Recommended UK broker?

#1

Hello,

I am currnetly going through the babypips course and trailing strategies through MT4 demo account and I have tried Plus 500 as well as Oanda demo’s to get a feel for different platforms. So far going well.

When it comes to the real thing though I seems to be really difficult to find the best broker with a large amount of mixed reviews.

I am looking for FCA regulated, tight spreads and easy withdrawl as I am leaning towards a day trading strategy and looking to open with £2000.

In addition, as I am in the UK, Spread betting is an option here, what are your thoughts on a spread betting account rather than the other types. The main reason is being exempt from tax, is spread betting the obvious choice? It seems it doesn’t have the same “repuation” as other forex accounts

I have done a bit of research and I have identified a few potential brokers:

  • IG
  • EagleFX
  • Oanda
  • HFmarkets

But all seem to have mixed reviews.

But what are your thoughts on a UK broker, who/what to look for, your experiances as a UK trader, most cost effective for day trading.

Thanks in advance for your replies.

Good brokers to use
#2

Newbie here too, but the defacto tool is Meta Trader 4, which at least IG and Oanda integrate with. I’m personally with IG, but I use Oanda’s buy/sell widget to help price things by pip.

I can recommend IG but to be honest, the big ones are all much of a muchness. If you choose not to use MT4 (or 5), and rely on the vendor’s charting platform then understand you are shutting off a massive marketplace of add on indicators, knowledge, EAs etc.

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#3

I day trade full time and I use IG. Withdrawing is easy, never had any problems whatsoever. They have offices in london and are FCA regulated. So definitely have a look at them.

I trade via spreadbetting and its tax free in the UK. I use their own platform and now on hindsight I think it’s great lol. This is because I’m now learning mt4 and it is quite difficult to get used to and trade effectively. However if you have already been using mt4 then they have a spread betting mt4 platform too. So theyve really catered for everything.

#4

Thanks both, IG does seem to have more of a reputable name and has been around for a while, nice to hear that others like yourself are happy with their service, I’m leaning towards them as a broker.
I probably will go with MT4 or 5 as a platform since I have familiarised myself with and it does seem to offer a lot and find it user friendly (Possibly because it was the first demo I used) but I will take a look at the IG demo to gauge how effective I find it.

As spreadbetting is tax free, it seems like the obvious choice over a CFD account, unless there is something I am missing with spread betting.

#8

HF markets is an awesome choice, they offer very flexible choice of account types and great variety of withdrawal options (even some exotic options like bitcoin). I would also add to your list Tickmill, as far as I know they are located in UK too.

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#10

Turnkey Forex is a good choice as a broker. Have good trading conditions, low spreads and low commissions. Give it a try to them. You will not be disappointed.

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#11

Since you are residing In UK, Cysec/FCA brokers will do the part. I had an account with IG in the beginning, good broker. Since I wanted to segregate my funds, I tried Fxpro and pepperstone. but their commission charges are aching ($7/RT). Other than that, both these brokers are good. Testing Fxview demo currently since commission charges are low ($2/RT). Will update how it goes.

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#12

Almost all popular brokers offer segregated accounts, as far as I know it is regulation requirement which ensures broker bankruptcy won’t affect client funds.

#13

Just to let you know im also looking at another broker now called corespreads. It’s also fca regulated and offer fixed spreads but I need to do more research. Have a look too.

#14

I am now using CWG Markets, it is a UK based company and most importantly it is FCA regulated. If you are interested, you can try out their demo account before proceeding to a live account.

#15

If I were you, I would end up with Hotforex out of these list. The experience is fairly good. But their spreads get widen lately. There are also other good brokers including tickmill, fxview. Their spreads are reasonably low, green signal for day trading IMO.

#16

Will definitely look into IG. What are your thoughts on Etoro as a broker?