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Forex trading is vast: from hedging against a currency to trading different currency pairs, forex traders use the different liquidity situations of currencies around the world to place objective bets on the increase or decrease in their prices. Every trader must work with a forex trading app or broker. In this piece, we will explore eToro, Alvexo, and Skilling forex trading apps, the uniqueness of each broker, leverage and pips, and other factors, and determine which of them is the best trading app in the UK.
76% 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.
Best Forex Trading App Overview
Forex trading apps are platforms where you can trade currency pairs and currency CFDs.
The best forex trading apps allow excellent leverage and tight spreads on trades.
Before signing up for a trading platform or investing, you must consider the platform’s security measures and licenses. For UK clients, choose a platform that is regulated by the FCA.
Trading forex is profitable; however, it is also risky and there is a real chance of losing your money. Before investing, you can use a broker’s demo feature to learn the ropes. There are also tons of resources that will explain technical indicators, market data, and fundamental analysis.
eToro is the best beginner forex trading apps because it facilitates copy trading – a system where beginners can copy trading strategies of experienced and successful traders.
A Closer Look At The Best Forex Trading Apps UK
eToro – Forex Broker With Social Trading Features
eToro, a Forex trading app, was founded in 2007 by Yoni Assan and Ronen Assia. The social trading platform has proved to be one of the best Forex trading apps, as it offers many assets, including currencies and cryptocurrencies, ETFs, and stock.
While eToro is a newcomer—less than two decades, the platform remains the best social trading app for foreign exchange. With eToro, you can copy trade already established and successful traders, interact with vibrant community members and gain access to tons of trading resources.
eToro is especially good for beginners who may be overwhelmed with the complexity of Forex. You can learn as you trade, practice with a demo account, and use the trade strategies of some of the smartest Forex minds on the platform. As an experienced trader, you can earn more money when people copy your trade and make a positive ROI.
Key Features
eToro has a transparent fee system. For spreads, eToro charges from 1 pip, depending on the currency CFDs. Currency ETFs fees also vary. You should visit their website for additional information on eToro fees.
No management or additional broker fees.
x30 leverage on all major currency pairs.
Copytrader and Popular Investor are eToro schemes that allow beginners conduct hands off trading.
Social trading: Meet fellow traders, ask questions, read comments, and stay on top of trending events in the Fx world.
eToro has two trading apps: the eToro Money Wallet app and the eToro cryptocurrency trading app. You Money Wallet App is a securely stores your holdings.
$5 withdrawal fee
Pros:
Social trading, copy trading, and Popular Investor features make eToro the best community Forex trading application.
Seamless user interface excellent for beginner traders.
76% 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.
XTB - Best Forex Trading App with Low Commissions
XTB is one of the best forex trading apps in the UK that offers low commissions, advanced trading tools and an easy-to-use mobile application.
The CFD broker offers over 48 major currency pairs that can be traded 24 hours a day, 5 days a week. Spreads start at just 0.1 pips and micro lot trading is also available for traders who want to reduce the potential downside of their trades by decreasing their position size.
Forex pairs are not the only financial instruments that are available to trade on XTB. Users can also access real shares, commodities, indices, ETFs, and stock CFDs. This is ideal for traders who want to diversify their strategy and trade in multiple markets.
XTB offers zero commission of real shares up to 100,000 EUR. Transactions that are above this will be charged a low commission of just 0.2%. The minimum trading amount on XTB is 10 EUR and there is multiple deposit options available to use.
For traders who want to conduct technical analysis, XTB is compatible with two trading platforms: xStation 5 and xStation mobile. xStation 5 is the desktop trading platform that can be used to analyze price charts and conduct technical analysis with indicators. xStation mobile is the mobile-friendly version of the trading platform that offers all of the same features so that traders can trade on the go.
XTB is certainly one of the best forex trading apps to consider in the UK if you want to conduct analysis and diversify with multiple asset classes.
Key features:
Over 48 currency pairs available to trade.
Spreads start at 0.1 pips.
Zero commissions for real shares up to 100,000 EUR.
Fast and secure forex trading app.
Advanced charting tools for technical analysis.
24/5 forex trading.
Regulated by the UK Financial Conduct Authority.
Pros:
Easy to use trading app with xStation 5 compatibility.
Low minimum trade amount of just £10.
XTB is a secure and regulated forex platform.
Traders can diversify with shares, ETFs, indices, commodities and stock CFDs.
AvaTrade– Great Forex Trading App with Low Spreads
Since 2006, AvaTrade has been providing Forex/CFD trading services. While their headquarters are in Ireland, they have a corporate structure that includes entities from Australia, Japan, South Africa, and the British Virgin Islands, where they regularly conduct business under regulated conditions. Abu Dhabi Financial Services Regulatory Authority will also regulate them as of February 2020.
The company offers 55 different Forex currency pairs and crosses, as well as 17 commodity CFDs, 20 stock indices, 14 cryptocurrencies, and CFDs on 500 stocks and individual shares. Additionally, they offer two bond CFDs and six ETFs. The Forex products offered by AvaTrade are unusual.
Key features:
The company was founded in 2006 and has been trading Forex and CFDs for a long time.
Besides the British Virgin Islands, it operates in Ireland, Australia, Japan, and South Africa.
Multiple authorities regulate AvaTrade, including the Central Bank of Ireland and the Abu Dhabi Financial Services Regulatory Authority.
Among the trading assets offered by the company are Forex currency pairs, commodities, stock indices, cryptocurrencies, stocks, individual shares, bonds, and ETFs.
Pros:
Various trading instruments are available.
A license to provide services on all five continents.
14 languages are available for 24/7 customer service.
Trading platforms with a wide range of conveniences.
Mobile trading capability.
Segregated accounts are used to store client funds.
Both beginners and experienced traders have access to trading materials and webinars.
Cons:
The user interface of the website is not user-friendly.
There is a lack of efficiency in customer service and response time.
Trading Contracts for Difference (CFDs) involves a significant risk of loss that may not be suitable for all investors
Trade Nation – Regulated Forex trading app with fixed spreads in the UK
Global Broker Trade Nation, formerly known as Core Spreads until 2019, is based in London, UK. ASIC (Australia), FSCA (South Africa), and SCB (Bahamas) are among the top financial authorities that have regulated the company since it was founded in 2014.
Brokers offer straightforward market access, remove complex jargon, and offer reliable customer support. Through its market information sheet and MetaTrader 4, it ensures transparency in trading options.
There are 33 forex pairs, 23 popular indices, 8 differential indices, 9 commodities, and 3 bond options at Trade Nation.
Leverage ratios vary based on the regulating authority and the trader's country of residence. ASIC, FSCA, and SCB accounts can have leverage ratios up to 1:200, while FCA-regulated accounts can have leverage ratios up to 1:30.
Trade Nation offers a deposit protection scheme of £85,000 under Finsa Europe Ltd through the Financial Services Compensation Scheme. Accounts regulated by other authorities are not eligible for this compensation scheme.
Key Features
Client accounts are segregated. Barclays bank deposits traders' money into separate accounts.
Fixed spreads that are relatively narrow.
An add-on to MT4 that is proprietary.
Trade Nation is an online community of traders who share information, know-how, and trading strategies.
Pros:
A low-starting and low-staying spread
With one account, you can access 1000+ global markets
There is a choice between proprietary platforms and MT4
For bigger trades, leverage is available with a minimal deposit
There is no minimum deposit required
Withdrawals and deposits are free
Protection against negative balances
Cons:
There is limited information about customer support
75% of retail investor accounts lose money when trading CFDs with this provider.
Admiral Markets– Reliable Forex Trading App Since 2001
The Admiral Markets brokerage was founded in 2001 and serves customers globally with Forex and CFD trading. Since Admiral Markets has a worldwide presence, it is regulated by various financial watchdogs. It includes multiple tier-one regulators, including the FCA in the United Kingdom and the ASIC in Australia.
A comprehensive revitalization programme is underway at Admiral Markets to enhance and re-brand the service's global image and re-brand it. With over two decades of experience in Forex and CFD trading, Admirals offers you unparalleled service in Forex and CFD trading. Admirals may be the right brokerage for you if you are interested in forex trading or using leveraged-based CFD products.
Key features:
Depending on the entity and account type, Admiral Markets may offer Straight Through Processing (STP) or No Dealing Desk (NDD) execution models.
The broker offers low latency and high-frequency trading, as well as competitive pricing and execution.
To assist traders, particularly beginners, they often offer educational resources and materials, including online learning.
Markets at Admiral Markets emphasize transparency in pricing and execution, enabling traders to make informed decisions.
A variety of trading platforms are available to traders, including MetaTrader 4 (MT4) and MetaTrader 5 (MT5).
Pros:
As one of the few MetaTrader-only brokers offering supplemental platform functionality, Admiral Markets stands out.
StereoTrader is offered as a dashboard for MetaTrader, and Supreme is a suite of custom indicators.
Acuity Trading sentiment analysis, Dow Jones News, and Trading Central signals are included in Premium Analytics.
Admiral Markets is a leading contender in 2023 for outstanding educational content.
A total of 340 Admiral Markets employees serve over 48,000 clients with an asset value of over $82 million.
Cons:
In all Admiral Markets AS group companies, Admiral Markets AS is the sole source of liquidity (market maker).
According to July 2021, data spreads for EUR/USD on the commission-free Trade account align with the industry average of 0.8 pips.
67.3% of retail investor accounts lose money when trading CFDs with this provider
Pepperstone – One of the Most Popular Forex Trading Apps Worldwide
With its opening in 2010, Pepperstone Group has become one of the top online brokerages, offering a fully featured trading platform focusing on Forex, shares, indices, metals, commodities, and even cryptocurrencies.
New traders can open an account with as little as 200 units in the base currency, supported by leverage levels of up to 500:1. Regulated by the Financial Conduct Authority in the United Kingdom (FCA #684312) as well as the Australian Securities and Investments Commission (ASIC #147055703). U.S. traders are not accepted by Pepperstone, as are many other forex brokers.
In an industry that is prone to turbulent periods, segregating customer funds from company funds provides an extra layer of security. The company provides various support options, including 24/5 chat/phone support and a functional FAQ containing information on deposits, withdrawals, and trade disputes.
It offers novice and professional traders alike a wide array of desktop, mobile, and web-based platforms, a wide product catalog, high-quality education resources, and tight spreads.
Key features:
For the "Standard" account, Pepperstone advertises no commission, or for the "Razor" account, zero spread but with commission.
The Financial Conduct Authority (FCA #684312), a major regulatory agency in the United Kingdom, regulates Pepperstone. This organization is well known for being strict regarding ensuring fair market practices for individuals and businesses.
The company offers "negative balance protection" only to its U.K. clients. In recent years, most online brokers have added this feature.
67.3% of retail investor accounts lose money when trading CFDs with this provider
Plus500 – A Really Good UK Trading App for Forex
In recent years, Plus500 has gained significant popularity as a CFD (Contract for Difference) broker. A decade after its founding by six students, Plus500 has accumulated thousands of clients. It is a testament to its success and stability as a financial market player, having been listed on the London Stock Exchange.
A major advantage of Plus500 is its large database of active clients, which exceeds 330,000. As a result of this figure, investors have placed their trust in this platform. The transparency of its approach is also highly valued by its users. Investors can easily monitor their investment portfolio and make informed decisions with Plus500's clear and detailed view of their operations.
Plus500's fee policy is another positive aspect. Investors can save significant money because this platform doesn't charge commissions for deposits and withdrawals. Including this feature is a good example of Plus500's commitment to providing a transparent and accessible service to its users, removing unnecessary barriers.
Plus500 provides investors an easy access to various financial instruments and a user-friendly platform. Users of all experience levels will find Plus500's intuitive interface and advanced analysis tools appealing.
Key features:
With Plus500, you can trade stocks, indices, commodities, cryptocurrencies, Forex, and more through CFDs.
Traders of any experience level can use the platform due to its intuitive and user-friendly interface.
Traders can save on transaction costs with Plus500 since it usually doesn't charge commissions on trades.
Price quotes and charts can be accessed in real time to help traders make informed decisions.
Users of Plus500 can practice trading without risking any real money with a free demo account.
Pros:
Tight spreads and no buy/sell commissions
Execution of orders is fast and reliable
Advanced analytical tools and real-time quotes
Up to 1:30 leverage
Demonstration is unlimited and free
Tools for advanced analysis
Withdrawals are fast and secure
Cons:
Trading CFDs does not involve ownership of real assets or shareholder rights
Trading accounts are not available for corporations or businesses
67.3% of retail investor accounts lose money when trading CFDs with this provider
How to Trade Forex On eToro
eToro is the best app for trading Forex, and signing up is seamless, easy, and should only take 3 minutes.
Sign up for an account
Before you sign up for an eToro account, you must adhere to the platform’s requirements.
You must be 18 years or older. eToro will verify your age from your government-issued ID card.
You must not live in a country where eToro isn’t allowed to operate.
You must provide a valid phone number and email address. Sign-up confirmation will be sent to your email and phone number.
Follow these steps to create an eToro account
Visit the eToro website and click on ‘Create an account.’
Enter your details (Username, email, and password)
Check the T&S box.
Click ‘Create Account.’
Verify your email addresses. If you do not see a verification email in your inbox, check your spam.
After signing up, you should complete your profile; however, you can skip the process and visit later. If you decide not to skip it, follow these steps to complete your eToro profile:
Click ‘Complete Profile’ and read the information on the small window that pops up.
Click ‘continue.’
Fill in your personal info. Remember, your personal information must match the information on your identity card.
Enter your residential address – your address must match the address on your proof of address.
Enter other info like your place of birth, city, zip code, and country.
Conclude the Investment Knowledge Assessment. The assessment tests your risk level, knowledge of trading, and risk appetite.
Verify your phone number: You cannot trade on the eToro platform unless you verify your phone number.
Verify ID
Submit either a government-issued identification card (both back and front) or your passport. Information needed on your ID includes your full name, picture, date of birth, and the ID’s expiry date.
Deposit Funds
Follow these steps to deposit funds into your eToro Forex trading application:
Log into your trading platform and click Deposit Funds in your dashboard. Enter the currency and amount and select your preferred payment method.
Conduct Research and Analysis
Before investing in currency pairs, you must conduct research and analysis on the eToro trading platform. Forex trading apps often have resources and data points, market analysis, and trending news sections that will keep you abreast of happenings that can influence the price of a currency. Research and analysis include technical and fundamental analysis. Technical analysis studies how a currency or a commodity goes up and down, while fundamental analysis studies why.
Technical analysis is a mathematical representation of different price movements on a price chart. Factors you will study in technical analysis include ABCD patterns and forex signals. In fundamental analysis, you will study extrinsic factors that can influence the price of a currency or currency pair. For example, Central Banks’ intervention, monetary policies, demand or supply fueled by greed or fear, key economic announcements, and global news, can affect the price of a currency.
As a beginner trader, you must consistently weigh, calculate, and objectively think about the possible directions of a currency pair before trading. A trader should also accept that many people lose their money to Forex and should never invest more than they are willing to lose.
Search for currency pairs
Log into your eToro dashboard or create an account if you haven’t done so.
To get the complete list of the eToro currency pairs, Click on Markets, and you will be directed to the Markets page. On the Markets page, click Currency.
Place a BUY or SELL order
Once you see a currency pair you like, click on BUY or SELL, depending on your trade direction.
Fill in the units of the currency pair you wish to trade.
Set the parameters, including stop loss, take profit, and leverage, which are not guaranteed over slippages.(Trading with leverage is risky and you may lose all money you invest)
76% 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.
What Is Forex Trading?
Forex, also called Foreign exchange market, FX, or currency market, all mean the same thing. Forex trading simply means exchanging a currency for another currency. In 2019 alone, the forex exchange market reached $6.6 trillion. In simpler terms, if you are in the United Kingdom and want to buy a three-piece suit from a trader in the United States, you have to pay the suit maker in dollars; hence, you must exchange your Pounds Sterling for dollars. Forex is usually traded in the spot, forwards, and futures markets.
When trading for the sole purpose of making profits on market directions, you are also trading forex. However, forex trading can be risky, and there is a high possibility of losing your investment, so you must learn how it works, the mechanics of the FX market, and how you can protect yourself from heavy losses.
An important factor you must consider before trading Forex is the platform, or the forex trading app (for mobile traders). The best Forex apps are almost always regulated in the United Kingdom and in the United States since both countries have the strictest form of regulations. UK forex trading apps like eToro
A central marketplace doesn’t govern the FX market; instead, people trade currencies OTC—over the counter. OTC trading means that all transactions are executed over electronic networks amongst traders worldwide. The FX market is open twenty-four hours a day and 5 and half days a week, and currencies are traded in major financial centers: Frankfurt, Hong Kong, London, New York, Singapore, Paris, Tokyo, Zurich, and Sidney. The FX market is open throughout every time zone, and currency price quotes can change anytime.
Before trading the Forex market, you must know what pulls or pushes the market the most. While beginner traders think a country’s economic situation would influence the Forex market heavily, the liquidity pools from institutional firms hold the largest and most prevalent sway over the market. In other terms, currencies’ values are highly tied to their demand and supply.
76% 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.
Is Forex Trading Good For Beginners?
When you start your forex trading journey, it’s important to understand the risks. Whether forex, stocks, securities, indices, or cryptocurrencies, speculative trading carries its risk. Forex, however, has some features that make it a good starting point for beginner traders still learning the ropes of active investment. First, the forex market is extremely liquid, making it almost impossible for anyone, even institutional traders, to influence market positions. Second, unlike cryptocurrency trading, currency pairs work in a less volatile marketplace, and the odds of a thorough wipeout are not as apparent in forex as it is in crypto trading.
However, before you start trading, you must understand the terms and trading strategies. Also, choose an FX trading platform that allows substantially small initial deposits. A demo account can also help you learn FX trading within the live market, without incurring the risks of live market trading. With a demo account, the platform will equip you with virtual currencies with which you can trade, learn, and earn.
What Is the Best Forex Trading Software for Beginners
eToro is undoubtedly the best forex trading application and software for beginners. eToro operates seamlessly on its web platform and mobile application. eToro has an endless resource of trading guides, allows copy trading, and the minimum deposit fee can be as low as $50 in the UK, US and most other countries it operates. Forex trading can look daunting in the beginning. eToro solves the problem of trading complexity by integrating a value system where beginner traders can learn from live trading strategies of pro traders.
76% 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.
Forex Trading Best Practices
Before jumping into the forex trading scene and investing a lot of money, you should conduct thorough research, understand the best practices, and protect your portfolio at all times. While the purpose of investment is usually to make money, sometimes, the best path in a market situation would be to exit; you must learn appropriate entry and exit points and objectively open and close trades.
Start Small
You should not start your trading experience with sums you are unwilling to lose. Everyone loses money in forex, especially when they are just beginning. You must give yourself the time, energy, and manageable funds to learn foreign exchange and the market drivers. Use platforms or brokers that accept small minimum deposit fees. Depending on your investment, a starting deposit of $50 to $500 can help give practical trading experience. Even if you have significant investment capital, you can store most of the funds in your wallet and trade with the bare minimum. As you learn and your risk appetite increases, you can increase your investment capital.
Conduct Research and Analysis
Forex trading isn't necessarily complicated; however, you must learn to read signals, understand fundamental analysis, and calculate technical analysis. Forex trading is unique even if you have experience with equity and cryptocurrency trading. For example, cryptocurrencies, especially tokens, are subject to bouts of price changes and volatility. In addition, leverages for equity are lower than forex leverages, and different factors drive each market and price movement.
What does it means to trade futures, forwards or spot? The best forex app will have intensive study materials, trading guides, resources, demo traders for beginners and even advanced trading tools for pro investors.
Learn to handle emotions
Emotional intelligence and equilibrium are habits you must cultivate as a forex trader. When fear and greed grips a market, traders often hold on for too long or sell too early—and then their lives are wrought with regrets, pain, highs, and lows. Should you have held on for a little longer, perhaps you would have made more money than you did. Should you close your position right away because your friends are closing theirs?
Forex trading doesn't necessarily have to lead to a heart attack. There are stories of people withdrawing their life savings and investing all the money into a forex trading app, hoping that the market will favor them by some miracle. Unfortunately, forex trading isn't guess work. It's calculated, objective, and your aim is to:
Maximize profit
Minimize loss
You can also handle your emotions by setting concrete investment goals based on your risk tolerance, financial situation, and the amount you are willing to lose. There isn't a one-size-fits-all approach to forex trading. It's your job to determine how much you are ready to invest. With investment, you must institute parameters that plug losses, such as the stop loss parameter. Lastly, ensure that every single day, you check your positions and ensure that there are no pending positions and you can execute future trades.
Keep up with global news
When you trade forex, you trade international currencies and pairs, so you must keep up with global news. Keep up with news like policies of Central Banks of different countries, international crisis and tension, war, and events that can shake up the liquidity, demand, and value of currencies and currency pairs. The United Kingdom exits Brexit, Russia declares war on Ukraine, the supply of oil from Russia to Western Europe and the US is cut short by President Vladimir Putin, IMF announces the list of top 10 wealthiest countries by GDP, and so many other stories, can impact forex trading.
You cannot control global events, but you can control your reaction to these events and make informed decisions that will lead to positive ROIs as you trade.
Best Forex Trading App UK- Our Conclusion
The best forex trading apps offer unique features; however, eToro has proven to be the best forex app for beginners and advanced traders. While eToro might not have the MT4 platform, its social trading scheme, ease of use, intensive mobile application, and extensive resources make it the top choice for traders. eToro also offers excellent leverage and tight spread and, most importantly, has the technology for secure commodity keeping and trade execution.
76% 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.
FAQs
Can you use MetaTrader 4 in the UK?
Yes, MetaTrader 4 can be used in the UK to trade forex, precious metals, stock indices, and energies. MT4 trading fee is 1.60 pips on EUR/USD pair on the minimum deposit. There are forex trading apps that integrate with the MT4 interface.
What is the best forex trading platform in the UK?
eToro is the best forex trading platform in the United Kingdom. Other top forex trading apps include Alvexo and Skilling. eToro is excellent for copy and social trading and offers up to x30 leverage. Platforms like Skilling can offer leverages up to 1:100, but be careful about large leverages; while they open opportunities for bigger wins, they also increase the risks of losing more than you bargained.
Is Forex trading profitable?
Absolutely! Forex trading is profitable; however, you need to do your due diligence. Trading isn’t guesswork and should not be treated as such. As a beginner trader, your job is to understand your trading platform and the mechanics of trading, conduct intensive research and analysis, and trade without emotions.
Is forex trading legal in the UK?
Yes, forex trading is legal in the UK and regulated by the FCA—Financial Conduct Authority. Before choosing a trading platform as a UK resident, you need to ensure that the platform is regulated by the FCA.
Do I need to pay tax on forex trading in the UK?
As a UK resident, you do not pay tax on forex returns and profits. Your bets on spreads are also tax-free (both capital gain and stamp duty reserve tax). However, if you trade CFDs, binary, bitcoin, or other commodities, the UK will tax your capital gains, and Stamp Duty Reserve tax will also apply.
Kemi is a research writer and editor, and she explores news features on tech topics from blockchain to NFT, architectural rendering, metaverse, cryptocurrency, and home automation. When she isn't reading or writing, she spends time with her family.
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