Top Forex Brokers UK

best forex broker uk

The best forex brokers in the UK have a decent regulatory mechanism upholding their performance. Their character is shaped a good deal by what the Financial Conduct Authority thinks fit to administrate. The FCA of the British Isles has counterparts the world over. So, it welcomes foreign brokers to British shores.

Why FCA is a great regulator?

FCA the watchdog

The FCA exists to protect all market participants, but the emphasis is placed on consumer protection. Protection of consumers of financial products (including traders, foreign exchange and other financial market products trading) is carried out at three intervention levels:

What’s so special about forex trading? 

Forex Trading is unique :

  •         Due to  high trading volumes
  •         The extreme liquidity of the market
  •         Its geographical reach,
  •         Trading hours (start of trading Sunday 10 pm, end of trading Friday 11 pm)
  •         The variety of factors that affect exchange rates
  •         The small fluctuations in exchange rates, which can be amplified with the use of debt capital up to a leverage of 500
  •      The low cost, since only financing costs of margins and spreads have to be paid, while interest differences  between two currencies can be exploited to generate additional income (“carry trade”)
  •         Real-time character
  •         The above-average focus of market participants on technical analysis and trading systems.

What characteristics ought to mark the best forex broker UK in 2021?

  •         License of one of the most reputable supervisory authorities (FCA, FINMA, CySEC, ASIC);
  •         Positive reputation in the trading community, good ratings for the last six months/ year;
  •         Low spreads and swaps;
  •         To have an ECN pricing model;
  •         A large number of CFD assets;
  •         Must  have a MetaTrader 4 or MetaTrader 5 platform, a Terminal-Web Version and a convenient mobile App;
  •         24/5 Customer service in English.

Best forex brokers UK 2021: Leading contenders

PrimeFin

PrimeFin is licensed and regulated by the national regulatory body in Malaysia, the Labuan Financial Services Authority. The Malaysia based broker, as per LFSA regulations, keeps clients’ accounts segregated. This ensures protection for clients’ funds, in cases of volatility, even broker insolvency. Negative balance protection afforded by the broker is yet another example of PrimeFin’s commitment to client protection. 

Tradable assets over 350 are yours to avail of at the broker’s end. These are spread across all asset categories: Forex, equities; indices; commodities; metals; cryptocurrencies. Low spreads and no commissions make trading, say Forex CFDs with the broker, an enriching experience. 

Account types

There are three account types – silver, gold, and platinum. Leverage offered to professional clients reaches 400. This is where negative balance protection comes in handy. 

Demo accounts are offered and can even be recommended to Pros. using a demo account gives the trader insight into how the broker functions. 

Again, regarding deposits, there are no commissions or deposit fees. 

Trading platform 

metaQuotes, the maker of the MetaTrader, also makes the WebTrader. This is the platform at which PrimeFin trades. 

Main Features of MT4 Web Trader

  • Real-time courses thanks to “Market Watch”.
  • Customizable Price Charts.
  • 9 different time-frames.
  • Direct access via all modern browsers.
  • More than 30 indicators.
  • Complete commercial history.

Further advantages & highlights: 

  • Full MT4 functionality

You get the same tools and diagram functions as with the desktop-based application.

  • No download required

So you can access your account from any computer, absolutely anywhere!

  • Improved Two-way synchronisation

This allows all trades opened within the MT4 to be seamlessly mapped across all MT4 interfaces.

  • Html-based application

Provides users with ultimate streaming connectivity while supporting trading across multiple asset classes.

  • Immediate synchronisation

Between the WebTrader and other Metaquotes software effectively eliminate the risk of delays or uncommunicated trades.

  • Full access to account movements

Access your complete double account movements, regardless of whether you have been trading through the terminal itself or your browser.

101investing 

FXBFI Broker Financial Invest Ltd owns the brand 101investing. The company is licensed and regulated by CySEC (Cyprus Securities & Exchange Commission). The license number is 315/16, and the registration number is 351508. The Investor Compensation Fund, of which the broker is a member, protects clients from unforeseen accidents like insolvency. 

Tradable assets 

101investing offers more than 250 CFD instruments. Swap rates vary with the account type. 

Account types 

Serving clients retail and professional, there are the following account types with the broker – silver, gold, platinum, and Pro. Hedging is common for all account types. For professional traders, the leverage offered is 500. For retail traders, the same cannot exceed 30. Traders can start trading commission-free with an initial deposit of $250. 

Trading platform : MetaTrader for desktop & web

The trading platform with 101investing presents the following advantages: access four market order execution modes; use 24 analytical objects towards technical analysis; view trading activity history; access multiple asset classes real-time prices; expert advisors; one-click trading features. 

Mobile trading app

The mobile trading app allows 30 + analytical tools; 9-time frames. 

Fees & commissions 

Swap discounts take the sting off of swap fees. 

Customer support 

The multilingual support staff helps with queries in different languages. They are there for you, 7:00-17:00 GMT, Monday through Friday. 

Capixal 

Capixal is the brand name of IFC Investments Cyprus Ltd., licensed and regulated by CySEC. The license number is 327/16, and the registration number is 342390. Being a CySEC regulated entity, it follows the safeguards stipulated in the clients’ interest, viz the segregated accounts policy, the Investor Compensation Fund, and the negative balance protection policy. 

Tradable assets

Capixal offers CFD trading on more than 350 individual assets spread across all asset categories. Swap rates vary with account types. 

Account types

There are silver, gold, platinum accounts. These are available to retail as well as professional clients. Features on professional accounts are better. Progressively gold and platinum account get more enriched, with the latter being accorded news alerts and free VPS, in addition to the preceding account type’s webinars, videos, and dedicated account manager. Swap discounts on platinum account are doble that obtained on gold account, that is 50%.

The deposit can be made without incurring fees. 

Trading platform

The trading platform incorporates Webtrader and MetaTrader4. Between them, these systems have 80+ analytical instruments, more than 30 inbuilt indicators, and 9-time frames. 

Webtrader – The Webtrader is designed to be compatible with all manner of browsers. A trading interface,  Webtrader needs no installing. Users can simply log in with the aid of any browser on their device, irrespective of their location.in common with the MT4 desktop terminal, the Webtrader offers nearly all features to the extent that you can access trading in 350 plus assets. Moreover, the platform has customisation friendly analytical instruments; you can track your trading history. You can find support in 7 languages. Real-time rate streaming and one-click trading make your trades so much faster.  

MT4 platform – The software runs on your computer with many more features above those for the Webtrader. This is especially true with regard to automation and customisation. Compatible with Windows and MacOS devices, you have the option even to install it on LinuxOS devices. The software was made for continuous learning, since you can keep adding tolls, data streams, and signals to enrich your trading. 

Mobile Trading – this allows you to access your funds anywhere.  Both Android and Apple users will find this app completely compatible. This is obviously handy if you are away from home/office. 

Leverage :

The broker affords you the benefits of leverage across accounts and across asset classes. In concordance with Product Intervention Measures, leverage limits are different across the CFDs’ underlying assets as also the client categorisation (retail/professional). We may have a brief overview as to how this is thematised and subsequently organised : 

  • Major Currency Pairs ; 
  • Non-major Currency Pairs, Gold, and Major Indices ; 
  • Commodities (besides gold and non-major equity indices) ; 
  • Shares ; 
  • Virtual currencies/cryptocurrencies. 
  • Major currency pairs –  These include USD, JPY, EUR, GBP, CAD, CHF. Examples of relevant forex pairs offered by Capixal for trading include EURUSD, USDJPY, GBPUSD, EURCHF, EURJPY, EURGBP, USD CAD. Leverage limits for retail clients and professional clients are 1:30 and 1:500 respectively. 
  • Non – Major Currency Pairs, Gold, and Major Indices -these include the FTSE 100, DAX 30, CAC 40, DJIA, NASDAQ, NASDAQ 100 , ASX 200, NIKKEI 225, EURO STOXX 50. Examples of forex pairs offered in this category include AUDCAD, AUDJPY, EURSGD, CHFJPY, EURPLN, EURHUF, USDDKK, XAUUSD, USDZAR, EURNOK. For retail clients, the leverage limits are expressed in the ratio 1:20. For professional clients, the leverage limit concerning non-major forex pairs can be as high as 1:500; in case of gold, silver, and indices, the leverage limit is expressed in the ratio 1:125.
  • Commodities (besides gold and non major equity indices) – Examples offered for trading by the broker include COCOA,CORN,WHEAT,BRNT. Leverage limit for retail clients lies in the ratio 1:10, while that for professional clients lies in the ratio 1:125. 
  • Shares – Prominent examples in this category include Alibaba, AIG,AMAZON, BOEING,DISNEY,COKE, EBAY, GOPRO.
  • Virtual currencies/cryptocurrencies- Ethereum, Litecoin, Dashcoin, Bitcoin. Leverage limit for the retail category of clients is in the ratio 1:2, while that for the professional clients category is expressed in the ratio 1:1.

T1 Markets

General Capital Brokers Ltd. trades under the name ‘T1 Markets’. The brokerage is licensed and regulated by CySEC. All the standard CySEC broker features are present here. Though there are mandatory bars on the leverage level permissible for retail clients, there are high leverage levels allowed for professional traders. This is in sync with the FCA.

The trading desk type is STP, which enhances transparency. 

The broker has the license number 333/17 and the registration number 345774. 

Tradable assets

Spread across all asset categories, T1 Markets offers more than 300 individual assets. 

Account types

There are three account types – silver, gold, platinum. The silver account has no free VPS nor ‘fifth decimal’. Otherwise, it shares the feature of the dedicated account manager with the other two account types, as also hedging. Max allowable leverage is 500. 

The application process has 5 steps. Bone up on your trading knowledge before you set out to answer the questionnaire. 

Trading platform

The standard MT4 WebTrader platform has multiple execution modes, 30 technical indicators, and built-in platform support. 

Additional services are to be had, contingent upon account status. 

Conclusion

The FCA is the yardstick that measures the right regulation for best forex brokers in the UK. However, other regulatory bodies also model themselves on the same framework since efficiency is the desired end. CySEC works in the same league as BaFin of Germany. Our recommended winners for 2021 have all tried hard to make services appeal more and more to British traders. Time will vindicate all this trust.

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