- Best Forex Brokers in the UK
- Comparison of Best Brokers UK
- 1. IG Markets
- 2. Saxo Bank
- 3. CMC Markets
- 4. VT Markets
- 5. FXCM
- 6. City Index
- 7. Interactive Brokers
- 8. FOREX.com
- 9. XTB
- 10. Capital.com
- 11. Pepperstone
- Is Forex Trading Legal in the UK
- Best Forex Trading Platform UK
- How To Trade Forex Broker in the UK?
- What is Financial Conduct Authority?
- Why Is FCA UK Regulation Necessary?
- How to Verify that the UK Fx Brokers are Regulated?
- Final Thoughts
Forex trading in the UK has boomed considerably in recent years. Nowadays, there are many participants in the forex market; the UK is the leader in this regard, having more than 280,000 online traders.
It is one of the reasons the country’s growing middle class of UK traders invest in the forex trading industry for quick forex trading profits.
If you’re looking to get in on the action or are interested in opening a forex trading account, this comprehensive guide on the best forex brokers UK fulfils all your requirements whether you are a beginner, intermediate, or advanced trader.
|Min. Initial Deposit
After long hours of research, CryptoNewsZ experts have analyzed many other fx brokers in the UK that accept United Kingdom residents to trade on the platform and that are FCA regulated. Please note that the information provided in this content is for educational purposes only.
For making this list, we have compared all brokers based on our main selection criteria, including platforms’ trading volume, assets, trust, regulation, deposit fees, trading conditions, availability, customer support efficiency, third-party platforms’ availability, and advanced charting tools.
Before you go ahead, you should know that CFD Trading carries risk, which may not be suitable for every UK Investor as it may result in a rapid loss of money, so trade safely.
List of the Best Forex Brokers in the UK for 2024
Comparison of Best Forex Broker in UK
|Best Forex Broker
|FCA Regulated Forex Broker
|Accepts UK Residents
|No Minimum Deposit
|It Depends on the Account Type
|No Minimum Deposit
Browse the Best Forex Brokers UK List
Below we have layout more details regarding the platforms that accept UK Residents.
1. IG Markets – Best Forex Trading App UK
As per our analysis, IG is one of the best trading platform UK; this platform offers the finest forex trading account for UK residents, featuring minimal costs, a wide variety of tradable currency markets, and regulations from 17 national bodies, including the FCA (Financial Conduct Authority). We rate this as the top overall broker because of its outstanding experience, market analysis section, and great Forex app support.
Why We Choose It:
- This best forex broker UK provides the most comprehensive package and supports around 80+ Forex Pairs.
- It has a wide range of trading options, including superior trading, market research tools, video tutorials, economic calendars, platform tutorials, and education like IG Academy.
- The platform is ideal for new & experienced UK investors to trade in the currency markets.
- Demo accounts support virtual funds to clients; over $20,000 in funds are supported, and even an amateur trader can trade easily.
- Based in London, IG fx markets supports multiple platforms and is the largest global CFD broker in the world by revenue; they accept UK forex clients.
- Clients’ funds are kept in segregated accounts, providing clients with negative balance protection.
- It has 45 years of expertise in providing trading ideas and solutions to trade stocks and other assets.
|IG Markets Features
|FCA- UK, BaFIN- EU
|Precious Metals, Currency Pairs, Energy Commodities, Indices, ETFs, Stocks
- Top-class web and mobile trading platforms for exchanging exotic currencies.
- You can make multiple withdrawal requests with its various supported deposit methods.
- It offers many excellent educational tools and access to CFD traders.
- Supports forex trading platforms like MT4, MT5, & more.
- Restricted product portfolio.
- Customer support needs to be improved.
- High broker fees for stocks and CFDs can impact your trading decisions.
Fee Structure of IG Markets
- IG brokerage firm requires a minimum first-time deposit fee of around 250 UK pounds.
- These best brokers charge high inactivity fees. (Duration of Two years)
- There are no hidden fees.
Although you can check our IG review to learn about various tradeable products, services, and IG accounts that it offers.
2. Saxo Bank – Top Forex Trading Platform UK for Traders
Saxo Bank’s platform is a prestigious multi-asset regulated broker. A first-rate web platform with a breathtaking variety of more than 40,000 securities. With a good selection of analysis tools, research, and premium services, the best forex broker UK provides an immersive, rich trading (or copy trading feature) experience for active or beginner traders, which suits their trading style and also provides investor protection for Forex UK clients.
Why We Choose It:
- The Saxo Bank Group showed a net profit of DKK 302 million for the Initial six months of 2022. It also reached a new record of more than 874,000 clients this year.
- Many traders can trade forex and CFDs with this fx provider since it provides service in more than 180 countries.
- Saxo Bank’s safety is enhanced by its extensive track record, banking history, and regulation from the top-tier financial regulatory body (FCA Registration Number – 551422 – the UK Financial Conduct Authority).
- The FCA-regulated best forex brokers UK protect your money via a financial services compensation scheme and have negative balance protection.
- Best forex broker for new traders that supports copy trading tools, trading courses, and automated programs.
- Saxo Bank brokers have had many successful prior runs in the UK forex broker market.
- This FCA-regulated broker has good customer support & a safe bank transfer process.
|Saxo Bank Features
|FCA Regulation – UK
|Stocks, ETFs, Fx, Fund, Bond, Options, Futures, CFD, Crypto, Currency Pairs, SaxoSelect
- Full support is provided to the amateur forex trader.
- Outstanding research is offered by these trading platforms.
- A broad product portfolio range for forex and CFD traders.
- High bond, options, and futures fees.
- High minimum initial deposit.
- Lacks live chat support and 24/7 customer service.
Fee Structure of Saxo Bank
- It charges low fees, & that makes it a good fit for all.
- Trading platforms charge standard trading commissions.
- Bond fees apply at Saxo Bank brokers & are often very high.
- No inactivity fee as well till the quarter, & no other fees are taken.
- Charges low mutual fund fees & competitively low forex fees like many other brokers.
3. CMC Markets – Best for an Extensive List of Assets
CMC Markets is a best forex broker in the UK that provides a wide product selection, narrow spreads, and automated execution for forex and CFD traders who are interested in competitive spread betting.
Why We Pick It:
- CMC Markets UK offers forex and CFD trading services to its clients.
- This proprietary platform makes buying or selling an fx trading position in the foreign exchange and commodity markets easy.
- Lower taxes on fx trading profits compared to other best forex brokers in the currency markets.
- CMC Markets, being one of the best UK forex brokers, also excels as a CFD broker and provides users with market spread betting instruments and support of automated trades.
- UK Brokers can trade openly on the London Stock Exchange.
- It also includes features like price movement analysis that are favorable for other traders.
- As per our analysis of the best fx brokers in the UK, this proprietary platform is heavily regulated by the FCA & CySEC (Cyprus Securities and Exchange Commission)
- This FCA-regulated broker has a great customer support team.
- The CFDs traders can use this Next Generation platform as their own trading platform.
Depending on the needs of the professional traders, the best fx brokers in the UK provide three different trading account types: Corporate, CFD, advanced order types, and spread betting. Though CMC Forex Markets is one of the top UK-regulated brokers, it is not just restricted to the UK; it is also well-known in other countries as well.
|CMC Markets Features
|No Minimum Deposit Required
|Retail Major Pairs – 30:1, Minor Pairs – 20:1, Pro Major and Minor Pairs – 500:1
|Trading CFDs, Fx, Indices, Commodities, Currency Pair, Shares, ETFs, Bonds, Crypto
- The Best Forex Brokers UK have extensive offerings for all of their clients.
- This platform is regulated by FCA United Kingdom (Financial Conduct Authority).
- Emphasis on education (learning lab) & outstanding customer service with a live chat system.
- Research amenities are industry-leading.
- Offers protection for retail investor accounts, the lowest spread forex broker, and comes with three account types.
- It does not accept U.S. clients.
- High CFD spreads for certain indices compared to any other broker.
- No back-testing or automated trading capabilities.
- Differences between Next Generation and MT4 broker.
Fee Structure of CMC Markets
- There is no account opening fee for its supported types of accounts.
- No minimum initial deposit requirement at CMC Forex Markets.
- It charges an inactive accounts fee of £15 per month.
- No commission costs are taken, as the broker is paid through the spread.
- Provides competitive tighter spreads as low as possible.
- £10 cost to view live pricing, i.e., waived if you do 11 monthly transactions.
4. VT Markets – Best CFD Trading & Forex Trading Experience
Our analysis found that VT Markets, the best forex brokers in UK, was established in 2016. It is a subsidiary of Vantage Global, a regulated company of global repute. VT Markets offers many assets and is considered safe as it is an authorized and regulated platform under the leading Australian Securities and Investments Commission (ASIC).
Some Key Features of This Broker Are:
- VT Markets UK fx brokers support various third-party features, including social trading/copy trading tools that help users share trading ideas.
- The foreign exchange (one currency exchange) offers access to MetaTrader platforms and proprietary VT Pro forex trading apps.
- Offers several research materials, mobile trading, video courses, and good educational content to impart knowledge to new traders, accept clients from the UK, and 24/5 customer support.
- VT Market’s best brokers for forex trading offer retail traders and institutional clients superior forex CFD trading experience.
- It provides an excellent blend of STP and ECN accounts and highly competitive spreads & they also accept clients worldwide.
It provides a complete secure client portal that can be accessed anytime from any part of the world for foreign exchange trading. It provides suitable trading condition which suits everyone’s trading style. Learn more about the platform in our VT Markets review and its list of features.
|VT Markets Features
|Fx, US CFD Shares, HK CFD Shares, Indices, Currency Pair, Soft Commodities, Energy, Precious Metals
- VT Markets holds two top-tier licenses under the ASIC and CIMA.
- The lowest spreads are available for ECN account holders.
- Offers copy trading, demo account, and swap-free Islamic accounts.
- An easy-to-use proprietary mobile app called VT Pro delivers an advanced research platform and news headlines.
- This ECN broker UK offers third-party trading signals to let CFD traders know when to place their trades.
- A high deposit amount of £200 may not be convenient for beginners.
- It provides no spread betting.
- Not a 24/7 customer support.
Fee Structure of VT Markets
- Trading costs at VT Markets vary based on the type of fx account chosen by the traders.
- The basic STP account is free of commissions but has higher spreads than Raw ECN accounts.
- Typically, the social trading platform broker lists spread on EUR/USD currency pair at 1.2 tips for the standard STP account,
- The typical spreads start from 0.83 pips for the Raw account.
- A standard STP account has no inactivity fee & also, to opening an account is simple.
- Raw ECN broker fee structure is quite standard, with the lowest spread.
5. FXCM – Huge Range Currency Pairs, Forex Pair, & CFDs
FXCM offers to trade foreign currencies like forex and CFDs. This award-winning forex provides 39 currency pairs which may be disappointing for professional traders looking for a wide variety of fx currency pairs like GBP/USD, including major forex pairs. The spreads offered by FXCM are somewhat higher than the other forex platforms.
Why We Pick It:
- FXCM brokers provide high-volume transactions and live FX trading signals, and it also won the Most Transparent Forex Broker – Global in the Global Forex awards.
- Ideal trading platform for traders who often execute large forex trades.
- This top forex broker UK provides fast execution speeds and standard accounts, including automation tools support.
- Provides several trading platforms that execute trades instantly, along with educational tools.
- This copy trading platform allows the spread bets and CFDs for novice and more experienced traders.
FXCM also has a trading station platform for quick trade and is regulated by the Financial Conduct Authority FCA, which makes it safer, including client funds. However, according to this FXCM review, the broker recently lost its regulatory license for US brokers and no longer accepts clients from the United States.
Check out our FXCM review to learn more about this online platform, its services, and its features that benefit UK traders.
|400:1 Fx Leverage, 200:1 CFD Leverage
|Fx, Shares, Commodities, Indices, Cryptocurrencies, Spread Bets
- Several trading forex tools are free to suit everyone’s trading styles with fast execution speed.
- The trading platforms’ minimum deposit stands are low. It also supports spread betting.
- Offers exhaustive research support and educational materials.
- Restricted wide product range.
- This brokerage does not accept US clients.
Fee Structure of FXCM
- FXCM requires a minimum deposit of $50 for the basic account.
- However, the deposit requirements for the Active Trader account are higher.
- An inactivity fee is charged, a fee of up to 50 units.
- Commission costs for the Active Trader account, which is £25 for every 1 million traded if the traders trade 150M to 500M in a month.
6. City Index – Best FX Broker UK for Beginners
City Index, our analysis suggested this as the best forex broker in UK, which may be an excellent alternative for you. It’s great for traders who are looking for tight spreads & range of forex pairs. City Index was established in 2014, is a subsidiary of GAIN Capital UK Limited, and is also regulated by National Futures Association.
Why We Choose It:
- City Index, an award-winning platform, offers 84 Fx currency pairs/forex pairs with major and minor currency pairs support; along with that, it has exotic trade currencies, around 74 drawing tools, and educational materials; all those features provide a rich foreign currency trading experience for the traders.
- You can also trade cryptocurrencies, minimum spread bets, and CFDs, as these services make it unique compared to other top forex brokers in UK.
- It’s an international awards-winning platform that provides a customised platform with unique spreads and supports MetaTrader 4.
- Supports forex market analysis and provides an average execution speed of 0.05 seconds.
- It is an excellent option for complete beginners and more seasoned traders who use all the great research tools and newsletters accessible to them.
According to several City Index reviews, trading CFDs with this provider is adaptable and works rather well on PCs. However, while researching forex trading online brokers, we found it to be a less user-friendly platform for most traders, as most best forex trading platform UK are the opposite of this.
|City Index Features
|FCA, ASIC, MAS
|Fx, Stock, CFDs, Crypto, Spread Bets
- Low fees for trade CFDs, Index, exotic currency pairs, & Fx.
- This next-generation platform offers exhaustive research tools, copy trading, and a free demo account.
- The best brokers have a hassle-free and almost instant account opening process with monthly market intelligence emails for intel.
- Restricted product portfolio provided by these best brokers.
- CFD and stock exchange fees are high.
- The web-based trading forex platform is not user-friendly.
Fee Structure of City Index
- As per the broker reviews, a £100 minimum deposit is required.
- It also has quite hefty stock CFD trading fees & come with high leverage.
- Opening an account is rather simple, with a minimum amount needed.
- The minimum spreads start at 0.5 for most currency pairs like EUR/USD and AUD/USD.
Expert Advisors: CFDs are complex instruments with a high risk of losing money rapidly due to leverage. Most retail investor accounts lose money when trading CFDs with this provider. Ask yourself & choose forex only if you can take the high risk of losing your money and understand how spread bets and CFDs work. Don’t depend on past performance; proceed with your trading day after calculating everything.
7. Interactive Brokers – Best for Casual & Advanced Traders
Interactive Brokers has been a pioneer in the online brokerage industry. It has an excellent ranking in our list of best online brokers and provides traders with advanced trading technologies. It also provides web and mobile support on android devices/IOS, educational resources, an excellent range of financial instruments, performance analytics tools, & more.
According to the Interactive Brokers review, beginners or even casual traders might find the main IBKR Pro web platform slightly overwhelming. Still, when combined with its streamlined mobile device and web-based solutions, this makes it the best online broker UK, & it stands out as a top choice.
|Interactive Brokers Features
|ASIC, MAS, FCA
|It Depends on the Account Type
|Fx, CFD, Crypto, Spot Metals
- Numerous options are available globally and across asset classes.
- Superior implementation of orders & great seamless experience.
- Advanced trading tools with stop loss orders support.
- Low interest rates on margin & great customer service.
- Clients of IBKR Lite are not permitted to use the SmartRouter.
- It might be daunting for less experienced and less active investors.
- No automated trading or bespoke trading algorithms backtesting.
Fee Structure of Interactive Brokers
- As per the broker reviews, Interactive Brokers does not charge any additional fee on its trading assets.
- This web platform offers active traders some of the most competitive fees.
- To open an account, i.e., forex trading accounts with this online forex, is easy.
- It provides low fees.
8. FOREX.com – Best for Active Forex Traders
Forex.com is a reputable forex trading platform that offers top-notch forex and CFD brokers in the UK and provides a first-rate trading environment. Along with restricted access to MetaTrader, it delivers an astonishing array of its own proprietary trading platform and a wide choice of marketplace & UK regulations.
Why We Choose It:
- The forex broker has multi-asset offerings to entice the fx trader to trade forex on all levels of expertise, even though it is not a bargain broker until you trade greater quantities and capital is at a risk-free state.
- According to most Forex.com reviews, the online broker offers a wide range of investment products and advanced tools, including commodities, over 80 currency pairs/fx pairs, individual stocks, CFDs commodities, and even cryptocurrency trading.
- It has a trading standard stop loss feature, which enhances its platform experience, unlike other platforms.
- Phone support and social media presence.
- You can also refer to the FCA website for more info regarding its regulation & check the registration number mentioned.
- This good broker provides three main account types, several trade execution techniques, order types, and clear execution of a data profile.
|Commodities, Indices, Stocks, Bonds, ETFs, Spot Metals, Gold & Silver (Unleveraged in the US), Cryptocurrencies
- Offers several types of currency pairs like EUR/USD.
- Technical indicators research tools are very diverse.
- Low forex fees with MT4 and MT5 platforms support and great customer service.
- The desktop platform needs improvement.
- Stock CFD fees are high & higher spreads.
- Does not offer many products for trading.
Fee Structure of FOREX.com
- It’s more expensive than most other brokers in terms of trading fees.
- The tight spreads offered by Forex.com start at 1 pip for the popular assets and may go up to 100 on the least popular forex currency pairs.
- The spreads vary depending on the forex market conditions.
- Low commissions are charged by the brokers, but they also vary based on the account type and trading CFDs conditions.
- No Withdrawal Fees.
- An inactivity fee of £15 is charged on retail investor accounts that have remained inactive for over 12 months.
9. XTB – Top Demo Account for UK Forex Traders
XTB is the best online trading platform UK; it is a foreign currency brokerage firm with approximately 20 years of expertise, primarily serving clients in the European Union & providing them with top trading conditions.
Why We Choose It:
- It is a user-friendly forex platform that provides 48 currency pairs for trading.
- It has two account types, standard and pro, suitable for every experience level of traders.
- XTB website offers an Islamic account feature.
- Offers tight spreads, lower spreads & market average spreads.
- This forex platform has mobile app support, which supports both iOS and Android platforms, and can be downloaded from the Apple store and Google play.
- The “xStation 5” trading platform that comes under UK regulations offers access to research and innovative trading tools combined with advanced capabilities for experienced traders.
- It is FCA Regulated & has an excellent reputation for good customer service that enhances user trading activity.
- You can check the FCA website for more info regarding its regulation, which you can mostly find at the bottom of the broker’s website (FCA, formerly known as the Financial Services Authority).
- XTB brokerage accounts UK offers two different retail investor accounts: spread-only trading accounts and a commission-based Professional account.
According to several XTB reviews, this best UK CFD broker has remained one of the most popular, having the highest value for all types of traders. It comes on our list because of its inexpensive trading fees and the wide range of financial markets and payment methods like credit cards, debit cards, bank transfers, & more.
Note: CFDs are complex instruments with a high risk of losing money rapidly due to leverage. Always be aware of the trading conditions/your financial situation before going ahead to avoid loose money when trading CFDs.
|No Minimum Deposit Requirements
|Forex, Indices, Commodities, Stocks CFDs, ETF CFDs, Currency Pair, Crypto Trading CFDs
- Over 4,000 trading options, other financial instruments, and an Islamic account are available.
- Authorized and regulated by the top regulatory bodies.
- Multilingual website & customer service team.
- Mobile Platform-based Applications for a great trading environment.
- Cashback Rewards, low-cost trading, & a user-friendly interface mobile app.
- No VPS & no dealing desk.
- Bonus schemes are only valid for non-European users.
- 30 days validity of Demo Account & No fixed exchange rate as the Chinese Renminbi.
Fee Structure of XTB
- XTB’s pricing is competitive with the online finance industry standard, with low trading fees.
- The EUR/XTB USD average spread was 0.91. Variable spreads start at 0 pip for professional client trading accounts.
- Both the standard and professional accounts have competitive pricing.
- The minimum deposits begin at 250 base currencies (£250, €250, or $250).
- The Standard classic account seems more affordable for modest sums.
- No withdrawal fee is charged till a certain limit.
10. Capital.com – Best for Advanced UK Traders
Capital.com, created by a mixed team of software developers and bankers, uses a novel style of the transaction process to increase FX market efficiency (the largest financial market) and enable commission-free trading, where traders only pay the overnight costs and buy-sell spread if they use leverage.
Why We Choose It:
- Major individual investors prefer Capital.com, which is regulated by the Financial Conduct Authority FCA in the UK (FCA, formerly known as the Financial Services Authority) and several other regulatory agencies around the globe.
- Its 138 supported trade forex pairs all have competitive spreads and several platforms, including a large selection of useful tools, live webinars, & a guaranteed stop loss orders feature.
- This great platform supports MetaTrader 4 (MT4) but not MetaTrader 5 (MT5).
- Additionally, for an advance trader opening a Capital.com brokerage account merely takes a few minutes. Though it is suitable for any experience level.
In this Capital.com review, we will examine every facet of this great trading platform, such as its competitive pricing structure, asset classes, customer care service, types of retail investor accounts, best forex trading apps, range of educational resources, demo trading account, and more; you can also refer to the FCA website for more info regarding its regulation.
|1:30 for retail clients
|Indices CFDs, Forex CFDs, Commodities CFDs, Cryptocurrency CFDs, Currency Pair, Shares CFDs
- Low forex CFD fees and commission-free real stocks.
- Great account opening experience provided by this online broker, regulated by the FCA, & great trading conditions.
- Excellent customer support via email, chat, and mobile app support.
- High stock exchange & index CFD fees.
- Only CFD, real stock, and spread betting (for UK clients) are available.
- Smaller account currencies are unavailable, and no MetaTrader 5 support.
Fee Structure of Capital.com
- Capital.com crypto fees are higher than those for any other class.
- Non-Trading Fees charges are low forex fees, usually for non-trading actions such as position rollover fees/swap rates and fees for trading transactions.
- No withdrawal fee or deposit fee.
- Reasonable overnight fees.
- This brokerage firm doesn’t charge commissions on most trades (commission-free forex trading & has an average spread).
- United Kingdom traders only need a £20 initial investment advice to get going.
11. Pepperstone – Best Trading Experience
Our analysis of the best fx broker in UK found that the platform is known for its low spreads with its standard account and razor (STP) accounts. Pepperstone has received multiple accolades, including the best broker overall; it offers simple accounts with no commission fees.
Why Do We Pick This Exclusive Platform?
- Pepperstone best-trusted broker for the MetaTrader 4 & MetaTrader 5.
- Fast execution trading platforms have spread bet support & including a wide selection of more than 60 currency pairs.
- Low commission fees, swap fees, a low initial deposit, multilingual support, and reliable customer service are Pepperstone’s additional strengths.
- Third-party multiple trading platforms (such as Smart Web Trader Tools, Figaro Advanced Trader, Copy-trading and social trading tools, scalping, and automation).
- The CFD broker UK offers various trading products, technical indicators, trading instruments, price alerts, and risk management tools and provides technical analysis.
- This best overall broker provides a free demo account before you start trading on forex CFDs with its standard account.
According to several Pepperstone reviews, the only downside is that Pepperstone brokerage firms offer their own platform along with MetaTrader 4, both of which are quite basic.
|ASIC, FCA, DFSA, SCB, CMA, CySEC, BaFIN
|30:1 For FCA jurisdiction.
|Fx, CFDs on Equities, Indices, Shares, Commodities, Energy, Metal, and Cryptocurrency
- Fast and fully digital retail CFD accounts opening.
- Great customer service with trading instruments & access to global financial markets.
- Commission reduction through Pepperstone’s Active Trader Program.
- Mostly CFDs are offered.
- MetaTrader platform is basic for these forex brokers, not a proprietary platform.
- Trading spread bets and CFDs is tough & No guaranteed stop loss is available.
Fee Structure of Pepperstone
- Pepperstone forex brokers is an agency-execution broker that, when used in conjunction with its Active programme for high-volume traders, provides great pricing on its Razor account.
- These trading platforms have no inactivity charges & Pepperstone supports low forex fees.
- Most brokers in the UK have a reasonable minimum deposit & low spreads/tightest spreads for various asset classes (which is buy and sell price), just like Pepperstone.
- These top forex trading platforms UK have competitive fees structure for their CFD accounts.
- Seamless and free deposits and no withdrawal fee with MT4 and MT5 support by this best forex broker.
Is Forex Trading Legal in the UK?
Yes, forex trading is permitted in the United Kingdom as long as it is carried out by a duly accredited broker and regulated by the FCA. Use a reputable forex broker regulated by the FCA. You may see the kinds of clients a broker can work with (such as retail or professional clients) and the kinds of investments the broker can offer by looking up the broker regulated by the FCA on its website. (FCA registration number mentioned) You won’t lose money if the platform is legal in the UK.
Which Is the Best Forex Trading Platform in the UK?
In the below broker comparison table for the UK, we have provided you with quick information regarding fees and leverage; you can choose as per your requirements. If you ask for our advice, we recommend capital.com as its minimum deposit is less and offers reasonable leverage.
Here we have covered some points to help you choose the best forex broker, the importance of choosing a broker with regulation, the right way to trade, and how to verify brokers. Go through our guide to get a better understanding of the topic & choosing the right UK forex brokers.
- How To Trade Forex Broker in the UK?
- What is Financial Conduct Authority (FCA) and its UK Regulations?
- Why Are FCA Regulations Necessary for the UK Fx Brokers?
- How to Verify that the UK Fx Brokers are Regulated?
How To Trade Forex Broker in the UK?
Trading Forex is one of the most profitable financial segments in the UK market. The following are the necessary steps you must follow to start forex trading in the UK:-
- Explore different trading techniques such as scalping, swing trading conditions, and trading position while researching online brokers.
- Learning How the Forex Market in the UK Works & Get Started.
- Start with a demo account first before opening a Forex Trading UK Account.
- You should have a sound platform to pick from, along with a great trading strategy & taking expert advice; choose the right platform and technical analysis tools.
- All these make forex trading legal in the UK.
What Are the Financial Conduct Authority (FCA) and its UK Regulations?
Before choosing any UK broker in the foreign exchange market, you must first ensure it is properly regulated by UK’s Financial Conduct Authority FCA (formerly known as the Financial Services Authority).
The regulatory bodies ensure the security and reliability of the most popular trading platforms of the FX global financial markets in the United Kingdom and assist traders in feeling secure while investing their hard-earned money in the most regulated brokers.
For instance, trading with FCA-regulated brokers allows traders to be eligible for a hefty compensation of up to 85,000 EUR under the Financial Services Compensation Scheme.
Why Are FCA Regulations Necessary for Best Forex Trading Platforms?
The organization’s primary mission/responsibility of the FCA is to ensure financial services under its regulatory status jurisdiction follow the necessary regulations.
UK’s Financial Conduct Authority ensures that UK brokers conduct their financial services legitimately. Red flags observed by the FCA can jeopardize the image of even the most successful UK Forex broker service. So it makes sure all UK entities are licensed. The process of getting verified by the FCA involves the following steps for the best forex trading platforms UK:-
- Establishing permission by performing regulated brokerage trading activities.
- Building a business strategy and auditing the broker services.
- Collecting and organizing documentation of business trading account activities.
- Creating a well-thought-out application to put forth to the FCA regulators.
- Declaring the application and submitting it.
Note: To avoid a scam broker, UK residents strongly recommend choosing an FCA UK-regulated broker, as trading is legal in the UK and safe.
How to Verify that the Forex Brokers are Regulated in the UK?
Before you start trading forex, you must check whether online brokers in the UK are authorized and regulated by the FCA. Here we have taken CMC Markets as an example for a better explanation. Follow these steps before choosing highest rated brokers:
- In the first step, you must visit the official best forex brokers website’s home page bottom-text section and find FCA Registration Number.
- In the second step, you must enter the Broker firm name or reference number on the official FCA website page.
- In the last step, compare the reference number mentioned in the official brokers’ website discloser text with the official FCA website page. If it’s a valid match, then that broker is legitimate for the UK. On many brokers’ websites, this is the easiest way to find. This way, you get all the brokers that are regulated.
Final Thoughts on Best Forex Brokers in the UK
This guide has rated and reviewed the best UK forex brokers. Key talking points relating to supported forex and the high risk of losing money when trading CFDs market authority, low commissions, spreads, reduced trading costs, payments, bank account transfer, liquidity providers, inactivity fees, and more have been covered in our thorough research.
However, before starting trading fx with the best UK fx brokers, traders must know about the low minimum deposit and use trading strategies to execute profitable trades and avoid high risk.
Before starting trading in the stock market, major currency pairs, and international forex markets, beginner forex traders are advised to watch videos explaining trading strategies and, of course, to check that trading is legal in your country and versatile trading styles that explain the basics of the forex industry like market volatility, negative balance consumer protection, algorithmic trading, high-risk management tools.