The UK is one of the most notable countries in the forex world. Not only does it have millions of forex individual forex traders, but it also counts for a significant portion of the forex trade entire volume. It is, therefore, a lucrative ground for forex brokers. It is also one of the most controlled forex brokerage markets. As such, the conversation about the best forex broker in UK is a very exciting one.
So, which are the best forex brokers for you if you are trading out of the UK? There are a lot of them, but the idea is to ensure you get the most ideal one for you. How do you know which is the best forex broker for UK clients? What is the best forex broker, and how to choose the best forex broker? Let’s find out.
Finding the best broker should not be such a difficult task. There are a lot of considerations to make, but there are some basic ones that should tell you how ideal or inappropriate a broker is. We’ve had chances to interact with most of the forex brokers available in the UK. Here are the top four brokers that impressed us the most:
|Brokers||Minimum deposit||Minimum Spread||Currency Pairs|
|FXTM||$10||0.1 pips||57||1st Choice|
|IQ Option||$10||5 pips||29||2nd Choice|
|Forex.com||$50||0.97 pips||50||3rd Choice|
FXTM is a name you cannot ignore so long as the conversation is about forex brokerage. FXTM has cemented its place as one of the best forex brokers not only in the UK but also in the world. One unique thing about FXTM is its commitment to ensuring every trader on its platform is given all the support they need to be able to trade seamlessly and profitably.
There are a lot of exciting aspects of FXTM. We’ll explore the most notable ones, in a bid to show you why FXTM is a great forex broker.
FXTM Trading Accounts
The first thing you want to find out about a forex broker is the kind of trading accounts it offers. You need to first understand how the accounts are structured and the requirements for accessing the account. So, what does FXTM has to offer?
FXTM understands every forex trader is different, and see’s things from a different perspective. As such, they have a trading account for every kind of trader. Traders are majorly categorized as for beginners or experienced traders. Traders are different in the approach to different situations on the forex market though.
Here are the trading accounts offered by FXTM. The amount beside them is the minimum deposit required for each.
Cent account – $10
Standard account – $100
Shares account – $100
ECN Zero account – $200
ECN account – $500
Pro-account – $2500
Quite clearly, there is quite a variety of trading accounts on FXTM. The standard accounts are low-caliber trading accounts if their minimum deposits are anything to go by. They are in many ways, the best trading accounts for beginners. Apart from the low entry barrier, they ensure that beginner traders do not take too many risks, while you do not have enough experience to mitigate them.
The ECN accounts, on the other hand, have higher minimum deposits and are designed to be handled by seasoned traders. That does not mean that you cannot trade on the ECN account if you are a beginner trader. If you feel that you have enough experience to trade on these accounts, there is no reason why you shouldn’t.
There’s a couple of things we should mention about FXTM.
Regulation – FXTM is regulated by the Cyprus Securities and Exchange Commission (CySec). It also regulated by the Financial Conduct Authority (FCA). These regulations guarantee individual forex traders that they are working with a broker they can fully trust.
Customer Support- While trading on FXTM, you have at your disposal every trading tool you would require. Apart from that, FXTM goes a mile further to provide various forms of trading support and ensure you are well taken care of.
It follows that FXTM is one of the best forex brokers for UK clients. It can be the best forex broker for you whether you are trading from the UK, or anywhere else in the world.
There is nothing wrong with having a couple of options to work with. There are other exciting brokers in the UK.
IQ Option is one very interesting forex broker, which is ideal for almost every other forex trader. Quite interestingly, IQ Option is one of the most recent forex brokers. It has a modern touch to it, and most of its focus is one beginner traders. There are two dynamics to this.
The beginner-trader brokerage market features small amounts of investments, but it big. It is, therefore, a big business opportunity for brokers such as IQ Option. In the same breath, IQ Option is making it easy for beginner broker to get started with forex trading, something that had been quite a hill-climb in the past. In simple terms, IQ Option is the best forex brokers for beginners 2019.
Let’s explore what your experience of trading on IQ Option would be like.
IQ Option Trading Accounts
IQ Option is one very unique forex broker. It has only two types of trading accounts. It is quite unorthodox for a forex broker to accommodate all kinds of traders in one trading account, but IQ Option pulls it off quite impressively.
On IQ Option, you can have either a standard account or a VIP account.
As we’ve mentioned above, IQ Option accommodates all its traders in one trading account. That’s the standard account. It is IQ Option’s main trading account. The standard account is accessed after depositing a minimum of $10. Clearly, it is a beginner-oriented trading account. That does not mean that you can’t make money on the standard account. You can hold large balances and trade with large stakes on the IQ Option standard account.
The VIP account is more of a reward program that a trading account. It is designed in order to offer special attention and support to traders who are loyal to IQ Option. To get access to the VIP account, you need to make a deposit of $1900 or attain a trading volume of $1500.
While still on trading accounts, theirs is one aspect of IQ Option that cannot be ignored. Its demo account. The IQ Option demo account is what makes IQ Option such a popular forex broker. The demo account has everything a beginner needs to get the perfect head start in forex trading. One of the most impressive aspects about it is that it is available for a lifetime. You can always go to the demo account to do some practice and come up with some trading strategies.
IQ Option Regulation and Reputation
We cannot close off the discussion without mentioning that IQ Option is regulated, and hence completely trustworthy. You would never have to worry about trading on IQ Option at any point in time. IQ Option is regulated by CySec and FCA. It is also under the oversight of European Securities and Market (ESMA). ESMA gives IQ Option the mandate to operate all around Europe.
IQ Option’s reputation is quite stellar. Many of the forex traders who have a chance to trade with IQ Option have nothing but good things to say about IQ Option. IQ Option is without a doubt one of the best forex brokers with low minimum deposit 2019. It is also one of the best forex brokers with demo accounts 2019. It is a forex broker that any forex trader would feel comfortable trading on.
As we mentioned earlier, there are many options for UK Traders.
Here is one more.
Forex.com is from the USA. The forex trading environments in the UK and the US are quite similar. Forex.com is one of the most notable forex brokers out of the USA. It is equally as big in the UK. It is renowned and loved because it is a very economical forex broker. There’s a lot of exciting features on Forex.com, and your trading experience is quite exciting as well.
There are many reasons to choose forex.com as your best broker for forex trading. Above everything, forex.com is a broker that will give you a fantastic chance of making a profit from forex trading. Among the most notable aspects of forex.com are its trading accounts, trading terms, customer support, and reputation.
Forex.com Trading Accounts.
Forex.com has become a top trading account on many fronts, and its trading accounts in one of the most significant ones. When it comes to trading accounts, Forex.com is quite similar to IQ Option. It accommodates all kinds of traders in similar trading accounts. There is a bit of variety, but the distinctions are based on ownership.
Take a look at the various trading accounts you can get on forex.com below.
These four accounts require the same minimum deposit of $50. The trading features on these accounts are quite similar. The main difference between these accounts is the ownership structure. If you want to trade as a group, you could go for the joint account which you can operate as a group. The corporate account is for legal entities and companies.
The sharia account is an interesting one though. The account is designed with features that conform to Islamic teachings. The aim is to provide Muslim traders with a platform on which they can trade without going against their religious beliefs. Most of the basic trading features are quite similar to the other trading accounts, and the minimum deposit is still the same.
We mentioned that there are many impressive aspects of forex.com. We would need to go on for pages and pages in order to outline them all. There are a few aspects that we need to capture though. Take a look below.
Forex.com regulation – one of the reasons why forex.com is recognized as one of the most trustworthy forex brokers it because of its regulation. Forex.com is regulated by the Commodities Futures and Trading Commission (CFTC). CFTC is an American regulatory authority, and it is one of the most respected regulatory authorities. Forex.com is also regulated the FCA, which allows it to operate in the UK.
Customer support and service – Trading on forex.com is quite exciting. You will get all the support that you need to be able to trade successfully. Forex.com trading accounts have all the necessary trading tools. You’ll also be glad to know that forex.com has a very functional customer service department. Forex.com will ensure there is someone to attend to your concerns if you run into any challenges while trading.
There is one more option that we think would be great for UK traders.
We wouldn’t close off the review without mentioning eToro. It is a unique and exciting forex broker. Our excitement about eToro is because it is a social trading platform. That means that it allows copy trading. While copy trading is possible on many other forex brokers, no other brokers do it quite the way eToro does it.
Ever heard of copy trading? It is a trading style where the forex brokers allow traders on their platforms to copy trades from each other. Etoro makes it possible for traders to copy trading techniques and actual trades from each other. It does so by having one of the most developed and effective social trading platforms.
EToro has one standard trading account, whose minimum deposits depend on where you are trading from. Etoro’s main attention seems to be on its copy trading platform and features. The social trading platform allows every trader to have a profile that has a breakdown of how that trader has been trading, and how much of their trades they’ve been winning. Copy traders, therefore, know which trader to follow and copy trades from.
It does not mean that you cannot trade independently on eToro. You are allowed to trade in whichever manner you feel on eToro. If you do not want to copy from anyone, or you do not feel comfortable doing so, you can use your trading strategies and knowledge to trade.