Forex broker advice/recommendations?

isayhello

Hi, I've been looking into Forex a bit lately, I'm a complete newbie and plan to play around with a demo account and just learn some basics. There seem to be so many brokers out there each with various pros and cons. Are there any that people here have tried and had good experiences with, am looking for something with low spreads and commissions.

Also as I'm based in the UK, is there any advantage or reason to stick with a UK based broker? or its the same to use a foreign broker if everything else was the same?

Daliah

What are you planning to use the broker for? Forex trading or the occasional transfer of funds to/from abroad? If the former, you'll probably not get a lot of encouragement on this board as people who hang out here are not day traders. If the latter, check monito.com for the best deal on the day

jimjames

If you're a complete newbie then unfortunately it sounds like a recipe to lose money. Unlikely you'll find anyone who has good experiences from this board as most people invest not trade

Mr.Saver

Personally I would use IBKR for trading FX if I must do day trading, but I don't do any day trading at all.

isayhello

Thanks all, it was just to learn a bit more about trading on forex. I wasn't sure which other forums to post on, so gave this one a go. I'll try to look for some others.

Eyeful

Call it Trading, Day trading, Speculation. It is just short term gambling. Do not do it. 
If you want to gamble stick to Premium Bonds or the National Lottery.

I do hope you have not been attracted to this type of gambling by social media.

Albermarle

isayhello said:

Hi, I've been looking into Forex a bit lately, I'm a complete newbie and plan to play around with a demo account and just learn some basics. There seem to be so many brokers out there each with various pros and cons. Are there any that people here have tried and had good experiences with, am looking for something with low spreads and commissions.

Also as I'm based in the UK, is there any advantage or reason to stick with a UK based broker? or its the same to use a foreign broker if everything else was the same?

You have been asking a lot of questions on the forum recently, about pensions, drawdown, ETF's , long term investments ,holding cash etc ? and got a lot of answers. So a bit surprising that you should suddenly take in an interest in a very risky area like Forex?
If it is only a few quid and 'just for fun' ( which hopefully it is ), you would have more fun with a day at the races and trying to back a couple of winners, or betting on the football.

adindas

This is not an exhaustive list, I I just  mentioned the big name I am quite familiar with

https://www.ig.com/

https://www.fxcm.com/forex_trading

https://pepperstone.com

I know IG has a practice account where you could practice, I believe the others have as well but have not tried it.

This is a more comprehensive UK Forex Brokers In August 2022 [FCA Regulated List]

https://www.compareforexbrokers.com/best-forex-broker/uk/

The Forex trading is more ferocious and riskier than the stock market. Most people lose money in the Forex Trading. So learn how to climb the rope before start sailing.