The Financial Conduct Authority or the FCA is the only authority which regulates forex trading and all other kinds of online financial trading in the UK. As all forex trading transactions are carried out online, the trader has to necessarily open an account with a broker that offers an online trading platform.
If you are a trader in the United Kingdom, it is in your best interests to choose a broker that is local or at least has an office that is operational in the country. It is not a rule and traders belonging to the UK can register with any other broker to execute their trades. However, it is important to attach to licensed and regulated brokers for the best results. The challenge however is to choose the safest forex broker to work with for the best results.
Read on to find out as to which are the safest brokers in the UK that new forex traders can work with. This list of safest UK forex brokers has been compiled after a significant amount of research so that the traders themselves need not waste their time for finding out the safest forex brokers in the UK to work with.
The safest forex brokers in the UK to work with would be the ones regulated by the FCA. This has been one of the main criteria that have been considered for selection of the safest brokers. The FCA is the regulator for all industries that are functioning in the financial sector in the UK.
Recommended Forex Brokers In The UK Regulated By FCA
| Broker | Info | Bonus | Open Account |
|---|---|---|---|
 | Min Deposit: $5 Spread: From 0.2 Pips Leverage: 1000:1 Regulation: Mwali International Services Authority | 50% Deposit Bonus, Copy trading, Trade&Win. | Visit Broker |
 | Min Deposit: $1 Spread: From 0 Pips Leverage: 2000:1 Regulation: FCA UK, CySEC, FSP, BaFin, CRFIN | 35% of the account Deposit | Visit Broker |
 | Min Deposit: $0 Spread: Starting 0 Pips Leverage: 500:1 Regulation: ASIC, FCA, DFSA, The Financial Commission | Visit Broker | |
 | Min Deposit: $100 Spread: Starting 0 Pips Leverage: 500:1 Regulation: ASIC, CySEC, FSCA, FSA, FSC | Visit Broker | |
 | Min Deposit: $300 Spread: floating, from 0 pips Leverage: 500:1 Regulation: FCA UK reference number 579202 | Visit Broker | |
 | Min Deposit: $200 Spread: Starting 0 Pips Leverage: 500:1 Regulation: ASIC Australia, FCA UK | Visit Broker | |
  | Min Deposit: $100 Spread: Starting 0 Pips Leverage: up to 400:1 Regulation: FCA UK, NFA, CFTC, ASIC, IIROC, FSA, CIMA | Visit Broker | |
 | Min Deposit: no minimum deposit Spread: 1.2 pips Leverage: 50:1 Regulation: CFTC, NFA, FCA, MAS, ASIC, IIROC | Visit Broker | |
 | Min Deposit: $100 Spread: Starting 0 Pips Leverage: up to 500:1 Regulation: FCA UK, ASIC Australia, MAS Singapore | Visit Broker | |
 | Min Deposit: $100 Spread: Starting 0 Pip Leverage: 500:1 Regulation: FCA UK, FSA (Seychelles), CySEC | Visit Broker |
Given below are a few pointers, apart from complying with regulations set up by the FCA, which you can keep in mind to select the safest forex brokers of UK.
- What is the amount of leverage offered by the forex broker; leverage of 20:1or in the worst-case scenario 50:1 can be looked into
- What is type of service is offered by the broker: Non-Dealing Desk /Straight Through Processing (STP); Dealing Desk/Market Maker; Electronic Communications Network (ECN)
- Check the spreads and commissions offered by the forex broker
- Is the forex broker adequately capitalized or not
- Check how technically advanced the trading platform is for executing the trades; their reliability should also be checked
- Does the broker allow beginner traders to practice with demo accounts
- What are the fees and commissions charged by the broker
- Is the fund withdrawal policy is an easy one
- What is the payment method that is accepted by the broker
- What is the initial deposit, is any, to be made
- How is the customer support and response services offered by the broker
The above is not an exhaustive list but will serve to give a basic idea as to whether it is a good idea to latch up with the broker in case the answers to these questions suit the trader’s needs. Other options to be checked include the currency pairs offered for trading, whether trade alerts will be provided by the broker, order entry types, etc.
Given below is a list of the safest brokers in the UK:
#1: XM.co.uk
XM.co.uk is the trade name of Trading Point Holdings Ltd and the company is owned and operated by Trading Point of Financial Instruments Ltd. It is also a European Union-registered forex broker. XM has its headquarters in London, United Kingdom.
Type of Broker – DMA/STP, MM
Regulating Authority – Cyprus Securities and Exchange Commission (CySEC), Financial Conduct Authority (FCA), Australian Securities and Investments Commission (ASIC)
Minimum Deposit Amount- $5
Deposit Options – Bank Wire, Neteller, Skrill, WebMoney, Credit Card, WesternUnion, MoneyGram, SOFORT, UnionPay (China), etc.
Spreads – Variable
Lowest Spreads for EUR/USD – more than 1
Maximum Leverage – 888:1
Minimum Lot Size – 0.01
#2: Plus500
Founded in 2008, the forex trading platform of this broker is provided by Plus500CY Ltd., which is a company set up in Cyprus and which is headquartered in Limassol.
Type of Broker – Market Maker
Regulating authorities – Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CySEC), Australian Securities and Investments Commission (ASIC)
Platforms offered – WebTrader and Windows Trader
Minimum Deposit Amount – $100
Deposit can be made through – Bank Wire, PayPal, Credit Card, Skrill, etc.
Spreads – Fixed
Lowest Spreads for EUR/USD – 2
Maximum Leverage – 50:1
Minimum Lot Size – 0.01
#3: FXOpen UK
In 2013, FXOpen launched its online trading platform. FXOpen UK, based in London, is regulated by the Financial Conduct Authority in the UK.
Type of Broker – ECN/STP
Regulating Authority – FCA, UK
Platforms Offered – Three versions of MT4
Minimum Deposit Amount- $300
Deposit Options – Bank Wire Transfer, Skrill, Credit/Debit Cards, WebMoney, Payza, Neteller
Spreads – Variable
Lowest Spreads for EUR/USD – Starts from 0 pips
Maximum Leverage – 500:1
Minimum Lot Size – 0.01
#4: ETX Capital
ETX Capital is a financial services company based in the UK and provides online platforms for institutional, high net worth and retail customers that want to trade forex. ETX Capital is the trading name of Monecor (London) Limited.
Type of Broker – Forex Broker
Regulating Authority – Financial Conduct Authority (FCA), UK
Platforms offered – Marketspulse and MT4
Minimum Deposit Amount – $100
Deposit Options – Credit Card, Sofort, Wire Transfer, Skrill, China UnionPay, Giropay, Neteller
Spreads – Fixed
Lowest Spreads for EUR/USD – 0.7
Maximum Leverage – 400:1
Minimum Lot Size – 0.01
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