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The cheapest way to test software is to sign up for a free demo account. You can then try signals, charts, strategies, and any automated trading capabilities. Most of the top forex trading platforms offer demo accounts. In contrast to the majority of financial markets, the FX market has no physical location or central exchanges.
As a result, trading hours run around the clock five days a week, through a network of organisations, banks, and retail traders. Opening times are staggered across the world but traders can expect significant volume throughout the day. With that said, forex operating hours are reduced on the weekends, so expect less activity on a Saturday and Sunday.
The spread is the difference between the ask price and the bid price. It represents the cost of trading. Profit margins in forex are slim. So the more capital you have to invest the greater the potential returns. However, most UK FX brokers extend leverage to their customers. This means for a small deposit, known as margin, you can take a much larger position, amplifying potential profits. Of course, this does mean losses are also magnified.
The best forex brokers in the UK make their platforms available through a mobile app. In fact, reviews show an increasing number of new traders are learning to trade the forex market on mobile devices. Mobile apps today offer almost the same functionality as desktop platforms. That means you can conduct technical analysis on charts, monitor signals, and execute trades. You can also chat with the online trading community and follow training courses. Sign up for an account with an FCA licensed broker.
Check reviews to make sure the broker is reputable with customer support available. Some brokers also offer no deposit bonuses and other incentives, including attractive spreads. For forex dummies, the most popular are the major currency pairs. These always include the US dollar and are traded in the greatest volumes. As a result, there is enough liquidity that you can trade almost anytime. The other benefit of major currency pairs is that they often come with the lowest spreads and associated trading costs.
Then there are exotic currency pairs that are formed of a major currency and a currency from a developing country, such as Brazil. For example, are there upcoming market events you expect to affect the price of currencies? If you believe the base currency will rise versus the quote currency, you would buy.
You would sell if you thought the opposite. These important risk management tools can help protect profits and limit losses. Set a stop-loss to automatically close out a trade when losses reach a certain level. Use a stop-limit to exit a trade when profits hit a certain point.
You can also set notifications to get alerts when buy or sell percentage points are reached. Any profits or losses will shortly appear in your account. For beginners, it can be easy to get swept up in the uncapped income potential. So, do you pay tax on forex trading in the UK? Profits from forex trading are taxable. However, taxability depends on which category your activity falls into. Professional tax advisors can help establish which activity your forex trading falls into, and therefore, whether you should be paying tax on your earnings.
Keeping a detailed record of trades, including profits, losses, dates, and trade sizes, will make filing your annual tax return less stressful. For further guidance on day trading taxes, see here. The forex traders in the UK that generate consistent profits never stop learning. Fortunately, there is a wealth of resources available, from books and online training courses to forex trading diplomas.
With 3 account types for retail traders along with a professional account for eligible traders, Swissquite can offer attractive conditions for traders of all levels. Two commission-free accounts are available, these are the Prime and Premium accounts. Prime has lower spreads which start from 0. Prime has spread which starts from 1. If you are a retail trader and are after even lower spreads then there is the Elite account.
While you do pay a commission of 2. The minimum deposit is quite a high amount being USD 10, but this goes toward your future trades anyway so this account is best for serious traders. Maximum leverage when trading forex for these three accounts is for major currency pairs and for minor pairs.
If you wish to trade with higher leverage there is the Professional account. You must first qualify which if successful will give access to up to leverage. One impressive aspect about Swissquotes is their average execution speed. Faster execution means less chance of slippage. A low fill ratio can mean that either the broker is rejecting trades because they are unfavourable or the broker cannot access the necessary liquidity to fulfil trades.
All up this means Swissquote can offer competitive spreads and the near-promise of your trades being completed in a fast time at the quoted price. Like any good broker, Swissquote allows offers a range of platforms to suit the needs of different traders. In the case of Swissquote, you can choose from the broker proprietary platform Advanced Trader, or the mainstream platforms — MetaTrader4 and MetaTrader5.
All platforms are available for desktop not Mac in the case of Advance Trader , web and mobile. MetaTrader 4 and MetaTrader 5 are both excellent options and a good reason to choose Swissquote but Advanced Trader is superior if you have specific or complex trading needs. Other features include AutoChartist and Trading Central. Over 70 currency pairs are available for forex CFD trading with Swissquote.
This range place means they offer one of the larger ranges compared to most brokers. Most of these pairs are also available as options that can have a maturity period of 1 day to 1 year. If you wish to trade metals, Swissquote offers precious metals like gold, silver, platinum and palladium. Gold spreads begin at 0. Just note that trading lots differ when using Advanced Trader compare to MetaTrader. MetaTrader standard lots 1 lot are ounces except for silver which is 5, ounces.
Standard lots for all metals with Advanced Trader are 1 ounce. Swissquote also offers shares, indices, energies and bonds are also available. Indices are available using spot or as forwards while commodities can be traded as forwards or synthetics. All bonds are available as forwards. Pricing is favourable as gains are subject to fewer taxes than other financial instruments, plus no commission fees as the broker is compensated through the spread.
Many UK residents prefer a spread betting broker as profits are tax-free. Profits made from spread betting platform trades are not subject to capital gains tax CGT in the United Kingdom, although traders should determine whether profits are subject to other taxes prior to entering high-risk positions.
As spread betting is a tax-efficient investment, many traders prefer spread betting to buying and selling physical assets. Different order types include:. It is worth noting that spread betting is only currently available for CMC Markets clients who are residing in Ireland or the United Kingdom.
Traders who want to try Spread Betting due to the unique tax benefits for UK residents should choose CMC Markets with a trading platform for this type of trading, training guides and the best trade execution speeds. It should be noted that retail investor accounts have more FCA protection by default, as trading CFDs are complex instruments to those new to trading. Professional traders though have limited protection, which is why this extra level would appeal to higher volume experienced foreign exchange traders.
Plus is a market maker forex broker that offers an intuitive trading platform with a range of useful risk management tools. Plus is a spread only broker meaning they do not charge commission costs. When trading forex, commissions start from 0. To open an account, does not cost anything however there are margin requirements to open a trading position, this is normal with all brokers.
Funding methods include Visa, Mastercard, Bank Transfer, PayPal and Skrill and there are no costs to make a deposit or withdrawal unless. One thing to note when trading with Plus does not allow scalping. Plus define scalping as entering and exiting your position within 2 minutes. Automated trading is also not permitted. Plus has its own proprietary trading platform.
This platform is available as a webtrader for browsers and an app for iPhone, iPad, smartwatches and Android devices. While the screen for mobiles is smaller, the plus mobile app still has a fully functional trading environment that allows users to conduct in-depth analysis, manage accounts, and execute trades on over financial instruments. Ensures a limit on any potential losses by closing positions when price movements are unfavourable. Positions remain open if prices move in favourable directions yet automatically close the position if prices move in the opposite direction by a certain amount of pips.
Can be added to new, pending or open positions to minimise losses. Traders can set particular rates where positions will automatically close. This tool is helpful to those new to UK forex trading , as traders can gauge the portion of participants buying or selling in a specific market. As well as different order types and sentiment features, Plus offers clients excellent alert tools.
The Plus mobile app is highly regarded among forex traders based on broker reviews. On Google Play, the Plus mobile app has over 80, reviews with the app receiving a 4. Plus offers an unlimited demo account, which unlike many UK forex companies the trial account offered has no time restrictions.
A balance of virtual funds is provided to practise strategies, with full functionality of the mobile app available under a demo account. Plus is best for traders wanting access to a guaranteed stop loss or who want to be mobile when trading. When you choose a trader to follow, their trades get copied and inserted into your account. This can be then managed in a transparent and simple way. The individual you have copied also receives a small incentive from eToro for the more followers they receive.
It should be noted that copy trading is the most popular feature of eToro. This is assisted through filters based on returns, number of copiers and what markets they like to trade. Other options shown below are market portfolios, trader portfolios and partner portfolios, which combine traders, top performance assets or specific strategies. There are no limits on the amount traded and free stock analysis from a team of experts. While there are no commissions, there are fees when it comes to trading shares with eToro.
This means transferring your GBP to eToro for share trading has some currency conversion charges. Again, this should be factored into the cost when comparing the top UK broker with other share trading services. Leverage for retail UK traders is up to which is the maximum set by the FCA and the broker sets limits on margin calls. If you qualify for a professional account, this can be increased by up to leading to a high-risk environment. If trading with either a retail or professional account trying the free demo account first before a high-risk live account is recommended.
Individuals who want to copy the trades of selected forex traders and like being part of a social trading community should choose eToro. Just note the broker has higher brokerage in some categories with unique charges such as withdrawal fees. City Index is the best UK forex broker for beginner forex traders based on their low spread only account. The broker offers forex traders comprehensive forex training resources, suited to all levels of experience from beginner to advanced traders.
This starts with an introduction to CFD markets and moves to advanced trading strategies. City Index has the Financial Conduct Authority Licence and the parent company is Gain Capital which is regulated in 8 jurisdictions. City Index is designed for those new to currency trading with an easy to use forex platform, risk management tools and training.
The broker is a good starting point for forex markets with low spreads. The broker provides comprehensive market access to a range of asset classes, including Forex, Indices, Stocks and ETFs. Demo users gain access to an environment very similar to trading with real money without the high risk of losing capital.
Both MT4 and xStation offer mobile apps, allowing traders to explore financial markets on the go. As well as the benefits of a demo account for both beginner and advanced traders, XTB offers a range of educational resources to gain confidence. Our best forex broker UK comparison found the XTB website had the most videos explaining trading strategies, trading instruments and forex platforms as well as live webinars.
Educational resources are separated into experience levels, ensuring there is useful information for all levels of experience by providing Basic, Intermediate, Expert and Premium content. If you are unfamiliar with forex and CFD markets or looking to trial different trading strategies in a risk-free environment, then XTB is recommended with an unlimited demo account available across a number of advanced platforms.
FXCM offers a choice of 2 types of trading accounts. Spreads are slightly wider than an ECN style account but this is because there are no commission costs. FXCM allows scalping and hedging and permits micro 0. You can use any of the trading platforms on offer:. All trading platforms allow have automation facilities and come with advanced backtesting capability. Another useful trading tool is Capitalise.
This tool allows you to create algorithms to automate your trading without any coding knowledge. This is possible as the broker price matches the best quotes top-tier liquidity providers offer. If you use the Trading Station platform, you will be able to see the depth of market DoM meaning you can view multiple levels of liquidity at each price point.
Those looking to trade not just forex majors but also exotic currency pairs and rare Contracts for Difference should choose Forex. The best forex broker in the UK is Pepperstone based on their low fees including spreads from 0. Beginner forex traders should consider City Index as the broker offers both spread betting and CFD trading.
The forex broker provides extensive forex training for beginners, a unique forex platform that allows web trading, mobile trading via iOS and Android Apps or a desktop platform that can be downloaded and the option to trade indices, shares and forex. The lowest spreads available are through a Pepperstone Razor forex account. You can compare the Razor vs standard account to see which one best suits your trading needs.
You can view the full list of FCA regulated brokers at the bottom of this page. The authority is independently formed by the government and funded by membership fees. This increases based on a formula aligned to the number of traders an fx broker has.
Other requirements include:. This means that any crypto class such as Bitcoin is no longer offered by any regulated broker in the United Kingdom. Cryptocurrencies are also banned for traders that choose spread betting. Based on factors such as currency trading conditions, forex market range, fees and customer service, a list of recommended UK forex brokers regulated by the FCA has been created.
They are shown in the table below. In volatile markets, the combination of leverage creates a high-risk trading environment. Volatility can lead clients to lose money quickly. Make sure that you understand the risks of CFDs and spread bets and can afford to lose your money when trading.
I noticed that some overseas brokers offer higher leverage than the list provided here. Why is this? Professional traders however can trade with leverage up to Leverage involves high risk, so if spread move in an unfavourable direction, losses can be crippling. For this reason, leverage is limited for retail traders to protect them as they may not have the funds to cope with such large losses or the skills to trade effectively with leverage. Some overseas regulators have a more relaxed approach to leverage however these brokers are no approved for traders in the UK.
If you are in the UK, you can use a broker regulated by CySEC at this time however if you are in Europe, you should use a broker regulated by a European regulator. CFD trading and spread betting have some similarities in that they are both leveraged products that allow you to profit off the price movements of the same kind of financial products without owning the actual instruments however this is where the similarity ends.
When spread betting, you bet on how much you think a market will increase or decrease. You bet per point or pips how much the market will move from that point and the more it moves you win or lose a proportional amount. CFD trading is different, with this you buy a contract at the price matched the underlying instrument. You profit or lose when the price moves away from your purchased price.
Fact Checked We double-check broker fee details each month which is made possible through partner paid advertising. Learn more this here. Visit Site. Our Rating. Review Of Pepperstone. Eightcap review. Swissquote Review. Review Of eToro. FCA UK.
Raw Spread. Commissions USD Base. Minimum Deposit.