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But whilst MetaTrader is a reliable choice, it may not be the best choice for you. There is a range of other good platforms out there, such as cTrader, as well as social and copy trading platforms such as ZuluTrade and DupliTrade. Traders who wish to monitor the markets whilst on the move should also consider the best forex brokers for mobile trading. Mobile apps allow you to manage your money, open positions and keep up with the financial markets from your iOS or Android smart device.
Some of the best forex brokers using MetaTrader also provide the user-friendly mobile application. Other top forex brokers also offer their own proprietary app. There are several operating models that the best forex brokers in the UK use. These models determine how customer orders are executed. Market makers therefore control prices and often set fixed spreads. Conversely, No Dealing Desk NDD brokers do not pass orders on to a dealing desk and therefore provide direct access to the interbank market.
Another key consideration should be the spreads and fees that the forex broker charges. These are the costs of trading and vary among online providers. The spread is the difference in the bid and ask price of a currency pair, which is how the broker makes money.
Forex spreads can be fixed or variable and are usually presented as 4-digit or 5-digit pricing. A commission is usually charged on a per volume basis and typically varies depending on the account type. The best forex brokers often provide spread or commission calculators so you can easily establish the cost of trading before you execute positions.
Choosing forex brokers with the lowest spreads does not necessarily guarantee you the best deal, as low spreads might be compensated elsewhere. Conversely, choosing a no commission forex broker is likely to mean higher spreads. In fact, the main pricing structures that brokers typically use will either involve charging the spread only with commissions rolled into the spread or charging a lower spread with the commission on top. Identifying the most cost-effective option for each broker will require some comparison.
As well as forex trading spreads, some of the best forex brokers charge additional fees that can impact returns:. Getting to know all the different costs can be overwhelming. The best forex brokers will be transparent with their costs and some even publish a comprehensive PDF with contract specifications. Leverage allows you to put down a small amount of cash in order to take larger positions. The margin is how much money is required to open the leveraged position.
Whilst leveraged forex trading can lead to potential profits, it can also amplify losses. This has proven harmful when trading with unregulated forex brokers and high leverage ratios. Some brokerages even offer leverage rates as high as It is for this reason that some legislators have capped retail leverage at on major forex pairs. This is the maximum rate offered if you choose an FCA-regulated broker.
Professional traders can leverage up to Note, if you wish to compare the best forex brokers with higher leverage, there are plenty of resources online. Account types vary from broker to broker and differ depending on various factors, including spreads, pricing and access to additional tools. Many of the best forex brokers are now offering cent accounts for beginners, as well as trading in micro lots with micro accounts.
Zero spread or ECN forex brokers provide direct access to other market participants and typically charge a premium commission. Halal or Islamic accounts are also provided by some of the best forex brokers and have no swap or rollover interest fees, complying with Sharia law. Most of the best forex brokers also offer a risk-free demo account which allows both beginners and experts to test out the service and place virtual trades in the trading platforms. Putting these at the top of your list will help you choose good FX brokers with low spreads for these pairs.
You may even find top forex brokers offering zero pip spreads on some majors. For the best trading experience, you should also look for currency exchange brokers in the UK that offer a variety of other instruments to trade in the forex market. Top brokers usually offer a mix of major, minor and exotic currency pairs on spot contracts, as well as other day trading assets such as binary options or futures. Brokers that allow you to trade cryptocurrency pairs, stock market instruments or indices, such as NASDAQ, are also popular.
The best forex brokers are those accepting and offering a range of deposit and withdrawal methods, including debit cards, bank wire transfers, e-wallets, PayPal, WebMoney, Sofort, plus mobile money. The best forex brokers also cover any processing fees so your trading capital and profits are unaffected. Note, the best forex brokers offer close to instant deposits and process withdrawals within several working days. Traders usually need to pay an initial deposit when they open an account. For beginners in particular, a low minimum account deposit can be appealing.
The best forex brokers provide good quality customer support through live chat services and hour telephone hotlines, which are the best options for immediate response times. Many UK-based forex brokers have customer support offices in locations like London. Any additional tools and features offered by forex brokers are a bonus, as these can often be tailored to beginners and experts alike. Educational resources are particularly important to new traders who need to understand the basics of forex trading.
Access to tutorials, webinars, economic calendars, financial news feeds or forex calculators, for example, can help to boost efficiency and enrich trading knowledge. The best forex brokers also offer more comprehensive tools for experienced traders, such as a VPS or custom add-ons to support automated trading. For example, you could check out the best forex brokers that allow hedging and scalping. The level of security provided by the best forex brokers is high, helping to ensure your funds and personal information are kept safe.
If the broker uses a proprietary trading platform, they should be transparent around any measures they have in place, such as Secure Sockets Layer SSL encryption, two-factor authentication 2FA , or one-time passwords OTP. Most well-known third-party trading platforms such as MetaTrader 4 or 5 use such measures. KYC is part of the wider Anti-Money Laundering AML financial policy and consists of several protective features, such as requesting two forms of identification from each customer.
The reputation and success of a top forex broker can easily be gleaned by the volume of daily trades executed. Many of the best forex brokers received a good ranking in for this reason. Bear in mind, though, that traders are more likely to post a review and a poor rating if they have had a bad experience.
In addition, there are professional best forex broker reviews and ranking tables online which can help with your comparison. Being active on social media can be a good indicator of how much they value the modern customer experience. Some of the best forex brokers are on Instagram and other popular channels, such as Facebook and Twitter.
The best forex brokers for traders in England are prohibited from offering incentivised promotions. These regulations are designed to protect traders from harmful incentives that promise an attractive boost on the condition of a hefty deposit or unreasonable trading terms. If you do want to find promotions, be aware that these firms are unlikely to be licensed by a top regulator, such as the FCA.
There are multiple factors to take into account when looking for the best forex brokers in the UK. Whilst we can provide insights and recommendations, the decision is ultimately down to individual requirements. From there, you can check out our individual brand reviews or our ranking list of the best forex brokers of Toggle navigation. Home Forex Trading in the UK UK Forex Brokers.
Low Deposit. Signals Service. Islamic Account. MetaTrader 4. MetaTrader 5. Copy Trading. Spread Betting. Found Brokers. Pepperstone offers spreads from 0. Lots start at 0. Zero commission, free education and low spreads. They offer competitive spreads on a global range of assets via a next generation platform. Reliable and affordable trading since Trade Forex CFDs from 0. Vantage is ASIC regulated and client funds are segregated.
Open an account in under 5 minutes. Trade Forex on 0. Great choice for serious traders. ASIC regulated. They are regulated across 5 continents. With spreads from 1 pip and an award winning app, they offer a great package. Trade on close to 20 currency pairs, including crypto pairs. Flexible lot sizes, and Micro and XM Zero accounts accommodate every level of trader.
Global brand offering exceptional execution, low deposit requirements and advanced charting and trading platform features. All have competitive spreads. The firm also ensures negative balance protection. NinjaTrader offer Traders Futures and Forex trading. Use Auto-trade algorithmic strategies and configure your own trading platform, and trade at the lowest costs.
Forex trading is offered on 55 pairs, with spreads from just 0. They are FCA regulated, boast a great trading app and have a 40 year track record of excellence. Read more about Trust Score here. As part of our annual review process, all brokers had the opportunity to provide updates and key milestones and complete an in-depth data profile, which we hand-checked for accuracy.
Ultimately, our rigorous data validation process yields an error rate of less than. Learn more about how we test. There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument.
It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. Read more on forex trading risks. Steven previously served as an Editor for Finance Magnates, where he authored over 1, published articles about the online finance industry.
Steven is an active fintech and crypto industry researcher and advises blockchain companies at the board level. Over the past 20 years, Steven has held numerous positions within the international forex markets, from writing to consulting to serving as a registered commodity futures representative.
All providers have a percentage of retail investor accounts that lose money when trading CFDs with their company. You should consider whether you can afford to take the high risk of losing your money and whether you understand how CFDs, FX, and cryptocurrencies work. If you believe any data listed above is inaccurate, please contact us using the "Contact" link at the bottom of this page.
These trademark holders are not affiliated with ForexBrokers. You should consider whether you can afford to take the high risk of losing your money. Please note that CFDs are complex instruments and, due to the leverage effect, carry a high risk of losing money quickly. Past performance is not an indication of future results. The trading history shown is less than 5 complete years and may not be sufficient as a basis for an investment decision.
Copy Trading is a portfolio management service provided by eToro Europe Ltd.