With MT4 being a third-party tool, it is expected to have slower execution speeds for brokers, as they require an extra connection to the broker. Also, look for brokers that provide access to commodities, stocks, and indices, which can diversify your trading portfolio. Below, We have compiled our testing into a table for you to review how the best forex brokers in the UK compare with each other. Plus, it takes advantage of FxPro’s Direct Market Access, allowing you to see the open and pending orders from the liquidity provider. We’re a fan of brokers providing this, as it can be used as an excellent tool to gauge market strength and supply/demand zones. We like that FxPro provides 24/5 customer support via Live Chat, and connecting with support took less than 30 seconds when we tested https://en.wikipedia.org/wiki/List_of_countries_by_foreign-exchange_reserves it.
Best Forex Brokers In The UK
The top UK forex broker table is updated monthly based on CFD providers that gain or lose an FCA licence. Other brokers, such as OANDA, Saxo Bank and VT Markets, were considered in this review and may be featured on our other UK comparison page. Ross Collins of The CompareForexBrokers team conducted tests using demo accounts to see what the spreads are like using the EUR/USD pair. He found that the Pepperstone Razor account is the best FCA-regulated broker for the EUR/USD pair, with an average of 0.36 pips over 24 hours. Charting is basic, directly covering buy and sell orders in the chart with access to drawing tools and technical indicators. The Plus500 app has one of the largest choices of indicators available, showing over 100+ indicators, which is more than some desktop platforms offer.
– Best Range Of Trading Platforms
For me, the +insights service is a top feature with trader sentiment indicators and price alerts, which send a notification to your phone and email. With eToro’s main focus https://immediate-edge-app.com/ on their exceptional copy trading tools, you may find eToro lack in standard features one would expect to find on a good trading platform like MetaTrader 4. This is okay if you are copy trading, but it’s not the best when trading the markets manually, as its charting is limited compared to other platforms. We found the OANDA Trade platform particularly beneficial as you can set your trade sizes, which is perfect for lowering your risk if you are a beginner. Alternatively, OANDA allows you to trade forex on TradingView, giving you access to a platform with advanced charting tools with OANDA’s markets and low spreads.
– The Best Forex Broker In UK
Having traded since 1998, Justin is the CEO and Co-Founded CompareForexBrokers in 2004. Justin has published over 100 finance articles from Forbes, Kiplinger to Finance Magnates. The other type of spread is a fixed spread which is popular for scalping since scalpers rely on predictable prices. EToro is known for its Copy Trading features and with over 20 million users, it is one of the largest copy-trading communities. OANDA is our top pick for the most trusted broker in the UK due to the use of regulators in many territories. Tier-1 regulators include FCA, NFA/CFTC, and ASIC, showcasing its reliability and trustworthiness.
Trading Platforms and Analysis Tools
Based on their published lowest average spreads, we gave the broker the maximum score for trading fees. The platform has over 115 technical indicators and drawing tools, with 12 different chart types to trade from, which is the most out of all the proprietary platforms we’ve tested. Eightcap has gone all in on using https://www.forbes.com/advisor/investing/what-is-forex-trading/ TradingView as their sole trading platform choice in the UK, allowing you to benefit from the best charting package available across all the platforms.
A nice added touch was the haptic feedback when switching between the charts, which is useful if you accidentally swipe to another chart. This feature gives you a quick overview of how much risk the copy trader takes on, which you might find useful to avoid high-risk traders. EToro has the most user-friendly way to simplify copy trading with its eToro CopyTrader platform, making it accessible regardless of your knowledge of the markets. However, if you want to use custom indicators, you’ll have to use MetaTrader 4 or TradingView directly, as the OANDA Trade platform does not support custom indicators.
The platform goes into greater detail than any other copy trading platform we’ve used, highlighting the strike rate of a trader to profit and which assets they are best with. We discovered this after our head analyst, Ross Collins, tested the RAW account to see how often Pepperstone offered 0.0 pip spreads on EUR/USD. Our test found the industry average to be 94% when using ECN or no dealing desk brokers. A CFD trader must make an insurance claim through the Financial Services Compensation Scheme website to submit a claim. Traders should ensure the firm is listed on the FSCS website, as compensation is only available when the body deems the broker’s assets are frozen or in liquidation. To avoid dealing with a scam broker, UK residents are strongly recommended to choose an FCA-regulated broker.
What does CFD stand for?
By comparing spreads, commissions, trading platforms and features we were able to rank the best FCA regulated trading accounts for UK traders. This lets you see how the broker performs with its price feed and trading fees without depositing your funds. Out of all the brokers we’ve tested, Plus500 has the best trading app offering a full charting experience on your mobile with 119 indicators, 21 drawing tools, and 13 chart types. We like how well-designed the charts are and how they pack so much detail for the small mobile screen, allowing us to view the indicators and prices clearly without zooming in. To choose a UK forex trading platform, you should go through the options your broker offers; most commonly, they’ll be MetaTrader 4, MetaTrader 5, or TradingView.
- However, the excellent trading platforms, low trading costs, and strong regulatory approvals helped overcome this negative.
- Alternatively, you could use spread betting, which doesn’t pay capital gains tax, saving you money on your winnings, but you cannot write off any losses.
- You can use a demo account to access these trading platforms and play with the tools and settings on the platform.
- Traders should ensure the firm is listed on the FSCS website, as compensation is only available when the body deems the broker’s assets are frozen or in liquidation.
Forex Trading Spreads And Costs
The cTrader is easy to use and has 65+ indicators pre-installed into the platform, which is more than MT4, and it allows you to program your own custom indicators. However, if you like to focus on EUR/USD, City Index impressed us with one of the lowest spreads available with no commission. If you are looking for a solid Forex demo account, XTB is our top pick with its generous balance of £100,000, way more than you need to practise with. You can use the demo account for free on the MetaTrader 4 and XTB’s xStation5 platforms.
Without authorisation from the FCA, no forex broker can legally provide financial services in the UK. For trading platforms, OANDA provides several, including the leading third-party platforms MT4 and TradingView, but it is the OANDA Trade platform that interests us. TradingView’s advanced charting tools include 80+ indicators covering all the popular indicators such as Ichimoku Clouds, SuperTrend indicator, and Pivot Points. While exploring https://www.ussc.gov/sites/default/files/pdf/training/annual-national-training-seminar/2018/Emerging_Tech_Bitcoin_Crypto.pdf the live account, we also found that OANDA had excellent spreads for a no-commission trading account. The standard account averaged 0.6 pips on EUR/USD and 0.9 pips on GBP/USD, which is almost as competitive as some RAW pricing accounts. Based on factors such as forex market range, currency trading conditions, forex fees, and customer service, we created the finalised list based on FCA Regulated Brokers.
