Top 10 Forex Brokers in the United Kingdom

Once you open a capital markets account with the bank, you’ll receive access to a wide range of offerings comprising investment and leveraged products. They offer their trading platforms, market data, charting, tools, and the turnkey broker liquidity you need to buy or sell currencies. The best forex brokers provide good quality customer support through live chat services and 24-hour telephone hotlines, which are the best options for immediate response times.

Besides forex, you can also use CMC to trade a range of offerings like commodities, indices, cryptocurrencies, government bond listing, and individual shares. Since launching in 1989, CMC Markets has established itself as one of the most trusted forex brokers in the UK. In September 2007, eToro introduced its visual FX trading platform that allowed for online forex trading using graphic representations. Guaranteed stop-loss orders close your trades at specified prices.

Educational resources are separated into experience levels, ensuring there is useful information for all levels of experience by providing Basic, Intermediate, Expert and Premium content. 65% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. All FCA regulated forex brokers reveal the percentage of retail traders that lose money with them. A regulated broker with a low percentage of losing retail traders indicates that more professional traders may be trading with that broker.

Plus500 Trader Sentiment

Some top forex brokers offer a low minimum deposit (typically under £100) and some even offer no minimum payment. For beginners in particular, a low minimum account deposit can be appealing. Traders who wish to monitor the markets whilst on the move should also consider the best forex brokers for mobile trading.

• If basic pricing details are not readily available on a forex broker’s website, and the customer support team is reluctant to provide details, then this is a red flag and may indicate a possible scam.
• IG Markets Limited is authorized by the Financial Conduct Authority in the UK.
• The broker provides comprehensive market access to a range of asset classes, including Forex, Indices, Stocks and ETFs.
• At WikiJob, we are not financial advisors and any information provided throughout this article is for educational purposes only.
• Demo users gain access to an environment very similar to trading with real money without the high risk of losing capital.

Cryptocurrencies are also banned for traders that choose spread betting. As a Forex broker, Eightcap offers 40 major, minor and exotic foreign exchange markets to trade for UK traders. While light on in some markets, Eightcap does have a solid range of over 400 stocks you can trade, including 326 trading symbols. With spreads being 0.0 pips around 50% of the time and averaging 0.02 to 0.10 pips for EUR/USD, Eightcap is one of the best brokers for low spread STP/ECN forex trading accounts. The broker offers forex traders comprehensive forex training resources, suited to all levels of experience from beginner to advanced traders. This starts with an introduction to CFD markets and moves to advanced trading strategies.

Take positions on the foreign exchange market with leveraged trading products. Trading forex without a broker can be achieved by exchanging one type of currency for another type of currency at a bank https://xcritical.com/ or bureau de change. However, you will have to pay a high exchange rate each time you exchange currency. However, to ensure your trading activities are legal, you will need to consider taxation.

How to trade forex in the UK

Some established names you may already recognise, but new firms are constantly emerging, both in the UK and globally, offering enticing new account features and promos. Trade binary options on major and minor currency pairs with 80%+ payouts. Trade a long list of majors, minors and exotics with tight spreads and low commissions. Offering a large range of currency pairs and some of the tightest spreads in the industry.

He has 15 years of experience in the financial sector and forex in particular. He started his career as a forex trader in 2005 and then became interested in the whole fintech and crypto sector. With that said, there are usually online brokers who offer trading with a deposit as low as £10. So, take into account your intended deposit and find a broker that matches this need. 4,000+ CFD and real assets can be traded by UK clients with Admirals, including 80+ forex pairs. Within the UK, Admirals require a £100 minimum deposit in order to start trading with them.

FxPro Trading Accounts

Check out customer reviews of each potential broker on your list to see how they stack up. For the last 10 years, IronFX has focussed on providing competitive trading conditions with tight spreads and flexible leverage. City Index provides several platforms, with its Web Trader and Advantage Apps aimed at beginner or casual traders, and MT4 and its own AT Pro platform for more experienced users. This regulated broker offers ideal trading conditions no matter what your style of trading. Vantage Markets is seen as a good, reliable broker that offers social and copy trading – without being prohibitively expensive in terms of non-trading costs or commission.

It offers one of the best execution speeds in the industry with low latency below 0.004s. Well worth considering when seeking the best brokers in the UK is XTB, founded in 2002 with an excellent reputation for customer service. There are numerous brokers available and we would always recommend that you conduct your own thorough research and due diligence before making your own personal choice. All products and services featured are independently selected by WikiJob.

Open (And Fund) Your Trading Account

Trade Forex CFDs from 0.0 spreads on our RAW account through TradingView, MT4 or MT5. WikiJob does not provide tax, investment, or financial services and advice. The information is being presented without consideration of the investment objectives, risk tolerance, or financial circumstances of any specific investor and might not be suitable for all investors. If you are looking for an app to use to trade forex, then eToro is the easiest to navigate and provides a seamless experience between the web trader and using it on your smartphone or tablet. The type of trader you are will have a significant influence on the best broker for you, so be sure to assess how well what it offers fits with your trading style. A good broker should be easily contactable, handle problems efficiently and offer trustworthy trading guidance.

Oker, XM lets users trade with more than 1000 financial CFD instruments, covering forex, indices, stocks, energies, metals, and commodities. It’s tried and tested MT4 and MT5 trading platforms can be used on different operating systems, including PC, Android, iOS, and Mac. What is also remarkable with XM is that its customer support services are available for users between 5 am and 7 pm, GMT via telephone, email, and live chat. Any additional tools and features offered by forex brokers are a bonus, as these can often be tailored to beginners and experts alike. Educational resources are particularly important to new traders who need to understand the basics of forex trading. Access to tutorials, webinars, economic calendars, financial news feeds or forex calculators, for example, can help to boost efficiency and enrich trading knowledge.

Forex Brokers

Should you select the MT4 platform, then you can have the option of MT4 Instant which means fixed spreads for 7 currency pairs instead of variable spreads. Regardless if you pick MT4 or MT5, this account has no commission costs. Please note that CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 67% 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. A part of HF Markets Group, HotForex is regulated by CySEC Europe, FCA UK, SFSA Seychelles, DIFC Dubai, and FSCA South Africa.

Whether you’re a beginner or an experienced trader, our rankings will help you find a trusted and reliable forex broker in the UK. It is suitable for traders who give priority to the speed of execution with the most restrictive spreads compared to other account types’. FxPro cTrader is a powerful trading platform offering the best available bid and ask prices, with orders filled in just milliseconds. The platform also provides Market Depth and trading analysis tools.

Spreads & Commission

FXCM’s Active Trader Account means clients’ can trade at institutional-grade pricing with spreads as low as 0.2 pips on major forex pairs. This is possible as the broker price matches the best quotes top-tier liquidity providers offer. If you use the Trading Station platform, you will be able to see the depth of market meaning you can view multiple levels of liquidity at each price point.

Looking at their pricing for EUR/USD for example, the typical spread is 0.1 pips . The total round turn commission for both accounts for a standard lot is £4 and £2 , which is lower than most forex brokers. Another way to get an idea of a broker’s reputation is by checking out customer feedback online, as these provide insight into other traders’ experiences. Many of the best forex brokers received a good ranking in 2023 for this reason. Bear in mind, though, that traders are more likely to post a review and a poor rating if they have had a bad experience.

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. You’ll want a platform that’s intuitive, easy to navigate, suitable for your level of experience and that comes with a range of useful features to help inform the best trading decisions. The spread is the difference between the buy and sell price on a currency pair and, depending on the type of trader you are, can have a significant impact on your profit margin.

Typical spreads for EURUSD and USDJPY trades, for example, are just 1 pip. Opening an account is free and you can access a $100,000 demo account to test the system. Founded in 2007, eToro is considered a very low-risk broker as it is highly regulated by the Financial Conduct Authority in the UK and many other regulatory bodies elsewhere. Trading Forex and CFDs with leverage poses significant risk of loss to your capital.

Nevertheless, OANDA is known for being a leading broker with many advantages offered. OANDA faces increased market risk during periods of price volatility, such as economic and political news announcements. When market spreads increase or decrease, their pricing engine widens or narrows spreads accordingly. That way, traders can get the latest conditions from price movements in the market more quickly.

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