2017 RANKING & REVIEWS
TOP RANKING BEST FOREX BROKERS – UK
Partnering with the Best Forex Brokers in the UK
Why are traders so drawn to forex trading?
It represents a very risky investment option, but also one that can carry high rewards. There is a sense of thrill that comes with this type of currency trading for many investors, but since the risk level is so high, it’s important to find and work with only the best forex brokers in the UK.
What are the advantages of working with the best UK trading platforms for forex trading?
When you’re trading in currencies, due to the high risk level, it’s important to have a platform offering a strong, supportive framework and comprehensive educational resources. Transparency is also important, so that traders are always aware of the potential impact their trading decisions may have on their capital.
The names on this review of the top forex trading platforms in the UK meet and exceed these standards. Each of these selections for the best forex trading platforms in the UK is transparent and emphasises a sense of responsibility in trading. They also strive to help clients understand and manage their risk while learning their way through the process in a way that’s more likely to help them be successful in their forex trading ventures.
Award Emblem: Best 5 Forex Brokers in the UK
AdvisoryHQ’s List of the Best Forex Brokers in the UK
This list is sorted alphabetically (click any of the above names to go directly to the detailed review of that UK forex broker)
What Is Forex Trading?
Forex trading is a type of investment marketplace where, instead of commodities or shares of public companies being traded, foreign currencies are traded.
When people around the world buy products from a company in another country, an exchange of currency must take place for that to happen. For example, a U.S. company that wants to buy wine from a company in France would have to make the purchase in euros, so the U.S. dollar would be exchanged for the equivalency in the euro.
Image Source: BigStock
Unlike what you find with trading in the stock market, forex is unique because it’s decentralized. These transactions and trades are taking place digitally all over the world at any given time, and the forex market trades 24 hours a day since, in a 24-hour period, it’s always trading time in some place in the world.
Why Is Forex Trading Advantageous?
You may be questioning why people might prefer forex trading over other more traditional types of investment, such as investing in the stock market.
- One of the primary advantages of this particular type of trading is that the forex market is the largest and the most liquid of all other financial markets. Estimates put daily forex trading activity at more than $4 trillion USD a day.
- Forex trading is highly volatile, so while that makes it a risky investment venture, it can also lead to bigger rewards.
- Since the forex market is so liquid, investors can make large trades without impacting exchange rates, which is in contrast to the stock market.
- Traders who also work at a full-time job often prefer forex trading because it is open 24 hours a day, making it a flexible investing opportunity.
What Is the Terminology in Forex Trading?
Forex trading carries its own set of unique terminology that guides the actions taken by investors.
The primary term to know is “spot,” which is a two-day delivery transaction. A spot signifies a direct exchange between two currencies within a fast time frame. Rather than a contract, which is what’s seen with futures, a spot involves cash.
Spot trading is the most popular form of forex trading.
Another key term is “forward.” This means that your transaction/money does not move until a date agreed upon by both the buyer and the seller. It can be any date that both parties agree on in the future, and the transaction occurs without consideration for the market rates on that particular date.
One specific type of forward is the foreign exchange swap. This requires two parties to trade currencies for a period of time and then reverse the transaction at an agreed-upon date.
Methodology for Selecting the Best Forex Brokers in the UK
What methodology does AdvisoryHQ use in selecting and finalizing the best forex brokers in the UK?
Please click here “AdvisoryHQ's Ranking Methodologies” to find a detailed review of AdvisoryHQ’s selection methodologies for ranking top brokers.
Detailed Review – Top Ranking of the Best Forex Brokers in the UK
After carefully considering the top UK forex brokers and the best forex trading platforms in the UK, we compiled the following list of the top five. As you continue reading, you’ll find detailed reviews of each of our picks as well as an outline of the factors used in the decision-making process.
AvaTrade has been leading the way among platforms for online currency exchange in the UK and abroad since 2006. It was created by financial professionals who wanted to design a top-quality experience for retail traders.
AvaTrade currently has more than 20,000 registered users worldwide and maintains a total trading volume of more than $60 billion per month. This multinational company operates offices throughout the world, including in Paris, Dublin, Milan, Tokyo, and Sydney.
Key Factors That Enabled Us to Rank This as One of the Top Forex Brokers in the US
Below are some of the main reasons AvaTrade was included in this ranking of the best forex trading platforms in the UK.
New Account Bonus
To incentivize new members, this leader among UK trading platforms offers a first-time deposit bonus, and the more a new member deposits with the company, the greater the dollar amount of his/her bonus.
For example, when a new member deposits $1,000 with AvaTrade, he/she receives a bonus of $200. That amount continues to go up incrementally; for example, when a new member deposits $50,000, that individual will receive a one-time bonus of $10,000 deposited into his/her account.
For potential traders who aren’t yet sure they want to become a member, AvaTrade offers the unique option to create a demo account, which is valid for 21 days. Users simply register and begin trading the $10,000 demo account right away before creating a real trading account.
Ava Select is an exclusive program offered to qualifying customers of AvaTrade to give them a premium experience.
Benefits of being part of the Ava Select program include:
- Individualized educational programs
- Rapid withdrawal approvals
- Access to a dedicated Ava Select hotline
- Customized trading terms and benefits
- Special gifts
To qualify for participation in this program, offered by this leading platform for forex trading in the UK, participants must make a minimum single deposit of USD 100,000. Participants can also qualify by exceeding USD 100 million in trade volume, and membership is offered on a quarterly basis.
Members of AvaTrade can take advantage of the opportunity to use the trading platforms that are best-suited to their needs, including both manual and automatic options. Each of the platforms offers a superior experience as well as advanced tools.
These platforms include:
- AvaTrader: This UK trading platform is user-friendly and designed to provide simplicity and single-click trading of forex, commodities, indices, equities, and bonds from a centralised screen. It features advanced charting, live news feeds, and analysis.
- MetaTrader 4: This is one of the most popular UK trading platforms available online, featuring power and flexibility and aimed at all experience levels. All trading instruments are available from a single screen.
- MT4 Floating Spreads: With this platform, users can take advantage of all the charting options as well as a high level of customisation and powerful analytics.
Other UK trading platforms from AvaTrade include AVAOptions, Automated Trading, Mac Trading, Web Trading, and Mobile Trading. Trading video tutorials are designed for everyone from beginners to experts, and AvaTrade also features a free forex eBook called Forex Trading Strategies.
The philosophy of AvaTrade is one that relies on the importance of education and knowledge so that members can trade confidently. With that in mind, AvaTrade offers educational materials, teaching, and training for all experience levels.
Some of its training materials include “Trading for Beginners,” which is an in-depth introduction to online trading that looks at forex and CFDs, all with technical analysis as an essential component.
There are also guides to economic indicators, and clients can take advantage of frequent live webinars hosted by top experts in the online trading industry.
Largely considered the world’s top social trading network, eToro is used by millions of investors. Often considered a contender for the best forex trading platform in the UK, eToro is the first global marketplace that allows users to trade currencies, commodities, indices, and CFD stocks in a simple way.
eToro is used by members in more than 170 countries and is based on a platform driven by sustainable training, the recognition of risk, and the minimising of that risk exposure. eToro also offers many innovative platforms for traders from all experience levels.
Key Factors That Allowed This App to Rank as one of the Top UK Trading Platforms
Below are some of the essential reasons eToro was included in this forex brokers review in the UK.
eToro is a global marketplace guided by a vision that includes funds management that’s straightforward and transparent.
Other elements of the eToro guiding vision include:
- Global marketplace: As a global marketplace, eToro brings together people from around the world to invest in a wide range of international assets, including currencies.
- Simplicity: eToro is designed for simplicity of use, making financial markets more accessible to more people. The user-friendly approach includes an intuitive design where the customer experience is central to everything.
- Open network: eToro emphasises the creation of an open network of investors where they can collaborate and learn from one another and leverage the power of the vast community.
- Personal financial empowerment: eToro works to empower individual investors through respect and support.
- Trusted: Trust, honesty, and transparency are essential aspects of the eToro vision. eToro is a regulated company that takes a responsible approach to investing.
Responsible trading is a signature aspect of everything offered by eToro, which is one of the principal reasons it was selected as a platform for the best currency exchange in the UK.
Responsible trading is designed to protect investors from emotional decision-making that can lead to unnecessary risk-taking. There is a safety net to protect against emotional trading, which includes default leverage settings of 1:50 max, and a maximum of 20% of account equity can be placed in one trade. There is a 40% maximum total balance to copy one trader.
These prevention tactics are designed to encourage traders to learn and engage in low-risk habits. If traders aren’t interested in these limitations, particularly if they’re experienced, they can be disabled.
Innovation and creative offerings were an important part of selecting the best forex trading platforms in the UK, and this is something that’s critical to offerings from eToro. One program that allows it to stand out among other UK forex brokers and forex trading platforms in the UK is its CopyTrader option.
With CopyTrader, members of eToro can look at the best traders in the network and copy their actions automatically. This allows users to manage their accounts simply while still being guided by the actions of experienced traders.
All users do to take advantage of CopyTrader is open an account and use the eToro OpenBook platform to find the best social investors.
eToro has a centralised education centre that provides education and information on a variety of topics related to the financial trading markets. Users can learn about online trading quickly and easily, and there is helpful and relevant information for every type of trader, from beginner to professional.
The education centre includes live webinars and an exclusive eCourse that helps traders master everything, all at their own pace.
There are also trading videos on a range of subjects.
London Capital Group (LCG) Review
A selection for one of the best forex trading platforms in the UK, London Capital Group (LCG) is authorised and regulated by the Financial Conduct Authority and is publically listed on the London Stock Exchange. Offering some of the most powerful and best UK trading platform options, LCG provides competitive spreads across forex as well as indices, shares, and commodities.
The trading experience is supported across all devices, and this London-based international platform for forex trading in the UK retains client funds in Tier 1 bank accounts.
Key Factors That Enabled Us to Rank London Capital Group as One of the Best UK Trading Platforms
Listed below are reasons LCG was selected for this ranking of the best UK forex brokers and platforms for forex trading in the UK.
Forex Trading Benefits
As one of the top platforms for online currency exchange in the UK, LCG offers many forex-specific benefits to members and traders within the community. These advantages include the following:
- Access to two superior trading platforms which include LCG Trader and MT4
- There are 50 common currency pairs available to traders’ 24 hours a day
- Users of LCG can trade EUR/USD and GBP/USD from 1 pip
- Take advantage of having access to the best in analysis and insights from leaders in the forex trading industry
- Trade directly from charts across all of your devices
Users of this pick for one of the best forex trading platforms in the UK can also take advantage of the option to open a live account or get some no-risk experience through the opening of a demo account.
Image Source: BigStock
Premium Trading Service
As one of the leading forex brokers in the UK, London Capital Group offers a signature Premium Service, with eligibility given to those members who have an account of at least GBP 25,000.
Premium Trading from London Capital Group includes access to a dedicated account manager who will work with you every morning to determine key opportunities of the day and also offer specific advice to more successfully navigate the markets. Account managers can place trades from your direction over the phone.
Personal account managers are considered among the best UK forex brokers, and they are in-tune with everything happening throughout the world regarding trading and finance. You also receive a customised summary of your day’s leading stories and breaking news to your inbox each morning, so you’re always ahead of the curve as a participant in the LCG Premium Trading service.
There are two primary UK trading platforms available from LCG, which is the LCG Trader and the MT4 Platform.
With the LCG Trader, users have access to competitive prices across many markets, and the intelligent platform features price improvement technology. There are also robust mobile apps for trading across all devices and on the go.
With the MT4 platform, users will find tight spreads on a variety of global markets; the option to trade not only forex but also indices, shares, and commodities; and MT4 is FCA-regulated. This platform boasts instant access, reliability, and no requotes. This platform is accessible on desktop, tablet, and mobile, offering flexibility and convenience.
Along with powerful and superior UK trading platforms, London Capital group also specialises in the offering of top-level research and analysis, which is an important part of why it was selected as a contender for best forex broker in the UK.
Analysis is offered to members on a daily basis at the macro, equity, and technical levels, so investors always have access to the cutting-edge information driving the moves of the financial market.
Also available are analysis tools, such as the technical analysis portal with up-to-the-minute recommendations and tracking opportunities and signals which are available to premium clients free of charge.
Plus500 is a provider of contracts for difference (CFD), offering one of the best UK trading platforms for forex as well as shares, ETFs, options, and indices. The features are backed by powerful technology and mechanisms for efficiency in trading. This multi-asset trading platform covers the UK, US, European, and Asian exchanges.
Plus500 maintains relationships with the top international banks, and this allows it to pass on benefits to members, including larger deal sizes and better prices.
Key Factors That Enabled This App to Be Named as One of the Best Currency Exchange UK Platforms
Highlighted below are the primary reasons Plus500 was included on this forex brokers review for the UK.
Services and offerings from Plus500 are guided by a set of principles and ethical standards. These principles include the following:
- Transparency: Plus500 strives to make it clear to clients what they’re getting and exactly what they’re paying for. There is no commission paid to providers, so clients don’t have to pay commission fees.
- Professionalism: Plus500 emphasises the idea that its products are designed with the utmost in security, for not only safety but also seamless trading.
- The Human Side: This refers to the idea that traders with Plus500 are more than just an account. It provides services and products with the individual person in mind.
Free Demo Account
Since forex trading can be an incredibly risky venture, a demo account can be particularly valuable. With a Plus500 demo account, users can learn the ins and outs of trading by downloading the signature free software available from this top platform for forex trading in the UK.
Features of the free demo include no time limit and real market conditions, so you’re learning in a way that’s exactly as it would be under real trading conditions. There’s no risk while you learn the Plus500 features: you can setup, check, and simulate trading strategies, and the free demo accounts include online help and support team backup.
Forex Trading Benefits
While Plus500 is a broker of everything from shares to ETFs, some benefits and features are specific to forex trading accounts. First, members receive $20 when they sign up to trade forex, with no deposit required.
Other features and benefits include:
- No commissions: There are low spreads between the buy and sell prices.
- Advanced trading tools: Forex traders can use the free trading platform to see professional graphs, profit/loss limits, and a variety of currency pairs to strengthen their decisions and trading.
- More than 500 forex pairs: Plus500 features access to more than 50 forex pairs with leverage, so you can start trading with as little as $100 to gain the effect of $20,000 in capital.
- Immediate start: When you open a demo account, it takes only five minutes, and you can then fund your account in moments by credit card, Skrill, PayPal or bank transfer, so you’re up and running almost immediately.
Risk Management Tools
Plus500 offers many risk management tools for accountholders. Some of these tools include account leverage, close at profit or stop loss rates, and guaranteed stops.
Other risk management tools include price alerts and trailing stops.
As well as these comprehensive tools, Plus500 also provides a complete risk guide, so all accountholders are acutely aware of what could potentially happen when they trade with the company.
UFX strives to be a global trading partner for users, thanks to its focus on innovation and the development of the most cutting-edge UK trading platforms. Founded in 2007, UFX is not only considered a pick for the best UK trading platform, but it’s also internationally recognised.
UFX is a licensed and regulated European Union broker that remains compliant with the standards and regulations of many of the leading financial authorities throughout the world. This ensures that customers receive protection and security.
Key Factors That Led Us to Rank This App as One of the Best Forex Trading Platforms in the UK
Reasons UFX was included in this ranking of the best forex trading platforms in the UK are cited below.
Something that sets UFX apart from other UK forex brokers is its distinctive guiding philosophy. The philosophy focuses on offering personalised service that ensures trading makes sense.
UFX strives to help customers cut through the complexities and jargon of forex trading so that everyone can make sense of it. It takes financial data and explains so that even entirely new traders will grasp the concepts. Additionally, traders with UFX can trade whenever and wherever they want.
Human contact remains imperative at UFX, even in the midst of a predominantly digital world. There are many support options available to all traders, including a team of Personal Trading Consultants.
UFX features the highly advanced, award-winning ParagoneEx Web Trader 4.0 Platform. This platform lets users access it through any browser with no download, and it includes every element of past platforms from UFX that traders love as well as exciting new features and offerings.
The platform puts all of a user's favourite assets right on the main dashboard, and with MassInsights Technology, users can take advantage of live marketing streaming events and aggregated trader behaviour.
There are real-time calendar event notifications, and market news is sent right to a user’s dashboard. The Single Asset Page offers all the information a trader needs on a particular asset.
UFX ensures safety and security for all funds and trades. Trust and security are top priorities with this leader among forex brokers in the UK. All processes are encrypted, and UFX works only with the top partners in the industry.
Money is held only in Tier 1 institutions, and clients are offered a 3D secure payment processing portal, with all transactions being PCI compliant.
UFX uses advanced Verisign SSL technology and layered backup systems in secure data centres, all in separate locations.
Additionally, UFX features customer support teams who are always available to answer questions or respond to security concerns.
Personal Trading Consultants
Every UFX trader is paired with an experienced Personal Trading Consultant. This is regardless of the trader’s experience level or the type of account held with UFX. This service is free, and the belief behind this offering is that, with the right support and training, every trader is capable of achieving success.
Once you learn to use the platform, your Personal Trading Consultant remains in place, helping you and guiding you with expert support and guidance.
Conclusion – Best Forex Brokers in the UK
When you’re considering the best UK forex broker or the best service for online currency exchange in the UK, there are important factors to keep in mind, especially as forex trading can be so risky.
It’s important to think about the reputation and adherence to regulation that UK trading platforms offer as well as the technology, security, and features offered.
When you select the best UK trading platform, you can make trades that you feel secure in, thanks to robust support and service as well as in-depth educational materials.
Each of the names on this forex brokers review in the UK represents the very best at what they do, meeting all of the above standards and many others.
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