10 Best Forex Brokers In UK Of Oct 2023 FCA Regulated

And the majority of trades happen with popular names in crypto, such as bitcoin and Ethereum. Supposedly, its global forex brokerage fees are quite high, so be sure to double-check. You will need to submit a driver’s licence or some other personally identifying document, which will also https://www.xcritical.in/ include bank account information. Interactive Brokers doesn’t offer the sort of social trading beginner-friendly experience of eToro. At least, in the sense of if you want to have a passive trading super tool. There’s no minimum upfront deposit needed to start using the platform.

  • Today, the company is licensed and regulated by the FCA in the UK, the SEC and CFTC in the US, the ASIC in Australia and the Monetary Authority of Singapore in Singapore.
  • EToro is a social trading platform that offers trading in Forex, CFDs, and cryptocurrencies.
  • These include conversion fees for most UK residences, as the eToro platform uses USD.

Our Desktop PCs run Windows 11, and we use MacBook Pro laptops running the latest version of macOS to test trading on the go. You’ve been doing your technical analysis on the FTSE 100 and noticed a nice area of demand where the price respected the supply zone that had formed above the 7000 level. You decide to bet long on the FTSE 100 at 7178 for £5 stake per point because you think it will rise now. When you are ready with your strategy and have found a potential idea, you will be ready to place your first bet. To do this, you will open a dealer ticket by selecting buy or sell on the asset you want to bet on.

However, there may be a larger time investment as a secondary consequence – this is because the passive investment offerings are somewhat less than those offered by eToro. This works for both web and mobile devices, and the mobile version is one of the best forex trading apps. So controlling your trades at home or on the go is quick and easy. Value can be quite good if you go with a standard account; spreads are low vs market for many assets. Rather than use a unique platform, Pepperstone uses third-party platforms like cTrader, MT4/MT5, and TradingView, plus others.

The primary regulator for Forex trading in the UK is the Financial Conduct Authority (FCA). The FCA was established in 2012 as an independent body responsible for overseeing the financial markets and ensuring compliance with regulations in the UK. The FCA has a reputation as one of the world’s most reputable regulatory bodies, providing robust protections for traders.

Spreads for major currency pairs such as EUR/USD can be as low as 0.0 pips, by far Eightcap’s biggest selling point. Like the best no-dealing brokers, Eightcap uses STP technology to source the best quotes from top-tier liquidity providers with no markups. At ForexBrokers.com, our reviews of online forex brokers and their products and services are based on our collected data as well as the observations and qualified opinions of our expert researchers. Each year we publish tens of thousands of words of research and detailed forex guides, and we monitor dozens of international regulator agencies (read more about how we calculate Trust Score here). Some brokers like Pepperstone and OANDA don’t have a minimum deposit. However, you will need to meet the margin requirements to open a trading position.

It offers a user-friendly platform, competitive spreads, and a wide range of trading instruments. It also provides educational resources and excellent customer support, making it suitable for beginners. CMC Markets is a well-established forex broker that offers a range of trading instruments and platforms. It provides educational materials, market analysis, and advanced trading tools, making it a good choice for beginners who want to enhance their trading knowledge. The company’s philosophy is to make trading accessible to everyone, regardless of experience or financial background. It offers a range of trading services, including a comprehensive selection of forex pairs and CFDs, as well as an excellent social trading platform.

In the case of Swissquote, you can choose from the broker’s proprietary platform Advanced Trader or the mainstream platforms – MetaTrader4 and MetaTrader5. All platforms are available for desktop (not Mac in the case of Advance Trader), web and mobile. We liked FxPro based on their extensive educational resources, which we found the best of any broker.

So in this sense, this is a very aggressive platform to use if you want to dabble with currencies. At the very least, check for the ‘negative balance protection’ feature. For instance, you can’t find it via PayPal or card, when we last checked.

The spreads are highly competitive – EUR/USD is around 0.7, for example, and over 90 currency pairs are available. FxPro is one of the more recent forex brokers in the UK to draw our interest, having started in 2006 (though that’s a year earlier than eToro!). Even so, they offer 70 currency pairs and several different account types. Today, let’s break down the best forex trading platforms in the UK for 2023 based on their fees, features, and many other factors we’ve examined in depth.

Top 10 UK Forex Brokers

Forex trading is no longer just the preserve of professional traders, with online broking platforms opening up forex markets to private investors looking to diversify their portfolios. Two commission-free accounts are available, the Prime and Premium accounts. Prime has lower spreads which start from 0.6 pips (EUR/USD) but a higher minimum deposit to open the account. Prime has a spread starting from 1.3 pips, but the deposit is comparatively lower than USD 1000. Forex traders means providing a simple-to-use mobile trading app, easy-to-comprehend market research and educations content suitable for beginner traders. You can view the beginner trading guide with the top brokers to learn more, but in summary, City Index caters to these novice traders.

Top 10 UK Forex Brokers

We captured the spread data for 6 major currency pairs and then averaged the results. While Pepperstone finished 5th overall for commission-based trading with an average pip of 0.36, it is just 0.22 pips less than the overall winner Fusion Markets. More importantly, they finished number one of the FCA-regulated turnkey broker Forex brokers. So if you are a UK resident, Pepperstone should be your first choice. IG’s propriety platform is what most traders select and has won past awards based on the trading instruments and experience they offer. This platform provides their fastest execution speed which they state is 0.014 on average.

Axi established itself among trusted and competitive Forex/CFD brokers in the UK amid its impeccable operational track record and low fees. It is an ideal broker Forex broker for demanding traders, connecting accounts directly to 20+ liquidity providers, resulting in ultra-fast order processing. MT4, the leading algorithmic trading platform, has an embedded copy trading service, and Axi offers free VPS hosting for low-latency 24/5 Forex trading. PAMM brokers offer investor accounts that allow you to allocate funds to other traders’ accounts.

Our execution speed tests also found the broker to be the second fastest. In conjunction with the wide range of tradable instruments and London-based customer support, it cemented the broker’s number 1 spot. In this guide, we’ve compiled a list of the top brokerages regulated by the Financial Conduct Authority. We’ve reviewed each broker based on a range of criteria, including the trading platform, fees, customer service, and overall reputation. Whether you’re a beginner or an experienced trader, our rankings will help you find a trusted and reliable forex broker in the UK.

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