Guide to the best forex broker in the UK 2022

Online currency or foreign exchange (FX) trading has seen a major change in recent years. The entry of the technology driven world into the investment markets has resulted in the emergence of many auto trading platforms with great features. To easily trade Forex, you need to register with a forex broker.

Read ahead to find out exactly which UK forex broker platform to choose and what metrics helped us choose the best forex platforms available.

UK Forex Trading Platform Reviews

eToro

eToro is a reputable online forex trading platform that offers smooth forex trading facility in addition to supporting various other assets such as stocks and cryptocurrencies. The platform is regulated by FCA, CySEC and ASIC is an added advantage. The platform offers a variety of pairs and allows users to trade forex with 0% commission.

If you are a beginner or have limited trading experience, then eToro should be your go-to platform. As you can buy or sell currency pairs without paying commission, starting your investment with this platform is a great option. In line with industry standards, it has spreads and overnight funding for open positions beyond market hours.

Apart from outstanding chart reading tools, it has a unique social trading platform, Copy Trading tool and Copy Portfolio tool. As a UK retail trader, you can take advantage of 30:1 for major currency pairs and 20:1 for non-major currency pairs. The minimum deposit is $10 and you can use bank transfer, UK debit/credit card and e-wallets.

Costs:

  • 0% commission
  • No management fees
  • $5 withdrawal fee
  • $10 inactivity (applicable after one year of inactivity)

Benefits:

  • User-friendly platform
  • Highly regulated
  • Does not have narrow spreads
  • Also supports stocks, ETFs, cryptos, indices, etc.
  • Social Commerce Platform
  • Copy trading and copy portfolio
  • Allows deposits via bank transfer, debit/credit card, e-wallets

The inconvenients:

  • Does not offer advanced technical analysis

Trade forex on eToro.

Your capital is in danger.

Libertex

Libertex is another choice for the best brokers for forex trading in the UK. It serves over 120 countries and has been operating as a broker for about 23 years now.

It is regulated by CySEC. This platform does not charge spreads on forex trading. It charges commissions based on various currency pairs. The fees are usually between 0% and 0.5%. It offers various major and non-major currency pairs. Its user-friendly interface makes it popular among forex traders. You can also trade via MT4.

If you want to use an EA in your forex trading, this platform is right for you. Registering with Libetex and depositing funds are transparent processes. You can make deposits using debit or credit card or e-wallets on this platform. This platform is recommended for users who have some experience in forex trading.

Benefits:

  • Tight spread on CFD trading
  • Experienced broker
  • Regulated by CySEC
  • Adapted educational resources
  • MT4 compatibility
  • Competitive spreads
  • Allows debit/credit card deposits, e-wallets

The inconvenients:

Visit Libertex forex broker.

Your capital is in danger.

Capital.com

Capital.com is another online forex broker on our list of favorite UK brokers. It operates under the FCA license. Its asset classes include commodities, stocks, cryptocurrencies and indices. You can trade via CFDs on this platform. The platform does not charge any commission for trading. It offers narrow spreads.

It offers a wide variety of currency pairs and is particularly known for exotic and volatile currencies. The leverage is similar to that of eToro, which is within the caps of 30:1 and 20:1. A unique feature compared to the other two platforms is that it facilitates forex spread betting. It is a suitable platform if you are looking to reduce the tax on your forex trades.

The platform has £20 as a minimum deposit. You can deposit funds using a bank account, debit/credit card or e-wallets.

Costs:

  • 0% commission
  • No deposit fees
  • No withdrawal fees
  • No inactivity fees
  • For EUR/USD and AUD/USD pairs, it has spreads of 0.6 pips
  • For GBP/USD and EUR/GBP pairs, it has spreads of 0.8 pips

Benefits:

  • Suitable for new traders
  • Very educational
  • Has AI assistant tips
  • Outstanding cartography
  • Excellent analysis
  • Minimum deposit of £20

The inconvenients:

  • No custom trading strategy

Trade forex on Capital.com.

Your capital is in danger.

Best forex broker UK traders can use – step by step guide

You can open an account at eToro.com by providing your necessary personal information. eToro is a 0% commission brokerage platform.

Step 1: Registration

You must enter information such as your name, date of birth, national insurance number, address and contact details (mobile and email).

  • Select a username and password.
  • Enter a unique code sent to your mobile phone to verify user authenticity.
  • For successful registration with eToro, upload the following documents:
  • Your passport or driver’s license.
  • Your bank account statement/utility bill. This is necessary to verify your home address.
  • You can continue without uploading any documents if you deposit less than $2,250 (around £1,600).

Step 2: Deposit trading funds

After successfully creating an account with eToro, deposit funds before you can start investing. The minimum deposit is $10. Other deposit methods include:

  • Payment
  • Debit/credit card
  • PayPal
  • Neteller
  • Skrill
  • International bank transfer

Step 3: Trade Forex

After successfully funding your account, click on the “Trade Markets” button on the left side of the page. Then click on ‘Currencies’. After choosing the preferred pair, click on the “Trade” button. When the order box for your currency pair appears:

  • Select buy or sell order
  • Enter your bet
  • Select leverage ratio
  • Set up a stop-loss & take-profit order
  • Confirm order

The order remains active until your stop loss or take profit order is triggered or you choose to close it manually.

How We Ranked The Best Forex Trading Platforms In The UK

Automated trading

The trading tools are very useful for both experienced and novice investors. To gain insight into forex movement, price predictions, etc., trading tools are essential. eToro’s Copy Trading tool is a big help as you can copy seasoned traders at no cost.

Mac Support

Since many investors use IOS, it is important that we see that the platforms we recommend are supported on Mac. Fortunately, all of these platforms are IOS compatible.

Mobile app

We also looked at the platform’s capability on mobile phones. All of these platforms have user-friendly interfaces and allow forex trading while on the go.

Web Browser Trading

A transparent web trading platform is another aspect we looked at. Users should be able to use the tools and navigate the sites without any problems.

Demo account

A demo account allows you to preview the trading scenario and practice your skills before trading real money. Although all three platforms offer demo accounts, eToro has an impressive preloaded balance of $100,000 in its demo account.

Free negotiation / reduced fees

Trading fees and other fees are important because they impact your earnings. All of these platforms have different fees and the nature of the spreads varies from platform to platform. Be it spreads, withdrawal fees, inactivity fees or commissions, you should be aware of all of these before choosing a platform for your trading.

Beginner Friendly

When we looked at this aspect, we found that some platforms are more suitable for experienced traders while others are for beginners. If you are a new investor, then eToro should be your first choice because it is very easy to use and offers great tools that beginners can benefit from it.

User reviews

We considered using reviews to understand which platforms actually deliver smooth experiences. From registration and deposits to trading and withdrawals, every user interaction should be seamless.

UK regulations

Choosing regulated platforms helps to forex trading safely in the UK. We have reviewed forex brokers that are regulated by the FCA so that they provide safe trading experiences and facilitate risk-free trading.

Summary – Best Forex Broker UK Verdict

With the analysis and reviews we have gathered, eToro comes across the most suitable forex broker in UK. It is highly regulated and suitable for beginners. It has an excellent web interface and mobile apps. With features like automated trading and social trading platforms, this is a great platform.

It is supported on both Mac and Windows. With 0% commission and tight spreads, it offers about nearly 50 currency pairs. Opening an account with eToro and trading forex takes a few minutes. Explore today to redeem UK’s best forex brokerage platform.

Open a forex trading platform account on eToro.

Your capital is in danger. Additionally, 68% of retail investor accounts lose money when trading CFDs with this provider. You have to ask yourself if you can afford to take the high risk of losing your money.

This article is part of a paid partnership with Finixio and eToro.

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