Best Currency Trading Platforms

Best Currency Trading Platforms – Has been reviewing online forex brokers for over six years and our reviews are the most cited in the industry. Every year, we collect thousands of data points and publish tens of thousands of words of research. Here’s how we test.

Trading currency(s) in the United Kingdom (UK) is popular among residents. Before any forex broker can accept forex and CFD traders in the UK as clients, they must be authorized by the Financial Conduct Authority (FCA), which is the financial regulator in the UK. The FCA’s website is FCA.org.uk. We recommend that UK residents also follow the FCA on twitter, @TheFCA.

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The FCA was established by the Financial Services Act 2012, effectively replacing its predecessor, the Financial Services Authority (FSA). For a historical breakdown, here’s a link to the Financial Conduct Authority’s Wikipedia webpage.

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CFDs are complex instruments and come with a high risk of losing money quickly due to leverage. Between 65% and 82% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

To find the best forex brokers in the UK, we have created a list of all FCA authorized brokers, then ranked the brokers according to their overall ranking.

Compare authorized forex and CFD brokers in the UK side by side using the forex broker comparison tool or the summary table below. This list of brokers is sorted by overall firm ranking.

Some of the best forex brokers from around the world hold regulatory licenses from the FCA. We tested over 60 of the industry’s top international brokers and conducted an in-depth study of each broker’s range of regulatory licenses to determine their individual trust scores. From the brokers that are regulated by the FCA, we have selected the following brokers as the Top 5 most trusted forex brokers in the UK in 2023:

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IG (Visit Site) is fully regulated by the FCA and holds dozens of regulatory licenses from major regulatory agencies worldwide. IG is also publicly traded and well capitalized, and we consistently rank it as one of the most trusted brokers in the industry. In fact, IG earned the coveted top ranking for our trust rating category for the 2023 Annual Awards. Check out our in-depth IG review to learn more why IG was our top-ranked forex broker in 2023.

Check out a gallery of IG trading platforms screenshots taken by our research team while testing our product.

Swissquote (Visit Site) is regulated by multiple Tier-1 regulators and also manages not one, but two banks – brokers who manage banks undergo significant vetting to ensure that the bank will be viable and sustainable as a trustee and potential fiduciary . Swissquote was also ranked #1 for Best Banking in the 2023 Annual Awards. Read our full Swissquote review to learn more.

View a gallery of screenshots of Swissquote’s trading platforms taken by our research team while testing our products.

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99 Trust Score – Publicly traded and well capitalized, won our 2023 Best Annual Investment Offering Award

Founded in 1977, Interactive Brokers ( visit site ) is publicly traded (NASDAQ: IBKR ) and regulated in six Tier 1 jurisdictions. Interactive Brokers is well capitalized with USD 373.8 billion in end client capital and USD 10.01 billion equity. Learn more by reading our full Interactive Brokers review.

Here are some screenshots of Interactive Brokers trading platforms taken by our research team while testing our products.

Saxo Bank (Visit Site) operates three fully regulated banks and is licensed in six Tier-1 jurisdictions in more than a dozen international jurisdictions. Saxo Bank has over €85 billion in client assets and has been in business for over thirty years. See our full Saxo Bank review to learn more.

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View a gallery of screenshots from Saxo Bank’s trading platforms taken by our research team while testing our products.

CMC Markets (Visit Site) is regulated by some of the world’s most important financial regulators, including five Tier 1 jurisdictions. CMC Markets is also publicly traded – to become publicly traded, brokers must make numerous public disclosures for compliance purposes. Read our full review of CMC Markets.

Check out some screenshots of CMC Market trading platforms taken by our research team while testing our products.

First choose a reliable UK forex broker regulated by the Financial Conduct Authority (FCA). Our guide to the best forex brokers in the UK is a great starting point for finding a UK based forex broker.

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Then open and fund your new brokerage account and fill out the order ticket to place a trade. Most online brokers offer demo accounts so you can practice with virtual currency and get familiar with how the trading platform works before you fund your account with real money.

More details: Choosing an FCA regulated broker will ensure you are entitled to any applicable legal protection. To be regulated by the FCA in the UK, brokers must comply with a strict list of requirements.

Looking to trade more than forex in the UK? Our sister site, UK.StockBrokers.com, can help you find the best UK based stock brokers, trading platforms and stock trading apps.

To determine if a forex broker is licensed to operate in the United Kingdom (UK), the first step is to identify the registration number from the disclosure text at the bottom of the broker’s UK home page. For example, here is the key disclosure text from the IG website:

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Both IG Markets Ltd (registration number 195355) and IG Index Ltd (registration number 114059) are authorized and regulated by the Financial Conduct Authority.’

Then look up the company on the FCA website to confirm that the registration number is in fact legitimate. Here is the official FCA page for IG Markets Limited.

The Financial Conduct Authority (FCA) regulates UK-based brokers who legally offer currency and other derivatives to retail and professional traders. According to the regulator’s official website, the FCA regulates the conduct of 50,000 firms in the UK and prudentially supervises 48,000 firms.

The FCA aims to enforce compliance and ensure that firms follow the rules and regulations set out in the FCA’s handbook. In exceptional circumstances, the FCA can take urgent action and prevent brokers from opening new deals for clients or suspend (or even revoke) a broker’s license if there have been material non-compliances and/or breaches.

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Like any financial markets regulator, the FCA’s role is to protect investors (including forex traders) and maintain market integrity in the UK forex trading industry. The FCA is a strict regulator with strict rules and regulations, which has contributed to our ranking of the FCA as a Tier 1 regulatory agency. Find out more about the regulators and our tiered ranking system by visiting our trust rating page.

Yes, forex trading is legal in the UK and is regulated by the Financial Conduct Authority (FCA). The FCA requires brokers to obtain the appropriate license and authorization to legally offer foreign exchange trading to clients.

FCA regulated brokers: According to the FCA handbook, forex is a regulated activity. As such, brokers handling client deposits and arranging and/or trading investments – whether acting as principal or agent – ​​must hold the appropriate authorization from the FCA.

Deposit insurance: FCA regulated forex brokers also provide certain indemnification rights to retail clients in the extraordinary event of insolvency or bankruptcy. The UK Financial Services Compensation Scheme (FSCS) provides up to £85,000 of protection to an eligible individual.

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Professional customers: It is important to note that UK customers who are designated as professional traders do not receive such protection from the FSCS.

Avoiding potential scams: As forex trading requires brokers to obtain appropriate licenses from the FCA, you should ensure that your broker is regulated by the FCA to avoid falling victim to a potential scam. Learn more by reading our guide to avoiding forex scams in 2023.

Of all the brokers we reviewed that are regulated by the FCA, IG is the best forex broker in the UK in 2023. IG is fully regulated by the FCA and holds dozens of regulatory licenses from major regulatory agencies around the world. IG is also publicly traded and well capitalized, and we consistently rank it as one of the most trusted brokers in the industry. In fact, IG earned the coveted top ranking for our trust rating category for the 2023 Annual Awards.

IG offers a significant range of markets, powerful trading platforms and mobile apps, an impressive range of high-quality market research and excellent educational content for novice traders and investors (UK forex traders can check out our forex beginners guide). Overall, IG is our top pick for UK residents in 2023.

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Yes, MetaTrader 4 is legal to use in the UK. MetaTrader 4 (MT4) is a popular trading platform developed by MetaQuotes Software Corporation and offered by forex and CFD brokers worldwide.

Although many of the brokers that offer MT4 are properly regulated (our MetaTrader Guide can help you choose a highly rated, well-regulated MetaTrader broker), potential fraudulent brokers sometimes offer MT4 without holding valid regulatory licenses. This practice caught the attention of Apple, which recently banned MetaTrader