Top 10 Best UK Forex Brokers For Beginners for 2020

Filippo Last Updated: July 2019 5 min read
Top Rated:

Are you looking for the best UK forex broker for beginners because you want a broker that can help you learn to trade as you go?

We can help you.

Finding the right broker to start trading with can be a very difficult process.

Many brokers offer amazing technical tools such as algorithmic trading or allow traders to implement complex trading strategies, however, if you’ve only just started trading, none of this is helpful or necessary. In fact, it can be quite terrifying.

A good broker for beginners shouldn’t overwhelm newbie traders. They should offer an easy-to-use platform, well-written educational materials, exceptional customer support, and offer an environment where they can learn and improve their trading skills.

Top 10 Best Forex Brokers For Beginners In The Uk Of 2020

Here’s our ranking.

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75% of retail investor accounts lose money

1 eToro

eToro is without a doubt the best UK-based broker to start forex trading as a beginner. This is largely down to eToro’s excellent Trading Academy, which provides top-rated educational materials in the form of live webinars, eCourses, and trading videos.

But perhaps the most useful feature to newbie traders is eToro’s CopyTrader, where traders can copy the trades of more professional traders and discuss trading strategies. Currently, eToro is offering a $100,000 demo account too.

78
Rated: Excellent
security 94
cost 67
trading 71
education 72

Platforms: Proprietary Web Platform Regulations: FCA, CFTC, MIFID-ESMA, ASIC, CYSEC Minimum Deposit: $50
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73.57% of retail investor accounts lose money

2 XM

With XM, newbie traders can advance steadily without needing to switch to another broker later and the way to the top of the trading food chain.

XM offers a great variety of research and educational materials, such as forex webinars and seminars, but perhaps their MT4 video tutorials are the most useful, teaching beginners the tips and tricks they need to know to make the most out of the platform.

84
Rated: Excellent
security 93
cost 100
trading 71
education 69

Platforms: MT4 Dekstop, MT4 Web, MT5 Desktop, MT5 Web, MAC Platforms Regulations: MIFID-ESMA, ASIC, CYSEC, Offshore Minimum Deposit: $5
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80% of retail investor accounts lose money

3 XTB

The training materials available on XTB’s Trading Academy are hard to beat and are easily accessible to traders of all levels of skill, breaking down courses into basic, intermediate, expert and premium.

Subjects are carefully broken down in well-written lessons which contain videos and graphs. These materials are free and are available both online and via their platform. XTB are also known to be highly supportive of their traders’ needs.

79
Rated: Excellent
security 94
cost 66
trading 74
education 72

Platforms: Mirror Trader, Proprietary Desktop Platform, MAC Platforms Regulations: FCA, MIFID-ESMA, CYSEC, Offshore Minimum Deposit: $250
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61% of retail investor accounts lose money

4 Darwinex

Darwinex offers traders a truly unique experience for learning how to trade forex, though it is largely orientated towards copy-trading. With Darwinex, traders are treated as investment products called ‘Darwins’.

The value of Darwins is based on the performance of their strategy and traders can invest in Darwins just like a regular instrument and add them to their portfolio.

79
Rated: Excellent
security 93
cost 66
trading 75
education 69

Platforms: MT4 Dekstop, MT4 Web, MT5 Desktop, Proprietary Desktop Platform Regulations: FCA, MIFID-ESMA Minimum Deposit: $500
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80% of retail CFD accounts lose money

5 CMC Markets

CMC Markets offers a diverse range of educational materials that are geared towards newbies and professionals alike.

They cover all the fundamentals related to trading, starting off by looking at how to forex and CFDs work and diving into complex subjects such as technical analysis. CMC Markets also regularly host informative webinars.

78
Rated: Excellent
security 94
cost 55
trading 75
education 81

Platforms: Proprietary Web Platform Regulations: MAS, FCA, MIFID-ESMA, ASIC, IIROC, FMA, CBRC Minimum Deposit: $0
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76% of retail CFD accounts lose money

6 IG Markets

IG is an excellent choice for beginners and has been operating since 1974. Their educational materials are vast and can even be accessed via the IG Academy app for iOS and Android.

On top of that, beginners will get access to the IG Community, where traders can post on forums and read blogs.

90
Rated: Excellent
security 97
cost 64
trading 100
education 84

Platforms: MT4 Dekstop, MT4 Web, Proprietary Web Platform, MAC Platforms Regulations: FSA, MAS, FINMA, FCA, CFTC, MIFID-ESMA, ASIC, FMA, FSB, DFSA Minimum Deposit: £250
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76% of retail investor accounts lose money

7 Admiral Markets

Admiral Markets is another great forex broker that supports beginners and lets them flourish. They have excellent educational materials that include articles and tutorials as well as webinars and seminars.

With Admiral Markets, newbie traders can get a comprehensive understanding of forex trading on top of cryptocurrency, ETFs and shares.

80
Rated: Excellent
security 94
cost 72
trading 73
education 78

Platforms: MT4 Dekstop, MT4 Web, MT5 Desktop, MAC Platforms Regulations: FCA, MIFID-ESMA, ASIC, CYSEC Minimum Deposit: $200
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75.7% of retail CFD accounts lose money

8 ActivTrades

ActivTrades offers easy to use trading platforms that are suitable for new traders and are advanced enough to still be used as they progress.

ActivTrades also claims that its service was described as good or excellent by 9 out of 10 clients and 95% of clients would recommend them, proof that they support their traders.

78
Rated: Excellent
security 93
cost 73
trading 72
education 58

Platforms: Mirror Trader, ZuluTrade, MT4 Dekstop, MT4 Web, MT5 Desktop, MT5 Web, Proprietary Desktop Platform, Proprietary Web Platform, MAC Platforms Regulations: FCA, MIFID-ESMA, DFSA, Offshore Minimum Deposit: $100
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76.5% of retail investor accounts lose money

9 Pepperstone

Pepperstone’s educational material is very well explained and is ideal for those who want all the specific details about forex trading and not just an overview.

So good in fact Pepperstone has received awards for its educational materials, including by the 2017 Australia FX Report. Pepperstone is also a great choice for all-around good broker.

95
Rated: Excellent
security 94
cost 100
trading 100
education 71

Platforms: cTrader desktop, cTrader web, ZuluTrade, MT4 Dekstop, MT4 Web, MT5 Desktop, MT5 Web, MAC Platforms Regulations: FCA, ASIC, DFSA Minimum Deposit: $200
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72.88% of retail CFD accounts lose money

10 Thinkmarkets

With ThinkMarkets, traders can subscribe to their trading guides, including their Beginner Trading Guide, which aside from explaining the forex market and how MT4 works, also concludes with an overview of key events which are likely to influence the market.

ThinkMarkets guides are not just for beginners and can continue helping traders as they advance.

82
Rated: Excellent
security 94
cost 77
trading 73
education 80

Platforms: Mirror Trader, MT4 Dekstop, MT4 Web, Proprietary Desktop Platform, Proprietary Web Platform, MAC Platforms Regulations: FCA, MIFID-ESMA, ASIC Minimum Deposit: $250

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Trading CFDs, FX, and cryptocurrencies involves a high degree of risk. All providers have a percentage of retail investor accounts that lose money when trading CFDs with their company. You should consider whether you can afford to take the high risk of losing your money and whether you understand how CFDs, FX, and cryptocurrencies work. Cryptocurrencies can widely fluctuate in prices and are not appropriate for all investors. Trading cryptocurrencies is not supervised by any EU regulatory framework. Your capital is at risk. The present page is intended for teaching purposes only. It shall not be intended as operational advice for investments, nor as an invitation to public savings raising. Any real or simulated result shall represent no warranty as to possible future performances. The speculative activity in forex market, as well as in other markets, implies considerable economic risks; anyone who carries out speculative activity does it on its own responsibility.
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