Best Currency Brokers UK

Best Currency Brokers UK | Online Currency Trading

Best Currency Brokers UK Comparison Table
Online BrokerMinimum DepositOnline Trading PlatformsTotal Markets
£5MT4, MT5700+
£50MT4, Advanced Platform, Web Trader300+
$100MT4200+
$100Web Trader & Apps2000+
£100MT4, MT5, cTrader95+
NoneMT4, Web Trader, Advantage Web, AT Pro12,000+
£50MT475+
£100MT4, ETX TraderPro5000+
£5MT4, MT5250+
£100MT4200+
£250MT4, Trade Interceptor200+

Best Currency Brokers UK

These are FCA regulated brokers offering Currency trading. But what criteria may be used to find a suitable currency trading broker ?

Is there such a thing as a best broker ?

It would probably be fairer to say that what is the more suitable broker for a trader, depends on a number of factors, such as how the trading style of the trader and how experienced they are. Currency trading can be approached in a number of ways, some more more advanced, some less advanced. A trader may trade using a purely discretionary approach. This means that they make the trading decisions themselves. But the trader may explicitly or implicitly use rules to decide when to enter, when to exit, and to manage the trade.

When a human makes trading decisions they are prone to human errors, such as letting emotions intrude too much on the decision making process or by making mistakes from getting tired, or from simply trying to trade like a machine. One approach to this is to let computer programs automate the rules, allowing them to trade on the trader's behalf. Some trading platforms are designed for discretionary trading and some make an effort to make this is straightforward as possible, for example, by using a simplified, clear interface.

Some trading platforms allow the trader to automate the trading process. MetaTrader 4 (MT4) has programs called Expert Advisors. These are automated trading strategies, allowing computer programs or algorithms to trade for the trader. The trader can simply trade with these strategies with their computer connected to the broker. But this means that connection problems can disrupt the process.

So another step is to use what is called a Virtual Private Server (VPS). This is another computer which runs 24/7 that hosts the programs the trader is running. Automated trading can be problematic as simply following rules which a computer will do in a tireless fashion, may result in drawdown where the account goes negative. Because a strategy has performed well in the past does not mean it will necessarily perform well in the future. Thus the best broker depends on what it is the trader want to do.

There are other factors, to consider such as minimum deposit and what markets are available to trade and other features such as the kind of spreads available. One important factor is whether to choose a broker which offers ECN trading. This allows the trader to more directly access the market, particularly the Currency market. Typically these brokers can offer very low spreads on the more liquid currency pairs. However they also typically charge an additional commissions charge. Thus the total cost is the spread plus the commission charge.

This means that the cost of the trade may not necessarily be lower than the cost of a trade without a commission charge. These kinds of spreads are typically variable, however ECN brokers may offer spreads with a low average charge as well. Fixed spreads may suit some traders, but it needs to be considered that these can also alter in some cases. An important consideration is this: is the broker regulated. All these brokers are regulated by the Financial Conduct Authority (FCA) in the UK.