A Forex broker is a financial service provider acting as a link between Forex traders and the foreign exchange market. The Forex broker gives the traders access to a platform to participate as traders and investors in the foreign exchange market. Forex trading involves the buying and selling of foreign currencies.
Forex is an acronym for Foreign Exchange, and foreign exchange transactions occur between different currencies. You can equally refer to a Forex broker as a currency trading broker or retail Forex broker. There are so many Forex brokers in the UK. So, make sure that you only partner with the best Forex brokers UK so that you can have the best of experiences in Forex trading.
Forex Broker UK ensures that you can access the foreign exchange market 24 hours a day and 5 days a week. As a Forex trader, you can use the platform provided by the broker to speculate on the possible direction of currency pairs.
Aside from the usual retail currency traders, some other traders using Forex brokers’ platforms for trading are large corporations and financial services firms, who trade for their customers and investment banks.
Best Forex brokers in the UK
The UK has a good supply of Forex brokers, with each of them claiming to be the best. However, you should carry out adequate research before you pitch your tent with any of them so that you will not end up with a very bad experience in Forex trading. Check below for some of the best Forex brokers UK.
This Forex broker is under the regulation of the Financial Conduct Authority (FCA). It allows UK residents to register a trading account here. Additionally, traders from other countries can use the platform for Forex trading. The trader can access a series of trading tools, and there is a top-notch education service available to traders on the platform. The pricing is equally competitive.
The Forex broker started in 1974, and its regulation is by six 1-tier jurisdictions so it is one of the safest Forex brokers in the UK. Additionally, the trader can access 104 Forex pairs, but it does not offer physical cryptocurrency trading.
Some of its outstanding features are highlighted below:
- All Great Britain residents can open a trading account on this Forex broker.
- The FCA also regulates the Forex broker.
- It offers an average spread of 0.745 on EUR/USD standard account.
- The minimum deposit is 250 pounds.
This is yet another outstanding Forex broker for UK traders. If you are looking for a Forex broker that promotes research, this broker is undoubtedly the perfect choice. The endless research materials available here make it a good place for a newbie in Forex trading to start his journey. The broker is available in the UK and several other countries across the globe. It is under the regulation of the Financial Conduct Authority. So, it is a safe Forex trading platform in the UK. The minimum deposit is higher than what many beginners in Forex trading can afford on the flip side.
Some of its features are:
- The broker is open to all Great Britain residents.
- It is under the regulation of the FCA. So, it is a safe platform for Forex trading.
- Its average spread on EUR/USD pairs in a standard account is 0.80.
- The minimum initial deposit is $10,000.
- The website is also very easy to navigate, and its trading platform is easy to understand.
This is also one of the best Forex brokers UK for anyone searching for an outstanding Forex trading experience. It is one of the best brokers as far as web trading platforms are concerned. The broker equally offers one of the largest collections of currency pairs.
This Forex trading platform is one of the best for beginners since the minimum deposit is $0. This means that you can deposit any amount you have. You will, therefore, not have to risk a lot of money when starting Forex trading if you use this broker.
Some of its outstanding features are highlighted below:
- All Great Britain Forex traders can register an account here.
- The broker is equally under the regulation of the FCA.
- It offers an average spread of 0.74 on EUR/USD in a standard account.
- There is no minimum deposit. So, you can deposit virtually any amount to start trading.
This broker was established in 1977. You can consider this outlet when searching for reliable Forex brokers in UK. The broker is the right choice for institutional Forex traders and professionals. If you are a beginner, you may find the site not too welcoming for Forex trading. While the site is the best for an institution, its minimum deposit still stands at $0. This means that you can deposit just any amount to start trading on this site. The trader can access multiple assets on the broker.
Some of its outstanding features are highlighted below:
- The broker accepts Forex traders from Great Britain.
- It is also under the regulation of the FCA. So, it is a safe site for Forex trading in the UK.
- The minimum initial deposit is $0. As a result, the trader can add just any amount to his account.
- It offers 105 currency pairs and 7400 CFDs. You will, however, not be able to trade cryptocurrency on this site physically or via CFD.
You will surely never regret patronizing this Forex broker in the UK. The beauty of it is that the quality service offered here is all-round. So, the site can offer you a perfect Forex trading experience that will always give you value for money.
The broker is under the regulation of FCA, and every Great Britain resident can sign up account for Forex trading. The Forex broker started operation in 1983, and it is publicly traded.
Check below for some of the many features that make this Forex broker outstanding:
- The site supports both MetaTrader platforms and also has a proprietary trading platform named ATP Pro.
- Its offerings are equally competitive.
- The broker is under the regulation of 3 tier-1 jurisdictions.
- It offers 65 Forex pairs and 4500 CFDs.
- It equally supports social trading.
- The minimum deposit is just 50 pounds.
- There is a discount for active traders.
The quality of the customer service available at this outlet makes it one of the best Forex brokers UK. Its trading platform is equally great. In addition, the site is regulated by the FCA and is, therefore, highly trustworthy. As a result, the overall trading experience here is excellent.
The broker started in 2002. Despite coming into the picture relatively late, it is still one of the best around. You can access an excellent user experience, and many trading tools are waiting for you on the platform. You can equally access advanced trading tools and features here for more experienced traders.
Check below for some of its features:
- The broker is very safe; it is under the regulation of the FCA.
- You can access 49 Forex pairs here, as well as 9600 CFDs.
- The site equally supports copy trading.
- The required minimum deposit on the platform is $0. So, you can deposit virtually any amount of money.
You can trust this platform for a robust trading experience. It, however, does not offer discounts to traders. The broker is equally safe; it is under the regulation of four tier-1 jurisdictions. You can trade Forex and CFDs satisfactorily on this platform. It is an award-winning platform in various areas, including mobile trading, education, platform, tools, and investment offerings.
The broker started operations in 1999 and is publicly traded. It, however, does not offer a social trading service. Be that as it may, you can trade CFD cryptocurrency on the site.
Some of its features are:
- The broker offers 91 Forex pairs and 4500 CFDs.
- It, however, does not support social or copy trading.
- The required minimum deposit is $100.
- Traders can access an advanced trading platform and tools.
- Both beginners and experienced traders can use this platform for Forex trading.
You can access so many trading instruments on this site, which is one of the many features that make it stand out. The site supports popular cryptocurrencies, CFDs, Forex, and securities. In addition, all Forex traders in Great Britain can register an account here, making it a good choice for those looking for the best Forex brokers in UK.
The broker is among the latest among Forex brokers for UK traders; it started operations in 2007. The broker gets its regulation from two tier-1 jurisdictions, and it is safe for Forex trading in the UK.
Some of its features are:
- The site supports social trading and cryptocurrency trading.
- However, the transaction costs can be higher than what obtains on the platforms of the competitors.
- You can access 47 Forex pairs on this site. The total CFRD offerings are 2314.
- You can even trade cryptocurrency physically on the platform.
You can go for this Forex broker when searching for the best Forex brokers UK. The broker holds the account of its customers in a Swiss bank, and this stands it out. The platform is highly competitive and offers multiple assets. Its pricing is also more affordable than what obtains on many other brokers.
The broker started operation in 1996, making it one of the earliest brokers for UK Forex traders. It offers an Advanced Trader platform to all its registered members, but many end-users believe there is still room for improvement. The broker is regulated.
More of its features are highlighted below:
- In addition, 4 tier-1 jurisdictions regulate the broker, making it a safe broker for Great Britain Forex and CFD traders.
- The broker offers 78 Forex pairs and 49 CFDs.
- You can access copy trading on the site.
- The broker offers physical cryptocurrency trading but no CFD cryptocurrency trading.
The site offers a series of tradable markets, and its pricing is highly competitive. As a result, trading Forex will not be experienced on this platform at all. The Forex broker opened shop- in 1999 and has offered quality and trustworthy Forex trading services since then to date.
The quality of the customer service is top-notch, and the trading platform is very easy to use. The site equally provides mobile trading, and you can access several trading tools here. Aside from its very low spread, you will not have to pay any commission when you trade Forex here.
Check below for some of its unique features:
- The Forex broker is safe for all Great Britain traders; three tier-1 regulators regulate it.
- You can access 39 Forex pairs on the platform and 89 CFDs.
- The site equally supports copy trading and CFD cryptocurrency trading.
How to choose a good Forex broker
You will find different Forex brokers in the UK quite alright, but, unfortunately, only a few of them may be able to serve you satisfactorily. They all claim to be reliable, and you may not be able to make the right pick among them, especially if you are new to the forex trading world in the UK. This is why we(https://www.forexbrokeruk.co.uk) put the information in this section together: to enlighten you about choosing the best Forex brokers UK.
Check for trading education and tools
Before you open an account with any of the Forex in the UK, you should find out if the broker offers adequate tools and resources for trading education. Lack of this should disqualify the Forex broker, especially if you are new to Forex trading.
A reputable Forex broker will provide different resources to make it a lot easier for the trader to make trading decisions. In addition, you can rely on educational tools to improve your trading skills.
Some brokers offer tutorials and webinars on technical and fundamental trading analysis to help the trader become better at Forex trading. Some will even offer you economic calendars to update what is going on in the financial world. The economic news from the economic calendar can help you to make the right trading decisions.
In the educational section of the broker, you should also find information about how to navigate the broker’s platform. Some brokers will go the extra mile to educate you on order types and currency pairs.
Check the trading conditions
One other important consideration when choosing a Forex broker in the UK is the prevailing trading conditions. What are the transaction costs and pricing? How do these costs compare to what obtains on other brokers? You need to find answers to these questions before registering on that particular Forex broker website.
The good news is that many brokers now offer tight spreads and reduce the transaction cost in response to the competition in the market. Some brokers even offer zero spreads on major currency pairs, as well as zero commission. So, you will end up spending little or nothing as transaction costs.
You should compare various Forex brokers in UK and go for the one with the least transaction costs among them to help you save a lot of money.
Some brokers offer either fixed or variable spreads, and it is left for the trader to choose. Both types of spreads have their specific pros and cons, depending on the type of account you want to run with the broker.
Types of accounts available
One other important consideration when looking for a Forex broker in the UK is the types of accounts that the broker provides. The number and types of accounts vary from one Forex broker to another. The prevailing conditions in each account type also duffers. Some of the account types you can find are highlighted below:
- Commission accounts: The account type offers a very low spread. The commission fees are flat-rate or fixed. Another name for this account type is the ECN-styled account type.
- No commission standard accounts: Just as its name implies, you will not have to pay any commission when using this type of account for Forex trading.
- Fixed spread accounts: Some Forex brokers in UK also offer this type of account. You can equally call it the micro account. The spread is fixed and predetermined by the broker. Not even a change in market condition will change the fixed spread.
Trading account fees
This is yet another factor to bear in mind when looking for the best Forex brokers UK. Some of the fees to consider will be highlighted below:
- Overnight financing fees: Brokers will require you to pay a fee if you leave a trade open overnight. So, you should avoid this if you don’t want to pay such a fee. The fee is also called swap rates. The fee differs depending on the volume of trade you leave open overnight. The swap rates are derived from interest rates. Most brokers charge this fee.
- Inactivity fees: The brokers charge this fee when you leave your Forex trading account inactive for a very long time. Again, the period depends on the particular broker. The dormancy period can range from 6 months to 24 months. Some brokers even charge monthly inactivity fees.
The business model of the broker
Different brokers have different business models, and you should know what obtains in your broker of choice before you start trading on the platform. There are up to four types of business models among Forex brokers. They are highlighted below:
- Market Makers
- Electronic Communication Network (ECN)
- Direct Market Access (DMA)
- Straight Through Processing (STP)
The Market Makers are dealing desk, but the brokers with other business models do not deal via Dealing Desk. Instead, they are referred to as No Dealing Desk (NDD) Forex brokers. Therefore, the broker of your choice can greatly impact the trading costs and spreads.
Check for regulation
Before you register with any of the Forex brokers out there today, you should find out if that broker is regulated or not. A broker that has tier—1 regulation is always the best for you. In addition, such a broker is reliable, and your account should be safe there.
The Financial Conduct Authority (FCA) is the body responsible for regulating Forex brokers in the UK. Therefore, you should look for a Forex broker regulated by this body when looking for Forex brokers in UK. You will not be a victim of a scam if a top-tier regulatory agency regulates the broker.
The regulatory conditions of FCA are very strict. So, you can fully depend on any broker that passes the regulation procedure. However, before the FCA can approve a broker in the UK, the broker must meet the following conditions:
- Offer negative balance protection to its registered traders.
- Enforce closeout margins and leverage caps.
- Observe proper market conduct standards.
- Treat customers fairly at all times and pay attention to their interests.
- Act with integrity.
Aside from the FCA, some other regulatory agencies you can trust are:
- Commodities Futures Trade Commission (CFTC) for United States brokers.
- National Futures Association (NFA) for United States brokers.
- Swiss Financial Market Supervisory Authority (FINMA) for Switzerland brokers.
- Cyprus Securities and Exchange Commission (CySEC) for Cyprus brokers.
- Australian Securities & Investments Commission (ASIC) for Australia brokers.
Quality of customer support
One other feature worthy of consideration when choosing a Forex broker is the quality of the customer service. You should look for a broker that you can connect with very easily and one that can respond to your messages hassle-free. If it is not quick and easy to contact a broker, that broker does not deserve your attention.
A good broker should also provide a series of contact methods, and each contact method should be easily accessible. Some of the common methods you can communicate with Forex brokers are email, live chat, and phone calls. In fact, some brokers are available on social media platforms, like Whatsapp, Facebook, Twitter, and so on. Live chat allows Forex traders to connect with the broker very fast and ensures the customer can get answers to questions without delay.
Good customer service should be accessible at any time of the day or night. The customer care agents should be available to respond to you 24/7. However, some brokers only offer their customer service during the open hours of the Forex market.
How educational is the platform?
You should find out how many educational tools the broker offers when looking for the best Forex brokers UK. A good Forex broker should provide quality educational materials that can improve the understanding of the trader. Such a broker is the best place for a beginner that is still seeking education in Forex trading.
When looking for the right Forex broker in the UK, look for one that provides some or all of the following educational materials:
- Online courses and lessons, as well as ‘academies’ for all traders
- Forex Trading eBooks
- Forex-related Webinars and videos
- Trading platform tutorials
A good Forex broker should also connect you with an economic calendar that can inform you about expected economic events that can affect the behaviors of currency pairs.
While the educational materials provided by the Forex brokers can be of help, experts advise that you should also source Forex information and education from external sources. Do not also forget that learning is a continuous process in Forex trading.
Check for available trading platforms
It is equally important to check out the trading platforms offered by the Forex broker before you register there. Virtually all Forex brokers in the UK offer the MetaTrader 4 (MT4) trading platform, and many offer the MetaTrader 5 (MT5) trading platform. MT4 has been here longer than the MT5 trading platform, and the latter offers more features than the former.
Some Forex brokers offer proprietary trading platforms that only their registered Forex traders can access. To encourage traders to use the proprietary trading platforms, the brokers usually give special services, discounts, and offers to the customers for using the proprietary platform.
Many Forex brokers offer WebTrader, which allows the Forex trader to trade without downloading any app. In addition, virtually all Forex brokers in the UK offer mobile trading. This way, the trader can participate in the Forex market via their mobile devices.
Frequently Asked Questions
How will I know if a Forex broker is safe?
You only need to check if the Forex broker is under the regulation of the Financial Conduct Authority. Any Forex broker in the UK not regulated by the FCA is not reliable.
What if other tier-1 jurisdictions regulate the Forex broker? Can I still register there?
You can still open a Forex trading account with a broker regulated by a tier-1 broker different from the FCA. But, be that as it may, the FCA can offer better safety to UK forex traders than some other brokers.
How do Forex brokers in the UK differ from those originating from other parts of the world?
There is not much difference between them. However, most of the Forex brokers in the UK are regulated by the FCA, which may not be the case for Forex brokers from other parts of the world. However, this also does not mean that those other Forex brokers are not safe.
What is the pip spread charged by UK forex brokers?
The pip spreads are not universal; they depend on the currency pair and the particular broker. For example, the pip spreads on EUR/USD differ from one UK broker to another.
What should I consider as a beginner in Forex trading when choosing the best Forex brokers UK?
You should consider the educational and research resources available on the broker. This will help you to learn more about Forex trading.
You should also consider the minimum initial deposit of the broker. You can opt for those brokers that allow the lowest imaginable minimum initial deposit.
Should I register with a broker that offers a limited number of currency pairs?
Some experts in Forex trading believe that a Forex broker is acceptable if it offers the particular currency pair you want to trade.
However, it is good to register with a Forex broker that offers a wide selection of currency pairs since you may want to trade some of these other currency pairs in the future.
Can a Forex broker determine how profitable my Forex trading experience can be?
Yes, a Forex broker can make a lot of difference between a profitable Forex trading experience and an unprofitable one. This is why you should choose a Forex broker carefully.
Things even get worse if you register an account with a Market Maker. Market Makers tend to open trades opposite what their traders do, which can cause a loss for the trader.
How do Forex brokers make money?
Forex brokers make money through spreads between the two currencies in a pair. They can also make money via commissions, and some make money via different types of fees.
Can the fees charged by the broker affect my ability to make a profit from Forex trading?
If your trading analysis is good, the fees charged by the brokers will not be significant. But, be that as it may, the fees can still reduce the amount you make as a profit in Forex trading.
How can I deposit money with a Forex broker?
Different Forex brokers in the UK support different types of deposit methods or channels. You can use any of the available channels to make a deposit. You should also not forget to read the terms and conditions of each payment method before you use it.
From the information we provide above, it should not be difficult for you to find a good Forex broker in the UK. We have mentioned many of the best Forex brokers UK above, and each of them has what it takes to add fulfillment to your Forex trading experience.
We mentioned many things to bear in mind when choosing a reliable Forex broker in the UK, but the principal is regulation. You should never register an account with a Forex broker not regulated by a tier-1 regulatory agency, especially the Financial Conduct Authority (FCA). This way, you can trade Forex without fear.