The 2 UK Forex Brokers You Need to use in 2020 (Made Easy)
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The 2 UK Forex Brokers You Need to use in 2020 (Made Easy)


There are hundreds of UK Forex Brokers out there - but why take the risk? We've made it easier than ever to choose the Best UK Broker for you.


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Trading 212 is a supreme UK Broker who specialises in zero commission trading with Forex, Stocks, Crypto and much more.
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Beginner
Friendly
9

Visuals

10

Ease of
Setup
9

Costs

9

Total
Score
92.5%



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CityIndex was founded in the UK in 1983 and has as a huge focus on Forex and CFD's, enabling new Forex traders to get a head up in market.
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Beginner
Friendly
8

Visuals

6

Ease of
Setup
8

Costs

6

Total
Score
70%


The 2 UK Forex Brokers You Need to use in 2020 (Made Easy)

There are hundreds of UK Forex Brokers out there - but why take the risk? We've made it easier than ever to choose the Best UK Broker for you.

What is a UK Forex Broker?

UK Forex Brokers are companies and giant ones at that, that pretty much provide a single service to the end user, and that is the usage of their platform. The forex trading platform from the forex broker can be used to buy and sell forex currencies, you will (hopefully) make a profit when you do this, and generally for each trade you make the UK Forex Broker will take a piece of the pie, a small cut for them, however some UK Forex Brokers take more than others, that's why it's important to compare.

UK Forex Brokers may also be named as UK Retail Brokers or UK Currency Brokers. Retail refers to individual traders, such as yourself. Don't get caught up in the jargon just yet, here at TradingCompared we try our best to keep it as low profile and easy to understand as possible.

What makes a Great UK Forex Broker?

So what differentiates all the UK Forex Brokers, what makes one better than another, especially for its beloved UK clients?

There are thousands of UK Forex Brokers, many of which will never be a high enough standard for you to really excel with, luckily you have TradingCompared at your disposal to take full advantage of for free.

On your behalf we narrowed down the 2 best UK Forex Brokers so you don't have to read 10+ reviews of the same blah blah blah over and over again. Either of the 2 UK Forex Brokers above are a great choice to start your trading career with. We've made it as easy as it can be for you, narrowing your choice to just 2 to ensure your trading is always top shelf standard.

What are the Top 5 Factors that make a Great UK Forex Broker?

1. Choose a Regulated UK Forex Broker
When picking a broker, it is imperative that the broker you end up with is a regulated Forex Broker in the UK. The 2 main regulatory bodies in the UK are named the FCA and the PRA. You must ensure that the UK Forex Broker you choose is regulated by either of the two if you want a safe and secure UK Forex Broker then you have to have a regulated one, by either of the two above bodies.

2. The UK Forex Brokers Customer agreement Statement
When you open an account with either of the 2 UK Forex Brokers above, scan over their customer agreement policy, just to check if there's anything you don't agree with in there. We are sure that there will be nothing 'deceitful' or 'bad' that you will find in there, however it's always good to check just in case.

If for some reason you are signing up for another UK Forex Broker you should always thoroughly read their customer agreement policy, lucky again for you the 2 UK Forex Brokers above we have already read their customer agreement for you in full and found no foul play there. Some brokers, especially those who are unregulated will attempt to scam you in the customer agreement policy, so it is always best to give it a read.

3. Forex UK Brokers Tools, Courses and Resources Available
What additional perks and services has the UK Forex Broker offered to you? At first you may not understand but eventually you will want to use a large array of tools, charting analysis, heatmaps, data and many more trading resources.

These resources can play a huge part in your Forex career and may even shape the direction you take entirely.

The Best UK Forex Brokers will have a large variety of charting analysis tools, off/on platform resources such as a help centre, trading phrases, fundamental and technical data and so much more. A brilliant example of this is Trading 212 with its built in video trading course, online help centre and a great selection of trading tools that will propel any beginner UK Forex Trader.

4. Customer Service
What is their customer service like? - This will seem basic to you but as a new forex trader it will be imperative that the first forex broker you choose has a dedicated customer service team that operates 24/5.

Why? You'll have more questions than what you'll know what to do with. Nothing a first will make sense at all, but that's why we and a dedicated Broker customer service team should always be present.

The Best UK Forex Brokers will all have live chat support, a perfect example of this would be Trading 212, they have a built in system into the trading 212 app and trading 212 online platform. This is immensely helpful for new traders who need to ask questions and get an instant and informative response. Other customer support should be available too such as Phone, email and messenger.

5. UK Forex Broker Withdrawal and Deposit Procedure
Check the UK brokers deposit and withdrawal policy. As the Broker will be holding your funds for the majority of the time you should always be aware of how to withdraw and deposit more capital if required.

A lot of brokers have a very straight forward withdrawal and deposit procedure, however some require you to make a payment to get your own money out or even put it in. The 2 UK Forex Brokers above have a very easy set up and withdraw/deposit procedure that costs next to nothing.

What is the Actual Role of a Forex Broker in the UK?

UK Forex Brokers as mentioned previously allow you to buy and sell forex currencies on their platform. Their role is to facilitate the trade and ensure everyone is getting the prices they should be and allowing the trade to occur. An example of this is if you wanted to buy USD/JPY (as you were predicting USD to increase in price against the JPY) you would use your UK Forex Broker platform to buy the currency pair, this would be bought off another party who is selling the pair (believes the price will go down). A cut of your trade (spread/commission) will go to the broker as their payment - this is why it's important to choose a great Uk forex Broker as your first choice, the best ones will charge less per tarde you make, as a beginner having little capital it will be important to conserve as much of it as you can, instead of giving it away to a broker.

How Forex Broker Regulation Works + Why Only use a Regulated Broker

The most known entities for the Uk are the CFTC, NFA and FCA - these groups practice to eliminate any fraudulent practices occurring within the Forex, Crypto and trading market in general.

The Best UK Forex Broker will always be the one that receives the best customer feedback/reviews, is highly rated on comparison sites and is regulated to the highest degree.

Unregulated UK Forex Brokers are a lot of the time disguised as clever scams, designed to extract as much money out of new traders as possible. These brokers usually make money when you lose money, can take your capital from your account and can freeze accounts so you can't even access your own money.

How to Get Started With Forex in the UK With a Forex Broker

The 2 Best UK Brokers above both allow you to have access to a free demo account with them before you properly sign up with them, if you don't decide to use the 2 best above then the first broker you pick should let you use a free demo account always.

You should always use this free demo account when you first start trading, for at least the first 15-30 days of trading minimum. When you feel genuinely comfortable you should switch over to a real account.

When choosing your First UK Forex Broker it's very important you pick one that fits around your lifestyle, trading style and you in general. Think about what currency pairs you want to trade (if you know already), does the UK Forex Broker stock these? Do you want to use a trading app or desktop? Do you eventually want to trade crypto? Look into all of these factors before you make up your mind.

Scan over the reviews we have carefully put together for you and see which one fits you, not the other way around. Your First Forex Broker is unlikely to be your last, and if you sign up for one and it doesn't feel right, just come back and pick another. You won't realise until you try.

Overview of UK Forex Brokers

As a summary, a Forex Broker acts as almost a middleman in a trade, between two consenting parties, one who wants to buy and one who wants to sell.

UK Forex Brokers come in many different shapes and sizes, they are all different in their unique way, some will be better than others in one aspect but then completely lack another equally important feature. No single UK Forex Broker is perfect, but the two we have selected above are primed and ready to take you into the stratosphere.

If all of this content isn't enough for you then go and check out ForexFactory. ForexFactory is an online forum full of traders opinions and ideas.

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