Currencies are traded on the forex markets and are usually traded in pairs. This is because when you buy one currency, you simultaneously sell the other. Each currency has a three-letter symbol similar to the ticker symbols you find on stock exchanges for example, AAPL represents Apple Inc.

on the NASDAQ Stock Market in the US. In the forex market, we use GBP for the British pound sterling, EUR for the euro, USD for the United States dollar and so on. Currency pairs are quotations of two different currencies, with the value of one currency being quoted against the other.

The base currency is always equal to 1, while the quote currency is the value of the second currency. An easy way to think of this is - any time you look at the value of a currency pair, you are looking at the value of the second currency.

It is relatively easy to enter and participate in the forex markets. The markets are open 24 hours a day, five days a week: starting each day in Australia and ending in New York, and anyone with a smartphone and internet connection can access them.

Additionally, participating in the FX markets requires very little of your own money to start, as most forex brokers provide the opportunity to use leverage credit to increase the size of your portfolio.

Finally, since trading foreign exchange is a macroeconomic endeavour, one need not bother with understanding the nuances of microeconomic factors. The forex market is open 24 hours a day, five days a week: starting each day in Australia and ending in New York. Unlike individual stock exchanges, such as the New York, London or Frankfurt stock exchanges, which work to specific opening hours and hence have a stop-start nature, forex markets work non-stop five days a week from 9 pm GMT on Sunday until 8 pm GMT on Friday.

The ability of the forex markets to trade over 24 hours is due in part to different international time zones. The forex market has four main trading hubs, each working across different time zones: Sydney, London, Tokyo and New York.

When FX trading stops in one location, it continues in another. Forex is also traded in Zurich, Frankfurt, Paris, Hong Kong and Singapore. There are four main types of forex traders: scalper, day trader, swing trader and position trader. To succeed in forex trading, you need to understand the terminology. Here are some important forex terms to get you started:.

Forex literally translates to foreign exchange, which refers to trading or exchanging one currency for another. The forex market is where national currencies are traded. It has four main trading hubs, each working across different time zones: Sydney, London, Tokyo and New York.

You can trade majors, minors, crosses and exotic currency pairs. The currencies that trade the most volume against the USD are called majors. All other currency pairs are called minors, exotic pairs or crosses. The major currency pairs tend to have the most liquid markets and trade 24 hours a day, Monday through Friday.

A forex broker is a financial services institution that facilitates currency trading between parties on the forex markets.

Forex brokers are also known as forex trading platforms, currency trading brokers or forex trading apps. Forex trading can be a profitable venture and a good way to diversify your investment portfolio.

To become a successful forex trader, you need a trading strategy that incorporates sound fundamental and technical analyses. You must also avoid impulsive behaviour and only trade currency pairs that you have researched thoroughly. Additionally, you must apply a bit of common sense to know when to exit a losing position, even if you feel like you have lost a significant amount of your initial capital. Lost money can always be recovered in future trades if you maintain composure and create and stick to strict buy and sell rules.

Yes, forex markets are regulated. The Financial Conduct Authority FCA regulates forex trading in the UK. Every month, we'll send you The Plug - a curation of the best personal finance content in the UK.

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Read The Plug. Overview Blog Stock Market Today Investing. Best Forex FX Trading Platforms in the UK Updated On: Nov 22, Best Forex Trading Platforms What Is Forex Trading? How Does Forex Work? How Are Currencies Traded? How to Trade Forex for Beginners Forex Market Opening Times Types of Currency Traders Forex Trading Terminologies FAQs.

Currency Pairs Market Spread From 0. What Is Forex Trading? What are the best forex trading apps for beginners? What is forex?

What is the forex market? What is a currency pair? Which currencies can I trade in? What is a forex broker? Is forex trading worth it?

Are forex markets regulated? How do I open a forex account? Alternatively, the STP Pro account offers spreads of 0. Irrespective of which account plan you sign up for, Forex. com is compatible with MT4. The platform also supports MT4 VPS hosting, which illustrates that it is a great option for automated forex EAs and high-frequency traders.

In terms of getting started, Forex. com requires a minimum deposit of just £ when using a debit card or Paypal. If opting for a bank wire, there is no minimum deposit. Finally, Forex. com is authorized by the FCA in the UK, and many other bodies around the world. We have discussed a wide selection of UK forex trading platforms currently on the market. For example.

while some of these UK forex brokers stand out for offering low spreads and zero commissions, offers are particularly useful for newbies. Crucially, in order to find the right forex broker UK for your needs, you need to do a bit of homework on the platform. The important factors that need to be considered are discussed below.

The online trading scene in the UK is heavily regulated — especially when it comes to retail clients.

At the forefront of this is the FCA — which sets high standards for all of the forex trading platforms that it issues licenses to.

By sticking with a UK forex broker that is FCA-regulated, you can be sure that the provider operates by the book. For example, the platform will need to keep your funds in segregated bank accounts, verify the identity of all traders, and be transparent about what fees and commissions it charges. UK forex platforms typically give you access to dozens of currency pairs. Many cover major and minor markets, alongside a great selection of exotics. Additionally, you might also be thinking about trading other asset classes.

Instead of having to open an account with a specialist CFD trading platform or stock trading platform, the right forex broker UK wise for you could be one that offers a variety of markets.

This saves you the need to open multiple trading accounts with multiple providers. All forex trading platforms in the UK charge fees in return for offering you access to your chosen marketplace. As such, you can assess how competitive the provide is before signing up. Trading forex online and making consistent profits is never guaranteed. As such, choose a forex trading platform that offers simple functionality. In our search for forex brokers UK traders are accepted at, we came across a number of providers that offered a clunky experience.

Not only were these providers difficult to navigate, but there was often a lag in order execution time. This is something offered by all of the UK forex trading platforms that we reviewed. The important thing is that the eToro demo facility mirrors its main trading account like-for-like.

This allows you to get comfortable with placing forex orders and deploying risk-management strategies. Many UK forex brokers accept bank cards. This will allow you to quickly make a deposit as the funds should be credited instantly.

Alternatively, some forex trading platforms — such as eToro, also support e-wallets. Also be sure to check what the minimum deposit is on your chosen payment method, what fees apply, and how long the provider takes to process withdrawal requests.

Many forex trading platforms in the UK offer live chat around the clock. This ensures that you can get instant support on your question or concern without needing to pick up the telephone. With that said, we also came across providers that only offer support via email.

The fundamentals of forex trading are that you exchange a specific amount of one fiat currency against another. On the other hand, you would stand to suffer losses if the exchange rate drops. Forex CFD trading allows you to speculate on the market movements of the underlying asset while also using leverage to maximize your purchase power. Instead of settling a set amount of base currency, contracts for differences are settled in cash. Forex brokers come in all shapes and sizes.

They vary depending on what their FX quotations are based on. There are four main categories to choose from:. Each of these forex brokers has a different way of managing transactions and executing orders.

Details about the four key types of forex brokers and their features follow:. The No Dealing Desk NDD forex broker does not have a dealing desk, as the name suggests. Nonetheless, it offers diverse composite forex quotes sourced from various forex quote providers. These third-party companies give the No Dealing Desk broker its liquidity within the FX market. A majority of forex quote providers post their main markets with the No Dealing Desk forex platform.

The NDD broker will execute trades according to those forex quotes. No Dealing Desk forex brokers typically charge a commission or they broaden the market spread as a way to earn a profit for the service they provide. Market Makers or Dealing Desk forex brokers typically execute trades without trading in the underlying market. Market Makers offer a forex quote based on the underlying market prices, and then take the other side of the transaction by buying on their bid side or selling on their offer side.

Forex trading platforms that operate on an Electronic Communications Network, or ECN, usually do not have their own dealing desk. As a result, the ECN broker offers an electronic trading platform where advanced traders and expert market-makers at commercial banks can enter bids and offers.

A key benefit of using an ECN is that the trader posting the price can maintain a level of anonymity. This is ideal for investors who want to keep their trading strategies private. Straight-through processing brokers typically refers to the way forex trades are processed. The liquidity providers can be hedge funds, corporate banks, as well as investors.

In other words, STP means that the forex broker acts as a seamless link between the trader and the underlying market, as opposed to a dealing desk that re-processes orders. For day traders and other short-term forex trading strategies, you might want to research the range of supported currency pairs. This is because day trading , scalping , and spread betting , all try to capitalize on short-term price movements within a single trading day.

After reviewing several forex trading platforms in the UK, we found that eToro is advertised as a forex broker for beginners. For a platform review , covering fees and commissions to tradable assets and payment methods, read our full eToro review. eToro facilitates commission-free forex trading. This is also a swap free forex broker. Opening an account is free and there are no mark-up, ticketing fees or stamp duty tax. Approaching the forex markets without any knowledge of the space is like trying to navigate a ship through a storm without a helm.

Beginner traders will therefore appreciate the free demo account and copy trading tools that eToro provides. Practice your trading strategies and broaden your knowledge of online investing with the eToro demo account. These practice accounts, or paper trading accounts, allow you to trade in a simulated, risk-free environment that mimics real market conditions.

Furthermore, eToro also offers several copy trading tools:. Visit eToro. Experienced forex traders are less reliant on automated trading features and demo accounts. For an advanced investor, technical indicators and fully customizable charts are of more value than a copy trading tool — but which forex broker offers the right tools and features for advanced users? This is where MetaTrader 4 comes in. MT4 has been operating since and is among the industry-leading forex trading platforms in the UK.

As well as forex, MetaTrader 4 can be used to participate in other markets such as commodities and indices through CFDs and spread betting. MT4 is widely accepted for two main reasons. Secondly, it offers automated trading via algorithms to close and open positions based on pre-set criteria. A popular forex broker for professionals is AvaTrade.

This CFD and forex broker was launched in and is heavily regulated by financial authorities including ASIC and the Central Bank of Ireland. To gain access to the MT4 trading platform, simply open a live trading account with AvaTrade and choose MetaTrader 4 as your preferred trading platform.

The minimum deposit is £ to gain exposure to the markets. Then download MT4 and log in using your AvaTrade credentials. Why should I use MT4 on AvaTrade? MT4 has several features that allow you to conduct advanced price analyses on all supported instruments. These include a range of timeframes, interactive charts, as well as built-in technical indicators. The AvaTrade MT4 platform allows you to pinpoint the optimal prices to enter and exit your positions.

AvaTrade does not charge trading commissions, meaning the only trading fees you will encounter are the bid-ask spreads, and the overnight financing fee if you keep positions open after standard market hours transpire. For a more detailed look at the ins and outs of AvaTrade see our dedicated AvaTrade review.

Visit a regulated UK Forex broker and open an account. This will require you to enter some personal details — such as your name and email address. Your deposit limits will also be removed. You can now search for the forex pair that you wish to trade.

The way to do this is to enter the specific pair into the search box at the top of the page. You now need to select from a buy or sell order. Select the former if you think the exchange rate will increase and the latter if you think the opposite.

With so many forex trading platforms in the UK to choose from, it can be challenging to know which one to go with. The main thing is that your chosen provider is one regulated by the FCA , supports your chosen pairs, and offers low fees and tight spreads. It takes just 10 minutes to open an account at one of the various forex brokers in the UK that we reviewed.

Yes, although forex trading in the UK is heavily regulated, it is perfectly legal to buy and sell currency pairs online. Just make sure that your chosen forex platform is regulated by the FCA. After reviewing dozens of providers, we found that eToro has low fees. The platform not only offers tight spreads, but all tradable markets are commission-free. With more than 27 million clients as of Q1 - eToro is often the go-to forex trading platform for beginners. The platform is particularly simple and getting started takes minutes.

Well-established forex trading platforms in the UK are safe, as they will be regulated by the FCA. This ensures that you can buy and sell forex pairs in a safe and secure manner. If you want to trade forex with Paypal, eToro supports this e-wallet alongside Skrill and Neteller. eToro is known as a market leader in the growing social and copy trading scene. The platform is home to more than , verified copy traders, many of which specialize in forex. The largest forex broker in the UK is eToro.

This social trading platform gives you access to many forex pairs, as well as CFDs, fractional share trading, copy trading and more. Regulated brokers will display their FCA license, or make a reference to it on their homepage. For example, if you scroll to the bottom of the eToro.

com page you will see a comprehensive list of its financial regulators underneath the risk disclaimer. If it holds a license with the FCA it will appear in the search results along with the license number. Kane Pepi is a British researcher and writer that specializes in finance, financial crime, and blockchain technology.

Now based in Malta, Kane writes for a number of platforms in the online domain. In particular, Kane is skilled at explaining complex financial subjects in a user-friendly manner.

Kane has also written for websites such as MoneyCheck , InsideBitcoins , Blockonomi , Learnbonds , Buyshares and the Malta Association of Compliance Officers. Home » forex. Best Forex Trading Platform UK — Cheapest Platform Reviewed. Kane Pepi Pro Investor. Updated: 29 September In This Guide 1 UK Forex Trading Platforms List 2 UK Forex Brokers Reviewed — Compare Forex Trading Platforms 2.

XTB 2. Alvexo 2. Libertex 2. Skilling 2. AvaTrade 2. FXCM 2. com 3 Forex Trading Platform UK Fees Comparison 4 How to Choose the Right Forex Broker UK for You 4. My Trade Size. More Filters. Sort By Rating. Deposit Methods. Trading Platforms. Regulated by. Additional Features. Deposit £0. Spread 0. Leverage

BlackBull Markets. For this list, we have searched and tested several forex trading platforms offering services all jurisdictions. We placed real trades in each popular market to get the real spreads. We also reached out to customer support to solve issues that we hd encountered.

Finally, we withdrew our funds to see if there is any issue with the withdrawal process. We handpick the best forex trading platform in each jurisdiction based on our trading data and experience as a trader. Foreign exchange or forex trading is basically the process of buying one currency with another.

Though usually the exchange is done for facilitating international trade payments or other economic activities, it also becomes popular among traders who profit from simply trading currencies. The transactions in the forex market also happen over-the-counter OTC using several computer networks, meaning there is no centralized exchange.

London, New York, Frankfurt, Singapore, Tokyo, Hong Kong, and Sydney are some of the global forex hubs where most forex clearing happens. Another crucial feature of the forex trading market is that it remains open five and a half days a week : when markets in New York close, Tokyo assumes its business.

After the penetration of the internet, retail traders have become active in trading forex pairs for profits on a day-to-day basis.

But, in a market dominated by large multinational corporations, hedge funds and high net worth individuals, retail trading only constitutes a small part. Retail traders usually trade forex derivatives, meaning they never take delivery of their order and the settlement is done in the base account currency.

To select the best forex trading platform in every region, we tested and reviewed several forex brokers. We opened live accounts and deposited real money with each broker. We also placed real trades in popular markets to get the real picture of the spread and commission, trading platform, deposits and withdrawals conditions, education, and customer service.

We have picked BlackBull Markets as the best forex trading platform in the UK. BlackBull is based in Auckland, New Zealand, and is also regulated in multiple jurisdictions, including New Zealand and Seychelles. It offers a wide range of trading products that include forex, indices, stocks, commodities, and cryptocurrencies. BlackBull lists a total of currency pairs, along with instruments of other asset classes, and offers trading services on the industry-standard MT4 and MT5 platforms.

It does not have any limitations on trading strategies, allowing traders to run both hedging and scalping. Additionally, the broker does not charge any commission and has some of the lowest spreads in the industry. According to our testing, BlackBull has an average spread of 0. We have picked Forex.

com as the best forex trading platform in the U S. Though the US is a massive market for retail forex trading, only a few brokers operate in the country because of the strict local regulations. com, which is operated by StoneX-owned Gain Capital, is one of the best platforms for trading forex in the country. com offers trading with 91 currency pairs. It offers its services on both MT4 and MT5 platforms, both developed by MetaQuotes Software. The broker does not have any limitations on trading strategies, but US regulators do not allow hedging.

It also offers attractive spreads when it comes to trading fees. We have picked Saxo Markets as the best forex trading platform in the EU. Saxo Markets, which is licensed by European Union regulators, is one of the best retail forex trading platforms in the region. It is also regulated in the UK, Italy, Czech Republic, the Netherlands, Switzerland, France, Denmark, UAE, Japan, Hong Kong, and Australia.

Saxo Markets offers more than currency pairs for trading. It also offers forex options with 44 forex vanilla options with maturities from one day to 12 months, along with 6 FX touch options to only professional traders. We have picked Pepperstone as the best forex trading platform in Australia. When it comes to the best forex brokers in Australia , the name Pepperstone tops the list. Pepperstone is headquartered in Melbourne and is licensed by regulators in Australia, the UK, Cyprus, Bahamas, UAE, and Kenya.

it is offering forex trading since Pepperstone is known for offering the best environment for forex trading by listing 61 currency pairs. It does not limit trading strategies, but traders cannot change the leverage levels ASIC allows up to leverage on major currency pairs.

Traders can make deposits and withdrawals in several popular methods, and the broker also has lower than average spreads on forex pairs. We have picked CMC Markets as the best forex trading platform in Singapore.

CMC Markets is regulated by the Monetary Authority of Singapore along with its licenses from several other top global regulators. The broker offers trading services on MT4 and its proprietary Next Generation Platform. It offers some excellent indicators and charting tools to set up trading strategies. CMC Markets offers forex trading with currency pairs.

It offers trading with forex options and lists several forex indices as well. Apart from the shortlisted brokers, here is a complete list of forex trading platforms, which we have tested and reviewed. Traders usually have many questions related to generic trading-related queries. We tried to pick and answer some of the most important queries related to forex trading platforms.

Retail forex trading is very popular in the United Kingdom, and the sector is regulated by the Financial Conduct Authority FCA. Some of the best forex trading platforms in the UK are:. Forex brokers in the USA must be registered with the Commodity Futures Trading Commission CFTC and be a member of the National Futures Association NFA.

Due to strict regulations and high capital requirements, only a few regulated brokers are operating in the country. Some of the US-regulated forex trading platforms are:. With the launch of the Dubai Financial Services Authority DFSA license, foreign forex brokers can open their operations in the Middle Eastern country.

DFSA-licensed brokers can provide services across the GCC region. Some of the best forex trading platforms in Dubai, holding the DFSA license are:. Launched in , MT4 is the most popular platform to trade currency pairs. It has a vast community of traders and tons of expert advisory EA are available to run on the platform. Some of the best MT4 forex trading platforms are:.

One of the reasons forex trading is popular is due to the availability of high leverages. Due to high risks, many regulators have significantly brought down the maximum leverage cap, but some reputed regulators FINMA and FMA still allow high leverage. Some of the well-regulated high leverage forex trading platforms are:.

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Some Forex pairs are available along with a large range of metals, energies. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and it is therefore not subject to any prohibition on dealing ahead of dissemination. Our Rating. For the past 5 years, ThinkMarkets offer additional protection up to £1,, insurance on top of FCA regulation with Lloyds. FXCM 2.

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