Before the release of bitcoin in 2009, the only option for trading enthusiasts was to trade forex. Trading forex means trading traditional currencies with one another. But to access the world trading markets as a retail trader, you need a forex broker.
Basically, what a broker does is that it allows you to buy and sell cryptocurrencies. So, it acts as a third-party, matching your orders with other traders on the platform. But, to do this, brokers charge fees which can vary in price.
What are the top three forex brokers in the United Kingdom?
IG stands as number one as it is not only a simple broker but a whole industry-leading education trusted all around the globe. It is founded in 1974 as a spread betting business under the name
IG Index. Further, it offers trading in pairs, including EUR/USD, AUD/USD, and USD/JPY, with spreads as low as 0.8 pips.
Plus500 is a trusted global brand, and it is known as an easy platform to use, but it lacks comprehensive educational sources. Plus500 offers instinctive trading platforms with tools to maximize profits. Many asset classes can be traded, including Forex, Crypto, Indices, Shares, ETFs, and Commodities. The broker is Plus500 Mobile Appcompensated through the spreads, charging no additional flat rate commission fee with low non-trading fees. Plus500 is a trustworthy company as the broker is regulated by FCA (Financial Conduct Authority, UK).
3. CMC markets
CMC markets have offices in all significant global finances around the world, and it is one of the platforms that it is packed with innovative tools and charting. It offers a wide range of products and automated execution. If you pick CMC, you can go long or short in trades within Forex, Index, Cryptocurrency, Treasury, and Commodity markets. There are no commission fees as the broker is compensated through the spread. And what makes it among the best UK forex brokers is that gains are subject to fewer taxes than other financial instruments, so pricing is more favorable.