Forex trading platforms connect traders and investors to the markets by integrating with top liquidity providers. Below is a list of key comparison points to consider when looking for the best software in the UK. We’ve also explained the different types of trading platforms on offer and provided some reviews of UK platforms to kickstart your search.
Multi-Award winning broker. Specialising in Forex but also offering stocks and tight spreads on CFDs and Spread betting across a huge range of markets.
Multi-Award winning broker. Specialising in Forex but also offering stocks and tight spreads on CFDs and Spread betting across a huge range of markets.
Deriv.com are a new brokerage, offering options and CFDs on a simple, reliable, flexible platform. Get access to volatility indexes exclusively at Deriv.
Deriv.com are a new brokerage, offering options and CFDs on a simple, reliable, flexible platform. Get access to volatility indexes exclusively at Deriv.
BDSwiss offer 250+ Shares, Indices, Forex, Commodities and Cryptocurrencies markets via CFDs. With spreads from 1 pip and an award winning app, they offer a great package.
BDSwiss offer 250+ Shares, Indices, Forex, Commodities and Cryptocurrencies markets via CFDs. With spreads from 1 pip and an award winning app, they offer a great package.
CMC Markets is headquartered in London and listed on the LSE (FCA Regulated). They offer competitive spreads on a global range of assets via a next generation platform.
CMC Markets is headquartered in London and listed on the LSE (FCA Regulated). They offer competitive spreads on a global range of assets via a next generation platform.
NinjaTrader offer Traders Futures and Forex trading. Use Auto-trade algorithmic strategies and configure your own trading platform, and trade at the lowest costs.
NinjaTrader offer Traders Futures and Forex trading. Use Auto-trade algorithmic strategies and configure your own trading platform, and trade at the lowest costs.
Trading 212 Offer a truly mobile trading experience. With tight spreads and a huge range of markets, they offer a dynamic and detailed trading environment. Recent customer care issues have severely damaged the reputation of the brand.
Trading 212 Offer a truly mobile trading experience. With tight spreads and a huge range of markets, they offer a dynamic and detailed trading environment. Recent customer care issues have severely damaged the reputation of the brand.
XTB is one of the largest stock exchange-listed FX & CFD brokers in the world, offering access to over 2000 instruments from two platforms: its own award-winning xStation 5 and the traditional MT4.
XTB is one of the largest stock exchange-listed FX & CFD brokers in the world, offering access to over 2000 instruments from two platforms: its own award-winning xStation 5 and the traditional MT4.
XM.com deliver ultra low spreads across a huge range of Forex markets. Flexible lot sizes, and Micro and XM Zero accounts accommodate every level of trader.
XM.com deliver ultra low spreads across a huge range of Forex markets. Flexible lot sizes, and Micro and XM Zero accounts accommodate every level of trader.
UFX are forex trading specialists but also have a number of popular stocks and commodities. Offering tight spreads and one of the best ranges of major and minor pairs on offer, they are a great option for forex traders.
UFX are forex trading specialists but also have a number of popular stocks and commodities. Offering tight spreads and one of the best ranges of major and minor pairs on offer, they are a great option for forex traders.
Trade forex CFDs from 0.0 spreads with Vantage FX. Clients can access popular forex pairs like GBP/USD, EUR/USD and AUD/USD from 0.0 spreads with a flat $2 per lot commission on our RAW account.
Trade forex CFDs from 0.0 spreads with Vantage FX. Clients can access popular forex pairs like GBP/USD, EUR/USD and AUD/USD from 0.0 spreads with a flat $2 per lot commission on our RAW account.
IG offer spread betting, CFD and Forex trading across a range of markets. They are FCA regulated, boast a great trading app and have a 40 year track record of excellence.
IG offer spread betting, CFD and Forex trading across a range of markets. They are FCA regulated, boast a great trading app and have a 40 year track record of excellence.
Offering a range of Accounts, including ECN, Instaforex can reduce average spreads to just 0.8 pips. The range of pairs offered is also among the largest of any broker.
Offering a range of Accounts, including ECN, Instaforex can reduce average spreads to just 0.8 pips. The range of pairs offered is also among the largest of any broker.
Alpari International offer forex over a huge range of pairs including Major, minor and exotic pairs. All with competitive spreads and laddered leverage.
Alpari International offer forex over a huge range of pairs including Major, minor and exotic pairs. All with competitive spreads and laddered leverage.
ETX Capital are a London based, FCA regulated broker offering tight spreads across a wide range of markets. They offer professional client services to Pro clients. ETX are offering a FREE trading course to new clients, and free guaranteed stops on the TraderPro platform.
ETX Capital are a London based, FCA regulated broker offering tight spreads across a wide range of markets. They offer professional client services to Pro clients. ETX are offering a FREE trading course to new clients, and free guaranteed stops on the TraderPro platform.
Forex platforms are the trading community’s gateway to the markets, which can be accessed through an online portal or mobile app. Today, most platforms are available to download across multiple smart devices (iOS and APK), offering the ultimate flexibility for trading on-the-go.
In addition to forex and other assets, trading platforms also typically offer additional tools and features to enrich the trader’s experience. This could include anything from news feeds to automated trading robots. There is a range of different programs to suit various requirements and we’ve outlined some great examples.
Types Of Forex Trading Platforms
From open-source software such as Python, to Github developers, there are several types of forex trading platforms and programming languages on the market. Nonetheless, the MetaTrader suite is by far the most popular. We’ve covered these and some other examples below, but it’s worth checking out other options to find the best UK forex trading platform for your needs.
MetaTrader 4
The MetaTrader 4 (MT4) platform was developed by the MetaQuotes software company in 2005 and uses the MQL4 programming language. As the most trusted platform on the market, you will find MT4 at almost any forex broker.
The platform features an advanced and powerful interface with fully customisable charting tools to suit all your analysis needs. Within 9 different time frames, traders can execute various strategies using over 30 technical indicators and 24 graphical objects.
MT4 Forex Trading Platform
In addition, the platform includes a marketplace containing thousands of scripts, Expert Advisors (EAs) and custom indicators, plus a community forum. You can also sign up to trading signals, which we cover later on.
MetaTrader 5
Developed in 2010, MetaTrader 5 (MT5) uses the powerful MQL5 programming language and is even more impressive and feature-rich than MT4. The platform caters more for seasoned or frequent traders. MT5 is also designed to offer more assets beyond forex and CFDs, including stocks, commodities, futures and options. The platform includes twice as many time frames, many more indicators and graphical objects, as well as an integrated economic calendar.
MT5 Forex Trading Platform
Perhaps the most notable feature in comparison to the MT4 platform is MT5’s Depth of Market data. Level 2 Depth of Market allows traders to access deeper liquidity by displaying the bid and ask prices of instruments closest to the market rate.
cTrader
cTrader enables multi-asset trading on a user-friendly and customisable interface. The platform’s charting features are impressive, boasting 54 timeframes on 9 different chart types. There’s also over 70 indicators for technical analysis, plus custom indicators in the cTrader store and developer community.
cTrader Forex Trading Platform
cTrader also features a built-in copy-trading service, where traders can copy strategies without any long-term commitment. For algorithmic trading, the platform uses the C# API, where traders can code their own programs and test their own robots and indicators.
Proprietary Platforms
Some brokers may also develop their own forex trading platforms like MT4 or MT5, either as the sole proprietary offering or alongside other software. It’s worth drawing a comparison between these options though, as they may not include as many features as the third-party solutions.
Furthermore, certain native platforms might be more tailored to certain markets or FX trading strategies. For example, eToro’s proprietary platform is a popular choice for copy-traders and beginners, due to its excellent trading community.
Tools & Features
Today, top-quality forex trading platforms offer additional tools which are built into the system software. Depending on your level of experience or preferences, some of these might be more useful than others.
Signals
Some forex trading software provides buy/sell signals, which allow traders to subscribe to, and automatically copy another provider’s trades. Signal software can be good for those with limited time to monitor trades or investors who want to learn new FX strategies and benefit from the predictions of professionals.
Note that there is no guarantee of continued success when using another provider, so it’s important to fully research how it works before committing. In addition, good forex signals are rarely free to download and copy, so bear this in mind if you are cost-conscious.
Automation
Trading software with automated forex tools can also be hugely beneficial. In the MetaTrader platforms, for example, these come in the form of trading robot software, known as Expert Advisors (EAs). Automated bots scan the markets for optimum trading conditions and place forex trades on your behalf.
For example, you could employ a hedging EA or even a scalping bot. Some platforms also offer backtesting software so you can test and optimise your FX strategies. Note, however, that popular robots that use sophisticated architecture are not always free to download.
cTrader Automated Forex Trading
News & Education
For your fundamental analysis needs, look out for any built-in economic news feeds, calendars, education forums, or market sentiment tools within the platform. These allow you to keep on top of political, economic and financial developments which will affect the FX instrument you are trading.
How To Choose A Forex Trading Platform?
Whether you’re a beginner or an experienced trader, choosing forex trading platforms can be confusing if you don’t know what to compare. Ultimately, the decision is down to your trading needs and personal preferences, but there are a few factors to consider.
If you need more inspiration, you could always search the top 10 or 20 online UK forex trading platforms or check out some of our broker software reviews.
Demo Accounts
A demo account or tutorial can be an invaluable learning and testing tool for both beginners and experts.
Demo accounts allow traders to browse the features and build on their forex trading strategies within the platform. You can also practice trading with virtual money and bonus contests in a risk-free environment.
eToro offers one of the best forex trading platform demo accounts for social trading beginners, whilst AvaTrade offers an impressive $100,000 in virtual funding for high-volume investors who need to test the waters.
Ease of Use
A good forex trading platform should also be easy to use and user-friendly in terms of both the download and registration process and beyond. The software should download easily onto your device, offer customisable features to suit your trading style and provide straightforward ways to navigate the different functions.
Charts
Forex trading platforms should offer a range of charts, drawing tools, technical indicators and timeframes to analyse prices accurately. There should also be easy ways to place trades with risk management orders from your charts.
MetaTrader 4 Forex Trading Charts
Customer Service
Some top-rated forex trading platforms in the UK provide built-in technical support, such as a 24/7 live chat, which can be hugely advantageous. If not, a community forum can be just as helpful. Alternatively, make sure the forex broker itself provides reliable support options through your trading account.
Access To Markets
This will depend on your preferences but if you plan on maintaining a diverse portfolio, you will want to look for a forex trading platform that offers a range of markets. This could include cryptocurrencies like Bitcoin, or even stocks, futures and options.
Cost
Whilst most forex trading platforms are free to use, there are usually other costs associated with your broker or trading account. For example, you will usually need to put down a minimum deposit in order to open an account. Some brokers may also offer additional software data packages or add-ons but do check prices for these services beforehand.
Furthermore, even if a forex trading platform comes with a low deposit or the lowest spreads, the broker will still be making money elsewhere, so make sure to weigh up all factors.
Additional Features
If you want the full 360 experience, some forex trading platforms come with some useful additions, including profit and tax journal software, free downloads of EAs, forums, programming tools and scripts.
You may also be able to find more tailored solutions to your trading needs, such as platforms with New York close charts, for example.
Security
Any trading service provided should be transparent and secure. Reputable brands such as MetaTrader and cTrader use industry-standard SSL encryption technology, for example, to protect trader data.
You should also ensure that secure methods of login security and verification are used, such as two-factor authentication (2FA) or one-time passwords (OTP).
Accessibility
Today, most forex trading platforms are accessible on a range of operating systems, including Mac OS, Windows, Linux and Android. Note that as most platforms are natively designed for Windows computers, you may be required to install additional programs for Linux and Mac PCs.
If you’re an iOS or Android (APK) smartphone owner, you should be able to access a free download from the App Store or Google Play.
Final Word On Forex Trading Platforms
Making a forex trading platform work for you may take some practice and getting used to. Even the best online forex trading platforms in the UK can be a bit daunting at first, but there are plenty of training resources and forums that can help you get started.
Make sure to also take advantage of any demo software and tutorials before you download the platform and start trading FX with real money. Whilst MetaTrader is the most popular option, it’s worth comparing the features with other FX e-trading platforms as well.
FAQs
A Forex Trading Platform: What Is It?
Forex trading software allows you to trade financial assets such as forex, commodities, stocks and indices. Most trading platforms are provided by online forex brokers who offer access through a bridging program that connects the broker’s dealing software with the platform.
What Is The Best Forex Trading Platform In The UK For Beginners?
The MetaTrader 4 platform has always been a favourite among both beginners and experienced traders and is offered by most brokerages. Award-winning forex brokers such as eToro and Plus500 also offer proprietary trading platforms that are excellent for beginners. For more ideas, you can check out a list of top 5 forex trading platforms in the UK online.
How Do Forex Trading Platforms Make Money?
Platforms such as MetaTrader 4 and 5 make money from the broker that you sign up with. The broker will likely sign up to a monthly or annual subscription package, which includes an allowance of live trading accounts and other features and add-ons.
How Do I Download Forex Trading Platforms?
To download your trading platform, you will need to register with a forex broker and follow their instructions. You may receive an email with a download link, or you might be able to install the software directly from the broker’s website.
What Is The Best Forex Trading Platform On Mac?
According to the top ten forex trading platforms for Mac in the UK, AvaTrade and Plus500 offer the best native platforms for Mac, closely followed by MetaTrader 4. There are plenty of forex trading software comparison lists online if you need further inspiration.
