As the currency market is a decentralized entity, trading and processing of orders are carried out online. It is, therefore, necessary that you open an account with a broker that provides an online platform for trading forex. If you are a UK resident, then it is a good idea that you work with a forex broker that is based in the UK or at least has an office operating in the country. However, the problem is that there are a number of forex brokers out there in the market and identifying the right one to work with can be a challenging task, especially if you are new to forex trading.
Top UK Forex Trading Brokers 2019
|Broker||Min Deposit||Spread||Leverage||Regulation||Open Account|
|$100||From 0,2 Pips||1:200||FCA UK (#186171), CySEC (#259/14)||Visit Broker|
|$5||From 0.2 Pips||500:1||FSA (Saint Vincent and the Grenadines), FCA UK (#679306)||Visit Broker|
|$5||From 0 Pips||500:1||ASIC, CySEC, FCA (UK), IFSC Belize||Visit Broker|
|$1||From 0 Pips||2000:1||FCA UK, CySEC, FSP, BaFin, CRFIN||Visit Broker|
|$1||Fixed Spread From 3 Pips||Up to 1:1000||CBR, CySEC and FFMS||Visit Broker|
|$200||Starting 0 Pips||500:1||ASIC Australia, FCA UK||Visit Broker|
|$50||Starting 0 Pips||up to 400:1||FCA UK, NFA, CFTC, ASIC, IIROC, FSA, CIMA||Visit Broker|
|$100||Starting 0 Pips||up to 500:1||FCA UK, ASIC Australia, MAS Singapore||Visit Broker|
|$300||floating, from 0 pips||500:1||FCA UK reference number 579202||Visit Broker|
|$250||as low as 0.1 pips||up to 400:1||ASIC Australia and FCA UK||Visit Broker|
Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
This is where our services can be of great help to you. We have analyzed and reviewed the operations of some of the major brokers that provide the forex trading platform in the UK on the basis of certain specific criteria listed below in order to make things easier for you. You can use this as the starting point of your research. You don’t have waste your precious time or hard earned money in order to evaluate hundreds of brokers operating in the country. You just have to find out as to which of the forex brokers listed in our site are best suited to your needs and do further research to make sure that you are making the right choice.
Regulation by a local authority is one of the key aspects you need to look for when identifying the best forex brokers in the UK. The main regulatory authority in England is the Financial Conduct Authority (FCA). The FCA is the regulator for the industries in the financial services sector in the country. When reviewing the forex brokers operating in the country we have taken this aspect into consideration.
Apart from regulation, other aspects to be considered when choosing best forex brokers in UK are as follows:
- Whether the company that provides the forex trading platform is adequately capitalized or not
- How reliable are the trading platforms offered by the forex broker
- What type of broker is the forex trading platform provider: Non Dealing Desk (Straight Through Processing), Dealing Desk (Market Maker/Dealer) or Electronic Communications Network (ECN)
- What types of accounts does the forex broker offer
- How much leverage and margin does the forex broker offer
- What kind of spreads does the broker provide
- Does the broker charge any commissions or fees for the trades executed by the you
- How much money has to be deposited initially in order to start trading currencies on the broker’s platform
- When it comes to transferring funds what currency options does the broker make available to you
- What payment methods does the broker offer
- What are the broker’s terms and conditions for withdrawal of funds
- How responsive is the customer support services provided by the forex broker
This is definitely not an exhaustive list of things that you should look into when choosing the best forex broker in the UK. There are a few other aspects as well. These include customizations options, order entry types, automated trading options, trading alerts, strategy builders and backtesting options, among others. Further, it is better to look for brokers that offer free demo accounts so that you can try out their platforms prior to opening an account and funding it.
Here are some of the best forex brokers in UK:
1. FXOpen UK
FXOpen UK, a popular metatrader ecn forex broker in the UK, offers several helpful features on their platform including expert advisors, technical analysis tools, indicators and professional graphics. Founded in 2013 and headquartered in the London UK, FXOpen is authorised and regulated by the Financial Conduct Authority under FCA firm reference number 579202. FX OPEN UK accepts Traders with Minimum deposit required to start trading on their platform is $300 and the minimum lot size offered by the broker is 0.01. The forex broker offers leverage up to 500:1 and makes available floating spreads starting from 0 pips. When it comes to trading platforms, FXOpen offers a wide range of platforms including MetaTrader 4, WebTrader and Mobile Trading Platform. As regards transfer of funds, options available with FXOpen include Wire transfer, credit/debit cards, Neteller and Skrill Moneybookers, Payza and Webmoney.
2. Plus500 UK
The online forex broker Plus500 UK Ltd is authorized as well as regulated by the Financial Conduct Authority. The forex broker services both institutional customers and retail investors and offers No Dealing Desk currency trading facility. PLUS500 UK which has its headquarters located in the UK was founded in 2008. Traders have to deposit a minimum of €100 if they want to use the broker’s platform for trading forex. The minimum position size offered by the company 0.01 and the leverage that traders can avail is 294:1. Spreads can be as low as 0.01%” (0.01% = spread for EUR/USD). Plus500 offers multiple trading platforms such as Windows Trader, WebTrader, Windows 10, Android App, Windows Phone App & iPhone App/iPad App/Apple Watch App. Payment options offered by the forex broker include Credit Card, PayPal, Wire Transfer, Skrill MoneyBookers.
XM, an online currency trading platform provider, was founded in 2009. The forex broker offers MetaTrader trading platform and more than 100 instruments from asset classes such as currencies, CFDs on stocks and precious metals. XM which serves both institutional as well as retail customers in more than 196 countries has established over 4 offices around the world. Traders who open accounts on their platform will have to deposit a minimum of $5 in order to start trading. While the minimum position size offered is 0.01, the leverage can go up to 888:1. XeMarkets is regulated broker by ASIC Australia, CySEC, FCA (UK), BaFin. XM broker offers low spreads From 1 Pips. Multiple forex platforms offered by the broker include MetaTrader 4, and Web, iPhone/iPad and mobile trader. When it comes to payments, options include Credit/ Debit Card, bank wire transfer, local bank transfer, Neteller, Moneybookers Skrill, Western Union, MoneyGram, WebMoney, China UnionPay, SOFORT, iDEAL.
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