In other words, we can also describe a trading foreign exchange broker or an online forex broker who makes it possible for registered clients to purchase and sell national currencies. A forex broker acts as a middleman and enables you to buy or sell foreign currency on the open market, which is particularly helpful when conducting business or exchanges. Trading agents provide traders with a venue to transact on their behalf. The process of using a broker is straightforward; all that is required is the creation of a forex account, the deposit of funds, the earning of funds in newly created professional or standard charges, and the use of the broker’s trading platform to buy or sell currencies by the margin established by the platform.
There are a few important factors to consider when selecting the best forex broker for your requirements.
- The broker’s presence in the FX market is just one example: seek out companies with a history of success. The more reviews you may refer to aid your decision-making, the longer they have been on the market. Additionally, more established businesses cherish their reputation. They are therefore more likely to provide excellent service and carry out their duties.
- Licenses: One of the first things you should verify is the licenses. Your trading portfolio is at risk if you select a broker who isn’t regulated and doesn’t adhere to regulatory compliance. Independent government agencies regulate properly licensed brokers to safeguard investors and dealers. Additionally, maintaining licenses can be costly, so only trustworthy businesses will comply.
- Registrant’s nation: A network of representative offices demonstrates a dedication to the brokerage profession even though more and more brokers offer entirely online services. Also indicating that your portfolio is in good hands is registration in a nation with strict financial protection laws.
- Quality of customer service: 24-hour forex trading is common. Therefore, the broker should offer 24/7 assistance as well. Read testimonials regarding the company’s customer service. It would help if you were confident in the broker’s ability to respond quickly to issues that may arise in your account.
- Reviews from other buyers: Reviews from other traders might be considerably more trustworthy than the company’s marketing copy when determining the caliber of a forex broker. Studies also aid in assessing the bar set by the broker in delivering the services they advertise.
- Position in the FX rankings published by Traders Union: Our audit of numerous brokers is a useful tool for evaluating the quality of forex brokers. Our evaluation of each platform is based on more than 100 factors, and we carefully consider user feedback.
List of 10 Biggest Forex Broker for the UK
- EToro: Stocks, currencies, ETFs, commodities, and cryptocurrencies can all be traded on eToro. It provides 93 cryptocurrency pairs and 49 currency pairs. It has a 583263 FCA license number. The standard eToro forex spread is 0.8 pip. It has a custom online trading platform. A retail and a professional account are the two types of accounts that eToro offers.
- Interactive Brokers: Interactive Brokers’ FCA registration number is 208159. It makes trading on stocks, ETFs, currencies, and commodities possible. It makes FX trading easier on 105 different currency pairs. Professional traders will find their desktop trading platform and Traders Workstation (TWS) useful. TWS is renowned for its real-time quotes, more than 100 order types, and paper trading capabilities.
- FxPro: FxPro has its main office in London, the United Kingdom, and is registered with the FCA under number 509956. On trading platforms including MT4/MT5, cTrader, FxPro Edge, and FXPro Direct, it provides 70 currency pairs. It has several different instructional films and technical indicators on it. With a minimal tradable value, FxPro’s cent account enables new traders to evaluate the trading environment.
- UK-based Admiral Markets: Admiral Markets’ FCA registration number is 595450. Admiral, which has its headquarters in London, provides trading systems like Metatrader4, Metatrader5, and Metatrader Supreme. Admiral’s user-friendly mobile trading platform enables Forex trading with a typical spread of 0.5 pip. Forty-nine currency pairs and 32 cryptocurrency pairs are available from Admiral.
- AvaTrade: AvaTrade, which has the FCA registration number 504072, is well-known for its demo account and social trading platform. AvaTrade is the ideal platform for new traders because it offers a demo account for trading without actual funds. It offers the lowest spread, ranging from 0.6 to 0.9 pip, with a minimum investment of just $100.
- Tickmill: Tickmill offers a variety of accounts, including Classic Account, Pro Account, and VIP Account, to ease trading. Experienced traders who require the best trading conditions and cutting-edge features prefer its Pro Account. Tickmill has a registered office in London, and the FCA registration number for the company is 717276. The Pro Account at Tickmill supports 62 currency pairings and has a leverage of 1:500.
- Forex.com: On the MT5 platform, Forex.com supports the trading of over 90 currency pairings. Forex.com offers trading in over 4,500 markets, including Forex, equities, commodities, and cryptocurrencies, and has been registered with the FCA under number 446717.
- IG Markets: IG Markets’ FCA registration number is 195355. It is the top Forex and CFD broker around the globe. It offers 24-hour customer assistance and access to more than 17000 marketplaces.
- Exness: Exness, FCA registration number 730729, is a reputable stockbroker in the UK. It enables trading on 13 cryptocurrencies, 81 indices, and 107 currency pairs. Exness provides a Standard Account and a Professional Account as its two account options.
- Saxo Bank: FCA regulates Saxo Bank (registration number: 551422). Saxo best suits active, experienced traders who frequently transact in high volumes. Saxo offers a selection of 19,000 equities to buy, sell, or hold across 40 international markets. It contains sketching tools and more than 50 technical indicators, which aid traders in making wise selections. SaxoTraderGo and SaxoTraderPro are the exclusive trading platforms used by this stockbroker.