Forex Brokers With GBP Accounts
The Great British Pound is one of the oldest currencies still in use today. This currency is primarily used by citizens in the UK and nine of its associated territories. These include Jersey, Guernsey, the Isle of Man, the Falkland Islands, Gibraltar, South Georgia and the South Sandwich Islands, Saint Helena and British Antarctic Territory, and Tristan da Cunha.
The United Kingdom has millions of traders moving money in and out of financial markets. The UK is one of the most active jurisdictions regarding forex trading. Luckily, there are many reputable forex brokers operating in this jurisdiction. Today, we will look at some of the best forex brokers with Great British Pound accounts. But first, here are our criteria for selecting these brokers.
Our Criteria For Selecting Best Forex Brokers With GBP Accounts
Here on TradingBeasts, we always look at four key features of forex brokers before we include them on any list. These include:
- The regulatory status of a broker.
- The availability of a range of trading instruments.
- Spreads and other fees.
- The trading platforms provided by a company.
Here is the list of forex brokers that met our criteria for the best forex brokers with GBP accounts.
Forex.com is another reputable broker with clients worldwide. This trading website also allows clients to have the Great British Pound as the base currency of their accounts. The minimum deposit on this broker is $50. Note that this is in US Dollars. This does not mean the company does not accept GBP as a base currency. The minimum deposit will probably be an equivalent value in GBP. Luckily, this broker is regulated by the FCA, the CySEC, the NFA, the CFTC, and the IIROC. While regulations alone are not enough, this is a great lineup of tier-one regulators on Forex.com’s belt. Moreover, regulated brokers are always a safer bet than unregulated ones.
There are a variety of trading instruments on Forex.com, in the UK it's currently CFDs on forex, stocks, indices and commodities. Forex traders have access to over 80 different currency pairs available on Forex.com. Trading these currency pairs on Forex.com features spreads as low as 1.0 pips. Other fees that apply include commissions on two of the accounts on Forex.com. The Commission and STP Pro accounts require clients to pay a commission when trading. The Commission account requires a commission of $5 per 100k traded, while the STP account requires a commission of $80 per million traded. This is one of the lowest commission brokers in the world.
Further, you get access to some of the best trading platforms in the world on Forex.com. These include Forex.com Trader, WebTrader, and MetaTrader 4. These platforms are intuitive and powerful enough to suit all levels of traders. Moreover, the MetaTrader 4 platform is one of the most popular trading software among pro traders due to its plethora of charting and automation tools.
81% of retail investor accounts lose money when trading CFDs with this provider.
XTB operates under the strict regulation of the FCA, the CySEC, the KNF, and the IFSC. This collection of regulatory licenses and the company’s 20 years in the market give it a good reputation among traders. Most regulated brokers have better reputations in the market than unregulated ones. XTB also allows clients to have their account balances in the Great British Pound currency. The minimum first deposit on XTB is £250. Being a tier-one broker, this platform offers clients a variety of trading instruments to invest in. These include forex, indices, commodities, and CFDs on stocks, cryptos, and ETFs. Traders on XTB can invest in assets from multiple markets simultaneously.
The typical spreads on XTB depend on the account a client is using. For example, the spreads on the standard account are floating from as low as 0.9 pips. On the Pro account, the spreads start from 0 pips and are variable depending on the market movement. These are some of the lowest spreads in the market. XTB prides itself on providing services in three key areas. Investing, market analysis, and education. For trading, this company provides clients with the xStation 5 trading platform with many charting tools and fast execution times. This makes it one of the best trading platforms in the industry today.
78% of retail investor accounts lose money when trading CFDs with this provider.
Exness has been offering brokerage services to clients since 2008. This company operates under the strict regulation of several regulators including the FCA, the CySEC, the FSCA, and the FSC. Regulated brokers can also operate in a shady way. However, you are better off investing with regulated brokers than unregulated ones. Furthermore, this company has a good reputation among traders online.
Most accounts on Exness accept the Great British Pound as a base currency. Only the Standard Cent account does not accept this currency. The minimum deposit on Exness is $1 and clients can go straight to trading some of the best financial markets online. They can trade CFDs on forex, metals, cryptocurrencies, energies, stocks, and indices. Clients on a GBP base account will probably have to deposit an equivalent amount to trade these market instruments.
Exness offers some of the lowest spreads in the market today, with an average of 0.6 pips for the EURUSD pair. This is a very cheap trading option for many traders. Moreover, Exness does not have any hidden fees and does not charge swap fees on most of the instruments including majors, stocks, cryptocurrencies, indices, and gold. Finally, Exness provides clients with some of the best trading platforms including MetaTrader 4 and 5.
Remember that forex and CFDs available at Exness are leveraged products and can result in the loss of your entire capital. Please ensure you fully understand the risks involved.
Interactive Brokers has a long history of serving clients looking to trade financial markets. This company has been in the market since 1977, making it one of the oldest brokers in the market today. Interactive Brokers also accepts the Great British Pound as a base currency for accounts. The longevity in the market and the regulatory status of Interactive Brokers makes it a very attractive broker in the market. The company has regulations from the FCA, the SEC, the CFTC, the ASIC, and the Monetary Authority of Singapore.
Interactive Brokers allows clients to trade a variety of market instruments. Traders can invest in stocks, options, futures, currencies, cryptocurrencies, US Spot Gold, bonds, ETFs, funds and more from a single platform. This allows clients to diversify their investments as they please. The Interactive Brokers trading platform is available on a variety of devices. It is available on web, mobile, and desktop. This means the broker can accommodate a variety of clients.
Interestingly, Interactive Brokers does not feature a minimum deposit for clients. Additionally, Interactive Brokers primarily charges a commission for trading. The commission depends on the market instrument a client is investing in and can range from $16 to $40 per million traded. The company does not reveal the average spreads it offers to clients. However, the company promises competitive and low spreads to its clients.
IG allows clients to trade over 18,000 market instruments across a variety of markets. This broker allows clients to trade CFDs on forex, indices, commodities, shares, cryptocurrencies, and more. This accommodates all clients, whether they want to invest in one market or several simultaneously. IG offers some of the best trading platforms, including the MetaTrader 4, ProRealTime, L2 Dealer, and the ProgressiveWebApp. Here, traders can pick and choose the platform that best suits their investment needs. Moreover, IG provides clients with a trading platform available on all types of devices. This makes sure they accommodate all kinds of traders.
The spreads on IG are not exorbitant and most traders will afford to trade on this platform. The average spreads on IG can fall as low as 0.6 pips for some major currency pairs. The minimum deposit on this platform is £300 for card payments. However, there is no minimum deposit for bank transfer payments. IG is also a regulated broker with authorisation and licenses in multiple jurisdictions. The company has regulations from the FCA, the ASIC, and BaFin, which are some of the most reputable regulators in the market today. These watchdogs have strict policies and rules for brokers before they hand them a license to operate.
Vantage Markets allows clients to invest in CFDs on forex, commodities, indices, and shares. This is an excellent platform for clients who want to invest in multiple market instruments at the same time. They can easily diversify their portfolios. The minimum deposit on this broker is £200 for clients using GBP as the base currency. Vantage Markets offers industry-standard spreads that most traders can afford. The spreads here depend on the account a client is using. For example, the average spreads in the Standard STP account can go as low as 1.4 pips. There are no hidden fees on Vantage Markets and no commissions involved.
Vantage Markets has some of the best trading platforms on its roster. The company allows traders to pick between the Vantage Trader App, the MetaTrader 4, MetaTrader 5, ProTrader, and WebTrader. Having a plethora of options is always a good thing as clients can pick and choose the trading platform that best suits their investment needs. Finally, Vantage Markets operates under the strict regulation of multiple organizations. These include the FCA, the ASIC, CIMA, and the VFSC. While regulations alone are not enough, it is much better to invest with a company with regulations than one without. They are simply a safer bet.
Plus500 also allows clients to have the Great British Pound as the base currency of their accounts. This is very convenient for clients based in the UK and its territories. They do not have to convert their money once they make a deposit. They can trade the Sterling pound against currencies such as the Euro (EURGBP), the US Dollar (GBPUSD), the Australian Dollar (GBPAUD), and the Danish Krone (GBPDKK). Other than CFDs on forex, clients can also trade CFDs on cryptocurrencies, indices, commodities, shares, options, and ETFs. This allows clients to invest in multiple market instruments at the same time. They can do this on the in-house built Plus500 trading platform. This platform is simple and functional, fitting most traders, whether novice or experienced.
[caption id="attachment_13231" align="aligncenter" width="1024"] Illustrative prices[/caption]
In terms of regulations, this company has a good reputation. It has regulations from the FCA, the CySEC, the ASIC, and the FCSA. These are great organizations to hold a license from. Regulated brokers always have a better reputation in the market than unregulated ones.
Plus500 does not charge clients commission fees when trading forex. However, a variable spread applies to cover trading fees. As an example, the spread on the EURUSD pair can go as low as 0.8 pips depending on the market. These are low spreads on a broker that does not charge commissions. Furthermore, the minimum deposit for this broker is £100 for clients using the Pound Sterling as the account base currency.
Closing Remarks on Brokers with GBP Accounts
Clients always have a better trading experience on accounts with base currencies of their own country. In this review, we focused on brokers that offer GBP accounts. This is very convenient for clients in the UK and its territories. However, it can also fit investors from other areas looking to use this currency on their accounts.
These brokers met our criteria for the best forex brokers with GBP accounts. We believe that these brokers offer some of the best trading conditions in the market today. Still, this is not an exhaustive list. We always encourage our readers to do their own research before investing. This way, they can pick the broker that best suits their investment needs. These brokers on this list are a perfect place to start.