To help select a good beginner forex broker in the UK our team have compared the top CFD providers based on trading fees, customer support, trade speeds and the best forex trading platforms suitable for UK beginner forex traders.
View our best UK trading platforms for beginners in UK below.
By Justin Grossbard / Updated: Thursday, May 28th, 2020
Below are our best Forex trading Platforms in the UK if you are new to CFD Trading:
For forex traders wanting a CFD broker that offers the best trading platforms, low spreads and commission fees and excellent customer support, Pepperstone is the best forex broker available worldwide.
MetaTrader 4 and MetaTrader 5 are CFD that are hugely popular due to the forex platforms extensive trading tools and automated trading features. While MT4 was initially developed to facilitate currency trading, commodities, cryptocurrencies and currency indices can be traded on the platform. When using MT5, Pepperstone offers wider market access than MT4, with share trading also available.
Pepperstone is a no dealing desk (NDD) broker that offers traders an institutional-grade trading environment with low spreads and fees. Customers can choose between a raw or standard account type depending on whether they prefer tighter spreads and flat-rate commission, or wider, all-inclusive spreads.
When trading forex with Pepperstone, the difference between a Razor and Standard account type is the spreads and commission fees. Beginner traders may prefer a standard account type as the pricing structure is simple where trading commissions are included in the spreads. For more experienced traders seeking an environment designed for scalping, day trading and Expert Advisors, Pepperstone’s Razor account provides access to low spreads with flat-rate commission fees.
A Razor account provides traders access to low spreads on a wide range of currency pairs while paying a flat rate commission fee. When compared to other top forex brokers, Pepperstone offers the tightest spreads for the EUR/USD, EUR/JPY and AUD/USD forex pairs. For the EUR/GBP and GBP/USD, GO Markets spreads are slightly narrower, although Pepperstone is only a fraction behind.
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Commission Spreads
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0.13 | 0.48 | 0.51 | 0.27 | 0.18 |
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0.40 | 0.60 | 0.60 | 0.80 | 0.50 |
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0.20 | 0.40 | 0.50 | 0.50 | 0.20 |
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0.20 | 0.50 | 0.60 | 0.70 | 0.40 |
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0.30 | 0.50 | 0.50 | 0.50 | 0.50 |
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0.44 | 0.40 | 0.85 | 0.30 | 0.42 |
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0.40 | 0.60 | 0.70 | 0.80 | 0.70 |
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0.16 | 0.54 | 0.60 | 0.68 | 0.29 |
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0.44 | 0.92 | 1.12 | 0.77 | 0.99 |
As a Standard account holder, customers can trade spreads that are inclusive of commission fees, yet not as narrow as the broker’s Razor spreads. Pepperstone’s no commission spreads are the most competitive spreads with the EUR/JPY fx pair. The EUR/USD, EUR/GBP and GBP/USD currency pairs are incredibly close to FP Markets and Swissquotes pricing, with spreads being wider by only 0.01-0.03 pips.
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No Commission Spreads
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1.13 | 1.22 | 1.41 | 1.44 | 1.47 |
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1.20 | 1.80 | 1.50 | 1.70 | 1.70 |
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1.40 | 3.00 | 2.20 | 1.80 | 2.20 |
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1.70 | 2.30 | 2.00 | 2.40 | 2.20 |
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1.19 | 1.54 | 1.59 | 1.59 | 1.58 |
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1.20 | 1.40 | 1.40 | 1.40 | 1.60 |
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1.20 | 1.60 | 1.40 | 1.50 | 1.30 |
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1.20 | 1.90 | 2.40 | 1.80 | 2.10 |
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1.58 | 2.09 | 1.74 | 2.39 | 2.22 |
When placing orders with Pepperstone, the online broker offers fast execution speed. As a no dealing desk broker, Pepperstone matches orders with liquidity providers quickly, allowing orders to be filled faster than most competing brokers.
Limit Orders allow traders to buy or sell forex and CFDs at a specified price or better. Limit order types include buy stop, sell stop, buy limit and sell limit orders. When Pepperstone’s limit order execution speed was assessed it was found that the broker lags just behind FP Markets and ties with AxiTrader.
When compared to other brokers, Pepperstone offers the fasted execution for orders that are placed at the financial instruments current market price, known as Market Orders.
After signing up to a Razor or Standard account type and choosing a trading platform, Pepperstone customers are required to select a base currency and make an initial minimum deposit to start trading. Pepperstone is one of the best brokers for beginner traders as the registration process is easy, with award-winning customer support available to assist customers if needed.
The demo account offered by Pepperstone on MetaTrader 4 and 5 is a useful tool for both experienced and beginner traders. Users can practise trading strategies with virtual funds in real-time market conditions, allowing those new to trading to familiarise themselves with forex trading and the MT4/MT5 trading platforms.
View Pepperstone Review >>Visit Pepperstone >>
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.
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:
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.
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.
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.
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.
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.
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’
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.
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:
As well as foreign exchange, CMC Markets customers using the online brokers Next Generation platform can trade the following CFD products:
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).
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.
FxPro cTrader customers benefit from the following trading features and tools:
In addition to Market Orders, the following Order Types are available to manage the high risk of forex trading:
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.
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). UK traders receive some of the strongest investor protection available to retail investor accounts worldwide through the UK’s Financial Services Compensation scheme.
For those new to forex and CFD trading wanting access to low spreads, a tried and tested trading platform and award-winning customer support, Pepperstone is the best broker for UK traders. The regulated broker is overseen by the Financial Conduct Authority (FCA) and provides a range of risk management tools that are beneficial to beginners. To start trading forex and other CFDs such as indices and commodities with Pepperstone, a trading account can easily be opened online, with a demo account available for 30 days.
Open a demo account >>Visit Pepperstone >>
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