Forex trading gets more popular every day. And there are 5 top countries which make most of the trades. The United Kingdom is one of these countries, together with the United States, Hong Kong, Singapore, and Japan. Yes, Asians trade a lot too, but about the best brokers there, in the next article.
So how to choose the one? Well, the task may be confusing for a newcomer, as well as for the more experienced trader. And I want to share a few tips with you. They’re simple, easy to understand and pretty helpful.
1. Regulating Authority
Every country has its own laws and rules. Especially, when we talk about the financial sector. The broker must be regulated by one of the authorities available in that country. In the United Kingdom, that holy authority is FCA (Financial Conduct Authority). It protects customers from various violations in the finance market. So all Forex brokers operating in the UK and regulated by the FCA, are pretty safe to use.
2. Number of Trading Instruments Available
When we discuss the best Forex broker in the UK, you may say that the number of available markets and instruments do not play an important role here. However, some Forex brokers don’t support enough trading pairs. That usually irritates most of the traders. Just imagine, you find a super reliable and good signal for a trade, you must use it as soon as possible, you go to the trading platform and BAM, there is no trading pair available. The worst part is when you find out that the signal was 100% good and profitable.
3. Trading Platforms
Even if you’re new in a field of trading, I bet you will improve fast and trading becomes not only a hobby but an additional source of income as well. You make more and more trades on a daily basis, you start enjoying it more and more. You start to use signals, various patterns, etc. It’s natural that a useful and convenient environment is a must. That’s why you need to use Meta Trader or something like that. However, not every broker supports it. And it becomes a problem within time. So make sure that the selected broker has a full support of MT 4 or MT 5. It’s an amazing tool for traders.
All in all, make your own research additionally. Dive deep into the information about the broker before putting money in. Read what terms do they apply for customers. Don’t forget checking spreads and commissions. Some of the brokers apply overnight fees or pretty high fees for every trade. That can eat all your profits if the fees are too high. Especially, when the trading budget is tiny. Finally, check if the assets you want to trade are available.
I think that City Index or Avatrade is the best choice for the residents of the United Kingdom. They both are regulated by FCA, also have physical offices in the UK. These brokers stand in the market for a long period of time. That adds more trust and reliability. By the way, they both have all the things mentioned and discussed here. Just give them a try and I bet you will not be disappointed.