The FOREX market is the largest financial market in the world. It operates 24 hours a day and five days a week (Monday through Friday), except international holidays.

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Q: Is FOREX trading legal in the UK?

Yes, FOREX trading is completely legal in the UK.

Q: What is FOREX trading?

FOREX trading is the largest and most liquid market in the world. It involves traders buying and selling the underlying fiat currencies of different countries, and trading these for other currencies for a profit. FOREX can also be traded on a CFD method, where traders do not own the underlying currencies.

Q: What costs and commissions are associated with FOREX trading?

One of the most important costs associated with FOREX trading is known as the spread between the bid (sell) price and the ask (buy) price of a currency pair. The broker names the spread, which is made up of a market-driven difference in value between two currencies, marked up with a profit for the broker. Another important fee is the commission, which is a percentage fee that a broker takes off every trade. Commissions per trade are tiny, but they can add up if a trader works with large volumes.

Q: Is FOREX trading taxable in the UK?

Yes, FOREX trading is taxable in the UK. In the main, you will be taxed on profits from FOREX trading, even though there are certain conditions under which you will not pay tax. This relates to when you trade low volumes as an amateur speculator. However, once your trading volume passes a certain threshold, or your earnings begin to make up a certain quantum of your overall earnings, you will start to pay capital gains tax. You are advised to consult a tax professional to understand your liability more clearly.

With many years of meticulous FOREX broker testing, Arincen stands out as a voice of authority. Our analyses, shaped by exhaustive data collection, are trusted by many. Each year, we gather 120 data points from more than 100 brokers. Our team of more than 20 people collaborate extensively to produce high-quality broker reviews like this one. For a detailed explanation of how we test brokers, navigate to the bottom of this article.

Discover the best FOREX brokers in the UK and how the surge in their numbers has intensified competition. Learn how these brokers aim to enhance services and provide diverse choices for users while navigating increased complexity.

In what follows, we will first list the best FOREX brokers in the UK today in a handy table. This list is the result of a detailed study performed by expert Arincen researchers. We will also share the study methodology so that you can appreciate why and how we selected the brokers on the list.

Best FOREX Brokers in the UK for 2024

Company Name	Regulations	Minimum Deposit	Main Branch	Open Account
ICM Capital	FCA	500$	United Arab Emirates	Open Account Review ICM Capital
Tradeview	FCA	250$	USA	Open Account Review Tradeview
XTB	FCA	500$	UK	Open Account Review XTB
IG	FCA	500$	UK	Open Account Review IG

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Top Tips for Selecting the Best FOREX Brokers in UK

In the UK's FOREX market, you'll find many of the best online brokers offering excellent services. If you are looking to protect and grow your investments, it is important to work with an established broker. When picking a FOREX broker in the UK, here’s what you should keep an eye on:
Regulation matters: Make sure your broker is under the watchful eye of a big-name regulator, like the UK's own Financial Conduct Authority (FCA) or another well-known international regulator.
Check out the fees: You need a broker with clear and competitive fees. Make sure you're getting a fair deal compared to what's out there in the market.
Variety of investments: Go for a broker that offers a wide range of investment assets. This way, you can mix up your investments and potentially have a stronger portfolio.
Customer service is key: Good support is a must. Choose a broker with a team that’s quick and skilled at handling any questions or issues you might have.
Tools and learning resources: Your broker should ideally offer plenty of research tools and educational materials. These can help you get smarter about the market and up your trading game.
Remember, picking the best FOREX broker in the UK is all about checking their regulatory status, fee structure, investment options, customer service, and the resources they offer. Keep these in mind, and you'll be on your way to making a choice that fits your investment goals.

Top FOREX Broker in UK- Complete List

Several outstanding FOREX brokers operate in the UK. As always, it's important to safeguard your investments by partnering with a broker who has a proven history of success in this market. Undertaking thorough research is the key. Here are some of the most crucial elements to keep in mind when choosing from the best FOREX brokers in the UK:
• The broker must be supervised by a high-tier regulatory body, which could be the FCS or an international one
• The broker's fee structure must be competitive
• The broker must provide a broad range of financial assets for trading
• The broker must boast a customer service team that responds promptly and efficiently
• The broker should have a comprehensive package of research tools and educational resources available.

ICM capital Broker

ICM Capital is considered the industry leader in deposits and withdrawals, whereby each withdrawal does not take more than five business days. Moreover, the company offers its customers a handy credit card to withdraw their profits, in addition to enabling customers to use various deposit methods. The company, which is licensed by the UK's FCA, has several branches around the world. Among other things, it has a rich portfolio of assets, especially stocks, offers a low spread, as well as the ability to use MT4.

Broker Evaluation	8.11
Regulations	FCA
Minimum Deposit	500$
Islamic Account	yes
Payment Methods	Bank transfer - credit card - Electronic Banks - Crypto
Main Branch	United Kingdom
Customer Service	24/5
Demo Account	yes
Trading Platforms	MT4 - MT5 - C TRADER -Web Platform

Pros

Segregated client funds.
Regulated by the UK’s FCA.
Established in 2009.
More than 10,000 ICM Capital users and traders.
Reasonable minimum deposit from $500.
Decent funding options.
No swaps.
MetaTrader4 (MT4) desktop and mobile download.

Cons

Does not allow scalping.
Not ASIC-regulated.
Relatively limited range of instruments.
Slow live-chat service.
Relatively high trading fees.
Limited range of trading tools and resources

Open Account

Tradeview Broker

Tradeview Forex, interchangeably known as Tradeview Markets, was established in 2004 and is headquartered in the Cayman Islands, setting itself up as a significant player in the online FOREX and CFD trading world. Regulated by the Cayman Island Monetary Authority (CIMA) and the Malta Financial Services Authority (MFSA), Tradeview Forex is a reliable platform in a competitive market. The broker’s commitment to offering a broad and accessible trading environment shines through with its low deposit requirement and how it provides various advanced trading platforms to clientele.

Broker Evaluation	7
Regulations	FCA
Minimum Deposit	$450
Islamic Account	Yes
Payment Methods	Bank transfer - credit card - Electronic Banks - Crypto
Main Branch	USA
Customer Service	24/5
Demo Account	Yes
Trading Platforms	Proprietary Platform-MT4 - MT5 -Web Platform

Pros

Established in 2004.
Variety of trading platforms, such as MT4, MT5, cTrader, and Currenex, catering to different trading preferences and strategies.
Low minimum deposits.
beginners and experienced traders looking to refine their strategies.
Supports automated trading through the use of Expert Advisors (EA) on MT4 and MT5 platforms.
Decent leverage levels of 1:200 available in some jurisdictions.
Regulated by CIMA, MFSA, and will soon be regulated by the UK’s Financial Conduct Authority (FCA).

Cons

While regulated by CIMA and the MFSA, the broker is still in the final stages of becoming regulated by the tier-one FCA.
Trades on the Innovative Liquidity Connector® account are subject to commission charges, which may add to trading costs.
While offering high leverage up to 400:1 can be an advantage, it also introduces significant risks, especially for new traders.

Open Account

XTB Broker

What distinguishes XTB is the fact that it offers the best customer experience among all the companies we have surveyed. Indeed, it boasts the fastest response rate from all the companies under investigation. This is especially relevant, since the market is always on-the-go, and so you need to act fast. XTB offers lots of asset classes, as well as the ability to use the MT4 trading platform. Finally, it maintains a relatively low spread, which is suitable for quick deals.

Broker Evaluation	8.55
Regulations	FCA
Minimum Deposit	500$
Islamic Account	yes
Payment Methods	Bank transfer - credit card - Electronic Banks
Main Branch	United Kingdom
Customer Service	24/5
Demo Account	yes
Trading Platforms	MT4 - MT5 -Web Platform

Pros

Long history of operation.
Globally recognized, having won multiple awards.
Some of the lowest FOREX spreads in the market.
Regulated by the FCA (UK).
Offers protection for client accounts.
Emphasis on customer service.
Excellent support, learning and research tools.

Cons

Does not accept US clients.
Non-FOREX spread costs are relatively high.
No GSLO.
No back-testing or automated trading capabilities.
Conditions vary according to regulation and entity.

Open Account

ig markets Broker

IG is arguably the best broker when it comes to security and trust, boasting, as it does, licenses from 10 regulatory bodies, including the all-important FCA from the UK. The company is also a bank and is a publicly traded company in London. It is known for offering more than 10,000 asset classes of currencies, commodities, future contracts, ETFs, indices, cryptocurrencies etc. Further, it has its own state-of-the-art trading platform and offers a relatively low spread.

Broker Evaluation	7.54
Regulations	FCA
Minimum Deposit	250$
Islamic Account	yes
Payment Methods	Bank transfer - credit card - Electronic Banks
Main Branch	United Kingdom
Customer Service	24/5
Demo Account	Yes
Trading Platforms	Proprietary Platform -MT4 - Web Platform

Pros

Easy-to-navigate platform that is simple for beginners to master.
Margin rates are easy to understand and affordable.
Mobile and tablet platforms offer full functionality of the desktop version.
Accepts US clients.
Access to more than 100 currency pairs
Emphasis on education and research.
Regulated by the FCA (UK), as well as the CFTC and the NFA (US).
Offers protection for UK/EU client accounts.

Cons

US traders can currently only trade FOREX.
No GSLO for US-based traders.
No account protection for US clients.
Relatively high share-CFD fees.
No copy trading or back-testing integration on IG platform.

Open Account

SAXO BANK Broker

Saxobank is considered one of the best investment banks in the area of financial markets and currencies, as it offers the very best trading platform and tools from all the companies we have reviewed. Meanwhile, its spread is very low and, as such, suitable for short-term deals; and it offers a large number of asset classes, including currencies, commodities, indices etc. Finally, its customer service is excellent and very responsive to traders' needs.

Broker Evaluation	6.09
Regulations	FCA
Minimum Deposit	5000$
Islamic Account	No
Payment Methods	Bank transfer - credit card
Main Branch	Copenhagen, Denmark
Customer Service	24/5
Demo Account	No
Trading Platforms	SaxoTrader

Pros

Extensive range of offerings.
Regulated by the FCA (UK) and other top regulators.
Great trading platform.
Among the industry’s best research.
Superior user interface.
Offers protection for client accounts.

Cons

High bond, options and futures fees.
Lack of emphasis on customer service.
Confusing instrument fee structures.
High minimum deposit.
Does not accept US clients.
No MT4.
Lacks live chat.

Open Account

CMC MARKETS Broker

CMC Markets is thought of as one the best companies, offering some 9,000 asset classes that encompass currencies, commodities, indices, cryptocurrencies, bonds and stocks. The company offers a relatively low spread, the MT4 platform, and fast customer service. It is most suited for traders looking for diversity in asset classes.

Broker Evaluation	7.07
Regulations	FCA
Minimum Deposit	0$
Islamic Account	No
Payment Methods	Bank transfer - credit card - Electronic Banks
Main Branch	United Kingdom
Customer Service	24/5
Demo Account	not
Trading Platforms	Proprietary Platform -MT4 - Web Platform

Pros

Extensive range of offerings.
Regulated by the FCA (UK).
Low FOREX fees.
Emphasis on education and customer service.
Great Web and mobile platforms.
Offers protection for client accounts.
Research amenities are industry leading.

Cons

Does not accept US clients.
Limited product portfolio.
High stock CFD fees.
High CFD spreads for certain indices.
Differences between Next Generation and MT4.
Complicated account verification.
No back-testing or automated trading capabilities.

Open Account

think markets Broker

Originally founded in New Zealand in 2010, and moving to Australia within the space of their first two years, Think Markets is a global online brokerage focusing on FOREX and CFD trading. In addition to a range of major and minor currency pairs. Think Markets has an array of CFDs on offer. This includes indices, as well as hard and soft commodities.

Broker Evaluation	8.05
Regulations	FCA
Minimum Deposit	0$
Islamic Account	yes
Payment Methods	Bank transfer - credit card - Electronic Banks - Crypto
Main Branch	Australia
Customer Service	24/5
Demo Account	not
Trading Platforms	Proprietary Platform -Web platform-mt4- mt5

Pros

Beginner assistance offered through 24/6 channels.
Spreads are as low as 0.0 pips.
24/7 expert customer service.
CFD shares and indices come at no extra fee.
Zero broker fees for FOREX trading.
Technical analysis and quality market information.
Percentage allocation management module (PAMM) and Multi-account manager (MAM) accounts available.

Cons

Direct share trading is on a separate platform.
No binary options offered.
Commissions charged for two account types.
After a strong early start, ThinkTrader user ratings have slid to 3.4 stars.
No US, Canada or Japan clients allowed.

Open Account

There is a high degree of risk involved in trading securities like FOREX, or CFDs, which are highly complex instruments. As a trader, you could be exposed to excessive leverage, questionable broker tactics, market volatility, and limited regulatory protection. Despite your best trading techniques and risk management strategies, your efforts may not be profitable, and you could suffer losses.

What is FOREX and Why Do We Need a Broker to Trade?

For every FOREX trader, it is good to know that the FOREX market is the largest financial market in the world with some six trillion dollars’ worth of deals taking place daily. In this decentralized market, currencies are bought and sold electronically over the counter (OTC). The FOREX market operates 24 hours a day, five days a week, excluding international holidays. This article will help you understand the implications of round-the-clock trading for market participants. Explore the pivotal role of FOREX brokers in the UK, facilitating clients' participation through trading platforms. The best brokers have accessible trading platforms that are accessible in both web and mobile formats.

How Do I Choose the Best FOREX Broker in the UK?

Owing to its excellent regulations, mature investing culture, and high levels of personal disposable income, the UK is home to an extensive range of brokers. In fact, many of the world’s most successful FOREX brokers cut their teeth in this market in the late 1990s.

Regardless of where they are based, you must first be satisfied that your FOREX broker is well-established and reliable. The best FOREX brokers are regulated by tier-1 regulators who will enforce stringent rules to ensure the safety of investor funds. Thereafter, you must assess the broker on important aspects, like how long they have successfully been in business, how well-managed they are, and the strength of their platforms and service offerings.

Concerning features, a broker must demonstrate that it has a robust trading platform, extensive access to markets, and rapid order execution. A good broker will normally tout its level of liquidity and the number of blue-chip financial partners with which it works. It’s important to check if your broker has a good customer service desk with client-friendly hours. Another important factor is to verify how easily you can transact with the broker in terms of deposits and withdrawals.

Regulation and Licensing in the UK

FOREX trading is entirely legal in the UK. Firms must be registered with the UK Companies House. Traders can check their broker’s registration details and information about the company directors on the Companies House’s Website.

UK FOREX brokers must be authorized and regulated by the FCA. This is a strong indicator that they are a safe bet for clients. As a member of the FCA, firms must offer investor fund protection to the tune of £85,000 through the Financial Services Compensation Scheme (FSCS). These rules also mandate negative-balance protection for traders and ensure that only suitably qualified people can run FOREX firms.

FOREX brokers also must keep client funds segregated from operating funds. Firms are also encouraged to be compliant with the European Markets in Financial Instruments Directive (MiFID), as well as MIFID II. This legislation is designed to increase transparency in financial markets through standardized regulatory disclosures.

The FCA is rightly considered as one of the best regulators around. Therefore, UK traders can rest easy knowing they are well-protected. If UK traders go in search of brokers in other jurisdictions – perhaps they are looking for higher leverage than is allowed in their home country – they should be careful to engage with brokers covered by fellow tier-1 regulators, such as the Cyprus Securities and Exchange Commission (CySEC). Even so, if this is not possible, as long as your broker is regulated by the appointed regulator in its jurisdiction, that is a good start.

While the FCA is the pre-eminent regulator in the UK, there are other major regulators around the world. If you want to read more about some of the best-regarded regulators, read our article on regulation here. When a broker is under the watch of a regulator, it undergoes stringent assessments to ensure transparency and fair trading practices. Opting for an unregulated broker brings with it significant risks.

Choose a broker under the watch of a trusted regulatory authority who is renowned for their rigorous oversight. There's no obligation to opt for an overseas regulator; reputable brokers also operate within your own jurisdiction. To confirm if your broker is registered with a regulator, navigate to the regulator’s official website.

Leverage

Depending on the regulator under which your broker works, you will encounter different policies relative to leverage. Key regulators have implemented specific rules to limit the leverage offered to retail traders as a means of consumer protection.

Here are selected leverage rules according to some key regulators:

FCA, UK:

30:1 for major currency pairs

20:1 for non-major currency pairs, gold and major indices

10:1 for commodities (excluding gold) and non-major equity indices

5:1 for individual equities and other reference values

2:1 for cryptocurrencies

These limits are in place to reduce the risk of significant losses for retail traders.

Swiss Financial Market Supervisory Authority (FINMA), Switzerland:

FINMA has not set specific leverage limits. However, Swiss brokers must adhere to rigorous capital and risk management requirements, ensuring they don't offer excessively high leverage that could endanger their solvency or their clients' funds.

Australian Securities and Investments Commission (ASIC) Australia:

30:1 for major currency pairs

20:1 for non-major currency pairs, gold and major stock market indices

10:1 for commodities other than gold and minor stock market indices

5:1 for equities (stocks) and other underlying assets

2:1 for cryptocurrencies

It's worth mentioning that these rules mainly target regular individual clients. If you're a professional trader, your access to leverage might vary depending on both the rules in place and the policies of your broker. As you can tell, diligent regulators keep a close eye on how much leverage is allowed. Nevertheless, you can still use a regulator from your own country, even if it doesn't fall under the category of a top-tier regulator.

Retail traders should be cautious when trading with high leverage due to the significant risks involved. While leverage can increase gains, it can also magnify losses. You should be careful when trading with high leverage, that’s why you need the right knowledge and experience to handle the highs and lows that come with this form of trading.

Stop Out and Margin

As a FOREX trader, it's crucial to understand the most important terms you'll encounter to avoid going into a negative balance. One of these terms is "stop out," which refers to a situation where a broker automatically closes some or all of your open positions to prevent your account from going into a negative balance.

This is especially relevant for traders using leverage. The stop-out level is typically expressed as a percentage, representing the margin level at which the broker starts to close out open trades. Stop outs are bad news. It means something has gone awry with your planning. We will explain what we mean.

Here are the three most common stop-out levels:

0% Stop-Out Level:

At this level, when the margin level of the account drops to 0%, the broker will automatically close all open positions. This is the most aggressive stop-out level, and it gives no room for your positions to recover, even if the market turns in your favor immediately after reaching this level.

Here's how it works:

Imagine you have a trading account with a balance of £1,000, and you've opened several positions in the market. Your broker has a 0% Stop-Out Level policy, which means that if your margin level drops to 0%, the broker will automatically close all your open positions to prevent further losses.

You start with a £1,000 trading account balance
Using 30:1 leverage, you can control £30,000 worth of currency with your £1,000 account
You open a position in GBP/USD with a notional value of £30,000, and the margin required for this trade is £1,000 (3.33% of the notional value)
The market moves against your position, causing your account balance to drop to £900
If your losses accumulate, your account balance decreases and your margin level (account equity divided by used margin) drops accordingly
When it reaches 0%, the broker's 0% Stop-Out Level policy comes into play

50% Stop-Out Level:

Here, if the margin level drops to 50%, the broker will start closing out positions. It offers a bit more flexibility compared to the 0% level. The broker will typically close the most unprofitable positions first, and if that's not enough to bring the margin level back above 50%, more positions will be closed until it's achieved.

100% Stop-Out Level:

A 100% stop-out level means that when a trader's equity equals the margin required for the open positions, the broker will start closing those positions. It's important to know that this is similar to the 0% level, but might be worded differently, based on broker terminology.

Keep in mind that the specific percentage and the order in which positions get closed can vary from broker to broker. So, traders must know their broker's stop-out policy. It's worth noting that while stop-out measures are designed to shield traders from going into the red, they can also result in substantial losses, especially in volatile markets where positions are swiftly closed automatically, especially if the market suddenly reverses post-stop out. That's why you should always employ protective strategies, like setting stop-loss orders and avoiding excessive leverage.

Commissions and Fees

Trading fees can sometimes be difficult to track. Be sure to check how these fees compare with industry standards:

Spreads: There are two main kinds of spread, one is fixed and the other is variable. Generally, the spread refers to the difference or gap between two prices, such as the bid/ask rate in a currency exchange rate. An example of a good spread is 1.4 pips for the EUR/USD (the narrower the better, this means that a spread of 1.4 pips is better than a spread of 2 pips). This article explains more about this important concept.
Commission: This is nothing more than the service charge that brokers require for carrying out transactions on behalf of their clients.

Rollover fees: When you leave a trade open overnight, the broker normally charges a rollover fee for the facility of holding your trade open for that period. This is because they assume the risk of the market changing adversely.

Withdrawal and Deposit Fees: Some platforms might charge fees for depositing or withdrawing funds. Pay attention to this. It's important to be aware of these and any associated limits or conditions.

Subscription or Inactivity Fees: Certain platforms have monthly charges or fees for inactive accounts. Ensure you're aware of these potential costs.

ICM Capital

Tradeview

XTB

Saxo Bank

CMC Markets

Think Markets

	Spread	Commission	Swap	Islamic Account
Currencies	Starting from 1.3 Pips	0$	No	Available
Stocks	Starting from 18 Pips	0$	Yes	Unavailable
Commodities	Starting from 2.3 Pips	0$	No	Available
Indices	Starting from 4 Pips	0$	Yes	Unavailable

Tradable Assets and Instruments

Online trading offers a wide range of financial instruments, each with its own opportunities and challenges. Here are some of the most common:

FOREX: This is why you are reading this article. This type of trading involves buying and selling currencies from different countries on the foreign exchange market with the goal of making a profit. This is done through a broker with an online platform, like MT4 or MT5. FOREX brokers provide tools to traders for executing buy and sell orders in the currency markets.
CFDs: CFDs allow traders to speculate on the future market movements of an underlying asset without actually owning or taking delivery of the asset. CFDs are traded on margin, meaning the broker allows investors to borrow money to increase leverage or the size of the position to amplify gains.
Equities or stocks: These represent ownership in a company, and trading them involves buying and selling shares of publicly traded companies.
Commodities: Items of value such as gold, oil, wheat and coffee can be traded through a broker or online trading platform.
Indices: These are a measure of the performance of a group of stocks or other assets. Trading indices involves buying and selling a basket of stocks or other assets that make up the index. Some key indices include the UK 250 and the Germany 40.
Bonds: These are debt securities issued by companies or governments to raise capital. When you buy a bond, you are essentially lending money to the issuer, who promises to pay you back with interest later.
Options: Options are contracts that give the buyer the right, but not the obligation, to buy or sell an underlying asset at a predetermined price and time.
Futures: These types of contracts obligate the buyer to purchase an underlying asset at a predetermined price and time in the future. This is done through a broker or online trading platform.

Brokers	Currency pairs	Stocks	Indices	Commodities	Crypto	ETFs
ICM Capital	67 Pairs	89 Shares	17 Indices	12 Commodity	6 Coins	Unavailable
Tradview	80 Pairs	5000 Shares	10 Indices	10 Commodity	30 Coins	Unavailable
XTB	57 Pairs	1848 Shares	36 Indices	22 Commodity	22 Coins	135 ETFs
IG	81 Pairs	21714 Shares	49 Indices	39 Commodity	11 Coins	12858 ETFs
Saxo Bank	320 Pairs	22000 Shares	49 Indices	39 Commodity	9 Coins	6700 ETFs
CMC Markets	330 Pairs	8000 Shares	80 Indices	100 Commodity	18 Coins	200 ETFs
Think Markets	46 Pairs	3750 Shares	15 Indices	11 Commodity	21 Coins	350 ETFs

Payments, Deposits and Withdrawals in the UK

It is best to find a broker with several ways to fund your account. The broker should be able to support traditional bank transfers, as well as debit and credit cards and electronic wallets. Processing times should be kept as low as possible. Traders should be aware that payments must originate from an account in their name. Cash deposits are not normally accepted. The well-developed UK banking industry can support major payment methods by local brokers.

ICM Capital

Tradeview

XTB

Saxo Bank

CMC Markets

Think Markets

Method	Credit Card	Wire Transfer	Skrill	Neteller	Cryptocurrency	PayPal
Deposit fee	0$	$0 + Bank commission	1.9%	2.5%	Unavailable	3.75%
Withdrawal fee	0$	$15	1%	$0	Unavailable	2%

FOREX Trading Customer Service

As timing is key to FOREX trading, you must pick a brokerage firm that can provide good customer support around the clock. This most notably includes the company representatives being easy to reach, fast, and polite, which in turn will spare you having to worry about problems later. The best FOREX brokers in the UK for beginners will be able to provide you with the following:

Quick resolution of issues
Educational support
Assistance with queries during volatile markets
Account security
Customized advice (although not all customer service desks offer this)
Technical assistance
Regulatory compliance queries

ICM Capital

Tradeview

XTB

Saxo Bank

CMC Markets

Think Markets

	Email	Live Chat	Phone	WhatsApp
Available	Available	Available	Available	Available
Quick response	Very Fast	Very Fast	Very Fast	Very Fast

Technical Aspects of the Broker’s Website

When it comes to sharing sensitive personal information online, such as a credit card number, cyber security is paramount. You should, therefore, always look out for SSL certification and two-factor authentication (especially when registering with a new site). Be sure to use a safe password.

Trading Platforms, Tools, and Features

FOREX brokers in the UK offer the same set of tools you can find in any developed market. The best brokers offer advanced algorithmic trading that can support large volumes of trades with high uptime and little lag. Brokers can also offer electronic assistance (EA) and high-end market analysis and insights.

When picking a trading platform, it's crucial to consider what works for both beginners and experienced traders. Here are some things to consider:

Customization and User-Friendliness: You should be able to tweak the platform to match your style. Within the MetaTrader product family, both MT4 and MT5 are known for their excellent customization features. Here’s a comparison between the two.

Platform Accessibility: Whether it's web-based or downloadable, a good platform should give you options to trade at your convenience, any time, on any device.

Technical Analysis Tools: Look for a platform that has solid technical indicators. They are useful for making smart trading decisions.
Risk Management Tools: Trading is risky. A top-notch platform should allow you to set stop-losses and take-profits to manage those risks.

Performance and Reliability: As a newcomer, you should be looking for a platform that runs smoothly when called upon.

Learning and Help Resources: It's a boost if the platform is not only visually pleasing and customizable, but also comes with guides and support to help you when you're stuck.

To choose the perfect trading platform, here's what you can do:

Determine your trading style and needs.
Research different platforms and compare their features.
Test the platforms with a demo account to see which one suits you best.
Choose a platform that offers the features you need and is user-friendly.
Ensure that the platform is reliable and has a good reputation in the industry.

Remember that the trading platform you choose can have a significant impact on your trading success, so it's important to choose wisely.

Ask Other Traders on Our Network

Arincen’s Website features a powerful social network where traders can learn from each other in a supportive community. Every trader starts out as a novice, and it helps to be able to watch and study the trades of other, more experienced investors. This important feature has allowed many traders to make their learning curve less steep and expensive.

Tip for those who have no experience
We believe that a solid foundation in education and research is essential for every successful trader. That’s why we’ve created a set of resources specifically for you. Our comprehensive articles provide an understanding of the basics, while our videos offer insights from industry insiders. Stay updated with the latest developments in the market through our newsfeed, signals, and detailed analytics.

FOREX Trading Scams and How to Avoid Them

The anatomy of a FOREX trading scam involves criminals creating a clone FOREX broker website with basic functionality to dupe novice investors into thinking they are trading with a legitimate entity. These novice investors are lured to these websites on the promise of quick wins and handsome profits.
Traders may start “making money,” which is nothing more than a confirmation within the website that the traders have been successful in selected trades. When they try to withdraw their funds, they normally run into trouble, with nominated contacts becoming hard to reach and the website announcing that it is experiencing technical trouble.
The above example is a classic instance of one of the early trading scams. Over time, criminals have become more sophisticated and daring, not to mention that many scams are perpetrated by insiders working at FOREX brokers, often it is the owners themselves!
The best way to avoid being scammed is to check that the broker you are using is regulated by a trustworthy regulator. Any broker regulated by the FCA has had to undergo the most stringent vetting of their operations anywhere in the world.

Trading with an unregulated broker can have dire consequences. Regulated brokers must comply with strict rules to protect your interests. Unregulated brokers may engage in fraudulent activities, such as misappropriating client funds, and may not have adequate measures in place to protect your data. For a list of the best regulators, read our article here.

Will Your Money Be Protected if Your Broker Becomes Insolvent?

As long as your broker is regulated with the FCA, your money is safe if the broker becomes insolvent. This is because the FCA mandates that all participating brokers take up investor protection with the FSCS. Individual investors are covered up to £85,000.

The Dos and Don’ts of FOREX Brokers

One of the first things a new FOREX trader ought to do is check the extent to which the FOREX company abides by the rules and regulations governing its operation. Emphasis must be placed on what it can and cannot do. There are seven things brokerage firms cannot do:

The FOREX brokerage firm cannot recommend a buy or sell;
The FOREX brokerage firm must not provide price or market expectations (rise/fall);
The FOREX firm cannot control your financial dealings (deposit/withdrawal);
The FOREX brokerage firm should not “manage” your portfolio under any circumstance;
The FOREX brokerage firm cannot grant a client a bonus unless there are clear terms guiding it beforehand.
The brokerage firm must not use bank accounts not under its name; and
FOREX brokerage firms cannot have or offer the service of account managers.

In short, the role of brokerage firms is strictly confined to facilitating buyers and sellers to come together toward an agreed-upon commission. FOREX brokerage firms that violate any of the seven rules should be avoided.

Which FOREX Broker Has the Best Platform?

According to our extensive research, Saxo Bank has the best proprietary platform. It features best-in-class indicators based on advanced technology and analytics. While many brokers swear by the popular MT4, you can get a range of powerful new tools on Saxo Bank’s platform as this broker is continually striving to improve the quality of its features.

Which is the Best FOREX Broker for Lowest Fees and Spreads?

After conducting thorough research, we can say with confidence that ICM’s ECN account offers the best low fees and spreads for any kind of trader.

Which is the Best FOREX Broker for the Most CFDs?

Based on our research, the FOREX brokers that deal in the most CFDs are CMC Markets and IG, both of which offer extensive CFD selections.

Which FOREX Broker Offers the Most Assets?

Based on our research, the FOREX brokers that deal in the most CFDs are CMC Markets and IG, both of which offer extensive CFD selections.

Which FOREX Broker is Best for Professionals?

Whether you are on the lookout for indicators like MACD, RSI or Moving averages to support your advanced trading strategies, MT4 can provide you with every indicator you need. This industry favorite has been around for many years and has enhanced the careers of many successful professional traders.

Recommended Brokers

What Is Arincen and What Do We Do?

Put simply, Arincen is a social networking platform that brings together traders and experts to exchange expertise and ideas. Together, we evaluate the best FOREX companies in the world while offering a comprehensive suite of services and tools, all in one place, either via a computer or a mobile app. The platform is so rich that you can create your own private portfolio of traders and experts you like and, at the same time, follow their recommendations and investment sentiments.

Further, thanks to Arincen, users can keep an eye on market-price developments, as well as the latest news. Users can also benefit from the network’s educational courses on offer, to say nothing of exciting webinars – all done in a modern and fast-paced work environment. Get all that you need in one place, not less, not more. Our motto: We Meet to Simplify the Trading World.

Arincen’s Review Methodology

The team at Arincen collected more than 120 pieces of data covering more than 100 licensed FOREX brokers. Data collection was done in three ways:

Companies’ websites.
Other websites that have ranked FOREX companies.
A survey questionnaire (referred to here as Survey “1”) was sent to the companies invited to participate in the exercise. We have identified 13 criteria for our assessment, each containing several aspects and carrying its relative weight. These include licensing, deposits and withdrawals, number of assets, etc.

Afterwards, we validated the data by:

Registering with FOREX companies as a secret shopper and/or as Arincen.
Survey number “2,” in which we asked these companies’ customers for important feedback and experience.

The next step saw us evaluate and rank each company, relying on the hard work of 15 Arincen employees. We were very careful in ensuring the most accurate assessment possible, including considering different languages, as well as the various mobile-app operating systems, e.g., Apple, Samsung, etc.

To add credibility to our research project, we sent a final and third survey (referred to here as Survey “3”) to enable participating FOREX companies to evaluate our research and whether it accurately reflects the realities on the ground. We were fortunate enough to receive a mark of 9.9 out of 10! We have kept to a minimum the margin of error, which stood at a measly 1%. To learn more about how we came up with the evaluation, please click here.

Conclusion

Entering the FOREX market today is more vibrant, competitive, and safe than ever before. However, it's crucial to safeguard yourself from potential pitfalls. The first step is to ensure that you choose from the best FOREX brokers in the UK. Your broker must be legally licensed and well-regulated. Evaluating the broker's tools, platforms, and reputation is also essential. This article serves as a valuable resource for those seeking to assess the best online platforms in the UK. You may need to refer back to it at any time. Start your FOREX trading journey and enjoy all the services, advice and tools it has to offer while making your trading experience profitable!

Forex Risk Disclaimer
Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Best FOREX Brokers in the UK for 2024

Best FOREX Brokers in the UK for 2024

Top Tips for Selecting the Best FOREX Brokers in UK

Top FOREX Broker in UK- Complete List

ICM capital Broker

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Cons

Tradeview Broker

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Cons

XTB Broker

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ig markets Broker

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Cons

SAXO BANK Broker

Pros

Cons

CMC MARKETS Broker

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think markets Broker

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Cons

What is FOREX and Why Do We Need a Broker to Trade?

How Do I Choose the Best FOREX Broker in the UK?

Regulation and Licensing in the UK

Leverage

Stop Out and Margin

Commissions and Fees

Tradable Assets and Instruments

Payments, Deposits and Withdrawals in the UK

FOREX Trading Customer Service

Technical Aspects of the Broker’s Website

Trading Platforms, Tools, and Features

Ask Other Traders on Our Network

FOREX Trading Scams and How to Avoid Them

Will Your Money Be Protected if Your Broker Becomes Insolvent?

The Dos and Don’ts of FOREX Brokers

Which FOREX Broker Has the Best Platform?

Which is the Best FOREX Broker for Lowest Fees and Spreads?

Which is the Best FOREX Broker for the Most CFDs?

Which FOREX Broker Offers the Most Assets?

Which FOREX Broker is Best for Professionals?

Recommended Brokers

What Is Arincen and What Do We Do?

Arincen’s Review Methodology

Conclusion

FAQ

Is FOREX trading legal in the UK?

What is FOREX?

What is FOREX trading?

What costs and commissions are associated with FOREX trading?

How important is good customer service in FOREX trading?

Is FOREX trading taxable in the UK?