Top 10 Forex Brokers in the UK for 2019
Buy, Sell, Trade or Invest. We've reviewed the best Forex brokers on the market and selected the Top 10 regulated Forex Brokers in the United Kingdom for you to choose from.
What is forex trading?
Forex trading is the buying and selling of currencies to profit from the rise and fall in the prices of different currencies. This is accomplished by buying one currency and selling another at the same time.
Trading usually takes place in currency pairs, where the first currency is known as the base currency, and the second currency is known as the quote, counter, or currency.
Forex trading is unique in that there is no central exchange where currency trading occurs. Instead, trading takes place electronically over-the-counter (OTC), via computer networks between individual traders and financial institutions around the world.
Forex, or foreign exchange, is the process of converting one currency into another whether it's for trade, tourism or commerce.
Find the best forex trading platform for you
The most important part of forex trading is the platform you use. A forex trading platform is software that gives you access to the trading market and on which you conduct your trading.
While there is no ‘best trading platform’, some things to consider when choosing a trading platform are:
- Reliability: the forex platform must be reliable in being able to execute your trades and be efficient in depositing and withdrawing your funds.
- Fees: it's important to be aware of the fees a platform charges, as they can eat away at any profits you make.
- Ease of use: the platform you use must be easy for you to navigate and execute your trades.
What types of forex trading platforms are there?
There are two different types of forex trading platforms:
- Downloadable platforms: These are software-based platforms that need to be downloaded and installed onto a device such as a computer or smartphone.
- Web-based platforms: These are forex platforms that reside online. You can access them by typing the URL into a web browser and logging in to your forex trading account using your username and password, as you would with any other online banking account. These platforms are accessible from anywhere, without the need to carry around a computer or mobile device on which the trading platform is installed.
However, different trading platforms can have a number of varying features. These can range from market analysis tools, how they execute trades, and other data analysis features. The best forex trading platform for you will depend on your specific needs.