Best UK Forex Brokers & FX Trading Platforms Compared

Typically brokers can be categorized as having three types of spread/commission structure – Fixed Spreads, Variable Spreads and Commission Only. Primary multi-asset platforms for trading Forex, exchange instruments, and futures. If you want to trade forex successfully, you should do so on a platform that is safe and secure.

In addition, they have low trading fees, spreads, and margin rates. Overall, poor customer support can be counted as a symbol of a cheating broker, while reliable forex brokers are always providing dedicated customer support. Forex regulation is a financial regulation specifically for the Forex market. Since forex trading is decentralized without any uniformly forex brokers recognized supervision authority, forex frauds come out everywhere preparing to extract all available funds from investors. The key aspects to consider when choosing a forex brokers is safety and access. Makes sure you always select a broker that is licensed or overseen by a top-tier regulator, such as the SEC in the US, the FCA in the UK or BaFin Germany.

Who are Forex Brokers?

You can access a variety of apps online and via mobile, including their MetaTrader 4 and MetaTrader 5 apps. AvaTrade supports all native features of MT4, such as nine timeframes, EA functionality and 30 built-in indicators. An MT4-only broker and a regular winner of trading conditions awards, Tickmill offers tight spreads and commission on both ECN and traditional accounts, both of which offer copy trading.

• There is no doubt that the forex market is one of the simplest financial markets to get started.
• FOREX.com gives clients access to 80 currency pairs, as well as 20 stock index CFDs, 380 stock CFDs, 20 ETF CFDs, and 29 commodity CFDs, as well as 9 cryptocurrencies.
• The platform is designed exclusively for trading CFDs – this market is easier to understand than the stock market.
• So, you will be charged a conversion fee if you deposit funds in another currency.
• Regulated Forex brokers must adhere to financial regulations and maintain a certain amount of capital reserves before receiving a license to operate.

Choosing the best forex broker to trade forex does require some initial research to find the one most suitable for your trading needs and experience level. The major transaction cost involved in trading will include any commissions and/or the dealing spread that you pay for the privilege of entering orders with the broker. But in addition to these costs, some Brokers will also charge various miscellaneous fees. Miscellaneous fees can be in the form of wire fees, withdrawal fees, inactivity fees, paper statement fees, account transfer fees to name a few.

In 2021, Plus500 opened a new R&D centre in Tel Aviv, Israel, aimed at increasing its scope, particularly in mobile trading technologies. Plus500AU Pty Ltd holds all client money in a segregated trust account, and offers users the option of a demo account for trial purposes. OctaFX is an unregulated broker but continues to earn the trust of traders around the globe, with more than 1,500,000 accounts opened. One reason for the ongoing success of this market maker is appealing bonus campaigns. OctaFX offers traders the MT4 and MT5 platforms, and a proprietary mobile trading platform. OctaFX additionally grants their clients Autochartist, but traders require a Silver Level in the Status Program.

Best Forex Brokers

The offerings of its trading accounts will depend on where you’re located, and whether you have the MT5 version or not. If you live in Europe and want to trade CFDs, XTB is a great option. Forex and CFD traders in the EU can enjoy commission-free trades of up to 100,000 euros a month, which isn’t seen by most other forex brokers in the region. However, you do have to learn about spreads, transaction costs, and currency pairs. You also have to follow trends for emerging cryptocurrencies and accept that there is a high amount of risk when you invest largely in certain currencies that don’t follow the pattern you thought they would.

Variable Spread Brokers also markup the price of the currency pair, but do so based on market conditions, and as such their markups will be variable. During highly liquid times, you can expect the spreads to narrow, and during less liquid or news related times the spread could widen considerably. Variable Spread Brokers do not charge a commission on the trade.

Regulated Forex brokers must satisfy know-your-client and anti-money laundering stipulations, adding another layer of security. Demo Account – Almost all brokers offer one, and any broker which does not should be questioned. A commission-free broker with a proprietary copy trading service. OctaFX, A commission-free broker with a proprietary copy trading service.. FXTM, Best all-around broker with high floating leverage and fast execution. With many hundreds of Forex / CFD brokers to choose from globally, finding the right broker for you can seem an impossible challenge.

Trading leveraged products such as Forex and CFDs may not be suitable for all investors as they carry a high degree of risk to your capital. Please ensure that you fully understand the risks involved, taking into account your investments objectives and level of experience, before trading, and if necessary seek independent advice. If you want to begin trading foreign exchange on one of these platforms, make sure they include the forex pairs you’re interested in, like EUR/USD.

The firm places an emphasis on customer support and offers relevant educational tools and research amenities that would be well-suited to a novice trader. The company launched as one of the first online trading platforms in 1998. We research and reviewed dozens of forex brokers to help you decide which broker is right for your needs. When you open an account with a forex broker you will be required to provide some personal and financial information.