The average investor in the UK simply wants to find an effective online forex trading app to make daily trades without issue, with easy deposit and withdrawal methods and low forex trading fees being at the top of the priority list.
However, many people still lose money by choosing the wrong trading platform. We took a look at the best UK forex trading apps for Android and iPhone so you can make the right choice.
EToro – Best Trading App for Beginners
EToro is an international trading platform famous for its user-friendly trading tools, and many consider it the best trading platform for beginners.
All novice investors want to find a simple and flexible trading tool, and eToro is exactly that. You get the widest range of deposit methods with eToro, and the ability to add a debit card to your account if you end up using the platform regularly enough.
Besides its excellent user interface, the Forex trading apps are very responsive. In addition eToro offers no commission fees on forex transactions with limited spreads.
You can also add a free demo account with eToro too – this can help you get to grips with the basics, like the major currency pairs, spread betting and trading costs.
One of the main reasons why we like eToro for beginners is because the app has an awesome copytrading function. When you start trading forex, it’s a good idea to take things slow.
eToro has a lot of advanced traders on the platform that you can copy – you can both copy them manually and see the kinds of moves they make, or you can literally just put some funds down and the app will automatically copy that traders trades.
There’s a list of experienced traders that are ranked based on their performance but also their appetite for risk. It’s a great place for a beginner to start to gain some trading experience and create their own trading strategies.
All in all, eToro is our number one pick when it comes to the best Forex trading apps that you can download. It’s simple with a low minimum deposit to get started and 0% commission on forex trading – what more could you want? See our full guide here: eToro review.
Plus500 – Largest CFD Broker in UK*
Plus500 provide a reliable app and investing platform that can help to make sure your money is safe when you’re making trades.
Plus 500 boasts a highly regulated and highly rated CFD Trading app. It’s an effective option for beginners, though it has advanced features that make trading enjoyable.
This is why Plus500 is among the UK’s top-ranked trading apps. Plus500 provides its own proprietary forex trading platform, and it provides easy navigation to forex markets.
Plus500 offers multiple order types for traders with varying risk, though it has negative balance protection and a stop loss guarantee that’s easy to get the hang of – make sure you research how these work prior to trading.
Plus 500’s app is available for online traders and can be downloaded on Apple iOS and Android devices. For UK forex trading, it’s one of the best forex brokers to go with. You can read our full look here: Plus500 Review.
Pepperstone – Best beginner trading platform
Pepperstone is an FCA regulated forex broker with low commissions and excellent customer support worldwide. Originally started in the US, they opened a UK branch in 2015 and you can easily sign up digitally for an account.
You have pretty low forex fees with Pepperstone, and this is matched by low withdrawal fees and no inactivity fee either – a necessity for new investors that are just embarking on their trading journey.
You can trade CFDs and Forex using MetaTrader and cTrader with Pepperstone, meaning that it’s an excellent platform for all levels of expertise.
The app has intuitive trading tools for analysis and automation, or you can opt for copytrades if you’re not yet confident in making forex trading profits.
Overall, we like Pepperstone for its low trading costs and wide selection of markets to trade in – though, more experienced traders don’t need training material, Pepperstone doesn’t have a great amount in this regard.
XM – Great for low stock CFD fees
For a good trading experience, you can look at downloading XM and opening an account – it’s easy to get started trading forex with this app.
This forex app has very low fees, both on trading and withdrawals, which means that you get to keep more of your own money. Deposits and withdrawals are a breeze with XM and you won’t have any issues when it’s time to withdraw.
XM has pretty good customer service, which can be more important for those new to trading if you run into any issues. It’s available for both Android and iOS, but the desktop version on Windows/Mac is already good too.
You can also set up a demo account too – this can be a good idea if you’re brand new to forex trading apps, as you can trade in your demo account alongside making genuine trades. Overall, if you’re looking to start trading forex, XM isn’t a bad option to go for.
Common Questions about Forex Trading Apps
Which forex trading platform is best for beginners UK?
There are various different trading platforms you can use if you’re based in the UK. However, for beginners we recommend checking out the eToro forex trading app as it’s the easiest to get the hang of, has easy copytrading for beginners and has low forex trading fees too.
Can I do forex trading in UK?
You may be wondering whether you can even be a forex traders in the United Kingdom. The good news is that yes, forex trading is permitted to operate within the UK – actually, the UK market is one of the largest in the world. A good starting strategy should include understanding forex markets thoroughly.
What are the Forex market opening times?
Forex trading is open seven days a week, 24/7. However, trading hours vary depending on country – the UK trading hours are between 8:00AM and 4:00PM GMT. However, the Japan trading hours start at 1:00AM British time, and the New York trading hours finish at 10:00PM, meaning there’s usually a market to trade forex.
Conclusion
When you are buying or selling currency, you must have access to a solid and trustworthy trading app. With this, you can then access currency markets to buy and sell positions quickly and efficiently.
But it’s worth doing some basic research before you decide on an app, and make sure it has the right deposit methods and withdrawal capabilities for your needs. Hopefully, our list of the best forex trading apps can help you decide which one would be right for your circumstance.
