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CFD trading in the UK requires a forex broker regulated by the financial conduct authority (FCA) that has a forex trading platform that can vary from MetaTrader 4 + 5, cTrader to unique forex platforms that offer unique CFDs features for forex traders.
By Justin Grossbard / Updated: Wednesday, March 11th, 2020
The following forex brokers were considered the best FCA regulated UK forex brokers for each of the following forex platforms:
Pepperstone Best MetaTrader Forex Broker
Plus500 Best Forex Trading Platform For Beginners
Interactive Brokers Best Automated Platform
These awards were based on the spreads, commissions, customer service and features of each forex broker. For aUK forex brokerto be eligible they must be FCA regulated with an office within the United Kingdom. A summary of the key strengths of each five forex brokers is shown below.
CopyTrader functionality for automated trading
Earn interest on idle cash balances automatically
Pepperstone FX broker strives to offer its customers a trading environment that:
The most critical technological characteristic of a forex broker is its trading platform.
Pepperstone took the highest score when it comes to the best MetaTrader 4 foreign exchange brokers. Our team of experts at Compare Forex Brokers has set high standards for making the cut into our best forex trading platform UK list.
Pepperstone offers several benefits including:
Pepperstone platform offers up to 12 times faster order execution speed, obliterating the Forex competition. This automatically translates into low latency forex trading when you submit an order. Pepperstone offers a wide range of markets including:
When you trade forex on the MetaTrader 4 or MetaTrader 5, you have an accuracy of order fills and non-existent slippage. To benefit from this exclusive trading environment you only need to make a minimum deposit of $200.
To explore all the benefits that come with trading the foreign exchange market, Pepperstone offers a rich selection of account types.
The newly developed Smart Trader Tools allows traders to implement advanced trade management techniques that you can only find through the worlds most powerful trading platforms.
The MT4 Smart Trader Tools is a superior collection of Expert Advisors that includes 28 smart trading Apps:
Stealth Orders feature for hiding your pending orders from the forex market
Professional Trade Terminal that facilitates better trade management
Sentiment Trader shows the long-short ratio in all currency pairs
To be able to explore Autochartist tool you need to have a live trading account with Pepperstone. With a Pepperstone Active Trader Account, you can have dedicated customer support that will assist you to find the right tools for your trading needs.
Autochartis is a formidable technical analysis software that can help forex traders make more informed trading decisions with:
Pepperstone WebTrader is the web-based Trading Platform version of the Metatrader 4 software. You can trade EUR/USD or any other forex pair the same way as you would do it through the MetaTrader 4 software. The Webtrader interface mimics the MT4 terminal interface.
You can enjoy the freedom to trade directly from your browser without the need to install a trading platform on your PC.
Alongside the Pepperstone Webtrader platform, you also have impressive mobile and tablet options for iOS and Android. Our team of experts at Compare Forex Brokers ranks Pepperstone Webtrader the top web-based trading platform.
The overall rating is based on review by our experts
FxPro has been awarded by our team of experts as the best cTrader Forex broker. Many advanced trading tools help FxPro to stand out from the other cTrader brokers.
The cTrader trading platform is the second most popular forex trading platform, which is why it becomes the leading multi-asset trading platform for many advanced forex traders.
From the FxPro trading platform download centre, traders can have access to the cTrader for both PC and Mac.
The FxPro cTrader platform is an award-winning platform that comes with the following capabilities:
The trading conditions offered through the FxPro cTrader platform are unmatched among top forex brokers. FxPro pride itself by using an execution model that has deep liquidity from top-tier liquidity providers and a number of global banks.
This enables FxPro to provide retail investor accounts with:
With an initial deposit of $100, you can have access to an award-winning order execution model that is fully transparent. For optimal trading conditions, FxPro recommends opening retail CFD accounts with at least $500.
In the table below you can discover how FxPro compares to other UK Forex brokers in terms of the minimum deposit, maximum leverage, and the EUR/USD spreads.
cTrader offers three types of Depth of Market (DOM) on a range of currency pairs:
Currency trading with the liquidity available for each price can give you an extra edge and trade alongside institutional traders. This is an outstanding feature for big traders that execute large sizes. You can use the Depth of Market as an order management tool and place your buy and sell orders directly on the price you wish to trade.
Additionally, the Depth of Market is available even for CFD trading.
A key powerful feature of the FxPro cTrader is the algorithmic trading platform designed to build cBots and custom-made indicators. The cTrader Automate feature is a versatile tool that enables advanced optimization of trading parameters even when trading CFDs.
FxPro was among the firstUK CFD brokersto offer cTrader Automated including all the integrated algo trading tools that come with it. When you opt to trade with FxPro cTrader you have access to a competitive trading platform that can supply all your trading needs.
Plus500 is the largest CFD online broker in the world that comes with its own in-house proprietary trading platform. Plus500 has a rich history being in the online trading business since 2008 when it started serving clients around the world.
Our team of experts has awarded Plus500 as the best forex trading platform for beginners for the following reasons:
Its own proprietary trading platform is pretty intuitive and very simple to use for beginners. The main user interface is designed to help beginners trade in an environment that focuses on simplicity.
You can trade via the web-based trading platform and trading Apps on both iOS and Android. Mobile trading has integrated the same trading feature that comes with the Plus500 web-based trading platform.
Opening a Plus500 demo account is just as easy as the platform interface. The fast account opening procedure is done using your Facebook or Google account.
The Plus500 trading platform is safe to start trading because its regulated by CYSEC the Cyprus Securities and Exchange Commission and its listed on the London Stock Exchange.
In terms of regulation, they have tighter regulations around the world by the main regulatory agencies. Client funds are held in segregated bank accounts and you have protection in case of bankruptcy.
The Plus500 offers a wide range of markets. There are over +2000 financial instruments traded through the Plus500 trading platform. You can trade CFDs on the following instruments:
Inside the spread betting trading platform, you have tools that can help you search for your favourite trading instrument as well as populate your favourite list with your chosen instruments.
The Plus500 offers guaranteed stop on its +2000 traded instruments. This trading feature comes very handily during volatile times when the market can experience rapid and sharp price movements. This risk management tool guarantees that youll never lose money when trading CFDs. The advantage of using a guaranteed stop-loss order is that youll never encounter slippage on your stop loss. With this kind of protection, FX traders will never lose more than the stop loss size.
The Plus500 real-time alerts service allows you to get notified based on:
Traders have three options on how they get notified: by email, SMS or either by push-notifications. This unique price alert tool will automatically trigger an alert signal once the conditions set by the user are satisfied.
The real-time alerts come free of charge you only need a demo account and youre set to go.
Overall, for beginner UK forex traders Plus500 is the recommended option with the choice of opening a live or demo account.
eToro is the worlds leading social trading platform that allows millions of investors to copy trade in real-time. eToros innovative social trading technology allows traders around the world to copy other successful traders or to open manual trades in the financial markets.
Our team of experts evaluated eToro alongside other copy trading platforms by being committed to rigorous standards. We awarded eToro the prize of the best social trading network because of the outlined trading features:
eToro social network platform connects traders from over 140 countries and lets them mimic the trading activity of the most talented traders. eToro proprietary trading platform is recognized around the world for its collective advantageous social ecosystem.
Professional traders can share their success inside the eToro social network and generate an extra passive income from their trading ideas. eToro can facilitate communication between a losing trader and a profitable trader in up to 20 languages.
Traders looking for a user-friendly and intuitive online trading platform can be satisfied with the eToro interface. The powerful dashboard can help you easily navigate to your favourite trading tools:
You can enjoy social live trading on your mobile devices: iPhone and Android. eToro minimum deposit for a live account start just at $50 for Australia and USA residents, and for the rest of the world, the minimum deposit amount is $200. Residents of Israel are required a minimum deposit of $10,000 to start trading with eToro.
eToro offers powerful risk management tools to identify the most decent trading strategies. The risk management tool offers advanced trading functions and stats to better assess the performance of a trader.
eToro social platform works by following the strict licensing requirements imposed by multi-regulatory bodies including:
Investors can trade with peace of mind and be assured that eToro has safety and compliance standards set in place. Additionally, US residents can also conduct live trading through the eToro USA LLC, which is a registered entity that complies with FinCEN, the US Financial Crimes Enforcement Network.
The CopyPortfolio is a tool that helps investors to copy an entire portfolio of instruments or traders. This portfolio management tool includes three types of new investment opportunities:
The Top Trader Portfolio features eToros most successful and profitable traders, while the market portfolios include instruments of the same type. If youre an investment manager you can create your own CopyPortfolios with eToro.
eToro brings a wide range of asset to its global user base including:
The wide array of instruments makes eToro one of the best brokers in the UK when it comes to social trading.
eToro dedicates a unique focus on cryptocurrency trading. If you want to buy and sell Bitcoin you can do so through their exclusive eToro Cryptocurrency trading platform. The main feature that comes with the cryptocurrency trading platform is the ultra-fast market order execution speed. eToro advertises itself as:
Through eToro you can have access to the worlds biggest cryptocurrencies by market cap. A total number of 17 digital currencies are available on eToro social trading platform including:
One of the most unique eToro features is commission-free crypto trading.
Overall, no UK forex broker comes close to eToro when it comes to the social trading features of eToro. If this feature is what youre looking for when it comes to a CFD broker in the UK, then you should consider opening a live account or trial a demo account.
Interactive Brokers offers access to one of the best automated trading platforms in the UK. The algorithmic trading software comes with advanced tools dedicated to the most sophisticated quants and math geeks.
In todays dynamic trading world, dominated by algos you need to have access to more sophisticated trading tools if you want to compete with the algos that run the markets. Our team of experts has determined that Interactive Brokers automated trading platform is the best platform for developing automated trading strategies, for the following reasons:
The Trader Workstation (TWS) automated trading software is designed for all types of high-risk algo development. To have access to the IBs full range of trading platforms you need to have an IBKR PRO live client account.
Interactive Brokers Trader Station offers 12 pre-integrated algorithmic tools among which the most popular and effective programming tools are:
The only downside that comes with Interactive Brokers TWS is that its not user-friendly and its difficult to figure out all the advanced features without first investing the proper time into it.
We recommend IB Trader Workstation (TWS) for professional traders that have a deep understanding to cope with a complex trading platform and are looking for an efficient algo building tool.
IB TWS offers access to over 100 order types and in-house automated algos that are designed to:
Additionally, the automated trading platform offers groundbreaking third party algos order types, including:
IBs Accumulate/Distribute Algo is a proprietary automated software designed to break large orders into multiple smaller increments. This innovative tool can help you receive price improvements on your large orders and at the same time enjoying privacy.
In addition, the algo can be customized for a more efficient order management process. The all-inclusive interface has the following main features:
Programming the algo to respond to changes in the market price and trend
Supports multiple instruments including stocks, forex, options, and futures
IBs proprietary API allows traders to develop automated trading strategies that can profit from IBs:
The Interactive Brokers API provides professional traders to implement algorithmic trading solutions in multiple programming languages including:
Interactive Brokers offers you the option to open a TWS demo account so you can backtest your automated trading strategies before you commit any of your hard-earned money. Before you use the Client Portal Web API make sure you read all the relevant risk warnings so you trade in compliance with Interactive Brokers standards.
Overall, Interactive Brokers offers access to the best automated trading platform in the forex space. With the TWS platform, you have access to complex algo tools that can compete with the most sophisticated trading tools used on Wall Street.
The worlds best Forex trading platform remains the legacy platform MetaTrader 4, also known as the MT4 trading platform. The MT4 user-friendly interface offers an abundant range of technical tools for traders of all skill levels.
The best platform for trading forex and CFDs is the powerful MetaTrader 5. MT5 is a versatile trading platform that caters to every type of traders hosting a wide selection of trading instruments. MT5 is an all-in-one trading software for both Forex and CFDs.
The best platform for trading forex and crypto is the worlds leading social trading platform eToro. The copy trading feature and the user-friendly interface allow eToro to stand out from other forex and crypto trading platforms. You can buy and sell cryptocurrencies through their exclusive and unique eToro Cryptocurrency trading platform.
The most popular trading platform among professional forex traders is the multiple-award-winning cTrader platform. cTrader provides ultra-fast order execution and three types of Depth of Market DOM on a range of currency pairs. The cTrader Automate feature allows programmers to build cBots and custom-made indicators.
The flagship platform MetaTrader 4 developed by MetaQuotes Software continues to empower the FX industry for more than 15 years since the Forex platform has been released. The total number of active brokerage trading firms which offers the MetaTrader 4 is 1,231 entities. At the end of 2018, the MT4 market share stood at 45% obliterating the competition.
The team at compare forex brokers made the forex broker trading platform UK comparison based on information from the CFD providers websites. Only FCA regulated brokers were considered as part of this UK forex broker review. Most traders are eligible for a retail foreign exchange trading account which has limitations such as leverage.
Only those eligible for professional accounts can receive high leverage which exposes them to the markets more. This increases the risks and its strongly recommended to understand that any leveraged product including forex/CFDs is a high-risk product. Retail investor accounts lose more often than they win because CFDs are complex instruments that require a lot of practice to master them. You should understand the risks and consider a demo account before trading with real money.
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