It is a type of online investment that lets you predict if the value of one currency will grow or fall against another, e.g. euro and US dollar. If you predict correctly, you could make a profit.

How to start online forex trading

You need to choose an online forex platform to open an account with, then you can add money to it and start making trades.

This comparison shows forex companies that offer an online trading platform. To help you find the best platform, check:

  • The daily spreads: This is the difference between the buy and sell price of a currency pair, and is measured in pips. You only make a profit if your forex trade moves by more than the size of the spread.

  • The currency pairs you can trade: This comparison shows a selection of currency pairs each platform lets you trade. Visit each website to explore the different currency pairs offered.

What ways can you trade in forex?

There are a few ways you can trade in forex:

Each type lets you manage your trades online at any time, but you can only make forex trades between 5pm on Sunday until 4pm on Friday each week.

Online forex trading platform FAQs

Q

Do forex trading companies charge fees?

A

Some charge for cash withdrawals or for leaving your account inactive for over a year. Check each company's terms before opening an account.

Q

Do I pay tax when forex trading?

A

No, any profits you make are not subject to Income Tax, Capital Gains Tax or Stamp Duty.

Q

How much do I need to open a forex trading account?

A

Most accounts are free to open, but you need to deposit a minimum amount to begin forex trading, such as 100. Check the terms before you apply.

Q

Is forex trading regulated?

A

Yes, all UK based forex trading companies are regulated by the Financial Conduct Authority, which means they cannot mislead or scam you.

Q

Can I forex trade through a mobile app?

A

Yes, but only if the company offers a mobile app. You still need to open an account online and add money before you can forex trade on an app.

About our online forex trading platforms comparison

Q

Who do we include in this comparison?

A

We include online forex trading platforms from our panel. They are either authorised and regulated by the Financial Conduct Authority (FCA), or a European regulator and listed on the FCA register as EEA authorised.

Here is more information about how our website works.

Q

How do we make money from our comparison?

A

We have commercial agreements with some of the companies in this comparison and get paid commission if we help you take out one of their products or services. Find out more here.

You do not pay any extra and the deal you get is not affected.