Best Forex Trading Platform For Beginners In UK

eToro – Best Pure Social Trading Platform for Beginners

eToro is the largest social trading network worldwide and is well-known for its user-friendly trading platform and account mirroring services. Regulated by the Financial Conduct Authority (FCA, UK), Cyprus Securities Exchange Commission (CySEC, Cyprus) and the Australian Securities and Investments Commission (ASIC), beginner brokers can be assured they are trading CFDs with a trusted broker.

Social Trading

eToro’s social-copy trading platform is hugely popular due to the online broker’s simplistic platform design and huge trading community. With millions of traders from over 140 countries, those with little experience can copy the trading strategies of seasoned investors with proven track records. The main objective of eToro is to provide a trading environment where users can copy the trades of ‘Popular Investors’. Popular investors are incentivised to place successful trades as they are rewarded bonuses when trading strategies are a success.

To find suitable Popular Investors, eToro traders can search for trading strategies that suit their risk level, desired markets and location. Trading is not limited to forex markets, with Cryptocurrency, Commodity and Share CFDs available. The social trading platform also offers a real-time news-feed function where users can keep up to date with market analysis provided by Popular Investors they follow.

If a beginner trader is wanting a well-diversified portfolio to start out, eToro’s CopyPortfolios are an excellent option. Two different portfolio types are available:

1. Top Trader Portfolios: a portfolio comprising of strategies from the best performing eToro traders
2. Market Portfolios: a bundle of different asset classes and financial instruments

XTB – Best Mobile Trading Platform (xStation) For Beginners

XTB is an FCA regulated broker that like Pepperstone, offers customers a choice of a standard account type with no commission, or a pro account with low spreads where a flat-rate commission charge is incurred. When trading CFDs via the brokers proprietary trading platform, xStation, over 3,000 financial markets can be accessed using the desktop, web or mobile apps.

The mobile trading app is well suited to beginner traders with an easy to use, modern design. Trading tools are comprehensive, with interactive charts and technical indicators as well as different risk management features available.

• Trader’s Calculator that assists with calculating a trades risk and reward
• The ability to trade directly from charts
• Advanced technical indicators, i.e. Fibonacci Retracement and Moving Averages
• Single click bulk order closing tool
• Economic cleaner
• Market sentiment data
• Market News and analysis
• Extensive educational resources based on basic, intermediate, expert and premium trading topics

When trading on the go, users can manage the high risk of CFD trading by utilising the different order types offered on the mobile app. These include Market Orders, Limit Orders and Stop-Loss Orders. Additionally, XTB customers can set up various customisable alerts and notifications to stay up to date with market news and trading opportunities. You can view the best forex broker for beginner traders to compare XTB to other leading providers.

XTB Review >>Visit XTB >>

Plus500 – Trading Platform With Great Risk Management Tools

For those wanting to familiarise themselves with forex markets via a user-friendly interface, Plus500’s proprietary trading platform is an excellent choice. Plus500’s platform is available as mobile trading apps compatible with iOS and Andoird or a webtrader platform. Whether you’re trading online or via mobile apps, Plus500 offers a range of order types to manage the high risk of CFD trading.

Risk Management: Order Types

In addition to signing up to a trusted regulated broker, traders can reduce the high risk of CFD trading by utilising the brokers trading platforms risk management tools such as order types.

• Stop-Limit & Stop-Loss: Stop-Limit and Stop-Loss order types allow traders to specify when an order should be opened or closed at a predetermined price. Although the order type can be used to cap losses and maximise profits, slippage may occur if markets are volatile.
• Guaranteed Stop-Loss (GSLO): A GSLO ensures an absolute maximum on any potential losses. An order is automatically closed at the price preset by the trader when prices move in unfavourable directions, with no potential for slippage. While GSLO’s are an excellent risk management tool for beginners, trading costs increase as a premium is attached to the order type.
• Trailing Stop: A Trailing Stop Order closes a position when market prices move away from the current price by a specified number of pips or a percentage amount, assisting traders to lock in profits and minimise losses.

FCA Regulated Broker

Plus500 is a regulated broker overseen by the Financial Conduct Authority (FCA) in the UK in addition to other financial authorities. As Plus500 is listed on the London Stock Exchange, the broker is seen as safe and transparent, frequently disclosing financial information as required by stock exchange-listed companies. As a customer of Pluss500’s UK subsidiary, traders receive various forms of investor protection to help with managing the high risk of forex trading.

• Segregated client funds
• Negative balance protection
• Close-out margins
• Leverage caps

While Plus5o0 also offers brokerage services in Australia (ASIC), NZ (FMA), Singapore (MAS), South Africa (FSCA) and Israel (ISA), clients registered with these subsidiaries will not be provided the same strict investor protection UK traders receive, with the exception of segregated client funds.

View Plus500 Review >>Visit Plus500 >>

*Your capital is at risk ‘76.4% of retail CFD accounts lose money’

FXCM – Best Beginner Add-On Social Trading (ZuluTrade)

While automating trading via algorithms such as Expert Advisors and cBots may be complex for beginner traders, social trading is an accessible way to automate CFD and forex trading. Account mirroring services such as ZuluTrade allow customers to follow trading signals developed by experienced investors within a social trading community.

FXCM provides ZuluTrade as a platform option where trading strategies are automatically executed, reducing the time a trader spends developing and implementing trades. Social trading platforms such as ZuluTrade are beneficial to those new to trading as human emotion is removed from the process. Additionally, the inbuilt risk management features such as a ‘Margin Call Meter’ help FXCM clients to manage their trading accounts and minimise losses.

While the social trading platform may lack technical analysis tools when compared to MetaTrader and cTrader platforms, they are not needed as trading is fully automated.

FXCM recommends opening a ZuluTrade demo account first before trading with real money. Once beginner traders are comfortable with the social trading platform, they can open a live ZuluTrade account by contacting FXCM’s customer support and filling out the necessary paperwork.

View FXCM Review >>Visit FXCM >>

CMC Markets – Best Web Trading Platform (Next Generation)

To avoid downloading and installing a desktop trading platform, beginners may initially prefer a webtrader platform. CMC Markets proprietary web trading platform, Next Generation, offers comprehensive trading tools and educational resources to develop trading strategies while providing market access to a range of asset classes.

The web-based platform provides the option of a standard view or advanced view, allowing beginner traders to opt for a simplified interface when they’re starting out. Those new to forex trading can benefit from the extensive trading tools and platform features, such as:

• Technical Analysis Tools: Over 12 chart types, 70 chart patterns and 115 drawing tools and technical indicators, with users able to trade directly from charts.
• Client Sentiment Data: allows users to see the percentage of traders buying and selling
• Price Projection Tool: The pattern recognition software automatically detects short and long term trading opportunities with projected prices
• Next Generation Trading Community: CMC’s chart forum connect traders allowing them to share ideas and discuss markets.
• News and Insights: In-house analysts comment daily on CFD and forex markets, with real-time news from Morningstar and Reuters.

As well as foreign exchange, CMC Markets customers using the online brokers Next Generation platform can trade the following CFD products:

• Indices
• Shares
• ETFs (Exchange-Traded Funds)
• Commodities
• Treasuries
• Cryptocurrencies

To supplement CMC Markets impressive market access and Next Generation platform, traders can learn about risk management, trading strategies and unique platform features with the broker’s library of educational resources.

CMC Markets award-winning educational resources consist of webinars, ebooks, videos, articles and trading courses designed for beginner, intermediate and experienced traders. Topics discussed include forex and CFD trading, technical indicators, fundamental analysis and trading platforms.

As well as a strong trading platform and product range, the market maker fx broker is well respected amongst the international trading community. CMC is regulated by top-tier financial market authorities such as the FCA (Financial Conduct Authority, UK), ASIC (Australian Securities and Investments Commission) and the CFTC (Commodities and Futures Trading Commission, US).

View CMC Markets Review >>Visit CMC Markets>>

FxPro – Best Beginner Trading Platform – cTrader

cTrader is a popular forex trading platform offered by FxPro. Available as a webtrader platform and mobile trading app (iOS and Android), cTrader mimics a professional fx trading environment suited to traders wanting low spreads and ultra-fast execution. With spreads as low as 0.0 pips on major currency pairs such as the EUR/USD, FxPro customers pay a flat rate commission. Commission fees depend on the volume traded, with $45 charged per million traded. To assist customers with calculating commission fees for different trade sizes, base currencies and currency pairs, the fx broker provides a commission calculator on its website. As well as major, minor and exotic fx pairs, cTrader users can build diversified trading strategies using Index, Energy and Metal asset classes.

Trading Conditions and Tools

FxPro cTrader customers benefit from the following trading features and tools:

• ECN-style spreads as low as 0.0 pips
• No commission fees on Indices or Cryptocurrencies
• Average execution time less than 11.06 ms
• Level 2 Depth of Market (DOM)
• Algorithmic trading with cBots that can be downloaded from the cTrader website or created using the C# programming language
• Advanced backtesting

In addition to Market Orders, the following Order Types are available to manage the high risk of forex trading:

• Stop Orders
• Stop Loss
• Limit Orders
• Take Profit
• Good till Cancel (GTC)
• Good till Date (GTD)

cTrader VIP Account Type

For traders wanting even tighter spreads and lower commissions, a VIP account type is offered by FxPro to cTrader users. To register as a VIP, customers are required to deposit an amount of $50,000 into their trading account. After the minimum deposit is made, a FxPro account manager will reach out to process a VIP account application.

View FxPro Review >>Visit FxPro >>

City Index- Best Beginner CFD Trading Platform (WebTrader)

With access to over 12,000 financial markets, City Index is a popular regulated broker in the United Kingdom. As well as excellent CFD market access, City Index’s web trading platform offers advanced trading tools, a customisable workspace and a range of risk management features. The user-friendly trading platform is an easy introduction to CFD trading, with Forex, Shares and Indices available, with those wanting to participate in Cryptocurrency trading gaining access to Bitcoin, Bitcoin Cash, Ethereum, Litecoin and Ripple markets.

City Index is highly regulated as the CFD Broker is listed on the New York Stock Exchange (NYSE)  and overseen by many different financial authorities around the world. In the United Kingdom where spread betting is permitted, City Index by Gain Capital UK subsidiary is regulated by the Financial Conduct Authority (FCA). City Index also offers the best UK spread betting platform. UK traders receive some of the strongest investor protection available to retail investor accounts worldwide through the UK’s Financial Services Compensation scheme.