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Best Forex Trading Apps in the UK

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

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

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.

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

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

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

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

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.

  • 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.
Award-winning
4.5

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

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

9 Best Apps for Forex Trading 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 for beginners
  3. Spreadex – Award-winning app
  4. Trade Nation – Best for low-cost fixed spreads
  5. AvaTrade – Best app for low spreads
  6. Saxo Markets – Best for a large selection of currency pairs
  7. Forex.com – Best for advanced charting tools
  8. IG – Best for using MetaTrader 4
  9. Oanda – Best for Android users

Top Picks Compared

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

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 forex trading app 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 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

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 prioritising 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 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 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 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

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 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 lot 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 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.

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? Factors to Consider

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 forex 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.

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 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.

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.

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 ↩︎

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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