5 Best Online Forex Brokers in UK – In Depth Review and Updates 2022
Want to jump straight to the answer? The best forex broker for traders is Avatrade
The #1 Forex Trading Course is Asia Forex Mentor
It is pretty common nowadays to trade Forex currency in the United Kingdom, and it is gaining more popularity among people. If a broker is looking forward to accepting a CFD trader as a client, they will have to become authorized by the financial conduct authority. It is the authentic economic, regulatory body in the United Kingdom.
The United Kingdom is also known as the global financial hub, and it is because the United Kingdom is the fifth-largest economy in the world. It is important to note that the UK is the leading exporter of financial services globally. It can be due to several factors, and one of them is its Central location. The time zone of the United Kingdom is very convenient for traders and cryptocurrency brokers. The rules and regulations for trading cryptocurrency in the United Kingdom are not as strict as in other parts of the world, and the taxation law is quite convenient.
The United Kingdom is quite reliable for the most reliable brokers because they are famous for their quality and fantastic service in trading. The differentiation factor about the United Kingdom brokers is that they are very reliable and transparent with their clients. Check out the list of details of the most outstanding forex brokers based in the United Kingdom right now.
Table of Contents
Best Online Forex Brokers in UK
5 Best Online Forex Brokers in UK
#1. Best Advanced for Non-US Traders: Avatrade
You can also trade forex in Singapore through AvaTrade. Based in Ireland, AvaTrade is an online trading platform that accepts applications for a forex trading account in a lot of countries. It is also one of the few forex brokers Singapore that is fully regulated and granted the capital markets services licence.
In addition to this, AvaTrade also offers serval state of the art trading platforms, excellent customer support, and a huge variety of currency pairs to trade. You also get a simple demo account to get you started in the foreign exchange without taking a significant risk.
How does it work?
Opening an account with AvaTrade is quite simple. The platform in fact allows you to use Facebook or your Google account to do this. You don’t need to fill in a lot of info. However, the platform will have some screening questions to assess your investment experience.
If this is your first time trading in the foreign exchange market, get some investment advice before you start. Nonetheless, your account should be approved in 24 hours at most. After that, go ahead and make a deposit and start trading.
Pros
- Allows users to open a trading account with Facebook or Google to make it easier
- Global broker with accessibility all over the world
- Some of the lowest trading fees you can find
- regulated by the authority of Singapore mas
Cons
- You can only trade CFDs, Forex, and Crypto and no stocks
- Your account may incur a very high inactivity fee
Price
AvaTrade does not offer a clear and detailed breakdown of how it charges its users. But as with other top Singapore forex brokers, AvaTrade uses a Bid/Ask spread to calculate applicable fees on each trade. The forex trading platform has done well to keep the spread low but it’s not nearly as good as Interactive Brokers. Either way, you still pay below-average trading fees with AvaTrade.
#2. Best Intermediate for Non US Traders: FXCC
FXCC offers forex traders to trade on forex and silver and gold, indices on trusted MetaTrader 4., available as web or download solution. We will log in to Traders Hub to explore minimum regulations, demo, deposits, and leverage accounts in this online broker review. This is your chance to learn further about FXCC.
FXCC follows the STP/ECN model; it offers a competitive price and execution and no re-quotes or intervention. The clients choose 3 accounts to choose from and then trade on precious metals, indices, and forex on the well-known MT4 terminal.
FC XX provides MT4 to every client that is accessible on various gadgets and major web browsers. The platform has many advanced features for trading; this includes a built-in library with more than 50 indicators for indicating technical analysis. There is also access to plus embedded charts, stop and pending orders, the market for accurate analysis.
How does it work?
As the best broker, it also provides users to leverage. It can make multiple the initial accounts balance. But as a matter of fact, it should be used very wisely as it can increase the power of losses too.
For the convenience of traders, they can start a risk-free trial of 30 days on a demo account to easily test new strategies and practice skills before they commit real money. Following some easy steps, you can start up with your practice account loaded with virtual funds of 10000 dollars.
You can connect your trading account from any place with the help of the MT4 mobile phone app. The state-of-the-art platform, due to its easy-to-use reliability and interface, gets good feedback. The forex brokers UK offers a reliable sell price to trade forex with Financial Conduct Authority FCA and a trading account.
Pros
- 100% first deposit
- Free Virtual Private Server
- Includes MetaTrader 4 platform
- high leverage trading
Cons
- It does not include U.S. based traders
- Lacks different trading platforms
Price
When you trade with an FXCC ECN account, you will be linked to many currencies GBP, EUR, USD featured along with tight spreads which are from 0.01 pips with the availability of trading over 30 currencies with a span of tools such as SNS notifications, trading tools, VPN, Technical analysis and E.A.s. You can see the spread comparison of FXCC spreads below.
The only thing it costs is presented by spreads from 0,1 pips and no commission fees. You can compare spreads of FXCC with another well-known online broker like Fondex and also refer to a comparison of the spreads for most traded instruments. The foreign exchange market us all about such trading’s.
#3. Lowest Cost Online Stock Platform: Interactive Brokers
Interactive Brokers are the institutional investors that promote commission-free trading in UK while providing the most accessible brokerage services for decades. This sophisticated publicly-traded company has got the top rankings for the best brokers for stock and ETF. You can now trade forex with an average spread EUR USD option designed to offer trading forex online with forex pairs.
Interactive brokers offer the customers global as well as US-based trading. The two plans that the company thought about are IBKR Pro and IBKR Lite. It is one of the best Australian Forex trading brokers that offer beginner traders effective investments commission options and low trading fees.
The IBKR lite customers are available to forex trade, options, stocks, bonds, funds, and options on up to 135 markets, not more than one trade accounts. for the convenience of the customers to easily evaluate assets among the socially responsible investing lens. The experienced Forex traders will help start trading forex ensuring Australian securities help trade within forex markets.
The IBKR Lite does not offer any trading fees or commissions. For all the experienced active traders who need a wide variety of investments, these brokers are the best choice making them the best broker. This online forex platform offers York stock exchange feature helping the retail investor accounts lose money no money.
How does it work?
Like all the online brokers, IBKR also produces interest earnings with the difference between what it earns on the customer’s cash backs and what it pays on their idle cash. The forex trades include the financial markets authority for trading CFDs that helps these UK Forex brokers to retail CFD accounts.
The company also offers market research. Like most, the brokers produce income when they accept payment from the market makers to direct orders to the trade venues. That is known as the payment for the order flow.
When the stocks held in the client’s account are lent to other hedge funds or traders, the stock loan program produces revenue for interactive trading brokers.
From all the loan shares, the company provides 50% of the total income that it receives to the client. A mobile app is available for the customers who are approved for cash account or margin account with 50000 dollars. The trading interactive brokers offer exclusive benefits.
Pros
- Low fees and commissions
- Impressive platform stacked with multiple features
- Incredibly decent and effective trade execution
- A broad range of investment features and offerings
Cons
- The platform is a bit intimidating, mainly for beginners
- It utilizes highly daunting tiered pricing plans
Price
You will find the pricing scheme for these brokers a bit complicated. That’s because it includes three different types of commissions named fixed, tiered, and lite programs. Firstly, let’s talk about stocks and ETFs. It costs $0 for IBKR lite accounts and ranges from $0.005 to $0.0035 per share for at least 300,000 shares per month or a minimum of $0.35 per trade.
Moreover, depending on the trade volume, the commissions are $0.15 to $0.65 per contract. When trading 15 contracts, it will cost 32.50. Mutual funds are lessening than 3% of total trade value costing $14.95 for funds. When we talk about the future trades, it costs $0.85 per contract with additional regulatory and exchange fees.
