Best 3 Brokers for UK Clients in 2020
Finding the best broker is essential to any trader, whether it is to get the best bid and ask price, or to trade in exotic currency pairs which are not found with many competing brokers. We have decided on the best UK broker for 2020. Scroll down to find out who grabbed the top spot!
Brokers often offer different services and fees to clients depending on the geographic location of the client. Therefore, it is vital to choose the broker which provides you with the best services to succeed, regardless of the instruments you trade. This is why we have decided to help you out by testing over 30 brokers and handpicking the top 3 for UK clients in 2020.
We rated these brokers in the same way we do in our usual tests, but applied all results to UK clients only, then compared our top 3 rated brokers against one another. Click here to see how we test.
All brokers which contended for the top 3 rankings are FCA regulated (the regulatory body for financial institutes in the UK). Any broker with a verified FCA number is deemed safe by the Financial Conduct Authority. Anyone who is a UK resident over 18 can apply to trade with these brokers. Below is a list of the best rated FCA regulated brokers which competed for our bronze, silver and gold awards.
Finding the best broker is essential to any trader, whether it is to get the best bid and ask price, or to trade in exotic currency pairs which are not found with many competing brokers. We have decided on the best UK broker for 2020. Scroll down to find out who grabbed the top spot!
Brokers often offer different services and fees to clients depending on the geographic location of the client. Therefore, it is vital to choose the broker which provides you with the best services to succeed, regardless of the instruments you trade. This is why we have decided to help you out by testing over 30 brokers and handpicking the top 3 for UK clients in 2020.
We rated these brokers in the same way we do in our usual tests, but applied all results to UK clients only, then compared our top 3 rated brokers against one another. Click here to see how we test.
All brokers which contended for the top 3 rankings are FCA regulated (the regulatory body for financial institutes in the UK). Any broker with a verified FCA number is deemed safe by the Financial Conduct Authority. Anyone who is a UK resident over 18 can apply to trade with these brokers. Below is a list of the best rated FCA regulated brokers which competed for our bronze, silver and gold awards.
Broker
FCA?
Average Spread (EUR/USD)
Minimum Deposit
Copy Trading?
Available Instruments
Overall
Visit Site
FCA?
Average Spread (EUR/USD)
0.7
Minimum Deposit
$100
Copy Trading?
Available Instruments
300+
Overall
FCA?
Average Spread (EUR/USD)
3.0
Minimum Deposit
$250
Copy Trading?
Available Instruments
1400+
Overall
67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the risk of losing your money.
FCA?
Average Spread (EUR/USD)
1.3
Minimum Deposit
$300
Copy Trading?
Available Instruments
60+
Overall
Fortrade takes first place as the best UK broker in 2020, here is why:
Fortrade has been rated our top broker for UK clients this year, with a 5 star rating! Please note, that this 5 star is in comparison to the other brokers who competed in our top UK spot, not as a broker overall. If you would like to see our full Fortrade review, please click here.
Fortrade has been awarded the gold spot for many reasons. Our tests concluded that they have the lowest average spread (0.7), making this one of the lowest-costing brokers for UK traders.
Although eToro provides much more variety for traders, they cannot compete with the low costs incurred when trading with Fortrade. We believe this to be crucial to the success of traders, both active professionals and those just making a start. The lower the costs of trading, the more profitable one can be.
Having such a low average spread price also allows traders to undertake different trading techniques, such as scalping. This is not a viable trading strategy with brokers like eToro due to the large average spread price. If you would like to learn more on scalping, and how to carry it out successfully, please click here for our free guide. Alternatively, sign up to Fortrade and use their extensive research and educational tools for free to take the next step in becoming a better trader.
81% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the risk of losing your money.
We believe that eToro is a serious contender as the best broker for UK clients in 2020 due to its originality and simplicity. We concluded that eToro was the best copy trading platform, allowing those who are new to trading to stand a much greater chance of success as they can follow experienced traders who have found their edge in the markets. The user-friendly interface also allows new traders to approach their trading in a less stressful way.
Similarly, eToro is a great broker for UK clients in 2020 as it offers so many more possibilities to trade in markets which you cannot access anywhere else, such as a wide array of Cryptocurrencies and cannabis stocks. eToro is always on the forefront in gaining the newest IPO’s (Initial Public Offerings), such as Beyond Meat and Uber.
eToro did not grab the top spot, as even though the average spread prices are competitive with many other brokers, it is still relatively high when compared to Fortrade and FXCM. eToro’s spread prices vary depending on trading times and country of the trader. The high spreads can make it more difficult for beginners to earn consistent and large enough profits. However, we believe this negative to be somewhat mitigated by the ability to see what professional traders are trading, and what they are avoiding, and to copy everything at the click of a button. It does not get more accessible to new traders than eToro.
Overall, we have ranked eToro as a top broker for UK clients in 2020, competing at the highest level for its state-of-the-art platform and phenomenal copy trading tool. To read our full review of eToro, click here.
67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the risk of losing your money.
FXCM firmly holds 3rd place for 2020
FXCM is a great broker for UK clients in 2020, providing access to trade all necessary instruments at a very competitive average spread across the markets. This broker will remain a top broker for UK clients in 2020 throughout the year as it is also far ahead of many competitors as they allow access to to a stunning platform as well as MT4, NinjaTrade, and ZuluTrade. It is rare for a broker to provide such great coverage. The Doji Trader has found that FXCM is potentially the most well-rounded broker, perfect for beginners and intermediate traders alike. We thoroughly tested every aspect of FXCM, click here to see our full review.
FXCM marginally missed the top spot for the best broker for UK clients in 2020. This is because they struggle compete with the low average spread to UK clients which Fortrade are giving and do not provide a unique and accessible platform and service like eToro. However, they still are recognized as a top broker for UK clients in 2020 as they are perfect for those who are just starting in trading. They provide amazing education and research tools with wide coverage for different platforms, allowing traders the freedom to trade with preference.
73.05% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the risk of losing your money.
Checking for FCA Regulation
To operate in the UK, financial institutes such as brokers must be regulated by the FCA (Also known as the Financial Conduct Authority). This is the successor of the FSA (Financial Services Authority) as of 2012.
To find out whether your broker of choice is FCA regulated, scroll to the bottom of any page on their website, and identify their FCA registration number from their disclosure information (noted in the footer of the website). This is often alongside other regulatory information, such as how many clients lose money when trading with this specific provider, as well as other regulatory bodies such as ASIC (Australian Securities and Investments Commission) and CySEC (Cyprus Securities and Exchange Commission).
Here is an example of what to look for:
67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the risk of losing your money.
This does not constitute investment advice or personal recommendations as your specific financial circumstances have not been considered. No warranty is given in regards to the accuracy and completeness of information. Past performance is not an indicator of future results