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How to Choose Good Forex Trading Platforms in UK

A Forex trader needs a broker to be able to trade profitably. There are so many Forex brokers there today and you need to choose carefully. Al the trading platforms claim to be reliable, but you should not take their words for it. You should first carry out your personal investigation to know if the broker is the right one for you. The particular broker you register with can determine if you are successful in trading or not. So, you must choose your broker very carefully. If you are new to Forex trading, it can be difficult to choose the right broker. The information we provide here is for you. It will help you to choose the right broker for you. Continue reading for helpful information on how to find the right Forex trading platforms.

The Best Forex Trading Platforms in UK

Forex Brokers Minimum Deposit Support Rating Visit Site
2
Easy Markets UK
£100
98.05%
Start Trading
Highly Recommended Forex trading Site UK!
3
XM Forex UK
£100
98.21%
Start Trading
Best UK Forex Brokers
4
hycm markets UK
£100
98.05%
Start Trading
One of the Best Forex Brokers in UK
5
Avatrade UK
£100
98.11%
Start Trading
Most Popular UK Forex trading Site

 

Forex Trading Platforms

Quality of customer service

Before you pick any of the Forex trading platforms out there, first consider the quality of the customer service. You should steer clear of the broker if there is no assurance of quality customer service. In fact, no point is as important as the quality of the customer service offered on the site. It does not matter if the broker offers the most innovative trading platform. Such a broker does not deserve your attention if it offers poor customer service.

For one, find out if the customer care agents are responsive. Do they respond to your messages fast? Do they provide several contact methods? These are very important questions that can help you to determine customer service reliability. It should be very easy to contact the customer service agent. A good broker will enable the client to get in touch via various methods. Some of the common contact methods are email, phone calls, and even live chat.

The customer care agents should be available to assist you if you encounter any challenges when using the platform.

Forex Trading Platforms Ease of navigation

Additionally, you should find out if the site is very easy to navigate or not. You should not register on that broker if the trading platform is somewhat difficult to navigate. Not all Forex trading platforms are successful for beginners. If you are a beginner, go for a platform that is simple in its design. This way, you will not get confused when using the trading platform. You can find out from reviews about the trading platform. Good reviews can intimate you if the broker is not difficult to navigate. You should be able to find all the details you need on the platform. For example, the contact details should be placed where you can easily see them. You should not need any special guidance before you can use the site.

Security is very important

Before picking any of the Forex trading platforms there, you should consider security. For one, find out how the platform plans to use the details it collects from you during registration. You can find details about this on the Terms and Conditions page. Many beginners do not go through the terms and conditions page before they start trading. This is not a very good idea at all. If you do not want to jeopardize your security on that trading platform, you should read the page. This will help you to know where your right starts and ends. It will also help you to know if the site will protect your privacy very well or not.

Additionally, find out if the broker is regulated. In fact, you should not register with a broker that is not regulated. You should only focus on Forex trading platforms that have regulation from tier-1 brokers. Your security will not go wrong with such a broker. Furthermore, it is better to register with a broker regulated by your country. This gives an assurance of security.

Check below for regulatory agencies in various countries:

  • United States: Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA).
  • United Kingdom: Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA).
  • Canada: Investment Information Regulatory Organization of Canada (IIROC)
  • France: Autorite des Marches Financiers (AMF).
  • Germany: Bundesanstalt fur Finanzdienstleistungsaufsicht (BaFIN).
  • Switzerland: Swiss Federal Banking Commission (SFBC).
  • Australia: Australian Securities and Investment Commission (ASIC).

You can check the website of the regulatory agency to check if the name of that broker is on the website.

Forex Trading Platforms and Cost of transaction

It is equally very important to check if the transactions cost on the Forex trading platforms before you register there. You can even compare the costs of transactions across a number of brokers to know the one that best suits you. It is almost impossible to avoid paying certain charges, but the cost differs from one trading platform to another. Some trading platforms charge a small amount of money and the cost can be huge for some other brokers. Also, the charges differ from one account type to another on the same broker.

Some brokers give special concession to traders that use their proprietary trading platform. The currency pair can also determine the cost of transactions. The EUR/USD is one of the most traded currency pairs. The spread or commission you pay on this currency pair is usually low. Some brokers even charge no cost at all on EUR/USD under certain conditions. You can check with the broker about prevailing training conditions. This will also tell you what determines the cost of trading.

Available trading platforms

There are two major types of Forex trading platforms; they are:

  • MetaTrader 4 (MT4)
  • MetaTrader 5 (MT5)

The MT4 is the first type of trading platform ever developed. It contains so many tools that can make trading easier. Virtually all Forex brokers support the MT4 trading platform. MT5 is the most recent of all trading platforms. It contains loads of advanced features that place it several steps ahead of the MT4 trading platform. Many brokers also support this trading platform. Aside from the two above, many brokers have their own proprietary trading platforms. There is also WebTarder. You can access both MT5 and MT4 trading platforms on WebTarder. When using WebTarder, you will not need to download anything at all. You can access it directly online.

The number of currency pairs available on the trading platforms differs from one broker to another. Find out if the broker offers the particular currency pair you have an interest in. If not, you should look for another broker. In case you plan to consider some other currency pairs in the future, you can go for brokers that offer a lot of currency pairs. A good trading platform will come with a series of inclusions, like a news feed. This way, you can access economic news directly on the trading platform. Check the several charting and technical tools available also and check if they are easy to use.

Forex Trading Platforms Conclusion

The information we provide above will make it very easy for you to choose the right one among the many Forex trading platforms available out there. Forex trading is risky. You can better manage the risk if you register with a reliable Forex trading platform. Unreliable trading platforms can cause you to lose your money. Principally, make sure the broker is regulated with a tier-1 regulatory agency. If not, you should not register there to trade Forex. Additionally, you should never trade Forex with money you cannot afford to lose. Make sure you have a good strategy ready and also develop a good money management strategy.