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BEST FOREX BROKER UK 2022 GUIDE



Online trading of currencies, or foreign exchange (FX) has witnessed a major
shift in recent years. The entry of the tech-driven world into investment
markets has resulted in the emergence of many automated trading platforms with
exceptional features. To trade currencies conveniently, you must sign up with a
forex broker.



Read ahead to know exactly which UK forex broker platform to choose and which
metrics have helped us decide on the top forex platforms available.

UK forex trading platform reviews

eToro

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

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

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

Fees:

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

Pros:

 * User-friendly platform
 * Highly regulated
 * Does not have narrow spreads
 * Also supports stocks, ETFs, cryptos, indices, etc.
 * Social trading platform
 * Copy trading and Copy Portfolio
 * Enables deposits through bank transfers, debit/ credit card, e-wallets

Cons:

 * Does not offer advanced technical analysis

Trade forex on eToro.

 Your capital is at risk.

 Libertex  

Libertex is another pick for the top brokers for forex trading in the UK. It
serves over 120 countries and has been functioning as a broker for around 23
years now. 

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

If you want to make use of an EA in your forex trading, then this platform will
be suitable for you. Registering with Libetex and depositing funds are seamless
processes. You can make deposits by using a debit or credit card or e-wallets on
this platform. This platform is recommended for users who possess a certain
amount of experience in forex trading. 

Pros:

 * Tight spread on trading CFD
 * Experienced broker
 * Regulated by the CySEC
 * Appropriate educational resources
 * MT4 compatibility
 * Competitive spreads
 * Enables deposits through debit/ credit card, e-wallets

Cons:

 * Offers CFDs only

Visit forex broker Libertex. 

Your capital is at risk. 

Capital.com 

Capital.com is another online forex broker on our list of the preferred ones in
the UK. It functions as per 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 forex pairs and is particularly known for exotic and
volatile currencies. The leverage is similar to that of eToro, which is within
the 30:1 and 20:1 caps. One unique feature as compared to the other two
platforms is that it facilitates forex spread betting. It is a suitable platform
if you are looking to cut down on the tax on your forex trades. 

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

Fees:

 * 0% commission
 * No deposit fee
 * No withdraw fee
 * No inactivity fee
 * 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 

Pros:

 * Suitable for new traders
 * Highly educative
 * Has AI assistant guidance
 * Outstanding charting
 * Excellent analysis
 * £20 minimum deposit 

Cons:

 * No custom trading strategies 

Trade forex on Capital.com.

Your capital is at risk.

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

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

Step 1: Registration 

You need to enter details like Your Name, Date of Birth, National Insurance
Number, Address, and Contact Details (mobile and email).

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

Step 2: Deposit Trading Funds 

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

 * Bank Transfer
 * Debit/ Credit card
 * Paypal
 * Neteller
 * Skrill
 * International bank wire

Step 3: Trade Forex 

After funding your account successfully, click on the ‘Trade Markets’ button on
the left-hand side of the page. Thereafter, click on ‘Currencies’. After
choosing the preferred pair, click on the ‘Trade’ button. When the order box for
your forex pair appears:

 * Select buy or sell order
 * Enter your stake
 * Select leverage ratio 
 * Set up a stop-loss & take-profit order
 * Confirm the order

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

How we Ranked the Top UK Forex Trading Platforms 

Automated Trading

Trading tools are very useful for both experienced and novice investors. To get
an insight into the movement of the forex, price predictions etc, trading tools
are essential. eToro’s Copy Trading tool helps to a great extent as you can copy
seasoned traders without any fee.  

Mac Support

 Since many investors are using the IOS, it is important that we see that the
platforms we recommend are supported in Mac. Thankfully, all of these platforms
have IOS compatibility. 

Mobile App 

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

Web-Based Browser Trading 

A seamless web-based trading platform is another aspect that we looked into.
Users should be able to use the tools and navigate through the sites without any
hassle. 

Demo Account

 A Demo account allows you to get insights on the trading scenario and practise
your skills before you trade real money. Although the three platforms offer demo
accounts, eToro has an impressive pre-loaded balance of $100K in its demo
account. 

Free Trading / Low Fees 

The trading charges and other fees are important as these impact your earnings.
All these platforms have different charges and the nature of spreads vary from
platform to platform. Be it spreads, withdrawal fees, inactivity fees, or
commissions, you should be aware of all of these before you choose 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 some are for beginners. If you are a new investor,
then eToro should be your first choice as it is very easy to use and offers
interesting tools that beginners can benefit from. 

User Reviews

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

UK Regulation 

Choosing platforms that are regulated helps in trading forex in the UK securely.
We looked at forex brokers which are FCA regulated so that these offer safe
trading experiences and facilitate risk-free transactions.

Summary – Best UK Forex Broker Verdict 

With the analysis and reviews we have put together, eToro comes across the most
suitable forex broker in the UK. It is highly regulated and is suited to
beginners. It has an excellent web-based as well as mobile app interface. With
features like automated trading and social trading platforms, it makes for a
great platform.  

It is supported both on 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 trade in the UK’s best forex
broker platform. 

Open a forex trading platform account on eToro.

Your capital is at risk. Additionally, 68% of retail investor accounts lose
money when trading CFDs with this provider. You should consider whether 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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