Choosing one of the best forex brokers is the wish of any trader. One of the main missions of a forex broker is precisely to offer its clients a privileged access to different currencies as far as forex trading is concerned. It is important to know that there is more than one forex broker in UK and that the choice of the trader, especially if he is a beginner, should result from a careful consideration based on a comparative forex broker.
To succeed in this quest for the best forex broker and practice forex trading in the best possible conditions, it is worth discovering our ranking of the best forex brokers and the criteria to be taken into account in its approach. Faced with the multitude of forex brokers on the market, it is more than ever essential to make a forex broker comparison to easily identify the one to open an account with.
- 1 Our Top Forex Brokers for English Traders
- 2 Make a Forex brokers comparison: criteria to take into account
- 3 Who is the best Forex broker? The opinion of our editorial staff!
- 4 The best Forex brokers are accessible from our guide.
- 5 The Importance of Choosing a Serious Forex Broker: Avoiding Mistakes
- 6 Broker Forex UK: can they operate freely in our country?
Our Top Forex Brokers for English Traders
Make a Forex brokers comparison: criteria to take into account
In the world of forex trading, the forex broker plays a key role for the trader. Given the multitude of online platforms available, a forex broker comparison is essential based on various major criteria among those described below.
Renowned and professional: The evidence of a serious online forex broker
The novice trader has a large number of tools at his disposal to check the level of expertise of a forex broker and the quality of his services. First of all, he can visit various specialized discussion forums that will allow him to evaluate the reputation of the forex broker in question. This consultation will offer a more relevant targeting of each English forex broker and to make a more informed choice. The other interest of consulting these forums is that they contain the opinions of traders who have experienced these online forex brokers.
Another conclusive method to find out which is the best forex broker will simply be to go directly to the platform and evaluate the level of services offered. Among the data to be checked will be the number of clients held by the forex broker, the services offered, the options available, etc..
A serious forex broker presents specific and attractive offers to his clients
A good English forex broker should also be judged on the performance of its platform and its characteristics in terms of forex trading experience. The platforms of the best forex brokers are models of ease of navigation and use. Among their features, the top forex brokers generally offer a demo mode for beginner traders, relevant indicators and a high speed of order processing
Technical parameters to provide the best forex trading experience
Among the many criteria to be taken into account to determine the best forex broker UK corresponding to your expectations, it is advisable to opt for a forex broker offering the Euro in its bases, to avoid paying additional fees. The trader should also consider the minimum amount of transactions as well as the minimum deposit required by the forex broker. The method of payment, bank guarantees and of course the fees applied by the forex broker are other criteria to be studied carefully.
Who is the best Forex broker? The opinion of our editorial staff!
Although there are a large number of platforms, when asked which is the best forex broker, we can give a clear answer: eToro. Relying on a community of over 4.5 million traders, this forex broker has the advantage of being specifically geared towards individuals and especially novice traders.
Designated the best forex broker by our forex experts, eToro was founded over 10 years ago and has quickly become a global leader in the forex trading industry. EToro has earned its credentials by developing its social trading platform, the first of its kind, one of the features of which is to allow expert forex traders as well as novice traders to track or copy financial transactions made by other traders.
Another reason why we rank the eToro platform among the top forex brokers is that it offers privileged access to a wide range of stock markets and assets as well as a full range of equities, all through an intuitive and responsive interface and with a very appreciable lack of commission on all long-term, unleveraged trades. This is why eToro can be considered the best forex broker in our opinion.
The best Forex brokers are accessible from our guide.
The first step to getting started in forex trading is to choose a serious forex broker. As such, here are the top forex brokers and the 5 main platforms offering high quality services.
Offering no less than 1083 instruments including 47 currency pairs, the eToro platform is a forex broker that also offers the opportunity to trade equities, commodities and crypto-currencies. EToro also owes its reputation to its status as one of the world’s largest trading networks and allows its traders to track and even copy other traders’ positions.
One of the main advantages of this forex broker is that it allows investors to follow or even copy other traders’ strategies automatically. In fact, this multi-asset platform is aimed at both expert traders and beginners.
Founded in 2006, this forex broker, headquartered in Ireland, offers privileged access to many financial markets and forex. In addition to a wide range of high-quality services, the Avatrade platform has set up a negative balance protection scheme that will enable its traders to avoid losses greater than the amount of their initial deposit
Let’s continue our tour of the best forex brokers with XM. This multi-asset platform offers traders the opportunity to invest in both forex and CFDs around the world in over 50 currency pairs. Founded in 2009, this forex broker is renowned for its ability to secure personal data as well as the funds entrusted by its clients. The other key asset of this serious forex broker is its responsive and highly competent customer support available 24/7 in 17 different languages.
IQ Option notice
In our forex broker comparison, it’s hard not to mention the IQ Option platform among the best forex brokers today. Offering a demo mode and requiring a minimum deposit of only $10, this forex broker has something to appeal to expert traders as well as beginners. As a measure of the popularity of this forex trading platform, it is worth noting that it has over 30 million traders and is ranked as one of the top forex brokers in 26 countries.
Our top forex brokers wouldn’t be complete without mentioning the forex broker BDWISS. This is nothing less than one of Europe’s largest forex brokers. With over 90 currency pairs at its clients’ disposal, this forex broker offers a demo account for traders in the initiation phase. The platform also features a wealth of webinars and other resources to help traders refine their forex trading strategy.
The Importance of Choosing a Serious Forex Broker: Avoiding Mistakes
If the majority of investors enter the forex market with the firm intention of making money, without a comparative forex broker, the trader is exposed in this case to many setbacks. To be sure to select the best forex broker UK, here are the mistakes to avoid:
- Having a lack of forex knowledge
Before even asking yourself which is the best forex broker, it is imperative to study forex to acquire the basics of forex trading. In addition to theory, the best forex brokers provide traders with demo accounts to acquire the right reflexes and without the risk of losses. Unsavory forex brokers never leave room for learning.
- Not having a trading plan
Any English forex broker worthy of the name knows how essential it is to draw up a trading plan. Skipping the latter is precisely one of the main mistakes made by novice traders. Whether it’s the maximum amount to risk per position, specific market conditions or the conditions for deciding a stop-loss or take profit, the forex trader must define every aspect of his forex trading strategy. A serious forex broker will make every investor aware of this point before allowing them to start trading.
- Poor risk management
Also, the best forex brokers will be able to educate their clients on the need to be aware of the risks associated with forex trading. Risk management must be carried out according to the leverage and strategy set by the trader. Ignorance of risk and a lack of strategy will inevitably expose the investor to high losses. Dishonest forex brokers are precisely those who will conceal this risk and only highlight the prospects of gains to be expected from forex trading on their platform.
- Do not inquire about the forex broker
Finding a serious forex broker takes time but the investment will prove to be a winner in the long run. Before registering on a forex trading platform, it is essential to seek client opinions on the platform and exclusively on sites that are authoritative in the field and whose impartiality cannot be questioned.
Broker Forex UK: can they operate freely in our country?
In addition to knowing which serious forex broker to turn to, one should also consider whether any English or foreign forex broker can operate freely in UK. The answer is no.
Indeed, there are several regulatory bodies in UK that impose rules and standards to be respected by all forex brokers. Among the duties set for forex brokers is to provide their traders with clear information on the risks associated with forex trading.
A forex broker may even be subject to a leverage limitation or be forced to segregate funds from traders in segregated accounts.
In UK, the Autorité des Marchés Financiers (AMF) will establish the various rules and obligations to which all forex brokers will be subject, provided that they are authorized to provide investment services to professional or individual investors.
In this respect, the AMF has a twofold objective:
- Offering trader protection
- Ensuring the proper execution of financial markets
However, it is useful to specify that while any serious forex broker will comply with the directives imposed by the English regulatory authorities, the forex trader will also have to comply with the legislative framework that governs forex. For the latter, regardless of the forex broker chosen, it will be essential to comply with the tax regimes that apply to the foreign exchange market.
Likewise, to be effectively protected in case of litigation, for example, investors have every interest in choosing a forex broker regulated in UK, especially among those listed in our top forex brokers. Since forex is an unregulated OTC market, opening an account with a regulated forex broker will allow traders to benefit from legal recourse if necessary.
A distinction should also be made between a licensed forex broker and a regulated forex broker. In the first case, the forex broker will only be authorized to provide its services in UK. In the second case, the forex broker will have the obligation to comply with the rules imposed by the regulatory body, the AMF in this case for UK