Forex Trading is also referred to as Foreign exchange and allows to trade from one currency to other currencies. They are also commonly known as FX. Within the global exchange, the Corporations and Banks are the major participants of the Forex trading platform. Forex online trading is available through the broad level and the retail investors are enabled to trade their respective currencies using the stocks trading with ease.
In a trade, the Forex pair is known as exchanging or comparing two different currencies. You can trade the Euros (UK currency) for British Pound Sterling (Swiss Francs) or Dollars (U.S.).
One of the common Forex currencies pairing for trading will be the USD/EUR pair. The entire Forex traders will try to swap Euros only for BPS or U.S. Dollars or even vice versa.
The first currency available under the list is referred to as the Base currency & the next one is known as Quote. Moreover, the Forex brokers or the company is responsible to initiate the trading process within the Foreign exchange market. This platform can assist the traders to sell or purchase the huge currency pairs.
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Best Forex Brokers United Kingdom
Find below the list of best Forex Brokers 2020 in the UK for your reference:
1. XM
XM is another best online Forex trading platform to offer flexible and advanced trading conditions to provide a wide range of international and domestic clients. They offer comprehensive knowledge and global financial markets experience to their clients.
Numerous markets are available for trading around the global markets to cover currencies, CFDs, precious metals, energies, and trading equity indices. Moreover, they also support a functioning outlook for choosing XM as their preferred Forex broker.
They maintain client satisfaction and ensure to earn the customer trustworthiness. The company will identify the credibility and reputation that are each other closely associated. The ability is based on the client’s requirements as they expect.
Pros
- Great educational tools
- Fast and easy account opening
- Low withdrawal and CFD fees
Cons
- Inactivity fee
- Forex fees are average
- Only Cryptos, Forex, and CFDs are available for Europeans
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2. CMC Markets
CMC Markets is another CFD Forex broker and multi-asset class company regulated by the FCA (Financial Conduct Authority in the United Kingdom) and also offers a high-level of safety, security, and segregated funds.
It is also a publicly-trading Forex company within the London Stock Exchange. They offer three options for a trading account such as corporate accounts, CFD, and spread betting.
The traders can use each account for various trading instruments to trade by covering Treasuries, Shares Commodities, Cryptocurrencies, Forex, and Indices. The spread betting will offer the corporate accounts, CFD, and commission-free trading can provide shares only on commission-based Forex trading.
Pros
- In-house market analysts used for analysis and news
- Next Generation and feature-rich proprietary trading platform
- Various trading instruments covering numerous asset classes
- Publicly traded & FCA UK regulated company within the London Stock Exchange
Cons
- For beginners, it could be a steep learning curve
3. Plus 500
Plus500 is another best leading and popular CFD Forex trading platform with global support for covering the stocks, Forex, cryptocurrencies, and indices.
The low spread-rates are charged by the commission-free brokerage and also able to provide a great platform with fast trades. Plus500 can also support the educational & profitable venture, negative balance platform, and even complex trading.
If you prefer to test the trading strategy or the trading platform then you can register for a free demo account. The 1:30 leverage will be offered by using real money accounts. This Forex broker is regulated by Israel and as well as FCA in the UK.
Pros
- Licensed in multiple publicly listed and regulatory hubs
- Fast execution and advanced traders
- Low spread costs and no commission
- Numerous markets are available for trading around the global markets to cover cryptocurrency CFDs, Indices,
- Shares, Commodities, and Forex
Cons
- Less research data
- High rates on leverage or margin accounts
- Only CFD trading is allowed
4. Saxo Bank
In 1992, the Saxo Bank is established under the name of Danish Investment Bank to offer investments and online Forex trading. The top-tier financial authorities will regulate this company under the UK FCA (Financial Conduct Authority) and Danish FSA (Financial Services Agency).
There are commonly known as a global service provider.
The subsidiaries of this company are located in various regions as a form of individual legal entities. Each entity will offer multiple services in case of available products and fees for Forex trading.
Saxo Bank Forex broker is always recommended for Forex traders & investors to utilize the solid research tools and great trading platform.
Pros
- Broad product portfolio
- Outstanding research
- Great Forex trading platform
Cons
- Lacks customer support and live chat
- The minimum deposit is high
5. City Index
In 1983, the City Index Company was established as a global Forex and CFD broker. It is also a brand name under GAIN Capital and located within the NSE (New York Stock Exchange). The top-tier financial authorities will regulate this company under MAS (Monetary Authority of Singapore), ASIC (Australian Securities & Investments Commission), and also FCA (Financial Conduct Authority).
It is considered safe with the help of its long track record and the parent company is also listed under the stock exchange. City Index Forex broker is always recommended for CFD & Forex traders to utilize the great research tools and also low Forex fees.
Pros
- Diverse research tools
- Smooth and fast account opening
- Low fees for index CFDs and Forex
Cons
- The desktop platform is not user-friendly
- CFD stock fees are high
6. eToro
eToro was established in 2007 by David Ring and Assia siblings in Israel (Tel Aviv), another best online trading platform for Forex trading. It is formerly referred to as RetailFX and the best online Forex broker for social trading.
The social trading platform with Openbook style will change the method naturally for online traders for trading the financial markets. Irrespective of the experience level, each user is allowed to access the market by developing a user-friendly trading environment. The traders are also allowed automatically to copy the other trading strategies to use for trading.
Pros
- Investor Trader has the privilege to earn a management fee at 2%
- Various assets are available for Forex trading
- Innovative trading platform
- Regulated under multiple brokers like ASIC, CySEC, and FCA
Cons
- MetaTrader (MT) platform is not available
- Higher rate of spreads
7. Pepperstone
Pepperstone is one of the most popular and the best online trading Forex brokers located in Australia (Melbourne) and other offices in Dallas & London. It offers various instruments for trading like ETFs, CFDs, Bonds, Energies, Metals, Indices, Shares, Stocks, Cryptocurrency, Commodities, and Forex.
They also support various mobile trading platforms, WebTrader, cTrader, and MetaTrader (MT) 4 or 5. This largest online trading broker can process over $8.3 billion USD trades regularly across numerous countries.
Traders are providing with access for trading worldwide with award-winning customer support, high-speed low-latency execution, low-cost spreads, and cutting edge technology. Pepperstone will offer the best possible online Forex trading solutions to clients through innovative technology, customer service, and Forex broker excellence.
Pros
- Scalping & Hedging are allowed
- Autochartist
- Social trading platforms
- Numerous selections of educational resources and trading tools
- Negative balance protection
- Strict regulation
Cons
- Minimum $200 deposit
- Spread accounts are not fixed
- No US clients
8. Vantage FX
In 2009, the Vantage FX Company is established in Australia under the brand name used as the Vantage International Group. This company is not regulated by any UK regulator or from Europe. However, it is regulated under the CIMA (Cayman Islands Monetary Authority) to advertise the segregated client funds within NAB (National Australia Bank).
This Forex broker will offer specially designed services for both professional and beginner traders to access the ECN trading. The CFD trading will offer the MT5 & MT4 trading platforms on Hong Kong & U.S. Shares, Commodities, and Indices. They also provide an app to access on Android, iOS, PC, and Mac computers along with various social trading platforms like Zulutrade & MyFXbook.
Pros
- Unique promotional and bonus trading offers
- National Australia Bank (NAB) offers the segregated client funds
- Hong Kong and U.S. Share CFDs
- Forex ECN Trading
Cons
- It offers only limited Share CFDs
- No regulations from UK regulators or from Europe
9. Alpari
Alpari is another most popular online Forex broker with numerous years of experience in trading. In 1998, this company was launched in Russia and expanded its operations worldwide. Recently, there are numerous clients accessible across the globe. The headquarter is operating from Mauritius and other support offices are located in Nigeria, Russia, the Grenadines, and St. Vincent.
This Forex broker has numerous other offices executed in various countries by their partners. The MetaTrader (MT) platforms are used for trading in CFD and Forex instruments. The success is ensured to their clients by offering modern trading technology solutions, competitive spreads, and instant executions.
Pros
- More than 30 languages available for Customer support
- FXWirePro news stream
- PAMM accounts
- Autochartist Signals
- It supports MT platforms such as MT5 & MT4
- FC Member (Financial Commission)
Cons
- Not regulated under CySEC, ASIC, or FCA
- Limited trading instruments
10. Skilling
Skilling, the online Forex broker will offer CFD & Forex trading across the global markets. The headquarters is located in Cyprus (Nicosia) and established in 2019. Formerly, they are referred to as Finovel Cyprus Ltd and locate their offices in Spain and Malta.
This brand will offer the trading platform to cover commodities, stocks, indices, cryptos, and forex. It can offer numerous trading assets and instructions from various markets across the globe.
The Skilling official website is created in 4 different languages such as English, Norwegian, Swedish, and German. Skilling will also work similarly to a market maker as per the order execution company’s policy document. They will act similar to an agent for executing the client orders at the third-party venues.
Pros
- CySEC with high regulation
- Trading available with numerous selection of assets and instruments
- A fully featured and modern proprietary platform
Cons
- The MT4 platform is not accessible
Conclusion
Most of the United Kingdom nationals are increasing with chances to earn more income through online Forex trading. The interested traders can start the same Forex trading with different amounts based on your Forex broker to select the best trading account type.
To start a transaction, each trader should capitalize to invest within the marketplace for affordable pricing. The traders can refer to the above-mentioned article to know the best Forex brokers in the United Kingdom based on their requirements.
