Forex Broker UK 2020 Comparison

2) Best Automated Forex Broker = AxiTrader

AxiTrader focuses solely on the MetaTrader 4 forex trading platform. This is the world’s most popular forex platform offering the expert advisors marketplace. Through a demo account or live account with AxiTrader traders can create or purchase an expert advisor (EAs) which in some cases are free. Below shows a screenshot of the EAs marketplace.

Three key factors put AxiTrader ahead of their UK competitors when it comes to Automated CFD trading:

1) Automated Trading Tools

AxiTrader offers Tradeworks designed to test trading strategies. It also allows CFD traders to design, test and analyse trading strategies. This is preferred over MetaTrader 4’s EAs as no programming skills are required to make a trading strategy. The automation software is cloud-based designed for both forex and CFD trading. Tradeworks connects with the AxiTrader MetaTrader 4 account.

The other automated trading strategy provider AxiTrader offers is Unitedforextraders. This software training company focuses on managing expert advisors (EAs) for MetaTrader 4. This is ideal for those new or with limited experience when it comes to automated forex strategies. The trainers also help the EA installation onto your AxiTrader MT4 platform.

2) VPN Partners

AxiTrader has partnerships with three VPN suppliers for the MetaTrader 4 forex platform. A Virtual Hosting service uses an external server to ensure your platform keeps running 24 hours a day and preventing downtime. Virtual Hosting is primarily used for those using automated trading strategies (Expert Advisors).

• FOREXVPS – Based in New York, this VPN has leading SSD drives leading to fast execution speeds. They are supported by 24-hour support from e-mail to live-chat and have a 100% guarantee when it comes to uptime.
• METATRADER VPS – This VPN is run by the same company as MetaTrader 4 (MetaQuotes) with 7 global servers. This is the most cost-effective cloud-based VPS hosting option.
• COMMERCIAL NETWORK SERVICES – CNS uses Hyper-V hardware matched with a VPS that has been customised for Forex trading. This premium tool focuses on security and has two-factor worldwide authentication.
• BEEKSFX VPS – Backed by SAN technology and IBM servers, this BeeksFX offers direct fibre connections between data centres and racks. With this connection and banking-grade infrastructure, the latency outcomes can be less than a millisecond.

3) No Minimum Deposit

AxiTrader has a £0 minimum deposit. This isn’t just to open a demo account but a real money account as well with no funding fees. This is an important automated forex broker feature as traders may want to test small amounts on certain EAs prior due to the high risks involved and the complex instruments involved.

Automated CFD Trading With AxiTrader Conclusion

When trading forex with a demo account to real money AxiTrader offer the best-automated trading through the MetaTrader 4 forex platform. By using the most popular trading platform worldwide its easy to create and purchase automated programs and the £0 minimum deposit, VPN options and trading tools make it the logical UK CFDs trading provider choice.

Review Of Axitrader

AxiTrader

MIN. AMOUNT

MIN. SPREADS

MAX. LEVERAGE

OUR BROKER RATING

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• Account Types
• Commission (per 100k side trip)
• Trade Sizes
  Mini-lots, Micro-lots, Standard-lots
• Trading Instruments
• Trading Platforms
  MetaTrader 4
• Deposit Methods
• Funding Costs

• UK Regulation
• Customer Support
• Education
• Risk Management
• Bonus Offers
• Trustpilot Reviews

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3) Best Range Of Financial Services – CMC Markets

CMC Markets offers both spread betting and CFD trading. For UK residents spread betting can provide some tax-free benefits when trading. When traders spread bet they are predicting the price movement with a ‘price per point’ determined. When they trade CFDs they trade the underlying asset with leverage.

Six financial services can be traded through spread betting or CFDs:

1. 300+ Forex pairs – Trade on currencies strength versus the other on the worlds largest liquidity market.
2. 60+ Indices – Trade a combination of the largest shares of a country of vertical such as technology.
3. 15 Cryptocurrencies – Predict the movement of specific crypto from Bitcoin to Ripple.
4. 90+ Commodities – Speculate on movements of valuable commodities from gold and silver to natural gas and oil.
5. 9,000+ Shares and EFTs – Take positions on the leading companies across the world from Apple, BHP to Alphabet.
6. 30+ Treasuries – From treasury notes, gilts to government bonds the opportunity exists to speculate on movements

For retail clients, ESMA he set leverage limits between 2:1 and 30:1 across both CFDs and spread betting. This applies to CMC Markets unless the individual is classified as a professional client. This makes then eligible as a CMC Pro client and they can receive up to 200:1 leverage.

Conclusion On Why CMC Markets Has The Best Financial Services

Whether trading CFDs or spread betting, CMC Markets offers thousands of instruments from crypto to currencies. Spread betting is a key strength of CMC which is commission-free and has competitive spreads with a plethora of risk management tool that can prevent you from losing your money.

Review Of CMC Markets

CMC Markets

MIN. AMOUNT

GBP £200

MIN. SPREADS

0.13 pips (Razor)

MAX. LEVERAGE

1:30 Retail / 500:1 Pro

OUR BROKER RATING

6.83

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• Account Types
• Commission (per 100k side trip)
• Trade Sizes
  Mini-lots, Micro-lots, Standard-lots
• Trading Instruments
• Trading Platforms
• Deposit Methods
• Funding Costs

• UK Regulation
• Customer Support
• Education
• Risk Management
• Bonus Offers
• Trustpilot Reviews

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4) Largest Foreign Exchange Broker – IG Group

IG is one of the oldest foreign exchange brokers in the world established in 1974. Based on revenue in 2019, it is considered the largest retail foreign exchange broker for both CFD broker and spread betting services. IG is listed on the FTSE 250 with over 1,500 staff worldwide. The company also offers other services including stockbroking, investment and institutional financial services.

IG has 22 offices in regions including:

• Europe
• The United States Of America
• South-East Asia
• Australia
• Africa
• The Middle East

The company operates in most forex markets and has accreditation with several regulatory bodies. In the UK this is the Financial Conduct Authority (FCA) which was formally the Financial Services Authority (FSA). Other regulated bodies IG group operate from including ASIC (Australia), CYSEC (Cyprus), and FSB (South Africa).  There are also one of the few CFD providers to be regulated in the United States CFTC (Commodities and Futures Trading Commission) and NFA (National Futures Association). One of the few locations IG doesn’t have regulation is with the Hong Kong Securities and Futures Commission (SFC).

Summary Of IG For Foreign Exchange

If you’re looking to open a Retail CFD account with the largest foreign exchange provider to avoid forex scams of unregulated, smaller players then IG is the right choice. As the largest worldwide broker, they offer a range of financial instruments, forex trading platforms, forex markets and retail investor account options.

5) Best UK Cryptocurrency Broker – eToro

Most UK forex providers offer crypto CFD trading. This means the trader doesn’t own cryptocurrency (such as Bitcoin) but trades the underlying asset with leverage. Bitcoin ownership has grown in popularity quite considerably since 2010. eToro remains the pioneer when it comes to cryptocurrency CFD trading for three key reasons.

1) eToro Offers The Most Cryptocurrencies To Trade

eToro offer just under 100 cryptocurrency CFDs including:

Bitcoin Popularity Up to December 2019

• Bitcoin
• Ethereum
• Ripple
• Dash
• Litecoin
• Cardano
• Stellar

2) eToro Offers A Crypto Trading Platform

Unlike most CFD providers, eToro created its own trading platform that wasn’t primarily designed for currency trading. One key enhancement is news-feeds within the trading platform which can impact crypto movements. It’s enhancements like these which can be critical to navigating crypto CFD markets.

3) eToro Offers Copy Trading

If you prefer to make trades based on other traders you can copy trade with eToro. You can select traders based on what CFDs they have traded from Bitcoin, ETFs to commodities. Their previous results are displayed and additional trading history to help determine which trader to copy based on future trades.

Overall, the range of cryptocurrencies CFDs offered by eToro, trading platform and the copy-trading feature is why eToro is the best broker of UK traders who want to focus on crypto.

About eToro

eToro

Rapidly growing eToro differs from other brokers due to its emphasis on social and mirror trading. This broker has a proprietary platform purpose-built to make clients copy-trading experience simple. Users can use social media and copy features to create trade Crypto Shares CFD and Commodities and to enhance their reputation in order to earn money.

MIN. AMOUNT

USD$200

MIN. SPREADS

3.0 pips

MAX. LEVERAGE

1:30 Retail / 400:1 Pro

OUR BROKER RATING

7.17

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• Account Types
  Retail, Professional
• Commission (per 100k side trip)
  None
• Trade Sizes
  Min USD$25, Max USD$100,000
• Trading Instruments
  Cryptocurrency, ETFs, Shares CFD, Equity Indices, Commodities, Stocks
• Trading Platforms
  eToro Web / Mobile
• Deposit Methods
  VIsa, Mastercard, Diners, Visa Electron, Maestro, PayPal, Neteller, Skrill, Webmoney, Yandexm Rapid Transfer, Klarna, Wire Transfer, Online Banking, China UnionPay
• Funding Costs
  USD$25 Withdrawal fee (minimum USD$50)

• Regulation
  FCA
• Customer Support
  24/5 - Live chat, Support ticket (Email)
• Education
  Available
• Risk Management
  Standard + Guaranteed negative balance protection
• Bonus Offers
  Refer a friend bonus, Popular investor program, eToro club
• Trust Pilot
  2 / 5

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6) Best Spread Betting Account – FxPro

FxPro is one of the only forex brokers in the UK that has a specialist spread betting trading platform. The platform is called FxPro edge offering:

• Web-based platform and mobile trading platform
• The tightest spreads of any FxPro platform offered
• No commissions
• Six asset classes to trade and hundreds of instruments
• The option of a demo account or a real money account

Spread betting is for UK residents only with the potential benefit that profits can be tax-free with no stamp duty. With FxPro having one of the lowest spread betting fees and best trading platform, they are the logical choice if you prefer to spread betting over CFDs trading.

About IG

REGULATED BY

• finma

IG Markets

Founded in 1974, IG is one of the oldest and biggest online trading brokers in the market. While most brokers offer forex and CFD, IG is one of the few that also offer stocks. IG offers commission-free FX trading for OTC traders with fees starting from 0.6pips (EUR/USD), good range of risk management tools and large choice of trading platforms.

MIN. AMOUNT

$0

MIN. SPREADS

0.6pips

MAX. LEVERAGE

1:30

OUR BROKER RATING

6.67

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• Account Types
  CFD accounts - Personal, Institutional, Professional
• Commission (per 100k side trip)
  None for Forex (yes for certain other instruments)
• Trade Sizes
  Mini-lots, Micro-lots, Standard-lots
• Trading Instruments
  Indices, Share CFD, Commodities, Cryptocurrencies, Stocks, Bonds, ETFS, Interest Rates, Sectors, Options, AUD or NZD denominated markets, Knock-out options
• Trading Platforms
  IG Web/Mobile/Tablet, L2 Dealer, ProRealTime, MetaTrader 4
• Deposit Methods
  Visa, MasterCard, PayPal, Bank Transfer
• Funding Costs
  No Fees

• Regulation
  ASIC, FCA, MAS, FMA
• Customer Support
  24/7 - live chat, phone, Email, Community Forum, Twitter
• Education
  Available
• Risk Management
  Full range of tools available
• Bonus Offers
  Volume based rebate scheme, refer a friend
• Trust Pilot
  4 / 5

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7) Best Non-Commission UK Forex Account – Swissquote

Swissquote offers two accounts that are spread only. This means that no commissions are charged when CFD trading making it easier to track brokerage costs. The prime account in our UK broker comparison had the lowest spreads of the non-commission category including:

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

The largest issue of the Prime trading account is the high minimum deposit requirement of €5,000.

You can read the full Swissquote review to learn about Swissquote Ltd which is a subsidiary of the Switzerland based bank. Overall, if you’re looking to trade higher volumes and looking for a spread-only broker, Swissquote is a strong option to trade with.

About Plus500

REGULATED BY

• asic
• mas
• cftc
• fsca
• finma
• cysec
• iiroc
• fca
• fma

Plus500

Plus500 offers tight commission-free spreads that stand out for the inclusion guaranteed negative balance protection. The broker offers fx leverage of 1:30, spreads around 0.6pips (EUR/USD), guaranteed stops along with an extensive range of trading products including shares cfd, ETFs, Indices, Options and Cryptocurrency.

MIN. AMOUNT

$0

MIN. SPREADS

N/A

MAX. LEVERAGE

1:30 (retail account)

OUR BROKER RATING

5.83

Terms from 1 to 7 years. Representative example: a 3 year $10,000 loan at 9.99% would cost $11,864.50 including fees.

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• Account Types
  Plus500 retail, professional
• Commission (per 100k side trip)
  None
• Trade Sizes
  Mini-lots, Micro-lots, Standard-lots
• Trading Instruments
  Indices, Share CFD, Commodities, Cryptocurrencies, Options, ETF
• Trading Platforms
  Plus500 platform
• Deposit Methods
  Visa or Master Card, PayPal, Bank transfer, MoneyBookers/Skrill
• Funding Costs
  No Fees (Min deposits -Visa/MasterCard 100GBP, Electronic wallets 100 GBP) and Bank transfer (500 GBP)

• Regulation
  FCA
• Customer Support
  24/7 - live chat, Email,
• Education
  None
• Risk Management
  Advanced tools available
• Bonus Offers
  None
• Trust Pilot
  4 / 5

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8) Best Forex Brokers For Beginner Traders – Plus500

Those who want to trade forex for the first time or are new to CFDs trading should consider Plus500. There are four key reasons that Plus500 is designed for beginners traders.

a) Easy-To-Use Properitety Forex Platform

Plus500 created their own forex platform to make it easy to trade forex as a beginner. The platform includes both a web platform and trading apps. This makes mobile trading realistic rather than having to be at home or in an office. The Webtrader can also be used on shared devices. The trading apps also work on both iOS or Android devices.

b) Forex Training And News

Plus500 has one of the best trader guides to teach traders how to navigate forex markets. This includes webinars, videos, technical analysis and real-time news.

c) Risk Management Tools

Plus500 offers in-built features to help those new to CFD training to manage risk. This includes ‘Close at Profit’ [Limit] or ‘Close at Loss’ [Stop loss] rates. There are also Trailing Stops and at a fee premium ‘Guaranteed Stops’. This final feature, in particular, can be useful as it ensures a trader doesn’t lose more than a pre-defined amount on a specific trade.

d) Range Of Financial Markets

Plus500 offers more than just currency trading. Financial markets you can start trading as CFDs range from indices, EFTs to even cannabis indices. None of the other top forex brokers offers many of these financial markets which beginner traders may be interested in trialling.

Overall, Plus500 is one of the top forex brokers for beginners based on their easy to use the platform, risk management features and training guides.

About FxPro

FXPro

FxPro is an no-dealing desk broker whose main point of difference lies in the choice of accounts designed for an each traders particular needs. With a choice of 6 accounts types comprising of 4 different platforms, 2 spread types (variable or fixed) and choice of instant or market execution traders can trade with the large range of CFDs instruments available that suits their needs.

MIN. AMOUNT

USD$100

MIN. SPREADS

1.5 (MT4), 1.4 (MT5), 0.10 + Commission (cTrader)

MAX. LEVERAGE

1:30 (major pairs)

OUR BROKER RATING

5.46

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• Account Types
  MT4 (fixed spreads and Instant Execution). MT4 account (floating spreads and Instant Execution), MT4 account (floating spreads and Market Execution), cTrader account (floating spreads and Market Execution). MT5 account (floating spreads and Market Execution)
• Commission (per 100k side trip)
  USD$4.50 (cTrader)
• Trade Sizes
  Variable
• Trading Instruments
  Futures, Metals, Energies, Share CFD, Indices, Commodities,
• Trading Platforms
  MetaTrader 4, MetaTrader 5, cTrader, FxPro Edge
• Deposit Methods
  Bank transfer, broker to broker, Visa, Master Card,
• Funding Costs
  No Charges

• Regulation
  FCA
• Customer Support
  24/5, GMT + 2
• Education
  Available
• Risk Management
  Standard
• Bonus Offers
  2 x Referral program. 1. Payment for introducing clients and 2. Payment for volume traded
• Trust Pilot
  4 / 5

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