UK Trader looking for Broker Advice

Hi All,

I've been a reader of these forums for many months and i'm looking at opening up my first live account next week.

Now as I live in the UK im just wondering if any other UK traders could recommed a good broker.

Do all brokers deal in US dollers? i'm alittle gutted at the current exchange rate as i'm not going to get as many US dollers to UK Pounds when I open my account


Thanks in advance for all advice


PS. MT4 is the trading platform I like to use, so broker must support that.....Thanks agin

I would never advise someone to open a live account with any broker just in case. The one that fits your criteria most closely if you are looking for a UK based broker is alpari.co.uk. My personal experiences with them have been OK, but I found the order execution to be a bit too slow for my method of trading but you can deposit in GBP, USD, EUR or CHF, they're MT4 based, fairly well known and listed with the FSA. I do not know of many other UK based MT4 brokers, and to be fair you want to stick with the more reputable firms, although even then there are no guarantees. There are many other foreign MT4 brokers, some of which may allow you deposit in a choice of currencies. MBTrading will begin using MT4 at some point in the (hopefully not so distant) future and by all accounts they are a decent broker with top notch order execution, but only allow deposits in USD.

As a UK resident you may also be aware that proceeds of gambling are currently tax free, and this includes financial spread betting. There are several of these firms about (google it), including igmarkets.co.uk which I have had experience with. There are perks, such as the mobile trading software and the charting isn't completely hopeless, but I still prefer to do my chart analysis on MT4 (Alpari, WHC, FxPro) and MBTNavigator is my preferred trading platform.

I'd advise you to test the water with any broker using a smaller deposit before going crazy. The markets aren't going anywhere, but choosing the right broker for you is very important.

Hi,

As you are a UK resident you should consider opening an AC with a spread betting firm. You can have a Pound Dollar or Euro account and best of all you dont need to pay any tax on your winnings.

Beat me to it Birdt