFD trading platform and one of the most popular choices for UK forex traders.

Plus500 offers a variety of risk management tools and a demo account to help you manage your risk.

Like all UK brokers, it has negative balance protection.

The app provides access to a wide selection of currency pairs, allowing traders to capitalise on global forex markets.

Plus500’s intuitive trading platform provides various tools for technical analysis, including customisable charts and indicators.

Traders can also set up price alerts and use risk management tools such as stop-loss orders to help protect their positions.

Plus500 Account Features:

  • Guaranteed stop
  • Trailing stop
  • Stop limit and stop-loss levels
  • Traders sentiment
  • Price alerts

Read my complete Plus500 review.

Key rating criteria:

Number of currency pairsAverage Spread EUR/USDMinimum depositCommission per lotRegulation
70+0.8€100£0FCA
FeeAmount
Inactivity Fee$10 per month after 3 months of inactivity
Currency Conversion Fee0.7%
Average Spread0.8 pips

Pros:

  • 70+ forex pairs (CFDs) to trade
  • Commission-free trading
  • User-friendly interface

Cons:

  • Lack of phone customer support
  • Limited educational resources

82% 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.

2. eToro – Best forex trading app UK for beginners

eToro - Overall best forex trading app UK for beginners.

A close runner-up on my list of the best forex trading apps and what I recommend to beginners is eToro.

eToro offers an easy-to-use platform for beginners to get started in the world of forex trading.

It has plenty of features to help you stay on top of the market.

Its copy-trading feature is a great way for inexperienced traders to learn the ropes by copying the strategies of more experienced traders and seeing their results in real time.

eToro also has an array of risk management tools to help beginners manage their risks. These include stop-loss and take-profit orders, as well as access to a wide range of trading instruments and currency pairs.

In addition, eToro’s trading fees are competitive and include conversion and inactivity fees. All in all, it’s a top choice for those just starting in the forex markets.

eToro Account Features:

  • Copy trading
  • Demo account
  • Market order
  • Limit order
  • Stop-loss
  • Trailing stop-loss
  • Price alerts
  • Notifications
  • Portfolio reports

Read my complete eToro review.

Key rating criteria:

Number of currency pairsAverage Spread EUR/USDMinimum depositCommission per lotRegulation
50+1$10£0FCA
FeeAmount
EUR/USD – Standard Spread1.00 pips
Trading Cost – Standard SpreadUSD 10
EUR/USD – Raw Spread1.00 pips
GBP/USD – Raw Spread2.00 pips
USD/JPY – Raw Spread1.00 pips
Trading Commission FeesIncluded in spread

Pros:

  • Copy trading
  • Variety of trading tools
  • Low-cost trading

Cons:

  • Conversion fee

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.

3. Spreadex – Award-winning app to trade forex

Spreadex - Award-winning app to trade forex.

Spreadex stands out as a top forex app in the UK, thanks to its exceptional customer service and award-winning mobile app.

It offers a compelling choice for forex traders, featuring over 60 currency pairs, including popular options like EUR/USD and GBP/USD with competitive spreads starting as low as 0.6 pts.

Notable for its efficient trade execution, Spreadex has been recognised in the Investment Trends Survey as ‘Best for Efficiency of Taking Trades.’

The platform combines user-friendly interfaces on both web and mobile versions, enhanced by advanced charting tools like Pattern Recognition and ProTrend Lines, which are essential for technical analysis.

Safety is a key aspect of Spreadex, underpinned by regulation from the Financial Conduct Authority (FCA) and over two decades of stable operation in the market. The onboarding process is straightforward, and new members can benefit from a complimentary six-month Financial Times subscription under certain conditions.

However, the platform primarily focuses on forex and CFDs, with limited market variety and a lack of fundamental data and trading ideas. Educational content is comprehensive but lacks webinars and demo accounts.

Spreadex is a reliable and efficient choice for forex trading in the UK, ideal for both beginners and experienced traders, offering low spreads, advanced tools, and a secure trading environment.

Read my complete Spreadex review.

Key rating criteria:

Number of currency pairsAverage Spread EUR/USDMinimum depositCommission per lotRegulation
60+0.6£0£0FCA

64% of retail investors lose money when trading spread bets and CFDs with this provider.

4. Trade Nation – Best for low-cost fixed spreads

Trade Nation

Trade Nation stands out as a prominent UK-based forex trading platform, particularly for those seeking a blend of security and user-friendly experience.

Established in 2014, it has garnered trust through stringent regulation by top-tier authorities, including the FCA in the UK and ASIC in Australia.

Its commitment to trader protection is evident, offering £85,000 protection to UK clients, although it’s important to note that this safety net does not extend to clients outside the UK.

One of the platform’s hallmark features is its fully digital account opening process, which requires no minimum deposit, making it accessible to traders at all levels.

The absence of deposit and withdrawal fees further enhances its appeal, positioning it as a cost-effective choice for traders.

Trade Nation also prides itself on offering robust research and education tools, backed by excellent customer support, although it operates without a live chat function and relies on a chatbot for real-time interactions.

However, Trade Nation’s offerings are not without limitations. The platform’s product portfolio is notably slim, focusing primarily on CFDs and forex, which may deter traders looking for a broader range of investment options.

Additionally, the desktop trading platform’s lack of safer login options could be a concern for security-conscious traders.

Its mobile and web trading platforms are highly regarded for their ease of use, featuring tools like ChartIQ-powered charts and trading signals from Acuity, enhancing the trading experience.

Yet, the platform’s educational content tends to cater more to beginners, leaving seasoned traders possibly seeking more advanced insights elsewhere.

Trade Nation presents a solid option for forex and CFD traders in the UK, particularly for those new to the trading scene or prioritizing ease of use and security over a wide product range.

Its regulatory credentials and trader protections offer peace of mind, while its trading tools and educational resources support informed trading decisions.

Read my complete Trade Nation review.

Key rating criteria:

Number of currency pairsAverage Spread EUR/USDMinimum depositCommission per lotRegulation
36+0.6£0£0FCA

75% of retail investor accounts lose money when trading CFDs with this provider.

5. AvaTrade – Best app for forex trading with low spreads

AvaTrade - Best app for forex trading with low spreads.

With incredibly low spreads and access to over 250 currency pairs, AvaTrade is a great choice for those looking to maximise their returns while minimising their risk.

The platform offers high leverage and competitive spreads on the forex market, along with a range of other features such as market-leading news and insights, social trading community, and risk management tools.

AvaTrade also provides a secure trading environment, protecting its customers with a variety of security procedures and methods.

It also offers dedicated platforms for both beginners and experienced traders, making it easier for any user to find the right tools for their trading style.

With its low spreads and competitive fee structure, AvaTrade is an ideal choice for those wanting to trade with low spreads.

AvaTrade Account Features:

  • Price alerts for timely notifications
  • Real-time market quotes to stay informed
  • Social trading for interactive engagement
  • Technical indicators for detailed analysis
  • Real-time market trends for actionable insights
  • Charts for visual representation

Read my complete AvaTrade review.

Key rating criteria:

Number of currency pairsAverage Spread EUR/USDMinimum depositCommission per lotRegulation
550.9$100£0MiFID
FeeAmount
Average Spread0.9 pips
Inactivity Fee$50 per quarter after 12 months of inactivity
Annual Administration Fee$100

Pros:

  • Comprehensive and timely forex news updates
  • Intuitive and user-friendly app interface
  • Extensive selection of over 250 currency pairs

Cons:

  • Inactivity fees that may be considered relatively high
  • Forex fees that are deemed average in comparison

6. Saxo Markets – Best forex app for a large selection of currency pairs

Saxo Markets - Best forex app for a large selection of currency pairs

Saxo Markets gives you access to over 40,000 financial products, making it a great option if you’re looking to diversify your portfolio.

With competitive spreads, Saxo Markets is ideal for traders looking to take advantage of market movements.

The dedicated platforms for beginners and experienced traders allow you to access the markets no matter your level of expertise.

SaxoTraderGO offers a user-friendly environment for beginners to trade forex, while SaxoTraderPRO caters to advanced traders with its six screens and algorithmic ordering capabilities.

You can also benefit from risk analysis tools, technical research news, and market-leading insight.

Fees include platform and overnight fees, so you should consider these before making any trades.

With Saxo Markets, you have the freedom to trade different financial instruments and diversify your portfolio.

Saxo Account Features:

  • Dynamic pricing structure
  • Robust educational resources
  • Enhanced trading experience with six screens on SaxoTrader Pro
  • Advanced trading capabilities with algorithmic ordering
  • Access to third-party tools for additional analysis
  • Integration with MetaTrader 4

Read my complete Saxo Markets review.

Key rating criteria:

Number of currency pairsAverage Spread EUR/USDMinimum depositCommission per lotRegulation
185+0.9£500£0FCA
FeeAmount
Average Spread0.4 pips
Platform Fees (per quarter)£25 for accounts with cash funds
Overnight Fees – Long Positions+2-3%
Overnight Fees – Short Positions-2-3%

Pros:

  • Tailored trading platform suitable for beginners and experienced traders alike
  • A wide range of tradable assets are available
  • Highly competitive spreads offered
  • Extensive selection of 185+ FX pairs

Cons:

  • The account verification process may experience delays at times
  • Limited availability of 24/7 customer support

7. Forex.com – Best forex trading app for advanced charting tools

Forex.com - Best forex trading app for advanced charting tools.

Forex.com is an easy-to-use platform with two mobile apps that offer powerful search functions and comprehensive research and news sources.

It provides access to more than 250 currency pairs, and its user-friendly interface allows traders to place trades quickly and easily.

The platform also offers real-time signals, technical analysis, and a demo trading account to help traders get started.

Forex.com Account Features:

  • A diverse selection of platform options
  • Advanced charting tools for in-depth analysis
  • Availability of a demo account for practice
  • Real-time view of pricing for accurate market insights

Read my complete Forex.com review.

Key rating criteria:

Number of currency pairsAverage Spread EUR/USDMinimum depositCommission per lotRegulation
80+1.4$100£0FCA
FeeAmount
Standard Spread1 pip
CommissionsZero

Pros:

  • Extensive selection of over 80 currency pairs
  • An impressive array of features
  • Access to a demo account for practice

Cons:

  • Occasional freezing issues with the app
  • Absence of fundamental data
  • Inactivity fee charges

8. IG – Best forex trading app for using MetaTrader 4

IG Markets - Best forex trading app for using MetaTrader 4.
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.

IG is a dynamic forex trading app complete with an array of advanced charting functionalities, perfect for experienced traders.

The firm, which began in the forex brokerage industry in 1974 is a proven industry stalwart.

This track record, along with robust regulation from top-tier global financial authorities, assures the safety of your investment capital.

IG Markets is a hub for forex trading, offering access to a wide selection of more than 90 currency pairs.

Its cutting-edge forex trading app is expertly engineered to cater to the needs of experienced traders.

Yet, beginners aren’t overlooked – IG Markets also offers a trove of educational content and research tools designed to sharpen your forex trading proficiency.

While it’s true that IG Markets’ trading fees are a bit on the higher side, this should be seen in context.

The comprehensive range of trading tools you have at your disposal arguably makes up for the additional cost.

However, in line with my constant advice, it’s always prudent to choose a forex app that aligns well with your financial capabilities.

With an app that’s been fine-tuned for seamless operation on all mobile devices, IG Markets stands out as an ideal choice for active proficient investors.

It empowers you to keep an eye on your trades from anywhere, anytime, offering the ultimate in trading flexibility.

Read my complete IG review.

Key rating criteria:

Number of currency pairsAverage Spread EUR/USDMinimum depositCommission per lotRegulation
80+0.86£250£0FCA
FeeAmount
Pips0.6
CommissionsZero

Pros:

  • Impressive array of trading tools for enhanced trading capabilities
  • Extensive educational resources to empower traders with knowledge
  • Access to a diverse range of over 80 currency pairs
  • Enjoy the benefits of commission-free forex trading

Cons:

  • No social trading features, limiting interaction with other traders
  • Inactivity fees
  • High minimum initial deposit requirement

9. Oanda – Best UK forex trading app for Android users

Oanda - Best UK forex trading app for android users.

OANDA, a highly regarded forex trading app for Android users in the UK, has garnered positive feedback from its user base.

Its notable strengths lie in the wide range of available instruments, encompassing CFDs and spread bets on FX, indices, commodities, bonds, and metals, providing traders with diverse trading opportunities.

The app boasts a user-friendly interface, making it easy for traders to stay connected to the markets while on the go.

Moreover, OANDA’s regulatory oversight by the FCA adds an extra layer of trust, ensuring the security of traders’ funds and personal information.

Switching between devices seamlessly is possible with OANDA’s app, providing traders with flexibility in their trading activities.

The platform offers access to 70 FX currency pairs with competitive spreads as low as 0.8 pips, making it a cost-effective option for those seeking efficient trading.

Furthermore, the inclusion of the advanced MT4 platform for charting and analysis is a valuable feature for traders who require comprehensive tools to make informed decisions.

In conclusion, OANDA’s forex trading app stands out as a reputable option for Android users in the UK.

Its wide range of instruments, user-friendly interface, regulatory compliance, and access to competitive spreads make it an appealing choice for traders looking for a well-rounded and reliable trading experience.

Key rating criteria:

Number of currency pairsAverage Spread EUR/USDMinimum depositCommission per lotRegulation
711£0£0FCA

Pros:

  • Demo trading account
  • Compatibility with popular trading platforms MT4 and TradingView

Cons:

  • Limited trading options

How to Choose the Best App to Trade Forex?

Choosing the right forex trading app in the UK involves several factors, each critical to your trading experience and success.

Along with the key rating criteria I used to rank the brokers, here’s what to look for:

Regulation

Regulation is the first thing to consider when choosing a forex trading app. The app should be regulated by a trustworthy authority, such as the Financial Conduct Authority (FCA) in the UK. This provides reassurance that the app is operating under strict guidelines to protect investors.

Trading Platform

The app’s trading platform should be user-friendly and stable, with an intuitive interface that’s easy to navigate. Check if it provides advanced charting tools, real-time data, news feeds, and other essential features. It should also be compatible with various operating systems and function smoothly on different devices.

Fees

Different apps charge varying fees. Some may have low spreads but charge high overnight or withdrawal fees, while others may provide commission-free trading but with higher spreads. Understanding the fee structure and how it might affect your trading profitability is essential.

Customer Service

Reliable customer service is crucial. Look for apps that offer 24/5 or 24/7 customer service through multiple channels like email, live chat, and phone. They should provide timely and helpful responses to your queries.

Payment Methods

The app should offer a variety of convenient payment methods for depositing and withdrawing funds. This can include bank transfers, credit/debit cards, and e-wallets like PayPal or Skrill. Check the processing times and any fees associated with transactions.

Tradable Instruments

Look for an app that provides a wide range of tradable instruments. This includes major, minor, and exotic forex pairs, but may also extend to CFDs on indices, commodities, stocks, and cryptocurrencies. A diverse portfolio allows you to spread risk and explore more opportunities in the market.

Demo Accounts

Demo accounts are a great way to familiarise yourself with the trading platform and test your trading strategies without risking real money. Look for an app that offers a free and unlimited demo account.

By carefully considering these factors, you should be able to choose a forex trading app that aligns with your trading style, financial goals, and risk tolerance.

What Is Forex Trading?

You may be wondering what forex trading is.

Forex trading is the exchange of different currencies in the forex market. It can involve buying and selling currencies in pairs, such as the Euro and the US Dollar, or more complex investments such as derivatives, futures, and options3.

It’s an international market, so trades are often made 24 hours a day, five days a week. Traders use a variety of strategies to try and make a profit from foreign exchange movements, such as trend trading, position trading, and range trading.

All of these strategies involve analysing different indicators, such as moving averages, Bollinger bands, average true range, and relative strength index.

There are also various costs associated with forex trading, such as commissions, non-trading costs, and overnight fees.

Lastly, it’s important to note that forex trading is a high-risk activity and that it can result in significant losses. It’s essential to research the market and understand the risks before investing.

How Does Forex Trading Work?

Forex is the decentralised global market where currencies are traded. It involves the buying and selling of currencies to make a profit from changes in their exchange rates.

Here’s a simplified explanation of how forex trading works:

  1. Currency pairs: Forex trading involves trading currency pairs. Each pair consists of two currencies, with one being the base currency and the other being the quote currency. For example, in the EUR/USD pair, the euro is the base currency and the US dollar is the quote currency.
  2. Bid and ask prices: Forex prices are quoted in bid and ask prices. The bid price is the price at which you can sell the base currency, while the ask price is the price at which you can buy the base currency.
  3. Long and short positions: In forex trading, you can take either a long position (buying the base currency) or a short position (selling the base currency). The goal is to profit from the movement of exchange rates. If you expect the base currency to appreciate, you would take a long position, and if you expect it to depreciate, you would take a short position.
  4. Leverage and margin: Forex trading often involves the use of leverage, which allows traders to control larger positions with smaller amounts of capital. Margin is the amount of money required to open and maintain a trade. It is a portion of the total position size that the trader must provide.
  5. Market volatility: Forex markets are influenced by various factors, including economic indicators, geopolitical events, and market sentiment. These factors can cause exchange rates to fluctuate, creating opportunities for traders to profit4.
  6. Trading strategies: Traders use various strategies and analysis techniques, such as technical analysis, fundamental analysis, and sentiment analysis, to make informed trading decisions. They may also employ tools like charts, indicators, and news feeds to identify potential trading opportunities.

It’s important to note that forex trading carries risks, and it’s advisable to educate yourself, understand the market dynamics, and manage your risk effectively before engaging in forex trading.

What Is the Best Forex Trading Strategy?

The best forex trading strategy can vary depending on individual preferences, risk tolerance, and market conditions.

There is no one-size-fits-all strategy that guarantees success in forex trading.

However, here are a few popular strategies that traders often consider:

  • Trend following: This strategy involves identifying and trading in the direction of established trends. Traders aim to enter positions when a trend is established and exit when it shows signs of reversing.
  • Breakout trading: Traders using this strategy look for price breakouts from key support or resistance levels. They enter positions when the price breaks above resistance or below support, expecting the price to continue moving in that direction.
  • Range trading: In this strategy, traders identify a range-bound market where the price oscillates between support and resistance levels. They buy near support and sell near resistance, aiming to profit from price reversals within the range.
  • Carry trade: This strategy involves taking advantage of interest rate differentials between currencies. Traders borrow a low-interest-rate currency and invest in a higher-yielding currency, profiting from the interest rate differential as well as potential currency appreciation.
  • Scalping: Scalpers aim to make quick trades and capture small price movements. They enter and exit trades rapidly, often within seconds or minutes, aiming to accumulate numerous small profits.
  • Fundamental analysis: This strategy involves analysing economic indicators, news releases, and geopolitical factors to make trading decisions. Traders assess the impact of fundamental factors on currency values and position themselves accordingly.

It’s crucial to remember that no strategy guarantees success in forex trading.

Traders should develop a strategy that aligns with their risk appetite, trading style, and market conditions.

Additionally, proper risk management, discipline, and continuous learning are key elements for successful trading.

How Do I Start Forex Trading in the UK?

To start forex trading in the UK, follow these steps:

  1. Educate yourself: Learn about forex trading, market dynamics, and trading strategies through online resources, courses, or tutorials.
  2. Choose a regulated broker: Select a reputable forex broker that is authorised and regulated by a recognised regulatory body in the UK.
  3. Open a trading account: Complete the registration process with your chosen broker and open a forex trading account.
  4. Deposit funds: Fund your trading account with the required initial deposit using a secure payment method accepted by the broker.
  5. Select a trading platform: Download and install the trading platform provided by your broker or use their web-based platform.
  6. Practice with a demo account: Many brokers offer demo accounts where you can practice trading with virtual funds before risking real money.
  7. Develop a trading plan: Create a trading plan that outlines your trading goals, risk tolerance, and strategy for entering and exiting trades.
  8. Start trading: Execute trades based on your analysis and strategy, monitoring the market and managing your positions.
  9. Implement risk management: Use appropriate risk management techniques to protect your capital, such as setting stop-loss orders and managing leverage.
  10. Continuously learn and adapt: Forex trading is a dynamic market, so keep learning, analysing your trades, and adjusting your approach as needed5.

Learn more in my guide on ‘How to trade forex UK‘.

What Are the Best Forex Trading Indicators?

Forex trading indicators are valuable tools that can assist traders in making informed decisions by predicting market trends and price movements6.

Here are some of the most commonly used and effective forex trading indicators:

  • Moving Averages (MA): The Moving Average is one of the most used indicators in forex trading. It helps to smooth out price fluctuations and identify the underlying trend. There are different types of MAs, including Simple Moving Average (SMA) and Exponential Moving Average (EMA).
  • Relative Strength Index (RSI): This is a momentum oscillator that measures the speed and change of price movements. RSI ranges from 0 to 100, with high levels (around 70) typically indicating overbought conditions and low levels (around 30) indicating oversold conditions.
  • Moving Average Convergence Divergence (MACD): MACD is a trend-following momentum indicator. It reveals changes in the strength, direction, momentum, and duration of a trend in a stock’s price.
  • Bollinger Bands: Bollinger Bands are volatility bands placed above and below a moving average. The bands widen during periods of increased volatility and narrow during periods of decreased volatility. They are often used to identify overbought and oversold conditions.
  • Fibonacci Retracement: Based on the Fibonacci sequence, this indicator is used to predict levels of support and resistance. Traders identify major high and low points, and the indicator draws horizontal lines at the Fibonacci levels of 23.6%, 38.2%, 50%, 61.8%, and 100%.
  • Stochastic Oscillator: The stochastic oscillator compares a specific closing price of an asset to a range of its prices over a certain period. It generates a value between 0 and 100 and is used to identify overbought and oversold conditions.
  • Ichimoku Cloud: This is a comprehensive indicator providing traders with levels of support and resistance, direction of the trend, and momentum. It’s a combination of five lines, each giving information about a price at different points in time.

Each of these indicators can be helpful, but they are most effective when used in combination or conjunction with other forms of analysis.

Always remember that no indicator provides 100% accurate signals and should be used as part of a broader trading strategy.

What Are the Risks of Using a Forex Trading App?

Using a forex trading app, while certainly convenient and innovative, does come with its share of risks.

The primary risk is that of security and privacy, as such apps necessitate users to share sensitive financial information, which could potentially be intercepted by hackers.

Although most reputable platforms employ sophisticated encryption measures, no system is completely immune to cyber threats.

There’s also the risk of platform stability, as technical glitches or crashes could hinder trading activity, possibly leading to financial losses.

Another significant risk is associated with the inherent volatility of forex markets7.

Even though apps provide various tools to help users navigate the market, the fact remains that forex trading can be highly volatile and unpredictable, which can lead to substantial losses.

Moreover, the ease of access and convenience provided by these apps may lead some individuals to engage in impulsive or high-frequency trading without a proper understanding of the potential consequences.

Lastly, there’s also the risk of misunderstanding or misuse of the features and tools in the app, which can lead to misinformed trading decisions.

For these reasons, you must exercise caution, educate yourself, and seek advice from financial advisors when necessary.

Which Forex Trading App Is Best in UK?

Here are the best forex trading apps in the UK:

  1. eToro – Beginner friendly, copy trading, 52 forex pairs
  2. Plus500 – CFD trading, charting & analytics tools, 65 forex pairs
  3. AvaTrade – Social trading, competitive spreads, 55 forex pairs
  4. Saxo Markets – Learning academy, high-quality videos, 190 forex pairs
  5. Forex.com – Advanced charting & analytics, 91 forex pairs
  6. IG – Industry-leading education, spread betting, 97 forex pairs
  7. Oanda – Market Pulse hub, podcast, 71 forex pairs
  8. XTB – Excellent usability, educational videos, 57 forex pairs
  9. Interactive Brokers – News & economic calendar, 90 forex pairs
  10. XM – Excellent research content, 50+ forex pairs

Final Thoughts

You’ve got a great set of options when it comes to choosing the best forex trading app for you.

Make sure you consider the fees, commissions, security measures, order types, and more before you make your decision.

But, for beginners, I’d recommend eToro as the best forex trading app in the UK.

It’s important to remember that forex trading is a high-risk activity, so keep that in mind when you’re making your choice.

Best for beginners
eToro - Best forex trading app for beginners
4.8

30 million users globally trust eToro for their copy and social trading needs, benefiting from a vast array of stocks, funds, ETFs, forex, commodities, and cryptocurrencies.

Pros:
  • 50+ forex pairs
  • User-friendly platform for beginners
  • Copy the moves of professional forex traders
  • Social trading & educational features
76% of retail CFD accounts lose money.

FAQs

Can you trade forex in the UK?

Yes, you can trade forex in the UK. Forex trading is a global market that operates 24 hours a day, and individuals in the UK have the opportunity to participate in this market. Many reputable FX brokers and platforms are available in the UK, offering access to various currency pairs and trading tools. It’s important to ensure that you choose a regulated and authorised broker when engaging in forex trading in the UK to ensure the safety of your funds and adherence to regulatory requirements.

What is the best forex trading app uk for beginners?

For beginners in the UK, eToro is one of the best forex trading apps. Its user-friendly interface and innovative features make it suitable for those new to forex trading.

Are forex markets regulated in the UK?

In the UK, forex markets are regulated by the Financial Conduct Authority (FCA). The FCA sets and enforces rules to promote transparency, protect consumers, and maintain the integrity of the financial markets. Brokers operating in the UK are required to be authorised and regulated by the FCA, providing a level of assurance and protection to traders.

Can you trade forex on your phone?

Yes, you can trade forex on your phone. Many brokers offer mobile applications that allow you to access your trading account, analyse market trends, and execute trades directly from your smartphone.

Can I teach myself forex trading?

Yes, you can teach yourself forex trading. Many resources are available online, such as educational websites, webinars, eBooks, and video tutorials. However, it’s essential to practice your trading strategies using a demo account before investing real money. Remember, while self-learning is possible, forex trading involves risk and requires a solid understanding of financial markets.

Can you get rich by trading forex?

It’s possible to accumulate wealth through forex trading. However, it requires significant knowledge, experience, and a well-devised strategy. Forex trading is highly speculative and risky, and many traders can also incur losses. Hence, it should not be viewed as a quick way to become rich, but rather as a long-term investment activity.

How do I start trading forex with £100?

To start trading forex with £100, you first need to educate yourself about the forex market and trading strategies. Once you have a grasp of the basics, find a reputable broker that allows a low minimum deposit. After opening a trading account and depositing your initial £100, you can begin trading. It’s recommended to start with small positions to manage risk effectively. Remember, forex trading is highly speculative and should only be done with money you can afford to lose. Practice on a demo account before going live to familiarise yourself with the trading platform and test your trading strategies.

Is forex income taxable in the UK?

In the UK, forex trading income can fall into two categories for tax purposes: capital gains tax or income tax. If you’re a casual investor, your earnings are likely to be subject to capital gains tax. However, if you’re considered a forex trader who treats your trading like a job, you may need to pay income tax instead. It’s recommended to consult with a tax advisor to understand your specific obligations as tax law can be complex and the consequences for misreporting can be severe.

What is the best forex trading time UK?

The best time to trade forex in the UK typically aligns with the opening hours of the major global financial markets. These hours are generally between 8:00 AM and 5:00 PM UK time when the London Stock Exchange is open. However, the most active trading period is often between 1:00 PM and 4:00 PM, as this overlaps with the opening hours of the New York market. During these hours, the highest volume of transactions occurs, leading to greater liquidity and potential opportunities for forex traders. It’s important to note that the best trading time may also depend on the specific currency pairs you are trading.

How do I become a forex trader in the UK?

To become a forex trader in the UK, you’ll first need to learn about the forex market, trading strategies, and risk management. This can be done through online resources, books, or courses. Once you have a basic understanding, find a reputable broker regulated by the Financial Conduct Authority (FCA) and open a trading account. Many brokers offer demo accounts, which you can use to practice trading without risking real money. When you’re ready, you can deposit funds into your account and start trading. Remember, forex trading carries high risk and isn’t suitable for everyone, so it’s essential to trade responsibly and seek independent advice if necessary.

Is forex trading legal in the UK?

Yes, forex trading is legal in the UK. It is regulated by the Financial Conduct Authority (FCA), which ensures that all forex brokerage firms operating in the UK adhere to specific rules and regulations to protect traders.

How much money do you need to start forex trading UK?

The amount of money you need to start forex trading in the UK depends largely on the broker you choose. Some brokers allow you to open an account with as little as £50 to £100, while others might require larger initial deposits. However, it’s important to remember that forex trading is high risk and you should only trade with money you can afford to lose. Starting with a small account is a good way to learn the ropes without risking a significant amount of money. It’s also advisable to practice with a demo account before trading with real money.

Are forex apps safe?

Forex apps can be safe, but it depends on the specific app and the broker or platform it’s associated with. It’s crucial to choose a reputable and regulated broker when using a forex app to ensure the safety of your funds and personal information. Research and due diligence are essential to identify a trustworthy forex app and broker to mitigate risks associated with forex trading.

Are currency trading apps the same as forex?

Yes, currency trading apps are essentially the same as forex (foreign exchange) trading apps. Forex, often referred to as FX, is the market for trading currencies, and currency trading apps allow users to buy and sell different currencies in this market. So, when you use a currency trading app, you are engaging in forex trading.

What’s the best free forex trading app?

One of the best free forex trading apps is MetaTrader 4 (MT4). It’s a widely used platform known for its robust features, charting tools, and availability of technical indicators. Many brokers offer MT4 for free, making it a popular choice among forex traders.

What’s the best forex trading app with a minimum deposit?

eToro is one of the best forex trading apps with a low minimum deposit requirement of $10. It offers a user-friendly platform, social trading features, and access to various currency pairs, making it a popular choice for traders looking to start with a modest initial investment.

You may also like:

Sources:

  1. https://investmenttrends.com/industry-research/award-winners/ ↩︎
  2. https://www.bankofengland.co.uk/quarterly-bulletin/2019/2019-q4/the-foreign-exchange-and-over-the-counter-interest-rate-derivatives-market-in-the-uk ↩︎
  3. https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins/foreign ↩︎
  4. https://ora.ox.ac.uk/objects/uuid ↩︎
  5. https://core.ac.uk/download/pdf/80499287.pdf ↩︎
  6. https://www.jbs.cam.ac.uk/wp-content/uploads/2020/08/wp0315.pdf ↩︎
  7. https://www.bis.org/publ/qtrpdf/r_qt2212f.htm ↩︎

Will Fenton is the founder of Sterling Savvy. He is a personal finance expert and writes about trading, investing, budgeting, and other financial topics.

Along with his education in Economics & Finance, he has experience working in the financial services industry in London working for one of the UK’s leading financial companies, “a trustworthy and respected provider of news, education and market analysis for the everyday investor”.

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