Author:
Alexander Foster
Last Updated:
26/11/2022
Table of Content
- A comparison for finding the best online forex broker in the UK
- Is forex trading legal in the UK?
- steps to safe and fair forex trading in the UK
- This is how our experts create our definitive UK forex broker list
- Do you want to find the best forex broker in the UK?
- What else can you trade online in the UK?
- Conclusion: Start your UK forex trading journey right here!
- Best Forex Broker in the UK FAQ
A comparison for finding the best online forex broker in the UK
Perhaps you’re an experienced forex trader in search of the best online trading platform for VIP investors? Or maybe you’ve stumbled upon this page while searching for information about getting started with forex trading in the UK? Whatever your reasons, we can help you find the very best broker to perfectly suit your specific needs.
We don’t believe there’s any single forex broker that can accurately claim to be the absolute best forex broker in the UK for every trader. A professional forex trader will have very different requirements from a newbie, and that’s something reflected in our comparison guides. So if you’re hoping for a legal, fair and secure trading experience, we’ve got your perfect broker listed somewhere on this page – and we’ll help you find it too!
Is forex trading legal in the UK?
When it comes to forex trading UK kaws are very clear. It’s perfectly legal to trade forex, and given that one of the primary trading markets is based in London, there are certainly endless opportunities. But just because something is legal, it doesn’t automatically make it safe.
All forex brokers legally operating from within the UK are under the control of the FCA, the UK’s Financial Conduct Authority. This is a regulatory body that’s held in extremely high regard throughout the rest of the world, and the authority doesn’t issue licences without careful consideration.
Of course, any internet search for the best forex broker won’t necessarily only display UK-based entities. Offshore forex brokers don’t have the same licensing requirements, so there might not be any redress if something goes wrong. That’s why checking out licences and regulatory bodies is so important before settling down to forex trading.
5 steps to safe and fair forex trading in the UK
This is how our experts create our definitive UK forex broker list
Here at TradersBest.com, we’ve built our reputation on providing insightful reviews and guides that are useful for both beginners and experienced traders. We understand how easy it can be to get caught out by scammers online, and we make sure we keep up to speed with all the latest industry developments.
What that means for you, is a collection of broker reviews you can depend on. We start out by exploring the broker’s licence, certification and regulator. Then we check to make sure that state-of-the-art encryption is in place, and that client funds are kept in segregated accounts. And only if a broker manages to pass this series of checks do we continue with our full review. These are just some of the topics we cover:
Usability
Experienced traders won’t want to be faced with features and resources aimed at the novice forex trader. And equally, anyone just starting out with online forex trading in the UK won’t want to be overwhelmed by unfamiliar jargon and unfathomable links. So we assess how user friendly each broker is, and what level of trader it’s aimed at.
We’ll also let you know about the supported devices, and whether a broker offers a mobile site, or even a downloadable app. We give you a feel for the overall look and design too, so you know exactly what to expect.
Trading platforms
Whenever people refer to the best forex platforms worldwide, they could be talking about the brokers themselves. But more usually the term is used to describe the software used to place and manage your trades.
MT4 and MT5 are the best-known trading platforms used in countries around the world. But many brokers offer a variety of platforms, even including proprietary options, all boasting their own features. We explain who could benefit from using each platform, making it easier to find your perfect broker.
Account types
Just about every forex broker offers the use of a demo account for a few days, or even weeks. This allows you to practise trading in real time, but using virtual funds. It’s a great way of testing out software and strategies, but beginners should look for longer term use, which may come at a price.
Our reviews also tell you about any micro or mini accounts aimed at low-level traders, requiring lower deposits and trading limits. Some brokers offer a variety of standard accounts, as well as professional and VIP accounts, some of which come with personalised benefits, for added value.
Payments and charges
You’ll want to know which currencies you can trade at each broker, but our information goes much further than that. We look at your deposit and withdrawal options too, letting you know what to expect in the way of fees and processing times.
We’ll explain the pricing structure for every type of account, so there won’t be any unexpected surprises once you start trading. For example, we’ll explain whether a broker charges inactivity fees, so every eventuality is covered.
Customer support
Even if you’re an experienced and knowledgeable forex trader, there’s always the potential to hit a stumbling block – and even more so when technology is involved in the equation! We’re found that many of the best forex brokers in the UK tend to offer an entire section of the site to frequently asked questions and technical support.
But when you want to make contact with a real person, you need to know whether help will be forthcoming. So we explore the available options, and let you know whether there’s live chat, email details, contact forms, support tickets or even telephone support.
Our favourite forex trading sites in the UK
The risk of loss in online trading of stocks, options, futures, currencies, foreign equities, and fixed Income can be substantial.
All investments involve risks, including the possible loss of capital.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Do you want to find the best forex broker in the UK?
Whether you’re hoping to find the best forex broker in Indonesia or the UK, the principles are the same. You need to set out the type of experience you’re hoping for before you choose your broker, then choose a trading partner that ticks all your boxes.
How much forex trading experience do you have?
Educational resources should be at the top of your wishlist if you’ve never explored forex trading before. Experienced traders will require a broker offering useful trading tools to enhance their trading experience.
Which device will you be trading from?
PC, Mac and laptop users will find themselves spoilt for choice with desktop trading platforms. But if you intend to trade when you’re out and about, you should definitely look into mobile trading platforms and downloadable apps.
How deep are your trading pockets?
Experienced traders will be looking for brokers offering the trading limits and accounts they feel most comfortable with. Novice traders should look for extended use of free demo accounts, as well as micro and mini accounts, that allow you to keep your deposits and trades at lower levels.
Do you want to develop your forex trading skills?
Enthusiastic forex traders who want to learn from more experienced traders should look out for brokers offering forums or chat rooms that allow for the wider dissemination of trading knowledge.
What else can you trade online in the UK?
Keen traders will find plenty of other opportunities within the UK, other than forex. Both forex and CFD trading within the UK are overseen by the FCA, and in the case of binary options, by the UK Gambling Commission.
Stocks, shares and ETFs can all be legally traded, but it’s essential to keep to strictly controlled brokers. That’s something we’re here to help you with, so be sure to check out our onsite information before you start trading!
Interactive Brokers Review
T&Cs apply, 21+
Conclusion: Start your UK forex trading journey right here!
We’ve got the best forex broker in the UK for your needs right here on this page, and we’re ready and waiting to help you pick it out. Take a look through our reviews, and we’re confident you’ll quickly identify the broker that perfectly fulfils your requirements.
Bookmark this page and keep checking back regularly, to discover if any new brokers have caught our attention. From our perfect CFD broker list, to our articles covering the latest trading news stories, we’ve got everything you need to trade online in the UK.
