How to Choose the Best UK Forex Brokers: Insights by Traders Union

The foreign exchange market, also known as Forex, offers a global platform for investors to trade currencies. The UK has emerged as a hub for Forex trading, with many traders seeking reliable brokers to optimize their experience. Finding the best Forex broker in the UK cannot be overstated, as it directly impacts a trader’s success. 

Previously, the media has already published that the best brokers in the UK are Tickmill, RoboForex, and IC Markets. In this discussion, they will evaluate the leading Forex brokers in the UK for 2023 and provide insights on choosing the best Forex broker.

How to choose the best Forex broker in UK?

According to Traders Union experts, novice traders should consider the following factors when choosing the best UK brokers:

• Test Platform in Demo: A demo account helps traders understand the platform’s features and conditions, allowing them to gain valuable experience before trading with real money.
• Pay attention to Safety: Choose a broker regulated by tier-1 and tier-2 regulatory bodies such as FCA, ASIC, and CySEC. Avoid brokers without relevant approvals and licenses.
• Pay Attention to the Reviews: Read reviews from experienced and novice traders online. Consult articles about the best brokers on the Traders Union’s website before deciding.
• Test Research Options: Technical indicators, educational content, analytical reports, and charting tools are crucial to a Forex trader’s success. Ensure the chosen broker offers quality analytical tools.
• Explore Automation Tools: Automation tools like Expert Advisor, Copy Trading, PAMM, and LAMM enable trade execution without the trader’s physical presence. Choosing a broker that offers automation tools is beneficial.

Are there any Forex trading limitations in the UK?

TU experts note that the FCA has imposed a ban on Forex bonuses and promotions, preventing brokers from offering incentives to encourage trading. The FCA has also set leverage limits on Forex trading, with a maximum leverage of 1:30 for major currency pairs and 1:20 for non-major currency pairs. Brokers must keep client funds in segregated accounts and maintain a minimum operational capital of 1 million GBP. UK Forex brokers must also be members of the Financial Services Compensation Scheme (FSCS), which provides compensation of up to £85,000 per person if a broker becomes insolvent or ceases trading. Finally, the FCA prohibits CFDs on cryptocurrencies due to market manipulation and volatility concerns.

What are Forex trading hours in the UK?

Forex trading hours in the UK include:

• Asian Session: Typically runs from 11:00 PM to 8:00 AM GMT, with the most active currency pairs involving the Japanese Yen (JPY).
• London (European) Session: Occurs from 7:00 AM to 4:00 PM GMT, when the majority of trading activity takes place and most major currency pairs are traded.
• New-York Session: Takes place from 12:00 PM to 8:00 PM GMT, with the US Dollar (USD) being the most active currency pair.

Top 5 Best UK Forex Brokers

Traders Union has compiled the 30 best Forex brokers list on their website after analyzing various factors. Here are the top 5:

1. Tickmill: Global Forex broker with competitive pricing and licenses from FSA, FCA, and CySEC.
2. RoboForex: Forex and CFD broker providing earning opportunities through signal copying, Forex bot constructor, and individual trading in various markets. Licensed by IFSC and CySEC.
3. IC Markets: Australian-based trading company licensed by AFSL, ASIC, and AFCA, with regular audits.
4. FxPro: Global Forex broker licensed by FCA, CySEC, FSCA, and SCB, serving over 1.8 million clients across 173 countries.
5. Gerchik&Co: This Brokerage company was founded by Ukrainian traders, licensed by VFSC, and initially focused on CIS countries before expanding to Europe and receiving various accolades.

Selecting the best Forex broker in the UK ensures a successful trading experience. By considering factors such as safety, research tools, automation, and trading limitations, traders can make informed decisions about their choice of broker. For more information and a comprehensive list of the best Forex brokers, visit the Traders Union’s official website.