Best Forex Brokers In UK 2020 Comparison

Best Spread Betting Broker = CMC Markets

For traders’ wanting to partake in spread betting, CMC Markets offers a wide product range, tight spreads and automated execution. CMC clients’ can go long or short in trades within Forex, Index, Cryptocurrency, Treasury and Commodity markets. Pricing is favourable as gains are subject to fewer taxes than other financial instruments, plus no commission fees as the broker is compensated through the spread.

Tax-efficient Investments

Many UK residents prefer a spread betting broker as profits are tax-free. Profits made from spread betting trades are not subject to capital gains tax (CGT) in the United Kingdom, although traders should determine whether profits are subject to other taxes prior to entering high risk positions. As well as avoiding CGT, spread betting investors’ are not required to pay stamp duty as they do not own the underlying asset. As spread betting is a tax-efficient investment, many traders’ prefer spread betting to buying and selling physical assets.

Risk Management Tools

CMC Markets offer clients’ engaging in spread betting various risk management tools to maximise profits from leveraged positions. Different order types include:

• Guaranteed stop-loss orders (GSLOs)
• Market orders
• Partially close trades
• Limit and stop entry orders
• Take-profit orders
• Stop-loss orders
• Trailing stop-loss orders
• Boundary orders

Alternative risk management tools include:

• Automatic account close-out
• Complete close-out
• Last trade in, first out
• Largest position margin first
• Largest position loss first
• Execution alerts
• Price ladder

It is worth noting that spread betting is only currently available for CMC Markets clients’ who are residing in Ireland or the United Kingdom.

What Type Of UK Forex Trader Best Suits CMC Markets?

Traders who want to try Spread Betting due to the unique tax benefits for UK residents should choose CMC Markets with a trading platform for this type of trading, training guides and the best trade execution speeds.

Open a demo account >>Visit CMC Markets>>

Best Customer Support Broker = FxPro

FxPro is a top UK forex broker where clients’ can trade over 70 currency pairs with ultra-tight spreads in addition to Shares, Spot Metals, Spot Energies, Spot Indices, Shares and Futures.

FxPro clients gain access to institutional-grade pricing due to the brokers’ top-tier liquidity providers with No Dealing Desk (NDD) intervention. With NDD Execution and Equinix Data centres in Amsterdam and London, latency is low with the execution time averaging less than 11.06 ms.

FxPro Edge: A Trading Platform designed for Spread Betting

Designed specifically for spread betting, the FxPro Edge platform offers clients’ access to a range of financial instruments within 6 six asset classes. As well as the spread betting platform offering advanced customisation, there are no commission fees and tight spreads.

Alternatively, FxPro clients’ can place traditional orders’ via MetaTrader 4, MetaTrader 5 and cTrader, yet trading conditions may vary with higher spreads and commission fees.

Customer Support

Customer service is considered one of FxPro’s main advantages. The forex and CFD broker provides multilingual support with customer support agents available to help in over 17 languages 24 hours, 5 days a week.

Multilingual Customer Service:

FxPro offers clients’ extensive educational resources to assist with any trading or broker queries’ they may have. On the FxPro website, a library of videos is freely available with ‘How To’ instructions covering topics such as opening and funding an account as well as downloading trading platforms.

For those wanting to reach customer support agents directly, traders’ can request a call back when it suits them, or get instant assistance from FxPro representatives via Live Chat. Free call numbers are available for a range of countries, with clients also able to contact the broker via email. For those wanting to gain advice and information face-to-face, FxPro has offices in the UK, Cyprus, Monaco and the United Arab Emirates.

What Type Of UK Forex Trader Best Suits FxPro?

Traders who are looking for the most awarded broker (70+ UK and international awards) should choose FxPro with core strengths in their customer support, no dealing desk spreads and execution speeds.

Open a demo account >>Visit FxPro>>

Best Mobile Trading Platform = Plus500

Plus500 is a fixed spread forex broker that offers intuitive trading platforms with a range of tools to maximise profits. Various asset classes can be traded, including Forex, Crypto, Indices, Options, Shares, ETFs and Commodities. The broker is compensated through the spreads, charging no additional flat rate commission fee with low non-trading fees. Plus500 is seen as a trustworthy company as the broker is regulated by FCA (Financial Conduct Authority, UK) as well as other top-tier financial authorities around the globe including ASIC (Australia), FSCA (South Africa), FMA (NZ), MAS (Singapore) and CySEC (Cyprus).

In regards to the brokers trading platforms, Plus500 offers a proprietary webtrader platform as well as apps compatible with iPhone, iPad, smartwatches, Android and Windows devices. The mobile app offers a fully-functional trading environment where users can conduct in-depth analysis, manage accounts and execute trades on over 2000 financial instruments.

The mobile apps design is user-friendly and offers similar features to the Plus500 webtrader app. The mobile app is an easy introduction to forex and CFD trading, with risk management tools available to protect capital when starting out.

Risk Management Tools

Guaranteed Stop:

Ensures a limit on any potential losses by closing positions when price movements are unfavourable.

Trailing Stop:

Positions remain open if prices move in favourable directions yet automatically closes the position if prices move in the opposite direction by a certain amount of pips.

Stop Limit and Stop Loss Price Levels:

Can be added to new, pending or open positions to minimise losses. Traders can set particular rates where positions will automatically close.

Traders Sentiment:

Plus500’s traders’ sentiment feature allows clients’ to easily view traders sentiment for major currency pairs and financial instruments. This tool is helpful to those new to forex trading, as traders can gauge the portion of participants buying or selling in a specific market.

Price Alerts:

As well as different order types and sentiment features, Plus500 offers clients excellent alert tools. Price alerts will inform traders when financial instruments reach certain bid or ask prices, while the Change % alert notifies clients’ when a currency pair or a CFD experience an absolute price change reaching a pre-set level.

The Plus500 mobile app is highly regarded among forex traders based on broker reviews. On Google Play, the Plus500 mobile app has over 80,000 reviews with the app receiving a 4.2/5 rating, while the Apple app store also sees the mobile app receiving high praise at 4.2/5 stars from over 2000 reviews.

Plus500 offers an unlimited demo account, that unlike many forex brokers trial accounts, has no time restrictions. A balance of virtual funds is provided to practise strategies, with full functionality of the mobile app available under a demo account.

What Type Of UK Forex Trader Best Suits Plus500?

Individuals on-the-go that don’t have regular access to a computer should consider Plus500 who focuses on mobile trading with apps across platforms and devices.

Open a demo account >>Visit Plus500>>

Social Trading = eToro

eToro UK Ltd is FCA regulated and unique to the other forex brokers in the UK with a focus on:

1. Social Trading
2. Stockbroking
3. CFD Trading

1) Social Trading

eToro created CopyTrader which allows individuals to copy the best traders in the United Kingdom and around the world. When you choose a broker their traders get copied and inserted into your account. This can be then managed in a transparent and simple way. Below shows an example of the social investor’s section of the site. You can allocate a set proportion of your existing funds to copy his or her portfolio. The person you have copied also receives a small incentive from eToro for the more followers they receive.

It should be noted that copy trading is the most popular feature of eToro. They have over 3,000,000+ active traders worldwide providing a plethora of choice when it comes to copying a portfolio. This is assisted through filters based on returns, number of copiers and what markets they like to trade such as Bitcoin and other cryptos. Another option shown below is market portfolios, trader portfolios and partner portfolios which combines traders, top performance assets or specific strategies.

2) Stockbroking

eToro offers UK residences with a zero commission stockbroking service. This means there are no commissions on shares in markets across the world from the UK, Hong Kong to the USA. There are no limits on the amount traded and free stock analysis from a team of experts.

While there are no commissions, there are fees when it comes to trading shares with eToro. These include conversion fees for most UK residences as the eToro platform uses USD. This means transferring your GBP to eToro for share trading has some currency conversion charges. Additionally, there is a withdrawal fee which is $25 USD. Again, this should be factored into the cost when comparing the top UK broker with other share trading services.

3) CFD Trading

If you’re more familiar with traditional CFD products you can start trading with eToro across shares, commodities, currencies, indices and EFTs. Leverage for retail UK traders is up to 30:1 which is the maximum set by the FCA. If you qualify for a professional account this can be increased by up to 400:1 leading to a high-risk environment. If trading with either a retail or professional account trying the free demo account first before a high-risk live account is recommended.

What Type Of UK Forex Trader Best Suits eToro?

Individuals who want to copy the trades of selected forex traders and like being part of a social trading community should choose eToro. Just note the broker has higher brokerage in some categories with unique charges such as withdrawal fees.

Open a demo account >>Visit eToro >>

Range Of Forex Trading Platforms = IG Markets

IG provides a range of retail CFD accounts that are targeted towards retail investors who are wanting to trade forex. The retail investor accounts are available on a range of forex platforms including:

• L2 Dealer
• ProRealTime
• MT4
• IG’s proprietary trading platform

Each of the forex trading platforms shown above also come with mobile solutions including a trading app. This allows you to trade forex on-the-go with the core functions needed for a smaller screen. IG also offers spread betting that can have tax benefits for UK residences. You can view the best UK forex trading platform page for more comparisons of brokers based on their forex platform and other features.

What Type Of UK Forex Trader Best Suits IG?

Individuals who want to trade with the largest foreign exchange broker and have the choice of forex platform with the ability to switch should consider IG.

Open a demo account >>Visit IG >>

Best Broker For Beginner Forex Traders = City Index

City Index is the best UK forex broker for beginner forex traders based on their low spread only account. Below compares City Index to comparable spread only CFD brokers that don’t charge a commission on trades. Not only does City Index have the lowest spreads but they also require a low minimum deposit of £100 to open a trading account.

City Index offers forex traders comprehensive forex training resources, suited to all levels of experience from beginner to advanced traders. This starts with an introduction to CFD markets and moves to advanced trading strategies. There are also webinars and videos to further enhance traders knowledge of forex markets.

City Index has the Financial Conduct Authority Licence 113942 and the parent company is Gain Capital which is regulated in 8 jurisdictions. They have an online trading platform that’s ideal to use for beginner forex traders with the option of micro accounts with a minimum deposit from $0.

What Type Of UK Forex Trader Best Suits City Index?

City Index is designed for those new to forex trading with an easy to use forex platform, risk management tools and training. With low spreads, the broker is a good starting point to forex markets.

Open a demo account >>Visit City Index >>

Lowest EUR/USD No Commission Account = Swissquote

Swissquote Ltd is FCA regulated with:

• Offices in the United Kingdom (London)
• Negative balance protection for traders
• A speciality in no commission trading

Prime, Swissquotes most popular commission-free account requires a higher minimum deposit of €5,000. The brokers other no commission account type has a lower deposit amount but with higher spreads, it is not recommended for UK traders.

The main features of the Prime forex account are:

• Spreads from 0.6 pips
• No commissions on trading
• 15 currencies to trade (including GBP, EUR, USD)
• A minimum deposit of €5,000
• Negative balance protection

Some example Prime account minimum spreads include:

• USD/JPY = 0.6
• EUR/USD = 1.0
• GBP/USD = 1.0
• AUD/USD = 1.0
• EUR/GBP = 1.2

What Type Of UK Forex Trader Best Suits Swissquote

Swissquote suits UK Traders seeking a no-commissions trading account with low spreads, who are are willing to make a high initial minimum deposit when signing up with the broker.

Swissquote Review

Swissquote

Swissquote is an international multi-asset broker with a choice of accounts with different entry points to cater for trader wishing to trade a wide range of trading instruments (bonds, CFDs, commodities, stocks, cryptocurrencies). Swissquotes offers commission-free trading with 3 award-winning trading platforms, multilingual customer support and automated trading.

MIN. AMOUNT

€5,000 (Prime Account)

MIN. SPREADS

0.6 (Prime Account)

MAX. LEVERAGE

1:30 Retail / 1:400 Pro

OUR BROKER RATING

7.67

Go to site

• Account Types
  Premium, Prime, Elite, Professional
• Commission (per 100k side trip)
  None On Prime/Premium, €2.50 with Elite
• Trade Sizes
  Mini-lot, Standard-lot (Premium Account)
• Trading Instruments
  Forex Options, Precious Metals, Stock Indices, Commodities, Bonds
• Trading Platforms
  MetaTrader 4, MetaTrader 5, Advanced Trader
• Deposit Methods
  Credit Card (Visa, MasterCard), Bank wire transfer via eBanking Portal
• Funding Costs
  GBP credit card deposit 2.2%, USD credit card deposit 2.5%

• Regulation
  FCA: 562170
• Customer Support
  24/5 multi-lingual customer support, Live chat, Email, Phone
• Education
  Available
• Risk Management
  Advanced tools available
• Bonus Offers
  Refer a friend bonus, Introducing brokers
• Trust Pilot
  2.5 / 5

Go to site

details

Open a demo account >>Visit Swissquote >>

Most Advanced Demo Account = XTB

XTB is an exchange-listed forex and CFD that is regulated by the FCA and accepts UK residents. The broker provides comprehensive market access to a range of asset classes, including Forex, Crypto, Indices, Stocks and ETFs.

Demo Account

For those wanting to explore forex and CFD trading, or test sophisticated trading strategies, XTB’s free demo account is an excellent educational resource. Demo account users’ are given 4 weeks to practise trading and a virtual balance of ￡100,000.

Demo users’ gain access to an environment very similar to trading with real money without the high risk of losing capital. Over 1500 financial instruments are available to practise with, including Forex, Index, Commodity, Share and Cryptocurrency CFDs.

Trading strategies can be tested on XTB’s proprietary platform xStation or MetaTrader 4, depending on a demo account users’ trading needs and preferences. Both MT4 and xStation offer mobile apps, allowing traders to explore financial markets on the go.

Educational Resources

As well as the benefits of a demo account for both beginner and advanced traders’, XTB offers a range of educational resources to gain confidence. The XTB website provides videos explaining trading strategies and trading platforms as well as live webinars. Educational resources are separated into experience levels, ensuring there is useful information for all levels of experience by providing Basic, Intermediate, Expert and Premium content.

Once demo account users’ feel confident buying and selling financial instruments with real money, traders’ can choose between Standard, Pro and Islamic Account structures depending on preferences surrounding commission fees, minimum deposits, leverage, and swap fees.

What Type Of UK Forex Trader Best Suits XTB?

If you are unfamiliar with forex and CFD markets or looking to trial different trading strategies in a risk-free environment then XTB is recommended with an unlimited demo account available across a number of advanced trading platforms.

Most Currency Pairs = Forex.com

With over 80 currency pairs and a range of CFDs, Forex.com is an excellent option for UK investors’ wanting to start trading CFDs as well as major, minor and exotic currency pairs. In addition to an extensive selection of financial instruments covering Index, Share, Commodity, Forex and Crypto asset classes, Forex.com offers a Direct Market Access (DMA) account type where spreads are similar to an ECN environment.

Account Types and Trading Platforms

Forex.com Account

Designed for the brokers proprietary trading platforms, a Forex.com account type offers all-inclusive spreads and a choice of trading platforms. Depending on a traders’ preferences and needs, orders can be placed through an advanced platform, web platform or mobile platform. All options allow for multiple order types, comprehensive technical analysis and a range of trading tools.

MetaTrader Account

A MetaTrader account is aimed towards traders wanting to use the gold standard of trading platforms, MetaTrader 4 (MT4). MT4 users’ also trade all-inclusive spreads, with all commission fees included in the spread.

Benefits of a MetaTrader account include:

• Automated trading functionality including Expert Advisors
• Android, iPad and iPhone specific MT4 apps
• Tools such as Autochartist, Reuters news and in-house research

DMA Account

Forex.com’s DMA Account means clients’ can trade at institutional-grade pricing with spreads as low as 0.1 pips on major currency pairs due to the brokers’ top-tier liquidity providers. When using a DMA Account type, customers pay a fixed commission fee yet lower spreads then the brokers’ all-inclusive account types. Although trades can be made at ECN-like pricing, there are certain restrictions with a DMA Account. Users’ can only trade forex financial instruments, and execute trades on the brokers proprietary platform.

Benefits of a DMA account include:

• Priority customer support
• A dedicated Market Strategist to assist with trading strategy development and risk management
• Reduced account costs such as waivered fees on wire transfers

What Type Of UK Forex Trader Best Suits Forex.com?

Those looking to trade not just forex majors but also exotic currency pairs and rare Contracts for Difference should choose Forex.com based on the large range of forex and CFDs available with the online broker.