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Best Forex Brokers UK | Compare CHEAP Forex Trading Platforms


If you are interested in forex trading and want to make a career out of it, the first thing you need to do is look for a reputable and reliable broker. The broker must be an ideal match for your trading goals and approach. Not only your fund’s security but also your success rate in trading depends on your broker to a great extent. So, it is crucial to carefully choose one among the many available in the forex market.

Take a look at the best forex brokers of 2021 below.

Leading UK Forex Brokers

Best Forex Brokers UK – Top 5 Forex Brokers UK List

Below you will find a breakdown of the best

1. eToro – Best of the Best Forex Brokers

2. AvaTrade – Top Forex Brokers UK with 0% Commission

3. CMC Markets – Forex Brokers UK with Leading CFD

4. XTB – Best Forex Broker UK for High Leverage

5. IG – Best Forex Broker UK for Spread Betting

What is a Forex Broker?

In the foreign exchange market or vastly known as the forex market, the transactions primarily conduct between a pair of two independent currencies. In the course of buying and selling cryptocurrencies, a forex broker is typically a financial service company that acts as an intermediary between the trader and the interbank system. While making a transaction between a pair of currencies that are generally made of the ten most traded and liquid currencies including USD, EUR, AUD, and others, traders can initiate and execute a trade using a forex broker and earn profit depending on the current exchange rate.

How Do Forex Brokers Work?

The forex broker typically works as an intermediary between you and the interbank system, which is a network of banks that trade with each other daily. The broker will typically offer you a price from the banks and financial institutions through which they have access to forex liquidity.

When you start trading with a forex broker and open your first trade, the broker will pass it through the market. They offer you a price for that particular forex pair, typically shown in quote form such as GBP/USD 1.3500/1.3505. Here, the first number is the rate the broker offers you if you want to sell the pair. The second number shows the rate at which you can buy the pair. The difference between the numbers i.e., .0005 or 5 pips is taken as a commission by the broker and is known as the spread.

A broker will typically provide you with the best forex trading platform UK, which is a software program that can either be downloaded or used via a browser on the web. This is the main platform where you buy and sell currencies, monitor trades, conduct technical analysis, and all related functions of trading. Once the broker executes your order, it can either be a winning or a losing trade, leading to a profit or loss for your trading account.

Best UK Forex Brokers – Top 10 Reviewed

1. eToro – Best of the Best Forex Brokers

eToro

Founded in 2007, eToro is one of the leading forex brokers worldwide. The broker offers copy trading across more than 2000 assets, including forex, cryptocurrencies, CFDs, and securities. Users can either trade on its webs platform or mobile app. The easy user interface makes it a great option for beginners.

On this visual forex trading platform, traders can understand trading easily with graphic representations for different assets. eToro also offers social trading and copy trading with its innovative OpenBook and CopyTrader features. Both novice and professional traders can use the professional tools provided on eToro WebTrader.

eToro is considered a safe broker for traders and investors due to its regulations under one tier-2 and two tier-1 jurisdictions. The broker is authorized by strict financial bodies like CySEC, FCA, and ASIC.

Pros Cons
 Forex trading starts from low spreads like 1 pip for EURUSD and USDJPY on this platform.  Poor customer support
 eToro offers almost unlimited liquidity to its users along with access to flexible leverage trading where they can apply up to 1:30 leverage.  Only one base currency for accounting purposes
 Clients can have a diversified portfolio with more than 40 currency pairs.  High non-trading fees
 The broker offers free stock and ETF trading with zero commissions for US stock trading.
 The broker offers a demo account with $100,000 virtual cash for users to experience risk-free trading.
 Clients are provided with the unique CopyTrader feature to follow the strategies of advanced traders and copy them automatically.
 The platform offers the innovative ProCharts tool for conducting professional market analysis.

 

67% of all retail investor accounts lose money when trading CFDs with this provider.

2. AvaTrade – Top Forex Brokers UK with 0% Commission

Avatrade

AvaTrade is a renowned forex broker which is best known for offering a wide collection of trading options. Established in 2006, the broker offers top-notch platforms like AvaSocial, AvaOptions, and AvaTrade WebTrader along with the legendary MetaTrader platform. For social trading and copy trading, traders are provided with ZuluTrade and DubliTrade.

AvaTrade is licensed and regulated by top-tier financial bodies like FSA, ASIC, JFSA, MiFID, Central Bank of Ireland, and IIROC. Based in Ireland, the broker operates in several countries including Australia, Israel, Japan, the British Virgin Islands, South Africa, and Abu Dhabi. It offers 55 forex currency pairs along with options, 14 cryptocurrencies, and CFDs on commodities, stocks, and shares.

Fees and commissions on this platform are around the industry average. Forex trading is available from 0.9 pips on the EURUSD currency pair. However, professional traders, you can trade the pair for 0.6 pips. The platform offers easy deposit options, including Credit cards, bank wire, and e-payment options.

Pros Cons
 AvaTrade constantly develops educational materials like strategies eBooks and video tutorials and offers live webinars along with frequent market analysis.  Average fees for trading forex
 AvaTrade assists beginners with a step-by-step forex trading guide where they can learn about automated trading and more.  High inactivity fees
 Traders can trade forex, equities, commodities, and equities from anywhere and anytime using the AvaTradeGo app.
 The platform offers great trading conditions by allowing hedging, netting, scalping, and short selling.
 The trades can be executed on the platform fast with very low spreads.
 The strict regulations imposed on the broker enhance the security of clients’ funds.

 

67% of all retail investor accounts lose money when trading CFDs with this provider.

3. CMC Markets – Forex Brokers UK with Leading CFD

CMC Markets

Established in 1989, CMC Markets is a leading CFD and forex broker regulated by many top-tier financial bodies like FCA. The broker also maintains segregated accounts to keep the funds of its clients protected, which makes it one of the safest places to start trading. The funds are held in segregated bank…



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