📈 Popular:

Broker of the month

Top 27 Regulated Forex Brokers

Forex No Deposit Bonuses

Promotions

⚡ Easily Trade – Apple, Microsoft , Tesla and Google Stocks – Open a FREE Account Here

Best Brokers

1st Place

2nd Place

3rd Place

4th Place

5th Place

27 Best Forex Brokers in Wales

Best-Forex-Brokers-in-Wales

 

Wales is a country which makes up a predominate part of the United KingdomWales is bordered by England, the Irish Sea  and the Bristol Channel respectively.  Wales  has a population of approximately 3 Million potential Forex Traders and the financial Market has seen a notable gain in popularity.  Wales has been transformed from a predominantly agricultural country to an industrial, and then to a post-industrial economy.

Forex Trading in Wales is popular amongst residents but before any Forex broker can accept UK forex and CFD traders as clients, they must become authorised by the Financial Conduct Authority (FCA), which is the financial regulatory body in the UK.

The Financial Conduct Authority (FCA) is the regulator of all financial service industries in the United Kingdom.  The FCA is tasked with the responsibility to offer overview to the U.K.’s financial markets. The goal of the organization is to ensure and offer an honest and fair market environment to individuals, businesses, and the economy as a whole. The FCA  is well-known for offering their consumers and the financial markets a high level of protection. The FCA falls under the supervision of the U.K.’s Treasury and Parliament.

 

The Financial Conduct Authority (FCA) has three main operational objectives :

 

  • To protect consumers
  • To protect and improve the integrity of the U.K. financial system as a whole
  • Promote healthy competition between financial services providers

 

The FCA has the power to enforce rules, investigative and regulations. The FCA has the power to raise fees, as the entity is an independent body and does not receive any government funding. The FCA charges fees to authorized firms who wish to carry out financial activities in the United Kingdom. According to the FCA’s official website, the authority regulates the conduct of approximately 59,000 financial services firms and the financial markets as a whole in the United Kingdom.

 

What is a Forex Broker?

 

A broker is an independent entity which organises and executes financial transactions on behalf of a trader. A broker can do this across a number of different asset classes, which includes stocks, forex, real estate and insurance. A Forex broker will normally charge a commission executing their services.  Forex brokers will provide investors with market data and give them advice on the products they which to buy or sell. A broker must be licensed in order to give advice and execute the sale, and they will only perform trades on an investors behalf once they are legally authorised.

 

There are different types of brokers, including:

 

Stock Brokers:

A stock or an investment broker manages and executes the buying and selling of shares. As individual investors do not have the authority to buy shares directly from the stock market, they must make use of a stock broker. The stock broker will buy and sell the stocks an investor wants to invest in.

 

Forex Brokers:

A forex or retail forex broker, will buy and sell currencies on an investors behalf. The benefit of using a forex broker will include 24-hour market access and the ability to speculate on currency pairs across the globe. A forex broker will try to minimise their costs in order to stay competitive in the financial market. Investors will pay trading fees to their chosen broker, which will include a spread. Transactions in the forex market will be done in pairs, and an investor will either buy or sell.

 

Full-service Broker:

Full-service brokers, or financial advisers, will offer investors more than one service. Investors who don’t have time to do their own financial planning might find a full-service broker useful. Full-service brokers will generally work for fee that is higher than other broker fees.

 

Discount Broker:

A discount broker is a broker which will charge a lower commission as they do not offer any advice or value to their investors.  This includes a lack of research and planning.

 

Here is an overview of the 27 Best FCA and Globally Regulated Forex Brokers available to Forex Traders in Wales.

 

You might also like: BEST FOREX BROKERS IN NORTHERN IRELAND

 

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. Broker regulation can be confirmed on the firms official website.

 

 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

 

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

 

Saxo Bank

 

Saxo is a globally regulated, multi-asset class broker 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.  Broker regulation can be confirmed on the firms official website. Simply search for the regulation at the bottom of the Brokers home page.

 

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 UK Financial Conduct Authority (FCA), the Australian Securities and Investments Commission (ASIC), the Financial Services Agency of Japan (FSA) and many more.

 

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, email and an FAQ section.

 

BlackBull Markets

 

BlackBull Markets is a forex & CFD brokerage which is fully regulated by the New Zealand’s Financial Service Providers Register (FSPR). Trading instruments on offer include more than 20 foreign currency pairs, six major stock indices, and the popular commodities gold, silver, as well as WTI & Brent oil which can all be traded across either  the classic MetaTrader 4 (MT4) or the newer MetaTrader 5 (MT5) platforms.

 

Pros and Cons:

Pros Cons
Commission Free Accounts No US Clients
FIX API trading No Fixed Spread Accounts
No Dealing Desk Limited Trading Tools

Trading Benefits:

 

Trading Features Accounts Offered Funding Types
ECN ECN Standard Wire Transfer
Leverage 1:500 ECN Prime Credit/Debit
ECN Institutional Skrill
Neteller

 

 

Customer support is available via phone or live chat, both of which are open 24 hours on all trading days.

 

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.

 

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. Broker regulation can be confirmed on the firms official 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.

 

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 via Phone, Live Chat and Email.

 

FXPro

 

FXPro is an online broker which was founded in 2006 and offers Forex, Share Dealing, Spot Indices, Futures, Spot Metals and Spot Energies tradingFXPro is a global broker 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.

 

CMC Markets

 

CMC Markets is a multi-asset class spread betting and CFD broker which is regulated by the UK’s Financial Conduct Authority (FCA). 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. Broker regulation can be confirmed on the firms official website. Simply search for the regulation at the bottom of the Brokers home page.

 

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, Telephone, and Email.

 

FXCM

 

Forex Capital Markets Limited or FXCM is a Spread Betting, CFD and Forex trading broker, authorised and regulated 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.  Broker regulation can be confirmed on the firms official website.

 

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, Phone, Email and SMS.

 

Forex Time (FXTM)

 

FXTM or ForexTime was founded in 2011 and is a registered brand name of Exinity Limited, regulated by the Financial Services Commission of Mauritius with license number C113012295.  FXTM offers users seven different accounts types where the execution method, range of markets, available platform, and commissions and fees may vary.  Three accounts are offered under the Standard category.  Forex Time (FXTM) is a MetaTrader broker which offers forex and CFD traders multiple account options for both MT4 and MT5 platforms. Broker regulation can be confirmed on the firms official website. Simply search for the regulation at the bottom of the Brokers home page.

 

Pros and Cons:

Pros Cons
Segregates client funds Limited range of instruments
Established in 2011 Not ASIC Regulated
Regulated by CySEC
Min. deposit from $10

 

 

FXTM provides research in the form of daily technical and fundamental news analysis provided by an in-house team of analysts.

 

Trading Benefits:

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

 

 

Customer Service is available via phone, email, online chat options– WhatsApp, live chat, Viber, Telegram or Messenger.

 

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
Low trading cost Pro users incur an account maintenance fee if multiple trades are not made
Invest globally in a multitude of products via a single account Not everyone is eligible to open an IBKR Lite account
No minimum balance required
Tools to bring your trading to the next level

 

Trading Benefits:

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, Phone and Email.

 

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.

 

OANDA

 

OANDA is a globally regulated Forex and CFD broker which also provides corporate Forex solutions and currency conversion. Users have the choice to trade on Forex, Indices, Metals, Commodities and Bond CFDs on the broker’s own proprietary trading platform for desktop, web and mobile, as well as on MetaTrader 4. Broker regulation can be confirmed on the firms official website. Simply search for the regulation at the bottom of the Brokers home page.

 

Pros and Cons:

Pros Cons
Accepts U.S. clients No account protection for U.S. clients
Regulated by FCA and NFA No guaranteed stop losses for U.S. or U.K. clients
Well-designed platforms Traders cannot access cryptocurrencies or single-stock CFDs
Superior research offerings A lot of ancillary fees

 

 

OANDA is the most Regulated Forex Broker and operate across six of the most credible authorities.

Trading Benefits:

Trading Features Account Offered Funding Methods
Mobile Trading Standard Wire Transfer
Excellent Charting Tools Premium Credit/Debit
Educational Materials PayPal

 

Customer support is available via a FAQ section, a OANDA Virtual Assistant and phone.

 

IronFX

 

IronFX is the trade name of Notesco Limited which is based in Bermuda, Regulated By ASIC, CySEC, FCA and offers a multi-asset class Forex and CFD trading experience with 7 different account types to trade on over 200 financial instruments which covers Forex, Metals, Indices, Commodities, Futures and Shares on the MetaTrader 4 trading platform for PC, Mac, Web, Android and iOS.

 

Pros and Cons:

Pros Cons
Segregates client funds Min. deposit from $500
Established in 2010
Regulated by Financial Conduct Authority, CySEC and ASIC

 

 

IronFX offers users the ability to trade on the MetaTrader 4 trading platform for PC, Mac and Web and mobile devices.

 

Trading Benefits:

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

 

 

IronFX provides customer support 24/5  via email, live chat, a telephone support line and an FAQ section.

 

Pepperstone

 

Pepperstone was founded in 2010 and is regulated by the Australian Securities and Investments Commission (ASIC), as well as the UK’s Financial Conduct Authority (FCA).

 

Pros and Cons:

Pros Cons
Segregates client funds Limited range of instruments
Established in 2010
Min. deposit from $200

 

 

Trading platforms on offer include MetaTrader 4MetaTrader 5 and cTrader. All three FX trading platforms come with a free demo account which will allow traders to test out the forex broker and platform for 30 days.

 

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 MAM/PAMM account Skrill
Offers Negative Balance Protection Islamic account Payoneer
Neteller

 

 

Pepperstone offers 24/5 multiple language support via email, phone and live chat.

 

FP Markets

 

FP Markets is a global, online broker regulated by the Australian ASIC and the Cypriot CySEC which was founded in 2005 and offer Forex trading and has a head office situated in Australia. When starting off with FP Markets traders will need to make a minimum deposit of $100 and a demo account is on offer with a wide variety of instruments and currency pairs on offer. Over 100 instruments and over 60 currency pairs in total are on offer, on the popular MT4 forex trading platform.  FP Markets also offers traders mobile apps for Android and iOS.

 

Pros and Cons:

Pros Cons
Low Forex Fees High Stock CFD fees
Easy Account Opening Limited Product Portfolio
Quick Deposit and Withdrawal Outdated Platform

 

Trading benefits:

Trading Benefits Accounts Offered Funding Methods
Allows scalping Mini Bank Transfer
Allows hedging Standard Credit/Debit
Offers STP ECN Electronic Wallets
Low min deposit STP
Offers Negative Balance Protection Managed

 

 

All accounts support a wide range of languages including English, Spanish, Portuguese, Romanian, Bulgarian, Arabic, Russian, French, Italian, Greek, Philippines, Latvian, Polish, Indonesian, Thai, Malay, German, Vietnamese.

 

Customer Service is available via email, phone and live chat.

 

XTB

 

XTB is a European broker 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. 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.

 

HYCM

 

HYCM is an online broker 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 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, Facebook Chat and Phone – 24/5.

 

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.

 

TD Ameritrade

 

TD Ameritrade is one of the largest online brokers to date, overseen by top-tier US regulators like the SEC and FINRA.

 

Pros and Cons:

Pros Cons
Extensive research capabilities Credit/Debit Cards not available
Additional support channels

 

 

TD Ameritrade offers investors a large array of account offerings, an extensive range of investment choices, educational resources, and diverse trading platforms. Tradable Securities include Stocks, Bonds, Mutual Funds and more.

 

Trading Benefits:

Trading Features: Accounts offered: Funding methods:
Mobile Trading Individual Bank Transfer
Managed Portfolios Joint
Cash Management Business
No min deposit Retirement
Investment Options College Savings
Tax Loss Harvesting Custodial
Trust

 

 

Customer Service is available via Phone and Email.

 

BDSwiss

 

BDSwiss is a Forex and CFD broker which is regulated by CySEC.

 

Pros and Cons:

Pros Cons
250+ instruments No US clients
Well Regulated No Fixed Spread Accounts
Commission Free Accounts
Free VPS
Daily Trading Alerts

 

 

BDSwiss offers full demo and Islamic accounts and traders can fund their account via one of multiple choices.

 

Trading Benefits:

Trading Features Accounts Offered Funding Methods
Negative Balance Protection Classic Wire Transfer
Multiple Trading Accounts VIP Credit Card
No Deposit or Withdrawal fee Raw Skrill
Neteller

 

BDSwiss offers multilingual customer support 24/5 via Live Chat, Telephone, Email, Call Back, WhatsApp, Telegram and an FAQ section.

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.

 

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, email, live chat and remote TeamViewer in English, Mandarin, Thai and Vietnamese.

 

OctaFX

 

OctaFX is an online broker which was founded in 2011, offering Forex trading.  As OctaFX is regulated by the Financial Conduct Authority (FCA), each new client must pass a few basic compliance checks when signing up for an account.  OctaFX has won numerous industry awards over the course of 9 years and is one of the few brokers that offer both of the MetaTrader platforms; MT4 and MT5.

 

Pros and Cons:

Pros Cons
Used by 300,000+ traders Doesn’t offer VPS
Established in 2011 Limited range of instruments
Regulated by FSA Not FCA Regulated
Min. deposit from $5

 

OctaFX provides an array of educational tools to assist beginner traders to become more experienced and even professionals in trading.

 

Trading Benefits:

Trading benefits Accounts Offered Funding Methods
Allows scalping Demo account Credit cards
Allows hedging Micro account Bank Transfer
Offers STP Mini account Neteller
Low min deposit Standard account
Guaranteed stop loss Zero spread account
Negative Balance Protection STP account
Islamic account

 

 

Customer Support is available 24/5 via Live Chat, Email, Phone, WhatsApp and an Enquiry Form across multiple languages including English, Indonesian, Hindi, Chinese and more.

 

HotForex

 

HotForex was established in 2007 is well regulated by FCA, CySEC, DFSA, FSCA and SFSA.

 

Pros and Cons:

Pros Cons
Segregates client funds Limited range of instruments
Established in 2010 Not FCA Regulated
Regulated by CySEC
Min. deposit from $1

 

The HotForex MT5 terminal offers 21 different timeframes, superior analysis tools, trading across HotForex asset classes, close to 100 simultaneous charts, hedging and one-click trading and 80+ technical indicators plus an in-built economic calendar.  The account can be accessed from anywhere using an iPhone, interactive charts for 9 timeframes, advanced trading functions, one-click trading, 24 analytical objects, and 30 technical indicators.

 

Trading Benefits:

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

 

Customer support is available via phone and email.

 

IC Markets

 

IC Markets is a regulated Forex ECN and CFD broker which offers more than 236+ financial instruments across Forex, Commodities, Indices, Bonds, Cryptocurrency, Stocks and Futures on the MetaTrader 4, MetaTrader 5 and cTrader platforms for desktop, web and mobile.  IC Markets is regulated by the Australian Securities and Investments Commission (ASIC), the Cyprus Securities and Exchange Commission (CySEC), as well as the Seychelles Financial Services Authority (FSA).

 

Pros and Cons:

Pros Cons
Segregates client funds Limited range of instruments
Established in 2007 Not FCA Regulated
Regulated by ASIC
Min. deposit from $200

 

IC Markets offers traders three main types of live trading accounts to choose from, including  Raw Islamic swap-free accounts and the use of a free demo trading account.

 

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 Zero spread account Skrill
ECN account Neteller
Islamic account

 

Customer support is available 24/7 via Live Chat, Phone and Email.

 

Tickmill

 

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

 

eToro

 

eToro is an online broker 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. Broker regulation can be confirmed on the firms official website.

 

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.

 

NordFX

 

NordFX is a forex broker located in the Republic of Vanuatu, regulated by the Vanuatu Financial Services Commission (VFSC)NordFX offers Forex trading with specific accounts for each type of trader, including Zero accounts which offers spreads from 0 pips. Broker regulation can be confirmed on the firms official website. Simply search for the regulation at the bottom of the Brokers home page.

 

Pros and Cons:

Pros Cons
Strict Regulations Limited Trading Assets
Investment Fund No Social Trading
PAMM No US Clients
Discounted VPS  

 

Trading instruments on offer ranges from more than 30 currency pairs, the popular precious metals gold & silver, 11 major cryptocurrency pairs, plus CFDs based on Brent oil and stock indices such as Dow Jones 30, S&P 500, DAX 30, NASDAQ 100, and NIKKEI 225.

 

Trading Benefits:

Trading Features Accounts Offered Funding Types
Leverage up to 1:10000 FIX Wire Transfer
Minimum $10 Deposit PRO Credit/Debit
Zero Neteller
FasaPay

 

 

NordFX offers customer support via Email, Telephone and a 24/5 Live Chat function plus an Online Contact Form available on their website.

 

What is a Forex Trading Account?

 

Once an investor has chosen a Forex Broker with which to trade, they must choose a Forex Trading account. A Forex account gives investors and traders the capability to trade all major and emerging currency pairs.  A forex account is opened by a forex trader with a retail forex broker, such as those mentioned above. Forex accounts will be available in multiple forms, but the first type of account which should be opened is a forex demo account.  After a trader has made use of a demo account, a funded account can be opened. Mini accounts, full accounts and managed accounts are the most common types of funded accounts made available by most Forex Brokers. Mini accounts are similar to full accounts aside from the lot sizes traded. As the number of forex brokers available have considerably grown, the cost of managing trading accounts have become significantly lower. Most brokers will have no initial set-up fee whilst others may come with a higher expectancy.

 

Forex Trading and Coronavirus

 

The Coronavirus has had a profound impact on the financial markets and forex trading as a whole, and it will continue to do so for a long time to come. Investors should ensure that their chosen broker is up to date with any change the Coronavirus may bring.

 

In Conclusion –

 

Even though a multitude of Forex Brokers are available to UK traders, all Brokers are not suited to all investors.  Traders should do their due diligence, before making their final choice.

 

You might also like: BEST FOREX BROKERS IN SCOTLAND

 

FAQs

 

How to start trading Forex in the UK?

Education is a critical step when starting off in the Financial Markets. Investors should choose a Forex broker which best suit their personal needs.

What time does the Forex market open in the UK?

The Forex market is open 24/5 across the globe but the U.K. is considered “open for trade” between 8am to 9:30am U.K. time.

How can I become a Forex trader in the UK?

Education, patience, and acceptable trading capital are 3 extremely important factors and investors should undertake each before they become a live trading Forex investors.

How much do Forex traders make in the UK?

There is no one answer to this question and it will be dependent on a multitude of circumstances.

 

Author Details

Louis Schoeman

Louis Schoeman

Featured Forex and Stocks writer

Table of Contents

You might also like

FINEXO Review

Overall, FINEXO is regulated by two tier-1 regulators, two tier-2 regulators, and four tier-3 regulators respectively. It has a high trust score of 97 out