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UK Forex brokers are considered amongst the best in the World. Compare companies that offer forex trading platforms online.
All the brokers are authorised and regulated by the Financial Conduct Authority (FCA) where client funds are segregated and protected under FSCS. Note: If you want to convert one currency to another and send money abroad you need acurrency broker.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.Featured brokers appear first.Learn about how brokers are ranked…
Forex trading or FX trading (short for Foreign Exchange Trading), can be defined as converting the currency from one country in to the currency of another. As a trading market it is the most active in the World because;
– Because global financial markets open at different times across different time zones, Forex trading operates 5 days a week. Key financial cities around the World like; London, Tokyo, Singapore, Zurich, Frankfurt and New York all trade forex.
There is a genuine need to exchange currencies
– big companies move money internationally frequently, as do travellers, governments and more. It is because of this need that the forex market is so active globally and so dynamic.
Floating exchange rates have become more common
– rather than global currencies being valued against gold, currencies commonly have floating exchange rates, this means their values can fluctuate meaning forex trading can offer traders a way to profit.
Our guidewhat is forex tradingcovers, why and if you should trade forex, what forex pairs to trade, types of forex orders, what are the main risks of forex trading, trading forex around economic figures, technical analysis versus fundamental analysis as well as managing fx risk.
Our video interview, with Ryan ODoherty, Head of Product Development atCMC Marketscan help explain what forex trading is.
We include the top ten Forex brokers above because they each meet the following criteria:
Each FX broker is authorised and regulated by the Financial Conduct Authority
Every FX company here has an office in London, the global centre of the FX market
They all offer customers 24/5 customer support and online trading
Each offer industry standard tights spreads and low trading costs for active customers
These brokers provide at least one form of added value over other foreign exchange brokers
So, if you are new to forex trading or looking for the best broker to trade forex with, then you have come to the right place. Because we set high standards as to the brokers we include within our comparison you can be confident that the brokers included here are amongst the best in the World.
There are hundreds of FX brokers offering access to the FX market so customers can trade forex online.
We aim to help new and experienced FX traders find a secure and safe broker for their trading.
MT4 is one of the best trading platforms for speculating on the FX market. There are around 600 brokers that provide access to MT4 through their Forex accounts. However, of the 600 only a handful are really any good and offer significant value above the competition.MT4 brokersgives traders some of the best tools in the market from. Automated trading signs, expert advisers for professional traders, technical analysis and indicators it is well worth choosing a trusted MT4 broker for forex trading.
The top three traded currency pairs are where the best brokers win business from their competitors. Many Forex brokers now offer access to over 10,000 asset classes from UK, EUR, and US shares, indices, commodities to fixed income. But the majority of trading volume will go through the most liquid Forex pairs,EURGBP, USDJPY andGBPUSD.
Most brokers will let you trade on a large number of forex currency pairs. Some of the most popular major currency pairs are;
Most brokers will let you trade on any currency pairs you may wish to, whether that includes the GBP or not, but if you have a specific currency pair in mind it is worth making sure that you check with each broker you are considering opening an account with to ensure you can invest in those particular currencies.
Heres asummary of the major Forex brokers in the UK. The list offers a concise overview of the biggest, best and most respected forex brokers in the business all UK based and regulated by the FCA.
Its important when you choose a forex broker that you understand the risks and rewards of trading foreign exchange online. These key features of any good Fx broker will mean that your expectations are met, your funds are protected, you get a good level or customer service. Our comparison and broker reviews can give you an idea of the pros and cons of each Forex broker to help ensure you are confident in choosing a broker whether you are switching or picking one for the first time.
Options brokersoffer a limited risk way to speculate on the forex markets. You can trade FX options via brokers likeSaxoor the market leaderIG. However, if you are looking to hedge currency exposure with FX options, OTC FX options from deliverable brokers likeRAMorAssure Hedgeoffer that facility.
If you want to find out a little more about the best FX brokers take a few moments to read our reviews. All Forex brokers reviewed are of good standing and authorised and regulated by the Financial Conduct Authority. However, if you would rather take profits tax free you may want to think about reading up on thebest forex spread betting companieswhich can offer tax free profits.
In our 2018 awards, we shortlisted the best forex brokers for speculating on foreign exchange. Here is a breakdown of who we think are the best forex brokers at the moment:
Saxo Capital Markets- great all round forex access and rates
IG- the largest CFD and forex spread betting broker
ETX Capital- offer a simple and robust online forex trading platform
Spreadex- have excellent personal service with lots of additional markets
XTB- a very initiative platform for building baskets of FX assets
Three of the best UK forex brokers for beginners and what makes them different
If you have never traded forex before and are looking for the best forex broker for beginners weve put together a handy list of three forex brokers that are a good place to start.
So, here are three of the best forex broker for beginners to get you started.
IG -Read our full IG review hereIG are one of the oldest forex brokers in the UK and the biggest by both market capitalisation and active clients. Pricing is always decent and the IG trading platform is very simple to use. IG also has one of the broadest asset class ranges should you choose to trade other instruments like indices or stocks. IG have just launched astocks and shares ISASIPPand stock broking services so you can hold you long-term investments there as well. IG also have a fantastic IG Academy with lots of educational content to help traders better understand the market. Thats what makes them a good broker for forex beginners.
-Read our full ETX Capital review hereTicking all three boxes ETX Capital are authorized and regulated by the FCA and have been a Forex broker since 1965. They are members of the London stock exchange and have one of the simplest platforms to use. They offer very competitive pricing on Forex pairs. ETX also have loads of educational webinars to help traders improve.
-Read our full Spreadex review hereWe think Spreadex are one of the best UK forex brokers for beginners because thay have a super simple platform, excellent charts and really really good customer service. As with ETX and IG, they are based in the UK (St. Albans) and offer spread betting as well as CFDs on forex. We recently did a video review of their forex trading platform (watch the Spreadex platform review here) andspoke to their CEOabout what makes Spreadex a great broker for forex traders just starting out.
If you want to compare the best forex brokers in the UK you can view our forex broker comparison table.
Every forex broker needs to start somewhere so if you are a beginner in the world of forex trading then the below information should help;
1. Is the forex broker regulated by the FCA in the UK?
If you are trading in the UK this is really important. If you are a beginner to FX trading it is imperative that you are protected as a client. Never ever, trade with a broker that is not regulated by the FCA. When a forex broker is regulated by the FCA, it means that client funds are protected by theFSCS.
You can look up whether or not a broker is regulated by the FCA on theFCA register here
2. What sort of forex market access do they offer?
If you are a beginner to trading forex, you will probably be focusing on afew major currency pairslike EUR/USD, GBP/USD, and USD/JPY. These tend to be the most heavily traded and as such have good liquidity (lots of it to trade) and volatility (moves about a lot).
However, as your forex trading develops you may want to start trading commodities, stocks, or indices. Whilst the majority of brokers offer limited access to markets, the brokers we think are best for forex beginners are the ones that offer a broad range of things to trade.
Who knows, one day you might like the look of the bund, bobl and schatz markets. It would be a pain to not have them on your forex trading platform too.
3. How easy to use is their trading platform for forex beginners in the UK?
Forex is essentially just an up-down bet on a currency pair so its best to start off with an easy to use platform. Most forex brokers will offer a platform called MT4, which can be either mega easy or mega complicated (depending on how the broker has set it up.
However, good forex brokers for beginners in the UK should have their own platform for trading too. These in-house platforms are often easier to use. So the brokers weve highlighted as being good for UK forex beginners all have their own platform.
Plus, forex trading is hard enough, without having to deal with an overly complicated, hard to use platforms.
If you are looking for the best forex brokers minimum deposit then consider choosing a forex broker that offers small deposit sizes.
If you new to forex trading one of the most important things to get right first is your choice of forex broker. At the Good Broker Guide we only feature forex brokers that are regulated by the FCA, based in the UK and where client funds are protected by the FSCS.
Each of these brokers can offer an account with minimum deposit of only 100.
IG- A very simple yet expansive platform with great customer service and educational material
ETX Capital- They are one of the oldest brokers in the forex market having started out as Monecor in 1965.
Core Spreads- if you are just getting started and want a simple trading platform with really tight pricing then take a look at Core Spreads.
Its important that when you search for the best forex brokers minimum deposit that you bear in mind that trading forex is risky. If you only have a small amount of money to trade with and are just interested in seeing if you can beat the market never trade with more than you can afford to lose.
If you are a big forex trader, you need a forex broker that caters for large clients. The key features to look for in Forex broker for large accounts are how financially secure the broker is, how reliable the trading platform is for large volume or high volume and the experience of the brokers who can offer telephone support.
Dealing with experienced brokers who regularly service high net worth clients and large accounts (by large we mean 50k plus) is that they are able to deal with trading errors and issues quickly and commercially. If you choose the wrong broker a simple mistake can turn in a huge problem if not dealt with swiftly.
Here are three Forex brokers that service high net worth individuals with large Forex accounts
is the clear leader in Forex trading in the UK with over 40 years of experience. They are the largest Forex broker by market cap (currently valued at over 2bn) and are listed on the London Stock Exchange. They have dedicated teams that look after clients with large balances on a personal basis. Having a team means that your issues can be dealt with quickly if you put the business through they can offer preferential rates for high volume traders.
are a well respected, established and experienced broker who can deal with anyone from the smallest trader to the largest hedge fund.You can open an account or find out more here. IG offer Forex trading viaMT4CFDsandSpread Betting(tax-free profits) and have some pretty decent margin rates as well as the tightest spreads on some Forex pairs.
ETX Capital (good for high net worth individuals)
(like IG) offer MT4 as well as their own platform. For high net worth traders looking for the best broker for large forex accounts, they are a good place to start. ETX have been around since 1965 and have institutional pedigree and an experienced sales trading desk. They also offer weekly and daily analysis for Forex traders and some good technical analysis platforms. Read ourETX Capital review.
If youre looking for a small broker with lots of experience then go with
. For large accounts, they offer a very personal service and specialise in phone brokerage. You can also have a punt on the horses or the football through theirsports spread bettingarm. A smaller, but excellent alternative to the mainstream UK Forex brokers.You can check out their Forex costs and open an account online here.
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Richard founded the Good Money Guide (previously Good Broker Guide) in 2015 and has been a broker for 20 years most recently at Investors Intelligence and previously a multi-asset derivatives broker at MF Global (Man Financial). Richard started his career working as a private client stockbroker at Walker Crips and Phillip Securities (now King and Shaxson) after interning on the NYMEX oil trading floor in New York and London IPE in 2001 & 2000.
The Good Money Guide is a London based guide to trading and investment accounts for clients based in the UK, Europe, Asia, South Africa and Australia. For more information on how this site makes money pleaseclick here.
ALL INVESTING INVOLVES RISK. Investing, Derivatives, Spread betting and CFD trading carry a high level of risk to your capital and can result in losses that exceed your initial deposit. They may not be suitable for everyone, so please ensure that you fully understand the risks involved.
ESMA & FCA Risk Warning CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.Between 74-89%of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Capital at risk
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The information contained in this website is for informational purposes only and does not constitute financial advice. The material does not contain (and should not be construed as containing) investment advice or an investment recommendation, or, an offer of or solicitation for, a transaction in any financial instrument.