Best Forex Trading Platform Uk for Beginners

The ForexBrokers.com annual forex broker review (five years running) is the most cited in the industry. With over 50,000 words of research across the site, we spend hundreds of hours testing forex brokers each year. How we test.

Trading forex (currencies) in the United Kingdom (UK) is popular among residents. Before any fx broker can accept UK forex and CFD traders as clients, they must become authorised by the Financial Conduct Authority (FCA), which is the financial regulatory body in the UK. The FCA's website is FCA.org.uk. We recommend UK residents also follow the FCA on twitter, @TheFCA.

The FCA was formed out of the Financial Services Act of 2012, effectively replacing its predecessor, the Financial Services Authority (FSA). For a historical breakdown, here's a link to Financial Conduct Authority webpage on Wikipedia.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 65% and 82% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Best UK Forex Brokers for 2021

To find the best forex brokers in the UK, we created a list of all FCA authorised brokers, then ranked brokers by their Overall ranking. Here is our list of the top UK forex brokers.

• IG - Best overall broker 2021, most trusted
• Saxo Bank - Best for research, trusted global brand
• CMC Markets - Best web platform, most currency pairs
• Interactive Brokers - Great for professionals and institutions
• City Index - Excellent all-round offering
• XTB - Best customer service, great trading platform
• FOREX.com - Great all-round offering

Best Forex Brokers UK Comparison

Compare UK authorised forex and CFDs brokers side by side using the forex broker comparison tool or the summary table below. This broker list is sorted by the firm's ForexBrokers.com Overall ranking.

How to Verify FCA Authorisation

To identify if a forex broker is licensed to operate in the United Kingdom (UK), the first step is to identify the register number from the disclosure text at the bottom of the broker's UK homepage. For example, here's the key disclosure text from IG's website,

Both IG Markets Ltd (Register number 195355) and IG Index Ltd (Register number 114059) are authorised and regulated by the Financial Conduct Authority."

Next, look up the firm on the FCA website to validate the register number is, in fact, legitimate. Here is the official FCA page for IG Markets Limited.

Summary

To recap, here are the best UK online forex brokers.

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Methodology

For our 2021 Forex Broker Review we assessed, rated, and ranked 27 international forex brokers over a three-month time period resulting in over 50,000 words of published research.

Each broker was graded on 108 different variables, including our proprietary Trust Score algorithm. This innovative scoring system ranks the level of trustworthiness for each broker based on factors such as licenses, regulation and corporate structure (read about Trust Score here).

As part of our annual review process, all brokers had the opportunity to provide updates and key milestones and complete an in-depth data profile, which we hand-checked for accuracy.

Ultimately, our rigorous data validation process yields an error rate of less than .1% each year, providing site visitors with quality data they can trust. Learn more about how we test.

Forex Risk Disclaimer

"There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses." Learn more.

Best Forex Trading Platform Uk for Beginners

Source: https://www.forexbrokers.com/guides/united-kingdom-uk