With trillions in daily trading volume, the Forex market is one of the most active financial markets across the globe. The lack of a central marketplace and offices in major cities has enabled traders to actively trade for 24 hours a day.
However, without the participation of CFD and Forex brokers, it is difficult to indulge in Forex trading. The complexities coupled with the rules and regulations can make you wary. It is why reliable brokers offer efficient trading platforms for traders. Here, they not only get to purchase and sell currency pairs but also gain access to live information.
The 6 best CFD and Forex brokers in the UK
There are numerous Forex and CFD brokers available in the UK market. Deciding the best one is utterly crucial, especially if you want to become a successful trader. If you choose the correct one, you rake in a substantial amount of profits within some time. Take a look at the top six CFD and Best forex signals app 2021 here.
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City Index
If you are new to the world of Forex trading, then City Index is a great platform for you. It is easy to operate and offers a wide variety of financial tools and instruments.
Trading here will give you access to more than 84 currency pairs, which includes exotics, minors, and majors. With impressively low spreads, you can start trading via the City Index’s proprietary platform.
For amateur Forex traders, you can use Advantage Apps and Web Trader. And, if you are experienced, the MT 4 is ideal for you. If you want to start trading, you will have to make a minimum deposit of £100.
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Pepperstone
Pepperstone, while recently launched in 2010, has quickly gained recognition among the Forex traders. One of its most intriguing specialties is social trading. Here, investors can copy the trading movements of other expert traders. It will help you understand the market even more while collecting experience.
Here, you can trade in more than 60 currency pairs. However, here you will get two types of accounts – Razor and Standard. The main difference is that Standard one does not charge any commission fee. But, the Razor account comes with a commission.
Keep in mind that Pepperstone does not possess a platform of its own. On the other hand, traders can use the cTrader, MT5, and MT4 trading platforms. Moreover, you will get access to comparatively low spreads and the support of efficient customer service.
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Saxo Bank
With authorization and regulation by the FCA, the Saxo Bank is a well-known global trading platform. They offer high-quality services and have multiple-tier prices. You can either opt for the classic, platinum, or VIP account.
If you want to know the most attractive trait of Saxo Bank, look no more than the highly competitive spreads. Here, you can gain access to more than 182 currency pairs. This includes minors, majors, and exotics. Moreover, you can also deal with spot metal, Fx options, futures, CFDs, listed options, etc.
With Saxo Bank, you can also make use of more than 40,000 instruments. Apart from this, you will get 24 hour customer care support for any inconveniences.
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eToro
Are you interested in testing the waters of the Forex market? The best way to get an idea of the dealings of Forex trading is to sign up on eToro. Established in 2007, this low-risk broker offers efficient services. Thus, it has already garnered the trust of the Forex traders.
eToro is under the regulation of the UK’s Financial Conduct Authority (FCA). Moreover, there are numerous other regulatory bodies that regulate it. Here, you will get the opportunity to trade in 47 different currency pairs. Moreover, the spreads are reduced and offer competitive pricing for the major currency pairs.
One of the most appealing aspects of eToro is social trading. With the assistance of the CopyTrader, traders can now track the expert traders across the globe and copy their trades. With more than 3,000,000 traders, you can copy the portfolio you want.
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IG
With the experience that IG has garnered since its development in 1974, it is no wonder that it is so popular amongst both professional retail traders. Here, you can start trading with a mere deposit amount of £250.
IG offers numerous Forex platforms. For instance, you can trade on MT4, L2 Dealer, the proprietary platform of IG, ProRealTime, etc. The most exciting attribute is that every platform comes with a trading app. And the application is easy to use and provides a multitude of beneficial features. You have the option to trade with more than 90 currency pairs.
Another intriguing aspect is the spread betting arena. With this, the residents of the UK can enjoy tax benefits. Apart from Forex, you can also deal with CFD trading.
- FxPro
Though relatively new, FxPro has proved itself in Forex trading. Since its existence from the year 2006, the trading platform has constantly upgraded and understood the need of the different Forex traders.
Here, you can trade in more than 70 currency pairs. In addition, you get tight spreads on shares, Spot Indices, Spot metals, futures, and spot energies. Moreover, you also get varying commission rates. The different trading platforms include cTrader, MetaTrader 5, and MetaTrader 4.
Now, if you are a newbie, FxPro might prove to be difficult for you. However, for the experienced Forex traders, FxPro will definitely appease you.
One of the most appealing aspects of FxPro is customer service. The multilingual support, along with intensive information from the personnel, helps traders a great deal.
Conclusion
When it comes to CFD and Forex trading, there is no shortage of trading platforms. But, that is when confusion sets in. Traders, especially amateurs, get perplexed and ultimately feel wary of the market. However, if you take into consideration some parameters such as reliability, type of currency pairs available, and regulation, you will be able to choose the right one. Keep in mind that real-life experience is the best way to know which broker aligns with your investment objectives the most.
