- Forex Trading
- Online Brokers
Best UK Forex Brokers 2019
London is known to be one of the world’s major financial hubs - and the UK's involvement in the forex markets is well documented. With the fourth most traded currency in the world, it’s no wonder thousands of traders every day search for the best UK forex brokers to trade GBP. The pound regularly fluctuates against other currencies - and the smart trader can certainly take advantage of such fluctuations. Here’s some of the best UK based brokers to consider.
Why pick a UK forex broker
One of the main reasons to pick a UK broker is the benefit of FCA protection. The FCA (the Financial Conduct Authority) governs the financial services in the UK - and this independent organisation wields significant power. Not only do they regulate the marketing activities of financial services companies, but they also regularly audit their operating finances. In particular forex brokers, who require a minimum threshold of capital to operate - and who must keep clients funds in a separate bank account. The 2015 Swiss National Bank incident really demonstrates just how important this type of regulation is.
In addition to making sure all approved brokers are running smoothly, the organisation is also active in taking down shady companies and individuals who seeks to take advantage of unsuspecting investors. Sadly, many of these companies appear to be legitimate - actually appearing to have UK postcodes to fortify their deceit. Thankfully, the FCA are pretty good at spotting and shutting down rogue entities.
Now that you know the main reason to choose a UK forex broker, it’s important to know what to look out for when you choose your next site.
There are all sorts of advanced trading platforms out there; most brokers will offer you a selection so you can choose the ones you feel comfortable with. You could stick with the brokers own proprietary platform - or opt for something more established, like MetaTrader 4 for example. And of course, you should also check if you can use a mobile trading app to trade currencies on the go.
If you’re unsure of what platform to choose or if you are new to the world of trading with a UK forex broker, then consider signing up for a practice account. With a practice account, you don’t need to risk any capital up front - instead you can benefit from free demo funds, allowing you to try out the platform until your heart's content. This is also a good option for beginner’s looking to break into the forex market. If you do enjoy the world of forex trading, then switching to a live account usually takes just a few clicks.
With a demo account, you can also view all of the research tools at your disposal should you decide to progress with your chosen broker. There are a number of useful tools out there that can help you get an advantage in your next trade. Advanced charting packages, client sentiment data, trading signals… all of these tools can be valuable.