Forex Trading

8 Best Forex Brokers in the UK 2023

Depending on your preferences, various account types are available to suit different personal needs. Suppose you are unfamiliar with forex and CFD markets or looking to trial different trading strategies in a risk-free environment. In that case, XTB is recommended with an unlimited demo account available across several advanced platforms. We found the provider as an excellent value-for-money option, but cheaper brokers were mentioned earlier in our list. Many UK residents view spread betting as value for money due to their tax-free status. Profits from spread betting platform trades are not subject to capital gains tax (CGT) in England.

  • Forex trading apps include Alarm Manager, Correlation Matrix and Trader, Mini, Trade Terminal, and Stealth Orders.
  • Range of CFDs based on stocks, indices, crypto and much more, along with the forex pairings that you have come to love and appreciate.
  • In the U.S., it’s for clients who want to trade the foreign exchange markets.
  • However, L2 Dealer allows you to trade with Forex and Shares, while IG’s Forex Platform is limited to stocks only.
  • Just when Asian market participants are starting to close shop, their European counterparts are just beginning their day.

Carbon Capital FX now offers a fully-transparent, easy to track and very achievable bonus program. Deposit to your account and instantly receive a bonus of up to $25,000 on us. A forex industry expert and an active fintech and crypto researcher, Steven advises blockchain companies at the board level and holds a Series III license in the U.S. as a Commodity Trading Advisor (CTA). Also, it is these pairs that are normally directly influenced by any news reports that come out during the European session. That’s because aside from London, there are major financial centers open in Europe as well, such as Geneva, Frankfurt, Zurich, Luxembourg, Paris, Hamburg, Edinburgh, and Amsterdam. While there are several financial centers all around Europe, it is London that market participants keep their eyes on.

Educational resources are separated into experience levels, ensuring there is valuable information for all levels of experience by providing Basic, Intermediate, Expert and Premium content. By the FCA, IG delivers an excellent share dealing experience with competitive U.K. Commission rates and no commissions on U.S. stocks for semi-frequent traders. It is also crucial to choose the right currency pairs to trade during the London session.

What is the best share dealing broker in the U.K.?

Plus500 offers all CFD products except for cryptos (which are banned for retail traders in the UK). Of particular note is the availability of nearly 100 ETFs and 300 options. You will need to pay commission costs in addition to the spread, which is GBP $2.25 (one-way) and $4.50 (round-turn) for each standard lot you trade. This practice attracted the attention of Apple in 2022, resulting in a temporary ban of MetaTrader 4 and MetaTrader 5 in the Apple App Store (both MetaTrader apps have been restored as of March, 2023).

  • Our research team, led by Steven Hatazkis, conducts thorough testing on a wide range of features, products, and services.
  • In addition to this, IG is also competitive with their fees while retaining excellent levels of quality with a highly advanced and intuitive forex trading platform.
  • For beginners, CMC Markets provides an array of educational and research tools.
  • While compensation arrangements may affect the order, position or placement of product information, it doesn’t influence our assessment of those products.
  • By a platform provider that is regulated by the Financial Conduct Authority (FCA).

Check out our in-depth review of IG to learn more about why IG was our top-ranked forex broker in 2023. All of these improvements work together to make trading easier and more enjoyable. It’s important to note that even if a London-based forex broker offers cryptocurrency trading, it doesn’t necessarily mean they’re trustworthy or well-suited to handle these types of investments. However, some may offer higher levels of leverage depending on the client’s trading experience and financial status as per regulatory guidelines. It’s crucial to note that while high leverage can amplify profits, it also increases the risks involved in trading, which is why strict regulations surround this aspect of forex trading. Regulations are one of the most important factors to consider when selecting a forex broker in London.

Best Forex Brokers in the UK

Pepperstone offers the best trading experience for spread betting with lower fees and faster execution speeds based on our 2023 tests. CMC Markets doesn’t charge a commission when trading forex and CFD products; however, there is a commission fee of 0.1% for shares. Forex spreads start from 0.7 pips for major pairs, which makes them relatively competitive. We liked FxPro based on their extensive educational resources, which we found the best of any broker. It was more focused on assisting beginners with any foreign exchange trading or broker queries they may have.

68% of retail investor accounts lose money when trading spread bets and CFDs with this provider. 61% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs, or any of our other products work, and whether you can afford to take the high risk of losing your money. We have compared them based on trading platforms, spreads and execution speed and then traded with them. All these to determine their sweet spot and unearth which one is the best forex broker.

eToro: Best forex broker for copy trading

SaxoTraderGO is a beginner-friendly version that allows users to trade Forex in a user-friendly environment. SaxoTraderPRO is for more advanced traders who might benefit from the six screens available and algorithmic ordering. Like the London forex trading session, the New York session and Asian forex session also have unique characteristics that forex traders should be aware of. Remember, when trading the London open volatility and liquidity rises, so be wary and utilize the appropriate leverage when trading. If you’re new to forex trading, download our Forex for beginners trading guide to get to grips with the basics. The slower Tokyo market will lead into the London session, and as prices begin to move from liquidity providers based in the United Kingdom, traders can usually see increases in volatility.

Firstly, London-based forex brokers are highly regulated and must comply with strict regulations set by the Financial Conduct Authority (FCA). This ensures that they operate in an ethical and transparent manner, protecting your interests as a trader. If you’re looking to get involved in the forex market, then London is a great place to start. As one of the world’s major financial hubs, London plays a significant role in the global forex market, attracting both traders and brokers from around the world. The foreign exchange market, or Forex, is a decentralized global marketplace where currencies are traded. It operates 24 hours a day, five days a week, across different time zones.

How are Forex Brokers Regulated in the UK?

Once you have a clear understanding of your risk tolerance, you can apply it to your forex trading decisions and strategies. According to Ross’s testing, a round-turn trade costs around USD 3.12 in spread fees. That means your position needs to increase by just USD 7.62 for you to make money.


This is a well regulated broker and, therefore, a safe option for UK traders who also enjoy protection from the Financial Services Compensation Scheme. Traders enjoy useful features such as negative balance protection and guaranteed stop losses. Competitive pricing, rebate programmes, and retail trader discounts make CMC a low-cost choice. Regulation of UK Forex brokers is done by the Financial Conduct Authority (FCA). The FCA is an independent agency that has the responsibility of regulating all financial companies and individual investors in the Forex trading market. FCA has the power to revoke licenses, audit company financials, oversee marketing to protect consumers.

Volatility refers to the magnitude of price movements in a given period. Higher volatility creates more trading opportunities as prices can move quickly in either direction. Traders who are skilled at managing risk and implementing effective trading strategies can profit from these price fluctuations. Then you’ll want to build out your strategy for trading in the forex markets.

Best for Easy-to-Use Forex Platform: Trade Nation

She continues to develop her skills and knowledge in Forex trading and keeps a close eye on which Forex brokers offer the best trading environments for new traders. Launched in 2018, the app is the best mobile trading platform available. Natively designed for both Apple and Android devices, the app provides a smooth, stable trading experience with low fees and a huge range of tools to help traders. The London forex market typically offers lower spreads due to the high volumes traded, and certain periods have higher volatility, for example, the 8am to midday overlap of the New York and London markets. Both options can be traded online or by app, in addition to the MetaTrader 4 platform. Both options can be traded online or by app, in addition to the TradingView platform.

MetaTrader 4 (MT4) is a popular trading platform developed by MetaQuotes Software Corporation and offered by forex and CFD brokers all over the world. Trading forex (currencies) in the United Kingdom (UK) is popular london forex brokers among residents. Before any fx broker can accept UK forex and CFD traders as clients, they must become authorised by the Financial Conduct Authority (FCA), which is the financial regulatory body in the UK.

This includes podcasts, daily articles, videos, news, trading signals, technical analysis, and market insights. Investing in financial products involves taking risk.Your investments may increase or decrease in value, and losses my exceed the value of your original investment. Traders can keep stops relatively tight, with their stop-losses trailing close to the trend line. If the support/trend line does break, losses are limited, and if the strategy does prevail it could lead to a positive risk-reward ratio.

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