What Is The Best Currency Trading Platform

What Is The Best Currency Trading Platform – Have been reviewing online forex brokers for over six years, and our reviews are some of the most cited in the industry. Every year we collect thousands of data points and publish tens of thousands of words of research. This is how we test.

Forex (currency) trading in Great Britain (UK) is popular among the population. Before any fx broker can accept UK forex and CFD traders as clients, they must be authorized by the Financial Conduct Authority (FCA), which is the financial regulatory body in the United Kingdom. The FCA website is FCA.org.uk. We recommend UK residents also follow FCA on Twitter, @TheFCA.

What Is The Best Currency Trading Platform

The FCA was created out of the Financial Services Act 2012, which effectively replaced its predecessor, the Financial Services Authority (FSA). For historical details, here is a link to the Financial Conduct Authority’s web page on Wikipedia.

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 65% and 82% of retail investor accounts lose money 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 listed all FCA authorized brokers, and then ranked the brokers based on their overall rating.

Compare UK legit forex and CFD brokers side by side using the forex broker comparison tool or the summary table below. This list of brokers is sorted by the overall position of the company.

Some of the best forex brokers from around the world hold regulatory licenses with the FCA. We tested over 60 of the best international brokers in the industry and thoroughly researched each broker’s various regulatory licenses to determine their individual Trust Score. From FCA regulated brokers, we have selected the following brokers as the 5 most trusted forex brokers in UK in 2023:

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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 won the coveted top spot for our Trust Score category for the 2023 Annual Awards. Check out our in-depth IG review to learn more about why IG is our top-rated forex broker in 2023.

Swissquote is regulated by several tier-1 regulators and also operates not one but two banks – the broker-dealers undergo significant due diligence to ensure that the bank will be viable and sustainable as a potential custodian and fiduciary. Swissquote also earned the #1 spot for Best Banking Service in the 2023 Annual Awards. Read our full Swissquote review to find out more.

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

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

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CMC Markets is regulated by some of the most important global financial regulators, including five Tier-1 jurisdictions. CMC Markets is also publicly traded – to be publicly traded, a broker must make a lot of public disclosures for compliance purposes. Read our full review of CMC Markets.

First, choose a reputable UK forex broker that is regulated by the Financial Conduct Authority (FCA). Our guide to the Best UK Forex Brokers is a good starting point for finding a UK based forex broker.

Then open and fund your new brokerage account, and fill out order tickets to place trades. Most online brokers offer a demo account so you can practice with virtual currency and understand how the trading platform works before funding your account with real money.

More details: Choosing a broker regulated by the FCA will ensure you are entitled to the legal protections that apply. To become a regulated FCA in the UK, brokers must meet a stringent list of requirements.

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Want to do more than just trade forex in the UK? Our partner site, UK.StockBrokers.com, can help you find the best UK-based brokers, trading platforms and stock trading programs.

To identify whether 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 UK broker’s main page. For example, here is the main disclosure text from the IG website:

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 for the company on the FCA website to confirm that the registration number is valid. This is the official FCA page for IG Markets Limited.

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The Financial Conduct Authority (FCA) regulates UK-based brokers who legally offer forex and other derivatives to retail and professional traders. According to the regulator’s official website, the FCA regulates the conduct of 50,000 companies across the UK and carefully oversees 48,000 companies.

FCA aims to enforce compliance and ensure that companies follow the rules and regulations set out in the FCA handbook. In exceptional circumstances, the FCA may take emergency action and prevent the broker from opening new trades for the client, or suspend (or even revoke) the broker’s license in case of failure and/or material compliance violations.

Like other financial market regulators, the role of the FCA is to protect investors (including forex traders) and maintain market integrity in the UK forex trading industry. FCA is a strict regulator with strict rules and regulations, which has contributed to our position at FCA as a Tier 1 regulatory body. Learn more about the regulator and our tier rating system by visiting our Trust Score page.

Yes, forex is legal in the UK and regulated by the Financial Conduct Authority (FCA). FCA requires brokers to obtain proper licenses and authorizations to legally offer forex trading to clients.

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FCA regulated broker: According to the FCA handbook, forex is a regulated activity. As such, brokers who handle customer deposits and arrange and/or trade investments – whether acting as principal or agent – ​​must have proper authorization from the FCA.

Deposit insurance: FCA regulated forex brokers also grant retail clients certain compensation rights in the event of bankruptcy or bankruptcy. The UK’s Financial Services Compensation Scheme (FSCS) offers cover of up to GBP 85,000 per eligible person.

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

Avoid potential scams: Since forex trading requires that brokers obtain proper licenses from the FCA, you must be sure that your brokerage is regulated by the FCA to avoid falling victim to potential scams. Learn more by reading our guide to avoiding forex scams in 2023.

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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 won the coveted top spot for our Trust Score category for the 2023 Annual Awards.

IG offers a wide variety of markets, a robust trading platform and mobile app, an impressive suite of high-quality market research, and excellent educational content for novice traders and investors (novice UK forex traders can check out our beginners guide to forex trading). Overall, IG is our top choice for UK residents in 2023.

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

While many brokers offering MT4 are properly regulated (our Meta Trader Guide can help you choose a highly rated and well regulated Meta Trader broker), sometimes potential scam brokers will offer MT4 without holding a valid regulatory license. This practice caught the attention of Apple, which recently banned MetaTrader 4 and MetaTrader 5 from the Apple App Store in late 2022, although both apps were reinstated in March 2023. UK residents should always ensure they choose an FCA regulated forex broker . This way, you will receive the most stringent regulatory protection available and reduce your chances of falling victim to broker fraud.

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Among the top forex brokers licensed by the FCA, Pepperstone is our top choice for UK traders looking to use MetaTrader. Pepperstone offers the full MetaTrader platform suite, including MetaTrader 4 (MT4) and MetaTrader 5 (MT5), and traders get access to over 600 stock CFDs and 60 forex pairs on the Pepperstone MT5 offering (learn more about

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