The 9 Best Brokers for Trading EUR/GBP
If you are a savvy investor, then you’ll be well aware that forex trading (also known as foreign exchange trading) can be an effective way of generating profit.
It’s a practice that allows you to buy and sell currency pairs, taking advantage of fluctuating exchange rates.
Trading takes place globally by individual traders, investors, even banks and other financial institutions.
The largest markets for forex trading are in London, Tokyo, New York and Hong Kong – and trades take place 24 hours a day, seven days a week.
At WikiJob, we’ve previously published many articles on forex trading, ranging from the benefits of forex trading through to how to trade forex on a low budget and even how to become a successful part-time forex trader.
If you’re interested in learning more about what forex is and how it works, we highly recommend that you read some of our other articles to enhance your knowledge and understanding of the forex market.
You may already know that one of the best ways to trade forex is to use a specialist broker or a dedicated forex trading platform.
In this article, we’ll help you understand who the best brokers are for trading EUR/GBP currencies.
A list of the Top Brokers for Trading EUR/GBP
Description of the Best Brokers for Trading EUR/GBP
To help you get started in your forex trading, we’ve identified the best brokers for EUR/GBP trades.
As always, it should be noted that any recommendations from the WikiJob team do not constitute financial advice and you should always undertake due diligence and speak to a financial advisor before starting your investment journey.
However, here are 9 highly regarded trading platforms that you may wish to look into to help you make the most of your EUR/GBP forex trade.
1. eToro
Below content does not apply to US users
Pros:
Regulated by FCA, ASIC
0% commission on stocks
Social and copy trading
Cons:
More expensive than most of its competitors
No MetaTrader platforms
Founded in 2007, eToro is considered a very low-risk broker as it is highly regulated by the Financial Conduct Authority (FCA) in the UK and many other regulatory bodies elsewhere.
Opening an account is free and you can access a $100,000 demo account to test the system.
It offers 47 currency pairs for trading. Spreads for forex trading have recently been significantly reduced and range from a very competitive 1 to 3 pips for major currency pairs.
Typical spreads for EURUSD and USDJPY trades, for example, are just 1 pip. EURGBP sitting at around 1.5 pips.
You can see the full list of spreads on the eToro website.
You’ll need to deposit a minimum of $200 for Copy Trading, eToro's standout feature which allows you to follow other traders and copy their trades.
This forex broker is great for beginners due to its user-friendly interface and app and 24-hour customer support. It allows you to trade currencies, stocks and cryptocurrencies in one portfolio and the Copy Trading system is a great way to learn.
The company also offers trading courses and features a Learning Lab which houses a variety of tools to support clients with their trading experience.
76% of retail investor accounts lose money when trading CFDs with eToro. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take two mins to learn more.
2. AvaTrade
Pros:
Worldwide regulated
Multiple platforms – MT4, MT5, etc.
Negative balance protection
20% welcome bonus
Educational content
Wide rage of payments methods
Fixed spreads
Cons:
You can’t buy stocks
Quarterly and annual inactivity fees
Customer support is not available 24/7
No bonus for EU-based clients
No US clients accepted
Imitated crypto assets
AvaTrade is a CFD Regulated broker with +1,000 financial instruments and multiple trading platforms. It has been operating since 2006.
It offers a 20% welcome bonus up to $10,000, according to regulation and a free 21-day demo account with $100,000.
Instruments include:
Metals
Commodities
Stocks
FX Options
Oil
ETFs
Options
Crypto currencies
CFDs
Indexes
Shares
Spread betting
Indices
Forex
Bonds
AvaTrade EU Ltd is regulated by the Central Bank of Ireland. (No.C53877)
Ava Trade Markets Ltd. is regulated by the B.V.I Financial Services Commission. It is also highly regulated in Australia, South Africa, Japan, the Middle East, Cyprus and Israel
You can not trade with AvaTrade in the US, North Korea, New Zealand, Iran or Belgium.
Minimum deposit of $100, no withdrawal limit and no fees.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
3. IG
Pros:
Highly regulated
MetaTrader 4 (MT4)
Over 10,000 instruments
Available in the UK
24/7 customer support
Cons:
High fees
No copy trading
Inactivity fees
IG specializes in retail forex trading and has gained a solid reputation as being one of the best forex trading platforms for traders.
It has a wide range of investment opportunities, from spread betting and CFDs for short-term investments as well as SIPPS and stocks and shares ISAs for long-term financial planning.
It operates across 17,000 markets and has 51 pairs available for forex trading.
The $250 minimum deposit means that you don’t need to have huge sums of money to invest, and guaranteed stop losses are free of charge with IG.
Accessibility is a huge plus point with IG – users can manage their forex trades via the phone, online (through the IG website) or via a mobile platform.
This means that you can remain in control of your investment wherever you are located.
The customer service at IG is highly rated by users, and with 45 years of experience, you can feel confident that you will receive helpful advice and support from their advisors.
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70% of IG retail investor accounts lose money when trading spread bets and CFDs with IG. 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.
4. Plus500
Pros:
No buy/sell commissions and tight spreads
Leverage of up to 1:30
FREE unlimited Demo
2,800+ trading instruments
Real-time quotes and advanced analytical tools
Fast and reliable order execution
Cons:
No API integrations
No social copy trading
Plus500 was founded in 2008, and is considered to be a high-trust broker because not only is it regulated by top-tier bodies like the FCA in the UK and ASIC in Australia, but it is also listed on the London Stock Exchange.
Plus500 offers CFDs, 71 forex pairs and stocks. You can trade using its proprietary platform, which is available as a desktop download, a web trader and a useful, well-designed and streamlined mobile app.
Deposits and withdrawals are fast and free, and you can use a bank transfer, eWallets, and credit or debit cards to fund your account.
The minimum deposit is quite high, however, at £100.
The trading fees are about average, so there is not too much cost involved with making trades or maintaining an account at Plus500.
Plus500 does not offer access to platforms like MetaTrader, but it does have a proprietary platform called Web Trader that is simple and easy to use with a range of charting options and trading tools.
However, for those who like a lot of research in their trading apps, Web Trader and Plus500 as a whole does not provide that much detailed information.
For beginner traders, Plus500 does have a demo account where you can practice trading without risking your own capital, and the Trading Academy has a reasonable amount of educational material in the form of videos, eBooks and articles.
There is also a Traders Guide which has some further learning resources.
80% 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. CFD trading via Plus500’s demo account.
5. Vantage Markets
Pros:
Regulated by FCA, ASIC and VFSC
Low forex fees
No inactivity fee
No withdrawal or deposit fee
Good MetaTrader add-ons
Social trading
Cons:
CFD trading carries risk
$50 is needed to start trading
Vantage Markets was founded in 2008 to be a transparent forex broker and has grown to include 40+ forex pairs and over 1000 different assets including EFTs.
As a broker, Vantage Markets is well-regarded and considered safe thanks to regulation by ASIC, FCA and VFSC.
Vantage Markets offers access to the markets through the popular MT4 and MT5 platforms and a feature-stuffed mobile app.
There are three account types:
Standard STP. Perfect for novices, this is a no-commission account that works across all trading instruments, with a minimum spread of 1.0 pips. The minimum deposit is $50.
Raw ECN. Designed for more experienced traders, this account charges a commission of $3 per lot per side but the spreads start at 0.0 pips. The minimum deposit is $500.
Pro ECN. This is for professional, high-volume traders, and offers a commission of $1.5 per lot per side, with spreads from 0.0 pips. The minimum deposit is $20,000.
Vantage Markets is seen as a good, reliable broker that offers social and copy trading – without being prohibitively expensive in terms of non-trading costs or commission.
Vantage Markets offers 40+ forex trading pairs and has a low minimum spread for EURGBP at 0.2 pips.
Trading Forex and CFDs involves significant risk of losing of your invested capital and is not suitable for all investors. 64.86% of retail investor accounts lose money when trading CFDs with this provider. You should not invest more than you can afford to lose and should ensure that you fully understand the risks involved. Before trading, please take into consideration your level of experience, investment objectives and seek independent financial advice if necessary.
6. Saxo
Pros:
Heavily regulated
Good product portfolio
Low forex fees
No withdrawal or inactivity fees
Cons:
Does not accept US clients
High fees for options, futures and bonds
Saxo specializes in working with experienced traders as well as those looking to invest in exotic pairs.
Saxo's clients benefit from 24-hour customer service that is open across all markets and have the opportunity to build relationships with account managers and trading experts.
This means that you can take advice from those in the know and establish the best ways to manage your investments.
Another reason to trust Saxo, beyond its numerous industry awards, is its size.
With 25 years of experience, Saxo currently works with clients across 170 countries and processes over one million transactions per day.
The sheer scale of the operation means that you can feel confident that your funds will be protected.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 65% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs, FX or any of our other products work and whether you can afford to take the high risk of losing your money. Losses can exceed deposits on some products.
7. XTB
Pros:
Regulated by the FCA
Low forex fees
Fast withdrawal and deposit with no fee
Live chat customer service
Cons:
Limited product portfolio
High fees for stock CFDs
As a broker that you can trust, XTB is both well-regulated and listed on the stock exchange. The registered office is in Canary Wharf, London.
XTB offers investors and traders the opportunity to trade commodities, stocks, metals, forex, indices and cryptocurrencies, as well as ETFs and CFDs, and it is regulated in top-tier jurisdictions by FCA, CySEC, IFSEC and KNF.
Traders can easily open an account online and can choose between the commission-free Standard account or the Pro account that includes tighter spreads, but there is a commission that needs to be paid on all trades.
Deciding what platform to use to make your trades depends on your location – in most countries, you can choose MetaTrader 4 or the proprietary platform xStation (although MT4 is not available to UK customers).
XTB is a great choice for beginners thanks to the huge range of educational materials, categorized by level (beginner, intermediate and advanced) and the customer service options that are available only on weekdays.
There is a fully functional demo account so beginners can practice strategies and get used to using the platforms.
The more experienced trader will enjoy a huge range of research resources, including trading signals, technical analysis, details about different instruments, and even a heat map and market sentiments.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
8. ActivTrades
Pros:
No minimum first-time deposit
Optimal trading execution
More than 1,000 CFDs
State-of-the-art trading infrastructure
Customer support in 14 languages via email, chat and telephone
Cons:
No copy trading
Not available for US clients
No bonus for EU-based clients
ActivTrades is a traditional CFD broker and has been trading for more than 20 years on 140 markets. ActivTrades is authorized and regulated by the FCA, CSSF and SCB.
Its strong points include:
No minimum first-time deposit
No commissions
Several payment methods for deposits and withdrawals
Tight spreads from 0.5 pips
It offers one of the best execution speeds in the industry with low latency below 0.004s.
It utilizes the most advanced technology to improve users' trading efficiency – users can automate trades, build integrations and create trading apps using ActivTrades' market-leading CFD and spread betting technology.
Exceptional trading infrastructure is available on ActivTrader and MetaTrader 4 and 5.
ActivTrades invests deeply in specially developed educational materials for its clients – including webinars, regular outlooks, manuals, etc.
Type of offers: ActivTrades focuses on well-developed products in its trading portfolio. Customers can choose from over 1,000 CFD or spread betting instruments across forex, indices, shares, commodities, financials and ETFs.
It also offers investing solutions for its institutional partners.
Spread betting allows UK residents ONLY to trade the prices of financial instruments, including forex, indices, commodities and LSE shares.
Spread betting and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70% of retail investor accounts lose money when spread betting and/or trading CFDs with this provider. You should consider whether you understand how spread betting and CFDs work and whether you can afford to take the high risk of losing your money.
9. SwitchMarkets.com
Pros:
Regulated by ASIC
Low minimum deposits
No deposit fee
No inactivity fee
Free VPS
Social trading
Tight spreads
Useful trading tools and research
Cons:
Not FCA regulated
With Switch Markets you can trade Forex, CFDs, Crypto, Commodities and more on either a live trading account or a demo account.
This regulated broker offers ideal trading conditions no matter what your style of trading.
You have the choice of a zero commission account or a zero spreads account, and you can deposit as little as $50 to start trading.
There’s even leverage up to 1:500 available if you want it.
Unlike most brokers that offer a VPS, Switch Markets will give you a high-spec VPS completely free with your trading account – this is well worth it if you are an EA trader.
Read its reviews and you will see that its customer support is exceptional and available around the clock – something often overlooked when choosing a broker.
Withdrawals and deposits are fast too.
This is an ideal broker for those looking to improve their trading skills.
There are cashback promotions, free trader tools and EAs (such as Risk Manager) when you open a demo or live account.
This is an ideal broker for those looking to improve their trading skills.
It has partnered with some of the best trading education providers to give you free membership to a world-class education – fantastic for beginner traders.
A broker to check out!
Trading OTC derivatives is risky; please read our PDS and disclaimer before trading with us. We encourage you to seek your own independent advice and to consider your own financial situation, needs and objectives prior to making any decisions.
What Is EUR/GBP?
As forex trading relates to foreign currencies, you may already know that EUR/GBP refers to the Euro (which is used in countries such as France, Italy, Spain and Ireland) and the British pound (which is the currency of the United Kingdom).
Is EUR/GBP a Minor Pair or a Major Pair?
The forex market is based on pairs of currency. You buy one currency and you exchange it for another in a bid to make a profit on the currency conversion.
These currency pairs are categorized into three distinct groups:
Major pairs – Those that are most commonly traded.
Minor pairs – Those that do not involve the US dollar. They can also be known as **cross-currency** pairs.
Exotic pairs are more niche. They tend to be a mix of a major currency (such as the USD) with an emerging currency (such as the Norwegian Krone or the South African Rand).
Although the EUR/GPB pair is a minor currency because it doesn’t involve the US dollar, it is a widely traded pair.
Why Do You Need to Know if Your Forex Pair Is Major or Minor?
The key to successful forex trading is understanding the importance of pairs.
Those new to the market will likely focus on the major pairs such as EUR/USD, USD/JPY or GBP/USD. This is because the trades are far more common and easily accessible.
Trading in exotic pairs tends to be left to experienced traders who have an in-depth understanding of the trading conditions and know how to read the market.
What You Should Consider When Trading EUR/GBP
This is a hugely important pair for many traders as it has high liquidity and a high volume of trade.
As the pair operates within a similar time zone, market fluctuations typically take place between 6 a.m. and 4 p.m. to account for the GMT and European time zones.
As the Euro covers a large part of the European continent, potential traders must pay close attention to the different political and economic challenges facing those countries.
The European Central Bank (ECB) releases a variety of reports which can help traders understand how the Euro’s value may fluctuate.
These reports will look comprehensively at a variety of factors such as:
Unemployment figures in different countries
Economic prospects
Interest rates, etc.
These consolidated figures are then used to provide data that predicts how the Euro may behave in the forex market.
Before buying/selling GBP, it’s also important to look at what the Bank of England (BOE) is forecasting.
The Bank of England is in control of interest rates, and much of the UK’s economic prosperity is led by this.
An additional factor to consider when trading EUR/GBP is the impact of Brexit.
When the United Kingdom voted to leave the European Union in 2016, there was much concern in the forex market about what this could mean for the two currencies.
The UK officially left the EU in January 2021 and traders will be carefully considering what the economic fallout could be, both in the short term and the long term.
As with any investment, there is never a guarantee that you will make a profit. However, trading a EUR/GBP pair is deemed a relatively low-risk investment.
This is because both currencies are classed as ‘strong’ currencies and prices typically stay consistent, which limits your potential risk.
Why It’s Important to Choose the Right Broker to Make Your EUR/GBP Trade
Many traders choose to use a dedicated and specialist broker to assist them in their forex trading. But how do you know which is the best broker?
Just because a broker is highly regarded in a specific currency pair, how do you know that they are the best brokers for trading EUR/GBP?
Before you make any investment, you must do your research. You need to feel confident that you are choosing the right forex broker for your needs.
This may depend on your experience in forex trading, your available budget, your expectations of customer service and whether your funds are fully protected.
Frequently Asked Questions
What are the best brokers for trading EUR/GBP?
Some of the best brokers for trading the EUR/GBP currency pair include IG, Plus500 and eToro.
Don’t invest in unless you’re prepared to lose all the money you invest.
These brokers offer competitive spreads, low commissions and a range of trading platforms to choose from.
What is the best time to trade EUR/GBP?
The best time to trade the EUR/GBP pair is during the European trading session, which runs from 8:00 AM to 4:00 PM GMT.
During this time, there is generally higher volatility and liquidity in the market, which can increase trading opportunities.
Is EUR/GBP a good pair to trade?
Yes, EUR/GBP is a popular and commonly traded currency pair due to the strong economic ties between the Eurozone and the United Kingdom.
This pair can offer good trading opportunities for both short-term and long-term traders.
What is the minimum deposit required to start trading EUR/GBP pair?
The minimum deposit required to start trading the EUR/GBP pair varies among brokers. However, it typically ranges from $100 to $500.
What are the fees associated with trading EUR/GBP with a broker?
The fees associated with trading the EUR/GBP pair with a broker include spreads, commissions and overnight financing charges.
These fees can vary among brokers and should be considered when selecting a broker for trading this pair.
What is the minimum trade size for EUR/GBP with a broker?
The minimum trade size for EUR/GBP with a broker varies among brokers.
However, it typically ranges from 0.01 to 0.1 lots (or 1,000 to 10,000 units of the base currency).
What types of trading strategies are recommended for trading EUR/GBP?
There are several trading strategies that can be used when trading the EUR/GBP pair, including trend following, range trading and breakout trading.
Traders may also use technical indicators such as moving averages, MACD and RSI to help identify potential entry and exit points.
What are the main thing to consider when choosing a EUR/GBP broker?
When choosing a EUR/GBP broker, it is important to consider factors such as regulation, reputation, fees, trading platform, customer support and available trading instruments.
Traders may also want to consider the broker's trading conditions, such as spreads, commissions and leverage.
Is the EUR/GBP pair volatile?
The EUR/GBP pair can be volatile at times, particularly during news releases and events that impact the economies of the Eurozone and the UK.
Traders should be prepared for potential price fluctuations and adjust their risk management strategies accordingly.
Is EUR/GBP pair a good choice for a beginner trader?
While the EUR/GBP pair can be a good choice for traders of all levels, beginner traders may want to start with a demo account or smaller position sizes until they gain more experience and confidence.
What are some common mistakes to avoid when trading EUR/GBP with a broker?
Common mistakes to avoid when trading EUR/GBP with a broker include overtrading, ignoring risk management, and not keeping up-to-date with economic news and events that may impact the currency pair.
What brokers offer leverage for trading EUR/GBP?
Many brokers offer leverage for trading EUR/GBP, with the maximum leverage depending on the broker's policies and regulations.
Traders should be aware of the risks associated with leverage and use it carefully and responsibly.
Final Thoughts
As you can imagine, there are hundreds of trading platforms available that can facilitate EUR/GBP trades. But to find the best forex trading platform, you need to consider your experience and your investment levels.
Throughout our research of the five best brokers for trading EUR/GBP, we discovered, although trading platforms are broadly similar, they do have their specializations which should factor into your choice.
For those new to the market, a platform such as IG could be a good option. For those with more experience, bigger budgets or an interest in exotic pairs as well as EUR/GBP trades, you may be more suited to something like Saxo or Interactive Brokers.
You must consider what is important to you. Do you want to be heavily involved in your forex trade, or would you prefer a platform that automates your investments or has an experienced account manager/trade expert on hand to manage your investment on your behalf?
Are you looking for a system that offers comprehensive risk management tools to minimize your potential losses? Do you need help to interpret and understand the forex trading charts?
Another tip to consider when researching which is the best forex trading platform to use, is to research what percentage of users lose money when trading with that provider.
Most forex brokers will publicly share that information on their website homepage (often at the top of the page). This will give you a good insight into how risky your investment may be.
Finally, an easy way to find the best forex broker is to ask to use their demo accounts before you officially hand over your credit card or bank details.
Take the time to get to know different platforms and interfaces – some will feel far more intuitive than others. You need to have confidence that you know how to use your broker’s trading platform to achieve success.