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15 Best Forex Brokers in England

15 Best Forex Brokers in England

 

Best-Forex-Brokers-in-England

 

The United Kingdom of Great Britain and Northern Ireland, is commonly known as the United Kingdom (UK) or Britain.  London is the capital and largest city of the UK and England. London is also seen as popular Forex Trading hub. The UK is a sovereign country situated in north-western Europe, off the north-­western coast of the European mainland.  Forex Trading in the United Kingdom (UK) has become extremely popular among local residents. In order for Forex Brokers to accept UK forex and CFD traders as clients, they must be authorised by the Financial Conduct Authority (FCA), which is the regulatory body in the UK.

 

 

Overview and Definition of the FCA

The Financial Conduct Authority or FCA is the regulatory authority for the financial services industry in the United Kingdom. To date, the FCA has jurisdiction over approximately 56,000 service providers in the country. Its primary goal is to ensure the health of the UK’s financial industry. The FCA works to protect the rights and interests of their consumers.  The FCA is well known as always acting in the interest of the public in general and has become one of the preferred regulatory agencies in the world. FCA Forex brokers enjoys high trust amongst forex traders in the world, as they operate under the transparency guidelines issued by the FCA. In April 2014, the FCA also undertook regulation of the consumer credit industry.

 

What is the definition of – By Dictionary

Forex Trading:

Definition by Dictionary:  The foreign exchange market is a global marketplace for exchanging national currencies against one another in multiple countries in the world. In other words, Forex Trading is the process whereas the Forex Market is the setting.

 

verb –

gerund or present participle: trading

 

Forex Broker:

Definition by Dictionary:  A forex broker is a financial services company that provides traders access to a platform for buying and selling foreign currencies. In other words, Forex Brokers allow Forex Traders to become a part of the Market.

 

verb –

3rd person present: brokers; past tense: brokered; past participle: brokered; gerund or present participle: brokering

 

Forex Demo Account:

Definition by Dictionary:  a Forex demo account enables a trader to simulate a live trading environment without investing any real money. In other words, a Demo account is an account used to become accustomed to a Brokers offerings without running the risk of losing money.

 

verb – 

demo; 3rd person present: demos; past tense: demoed; past participle: demoed; gerund or present participle: demoing

 

Trading Capital:

Definition by Dictionary:  Trading Capital is the amount of money available to a company or individual for the buying and selling various assets. In other words, in order to trade, it is essential to have access to  “money available for trade”. Another word used for this term will be Money, and traders should not become confused by the two.

 

Guidelines for FCA Regulated Brokers

The FCA requires all FCA regulated and registered forex brokers to maintain a minimum amount of £1 million in operational funds.  In order to become a FCA regulated forex brokerage firm, a company must first undergo an application process before a license to operate in the UK will be issued. Once a license is issued, forex brokers will be required to comply with the strict regulatory requirements imposed by the FCA. These include Maintaining segregated accounts and being a member of the UK’s compensation scheme. The FCA also steps in should a dispute arise between a trader and a FCA regulated provider.

 

Here is an overview of the Top 15 FCA and Globally Regulated Forex Brokers and Trading Platforms available to UK investors:

 

You might also like: BEST FOREX BROKERS IN SOUTH AFRICA

 

IG

IG Group was founded in 1974 and is regulated by the Financial Conduct Authority (FCA) in the U.K. and the Australian Securities and Investment Commission (ASIC) in Australia.  Regulation can be found and confirmed on the Brokers website.

 

Pros and Cons:

 

Pros Cons
Used by 178,000+ traders Inactivity Fee
Established in 1974 Limited range of instruments
Regulated by Financial Conduct Authority and ASIC
Min. deposit from $250

 

The country of a traders residency will determine which account type they can open. In most countries, they will only be able to trade forex, CFDs and options.  Traders can choose between two trading platforms, IG’s proprietary trading platform or MetaTrader 4.  A Demo Account is also on offer.

 

Trading Benefits:

 

Trading Features: Accounts offered: Funding methods:
Allows scalping Demo account Credit cards
Allows hedging Mini account Bank Transfer
Offers STP Standard account PayPal
Low min deposit Payoneer
Guaranteed stop loss

 

Customer Service is available 24/7.

 

HYCM

HYCM is an online brokerage firm which was founded in 1977 and offers Forex and CFDs trading on the popular MT4 forex trading platform plus mobile apps for Android and iOS.

 

Pros and Cons:

 

Pros Cons
Segregates client funds Doesn’t offer VPS
Established in 1977 Inactivity Fee
Regulated by Financial Conduct Authority Limited range of instruments
Min. deposit from $1 Not ASIC Regulated

 

Traders starting off with HYCM will need to make a minimum deposit of at least $100 and have the choice to sign up for a demo account perfect for various levels of traders, experienced or novice. A Demo Account is also on offer. A wide variety of instruments and currency pairs are available for trade:

 

  • Over 100 instruments
  • Over 40 currency pairs

Trading Benefits:

 

Trading Features: Accounts offered: Funding methods:
Allows scalping Micro account Credit cards
Allows hedging Mini account Bank Transfer
Low min deposit Standard account PayPal
Islamic account Payoneer

 

 

HYCM customer service is available through WhatsApp, Skype, Viber, Telegram Instant messaging services, and more – 24/5.

 

FXCM

 

FXCM is a Spread Betting, CFD and Forex trading brokerage firm, authorised, regulated and registered by the UK Financial Conduct Authority under the Forex Capital Markets Limited and is part of the Leucadia Company, which offers users the ability to trade on Forex, Forex Baskets, Indices, Commodities and Crypto on its own proprietary Trading Station platform for Desktop, Web and Mobile, as well as on MetaTrader 4, NinjaTrader and ZuluTrade.

 

Pros and Cons:

 

Pros Cons
Segregates client funds Limited range of instruments
Established in 1999
Regulated by Financial Conduct Authority
Min. deposit from $1

 

 

FXCM offers traders 4 main types of trading accounts to choose from, including  Spread Betting, CFD Trading, Active Trader and Professional Clients. A Free Demo account is also made available.

 

Trading Benefits:

 

Trading Features: Accounts offered: Funding methods:
Allows scalping Demo account Credit cards
Allows hedging Mini account Bank Transfer
Offers STP Standard account Payoneer
Low min deposit Islamic account

 

 

Customer Support is available via Live Chat, SMS and more.

 

Saxo Bank

Saxo is a globally regulated, multi-asset class brokerage firm which offers traders the option to trade on more than 40,000 instruments covering Forex, CFDs, Stocks, Options, ETFs, Commodities, Futures, Bonds and Mutual Funds from a single account across multiple platforms including their own – SaxoTraderGO and professional-grade SaxoTraderPRO.

 

Pros and Cons:

 

Pros Cons
Segregates client funds Doesn’t allow hedging
Established in 2012 Limited range of instruments
Regulated by Financial Conduct Authority Not ASIC Regulated
Min. deposit from $6,500

 

 

 

 

The Saxo Group is regulated in 15 jurisdictions including authorisation from the FCA, the Australian Securities and Investments Commission (ASIC), the Financial Services Agency of Japan (FSA) and many more. Regulation can be found and confirmed on the Brokers website.

 

Trading Benefits:

 

Trading Features: Accounts offered: Funding methods:
Allows scalping Demo account Credit cards
Offers STP Mini account Bank Transfer
Low min deposit Standard account Payoneer
ECN account

 

 

Customer support is available in nearly 30 different languages via phone, a FAQ section and more.

 

CMC Markets

 

CMC Markets is a multi-asset class spread betting and CFD brokerage firm which is regulated by the UK’s Financial Conduct Authority (FCA). Regulation can be found and confirmed on the Brokers website. Clients have the ability to trade on more than 9,000+ trading instruments covering Indices, Forex, Cryptocurrencies, Commodities, Shares and Treasuries, all on the MetaTrader 4 platform or the broker’s own proprietary, web-based Next Generation platform.

 

Pros and Cons:

 

Pros Cons
Extensive range of offerings Does not accept U.S. clients
Regulated by FCA (U.K.) Differences between Next Generation and MT4
Emphasis on education & customer service High CFD spreads for certain indices
Research amenities are industry leading No back-testing or automated trading capabilities

 

 

CMC Markets offers a wide range of instruments to trade on covering all major asset classes such as 300+ Forex instruments, 60+ Indices, 15 Cryptocurrencies, 90+ Commodities, 30+ Treasuries and 9,000+ Shares and ETFs.

 

Trading Benefits:

 

Trading Features Accounts Offered Funding Methods
No Deposit Bonus CMC Markets CFD Account Wire Transfer
Stop Loss CMC Corporate Account Credit Card
CMC Stockbroking Account e-Wallets
CMC Spread Betting Account
CMC Markets Professional Account

 

 

Customer support is available 24/5 via Live Chat and Telephone.

 

Vantage FX

 

Vantage FX is a Forex ECN and CFD broker which offers traders the ability to trade on 120+ tradable assets across Currencies, Indices, Commodities and U.S and Hong Kong Share CFDs on the MetaTrader platform for Mac, PC, iOS and Android and other social trading platformsVantage FX is authorised and regulated by the Cayman Islands Monetary Authority (CIMA) under the name Vantage International Group. Regulation can be found and confirmed on the Brokers website.

 

Pros and Cons:

 

Pros Cons
Strict Regulation No US Clients
Segregated Client Funds Restricted Leverage
300+ CFD Trading Instruments No Fixed Spread Accounts

 

 

Vantage FX offers traders access to the MetaTrader 4 and MetaTrader 5 trading platforms for Windows, Mac, Android and iOS.

 

Trading Benefits:

 

Trading Features Accounts Offered Funding Methods
Pro Trader Tools Standard Wire Transfer
ZuluTrade Raw Credit Cards
MAM/PAMM Accounts Pro Neteller
Commission Free Accounts UnionPay

 

 

Customer support is available 24 hours a day, 5 days via phone, live chat and remote TeamViewer. Language options are available.

 

Interactive Brokers

Interactive Brokers was founded in 1978 and is regulated by multiple financial authorities including the UK’s Financial Conduct Authority (FCA) and the US Securities and Exchange Commission (SEC). Interactive Brokers offers many account types, which fall into two big groups:

 

  • accounts for individual traders and investors
  • accounts for institutions

 

Pros and Cons:

 

Pros Cons
Strict Regulation No US Clients
Segregated Client Funds Restricted Leverage
300+ CFD Trading Instruments No Fixed Spread Accounts

Trading Benefits:

 

Trading Features Accounts Offered Funding Methods
Pro Trader Tools Standard Wire Transfer
ZuluTrade Raw Credit Cards
MAM/PAMM Accounts Pro Neteller
Commission Free Accounts UnionPay

 

 

Traders can choose between two different web trading platforms:  The Client Portal and WebTrader and IBKR Mobile, Interactive Broker’s mobile trading platform, is available both for iOS and Android.  Users can trade on Stock, Forex, Option and Futures – to name but a few.

 

Customer Service is available 24/7 via Live Chat and Phone.

 

City Index

 

City Index is a world leader in spread betting, FX and CFD Trading, regulated by the Financial Conduct Authority (FCA).  The City Index trading platform offers traders a range of customisation options, which includes 16 chart types with 65+ indicators specifically designed for investors to perform technical analysis.

 

Pros and Cons:

 

Pros Cons
Used by 140,000+ traders Doesn’t allow scalping
Established in 1983 Inactivity Fee
Regulated by Financial Conduct Authority, ASIC and MAS Limited range of instruments
Min. deposit from $25

 

 

To open a live trading account, traders will need a minimum deposit of at least $25.  City Index offers over 12,500 different instruments to trade, including over 84 currency pairs on the ever-popular MetaTrader4 trading platform.

 

Trading benefits:

 

Trading Features: Accounts offered: Funding methods:
Allows hedging Demo account Credit cards
Offers STP Micro account Bank Transfer
Low min deposit Mini account Payoneer
Guaranteed stop loss Standard account
Managed account

 

Customer support is available by email, phone, or live chat.  Language options are available.

 

XTB

 

XTB is a European based brokerage firm which was founded in 2002, and has offices in 13 countries across the globe.  XTB is regulated by the UK Financial Conduct Authority (FRN 522157) and has been listed on the Warsaw Stock Exchange since 2016. Regulation can be found and confirmed on the Brokers website.

 

XTB is a fintech company which combines financial services with innovative technology and it offers clients two platforms to choose from:

 

  • xStation5
  • MT4

 

Pros and Cons:

 

Pros Cons
Lowest FX spreads Does not accept U.S. clients
Regulated by FCA (U.K.) Non-FX spread costs are high
Offers protection for client accounts No guaranteed stop loss
Emphasis on customer service No back-testing or automated trading capabilities

 

 

Traders can choose from 25 crypto CFDs (9 individual coins or 16 crypto pairs) which are available 7 days a week (from 3am Saturday to 9pm Friday). Traders can buy or sell digital coins with 2:1 leverage and 365-day expiry.

 

Trading Benefits:

 

Trading Features: Accounts offered: Funding methods:
Allows scalping Demo account Credit cards
Allows hedging Micro account Bank Transfer
Offers STP Mini account PayPal
Low min deposit Standard account Skrill
Guaranteed stop loss Islamic account Payoneer
Offers Negative Balance Protection Neteller

 

 

XTB support a wide range of languages including English, Spanish, Czech, Chinese, German, French, Italian, Polish, Portuguese, Romanian, Slovenian, Turkish, Arabic, and Russian.

 

Forex.com

 

Forex.com is a platform which can be used for trading foreign currencies and precious metals. Traders can trade over 80 currency pairs as well as silver and gold.

 

Pros and Cons:

 

Pros Cons
Segregates client funds Doesn’t offer VPS
Established in 1999 Not ASIC Regulated
Regulated by Financial Conduct Authority
Min. deposit from $50

 

 

To open a live trading account, traders will need a minimum deposit of at least $50.

 

Trading Benefits:

 

Trading Features: Accounts offered: Funding methods:
Allows scalping Demo account Credit cards
Allows hedging Mini account Bank Transfer
Offers STP Standard account
Low min deposit ECN account
Islamic account

 

Customer support is available by phone, live chat, or email 24 hours a day during market hours.

 

eToro

eToro is an online brokerage firm which was founded in 2006 and offers CFDs and Social Trading, with a head office based in Cyprus, UK.  eToro is supervised by the Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CySEC) regulatory bodies and has been in operation for over 14 years.

 

Pros and Cons:

 

Pros Cons
Used by 6,000,000+ traders Doesn’t allow scalping
Established in 2006 Inactivity Fee
Regulated by Financial Conduct Authority, CySEC, ASIC Limited range of instruments
Min. deposit from $200

 

 

eToro offers traders two ways to trade: CFDs, Social Trading and eToro traders will need to make a minimum deposit of $200 and the platform can accommodate various levels of traders from beginner to expert.  Traders can trade in a wide variety of over 100 instruments and over 50 currency pairs on eToro’s user-friendly custom trading platform which is available as a browser-based web application. eToro also offers traders mobile apps for Android and iOS, making it easier to keep an eye on and execute trades.

 

Trading Benefits:

 

Trading Features: Accounts offered: Funding methods:
Offers STP Demo account Credit cards
Low min deposit Micro account Bank Transfer
Mini account PayPal
Standard account Skrill
Islamic account Payoneer
Neteller

 

 

 

eToro supports a wide range of languages including English, German, Spanish, French, and Italian.  24/6 customer support is available via telephone and support ticket.

 

Swissquote

 

Swissquote Bank offers traders the ability to trade in Forex, CFDs and Options on a variety of asset classes which includes Currency pairs, FX Options, Metals, Indices, Commodities and BondsTraders can choose to trade on a variety of trading platforms including the bank’s own Advanced Trader platform and MetaTrader 4 and 5.  Swissquote Bank Ltd holds a banking licence issued by the Swiss Federal Financial Market Supervisory Authority (FINMA) and is a member of the Swiss Bankers Association.

 

Pros and Cons:

 

Pros Cons
Multiple Trading Platforms Spreads are slightly higher on average in Swiss accounts than in EU accounts

 

Swiss accounts receive the benefit of funds held in Swiss Tier 1 bank accounts with an IBAN for seamless international trading Confusing array of services
Zero-commission and from 0.0 spreads accounts High minimum deposit amounts
Various plugins
Great educational resources

Trading Benefits:

 

Assets Offered: Accounts Offered: Funding Types:
Currencies Demo Credit
CFDs Standard Debit
Shares Premium Bank Wire Transfer
Stocks Prime Union Pay
Commodities Professional
Precious Metals
Bonds

 

Customer support is offered in ten different languages via Live Chat, Telephone, Email and an Online Contact Form.

 

Tickmill

Tickmill is a Forex and CFD brokerage firm with licences from the UK Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CySEC) and the Seychelles Financia Services Authority (FSA).

 

Pros and Cons:

 

Pros Cons
Segregates client funds Limited range of instruments
Established in 2014 Not ASIC Regulated
Regulated by Financial Conduct Authority
Min. deposit from $25

 

 

Tickmill offers trading on 80+ markets covering Forex, Indices, Commodities and Bonds on the MetaTrader 4 trading platform for Windows, Mac, Web, Android and iOS.

 

Trading Benefits:

 

Trading Features: Accounts offered: Funding methods:
Allows scalping Demo account Credit cards
Allows hedging Mini account Bank Transfer
Offers STP Standard account Neteller
Low min deposit Zero spread account
ECN account
Islamic account

 

Multilingual client service is available via Telephone, Email, Online Contact Form and Live Chat.

 

FXPro

 

FXPro is an online brokerage firm which was founded in 2006 and offers Forex, Share Dealing, Spot Indices, Futures, Spot Metals and Spot Energies tradingFXPro is a global brokerage firm with a head office located in the UK. FXPro is regulated by CySEC and operates under the CIF license number 078/07. As a CySEC regulated brokerFXPro is also a member of the Investor Compensation Fund schemeFXPro provides traders with access to top-tier liquidity and advanced trade execution with no dealing desk intervention and a starting account will need a minimum deposit of $100.

 

Pros and Cons:

 

Pros Cons
Easy Account Opening Only CFDs and Forex
Excellent Customer Service High Trading Fees
Free Deposit and Withdrawal Inactivity Fee

 

 

With FXPro, the minimum and maximum trade requirements vary depending on the trader and the instrument chosen.

 

Trading Benefits:

 

Trading Features: Accounts offered: Funding methods:
Allows scalping Micro account Credit cards
Allows hedging Mini account Bank Transfer
Low min deposit Standard account PayPal
Negative Balance Protection Islamic account Payoneer
Neteller

 

 

FXPro offers customer support 24 hours a day, 5 days a week via Live Chat, Telephone and Email in a variety of different languages including English, Spanish, French, Polish, Malay, Arabic, Chinese, Greek, Hungarian, Japanese, Korean, Russian, Thai, Vietnamese, Indonesian and others.

 

AvaTrade

 

AvaTrade is an online broker which was founded in 2006 and offers Forex, CFDs, Spread Betting and Social Trading and is a global broker with their head office situated in The British Virgin Islands. AvaTrade is regulated in Europe, the British Virgin Islands, Australia, Japan, and South Africa by ASIC, CySEC and FCA.

 

Pros and Cons:

 

Pros Cons
Used by 200,000+ traders Doesn’t offer VPS
Established in 2006 Not FCA Regulated
Regulated by Central Bank of Ireland, ASIC, IIROC, FSA, FSB, UAE and BVI
Min. deposit from $100

 

 

For those who are looking to start out with AvaTrade will need a minimum deposit of $250 and a demo account is available for those who want to get acquaint with the popular MT4 forex trading platform.  AvaTrade also offer mobile apps for Android and iOS.

 

Trading benefits:

 

Trading Features: Accounts offered: Funding methods:
Allows scalping Demo account Credit cards
Allows hedging Micro account Bank Transfer
Low min deposit Mini account PayPal
Standard account Skrill
Islamic account Payoneer
Neteller

 

Customer support is available by email, phone, or live chat.

 

Forex Brokers for UK-Beginner Investors

 

Five of the Brokers mentioned on this list falls perfectly into this category and all for specific reason.  When accumulating this list, we stated the following questions to professional users:

 

  • “Tell us what you would have expected from a Broker when you started off.”
  • “Tell us why you chose the Broker you are currently trading with.”
  • “Tell us what your definition is of a good broker.”

 

This was done to find the most suited brokers for entry level traders, or in other words, to help investors find Brokers who will help them learn.  Here is an overview of the top 5 and what they bring to the “trading game” :

 

IG

IG is well-regulated and trusted in almost every corner of the world. IG not only offers traders excellent trading and research tools but also an selection of industry-leading educational materials.  Education may be offered in the form of English Videos or writing on multiple topics – all suitable for entry level traders in order to help them learn. Competitive pricing, and an extensive list of tradeable products are also on offer.

 

eToro

eToro offer investors an excellent platform for social copy trading and cryptocurrency trading respectively.  Additionally, eToro offers a user-friendly web platform and mobile app which is not only great for casual investors but entry level traders alike.

 

AvaTrade

AvaTrade is well known in the trading community as a trusted global brand who offers traders an wide-ranging selection of trading platform options. AvaTrade is well-suited to investors who wish to copy trade, competitive for mobile trading, falls in line with the industry average for pricing and research, and offers excellent investor education, perfect for entry level investors.

 

CMC Markets

When it comes to Brokers who offer world class education to entry level investors, CMC Markets successfully competes with the leaders in the industry.  CMC Markets offers forex and CFD traders a varied selection of educational options available in a variety of formats.  These formats include written articles, video updates, podcasts, and live webinars.

 

XTB

XTB is a trusted multi-asset broker which offers traders excellent customer service and an outstanding trading experience. XTB stands out from the broker crowd due thanks to the xStation 5 trading platform on offer. XTB’s educational offering is made up of an extensive selection written content and video materials.

 

In Conclusion –

A multitude of factors must be taken into account before making a final provider choice.  Putting in the time before investing any money, will possibly save investors from losing their investment.

 

You might also like: BEST FOREX BROKERS IN NEW ZEALAND

 

FAQs

What does FCA regulated mean?

If the FCA has authorized a broker in the name of the British state they are allowed to conduct certain business, and the FCA offers oversight to ensure that the firm follows appropriate practices.

How can I check if a company is FCA regulated?

The FCA offers investors a public register of all regulated firms on their website. Traders can visit the site and search to verify any claim.

Who needs FCA approval?

All Investment firms who carry out activities in the financial market such as Forex brokers will be required to register with FCA for approval.

 

What is the main role of the FCA?

The main role of the FCA is to regulate the conduct of financial services and financial markets firms in the U.K.

 

 

Author Details

Louis Schoeman

Louis Schoeman

Featured Forex and Stocks writer

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