Plus500 is a powerhouse in the world of CFD trading and has left a mark with its drive toward innovation. The broker was founded in 2008 and now offers its services in over 50 countries worldwide. UK traders have the reassurance that Plus500 is regulated by the top-tier FCA and is a large publicly-traded company listed on the London Stock Exchange. London-based Tickmill provides a range of products and services designed for advanced traders.

Then you need to consider several key points, including regulation, the level of security, transaction fees, account opening, trading platforms, the ease of withdrawal, customer support services, and so on. Finding a proper broker is not that easy, and you need to take time to investigate which brokers can satisfy your trading goals most. In the U.S., it’s for clients who want to trade the foreign exchange markets. To deliver on this successfully, IG has adopted the time-honored adage, “go big or go home” because it can. Low spread costs, an emphasis on customer service and education, actionable research, and functional user interfaces make this broker well-suited to compete in the online forex broker market.

Pepperstone – Market spread from 0.6 pips; 60+ currency pairs

The rebates help lower your overall trading costs if you’re an ardent trader. In September 2007, eToro introduced its visual FX trading platform that allowed for online forex trading using graphic representations. Unlike most brokers on this list, IG does accept U.S. forex traders, which has been the case since early 2019 when the company re-entered the U.S. market. The company launched as one of the first online trading platforms in 1998. The trading conditions exist for Forex traders to make money in the UK, but approximately 71% lose money when trading Forex, while less than 2% trade Forex for a living.

• The company launched as one of the first online trading platforms in 1998.
• The spread is the gap between the bid and offer prices and is essentially the cost of entering a trade.
• City Index also offers a wide bevy of useful, well-produced educational content.
• You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
• Jitan Solanki author Jitan Solanki is a professional trader, market analyst, and educator.

They also provide a host of educational resources, including courses, webinars and video tutorials to help beginners learn forex trading. Saxo offers a wide selection of currency pairs, including majors such as GBP/USD, EUR/USD, USD/JPY, AUD/USD, USD/CAD, USD/CHF and EUR/GBP, minors, exotic pairs and spot metals. Advanced traders can access even more sophisticated trading features on SaxoTraderPRO, Saxo Bank’s desktop-only advanced trading platform. On Pepperstone, the spreads, which function as trading fees for forex brokers, start at 0.6 pips. Pepperstone charges commissions on CFD Razor accounts when trading forex and a swap rate for holding CFD positions overnight. XTB reviews, this best UK CFD broker has remained one of the most popular forex brokers, having the highest value for all types of traders.

Some https://trading-market.org/ that are regulated in the UK are also regulated in other jurisdictions. EToro — our pick for the best forex broker — facilitates trading CFDs and Forex in Cyprus, for example. It offers 70 technical indicators, 50 drawing tools, and plenty of advanced order types. The platform is well-designed, intuitive, and customizable, and also supports alerts and notifications.

Why Are FCA Regulations Necessary for Best Forex Trading Platforms?

This tool that offers courses for you to learn at your own pace – for free. You can then put your new skills to the test by opening a free demo trading account, along with $20,000 in virtual funds to practice with before forex trading live. Apart from this, we also have both strategy tips, news and analysis articles and our own in-house analysts to help you understand what’s happening in the forex market right now. Develop your forex knowledge by checking out IG’s guide for forex traders, where you can learn things like; what exactly forex is and how it works, how to trade forex and the benefits of forex trading, among others. Our IG review provides you with useful info on how to use IG’s guide and overall advantages of this Forex trading platform. With an office in London, Interactive Brokers is a top forex broker that boasts a range of regulatory licenses.

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. Professional traders need to meet strict criteria around experience, knowledge of volumes traded and financial wherewithal. If you do qualify as a professional trader, you will enjoy higher rates of leverage and access to a wider range of products than retail traders.

Please ensure you fully understand the risks involved by reading our full risk warning. Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when spread betting and/or trading CFDs with this provider. You should consider whether you understand how spread bets and CFDs work and whether you can afford to take the high risk of losing your money. It offers a broad variety of brokerage services geared towards sophisticated active traders, investors, professionals, and institutions. Smaller account holders may be disappointed by higher account minimums, a variety of fees, and fewer customer support options.

#5 Capital.com

This account type does not charge swap fees, which makes them compliant with Sharia law. Most brokers do not charge for opening or closing an account, but an inactivity fee is standard. Here, a broker charges a monthly sum after an account has been dormant for a set number of months. In our individual broker reviews, we explain complex areas like regulatory status, so you can easily understand the safety of your funds and the benefits you are guaranteed.

CMC Markets is overseen by multiple regulators globally, including the top-tier FCA and ASIC. We rated customer support at FXTM as reliable and better than average for the industry. FXTM also excels in its educational offering, with articles, ebooks, and video content to help guide clients across multiple aspects of trading. UK traders who want the full range of MetaTrader platforms along with VPS hosting should consider FXTM.

Tools

If the money lost exceeds this amount, you can still only be awarded a maximum of £85,000. Knowing this will offer you some confidence in ensuring that your money — and your trading account — will be protected in the event of insolvency, fraud, or bankruptcy. IBKR offers iBot on mobile, a voice-activated feature and while the service has improved overall over the year, its phone support can be slow to pick up. In our comprehensive Interactive Brokers review, we analyzed the platform’s technology and overall traits. Unfortunately, traders who opt for MetaTrader 5 will have access to a much narrower selection of investments.

Withdrawals incur a fee of US$5, and the minimum withdrawal amount is US$50. For UK customers, eToro offers an eToro Money app which allows you to convert your GBP to USD free of charge, thereby reducing your foreign exchange costs. ProCharts, a professional-grade technical analysis tool available via the software, enables you to compare charts from different financial instruments and time frames. The software also provides risk management tools, such as Stop Loss, Take Profit and Trailing Stop Loss, which you can use to better manage your positions, protect your investments and secure your profits. Forex trading on eToro is suitable for both beginners and advanced traders.

Scoring is based on objective criteria and mostly measurable data, so our reviews cannot be swayed by individual preferences or biases. In addition, all facts are carefully checked and rechecked, as reviews are continually updated. Using our extensive database of broker reviews we made side-by-side comparisons to choose the winning broker for each category.

Which forex broker can I use in UK?

So the best demo accounts are not time-limited and replicate real market conditions as closely as possible. Beginners looking for a demo account will want a broker with good education, so they can learn about Forex trading as they practice. With IG Markets’ single trading account traders have access to over 17,000 tradeable instruments, many more than most brokers.

IC Markets offers three simple accounts with variable spreads on the MT4, MT5 and cTrader platforms. Two Raw Spread Accounts are available on either cTrader, MT5 or MT4 and a Standard Account is available on MT4 and MT5. The Raw Spread Accounts charge a small commission of 3 USD or 3.5 USD (MT4/MT5) but spreads are often down to 0 pips, averaging 0.1 pips on the EUR/USD pair. The Standard Account charges no commission but spreads start at 1 pip. IC Markets pricing relies on 25 different liquidity providers ensuring deep liquidity and the lowest spreads in the industry.

You can look up if your broker is registered with the FCA by entering the registration number of the broker in question (you will find it at the bottom of the broker’s website) on the FCA website. You will come across dozens of forex brokers eager to earn your business when you search online. The first thing you need to figure out is what kind of forex trader you want to be, your trading needs (like are you going to trade a lot or just a little?), and your trading goals. City Index is a global leader in spread betting, CFD and FX trading. With 40 years’ experience in financial markets and backed by StoneX, a Fortune 100 company, we provide you with the tools you need to succeed. FXEmpire was founded in 2011, making us one of the first forex broker review sites.

Traders can stay on top of key fundamental data with a built-in economic calendar. FXPro was founded in 2006, making it a true veteran of the industry. With four available mobile apps, FXPro offers a strong range of options for beginners and advanced traders. Beyond competitive fees, Tickmill also excelled in the areas of platforms, giving traders the choice of MetaTrader 4, MetaTrader 5, TradingView, and CQG. Founded in 2010, IronFX provides access to forex, commodities, indices, stocks, and cryptocurrency markets. Multiple regulators, including the top-tier FCA and CySEC, regulate the Cyprus-based broker.

• The key is to stay humble, don’t overstep your mark by taking on more than you can handle, but equally, with little risk comes little reward.
• The FSCS basically protects a certain amount of clients funds should a broker go into administration, see their website for more informationhere.
• For this reason, it’s vital to choose a forex broker that can offer you as many trading hours as possible.

Stamp duty does not have to be paid in spread betting or CFD trading because you don’t take ownership of the underlying asset in both cases. Finally, spread bets have a set expiry date, while CFDs do not expire unless you trade CFDs on futures contracts. We judged that Swissquote has the best forex trading platform for beginners. Yes, the Financial Conduct Authority requires that brokers provide negative account balance protection. Not all brokers offer negative balance protection, which could be a liability, especially when trading with high leverage.

Your account will also be protected from reaching a negative balance, courtesy of CMC’s outstanding account protection features. The broker specializes in contracts for difference , which it delivers through web-based and electronic proprietary trading platforms. Saxo Bank has operated in the United Kingdom since 2006 through its subsidiary Saxo Capital Markets U.K. Ltd and, like many forex brokers, it doesn’t accept U.S. traders.

Our multi-asset trading platform LCG Trader, offers a reliable trading experience across financial markets with access to a comprehensive range of market data and analysis to help plan your online trading strategies. For example, brokers must show that clients funds are held in segregated accounts to its own capital. This applies even to VIPs and the most popular trading platforms, include MetaTrader and WebTrader. EToro offers over 45 different currency pairs for Forex trading — and a number of other trading instruments. The brokerage offers web and mobile trading platforms -both of which have been positively received by traders, as eToro once again prioritized usability. It was built with a clean design, predictive and easy-to-use search functionality, and a number of tools to help with trading.

Apart from the added safety of london forex brokers through a Financial Services Authority (F.S.A) regulated firm, traders using Forex brokers in the U.K. Can take advantage of strategies such as hedging, and employ higher leverage than what is possible in the United States. Recent legislation may actually restrict U.S. traders in this regard. The Pepperstone platform is suitable for both beginners and advanced traders. It is entirely free to open an account with Pepperstone, and all registered users gain access to a free demo account which you can use to practise forex trading until you become confident. EToro is a multi-asset trading platform that allows you to invest and trade in forex, stocks, ETFs, indices, commodities, cryptocurrencies, and NFTs, directly or via contracts for difference .

MetaQuotes Software, the developer of the MT4 trading platform, officially ended support for MT4 and now pushes MT5. Despite their best efforts, the MT4 market remains dominant today, with numerous options to receive white-label solutions and sub-licenses from established MT4 brokers. Forex traders pay taxes in the UK but spread betting accounts can be tax-free. Traders should consult a licensed professional to stay updated with ongoing tax code changes to ensure compliance.