May 23, 2022 geasolutions

13 Best Forex Brokers in the UK Top Options and More

These pairs offer high liquidity and tight spreads, making them popular choices among traders. However, it is essential to conduct thorough technical and fundamental analysis to identify the best trading opportunities within these currency pairs. We have compared them based on trading platforms, spreads and execution speed and then traded with them.

  • Trading forex is tightly regulated by the FCA (Financial Conduct Authority) in the UK, and therefore you can rest assured that all the forex trading platforms I have listed here fall under that regulation.
  • The value of any particular currency is based on supply and demand; however, there are some currencies, such as the Chinese renminbi, that have a fixed exchange rate.
  • FOREX.com, registered with the Commodity Futures Trading Commission (CFTC), lets you trade a wide range of forex markets with low pricing and fast, quality execution on every trade.
  • The most popular in the UK is the FXCM Standard account, but high-volume traders prefer the ActiveTrader account but need to make an initial USD $25,000.
  • Several top forex brokers, such as Pepperstone, FXTM, and IC Markets, offer scalping strategies for their clients.
  • For beginners, CMC Markets provides an array of educational and research tools.

Forex trading is no longer just the preserve of professional traders, with online broking platforms opening up forex markets to private investors looking to diversify their portfolios. If you are a retail trader and are after even lower spreads, then there is the Elite account. While you pay a commission of 2.5 EUR for each standard lot, spreads can be as low as 0.0 pips. The minimum deposit is quite a high amount being USD 10,000, but this goes toward your future trades, so this account is best for serious traders. If you are after a broker with access to deep liquidity and fast execution along with an appealing range of trading platforms, then Swissquotes is one broker you can trust to deliver. Depending on your preferences, various account types are available to suit different personal needs.

There are things you can do to mitigate this risk in your investment strategy. For example, building up your knowledge of the market can help you make informed investment decisions. The other way to trade currencies is to profit from changes in the exchange rate.

Selecting The Right Broker

If you fall into this category, working with a broker offering a premium trading experience in those formats is important. Plenty of excellent brokers offer apps – it’s practically a requirement at this point – but not all are created equal. Some are just watered-down versions of the web or desktop app only with fewer features. Check the reviews for CFD and forex trading platforms on sites such as Trustpilot to ensure the FX broker you are considering is reliable and trades can be executed with ease. Usability and layout are all important elements, as are tools such as automated trading options, strategy builders, and alerts.

Below is my authorised list of the best forex brokers for UK investors regulated by the FCA. Forex traders at City Index can access 84 global FX pairs with tight spreads of 0.5 points. In addition to this, traders have the option to test out the platform without risking any of their own funds with Interactive Investors demo trading account. In addition, Saxo has managed to successfully bridge the gap between beginners and experienced traders by providing dedicated platforms that match your level of experience.

  • Contracts for difference (CFDs) remain one of the most popular asset categories for day traders, along with crypto.
  • I asked Ross to test execution speeds for market and limit orders to identify the top performers.
  • Obviously, some categories will be more important than others, so we gave a weighting to these categories.
  • If you’d like to learn more about how CFDs work (and to see our picks for the best CFD trading platforms), check out our full-length guide to the Best CFD Brokers and Trading Platforms.
  • Overall, CMC offers the widest choice of currency pairs by some margin, along with one of the lower average spreads on GBP/USD.
  • We advise you to carefully consider whether trading is appropriate for you based on your personal circumstances.

In summary, CMC Markets offers an excellent trading platform, extensive educational resources, and a diverse range of tradable assets. Its long-standing reputation and regulatory oversight ensure a secure trading environment. While it lacks backtesting capabilities and may have higher CFD spreads on certain indices, it remains a top choice for traders. However, it can be daunting for investors wanting to find out more about forex trading. To help with this, we’ve researched our pick of the forex brokers, paying close attention to fees, spreads and choice of currencies, together with the lowdown on forex trading in general. For beginners, we recommend the standard account as it’s easier to estimate the profit/loss of trades with the fees baked into the spreads.

Prime has lower spreads which start from 0.6 pips (EUR/USD) but a higher minimum deposit to open the account. Prime has a spread starting from 1.3 pips, but the deposit is comparatively lower than USD 1000. When you open an XTB demo account, you can access the full range of CFD and forex markets.

What is the best MetaTrader broker in the UK?

Regulations are one of the most important factors to consider when selecting a forex broker in London. The Financial Conduct Authority (FCA) oversees all financial markets in the UK and is responsible for regulating brokers operating within its jurisdiction. Ensure that your chosen broker is licensed by the FCA or other regulatory bodies before depositing your funds. In addition to their day-to-day work, forex brokers in London also need to engage in networking and professional development in order to stay on top of their game. This may involve attending industry conferences and events, participating in online forums and discussion groups, and seeking out mentorship and guidance from more experienced brokers.

Best Forex Brokers

Demo account users are given 4 weeks to practise and a virtual balance of £100,000. While there are no commissions, there are forex fees when trading shares with eToro. These include conversion fees for most UK residences, as the eToro platform uses USD. Transferring your GBP to eToro for share trading has some currency conversion charges. Again, this should be factored into the cost when comparing the top UK broker with other share services. It should be noted that copy trading is the most popular feature of eToro.

How to choose the best trading platforms for forex

This platform will appeal to traders wanting a few extra analysis features beyond what is found on the MetaTrader Platforms. It includes over 50 inbuilt indicators, charting tools, and 6 chart types with 15 timeframes. All FxPro products can be traded on this platform, with mobile and desktop versions. Our UK forex broker analysis found that FxPro had one of the best markets, including over 70 currency pairs with ultra-tight spreads and shares, spot metals, spot energies, spot indices, and futures. In addition to different order types and sentiment features, Plus500 offers excellent alert tools. Price alerts inform traders when financial instruments reach particular bids or ask prices.

This website is using a security service to protect itself from online attacks. There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. While the trades themselves aren’t monitored, brokers that are FCA-regulated provide an extra margin of safety because their business practices are monitored.

However, the impact of Brexit on London’s forex industry remains uncertain, with concerns over loss of access to EU markets and potential regulatory changes causing some uncertainty among investors. The city’s forex market has been quick to adopt new technologies such as artificial intelligence (AI) and blockchain, enabling faster trade execution and greater transparency. Well, London plays a major role in the global foreign exchange market, with its favorable time zone and highly skilled workforce london forex brokers attracting some of the biggest players in the industry. Overall, being a forex broker in London is a demanding but rewarding career. It requires a combination of analytical skills, market knowledge, and communication skills, as well as a strong work ethic and a willingness to learn and adapt to new challenges. While there are certainly challenges that come with the job, the potential for financial rewards and personal satisfaction make it a highly sought-after profession for many people.

Forex Risk Disclaimer

SaxoTraderGO is a beginner-friendly version that allows users to trade Forex in a user-friendly environment. SaxoTraderPRO is for more advanced traders who might benefit from the six screens available and algorithmic ordering. Carolyn Kimball is managing editor for Reink Media and the lead editor for the StockBrokers.com Annual Review. Carolyn has more than 20 years of writing and editing experience at major media outlets including NerdWallet, the Los Angeles Times and the San Jose Mercury News. Overall, Pepperstone offers an excellent choice of third party platforms, along with low spreads for Razor account holders. Two commission-free accounts are available, the Prime and Premium accounts.