Best UK Forex brokers for 2020
The UK has been an impressive market for forex trading. People in the UK have a unique advantage because their currency is one of the strongest in the world and the most sought-for in forex exchange. Getting a forex trader in the UK is not so much of a challenge. However, getting the best and safest forex brokers is not easy.
1. eToro
eToro is a multiverse of digital trade that is in a league of its own. It was launched in 2006 and has kept climbing since then. eToro allows you to run your deals on their platform without complications. The platform is favorable for new traders because of interesting features that can simplify their trades. The interface, first, is smooth to navigate. There is also the feature of "copy trading." With the feature, you can mirror the trades of top profitable sellers on the platform. You can view their transaction history to be sure that you are getting the best from the best. Copy trading is a simple way to make money without sweating it out. This platform wins the heart of many people because there are no trading commissions other than the spread. Deposits are free and diverse. The minimum balance required to start trading is ₤160 on the average. Trust comes because of regulations by FCA, ASIC, MiFID, and CySEC.
2. FinmaxFX
FinmaxFX is a 2015-found forex and CFD brokering business with over 400 tradable assets. Finmax is an investing platform with high leverage. It is VFSC and IFMRRC regulated. Client's funds are managed based on segregated accounts in European banks. If you are a person who looks to trade with MT5 (MetaTrade5), then FinmaxFX is one to go to. It offers a desktop-based MT5 terminal, web extension of MT4, and a mobile application. The platform charges 1pip on major pairs for VIP accounts and 3pips on other account types. There are also withdrawal and deposit fees. Nevertheless, users are kept updated with daily market trends and technical forecasts. The minimum deposit possible is $250 or equivalence in GBP.
3. IG
IG is a leading broker with a wide range of tradable assets. IG initially launched in 1974 and has been a broker of 17,000 markets. The UK-based broker gets its credibility from regulators, including NFA, CFTC, ASIC, MAS, FAC. It offers its customers direct access to various non-CFD share markets. The forex trading account provides a web-based trading platform, MetaTrader4, and a progressive web app. It also offers demo accounts for newbies and charges 0.6 pips on major currency pairs, and there is no withdrawal or deposit fee. The minimum required deposit is $300.
4. Forex.com
Forex.com is of US origin, founded in 1999. Although it began in the US, it also serves UK forex traders and about 180 other countries. The platform only trades CFD and forex. The United States Commodity Futures Trading Commission (CFTC) presides over the regulation of Forex.com. The platform offers automatic trading tools to investors and offers MT4 and MT5 terminals. Automated trading allows you the opportunity to multitask without having to monitor every bit of your trade. Sadly, a lot of first-time Forex traders fall victim to scams, so users need to be cautious. Automated trading has also evolved in Cryptocurrency trading like Bitcoin Trader. The minimum deposit is $50, and there is a 0.2pip charge on major pair trades. Other regulators include the AFA, FCA, ASIC, FSA, MAS, and DFC, among others.
5. City Index
City Index is a UK-based trusted broker that offers brokerage for over 80 individual forex pairs, including majors and minors. Its regulators include FCA, MAS, ASIC. It is a more sophisticated but exciting platform for advanced traders, as it provides technical indicators to keep users updated. Market data comes to you in real-time. The minimum deposit is £100, with the MT4/MT5 feature. Ultimately, City Index charges 1pip on major pair trading.
