Hi All,
I’m a UK based newby and am looking for recommendations for a forex broker. Which Brokers do you UK traders use and what is your experience of them. Thanks, Richie.
Hi, did you finish BP education section? Regards Greg
Hi Greg,
I’ve not finished the education yet but am working my way through it. I’m not ready yet for live trading, but want to set up an account ready for when I am. I’ve been using an eToro demo account and have been able to keep this at a small profit, but I don’t think this would be the best platform to live trade forex.
You still have a lot of time to open a real account. The demo account will be used by you to get to know the platform, market etc first, so you can open a demo account with one of the major brokers like XM.
Based in the UK you also have the option of spreadbetting. This is basically a replica of CFD trading but has the advantage of being tax-exempt. SB firms are subject to exactly the same protective regulations as CFD etc. brokers by the FCA.
I use ig index. Fca regulated. Offices in london. Look into it, do your research.
OK I will try a couple of demo accounts first to see which ones I like.
The tax advantage of spread betting interests me, but can you actually earn a living from it which is were I want to be eventually?
Their site looks good I will try a demo and see how it goes.
Yes. Using SB is no different to accessing the markets via CFD’s. Which is not much different to (but simpler than) forex trading using lots and stuff. CFD’s are not tax-exempt, CFD trading profits are subject to Capital Gains Tax.
SB is not good for scalping as the spreads are not the narrowest (but no new trader ever made money from scalping anyway).
OK so I may try spread betting, the tax benefits do sound good. I’m not interested in scalping at the moment as I don’t have the time to spend all day watching multiple trades. Any tips for getting started, and what broker do you use?
Use any large well established UK-based and FCA-regulated SB firm.
Check they really are registered with the FCA in the FCA Register. All eglit SB firms will offer -
- negative balance protection
- segregated clients’ funds accounts
- ESMA leverage rates
- clients’ deposits protection.
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You can list a few brokers and see which one goes best with your trading style and strategy. Good luck.
I have heard about spreadbetting and it also sounds interesting. I might consider it some time.
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UK traders use different brokers, even outside the UK. I use Forexchief; a broker with offices in three countries, and with moderate regulation. It all depends on what you are looking for. I prefer high leverage, low fees and easy payment methods for deposit/withdraw. What are you looking for in a broker?
Yes, there are some good things that can’t be ignored about spread betting like tax benefits and no stamp duty. The speculation aspect is something to look forward to!
IG are my preference. Some may find the $250 minimum deposit a little steep though when starting out.
I’ve used many over the years and I’ve narrowed it down to two.
IC Markets just solid reliable well known in the industry.
My passion is Crypto so I use EagleFX can trade numerous Crypto pairs there plus the market is 24/7 really helps with my sometimes erratic work patterns.
Demo both mate as you say your still getting to grips with trading.
It’s good practice to demo any broker
I must say that you make it sound so fascinating! I have been trading forex for some time now on a few platforms like Xtb and looking at other opportunities on the side won’t hurt I guess. I remember it took me such a long time reading and learning the technical analysis and other aspects of forex. I still remember how much I used to practice on Turnkeyforex before going live. I’ve been practicing momentum betting these days and some of the dynamis are quite similar. Let’s see how this turns out.
There is a thread on babypips where ic markets changed their margin requirements overnight causing positions to be closed and a trader losing a lot of money. I know a lot of people use them but i don’t trust them nor do I recommend them. Secondly I’m not sure about their regulation and whether that regulatory body would even do anything if something happened. Its worth looking into.