Forex Futures
Forex futures contracts are a popular trading derivative. As one of the most liquid trading instruments, FX futures are frequently used by traders to dampen the downside of exchange rate movements. Here we explain what forex futures are, why they are useful and how to trade them. We also highlight the differences between the heavily regulated UK futures market and decentralised spot forex.
Brokers with Forex Futures
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IC Markets remains dedicated to offering tight 0.0-pip spreads on major currency pairs like EUR/USD, ensuring outstanding execution with an average speed of 35 milliseconds. Ideal for traders seeking high performance, those dealing in large volumes can also enjoy rebates of up to $2.50 per forex lot.
GBPUSD Spread EURUSD Spread GBPEUR Spread 0.23 0.02 0.27 Total Assets FCA Regulated Platforms 75 No MT4, MT5, cTrader, TradingView, TradingCentral, DupliTrade, Quantower -
FxPro provides over 70 currency pairs, though minors are excluded, and is renowned for its rapid execution and tight spreads, averaging 0.45 pips on EUR/USD. Traders can design, evaluate, and implement short-term strategies using the top-tier MT4 platform with expert advisors for algorithmic trading.
GBPUSD Spread EURUSD Spread GBPEUR Spread 0.6 0.45 0.73 Total Assets FCA Regulated Platforms 70+ Yes FxPro Edge, MT4, MT5, cTrader, AutoChartist, TradingCentral, DupliTrade, Quantower -
IG provides an extensive selection of over 80 currency pairs through its own web platform, mobile app, or MetaTrader 4. For advanced charting and forex analysis, the ProRealTime software is available. Testing shows forex spreads are competitive, beginning at 0.1 pips on major pairs such as EUR/USD.
GBPUSD Spread EURUSD Spread GBPEUR Spread 0.9 0.8 0.9 Total Assets FCA Regulated Platforms 80+ Yes Web, ProRealTime, L2 Dealer, MT4, TradingView, AutoChartist, TradingCentral, ProRealTime -
FOREX.com maintains its status as a leading foreign exchange broker, providing access to more than 80 currency pairs at highly competitive rates. Standout features include EUR/USD spreads starting at 0.0 and a $5 commission per $100k traded. Additionally, its SMART Signals feature aids traders by pinpointing price trends in major global markets.
GBPUSD Spread EURUSD Spread GBPEUR Spread 1.3 1.2 1.4 Total Assets FCA Regulated Platforms 84 Yes WebTrader, Mobile, MT4, MT5, TradingView -
PrimeXBT provides trading services for more than 50 major, minor, and exotic currency pairs, with the benefit of margin trading and no commission fees. Our recent assessments show the platform to be fast, dependable, and well-equipped, featuring three chart types, ten timeframes, and 91 technical indicators. This makes it ideal for those employing active trading strategies.
GBPUSD Spread EURUSD Spread GBPEUR Spread Variable 0.1 Variable Total Assets FCA Regulated Platforms 45+ No Own -
City Index is a highly respected forex broker, offering traders access to over 80 currency pairs. With tight spreads starting at 0.7 pips, it provides valuable trading alerts and excellent FX market insights. Moreover, 99.99% of trades are executed successfully.
GBPUSD Spread EURUSD Spread GBPEUR Spread 1.1 0.8 1.0 Total Assets FCA Regulated Platforms 84 Yes Web Trader, MT4, TradingView, TradingCentral -
NinjaTraders facilitates trading in major currencies such as EUR/USD. The platform provides advanced tools to enhance the trading process, featuring sophisticated order types like Market If Touched (MIT) and One Cancels Other (OCO).
GBPUSD Spread EURUSD Spread GBPEUR Spread 1.6 1.3 1.6 Total Assets FCA Regulated Platforms 50+ No NinjaTrader Desktop, Web & Mobile, eSignal
IC Markets
FXPro
IG Index
Forex.com
PrimeXBT
City Index
NinjaTraderSafety Comparison
Compare how safe the Forex Futures are and what features they offer to protect traders.
| Broker | Trust Rating | FCA Regulated | Negative Balance Protection | Guaranteed Stop Loss | Segregated Accounts |
|---|---|---|---|---|---|
| IC Markets | ✘ | ✔ | ✘ | ✔ | |
| FXPro | ✔ | ✔ | ✘ | ✔ | |
| IG Index | ✔ | ✔ | ✔ | ✔ | |
| Forex.com | ✔ | ✔ | ✘ | ✘ | |
| PrimeXBT | ✘ | ✔ | ✘ | ✔ | |
| City Index | ✔ | ✔ | ✔ | ✔ | |
| NinjaTrader | ✘ | ✘ | ✘ | ✘ |
Payments Comparison
Compare which popular payment methods the Forex Futures support and whether they have trading accounts denominated in British Pounds (GBP).
| Broker | GBP Account | Debit Card | Credit Card | Neteller | Skrill | Apple Pay |
|---|---|---|---|---|---|---|
| IC Markets | ✔ | ✘ | ✔ | ✔ | ✔ | ✘ |
| FXPro | ✔ | ✘ | ✔ | ✔ | ✔ | ✘ |
| IG Index | ✔ | ✔ | ✔ | ✘ | ✘ | ✘ |
| Forex.com | ✔ | ✔ | ✔ | ✔ | ✔ | ✘ |
| PrimeXBT | ✔ | ✔ | ✔ | ✘ | ✘ | ✘ |
| City Index | ✔ | ✔ | ✔ | ✘ | ✘ | ✘ |
| NinjaTrader | ✘ | ✔ | ✘ | ✘ | ✘ | ✘ |
Mobile Trading Comparison
How good are the Forex Futures at mobile trading using apps or other mobile interfaces.
| Broker | Mobile Apps | iOS Rating | Android Rating | Smart Watch App |
|---|---|---|---|---|
| IC Markets | iOS & Android | ✘ | ||
| FXPro | iOS & Android | ✘ | ||
| IG Index | iOS & Android | ✔ | ||
| Forex.com | iOS & Android | ✘ | ||
| PrimeXBT | iOS & Android | ✘ | ||
| City Index | iOS & Android | ✘ | ||
| NinjaTrader | iOS & Android | ✘ |
Beginners Comparison
Are the Forex Futures good for beginner traders, that might want an affordable setup to get started, along with good support and educational resources?
| Broker | Demo Account | Minimum Deposit | Minimum Trade | Support Rating | Education Rating |
|---|---|---|---|---|---|
| IC Markets | ✔ | $200 | 0.01 Lots | ||
| FXPro | ✔ | $100 | 0.01 Lots | ||
| IG Index | ✔ | $0 | 0.01 Lots | ||
| Forex.com | ✔ | $100 | 0.01 Lots | ||
| PrimeXBT | ✔ | $0 | 0.01 Lots | ||
| City Index | ✔ | $0 | 0.01 Lots | ||
| NinjaTrader | ✔ | $0 | 0.01 Lots |
Advanced Trading Comparison
Do the Forex Futures offer features that allow for more advanced trading strategies?
| Broker | Automated Trading | Pro Account | Leverage | VPS | AI | Low Latency | Extended Hours |
|---|---|---|---|---|---|---|---|
| IC Markets | Expert Advisors (EAs) on MetaTrader, cBots on cTrader, Myfxbook AutoTrade | ✘ | 1:30 (ASIC & CySEC), 1:500 (FSA), 1:1000 (Global) | ✔ | ✘ | ✔ | ✘ |
| FXPro | Expert Advisors (EAs) on MetaTrader, cBots on cTrader | ✔ | 1:30 (Retail), 1:500 (Pro) | ✔ | ✘ | ✔ | ✘ |
| IG Index | Expert Advisors (EAs) on MetaTrader, build your own on ProRealTime | ✔ | 1:30 (Retail), 1:222 (Pro) | ✔ | ✘ | ✔ | ✔ |
| Forex.com | Expert Advisors (EAs) on MetaTrader | ✘ | 1:30 | ✔ | ✔ | ✔ | ✘ |
| PrimeXBT | ✔ | ✘ | 1:1000 | ✘ | ✘ | ✔ | ✘ |
| City Index | Expert Advisors (EAs) on MetaTrader | ✔ | 1:30 | ✘ | ✔ | ✔ | ✔ |
| NinjaTrader | NinjaScript or via Automated Trading Interface | ✘ | 1:50 | ✘ | ✘ | ✔ | ✘ |
Detailed Rating Comparison
Use this heatmap to compare our detailed ratings for all of the Forex Futures.
| Broker | Trust | Platforms | Mobile | Assets | Fees | Accounts | Support | Research | Education |
|---|---|---|---|---|---|---|---|---|---|
| IC Markets | |||||||||
| FXPro | |||||||||
| IG Index | |||||||||
| Forex.com | |||||||||
| PrimeXBT | |||||||||
| City Index | |||||||||
| NinjaTrader |
Our Take On IC Markets
"IC Markets provides excellent pricing, swift execution, and easy deposits. With cutting-edge charting tools like TradingView and the Raw Trader Plus account, it continues to be a preferred option for intermediate and advanced traders."
Pros
- As a well-regulated and reputable broker, IC Markets focuses on client safety and transparency to provide a dependable global trading experience.
- IC Markets provides some of the industry's narrowest spreads, offering 0.0-pip spreads on major currency pairs. This makes it an extremely cost-effective choice for traders.
- In 2025, IC Markets earned DayTrading.com's accolade for 'Best MT4/MT5 Broker' due to its top-tier MetaTrader integration. This achievement highlights the broker's continuous refinement over the years to enhance the platform experience.
Cons
- Interest is not paid on idle cash, a feature gaining popularity with alternatives such as Interactive Brokers.
- The tutorials, webinars, and educational resources require enhancement, lagging behind competitors such as CMC Markets, which diminishes their appeal to novice traders.
- Although there are four top-tier third-party platforms available, the absence of in-house software or a trading app tailored for novice traders is notable.
Our Take On FXPro
"FxPro is an excellent choice for traders, offering swift execution speeds under 12ms, reduced fees since 2022, and outstanding charting platforms like MT4, MT5, cTrader, and FxPro Edge."
Pros
- FxPro provides four dependable charting platforms, including the user-friendly FxPro Edge. It features more than 50 indicators, 7 types of charts, and 15 different timeframes.
- FxPro's Wallet is a notable feature enabling traders to securely manage their funds. It ensures additional protection and ease by separating unused funds from active trading accounts.
- FxPro uses a 'No Dealing Desk' (NDD) model for swift and transparent order execution, usually within 12 milliseconds, making it well-suited for short-term trading strategies.
Cons
- There are no passive investment options such as copy trading or interest on cash. While traders might not find these essential, competitors like eToro, which accommodate both active and passive investors, offer more extensive services.
- FxPro offers customer support five days a week around the clock, accessible via various platforms, and the service quality is reliable based on tests. However, the absence of weekend support can be a drawback for traders requiring help beyond standard market times.
- FxPro, with its $10M funded demo account and expanding Knowledge Hub, mainly caters to experienced traders. Beginners might find its account and fee structure challenging to understand.
Our Take On IG Index
"IG offers a complete package with an intuitive online platform, top-tier beginner education, advanced charting tools through its TradingView integration, real-time data, and swift execution for seasoned traders."
Pros
- As a seasoned broker, IG adheres to stringent regulatory standards across various regions, ensuring significant trust.
- The ProRealTime advanced charting platform remains free, provided traders meet modest monthly activity requirements.
- The IG app provides an excellent mobile trading experience with an intuitive design, earning it the Runner Up position in our 'Best Trading App' award.
Cons
- Based on tests, stock and CFD spreads remain less competitive than the lowest-cost brokers, such as CMC Markets.
- IG has ended its swap-free account, diminishing its attractiveness to Islamic traders.
- Beginners may find IG's fees complicated, as they vary depending on the trades or services. This could cause confusion and unexpected costs.
Our Take On Forex.com
"FOREX.com excels in serving traders of all levels, offering more than 80 currency pairs, spreads starting at 0.0 pips, and competitive commissions. Its robust charting platforms provide over 100 technical indicators and comprehensive research tools."
Pros
- FOREX.com provides top-tier forex rates beginning at 0.0 pips, along with attractive cashback rebates up to 15% for dedicated traders.
- An abundance of educational resources is available, such as tutorials, webinars, and an extensive YouTube channel, designed to enhance your understanding of financial markets.
- The in-house Web Trader remains a standout platform, excellently crafted for budding traders. It features a sleek design and offers more than 80 technical indicators for thorough market analysis.
Cons
- Funding choices are restricted when compared to top options such as IC Markets. Many popular e-wallets, including UnionPay and POLi, are noticeably absent.
- US clients are not protected against negative balances, which means you could end up owing more than your initial deposit.
- FOREX.com's MT4 platform provides around 600 instruments, a notable reduction compared to the more than 5,500 options on its other platforms.
Our Take On PrimeXBT
"PrimeXBT suits aspiring traders interested in crypto derivatives and traditional markets such as forex and indices, all accessible via a user-friendly, web-based platform. The copy trading feature is perfect for passive traders, offering 5-star ratings and performance charts to identify suitable traders."
Pros
- Round-the-clock customer support, accessible through live chat, demonstrated outstanding performance during testing. Additionally, the comprehensive help centre offers ideal self-assistance resources.
- PrimeXBT has introduced new trading options with the addition of tokens such as 1Inch, Aave, and Injective for exchange and investment.
- The online platform and app cater to traders, offering advanced charts, a customisable interface, and multiple order options like one-cancels-the-other (OCO).
Cons
- The absence of integration with established platforms such as MT4 restricts traders accustomed to the globally popular forex software.
- PrimeXBT operates widely in the crypto sector but without approval from a recognised regulator, significantly increasing the risk for retail traders.
- Despite enhancements, the range of approximately 100 instruments lags significantly behind competitors, such as OKX, which offers over 400 assets.
Our Take On City Index
"City Index suits active traders perfectly, offering rapid execution speeds averaging 20ms and a customisable web platform with over 90 technical indicators. Its educational resources are exceptional. For UK traders interested in spread betting on 8,500+ instruments tax-free, City Index is an excellent option."
Pros
- City Index has significantly improved the trading experience. In 2024, they introduced Performance Analytics, providing insights into trades and discipline. The revamped mobile app now includes integrated market research and swipe-access news.
- City Index offers access to over 13,500 markets, including forex, indices, shares, commodities, bonds, ETFs, and interest rates. The platform's inclusion of niche markets such as interest rates provides traders with unique opportunities not commonly available on other platforms.
- City Index is under the regulation of leading authorities, such as the FCA in the UK, ASIC in Australia, and MAS in Singapore. Its parent company, StoneX Group Inc., is publicly listed, which enhances its credibility.
Cons
- Unlike brokers like AvaTrade and BlackBull, City Index lacks options for passive trading, such as social copy trading or real ownership of stocks and ETFs. This limitation may reduce its appeal to traders seeking a more hands-off approach.
- City Index does not offer an Islamic account with swap-free conditions, making it less attractive to Muslim traders than brokers such as Eightcap and Pepperstone.
- Although many brokers, such as eToro, have broadened their crypto offerings, City Index restricts its clients to crypto CFDs. This limited selection may not meet the needs of traders seeking a wider variety of altcoins.
Our Take On NinjaTrader
"NinjaTrader caters to active futures traders seeking competitive fees and advanced analysis tools. The platform offers exceptional charting features, with numerous indicators and over ten chart types."
Pros
- NinjaTrader is a reputable and award-winning futures broker, fully regulated by both the NFA and CFTC.
- Traders receive complimentary platform access and can simulate trades indefinitely with the unlimited demo.
- You can access thousands of add-ons and applications from developers in over 150 countries.
Cons
- Certain funding methods incur a withdrawal fee.
- The premium platform features incur an additional fee.
- Engaging in trading, aside from forex and futures, necessitates registering with affiliated brokers.
Forex Futures Explained
Forex futures are contracts to buy/sell currency at a set time and value in the future. Changes in the value of currency have the potential to dramatically impact trading for international firms. Futures can help to minimise downside and maximise upside for traders who expect movements in exchange rates.
For example, consider a company in the US that has agreed to buy a machine from an Italian factory for EUR 1.1million. If the current exchange rate for USD/EUR is 1:1.1 then this will cost the firm $1 million to purchase. But, if the exchange rate moves to 1:1 the new machine price will be $1.1million – costing the company $100,000 more than they originally expected.
To avoid this scenario, the company might purchase five forex futures contracts with a value of $200,000 each. These contracts allow them to purchase at the current exchange rate on a set date in the future. If the exchange rate improves, they’ve lost the benefit they could have seen. But, crucially, if the exchange rate worsens, they don’t have to fork out the extra $100k they would have done had they had traded currency at the new rate.
Forex futures and options are often quoted together. The latter gives the contracted party an option to purchase the currency pairs at the old rate vs futures which are the obligation to.
There are futures and options available on most tradable assets – it’s not restricted to forex. This hedging tactic can be utilised on stocks, bonds and indices such as the S&P 500 (ticker symbol ^GSPC), Dow Jones (DJC) or USD index (DX); or commodities such as gold (GC), natural gas (NG), and crude oil (CL).
What Makes A Forex Future?
Forex futures have a number of differences compared to other assets.
Standardised
Forex futures contracts are standardised and not customisable. This ensures they’re ease of trade on futures exchanges.
The nominal amount (eg. AUD$100,000), margin, maturity date, and delivery date are all standardised. The only contract component which is not is the price. This is determined by supply and demand on the exchange.
There are smaller forex contracts available for those looking for lower nominal amounts and margin requirements. These are known as ‘mini’ futures which are half the size of a standard contract. E-minis are even smaller, at one tenth vs the standard. And e-micro forex futures contracts are one tenth of an e-mini (i.e. one hundredth of a standard).
Publicly Traded On A Futures Exchange
Just like stocks on the National Stock Exchange (NSE), forex futures are traded through specific futures exchanges such as the Chicago Mercantile Exchange (CME Globex) or ICE Futures Europe in the UK.
To trade on live exchanges, brokers must be a futures association member (eg. part of the NFA in the US) or in the case of ICE, be a registered participant.
Some notable examples of futures brokers include TD Ameritrade, Interactive Brokers, and TradeStation.
The Tick (Minimum Price Fluctuation)
Another standardised feature of a forex futures contract is minimum price fluctuation know as ‘the tick’. Ticks are unique to the instrument being traded. For example, in forex, the USD tick size will always be $0.01. What that means on a contract size of $125,000 is that the minimum price fluctuation for the contract to be enforced is $1,250.
Margin & Leverage
Forex futures work on leverage, so a trader does not have to put down the full nominal value in order to invest. Instead, they use the margin as consideration (or a down payment) for the trade. The margin is a fraction of the nominal value, facilitating liquidity in the futures market. However, this means there’s a risk that losses could exceed the margin amount.
Despite this, because of UK regulation in the market, leverages on forex futures tend to be lower than for spot forex, which can be up to 1:500 at unregulated brokers.
Guaranteed By Clearing Houses
Once a trade has been executed, a third-party, known as a clearing house, steps in to ensure the trade has cleared and settled. Clearing houses also guarantee trades against credit losses ensuring that there is no risk of default by either party.
Benefits Of Trading Forex Futures
Forex Futures vs Spot Forex
Trading forex futures has some pros when compared to with trading spot forex. Spot forex trading involves buying/selling currency pairs (eg. USD/CAD) on the day of the trade. You’re exchanging one currency for another. But, there are major differences in how these instruments are traded (as mentioned above) which bring a number of benefits.
In particular, since there’s a central exchange, there are no market makers. Therefore, futures brokers cannot trade against you and there are no spreads.
You’ll also notice that volume and positioning data is hard to come by for spot forex, as it would only reflect the volume traded through the individual broker. Sharing this data would be the equivalent of Apple telling the market how many handsets they sold today and being able to compare this to their competitor’s sales. With futures, you’ll be able to access this data more easily because trading is centralised and heavily regulated by the FCA.
Forex Futures Strategies
There are a number of strategies that can be used when trading forex futures. Some of these are unique to futures and others you may recognise as similar to spot forex strategies.
- Speculation – Traders can use futures to speculate on a change in the value of a currency, index, stock or commodity and profit from the difference.
- Hedging – Hedging forex with futures reduces the risk of currency price movements on trade agreements. This tactic comes with pros and cons – investors won’t reap the benefits of a favourable price movement, but will mitigate the risk against an unfavourable one. It’s also useful for businesses reliant on commodities (such as natural rubber, gold or silver) who know that they’ll need to purchase in the future.
- Arbitrage – Forex traders can use the ‘futures spreads’ technique to benefit from discrepancies in market prices by taking both a long and a short position at the same time.
- Day trading – Day traders hold positions for a very short time period vs swing traders who could hold on for months. Letting a futures position rollover to the next day or over the weekend exposes you to risk. This is particularly prevalent on the forex market as exchange rates may not open at the same rate they closed at. Day trading eliminates this risk.
Where Are Forex Futures Traded?
Whilst forex futures are traded on centralised exchanges, as a retail trader you can enter the market using a broker. There are fewer futures brokerages than spot forex due to the heavy UK regulation on this instrument.
The best forex futures brokers enable you to trade the assets directly. Examples include Interactive Brokers, ADM Investor Services, AMT Futures Ltd & GHC Capital markets Ltd. All of these brokers are registered participants of the ICE Futures Exchange which facilitates global futures trades.There are also retail brokers which will offer you spread bets and CFDs on forex futures. You will not own the underlying futures contract, but will instead be trading on a derivative of futures. Brokers include FxPro and Forex.com. Most providers offer detailed forex futures charts, symbols and quotes.
Trading on forex futures is available 24 hours a day, Monday-Friday.
Final Word On Forex Futures
Trading forex futures is big business in the UK. The financial product offers a means to hedge against exchange rate risks and to trade on the financial markets with leverage. Forex futures are available at multiple regulated trading brokers in the UK, though it is worth highlighting, spot forex and CFDs on forex are more readily available.
FAQ
Is The Forex Futures Market The Same As A Spot Forex Market?
No, spot forex is trading one currency for another in a pair. The exchange takes place on the day the trade is executed. Futures are a commitment to purchase the currency at a later date, at a set price. They are considered derivatives, as they are a contract based on an underlying asset. Whilst the two markets are linked, there is not necessarily a correlation between them.
How Do Forex Futures Work?
Forex futures are financial derivative contracts that commit to purchasing currency at a set rate on a future date. They are often used to speculate on currency fluctuations or to hedge against poor exchange rates.
Are Forex Futures Profitable?
Yes, forex futures can be profitable if you have the right strategy in place. However, speculating on exchange rates is risky, particularly if you’re trading CFDs with high leverage. Some brokers, such as Daniel’s Trading, offer forex futures calculators to help you understand your risk and reward potential. Always ensure you understand the investment fully before you trade.
Does My Broker Offer Forex Futures?
A broker must be a registered participant of an exchange to trade forex futures. Most retail brokers offer CFDs on futures instead. Check our broker reviews to find a provider that’s right for you.
Forex Futures Vs Stocks - Which Is Better?
Neither asset is better than the other. The choice depends on your expertise, interests and risk appetite. Both are traded on centralised exchanges and are heavily regulated, and both can be profitable with a considered approach. But equally, they can be risky if you’re not willing to put the hours in to do the analysis.