Best UK Forex Brokers & Forex Trading Platforms Compared

LCG provides access to a broad selection of CFDs and spread betting instruments across several different asset classes. If you’re new to the world of foreign exchange trading, then you need to find a reliable forex broker that offers excellent customer service. A good broker should have a reputation for helping its customers and have good customer support. Moreover, if you’re looking for a low-cost option, you should opt for a regulated forex broker. Lastly, you should also check the financial record of a forex broker. There are numerous examples of undercapitalized brokers that have disappeared from the market without warning. First, we would choose a forex broker that can handle our foreign exchange transactions.

You can trade forex options on a daily, weekly or quarterly basis for major pairs from £1 per point, if you want to take limited-risk forex positions. One of the lesser used but most helpful features through is the ability to trade forex when others can’t over the weekend. IG provides a weekend market for EURUSD, GBPUSD and USDJPY on Saturday and Sunday. Pricing is obviously wider, it does help provide some more control over your positions. And of course, you can see what other traders on the CMC platform think of specific forex markets with the “market pulse” tools. The client sentiment indicator shows how many clients are long or short an FX market, and the Chart forum gives analyst views from a technical perspective.

The simplicity of its trading platform makes eToro appealing to entry-level traders. Traders can enjoy a user-friendly interface and a collaborative environment. AvaTrade is adhering to 8 financial regulatory authorities in 6 jurisdictions. AvaTrade is a safe broker for both CFD and foreign exchange trading. The Razor account is commission-based, while the standard account incorporates commissions within the spreads. Forex trading may be a tedious and overwhelming undertaking but at the same time, it can be very rewarding.

All research has been conducted by our in-house team of researchers and writers, gathering information from various company representatives, websites and by sifting through the fine print. With over 150 data points on each broker and over 3000 hours of research and review writing, we believe we have succeeded in our goal. If you want to trade other CFDs as well as Forex but want to have a standalone client then MT5 is a good choice. If you only want to trade Forex on a simpler platform, then it’s a good idea to start with MT4. According to our testing and our research, these are the best MT5 brokers in the UK for 2022. IC Markets’ average volume of daily transactions is listed at $18.9 billion.

The feature-loaded platform is perfect for any professional trader who wants to use a secure broker to trade equities, options, and futures. Both options are totally customizable and users also gain access to multiple trading tools. Users can also access premium research facilities via integrated third party service providers. Regardless of your knowledge of forex trading IG will sufficiently help you make the best trading decisions. The platform is highly trusted and you get to have a dip in every possible market, although certain assets such as exchange traded securities are only available to UK citizens. There are more than 130,000 active users of this platform at the moment and daily more than 350,000 transactions take place.

IC Markets

Although XTB charges a $10 monthly fee after one year of inactivity has elapsed, they offer fee-free bank wire payouts and a $0 minimum deposit requirement to start trading. Established in 1974, IG was founded as the first legitimate spread betting firm. Since then, they’ve acquired nearly 200,000 clients and have grown to list CFDs across tens of thousands of financial markets. Interactive Brokers offers rock-bottom share prices that facilitate the investment practices of experienced Forex traders.

  • US traders seeking to trade in the EUR/USD pair need to pay a high volume traders amount.
  • EToro’s fees and spreads are above the average for forex spot trading and CFDs.
  • FXTM, Best all-around broker with high floating leverage and fast execution.
  • For a more in-depth comparison of top US brokers, or if you are trading outside of the US, visit our sister site
  • There is no minimum deposit and you can open a demo account with $20,000 worth of virtual funds.

We also took into account how well informed and helpful the representatives were and whether they held relevant financial licenses. In our research, we found that Interactive Brokers stood out by charging substantially lower fees than its rivals in several areas. It’s IBKR Pro tiered pricing plan offers better rates for direct access trading than other leading trading platforms for professionals. We also noted lower commissions for futures trading, and the lowest margin rates among the platforms we surveyed. Our list of the best Forex brokers in Vietnam has the most competitive choices. They offer Vietnamese traders broad asset choices, high leverage, competitive trading tools, a low-cost structure, and a secure trading environment. Customer support – Trading with a Forex broker that offers 24/5 or 24/7 customer support ensures that clients have swift access in case of unexpected issues.

What is a Forex Broker?

Interactive Brokers is one of the best options for experienced investors looking for advanced features and a high level of customization through the TWS platform . Additionally, the web version and the mobile app, IBKR GlobalTrader, are well-designed and more user-friendly for beginners. has a light fee structure, with no fees for trading, deposits, withdrawals, or inactivity. Their investor protection scheme covers up to £85,000 for UK clients and €20,000 for clients under CySEC. IG Group, headquartered in London and listed on the London stock exchange, is one of the oldest and largest financial companies to offer brokerage services. Its primary regulator is the FCA and several other international authorities, such as the ASIC in Australia, the BaFin in Germany, and the FINMA in Switzerland.

professional trading with the best forex brokers

Any online trading platform worth their salt makes it easy and convenient to get in touch quickly. If you’d also like to seek out human guidance, you’ll have unlimited access to SoFi’s team of certified financial planners. However, unlike other trading platforms, SoFi doesn’t automate or track your investment losses for tax season. However, CFD traders will have to deal with higher-than-average spread costs. That said, novices shouldn’t expose themselves to the magnified risk portfolio commonly seen with CFDs.

Customer Support:

Both CMC Markets and Spreadex can accommodate smaller deposits and new forex traders. Both of these businesses have straightforward intuitive trading platforms. It’s a good platform to get started on as you can trade forex from as little as £0.5 a point.

What’s the difference between a dealing desk and an agency broker?

You can’t use a credit card, debit card or electronic wallets if you want to transfer money. A disadvantage for many traders can be that TD Ameritrade only offers trades on US markets. Although you can call, email, fax or visit them physically, this broker does now offer live chat as part of their customer support. One more thing to remember is that the dotbig foreign exchange market is usually more active than any other financial market; you can check for movements either in the US or the European Union. The site imposes a deposit fee of 3% on local traders and $15 on overseas traders, so depending on the account type the fee varies. An inactivity fee of $20 is paid every month for six months of inactivity.

How to Choose the Proper Forex EA for You?

Since forex trading is usually not offered by our bank, we would do a detailed comparison of forex brokers before opening an account with a provider. These special brokers are the foundation for private investors and traders who can trade foreign currencies at all. In our forex broker comparison, we will give all the information about all forex brokers that also offer forex trading for investors. In our comparison, there are trading platform tests, trading offers, fees, deposit protection, regulation, and more.

The adage that if something looks too good to be true then it probably is, remains good advice. The desktop version of the forex trading platform is tabular which saves automatically on exit so you can spread it over multiply screens in one browser, window or detach modules to run separately. Spreadex, have built the trading platform in house, and they have some very good charting functionality where it is quick and easy to overlay technical indicators, that other forex brokers do not offer like VWAP. For forex traders, who want manual execution, the cTrader forex trading platform offers good functionality where you can trade directly from the charts, as well as drag and drop stops and limits. When testing brokerages, we looked for tools specifically helpful to day traders, like advanced charting and order types, and rapid trade execution. In our customer service tests, we measured the time it took to get a response over the phone, by live chat and by email.

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