The Best UK Forex Brokers of 2020
Are you searching for the best forex brokers in the UK? You’ve come to the right place. At TopRatedForexBrokers, we help British traders to get most out of their forex careers by putting our industry knowledge to good use.
Our experts have reviewed over 200 forex brokers based in the UK to bring you a definitive list of the very best. That’s no mean feat either, as the UK is home to many exceptional, popular brokerage companies.
So why are UK forex brokers considered to be among the best in the world? It all comes down to reputable and strict regulation. All brokers in the UK are regulated by the FCA (formerly the FSA), a highly stringent and reliable regulatory body. This means that when you trade with any of our selected UK forex brokers, your relationship with your broker will remain fair and transparent at all times.
On this page, you can also learn about:
- How forex brokers are regulated in the UK
- What you should expect from the best UK forex brokers
- How Brexit may affect UK forex traders
Most Trusted Forex Brokers In The UK 2020
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What is the regulation for UK Forex brokers?
Forex brokers in the UK are considered to be some of the best on the market. This is due to the solid regulation of the UK forex industry, and the protective measures it offers you as a client. In fact, many traders consider British brokers to be the safest and most secure choice for their first steps in trading. Advanced forex traders also benefit from UK regulation, as it takes safeguards larger, and riskier, trades.
Below you can find out more about the regulation of UK Forex brokers, including which specific authorities take care of you:
- Financial Conduct Authority
The Financial Conduct Authority (FCA) is the official regulatory body for the UK Forex brokers. It was formerly known as the FSA and, aside from having one changed initial, they work completely the same. To offer an unbiased and reliable service, the FCA works independently from the government in the UK. Its funds come from the different fees the financial services industry customers pay. The actions that the Financial Conduct Authority put into force help both you, the client, and the broker. Therefore, the FCA issues licenses for operating on the forex market to brokers, as well as pushing any form of violation. The agency also accepts signals from customers in case they find themselves in defrauded by a broker based in the UK. Last, but not least, the main focus of the regulatory body is the safety of personal data that traders provide, as well as security for all financial transactions.
- European Union
Being an official country member of the EU, the UK takes additional safety measures by the Union, as well. So what makes the UK Forex brokers so trustworthy is also the fact that they are basically double protected – from the official FCA in the UK and from the European Union. Note that the EU has also its own specific procedures for keeping the security in UK Forex brokers, too, and sometimes the Union can even charge the different trading websites in case of giant violations. Still, the main job of the EU is to give recommendations to find the best UK Forex brokers!
How will Brexit affect UK forex brokers and traders?
It’s understandable that many UK forex traders are concerned about how Brexit will affect the British forex industry. In case you missed it, in June 2016 the UK held a referendum to decide whether or not the country would remain in the European Union. 51.9% of the British public voted to leave and so the UK government formally announced the country’s withdrawal a year later in March 2017.
Since then, Brexit has been delayed and we’re no closer to knowing exactly what will happen. If the UK does leave the EU, it will do so either with a deal or without one. All of this has an effect on the UK’s relationship with Europe and the future of the British economy.
Below we’ve listed some of the most common questions we’re asked about Brexit, and how it will impact forex brokers and traders.
- Will the best forex brokers leave the UK?
A major fear for British forex traders is that their favourite and most trusted brokerages will leave the UK and stop offering their services to UK citizens.
This, however, looks unlikely. Although there was some uncertainty about this back in 2016 when the result was announced, according to the BIS Triennial Central Bank Survey of Foreign Exchange 2019, London’s dominance of the FX industry has grown in the past three years.
London is responsible for 43% of the global forex turnover. This is much higher any other country in the world, (the USA comes in second with a 16% share) and is 6% higher than it was back in 2016. What’s more, London remains in a convenient time zone for trading and boasts cutting-edge infrastructure.
In short, the answer is no. You shouldn’t worry about forex brokers leaving the UK any time soon.
- Will broker regulation in the UK change?
As we’ve explained on this page, one of the most appealing things about trading with the best UK forex brokers is that they are heavily regulated. Luckily, this won’t change whether or not the UK leaves the EU.
UK forex brokers are regulated by the FCA, a British institution. This means that all regulatory rules will remain the same and will continue to be imposed on forex brokers operating from within the UK.
Traders may, however, not have access to European regulated brokers if Brexit does happen. Currently, may forex brokers who are licensed elsewhere in Europe can provide their services to UK traders under the EEA agreement. This includes those licensed by CySec, another regulatory heavyweight.
If the UK leaves the EU without a deal, they’ll also leave the EEA and this cross-country agreement will be no more. It’s possible, however, that the FCA will negotiate special agreements with various EU member states to ensure UK brokers can operate in Europe and vice versa.
What to look for in a UK Forex broker?
Ok, the safety is fine, so what is left to you is to find out a UK Forex broker with the best specifications on the market, right? See our suggestions for criteria that can help you make up your mind and point the best Forex broker in the UK. These are the important things you need to look for:
- Solid reputation and no scam suspicion about it. Forums and social media are amazing places for getting some information about these two things when it comes to UK Forex brokers. Read information about different Forex broker and see what`s the most experienced among them.
- Generous bonus system is usually very important for a beginner in the field, but be aware that there are many UK Forex brokers, who artificially increase their ratings by providing cool and too big bonuses at the expenses of other important trading features.
- As to these other important trading features, we strongly recommend you to check out the following things in any of the UK Forex brokers that attract your attention – trading platform, an abundance of trading instruments, as well as options like learning centre, scalping or using trading signals that will help you advance in the field.
If you look for a decent UK Forex broker, you should not worry what you will eventually find and whether it is going to be a good choice. After all, UK Forex brokers are indeed the best in the field.