Best Forex Trading Platform Uk for Beginners
This is probably one of the most important choices you will make when your starting out on your Forex trading journey, which is selecting a trusted, regulated and reputable online broker. And you may ask, what do qualities do I look for before choosing a broker to trade Forex?
We believe there are six main factors to keep an eye on when thinking about which broker to sign up with. Ekzaga was solely created to have information accessible on top forex brokers at your fingertips and making an online broker selection easier. Read more for what we call the "Six Points" when looking for the best forex trading platforms.
'SIX POINT' Rule
Broker Regulation
Is important to know by whom the broker is regulated because if it's not regulated by any licensing authority, it is definitely not a trusted Forex broker under any circumstance. This is one of the most researched terms when choosing a forex broker.
The Majority of Top Tier Forex brokerage firms as we know are regulated, e.g. the FCA (Financial Conduct Authority) which regulates XTB UK brokerage offers compensation to traders that have deposit amount up to £50,000 in the case if the firm was to go through liquidation. A Client's Safety of deposited funds is a critical factor when choosing the best online brokerage. All FCA regulated brokers guarantee that all their client funds are pooled in segregated accounts to their own funds for deposit protection and client peace of mind. Although the Cysec (Cyprus Securities and Exchange Commission) and ASIC (Australian Securities and Investments Commission) regulate brokers that are established in their own domain they are highly respected and have the stamp of approval by industry professionals. Markets.com broker is regulated by Cysec and Pepperstone Broker by ASIC. These are amongst a few that are regarded as the best forex brokers for beginners.
XTB UK | Avatrade | XM | |
|---|---|---|---|
| Overall Trust Score | A | A | A |
| Year Established | 2002 | 2006 | 2009 |
| Regulatory Authority | FCA | ASIC, BVI, CBI, MiFID | CySEC, FCA, ASIC, MiFID |
| Why Choose? |
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The 'Spread' Alert
It's fundamental to have information about spreads when analysing any currency trading platform.
'Spread' is the difference in pips between the BID price and the ASK price quote (also called buy/sell) in a currency pair like the EUR/USD.
It is necessary to understand that the ASK price needs to be higher than the bid price all the time, and that difference is banked by the broker, obviously as a profit. That is the main reason why the spread has such a significant impact on your work as a Forex trader. As a trader, you want to bank as much profit as possible and depending on what strategy or style you trade what spread you have to pay out to the broker is very important. For example, If you execute many traders or plan to have many open trading positions then one pip or two pips spread difference could literally mean saving pounds per trade. Obviously, this is incumbent to the size of your trades, one pip spread on a standard lot trade (100k) will mean the difference in ££s to one pip spread on micro-lot trade.
Basically, the spread is nothing more than the cost of each one of the transactions performed by you as a trader in the market; of course, the cost varies from broker to broker.
All spreads quoted below for each broker are fixed spreads.
It is also fundamental to search for the overnight carry rate and swap rate analysis when choosing a trusted forex broker. For those who-who are in search for Swap Free i.e. Overnight Interest-Free Accounts (see Islamic Broker Accounts) where your broker will not charge Interest fees for having overnight open trading positions. This applies to Swing Traders and Long-term Position traders that must consider and factor this into their trading. Swap-Free accounts were originally designed by brokers for traders who were are not permitted to trade Interest related products due to religious beliefs e.g. Muslims of the Islamic religion. Traders who Scalp or Day Trade the markets should not be concerned by Swap-free as all their positions are liquidated within the trading day.
And the swap rate is nothing more than the rate of the fixed leg of a swap as unwavering by its specific market and the parties involved.
Trading Instruments | XTB UK | Avatrade | Plus 500 |
|---|---|---|---|
| EUR/USD (pips) | 2 | 1.5 | 0.6 |
| GBP/USD (pips) | 4 | 2 | 2.1 |
| USD/JPY (pips) | 4 | 1.6 | 0.7 |
| Dow (US30) | 7 | 3 | 4 |
| Crude Oil | 8 | 3 | 2 |
| Bitcoin | 100 | 73 | 65 |
Customer Service and Client Support.
When customer service is available in more than 15 languages, it means that they are to be trusted. That is a sure sign that you've found a diversified and globally recognised online trading platform for you. XTB, XM and Markets.com are known for covering customer support with a broad number of languages.
Depending on what type of account you open and the value of funds you deposit the majority of brokers listed above give you a one to one personal dedicated account manager. Normally, a dedicated manager is always good to have when you have issues with adjusting to the functionality and use of the platform, issues with depositing funds or withdrawing funds, resolving queries regarding spreads, fees and even commission on trades. This is why on many forums, traders outline that one of the major concerns was the delay withdrawals of profits. We can ensure that the brokers above beat the market standard when it comes to withdrawal of profits/funds.
A dedicated account manager is normally assigned when you sign up to a standard account, VIP account or deposit a certain amount this varies from broker to broker. It's not integral for having a dedicated account manager as pretty much all brokers listed on ekzaga.com have an informative step by step help section on their platforms for their users. In terms of client interaction, the majority of brokers can be contacted by standard e-mail, telephone and online live chat.
XTB | XM | AvaTrade | |
|---|---|---|---|
| Availability | 24/5 | 24/5 | 24/5 |
| Office Headquarter | London, UK | London, UK | Dublin, Ireland |
| Account Opening Contact |  |  | |
| Telephone | (Excellent) | (Excellent) | (Slow Response) |
| | | | |
| Live Online Chat | | | |
| Languages Offered | 15+ | 30+ | 20+ |
| Personal Account Manager | | | |
| Reviews | Read Full Review | Read Full Review | Read Full Review |
| Start Trading | Open Account | Open Account | Open Account |
Use of Platforms
The Interface/terminal platforms used by every Forex broker to execute trades differ from each other. Some forex brokers have their own designed platforms or even their own accessible MetaTrader 4 or MetaTrader 5 platform (most popular forex and commodity trading platforms for beginners).
Here are some of the most known in the market:
- MT4: MetaTrader 4 is one of the most famous platforms, widely used in foreign exchange. It owns web and Mobile Trading Apps support. The simplicity of using the interface makes it the best place to start for any beginner forex trader.
- MT5: The MetaTrader 5 is the successor of MT4 and has the same functions as MT4, but better.
- cTrader: The cTrader platform is a well-known trading platform that owns an excellent take profit and stop losses system, varying chart time frames, and a different and new interface.
- Brokers such as XTB and Markets.com have their own award-winning platforms xStation5 and eToro web trader. They have unique indicators and have some additional unique features than your standard MetaTrader 4 platform.
One of the reasons why the XTB broker performed the highest is because it's very own XTB xstation 5 platform has been voted amongst the best trading platforms. Here are some unique features:
- Superior execution speeds - with fast, reliable execution speeds, you can trade safe in the knowledge that you can take advantage of fast market moves without delay.
- Easy to use - innovative, intuitive and fully customisable, xStation 5 is a platform that allows you to create a trading screen suited to your style. All your settings, watchlists and workspaces are instantly accessible from your desktop, phone, laptop or tablet.
- Trading Calculator - xStation 5's advanced trading calculator instantly determines how much profit or loss you could make depending on your stop loss, lot size, and limit order, allowing you to make more informed trading decisions in the blink of an eye.
- Trader Statistics - Analyse yourself as well as the markets with live performance statistics that inform you which markets you're most successful in, including specific win ratios on your long and short trades.
Best Trading Platform for Beginners UK- XTB's xStation5 Platform
When you are using any kind of trading platform it is imperative to know what other compatible mediums are available; this way, you will be able to work not only through your computer but through your phone or tablet. For example, if you're planning to trade the forex market part-time or for purely to make a secondary income then it's vital your broker has mobile trading application i.e. one that has apple app and Android app compatibility so you can monitor your trades.
| Platform Features | XTB UK | Avatrade | Plus 500 |
|---|---|---|---|
| Guaranteed Stop Order |  |  | |
| Negative Balance Protection | | | |
| Additional Education | | | |
| Trailing Stops | | | |
| Scalping | | | |
| One-Click Trading | | | |
Additional Trading Features
The thing that makes or breaks the traders choice of a particular broker is the additional features they offer to traders.
The main attraction for traders is the wide range of accounts available, like the ECN account, the Standard account or even a Micro account for those starting out on their trading journey. Micro accounts are a great place to start for beginner traders as you can open small trading positions e.g. 0.1 Lot which is on average 10 pence or 10 cents per pip (percentage points).
Scalp Trading Broker Comparison
Scalping is one of the most active forms of trading which involves a frequent process of selling and buying all throughout the entire trading session or in parts of the day. The traders would target the smallest price movements in the day and they will rely on these small movements in order to gain the profits. The targets and the stops on the profits are used in order to manage the positions which help for a period of minutes and seconds. The profits are pretty small and the traders will be able to place many trades in a particular session. However, the process tends to be a bit risky because it entirely relies on the higher percentage of the winning trades.
Average No. of trades placed per day - 80-150 trades
We have compared three Brokers which we believe are the best for those who are looking for low spread ECN Brokers :
FXTM | Pepperstone | IC Markets | |
|---|---|---|---|
| Account Name | ECN Account | Razor Account | True ECN Account |
| Office Headquarter | London, UK | Australia/UK | Australia |
| Regulation | FCA | FCA, ASIC | ASIC |
| Min. Account Deposit | $500 | $200 | $200 |
| Leverage (Beginners) | 30:1 | 30:1 | 500:1 |
| Account Base Currency | USD, EUR, GBP | EUR, USD, GBP, CHF, PLN | USD, AUD, EUR, GBP |
| Hedging Allowed | | | |
| Max Trade Size | 100 Lots | 100 Lots | 1000 Lots |
| Maximum No. Positions | 300 | 100 | 200 |
| Commission per Trade | $2 per Standard Lot | AU $3.50 per Standard Lot | $3.50 per Standard Lot |
| Reviews | Read Full Review | Read In-Depth Review | Read In-Depth Review |
| Open Account | Open Account | Open Account |
Also, you can find some features like "one-click trading" which allows you to execute trades instantaneously in the event you want to take advantage of any volatility in currency prices.
A guaranteed stop-loss feature is another unique feature that was created to comply with risk management order. Sometimes brokers close out trades beyond one's desired stop-loss levels. This is not ideal because it can violate your risk management profile e.g. if you place a stop-loss risk management to 1% of overall capital account size for a particular trade, then a Guaranteed stop-loss feature ensures you only get stopped out 1% and nothing more. At times of high volatility in the market, this would be an essential feature to have.
This feature protects a trader from entering into a negative trading balance. Every broker sets a margin call which means you are restricted to a maximum lots size you can possibly trade. Forex trading is highly leveraged trading and the market is very volatile therefore sometimes a losing trade can exceed risk or stop levels meaning you lose beyond deposit levels. Negative balance protection is useful when a trader leverages more on their trades relative to their account size.
Brokers that offer webinars, seminars, video tutorials and additional trading education support are more valuable to beginner traders. A lot of top regulated brokers offer extra support on how to draw trendlines, use Fibonacci retracement, pivot lines, moving average etc. AvaTrade broker educational platform the "Sharp Trader" offers a lot of content for their traders. According to AvaTrade broker, Sharp Trader offers "offers a comprehensive range of videos, articles, daily news and trading tools, taking you from trading fundamentals to the advanced strategies of leading professional traders."
Opening an Account
This is the main aspect that you need to clarify. The fewer steps to start, the more time you'll have to start trading. Document verification is the standard protocol by all brokers because they all have to comply with AML (Anti-Money Laundering) and (Know Your Client) regulations. for those who want to get started, we have given a short guide to opening trading with XTB broker.
Opening XTB Demo or Live Account
Please follow the steps outlined below:-
1) Please follow the link below and follow the instructions to open a demo account or live trading account. Read our XTB in-depth review guide for more information about trading fees, leverage and types of platforms offered.
2) Once you are on the homepage, click'Try a Demo' for demo trading or 'Create Account' for a live account. The whole process takes max 7- 10 minutes. For the purpose of simplification, we will how to set up the demo account.
3) Then enter your e-mail & all your details shown in the screen above. As you are beginning your trading journey we advised users to start trading with theMetaTraderplatform. To find out more about more on theMetaTrader 4 platform please read our guide.
3) Then enter your e-mail & all your details on the screen shown above. As you are beginning your trading journey we advised users to start trading with theMetaTrader 4 trading platform. To find out more about more on theMetaTrader 4 platform please read our guide.
Best Forex Trading Platform Uk for Beginners
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