To add to all these advantages, XM Group also impresses with transparent and competitive swap rates. You are charged $3.50 for opening a position and the same amount for closing it. For instance, if you purchase only half a lot instead of a whole one, you will have to pay $1.75 for opening your position and $1.75 for closing it. Another thing that sets XM Group apart from some of the other mobile-friendly brokerages is that it does not compensate for the lack of extra fees by spread-widening. XM Group is a highly ethical broker and as such refrains from charging interest in disguise.

Established CFD, Forex and spread betting broker with over 30 years in the business. Trade on the FX market with flexible leverage and dynamic market spreads. Take positions on the foreign exchange market with leveraged trading products. Start trading on dozens of currencies at RoboMarkets with powerful analysis tools and pattern recognition technology.

Compare The Best Forex Trading Apps in the UK

However, there is also a lot for experienced investors with the IG trading app, with a great selection of advanced trading tools and access to over 90 currency pairs. Open a forex demo account mobile apps for Forex trading to practise spread betting or trading CFDs on forex with virtual funds. It’s straightforward to register, to browse the currency markets, consider market moves and place a trade.

However, the difference here is that the size of the contracts is considerably larger at 100,000 per lot. There are commissions on your trades while spreads start at as low as 1 pip. The broker is compatible with all smartphones and tablets, granting mobile traders a choice from two dedicated downloadable apps. The app works seamlessly on devices based on Android Lollipop and newer versions of the OS.

Develop a risk management system

The amount of thought-provoking information presented is appropriate for mobile traders. There is enough to keep you informed but not too much as to be overwhelming. This screen allows you to connect to either your real or demo account – simply enter your account details. No problem – download the app and apply for a trading account directly through the app. Stay up to date with breaking market news, check your portfolio and place trades on the move with our intuitive and advanced mobile app. Yes, XM is a properly regulated and licensed mobile brokerage and as such, offers Negative Balance Protection to safeguard the funds of its customers.

However, to ensure your trading activities are legal, you will need to consider taxation. As an amateur trader or speculative gambler, you will not need to pay tax on your forex trading profits. If you are an investor who treats forex trading as your main income source, you will be liable to pay tax on your profits. The company also offers an Autotrade solution https://xcritical.com/ that allows traders to copy the best performing forex traders’ strategies. With Switch Markets you can trade Forex, CFDs, Crypto, Commodities and more on either a live trading account or a demo account. The company also offers trading courses and features a Learning Lab which houses a variety of tools to support clients with their trading experience.

Best Forex Trading Apps UK FAQs

Even on apps with none of these, they need to make money somewhere, and this may be taken from the spread between what you can buy a currency for, and what you can sell one for. The forex market can look like a bunch of moving lines to the naked eye, but with the right tools and charts, you can spot patterns and make price predictions. Therefore, you should choose an app with a good range of charts and features, such as RSI and moving averages, for all your technical analysis needs. FP Markets has zero restrictions and allows all trading styles, including scalping and running expert advisors. It integrates with the popular MetaTrader 4 platform and has its own technology-driven charting package. For beginners, FP Markets offers a free copy trading service where you can mirror profitable users’ trades directly in your own account.

It is loaded with a plethora of technical tools perfectly suited for experienced CFD traders. Additionally, CMC Markets does not disappoint when it comes to educational and research tools which will benefit all investors. First, this forex app is easy to download and install on your iPhone. Creating a trading account on Forex.com is also straightforward and will probably take you a few minutes. You will then need to make a minimum initial deposit of £100 to start trading forex. For this reason, we decided to go out of our way and research the UK’s forex trading apps – forex trading app for Android and forex trading app for iPhone.

Know the market and the currencies you are trading

The firm is regulated by CySEC, which is one of the most trusted regulatory agencies. It has an interesting and very transparent approach to trading costs and offers clients the chance to trade all markets with zero spreads and no hidden fees. The Settings monitor lays out quite how many neat tools are available. As the default settings on accounts set some of these to ‘off’, it is well worth checking out this part of the site.