Top platforms that let you take invest in global currencies
Best Forex Brokers
The world markets are in flux. The Russian ruble is going skyward as the British pound sterling crashes. The USD strengthens before it inevitably collapses. While the EU… Let’s not talk about the euro.
Without a doubt, many opportunities wait hidden during this time of great change. In one way of thinking, a great transfer of wealth from one group to another is happening. BRICS nations are on the rise.
New deals, such as the Turkey-Russia energy alliance are happening on a weekly basis. Staying sane may be more important than trying to turn a quick buck. With that sobering statement, let’s have a look at some of the top forex brokers for Brits.
With that sobering statement, let’s have a look at some of the best forex brokers for Brits.
*Pepperstone Disclaimer: Between 74-89 % of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
**eToro Disclaimer: 76% of retail CFD accounts lose money. Your capital is at risk. Other fees apply. For more information, visit etoro.com/trading/fees.
***IG Disclaimer: Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.
|*1. Pepperstone||★★★★★||Click Here|
|**2. eToro||★★★★★||Click Here|
|***3. IG||★★★★★||Click Here|
|4. Interactive Brokers||★★★★★||Click Here|
|5. CMC Markets||★★★★★||Click Here|
|6. Forex.com||★★★★★||Click Here|
|7. FXCC||★★★★★||Click Here|
|8. Saxo Markets||★★★★★||Click Here|
|9. City Index||★★★★★||Click Here|
|10. XTB||★★★★★||Click Here|
At a Glance, pros and cons of Forex
There are many opportunities that you may be able to take advantage of in the forex markets. By then much better things to focus on?
If you’re looking for a succinct overview of the benefits and drawbacks of forex, you are in the right section.
✅ Massive. This is the largest financial market in the world. The handling of currencies is the lifeblood of international trade. So there is an immense amount of liquidity: in other words, you can quickly buy and sell twenty-four-seven Monday to Friday.
✅ Variety. Depending on the platform you’re using and broker, eager to participate in a variety of markets. For instance, exotic currency pairs will give you more access to emerging markets which are currently seeing a boom.
✅ Invest small amounts. Expensive company stock could set you back hundreds of pounds or more. But the FX market doesn’t require large amounts as initial deposits. This is why hobbyists tend to use it.
❌️ You can still lose a lot of money fast. If you treat the FX market like a game, you can quickly become addicted and lose a lot of cash very quickly. This easily happens like a thousand small paper cuts.
❌️ Volatile. Some currency pairs are very volatile, which can lead to big up swings and down swings. This is an easy way to quickly bleed a lot of cash, particularly if you are not disciplined.
❌️ Sensitive to events. The modern world has scarcely seen more unstable times since the world wars. The volatility of currency pairs, likewise, is very sensitive to times of strong uncertainty when there is less faith in cash, and big changes in central banks, politics, economics, etc.
Top Forex Brokers UK
Without further ado. Here are the top forex brokers. Each is available for Britain and fulfils requirements as set by British financial regulators such as the Financial Conduct Authority (FCA) and FCSC.
1. Pepperstone – Top forex broker with competitive rates
In the world of money, Pepperstone should be able to provide competitive rates as a forex broker that is fully regulated by Britain’s Financial Conduct Authority (FCA).
It’s a global forex broker, one not charging direct commissions on trades and it seems to have good customer support.
Note that this is not as beginner-friendly as our number-one entry. You need to get comfortable with using MetaTrader 4 or MetaTrader 5. Each of these interfaces can let you carry out simple trading and run automation.
cTrader is typically reserved for more seasoned experienced traders that want deeper insights. With the first two examples, you get access to over 61 different forex markets – but also cryptocurrencies forex, indices and more.
Between 74-89 % of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Extra features include algorithmic trading.
There are a bunch of intelligent trading tools that you can pay for or down or free. Seek out the advice of experts in the empty online marketplace. There are certain automated chart features that scan the market, to help beginners see certain entry points.
Pepperstone even has limited social and copy trading. You can automatically mirror traders using the native capability in MT. The platform is customisable. While you will not get the same degree of social features like other brokers, the capability is there to some degree.
We would recommend this option, however, if you don’t want to fiddle with technical browsers. On the other hand, if smooth copy-trading isn’t your objective, then you get the advantage of competitive fees and customizability – including integration with MT4/MT5.
Verdict: An interesting choice for people looking for a leading forex broker. Particularly for those who have some experience of very and want sharper tools to gain insights. There is also access to a forex trading community where you can communicate with more experienced traders and peers… but, there is definitely a steep learning curve.
✔️ Leading forex broker
✔️ Some social trading
✔️ Commission-free and regulated
✔️ Competitive rates
❌ Steeper learning curve
❌ Fewer social trading capabilities
2. eToro – Popular UK forex broker
eToro ranks globally as one of the most popular social trading platforms in existence.
eToro came into fame and glory as the ultimate passive beginner’s platform for online trading including forex. It’s similar to Robinhood, in that it lets the everyday person invest without extortionate fees – and it offered competitive features for beginner to intermediate traders.
This platform has managed to pass the regulatory standards of many different countries across continents.
This is a sign that is secure and compliant enough to operate as a reputable forex broker. Last we checked, there were over 13 million users globally.
As for the mobile and app interface, it’s tailor-made for beginners up to experienced traders.
76% 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.
So it’s overall friendly and designed that way. You might find other platforms with a great number of currency pairs available for trading, and arguably a few research features are average. But starter traders will probably find it comprehensive.
A few words on the selection of courses offered – the majority of these are short courses. eToro created these as a way to offer attractive videos and more formats, to cover a broad selection of topics that beginners need to know.
All in all, eToro places a strong emphasis on educational resources. These are pretty well organised. Find different video courses on making investments, trading, handling crypto, eToro’s interface itself and more. The learning level ascends from beginner all the way up to intermediate. You can filter these according to the topic and the actual format is quite diverse: blogs, videos, podcasts and webinars.
Please note: you have to use the eToro proprietary interface. So if you are more than a seasoned trader and want to integrate MetaTrader or cTrader, this is not a good solution. A few other offerings to note:
Reports and news 📰
- Breaking news: today’s extremely unstable. So this area gives you the latest, to possibly help you make sense of things as a newbie.
- Live feeds: the interfaces designed for social use. So it mirrors a social feed. Get access to market feeds, trader feeds you want to copy, newsfeeds, live cryptocurrency changes and your portfolio movement.
Why eToro is one of the leading forex brokers
eToro ranks globally as one of the most popular social trading platforms in existence. Its copy-trading feature is ahead of the game. The company took time to form itself from the ground up around social trading, which makes it harder to find a better platform suited for hobbyists interested in passive trading.
Because the majority of people will have time to master trading, this offers a credible way to passively invest some of your capital that might be more at risk as cash. That said, always remember to have a bigger picture, things like building a family and moving to the countryside.
What travelling somewhere cheaper so that you can be more at peace and in a stable community. Or building skills that will build discipline and the ability to be productive.
Verdict: A well-regulated, popular option that ranks it as one of the top forex brokers around. Its USP is that it provides a streamlined way to carry out complex systems and strategies by connecting with and learning from experienced traders.
✔️ Simple forex trading tool
✔️ Social/copying trading
✔️ Educational portal
❌ Markets are very volatile today
3. IG – Best forex broker for BRICS markets
You can think of IG as a useful forex broker for getting access to emerging markets and exotic currency pairs.
At the beginning of this article, I mentioned how changes are happening with the hierarchy of currencies. The hegemony of the collective West is giving way to emerging market forces, notably BRICS…
The abbreviation stands for the country collective comprised of Brazil, Russia, India, China and South Africa.
Each BRICS nation has a notably large reservoir of resources. As financial markets absorb more and more uncertainty, investments are moving towards diversification – especially investment in commodities.
So we are seeing an increase in the value of precious metals as well as commodities like oil, gas and agricultural exports. Farmland has already been invested in for quite some time by major entities. Britain is in a squeeze because it has low resources.
IG are well regulated globally, including by the FCA in Britain. The name gives away what this platform specialises in. Reportedly, users gain access to more than 16,000 markets worldwide. IG has been operating for an eternity – in this hyperbolically-worded period, they managed to gain exposure to many different currencies.
You can think of IG as a useful forex broker for getting access to emerging markets and exotic currency pairs. They divide their currency offerings into the following six categories: miners, majors, Australasian, Scandinavian, exotics and…of course, emerging markets.
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.
They also have an educational academy that reportedly trains all levels of traders but seems to go more in-depth than eToro. Courses are graded and structured. You can test your level of understanding of fundamentals via course quizzes and exercises.
A few last mentions: IG should work well with high-volume trading. They offer CFDs which reportedly facilitate out-of-hours trading. There’s a pretty updated new section, featuring market updates and in-house analyses.
Verdict: Reportedly, this is a top-line forex broker if you want to competitively handle currencies in emerging forex markets as well as the typical forex markets. There’s a slightly higher minimum deposit. While social trading isn’t as good as eToro, this is somebody who roughly knows what they want to invest in and wants good market access.
✔️ Popular forex broker
✔️ Amplify your trades
✔️ Commission-free and regulated
✔️ Deep exposure including emerging markets
❌ Social trading isn’t as good
❌ Less beginner-friendly
4. Interactive Brokers – Best forex broker with no min. deposit
Verdict: all in all, this is a well-regulated and well-known forex broker that is fully operational in Britain.
Interactive Brokers doesn’t offer the sort of social trading beginner-friendly experience of eToro. At least, in the sense of if you want to have a passive trading super tool. There’s no minimum upfront deposit needed to start using the platform. However, there may be a larger time investment as a secondary consequence – this is because the passive investment offerings are somewhat less than those offered by eToro.
With that said, this is a highly regulated investing platform. They have a number of tier-one licence authorisations. This forex broker is licensed to operate in a number of major countries. This evening includes China, Hong Kong – where they have a tier-one regulatory licence. In Britain, they are regulated by the Financial Conduct Authority. They also operate in North America and Australia, among others.
To help relatively new traders who are still getting to grips with using the forex, Interactive Brokers features a proprietary interface. This is perhaps why they have amalgamated a strong number of positive reviews on certain review sites. And their platform is accessible without installation.
Offerings reach the upper levels of advanced trading. Start with the basics, such as seeing charts, making watch lists setting alerts. On the advanced side of things, charting lets you customise things – for instance, create up to 20 different types of orders. CFDs are also offered for currency pairs and crypto coins like bitcoin.
But note that there are not that many ways to fund your account. For instance, you can’t find it via PayPal or card, when we last checked. But you can get started with as little as a pound because they offer fractional shares as a road to investment. This means that you can trade with a portion of a share, rather than having to purchase the full share of a single stock.
Verdict: All in all, this is a well-regulated and well-known forex broker that is fully operational in Britain. There is a low barrier to entry because there is no minimum account deposit required. But be careful, as a platform does enable contracts for differences, which can amplify your currency pairs but also lead to radical losses at jet speed.
✔️ Leading forex broker
✔️ Magnify your trades
✔️ No minimum deposit
❌ Enables CFDs which are dangerous
❌ Not quite beginner-friendly
5. CMC Markets – Award-winning forex broker
CMC Markets is an award-winning forex broker with public trading licences at the tier-one level. So you may have seen this name floating around. We’ve selected them in this guide because, on certain user review sites, they have a good number of positive reviews relative to negative reviews.
They also offer contracts for differences, which are used to amplify the weighting of a trade. And as with Interactive Brokers, CMC Markets doesn’t reportedly enforce a minimum deposit will on accounts for you to begin using the broker and platform.
There are also no deposit or withdrawal fees that we heard of. Supposedly, its global forex brokerage fees are quite high, so be sure to double-check. Speed of trading is reportedly quick. And the account creation process is straightforward. You will need to submit a driver's licence or some other personally identifying document, which will also include bank account information.
Setting up is free and generally smooth.
That doesn’t seem to be a proprietary interface. So you will most likely be using the empty for setup. In terms of trading options for forex, get access to a bunch of different currencies. And fund your account in British pounds or USD or the Australian dollar. CMC Markets accepts all major card providers, as well as some e-wallets like PayPal and Skrill.
When carrying out your trade, you can do so on mobile or desktop. Either way, you be able to access different types of orders such as limits, stops and trailing stop losses. More advanced types also exist.
One interesting mitigation to consider is the guaranteed stop loss order (GSL). The GSL lets you set risk points on all of your forex trading positions. Although the majority of brokers charge for this service, CMC Markets rebates this fee.
Verdict: Get started without any minimum deposit, access their demo account, get certain rebates if you are an active trader, use pattern recognition features that mirror social trading to some degree and access the educational resource to learn more about CFDs and forex.
✔️ Leading forex broker
✔️ Amplify your trades
✔️ No minimum deposit
❌ More complicated
❌ Less powerful friendly social trading
6. Forex.com – Popular international forex broker
Forex.com lets you trade all kinds of currencies, including over a dozen cryptos and roughly 80 currency pairs – but Forex.com is quite a dangerous broker because it is CFD-based.
Forex.com is another leading forex broker. As per the name, you can see that the USP of this service is that it focuses on Forex. Oddly enough, you are still able to participate in parallel markets such as stocks and commodities.
The main drawback to using the service is that you will be handling contracts for differences, which are explosive in both the positive and negative sense for the savings-minded.
In trading, is extremely important to mitigate the potential destruction that we can do. So in this sense, this is a very aggressive platform to use if you want to dabble with currencies. At the very least, check for the ‘negative balance protection’ feature.
By activating that, you will stop your account, theoretically, from going into the red. In short, you can only lose as much as you have funded in your account. So double-check that this feature is offered and that it is activated.
Reportedly, they have over 140,000 users. Together with solid regulatory licences, this makes it an interesting company to consider. British and northern American traders are not allowed, however, to use Forex.com to trade cryptocurrencies. To inform your decision, use over 70 indicators, over 50 drawing tools and various alerts and notifications. Advanced orders are also offered.
As a final note, in terms of access to reports and research, they are connected to Reuters. Offerings feature an economic diary, weekly webinar and an in-house research team who reportedly post on a daily basis.
Verdict: This international forex broker gives its user “dealer execution” rights. This means that there is never a third party involved when you make a trade. You are at the stern. But it does charge you around £20 for domestic bank transfers to fund your account and quite a bit more for global transfers.
✔️ Regulated forex broker
✔️ Amplify your trades
✔️ Weekly webinars and reports
✔️ Specialised in forex
❌ Extra fees to fund your account
❌ Very dangerous use of CFDs
❌ No direct handling of currencies (CFDs)
7. FXCC – Popular forex broker for beginners
FXCC won’t allow you to invest in crypto derivatives in the UK, but other than that they have a really solid platform, with plenty of access to forex assets. They can offer crypto CFDs, so this still allows you to play in the market with crypto to some degree.
FXCC is a simple but intuitive app that uses the MT4 trading platform. The best part of this platform are the low pips, which are definitely one of the drawing factors.
Honestly, this particular forex broker is too underrated in the market. They are one of the best when forex or CFDs are your priority.
Of course, for anything outside of forex, you might be more limited on your capabilities, but it’s a dream in the field. They have excellent customer service available 5 days a week. Those 5 days, service operates 24 hours. They even have multilingual support, which is something more rare to find.
On top of the forex trading abilities, you can always make informed decision. The world of forex can be an intimidating place. Having analytics and charting capabilities can make a huge difference. It might also help you move your strategies in the right direction.
This app is great whether you’re just beginning, or whether you’re working on growing your forex trading skills. You can stick with it for the long-term and likely won’t outgrow it as you learn and improve in the trading world.
The pricing model at FXCC is transparent and easy to understand. The leverage opportunities are much higher than some platforms with 1:500 capabilities. You can even use the on-site margin calculator if you need it.
If you’re looking for comprehensive, you will definitely be pleased with FXCC as a forex broker.
Verdict: FXCC is great if you like the MT4 trading platform. Some of the more advanced users prefer other trading stations, but this is actually one of the most popular choices in the market. If forex and CFDs are your primary preferences, you will love the simplicity and convenience of this mobile app. It’s really a top choice for beginners, or a forex focused trading strategy.
✔️ Great for all experience levels
✔️ 1:500 leverage opportunities
✔️ MT4 trading platform
✔️ Wide variety of tools to use
✔️ User-friendly mobile app
❌ Mostly suited to forex, index, and some CFDs with limited capabilities outside of that
8. Saxo Markets – Popular forex and CFDs broker
Another great option for forex trading in the UK is Saxo Markets. They are an industry leader in the trading world and operate in 15 total jurisdictions. Their licenses come from Switzerland and Denmark, making them well-suited to the UK markets.
Saxo Markets is a known brand in the area, and they are a well-trusted platform. If you want a company that is reliable and noteworthy, this is it. They have a great reputation, with nearly all 5-star ratings across the board. You won’t find many better choices out there, particularly in the forex industry.
The trading platform for Saxo is web-based, but it is certainly one of the best web-based platforms that you are going to fin. It’s intuitive, but also simple to use at the same time. You really can’t beat it.
Saxo has a ton of great research for their users. The research is especially beneficial for forex trading, because you’re dipping into an industry that isn’t as popular or common. You will want those tools available to you so you can make great choices with your trading needs.
This banking company offers a wide variety of access and assets.
For the purpose of this guide, we’re focusing on forex, but you can also access CFDs, stocks, and plenty of other global market assets too. You aren’t nearly as limited as you may be with other popular platforms.
In the world of futures, there are more than 300 options, so that gives you an idea of how vast their platform is in offerings. You can use this on any device that you like. While their primary platform is web-based, that doesn’t limit you to only web transactions.
Verdict: We appreciate that Saxo Markets brings you a wide variety of trading tools. The forex selection is certainly extensive and enjoyable, but they have a lot more to offer. This makes Saxo a reliable choice for both beginners and experienced users. Their reputation in the industry earns them a top spot, but you can see that the quality is there, and they earned that position as well.
✔️ Extensive selection of investments
✔️ Designed for forex and CFDs, with more to offer
✔️ Simple to use technology
✔️ Great reputation in the industry
✔️ One of the best platforms for research
❌ Saxo does have a higher minimum deposit to get started
9. City Index – Well-known forex broker
City Index is an all-around great offering, and it’s another top choice in the forex market. People love that you aren’t limited to just one solution here. Yet another trusted brand in the UK, you can’t go wrong with this one.
The minimum deposit to start investing is only 50 pounds, which is pretty great really. Sometimes it’s much harder to reach those minimums, so this is a convenience, especially for beginners just looking to test the market out a bit.
City Index is well-known for having one of the best mobile apps on the market. You can access forex trading, as well as any other assets that you are interested in, all from the app. It’s incredibly user-friendly and very intuitive too. The research, trading platform, and asset details are all right at your fingertips.
The research on this app is wide, with diversity into the mix. All too often, research is a bit one-sided depending on the opinion of the company or the writer. But here, they make a major effort to keep it neutral, and bring you tons of research and data as well. It’s all backed by relative providers.
We mentioned that you aren’t limited to forex here, but want to point out that they have a large range of assets in the market. It’s extensive, and could be overwhelming if you don’t train yourself how to sort through things and narrow it down.
City Index is backed by GAIN Capital, which is part of a Fortune 500 company.
This tells us that they are a steady, reliable company, or at least part of the grouping of such a company. Reliability is a must in the forex and trading industry.
Verdict: City Index is limited in some capacities, but there is no question that their trading platform is really nice. It’s also reassuring to find a platform that is backed by a Fortune 500 group, giving you a solid background and position. The downside is having fewer deposit and withdrawal choices, but it’s not so broken down that you feel like you can’t do anything. The mobile app is perhaps one of the most attractive details.
✔️ Huge range of market assets
✔️ Highly-rated mobile app
✔️ Intuitive and diverse research
✔️ Backed by a Fortune 500 company group
✔️ Low minimum deposit for entry
❌ There are fewer deposit and withdrawal methods to choose from
10. XTB – Low fees forex broker
If you’re looking for a broker that deals primarily in forex and CFD trading, this is a great choice. They are a global leader in these markets, and well-known for their capabilities and technology.
One of the best features you will relate to XTB is the research and education available. They make every effort to set their traders up for success, and it’s clear here. While they are most known for their forex and CFD markets, they do have access to some other assets.
They are more limited than some brokers, but our focus here is forex. Your trading expectations will definitely be met with a smooth and simple platform that makes the process easy.
One of the favorite things about this particular broker is their customer service. It’s excellent, and you will always have the support you need at your fingertips. No matter what your needs are, you will be treated with kindness and respect every time.
They use the xStation 5 platform for trading purposes, which is perhaps why their trading platform is so great. XTB is even publicly traded on the Warsaw Exchange, which gives you more insight into the stability and reputation of the company. Being publicly traded, they have to be able to answer to the masses.
The XTB trading fees are very low, and there is no minimum deposit to get started.
This makes it a great choice for traders at every level. Beginners love it for that reason, but you also have the ability to grow with the app, and expand into other asset territories if you want to.
Verdict: As a beginner in the market, you can easily be well suited to this forex broker. The trading fees are very low, and there is no minimum deposit to start using the app. These are great qualities for beginners. It’s almost like this platform is really geared towards the beginners, but it’s also not a turnoff to experienced users in the market. You can begin, you can grow, and you can stay with XTB through it all, just be aware of some of the unusual fees within the platform.
✔️ No minimum deposit
✔️ Low class of trading fees
✔️ Great for beginners and growth
✔️ Publicly traded company
✔️ Awesome customer service
❌ You could be charged withdrawal fees, which is inconvenient
Best forex brokers – Buying Guide 📙
This section could come in handy if you want to learn more about the fundamentals of how popular forex brokers work.
Why does forex trading exist?
Let’s have a short history lesson on forex.
To start out with, the actual word “forex” etymologically means the exchange of fiat currencies. Fiat currencies or money is a special kind of currency. Rather than gold and silver coins, this kind of money isn’t actually secured by any physical commodity. Instead, it is simply issued by the government of a country.
So what actually secures the value of our currency? Well, today we are facing this issue, particularly with the collective West. There was an enormous amount of uncertainty about the actual value of certain currencies, which once held a lot of faith and trust internationally. For instance, the British pound sterling – which has long been very powerful – is now reaching parity, slowly, with the American dollar.
Meanwhile, the United States dollar (USD) is strengthening for the time being. But eventually, it should collapse to some degree or the other. And in the summer of 2022, the Russian ruble managed to reach parity with the dollar – this was unfeasible at the beginning of the year. It marks the turning point of Russia potentially becoming a superpower.
So the actual value of fiat money derives from the supply and demand forces of a government of a country and its stability. The more resources and trust backing up, the stronger that currency will be, globally.
The forex exchange market
The foreign exchange market is the place where currencies are traded.
Forex trading happens on digital exchanges that are available online. Other than for certain times on the weekend, traders continuously buy and sell currencies. The price they’re willing to buy and sell for pushes up or brings down the value of a currency in real-time. So the foreign exchange market is the place where currencies are traded.
The forex market is very useful because it simplifies high-volume trading between countries internationally. People instantly know roughly what rate they going to get when they have to convert from one currency to another, which is an aspect of importing and exporting goods…
For instance, an international currency may need to be swapped if you are, say, living in Downing Street, London; suppose you need to purchase wine from Italy, Rome. At some point, you will use your British pounds to pay the Italians for wine in Euros. Of course, Europe doesn’t want to trade with the Russians at all.
This need to exchange currencies, in order to support communication and business between different countries, is also true if you are going on holiday in a foreign country. Suppose you want to visit France, as a tourist. You cannot pay Parisians to visit the Effiel Tower unless you pay in euros.
This happens according to the current currency exchange rate – every time you pay for bread and cheese using your debit card, your card provider is facilitating the conversion of your GBP into euros.
Forex opening hours
Forex market opening hours are unique because of the fact that there is no single marketplace where foreign exchange happens for currencies. Rather, international trading is facilitated electronically and over-the-counter (OTC).
Each transaction occurs using computer networks operated by traders globally, rather than through a central exchange. In many ways, this was the original vision of cryptocurrency – a decentralised network of people buying and selling at will, without the management of a central bureaucracy.
This goes some way to explaining why forex is the largest financial market on the planet. Trays occur across each time zone. At the end of one trading day in North/South America, trading reopens in London UK and then Hong Kong begins its trading session. And so on. So pretty much, it is a matter what time of the day it is – you will find forex trading happening.
But the market isn’t open every day of the week. Forex is closed on Saturday and only partially open on Sunday. Other than Saturday and Sunday, the forex is open 24 hours a day. The nature of the forex is there is intensely active and, in many ways of thinking, very volatile.
What’s happening to the dollar and pound?
Overall, the USD and GBP collective hegemony is collapsing before our eyes.
Countries seem to be rushing to make deals with Russia and China and between themselves. There was a time when moving away from the dollar would have been seen as a risky enterprise.
I cannot say for sure what is going to happen, of course. But I would wager that the US dollar is going to continue to strengthen during 2022 before ultimately collapsing. The British pound seems to be destined to reach parity with the dollar and perhaps worse. And the emerging new superpowers are readily embracing “de-dollarisation”.
Overall, the USD and GBP collective hegemony is collapsing before our eyes. With RBS shutting down branches, Britain is heading into a depression, which will last for some time and likely be generational. Northern America has much more natural resources than Britain.
But they are facing an enormous existential political and social battle. All of this spells doom for the GBP and USD. This is because the value of a currency is based on its diplomatic connections, trust levels and prestige – not to mention its true level of production and resources.
The UK has faced a crisis of leadership in 2022. Immense drains on capital, in order to fund the support of Ukraine against Russia, have worsened what has been labelled “stagflation”. This inflationary windmill is seeing the price of foods skyrocket relative to real wages. Affluent areas are seeing few banks for the first time. There is growing civil unrest.
Tips: If you are British, this is a good time to save up, seek community connections that can be trusted, avoid debt, understand your values and family values; and consider your options such as downsizing, minimising and even travelling to more affordable countries.
Best forex brokers: The Verdict
So we’ve been on an adventure – a great journey, listing some of the most popular forex brokers and explaining how they operate and how the forex markets work. But how do we summarise all of this?
I want to close with a word on the big picture… 2022 has seen the world meltdown into a new order. Emerging nations are arranging themselves and forming alliances that disentangle themselves from globalisation. This chaos is absorbed into the forex market, which is why it may seem crazy.
Many nations are facing collapses, with UK bank branches possibly totally ending by 2025, and many currencies are radically changing in value.
So make sure you are paying close attention to how you use your focus. Getting too embroiled with the mayhem of the forex can lead to more consequences that are negative than positive. Consider how you want to use your time and how you can leverage money and savings you do have to amplify the quality and meaning of that use of time.
Top forex brokers – FAQs
What is the difference between forex and crypto?
Both cryptocurrency and forex are volatile (crypto more so), involve a lot of speculation and are considered to be financial assets. Investors exchange these policies not because they have fundamental value – it’s not the same as buying silver coins, or British pounds when it was still backed by gold. These products are purchased because of their trading value.
Forex and crypto are quite similar in the sense that most of the training happens between a very small number of products. For instance, there are a limited number of currency pairs for Forex. And the majority of trades happen with popular names in crypto, such as bitcoin and Ethereum.
But the forex market differs in that it is much more liquid than cryptocurrency. The forex is up to 3 times larger in total market value and much more liquid. Finally, forex is more regulated than crypto.
How many cryptos are there?
Last we checked (11th of August), there were more than 20,000 different crypto coins across more than 500 exchanges. In less than a year, this is almost a doubling in the number of coins and an increase in the number of exchanges by about a hundred. Bitcoin makes up the bulk of the market capitalisation.
Is forex good for beginner traders?
Trading on the financial markets, in general, is a form of speculation. It’s a quirk of modern times. As the world’s economies clash, collapse and emerge, it’s more important than ever to invest in things that are practical, directly useful and meaningful. Nevertheless, having extra cash diversified in different currencies can be very useful to hedge against hyper-inflation of your country’s national currency.
Is forex trading legal in Britain?
Forex trading is perfectly legal in Britain. Do forex traders pay tax in Britain? This is a complicated question. You should get an accountant because trading generally incurs capital gains tax, which must be paid at the end of the financial accounting year. Not paying could even land you in jail.
What time does forex open in the UK?
Forex trading hours for Great Britain, London is from 8 AM to 4 PM Monday to Friday. Hours differ on Sunday. Remember that the global foreign exchange market is actually open for business at all times of the day, five days per week. And London, Britain is one of the three major trading sessions. The other two are Tokyo and New York.
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