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Forex trading UK means dealing in currency pairs trading in the United Kingdom. Many put up a question on a regular basis whether Forex trading is legal in the country. The question is valid and one every novice traders should ask before starting his journey in Forex trading.
The answer is, 'Yes,' Forex trading UK is a 100% legal. The government and regulatory authorities in the United Kingdom allow regulated Forex bokers to facilitate Forex trading within the UK.
Now, a second question arises whether to trade abroad or find a local broker. Traders in the UK might be asking which is safer and better out of the two.
In this article titled Forex trading UK we will try to find out whether UK citizens can trade Forex as well as CFDs. We will discuss what a UK citizen needs to consider and be aware of before trading on live Forex markets.
Let us first understand what Forex trading is. Forex is an abbreviation of foreign exchange and it is the process of conversion of one currency to another to make a profit from the price difference of the two currencies.
Currently, Forex is widely traded across the world its daily turnover is £4 trillion.
Keeping up to date with news media and financial chart analysis are the two important pillars for success in Forex trading UK. Currencies are volatile depending on the economy of the country and related financial markets.
Undoubtedly Forex trading UK is one of the best ways to make money. However, there are some myths as well as false impressions. Many have the belief that it is like gambling and hence seems to be prohibited or banned in the UK.
If Forex is gambling, other countries, almost all the financial markets in the world, would not have allowed it.
Traders can trade Forex in all countries legally. They can own currency accounts. They can purchase the currencies at any bank exchange.
Many traders also use currency instruments for international investments. Some also use it for export and import operations.
The United Kingdom is an ideal place for Forex traders and Forex brokers. The country is known for its trustworthy companies and strict financial regulation and UK government policies. The financial market is well regulated with very clearly defined guidelines set by the FCA or Financial Conduct Authority regulatory agency.
Forex trading in the UK is a very mature financial market. Trading currency in the United Kingdom has been conducted for centuries and is very well established even more so than other European countries with large economies.
It is very important to select a reputable and reliable broker for Forex trading in the UK. A wrong choice may affect your investment. It is suggested to find a FCA regulated broker.
Forex is legal and in the UK and is constantly being monitored by regulators. This is the reason many traders even internationally focus on UK regulated Forex brokers to make money. A regulated and reputable broker helps traders in keeping the transactions secure. Some of the brokers even have insurance plans with banks in order to protect the funds of traders incase of bankruptcy.
Many wonder about the tax element when profiting from Forex trading. Hence, it is important to first understand that the tax year starts on April 6 in the UK and the financial year ends on April 5. More to this, personal allowance on one's income is not taxed and it is subject to £12.500.
In the UK Forex trading accounts are categorized into Private Investors, Self-employed Traders or Speculative traders.
In the first category, the profits or losses are taxed as capital gains. In the second category, one needs to pay a business rates tax. In the speculative category, this is capital gains tax and is only taxed after the profit surpasses the tax-free threshold.
However, it is important here to note that spread betting profits are not taxed in the UK.
Forex trading in the UK is always a controversial topic as many ask whether Forex trading is legal in the country. Yes, Forex trading UK is completely legal as it is in most countries around the world. The UK government allows Forex trading for its citizens, international traders can also trade on UK Forex markets.
Forex trading is highly regulated in the UK and strict guidelines are followed by Forex brokers. This is the reason it is suggested to deal with a reliable broker who is regulated by the country's regulatory agency the FCA.
Before wrapping up it is important to note that Forex trading in the UK is one of the best ways to make money and build up wealth but you must educate yourself. A traders chances are greatly increased once they understand the markets, how to use financial research tools and clearly understand all trading risks.
We've collected thousands of datapoints and written a guide to help you find the best Forex trading uk for you. We hope this guide helps you find a reputable broker that matches what you need. We list the what we think are the best Brokers below. You can go straight to the broker list here.
There are a number of important factors to consider when picking an online Brokers trading brokerage.
Our team have listed brokers that match your criteria for you below. All brokerage data has been summarised into a comparison table. Scroll down.
We compare these features to make it easier for you to make a more informed choice.
Here are the top Brokers.
Compare Brokers min deposits, regulation, headquarters, benefits, funding methods and fees side by side.
All brokers below are Brokers. Learn more about what they offer below.
You can scroll left and right on the comparison table below to see more Brokers that accept Brokers clients
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eToro
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IC Markets
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XTB
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AvaTrade
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FP Markets
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Trading212
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Plus500
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Pepperstone
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EasyMarkets
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XM
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FXPrimus
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Regulation | Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CySEC), Markets In Financial Instruments Directive (MiFID), Australian Securities and Investments Commission (ASIC) | Australian Securities and Investments Commission (ASIC), Financial Services Authority (FSA), Cyprus Securities and Exchange Commission (CySEC) | Financial Conduct Authority (FCA), FCA number FRN 522157, Cyprus Securities and Exchange Commission (CySEC), CySEC Licence Number: 169/12, Comisión Nacional del Mercado de Valores, Komisja Nadzoru Finansowego, Belize International Financial Services Commission (IFSC) under license number IFSC/60/413/TS/19, Polish Securities and Exchange Commission (KPWiG) | Central Bank of Ireland, Australian Securities and Investments Commission (ASIC), Financial Services Authority (FSA), South African Financial Sector Conduct Authority (FSCA), Financial Stability Board (FSB), Abu Dhabi Global Markets (ADGM), Financial Regulatory Services Authority (FRSA), British Virgin Islands Financial Services Commission (BVI) | Australian Securities and Investments Commission (ASIC), Cyprus Securities and Exchange Commission (CySEC) | Financial Conduct Authority (FCA), Financial Supervision Commission (FSC) | Plus500UK Ltd authorized & regulated by the FCA (#509909), Plus500CY Ltd authorized & regulated by CySEC (#250/14), Plus500AU Pty Ltd (ACN 153301681), ASIC in Australia AFSL #417727, FMA in New Zealand, FSP #486026 and Authorised Financial Services Provider in South Africa FSP #47546 | Financial Conduct Authority (FCA), Australian Securities and Investments Commission (ASIC), Federal Financial Supervisory Authority (BaFin), Dubai Financial Services Authority (DFSA), Capital Markets Authority of Kenya (CMA), Pepperstone Markets Limited is incorporated in The Bahamas (number 177174 B), Licensed by the Securities Commission of the Bahamas (SCB) number SIA-F217 | Cyprus Securities and Exchange Commission (CySEC), Australian Securities and Investments Commission (ASIC) | International Financial Services Commission (IFSC), Cyprus Securities and Exchange Commission (CySEC), Australian Securities and Investments Commission (ASIC) | Cyprus Securities and Exchange Commission (CySEC), Markets In Financial Instruments Directive (MiFID) |
Min Deposit | 200 | 200 | No minimum deposit | 250 | 100 | 1 | 100 | 200 | 100 | 5 | 100 |
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Used By | 17,000,000+ | 180,000+ | 250,000+ | 200,000+ | 10,000+ | 14,000,000+ | 15,500+ | 10,000+ | 142,500+ | 70,000+ | 10,000+ |
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Platforms | Web Trader, Tablet & Mobile apps | MT4, MT5, Mirror Trader, ZuluTrade, Web Trader, cTrader, Mac | MT4, Mirror Trader, Web Trader, Tablet & Mobile apps | Web Trader, MT4, MT5, AvaTradeGo, AvaOptions, Mac, Mobile Apps, ZuluTrade, DupliTrade, MQL5 | MT4, MT5, IRESS, Mac, Web Trader, Tablet & Mobile apps | Web Trader, Tablet & Mobile apps | Web Trader, Tablet & Mobile apps | MT4, MT5, Mac, ZuluTrade, Web Trader, cTrader, Tablet & Mobile apps | MT4, Web Trader, Tablet & Mobile apps | MT4, MT5, Mac, Web Trader, Tablet & Mobile apps | MT4, Mac, Mirror Trader, Web Trader, Tablet & Mobile apps |
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Learn More |
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Up with fxprimus |
Risk Warning | 67% of retail investor accounts lose money when trading CFDs with this provider. | Losses can exceed deposits | 79% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. | 72% of retail investor accounts lose money when trading CFDs with this provider | Losses can exceed deposits | CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. | 76.4% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. | CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 79.3% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money | Your capital is at risk | Your capital is at risk | Losses can exceed deposits |
Demo |
eToro Demo |
IC Markets Demo |
XTB Demo |
AvaTrade Demo |
FP Markets Demo |
Trading 212 Demo |
Plus500 Demo |
Pepperstone Demo |
easyMarkets Demo |
XM Demo |
FXPrimus Demo |
Excluded Countries | IR, KP, BE, CA, JP, SY, TR, IL, BY, AL, MD, MK, RS, GN, CD, SD, ZW, ET, GH, TZ, LY, UG, ZM, BW, RW, TN, SO, NA, TG, SL, LR, GM, DJ, CI, PK, BN, TW, WS, NP, SG, VI, TM, TJ, UZ, LK, TT, HT, MM, BT, MH, MV, KZ, GD, FJ, BB, BM, BS, AG, AI, AW, LB, SV, US, PY, HN, GT, PR, NI, VG, AN, | AF, GN, SL, BW, IR, SY, MM, IQ, TG, KH, LS, YE, CI , LR, ZW, CU, LY, TZ, CG, ML, BO, LR, NE, AO, GM, NG, AG, GH, KR, KG, GN, SN, NA | US, IN, PK, BD, NG , ID, BE | BE, BR, KP, NZ, TR, US, CA, SG | US, JP, NZ | US | MY, BE, US, CA, CN, ID, PH, TG, NG, DO, MA, ZW, PR, TZ, TN, UG, BW, AO, AE | BR, KR, IR, IQ, SY, JP, US | US | US, CA, IL, KR, IR, MM, CU, SD, SY | AF, CI, CU, IQ, IR, LY, MM, KR, SD, PR, US, AU, SY, DZ, JP, EC. |
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