Forex Brokers

So who have been the Best UK Forex Brokers of 2017 so far? This is quite a difficult question to answer, considering that there are so many brokers and many traders best forex brokers eu regulated do not even know whatfca licensed forex brokers to look out for when trying to pick the best places to put their money. In this article, we have come up with a certain criteria on which we have judged a selection of brokers. Our editor team has below created a toplist of the leading Forex Brokers for UK traders. In their consideration for the below rankings they have looked into the each brokers software, licenses, customer support, deposit- & withdrawal options and overall trading experience.

Broker’s Name Minimum Deposit Deposit Bonus Leverage Regulation Rating More Info
1 eToro £100 40% up to $4,000
  • Shares Up to 1:5
  • Forex Up to 1:400
  • Indices Up to 1:100
  • Commodities Up to 1:100
FCA, CySec and ASIC

9.8/10


Review
2 Plus500 £100 €7,000
*High Bonus Programs T&Cs apply
  • Shares Up to 1:10
  • Forex Up to 1:300
  • Indices Up to 1:300
  • Commodities Up to 1:152
  • ETFs Up to 1:100
FCA (FRN 509909), CySec and ASIC

9.8/10


Review
3 easy £100 £2,000
  • 1:200
FCA, CySEC, and MiFID

9.7/10


Review
4 easy £100 £10,000
  • 1:400
FCA

9.6/10


Review
5 easy £100 £10,000
  • 1:400
FCA, CySEC, and MiFID

9.6/10


Review
6 easy £100 £10,000
  • 1:400
FCA, CySEC, and MiFID

9.6/10


Review
7 easy £100 £5,000
  • 1:400
FCA, CySEC, and MiFID

9.6/10


Review
8 easy £100 £25
FREE Trading Capital
  • 1:400
FCA, CySEC, and MiFID

9.5/10


Review
9 Plus500 £100 £20
FREE Trading Capital
  • Shares Up to 1:200
CySEC

9.3/10


Review
10 Trade360 £100 £20
FREE Trading Capital
  • 1:200
FCA, CySEC, and MiFID

9.1/10


Review

 

How do we use these criteria to assess forex brokers?

1) Cost

Traders incur cost when they trade. In addition to spreads and ECN commissions, there are other “costs” to trading that many traders are not aware of.

– How much does the broker require as account opening balance?

What are the actual spreads for each currency asset?

– Will the trader earn interest on money just left in the account, or will the trader be penalized for account dormancy?

– Are there costs to value-added services such as news feeds or squawk boxes?

– Cost of transactions – 25% – Trading Process – 40% – Trading Tools – 20%

– Customer Service – 5% – Reviews – 10%

2) Trade Conditions

Traders sometimes find it difficult to use certain trading platforms due to the complex nature of the interface. The more complicated a trading platform is to use, the more likely that a trader will commit errors in order placements. Apart from user-friendliness, does the broker provide an atmosphere for good trading experience? I recall once using a broker whose platform had all manner of bugs and the platform kept tripping off at crucial periods of trading. How frustrating is that?

3) Trading Tools

Trading tools enhance the trader’s ability to profit from the market. Do the traders have access to interactive charts, indicators, squawk boxes, and other account tools?

4) Customer Service

Whenever a trader has issues, can he get a satisfactory response and speedy resolution of the issue at hand by the broker’s customer service department? Or does it take forever to get a response from the customer service department as was the case with a broker I once used in the past? It was such a bad experience; imagine a situation where even my own account officer was nowhere to be found when I needed him the most.

5) Reviews

The good thing about reviews that come in from forex review sites and online trading forums is that you get to hear unadulterated opinions about performance of brokers from traders from all over the world. I am usually glad when I see reviews from my countrymen. What better gauge of broker performance can you have than the experience of someone who lives in your territory, telling you about his experiences with a broker, complete with an unbiased rating? Bad brokers are usually very scared of these places because this is where many of them are exposed for what they are. They even pay people to counter bad reviews for them but eagle-eyed traders can always spot these lame attempts at cover-up from a mile away. In contrast, good brokers love such places because this means easy advertising and more business for them at no cost.

Putting all this together, we have compiled a list of brokers who offer forex trading services, using the parameters above to gauge these brokers for the benefit of forex traders. The following codes and performance grades are listed for the trader to understand the information on the table.

The grading here is offered on a scale of percentage, with the maximum being 100% and minimum being 0%.

Broker Costs (25%) Process (25%) Tools (20%) CustomerServ (10%) Review (15%) Total
Ava Financial Ltd 24% 18% 18% 8% 12%
eToro 20% 18% 20% 9% 13%
Hantec Markets 12% 15% 15% 6% 10%
FXPro 23% 24% 20% 10% 14%
Interactive Brokers 15% 12% 18% 6% 10%
Alpari UK Direct Pro 18% 15% 15% 5% 8%
Saxo Bank 12% 15% 18% 8% 10%
IG Markets 12% 18% 18% 8% 10%
Investors Europe 10% 14% 14% 3% 6%
GAIN Capital 18% 18% 20% 6% 12%
FXCM 24% 20% 15% 6% 10%
Hotspot FX Inst 11% 14% 8% 5% 8%

From this list, we can see that certain brokerage firms stand out in terms of cost of trading, the trading process, trading tools that traders can use to analyze trades, and also in terms of what other traders think about their services. Of all these parameters, we would advise traders to choose brokers based on trading process, trading tools and cost in that order when making a choice. Usually of these three parameters are in place, the trader can make the best of his trading experience without bothering about reviews (which could be subjectively biased) and without having recourse to the customer service departments.

Of this list, Ava Financial Limited, eToro Ltd and FxPro are easily the standout brokers of choice.

 

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