While a standard stop loss does not protect you from losses due to slippage, a GSLO ensures you will not lose more than you are prepared to. Plus500 has some helpful risk management features to help protect you against losses. MetaTrader 5 has the advantage as it is built for centralised trading. MetaTrader 5 also has 64-bit processing, which means more powerful backtesting. This means their price feeds are taken from a large pool of tier-1 liquidity providers and brought directly to you with no price interference. Our forex comparisons and broker reviews are reader supported and we may receive payment when you click on a link to a partner site.

Forex can also help to diversify an investment portfolio by spreading it across a range of assets beyond equities, bonds and commodities. Customers can make one free withdrawal per calendar month, above which there is a fee of £1 for a BACS withdrawal. Good research and educational offering, with courses, lessons and webinars run by the City Index Academy. Good research and educational offering, with courses and live sessions run by the IG Academy.

One appealing aspect when trading with OANDA US is the discounts available for high-volume trading. In addition to Forex pairs, you can trade 17 commodities, including gold and silver, 11 bonds and + stocks. These tools are all available via the MetaTrader 4, MetaTrader 5 and cTrader trading platforms. Our test show that IC Markets have the best spread for trading with no commissions. With IC Markets, you can trade 61 currency pairs, and our tests showed the brokers averages the following for each of our tested pairs. Most of the brokers in our pick of the best offer the option of forex trading via spread betting or contracts for difference (CFDs).

• Both were founded on the model of owning and managing customer service centres.
• They will also continue conducting research and analysis to identify new opportunities for profit.
• With over 200 individual metrics analysed, we invest hundreds of hours annually researching and scrutinising brokers to ensure that we only recommend the best in the Forex industry.
• Given Pepperstone topped our scoring methodology, it is no surprise we think they are the best broker overall.
• Like any advanced broker, Swissquote offers a range of platforms to suit the needs of different traders.

Beyond that, you can choose between a monthly or a yearly subscription model. The yearly model is usually more affordable and is a good option if you want to put some money into an investment that will grow over time. In addition to MT4 and 5, FxPro has a proprietary platform called FxPro Edge and another third-party platform called cTrader. This plethora of interface options means that you’ll be able to find something that suits your style no matter what, though none of these are particularly great for beginners. Not only that, but the platform is made to do various things from the same window, such as analyze charts and place trades.

CMC Markets: Best forex broker for spread betting platform

When choosing a Forex broker, it’s important to consider not only the financial aspects but also the personal fit. We have thoroughly evaluated both the FCA-regulated local brokers and reputable offshore brokers that accept British traders. Your feedback is an important part of this evaluation, and we always incorporate the views of real traders when we make a recommendation. Based on our research, we have selected the top options for traders of all budgets and preferences. For over a decade, FxScouts.com has been reviewing forex brokers and provided in-depth analyses.

• Demo account users are given 4 weeks to practise and a virtual balance of ￡100,000.
• The overall interface is very user-friendly, and you can access 47 currency pairs for trading immediately.
• The brokers with the best demo accounts understand that beginners should not be forced into trading real money and that experienced traders should be able to test strategies as long as they want to.
• Popular broker eToro, on the other hand, is all-in on social and copy trading.

This can all be accessed on both the web platform and the IBKR mobile app. In addition, Saxo has managed to successfully bridge the gap between beginners and experienced traders by providing dedicated platforms that match your level of experience. SaxoTraderGO is a beginner-friendly version that allows users to trade Forex in a user-friendly environment. SaxoTraderPRO is for more advanced traders who might benefit from the six screens available and algorithmic ordering. The broker is a leader when it comes to education, thanks to the ease of use across its flagship platform. The trading tools menu features a range of tools that crunch big data from leading analysts, hedge funds, and commentators to give traders a better insight into the market.

Will I be taxed on my forex trading profits?

With IG Markets’ single trading account traders have access to over 17,000 tradeable instruments, many more than most brokers. Markets to trade include commodities, indices, over 16,000 shares and ETFs, options, interest rates and bonds. IG Markets also operates as a stockbroker, allowing clients to directly invest in thousands of shares and ETFs. This is an unleveraged investment and commissions are charged on all share purchases.

Best UK Forex Brokers for 2023

They also come in as a low-cost option, with one of the most competitive spreads available at 0.4 pips on major forex pairs. Copy Trading can help increase profitable trades by relying on the experience and knowledge of other traders. Educational support for beginners is excellent, and XTB also publishes frequent market commentary and trading ideas in its Market News section. The education section has various courses, and the material is clear, concise, and well-structured.

Outstanding Customer Service and Fast and Free Funding Options

This platform will appeal to traders wanting a few extra analysis features beyond what is found on the MetaTrader Platforms. It includes over 50 inbuilt london forex brokers indicators, charting tools, and 6 chart types with 15 timeframes. All FxPro products can be traded on this platform, with mobile and desktop versions.

Our execution speed tests also found the broker to be the second fastest. In conjunction with the wide range of tradable instruments and London-based customer support, it cemented the broker’s number 1 spot. We also take an in-depth look at each broker’s commissions and fees, such as bid/ask spreads – including the average spread data for some of the most popular forex currency pairs.

With an average latency of just 9 ms, it is no surprise that 59% of trades have no slippage. More importantly, when slippage does occur, 21% of the time, price movements are favourable to traders. Two commission-free accounts are available, the Prime and Premium accounts. Prime has lower spreads which start from 0.6 pips (EUR/USD) but a higher minimum deposit to open the account.

Whether you’re new to forex trading or a seasoned pro, we’ve got you covered. Trust us to help you find the perfect broker to take your trading to the next level. Overall, being a forex broker in London is a demanding but rewarding career. It requires a combination of analytical skills, market knowledge, and communication skills, as well as a strong work ethic and a willingness to learn and adapt to new challenges. While there are certainly challenges that come with the job, the potential for financial rewards and personal satisfaction make it a highly sought-after profession for many people. The EU passport gives financial services firms authorised in their home state the right to conduct business in the EEA based on their home state authorisations.