Hello,
Which Broker in the UK is the best overall for Forex and are they the most popular with UK forex traders? Any of these brokers have FSCS protection?
Which phone Apps do these brokers support?
Cheers,
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All UK brokers are regulated. You should Google âbest UK brokersâ and choose one that suits you best, as they all offer slightly different options. For best fixed spread TD365 is great, but you might not like their platform set up. I trade IC Markets & Pepperstone instead as they have outlets in the UK.
As for phone apps, I would not recommend any beginner trader to use them. Smiling faces are all social media marketing ploy, and should be avoided if you want to be successful. There is no short cut.
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Iâm uk based and use IG. They are regulated, I use the IG app directly to trade but you can also use Metatrader 4 to trade on IG
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I use IG. I use their own charts cos Iâve never been able to get MT4/5 whatever⌠to work on a Mac. Thyeâre not perfect -thier mobile app is a bit unreliable, but Iâve never had any serious issues which sometimes people post about their brokers. Iâve also been using them so long now I donât think my brain could deal with changing.
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before choosing a broker it is more appropriate to make sure real reviews by ForexPace Army . i like this website.
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Okay, fixed spreads are a good thing because they allow limit orders to be executed quickly correct?
What do you mean outlets in the UK, do you mean brick and mortar buildings like high st banks?
Do these brokers take risks with your cash deposited into them if your cash is just doing nothing in there, like lending your cash out for interest? And if they take those risks then are we FSCS protected if broker goes bust or bankrupt?
Okay great so you use IG phone app and IG are a broker and trade app both in one meaning you donât require metatrader separate app?
UK-based FCA-regulated brokers, CFD brokers and spreadbetting firms are all treated alike by the regulator. Clientsâ funds must be segregated from operational capital. Clientsâ funds are protected (up to ÂŁ85k I think offhand) if the firm goes bust. Stop-hunting is banned. Anti-money laundering controls are tight. Brokers canât trade against clients. Margin levels are very limited. Negative equity protection is required so you can never lose more than you have deposited.
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Alright do you mean the IG phone app is a bit unreliable? IG is good for computer desktop/laptop use that have bigger screens than a phone screen?
Yeah, the mobile app kept freezing. To be fair they sorted it out in the end but it took about 2weeks and some IG community action! Not had any probs with it since. Both desktop and mobile platfoms are simple, user-friendly and nice to use. When I look at clips of people using MT4 looks so complicated, although itâs what youâre used to I suppose.
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Yes you can trade either with the app or desktop. I find using IG app easier than using metatrader
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Is IG any good? ForexPeaceArmy website shows reviews are not high. Whatâs your advice?
Itâs fine. Used them for several years. Not sure what you are looking for in a trading platform / tools, but I use them for spread-betting (I live in UK). Seems clear, well-established, good provenance.
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What shall I select while applying to my Broker? CFDâs or Spread Betting? Which is the most popular for retail traders? Also available to select is Standard account and 0 spread account. Kinda confused which to choose? 
May I ask what is Stop-Hunting?
Is it possible to go into Debt with the Debt collectors agencies coming to your door if your account goes into negative equity? Why I heard stories in the past of traders committing suicides after getting rekt on social media, because they got into $millions in debt?
Hi @very_452001
If u live in UK then Spread-betting makes the most sense cos u donât pay tax on your profits.
I donât know what stop hunting is - was going to ask the same question!!
NO. To the best of my knowledge, In UK as a retail trader (as opposed to a professional trader), you cannot get into debt with your broker (assuming of course you are using FSA regulated one). The most you can lose is everything that you put in, no matter how high your leverage. So the good news is that you can lose everything, but not more than everything!
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Okay so if I make lets say a ÂŁ1million in gains/profits in spread betting then I wont be liable for Capital Gains Tax in the UK?
Newbie question is spread betting and spot trading the same? On the Trading212 app Invest section is that spread betting?
Do you mean FCA or FSA?
- Correct - no tax to pay. Itâs defined as gambling by HMRC.
- Not sure what spot trading is
- Not sure - whatever the uk financial regulator is - the one that makes them give you back your 85K if they go bust!
[quote=âvery_452001, post:16, topic:845532â]
Newbie question is spread betting and spot trading the same?
Good question I assume so
But IG have what is called a spot price (if trade is held overnight )fees are charged .
And
Forward price were the spread much larger and you can hold the instrument upto a certain date (without overnight fees),there is a few options the longer the length of time the bigger the spread
CFDâs and SB are virtually identical from the trading practicalities point of view. Its possible that SB spreads are a little wider than CFDsâ but its only going to be marginally different. It would make a difference if you are scalping but no beginner should go near that, its a 100% certain loser for beginners.
SB profits are completely tax-free. You donât even have to do any form-filling for HMRC.
Stop-hunting is when the broker deliberately manipulates either your quotes or all the quotes on a specific market so as to trigger the stop-loss orders set by their client or clients. Its illegal in the UK. Of course stops will be triggered by a legitimate market movement or if the broker needs to widen their spread so as to manage their exposure.
You canât be in debt to a broker in the UK but of course its possible you could borrow money to give to a broker and then youâd be in debt to the lender.
A lot of general knowledge re trading is compiled in the US. US traders have no earthly clue what trading in the UK is like. Be aware of your sources.
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So if a trader does not exit the trade on the same day that he entered the trade then its held overnight, its called spot trading, fees are charged? So from this its best for forex traders to exit their positions on the same day to prevent fees?
On the monthly chart I can see the EUR on major support meaning it has a higher chance to recover from here which will take months but higher Pips or Profit. But in Forex trading its not a good to hold long trades? This is Forward price?