UK brokers are regulated by Financial Services Authority FSA, the major regulatory body for financial services and forex brokerages. Along side, another regulator is Financial Conduct Authority, responsible for handling of clients, investments and management.
UK residents can open account with any broker there is available online. Despite this outstanding freedom, trading with EU licensed an regulated broker has its perks. When you look for regulated UK broker, seek for FSA license number on the broker's website.
Trading forex (currencies) in the United Kingdom (UK) is popular 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.
To make things a bit easier for you, this section of our forex guide offers a list of top Forex brokers in UK. Now you can review them all and find the top Forex brokers that suit your financial and trading style needs.
UK Forex Brokers List
|United Kingdom Broker||Rating||Demo||Leverage||Bonus||Platforms||Min Deposit||Payments|
|OctaFX||9||yes||1:500||up to 50%||MetaTrader 4, Metatrader 5, cTrader||50||Neteller, Skrill, Fasapay, Visa, Mastercard, Malaysian, Vietnamese, Indian, Indonesian, Bangladeshi local banks, Bitcoin, Unionpay|
|LiteForex||8||yes||1:500||30% + 15%||Metatrader 4, Metatrader 5, WebTerminal||10||Webmoney, Bitcoin, Advcash, Credit Card (not working for all clients)|
|Freshforex||8||yes||1:1000||+5% to each cryptocurrency deposit; get 300% for each deposit||Metatrader 4||1||WebMoney, ePayService, Skrill , FasaPay, ADVCash, Perfect Money, Neteller, OnlineNaira NGN/USD, E-wallets for the Philippines, Visa/Mastercard/Maestro USD/EUR, Local Depositors, Bitcoin, Internet Banking|
|PrimeXBT||6||yes||1:1000||PrimeXBT, Turbo||1||Credit Cards|
|FxPro||5||yes||1:500||up to $1,000||FxPro cTrader, FxPro cTrader Web, MT4 Client Terminal, MT4 MultiTerminal, MT4 WebTrader, MT4 Premium||100||Credit/Debit Card, Bank Wire, PayPal, Neteller, Skrill|
|FXCM||5||yes||1:200||-||Trading Station II, MetaTrader 4, Active Trader, Forex System Selector||250||Credit/Debit card, Online Check, Bank Wire, Paper Check|
|HYCM||4||yes||1:400||25% up to $5,000||Metatrader 4||100||credit cards, wire transfer, Skrill, webmoney|
|Trade Nation||4||yes||1:30; 1:200||in-house web-based platform, Metatrader 4 MT4||1||Credit Card, Srill|
|Oanda||3||yes||1:50||Metatrader 4, FXtrade||1||check, Credit cards, PayPal, Wire transfer|
|DFMarkets||3||yes||1:200||10% Trading Credit Promotion up to $1,000||DFTrader, DF WebTrader, DF Mobile||100||Bank wire, Credit/Debit cards|
|Tickmill||3||yes||1:500||-||MetaTrader 4, Webtrader||100||wire transfer (commission are charged), credit/debit cards, Skrill, Neteller, FasaPay, UnionPay and WebMoney|
|Pepperstone||3||yes||1:500||100% Match Bonus||Metatrader 4, Metatrader 5, cTrader, cAlgo, cMirror||200||bPay, credit cards, Paypal|
|XTB||2||yes||1:200||Metatrader 4, xStation, xMobile||250||Credit cards, Neteller, Paypal, Skrill, Wire transfer|
|CityIndex||2||yes||1:400||-||MT4 (MetaTrader 4), Advantage Web, Advantage Trader, iPhone, Android, Windows Phone App, iPad and Tablet App||100||Credit/Debit Cards|
|Fortrade||1||yes||1:200||Fortrader||500||wire transfer, credit cards, skrill, neteller|
|Infinox||1||yes||1:300||Metatrader 4||100||credit cards, wire transfer, skrill, neteller, china unionpay|
|LCG||1||yes||1:500||MetaTrader 4, LCG Trader (web-based, ECN accounts only)||1||wire transfer, debit/credit cards, Skrill|
|Mahi FX||1||yes||1:100||Metatrader 4, MahiFX||1||wire transfer, credit cards|
|Trading212||1||yes||1:200||Trading212||100||wire transfers, credit and debit cards, PayPal, Dotpay, Giropay, SafetyPay, Carte Bleue, Mister Cash, Direct eBanking, CashU and UnionPay|
|Oinvest||0||yes||1:200||Samsung Galaxy, iPhone||Metatrader 4||200||Skrill, Neteller, Credit Cards|
|Abshire-Smith||0||yes||1:200||Vertex fx, Metatrader 4, straticator||500||CashU, Neteller, Skrill, Wire Transfer|
|ForexMart||0||yes||1:1,000||$150 no deposit needed||Metatrader 4||1||credit cards, neteller, skrill, paypal, paxum|
|AETOS||0||yes||1:200||MetaTrader 4||250||Bank wire transfer, Credit cards, Debit cards, Skrill, ZOTAPAY|
|MarketBull||0||yes1000||1:1000||100% match the deposit||Metatrader 4||1000||Credit Cards, Neteller, Skrill, Bank Wire Transfer|
Who Are UK Forex Brokers?
New forex brokers are popping in the search results every single day. The expansion of forex industry and the overwhelming demand for forex brokers make it possible for traders to be able to review, analyze, try out all types of trading platforms and at the end find a broker that answers all of their needs. The most popular brokers come from either Cyprus or UK. Both locations offer attractive investment opportunities and features to the residents and off-shore traders. Today, however, lets focus on the top Forex brokers in UK. We have researched about UK Forex brokers long enough and hard enough to be able to give you a complete and ultimate guide.
How To Choose a Forex Brokerage if you are UK trader
UK Forex Brokers Regulation and License
When you go over the regulation, brokers in UK are considered to be one of the most secured in the industry. This is basically because of the strict rules and regulations of the authority body and the requirements the brokers must fulfill in order to keep their license intact. Many online traders rely on UK brokers as the most secure solution, especially in the beginning of their trading career. So, lets go over the main reasons why the regulation in UK Forex Brokers are so attractive:
- Financial Conduct Authority
FCA, the Financial Conduct Authority, is the regulatory responsible for the UK Forex brokers. FCA functions separately from the UK government and it focuses all its energy on retail and wholesale financial businesses. The agenda of Financial Conduct Authority is to control both clients and UK Forex brokers and hence minimize the fraud and scam attempts. FCA licenses allow brokers to operate in forex market and any kind of misconduct is punishable in the form of money fines or complete cancellation of the license, which is of course the worst case scenario for UK-based Forex brokers. Losing license leads to bad publicity and loss of credentials in the eyes of the traders community.
How to Choose A UK Forex Broker?
Now that you understand the reasons behind the security in UK Forex brokers, lets talk about the features and trading conditions they offer that you should review. After all, it's the trading experience you seek, and not the country of the origin. The important features you need to consider when choosing a top UK Forex broker are listed below:
- Find and read what other traders think about the broker. Does it have a decent reputation among its clients? Are there any scam reports lately listed in the forums or facebook? Any suspicious activity must be a red flag for you. Forums and social media is the best place to find the real feedbacks about the UK forex brokers.
- Check out the broker's bonus requirements. All beginners love to get free welcome bonus to get them started. In order to filter out scam brokers, you might want to look at the bonus structure. Is the broker only popular because of its bonus? Once you get the bonus, do trading conditions meet your expectations? Always remember that bonus is just a pleasant extra, and should not be the main reason for choosing a broker to trade with online.
- Always go over the trading conditions and features of the UK Forex brokers and, better yet, sign up for demo account and try all of them out before you make a deposit. Check out the trading platform, various trading instruments, educational resources available to newbies, decent daily market analysis and signals. These are some of the important necessities that you need daily to make a decent money in forex.
So there, we have it all laid out for you on the plate. If you look for reputable UK Forex broker, just do your homework right and we promise you that there is a broker that will provide you with all the features and trading conditions you seek. UK forex brokers are truly considered one of the best in the industry, so you are on the right path.
What you need to look out for the most:
- Spreads – The difference between SELL and BUY price in points (pips) anything over 3 Pips for the most liquid EUR/USD is usually too much and you should avoid. Spreads can be variable or fixed, it usually depends on the account type.
- Swaps – the fee you pay in order to keep the contract open over night. There are Islamic accounts with some brokers with swap-free options.
- Commissions per lot traded – usually charged with ECN and STP accounts where spreads are fixed.
- Respected regulation authority such as DFSA, FCA UK, Cysec
- Segregated accounts for your trading funds (meaning that your money is kept separately from the company's finances)
- Satisfactory reviews from real forex traders from Kenya and around the globe
- Various payment methods with fast deposit and withdrawal options
- Low spreads and outstanding trading features
- Reputable trading platform such as Metatrader 4
- High quality customer support via chat email and phone
Does It Fit With Your Trading Style?
The type of trader you are will have a significant influence on the best broker for you, so be sure to assess how well what it offers fits with your trading style.
If you’re a scalper, opening and closing trades to accumulate small profits several times a day, you’ll need a broker that offers tight spreads and does not insist on a minimum time frame between entering and exiting the market.
If your strategy is focused on the carry trade, where you intend to hold positions over time to profit from interest rate differentials, you’ll want to look at a broker’s rollover pricing and swap rates.
In addition to the above, you should also keep in mind things like:
- Available leverage
- The types of accounts on offer
- The range of currency pairs available for trade
Is forex trading legal in UK?
Forex trading is entirely legal in the UK as these regulatory and judicial conditions are the reasons that UK forex brokers have been at the head of the queue. When it comes to customer services, helping traders make a profit at the day end, and dedication to keep transactions secure UK fx brokers are the best.
Is Forex taxed in UK?
Under UK tax law, Forex trading is counted as spread betting. Spread betting (in Forex terms) is when a trader takes a position on whether they think the market will rise or fall. Because the Forex market is such a volatile place, the tax man saw it fit to leave it as a tax-free industry.
Has anyone gotten rich from forex?
Forex Trader, 99.99% of Forex Brokers and the Federal Reserve have done pretty well with Forex Trading. Check YouTube for videos with Anton Kreil. George Soros has made a few million. There are many others who make a steady income who have learned the skills required to succeed.