March 2, 2021 | AtoZ Markets – The forex market is the world's biggest financial market which is three times higher than the New York stock exchange. Most of the Forex trading activity happens from the UK that makes the place significant among traders. There are many renowned Forex trading institutes and individual Forex traders in the UK.
Forex trading is legal in the UK, which is regulated by the financial conduct authority (FCA). If you live in the UK, you can perform all trading activities legally from an FCA-regulated Forex broker.
In the following section, we will see the performance and regulation of Forex trading in the UK. Therefore you can see what you should do to start your career in Forex trading from the UK.
Before proceeding further, you can find the entire table of contents of this guide about Forex trading in the UK.
(Table of contents section)
- Is Forex Trading Legal in the UK?
- How to Choose a Forex Broker in the UK?
- Top 10 Best Forex Brokers in the UK
- How to Open a Forex Trading Account in the UK
- How to Deposit or Withdraw Funds from the UK Forex Brokers
Is Forex Trading Legal in the UK?
As you know, the forex market is the world's biggest furniture market. therefore it is an industry that provides an opportunity for traders around the world to make money and start their career in Forex trading.
As Forex trading is involved in personal investing, which is mostly digitally' there for investors often become cautious about the meat and false impression surrounding it. Moreover, many people become confused about the legality of Forex trading as it is prohibited in several countries.
Therefore, like many other activities involving money, primarily digitally, forex trading is surrounded by some myths and false impressions. Several people around the world are reluctant to get involved in forex trading.
For a Forex trader, the UK is the ideal place to operate its trading activity. As a result, many well-known and strict policies indicate the trustworthiness of the place.
In the UK readers can have the most exquisite and up-to-date Forex trading products and services that will help them to build a stable trading career.
A significant problem of trading Forex from the UK is that many people are not familiar with online Forex trading compared to the eurozone. However, as long as the regulation is concerned, you can consider this place as safe and secured to trade Forex.
How to Choose a Forex Broker in the UK?
If you are a trader from the UK, you should find a Forex trading broker that has an FCA regulation.
FCA In the most trust in the regulating body in the UK. This institution is independent of other organizations. It also manages the legality of the companies within the UK and individual traders who rate in the forex market.
The FCA works with the interest of consumers. Therefore every broker that is regulated by FCA is considered to follow the UK regulation strictly. If any consumer abuse or occurrence of fraud happens, the financial conduct authority takes immediate enquiry and investigation.
There are many FCA-regulated Forex brokers in the UK, but you should choose one that is suitable for you. Traders often find it challenging to choose the right broker as it depends on the trader's personality and trading style. Whether you are an experienced or novice trader, you should open a demo account in the forex broker when you choose any new platform. Although most of the forex brokers provide the same trading opportunity, it is better to check the spread and cost.
When you complete the demo testing, you are ready to open a live account by the instructions required by the broker.
Read More: How to trade cryptocurrency through your forex broker?
Top 10 Best Forex Brokers in the UK
There is no restriction for UK traders in choosing forex brokers. There are many regulated and international brokers that provide service in the UK. In the following section, we will see the top 10 best Forex brokers for the UK traders and some features of these are:
1# XM
XM Is a global forex CFD broker that has more than 3,500,000 clients from 196 countries. This broker was founded in 2009 and has grown as an established international investment firm and a true industry leader.
The Company has more than 450 trading professionals with long experience in the industry. XM provides its service in 30 languages that help it to access many countries.
Overall, XM has a license from the following countries:
- The UK (FCA)
- Eurozone (CySEC)
- Australia (ASIC)
- What type of Forex broker is XM?
XM is a Forex and CFD broker.
- Is XM regulated in the UK?
XM is authorized and regulated by Financial Conduct Authority (FCA), IFSC (International Financial Services Commission), ASIC (Australian Securities and Investments Commission), CySec (Cyprus Securities and Exchange Commission),
- How much does it cost to trade with XM in the UK?
XM offers a standard spread for Major currencies as low as 0.6 pips with 100:1 leverage for UK traders. Details of the spread and leverage are mentioned on the XM website.
- Which trading platforms does XM offer to UK traders?
XM offers Mt4, Mt5, and cTrader for desktop, web, ios, and android.
- What is the minimum deposit for the UK traders with Oanda?
Traders can trade as low as $5 with XM. However, the minimum deposit varies from trading account types.
- How is XM's Customer support in the UK?
XM has a dedicated customer support team for the UK. Besides life support, they make regular contact with clients regarding their trading account and trading help.
2# Pepperstone
Pepperstone is a forex broker from Australia that was established in 2010. The Company started its business in Australia and expanded its business by opening a London office in 2015.
This company has superior technology, genuine commitment & low-cost spreads to traders all around the world. Moreover, Pepperstone offers multiple currencies, shares, metals, CFDs, metals, cryptocurrencies, etc.
- What type of Forex broker is Pepperstone?
Pepperstone is a Forex and CFD broker.
- Is Pepperstone regulated in the UK?
Pepperstone has licenses and regulations from the two continents that work with financial regulators across various jurisdictions to provide investor protection.
Pepperstone is regulated by the FCA, CMA, and ASIC.
- How much does it cost to trade with Pepperstone in the UK?
The minimum cost of Pepperstone starts from 3.50 on most of the major currencies. In the CFD position, the commission would be 0.02.
- Which trading platforms do Pepperstone offer to UK traders?
Pepperstone offers MT5. MT4 and cTrader platform
- What is the minimum deposit for the UK traders with Pepperstone?
Traders can start trading with a minimum deposit of $ 200.
- How is Pepperstone Customer support in the UK?
The customer service of Pepperstone is available on 24/5 using telephone, email & direct live chat. Moreover, everyone can contact them by their official phone no: 0800 046 5473, and email them at support@pepperstone.com.
3# HotForex
HotForex is a forex and commodities broker that provides trading services to retail and institutional clients established in 2010.
If you're interested in more facts about HotForex, you can always check our HotForex review.
- What type of Forex broker is HotForex?
HotForex is an ECN/STP broker that offers its clients several account types across two trading platforms. Therefore, you can enjoy ECN trading opportunities by registering for a Zero Spread account besides the standard STP account.
- Is HotForex regulated in the UK?
HotForex holds licenses for different entities from different regulators, including the FCA, CySEC FSCA, DIFC, and the SFSA.
- How much does it cost to trade with HotForex in the UK?
The spreads on all accounts are variable, which starts from as low as 0.0 pips.
- Which trading platforms does HotForex offer to UK traders?
HotForex offers MetaTrader 4 and the MetaTrader 5 platform for Windows Desktop and Web.
- What is the minimum deposit for the UK traders with HotForex?
The minimum deposit for an account at HotForex depends on the account type and region. For the UK traders, Micro accounts start at $5 deposits.
- How is HotForex's Customer support in the UK?
HotForex has multiple channels for customer support, including live chat, web contact form, mobile phone numbers, emails, and multilingual support.
4#FXCM
FXCM is a leading provider of online forex trading, CFD trading, and related services. The company is providing financial trading services for the last 20 years.
The diversified team of FXCM allows traders to have maximum benefit from this platform.
- What type of Forex broker is FXCM?
FXCM is a Forex and CFD broker.
- Is FXCM regulated in the UK?
FXCM is regulated by the Financial Conduct Authority (FCA), the Australian Securities and Investments Commission (ASIC), and CySEC.
- How much does it cost to trade with FXCM in the UK?
FXCM charges spread as low as 1.2 pips.
- Which trading platforms do FXCM offer to UK traders?
FXCM offers the MT4, trading station, ninja trader, and trading view.
- What is the minimum deposit for UK traders with FXCM?
The minimum deposit requirement for FXCM is $50.
- How is FXCM Customer support in the UK?
FXCM customer support is available 24/5 in live chat, email, SMS, trading desk, and feedback forms.
5# IC Markets
IC Markets is a famous forex trading broker based in Australia that provides CFD trading for scalpers, day traders, and other traders who are new into the market.
IC Markets was incorporated in 2007. A team of professionals in the financial services industry was behind the success of one of Australia's largest CFD and Forex providers.
- What type of Forex broker is IC Markets?
IC Markets is a Forex and CFD broker.
- Is IC Markets regulated in the UK?
IC Markets is an FCA, ASIC, and CySEC regulated broker.
- How much does it cost to trade with IC Markets in the UK?
The spread of this broker is started from 0.0 pips per Standard Lot with a $3.5 commission. Otherwise, $1.0 pips spread with no commission on its standard account.
- Which trading platforms do IC Markets offer to UK traders?
IC Markets offers MT5. MT4 and cTrader platform
- What is the minimum deposit for UK traders with IC Markets?
Traders can start trading with a minimum deposit of $200.
- How is IC Markets Customer support in the UK?
IC Markets customer service is available 24/7. Their customer service team is very responsive, and they solve problems as early as possible. The website is available in 18 languages, and the "Help Centre" section has answers to most of the questions asked.
6#Exness
Exness is a world-class forex broker that has massive liquidity from retail traders. The uniqueness of this broker is solid functionality and ease. Traders enjoy instant withdrawal and deposit through the Neteller and Skrill payment method that most brokers are unable to provide.
- What type of Forex broker is Exness?
Exness is a Market Maker/ECN broker that offers its clients several account types.
- Is Exness regulated in the UK?
Exness (UK) Ltd is an Investment Firm, authorized and regulated by the Financial Conduct Authority (FCA) in the United Kingdom under the Financial Services Register number 730729
- How much does it cost to trade with Exness in the UK?
The spreads on all accounts are variable, which starts from as low as 0.3 pips.
- Which trading platforms does Exness offer to UK traders?
Exness offers MetaTrader 4, MetaTrader 5, and cTrader platform for Windows Desktop and Web.
- What is the minimum deposit for UK traders with Exness?
The minimum deposit for an account at Exness starts from $1.
- How is Exness's Customer support in the UK?
Exness offers customer support for UK traders, including live chat, emails, and multilingual support.
7# Plus500
Plus500 is owned by a holding company called Plus500 Ltd. It operates through 3 different subsidiaries covering three major regulations:
- Plus500UK Ltd,
- Plus500CY Ltd
- Plus500AU Pty Ltd.
Additionally, Plus500 is also an active sponsor of professional Soccer and Rugby teams and it has been the official sponsor of Club Atletico de Madrid since 2016.
- What type of Forex broker is Plus500?
Plus500 is considered a leading broker in CFD trading. It delivers trading facilities on shares, Forex, commodities, ETFs, options, and indices.
- Is Plus500 regulated in the UK?
Plus500 is regulated by the UK's FCA, the Monetary Authority of Singapore (MAS), and Australia's ASIC.
- How much does it cost to trade with Plus500 in the UK?
For EUR/USD, the spread is fixed at 0.6 pips. However, it's worth noting that financing rates are quite high.
- Which trading platforms does Plus500 offer to UK traders?
Plus500 has a trading platform on iPhone, Android, and Windows and multilingual besides the Windows-based desktop platform. However, it does not provide Mt4 or Mt5 trading indicators, which might hurt investors.
- What is the minimum deposit for the UK traders with Plus500?
When opening an account, you have to deposit a $100 minimum. However, there is no withdrawal fee above $100, and any inactivity fee does not apply for the first three months.
- How is Plus500's Customer support in the UK?
Plus500 customer support is available 24/7, either via live chat or email. WhatsApp is the preferred medium outside of the live chat function.
8# Forex.com
Forex.com's parent company, GAIN Capital Holdings, Inc. (NYSE: ), is publicly-traded and meets the highest standards of corporate governance, financial reporting, and disclosure. This company has provided trading opportunities since 2001 and allows trading in Forex, commodities, stocks, and cryptocurrencies.
- What type of Forex broker is forex.com?
forex.com is an ECN/STP broker that offers its clients several account types across two trading platforms.
- Is forex.com regulated in the UK?
FOREX.com is registered at the Cayman Islands Monetary Authority (CIMA). Other regulators include:
- Financial Conduct Authority (FCA) in the UK
- Financial Services Authority (FSA) in Japan
- Commodity Futures Trading Commission (CFTC) and is a member of the National Futures Association (NFA) in the US
- Investment Industry Regulatory Organization of Canada (IIROC)
- Australian Services and Investments Commission (ASIC)
- How much does it cost to trade with forex.com in the UK?
The spreads on all accounts are variable, which starts from as low as 0.0 pips.
- Which trading platforms does forex.com offer to UK traders?
forex.com offers MetaTrader 4 and the MetaTrader 5 platform for Windows Desktop and Web.
- What is the minimum deposit for UK traders with forex.com?
Forex.com offers a recommended deposit of $1000 in each type of trading account.
- How is forex.com's Customer support in the UK?
Forex.com provides customer support through live chat, web contact form, mobile phone numbers, emails, and multilingual support
9#InstaForex
InstaForex is a leading forex broker established in 2007 and provides trading service for more than 7 million traders worldwide, and it claims to gain more than 500 new traders per day. InstaForex offers to trade in Forex and CFD markets, commodities, stocks, cryptocurrencies, and indices.
As a regulated broker, this Company offers services that are suitable for UK Traders. You can read the details of the InstaForex Review by AToZmarkets.
Overall, InstaForex has a license from the following countries:
- The UK (FCA)
- Russia
- Eurozone (CySEC)
- What type of Forex broker is InstaForex?
InstaForex is a Forex and CFD broker.
- Is InstaForex regulated in the UK?
Services are provided under the InstaForex brand, which is a registered trademark:
- Instant Trading Ltd (BVI) is licensed by BVI FSC, License Number SIBA/L/14/1082
- Insta Service Ltd is registered with FSC Saint Vincent, Reg. Number IBC22945
- Insta Global Ltd. registered in Saint Vincent, IBC24321
- How much does it cost to trade with InstaForex in the UK?
The spread of this broker is started from 0.0 pips.
- Which trading platforms make InstaForex offer to UK traders?
InstaForex offers Mt4, Mt5, web trader, and Insta tick trader for desktop, web, ios, and android.
- What is the minimum deposit for the UK traders with InstaForex?
Traders can start trading with a minimum deposit of $1 with most of the trading accounts.
- How is InstaForex Customer support in the UK?
The customer support of InstaForex is satisfactory and provides accountability Solutions as soon as possible.
10# OctaFX
OctaFX is a forex broker offering trading services in more than 100 countries. This forex broker focuses mainly on the aside retail market and has won outstanding industry awards, mainly for its services in this sector.
- What type of Forex broker is OctaFX?
OctaFX is an STP/ECN broker that offers its clients several account types.
- Is OctaFX regulated in the UK?
OctaFX, registered in FCA and St Vincent and Grenades.
- How much does it cost to trade with OctaFX in the UK?
The spreads on all accounts are variable, starting from as low as 0.2 pips for the MetaTrader platform. On the other hand, for the cTrader platform, offers 0.0 pips spread.
- Which trading platforms does OctaFX offer to UK traders?
OctaFX offers MetaTrader 4, MetaTrader 5, and cTrader platform for Windows Desktop and Web.
- What is the minimum deposit for UK traders with OctaFX?
The minimum deposit for an account at OctaFX starts from $100.
- How is OctaFX's Customer support in the UK?
OctaFX offers customer support for UK traders, including live chat, emails, and multilingual support.
How to Open a Forex Trading Account in the UK
To open a Forex trading account in the UK regulated brokers is straightforward. There are some states that you should follow to open a trading account in the FCA regulated brokers as m mentioned below:
- First, identify a broker that has an FCA regulation. In the brokers about sections or regulation sections, you can see how much regulation it has. Some Forex brokers have multiple regulations from FCA, CySEC, or ASIC. In that case, if you want to open a broker that has multiple regulations, you should browse the website from any UK IP. Otherwise, the website will not permit you to show the UK regulations as it will be shown differently depending on your location.
- Later on, move to the registration section of the website, which will be available on every visible tab.
- Complete your registration form using your full names, addresses, phone number, email address and information regarding your trading account.
- After completing the registration, you have to confirm the email, and often some brokers try to have a phone verification to ensure the two-step authentication.
- After completing the account, they will ask for your identity verification. When we submit these documents, the back office will verify it.
- After getting verified, you should download all the trading materials like MetaTrader 4 MetaTrader 5 or cTrader.
- After downloading the trading platform and setting the trading template, you are ready to deposit your account.
How to Deposit or Withdraw Funds from the UK Forex Brokers
Depositing money from the UK-regulated brokers is straightforward. Most forex brokers have electric payment options that make the deposit and withdrawal easier.
If you have a bank account in the UK, you can transfer the fund from your account to your trading account instantly. The best way to invest through your credit card, which will not take much time to deposit the money in your account.
Furthermore, there are several e-currencies like Neteller, skrill, or PayPal that made the deposit and withdrawal easier. If you want to deposit your money from your Neteller or skrill account, you can do it by going to the account management section from the broker's website. All of the deposit and withdrawal methods will be shown there with the associated charge. Some brokers cover third-party deposit and withdrawal charges while some brokers will not. If you want the broker to cover the deposit and withdrawal charges, you should choose the broker that has the option.
If you want to make a withdrawal, you can choose any option from the profit part.
Best Brokers in the UK - Conclusion
Many brokers allow trading from the UK. Therefore, instead of testing all of these, you can choose the right one from the AtoZ broker review directory.
However, forex trading is risky and challenging for everyone until you know about the technical and fundamental analysis.
Do you still have questions about trading Forex in the UK? Then feel free to write a comment below or contact our team directly.
This article was written by MD Rockybul Hasan.