10 Best Forex Brokers In UK Of Dec 2023 FCA Regulated

10 Best Forex Brokers In UK Of Dec 2023 FCA Regulated

These are our priorities because traders want to know that their broker is trustworthy and isn’t overcharging them. Brokers are always altering the products they offer, and we keep our reviews updated with the latest data available. Over the last decade, Forex trading has become more accessible to the average person in the UK. Nationwide access to the internet and an influx of international “offshore” brokers joining the local scene have increased competition.

While the work may be arduous and certainly involves risk, it also produces a sustainable livelihood and an unmatched beauty in the form of diamonds that will last a lifetime. It’s also worth mentioning that there is a small tax exemption of up to £1,000 provided by the UK tax authority HM Revenue and Customs (HRMC) available to certain individuals. If your capital gains from trading over a calendar year do not exceed £1,000, you may not need to pay taxes on thatincome (though you may have to register for a self-assessment with the HRMC).

  • Both can help you test out or explore new trading strategies, however, not all platforms offer the necessary trading tools and integrations.
  • London-based forex brokers may or may not offer trading in cryptocurrencies, depending on the regulations set by the Financial Conduct Authority (FCA).
  • Most of the brokers in our pick of the best offer the option of forex trading via spread betting or contracts for difference (CFDs).
  • Spreads are slightly wider than an ECN-style account because there are no commission costs.

Regular stop orders are subject to slippage, but a G-stop requires your broker to fulfil your order at exactly the price you set. As you might imagine, this can easily end up a losing proposition for brokers, who make money off market volatility the same way traders do, and most don’t offer guaranteed stop-loss orders or charge a fee. Educational support for beginners is excellent, and XTB also publishes frequent market commentary and trading ideas in its Market News section.

These brokers will be the counterparty to any trade, so they make money when clients lose trades. IC Markets offers three simple accounts with variable spreads on the MT4, MT5 and cTrader platforms. Two Raw Spread Accounts are available on either cTrader, MT5 or MT4 and a Standard Account is available on MT4 and MT5.

What Are The Best Forex Brokers In The UK?

70% of retail investor accounts lose money when trading spread bets and CFDs with this provider. In volatile markets, the combination of leverage creates a high-risk environment. Many retail investor accounts lose money when trading CFDs, which can be viewed in each broker’s disclaimer.

  • Our forex comparisons and broker reviews are reader supported and we may receive payment when you click on a link to a partner site.
  • These brokers will be the counterparty to any trade, so they make money when clients lose trades.
  • The London Forex market is one of the most active and liquid markets in the world.
  • For more detail and to see which brokers we recommend for new traders, check out our dedicated page on the best brokers for beginners.

Most of these pairs are also available as options with a maturity period of 1 day to 1 year. City Index is the best UK forex broker for beginner forex traders based on their low spread-only accounts. Below compares City Index to comparable spread-only CFD brokers that don’t charge a commission on trades. City Index has the lowest spreads and requires a low initial deposit of £100 to open an account. While FxPro was rated one of the best forex brokers based on their 70+ awards, customer support, and no dealing desk, the broker performed poorly in our spread and execution speed comparison. Based on these tests of the best trading experience, we suggest you view the best forex broker UK recommendation.

Find the best forex brokers in Europe

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. Currencies without a fixed exchange rate are known as floating currencies, and this is the case for most advanced economies, including the UK pound. These fluctuations in the price of a currency will depend on supply and demand from banks participating in the spot market.

Our Pick Of The Best Forex Brokers

Last but not least, beginners should look for a broker with a high-quality education section; this should feature articles, video tutorials, frequent webinars, advanced trading strategies, and chart analysis. While IG Markets only has a single trading account it has some of the lowest fees in the industry. There is no required minimum deposit, and no commission is charged on Forex trades. Trading fees change slightly depending on whether you use IG’s own trading platform or the MT4 trading platform. With IG’s own trading platform, spreads average 0.86 pips on the EUR/USD but if you use MT4 then spreads average 0.75 pips on the EUR/USD.

BEST FOR CHOICE

Based on broker reviews, the Plus500 mobile app is highly regarded among forex traders. Please note that FCA regulations prohibit UK traders from cryptocurrency CFDs. As such, these costs can add up very quickly, especially if you are a high-volume trader, scalper, or trade with high leverage, and for this reason, you want to pick a low-spread forex broker. The Financial Conduct Authority (FCA) regulates U.K.-based brokers that legally offer forex and other derivatives to retail and professional traders.

An ASIC-regulated broker with ECN pricing, FP Markets (AFS License Number ) offers trading on multiple instruments, including shares, metals, commodities, cryptocurrencies, indices, and over 60 Forex pairs. FP Markets supports both the MT4 trading platform and the newer MT5 platform – for professional traders, the IRESS platform is also available. FxPro has a 100 USD minimum deposit and low fees – with variable spreads often as low as 0.6 pips. Most trades are executed in less than 10 milliseconds, much faster than most other brokers, and only 9% of orders are placed at a worse price than expected. These execution statistics are ideal for scalpers and traders who like to take advantage of volatile markets. Based on factors such as forex market range, currency trading conditions, forex fees and customer service, we created the finalised based on brokers regulated by the FCA.

FXPro offers access to more than 70 forex pairs on both the MetaTrader and cTrader platforms, with multiple account options. Spreads are often as low as 0.6 pips, and there is a low minimum deposit of just £100. XTB is the perfect platform for new traders to practise their skills and strategies without risking any of their personal funds. The demo account is completely free for up to 4 weeks, and traders get £100k of virtual funds with which to start trading on 1500+ CFD markets, including forex, indices, commodities, and shares. In addition to this, Pepperstone has award-winning customer support, which includes phone support, live chat, and email. For traders who like to conduct trades on the go, the Pepperstone mobile platform offers a seamless experience with optimum functionality.

We may receive compensation when you click on links to products we review. Both options can be traded online or by app, however, CFDs can also be traded using the MetaTrader 4 and TradingView platforms. Overall, IG may appeal to advanced forex traders, with competitive spreads, a good range of pairs and a choice of third party platforms.

What Is Forex Trading?

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, london forex brokers 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.