Brokers With GBP Accounts

The Great British Pound (GBP) is one of the world’s major currencies and is widely traded in the financial markets. Many global brokers offer a choice of base currencies including the GBP. This guide will list the best brokers with GBP accounts and their respective benefits.

Brokers With GBP Accounts

Forex.com boast a global reputation. Regulated in the UK, EU, US and Canada they offer a huge range of markets, not just forex, and offer very tight spreads and a cutting edge platform.
IB Boast a huge market share of global trading. With a minimum deposit of $10,000 however, they remain an option for larger traders only.

What Is A GBP Account?

Your base currency determines which fiat money your account is denominated in. Brokers with a GBP account will hold your investing capital in pound sterling. Trading statements, deposit requirements, plus profits and losses will all be converted into GBP. So if you open an account in GBP but you deposit funds in EUR, the funds will automatically be converted into GBP at the prevailing inter-bank price. Any fees and commissions, account charges, plus other miscellaneous costs will also be charged in pound sterling.

Base currencies are selected during account registration and set-up. Many UK traders select GBP as the base currency but international traders that actively invest in GBP may also choose to do so.

GBP Explained

The Great British Pound is the national currency of the United Kingdom. The country’s central bank, the Bank of England, is responsible for overseeing monetary policy and maintaining financial stability. The Great British Pound is the fourth most traded currency on the forex market and is available at many top online brokers.

Brokers with a GBP account

Pros Of Brokers With GBP Accounts

  • Fees – many brokers using GBP as a base currency do not charge deposit and withdrawal fees, though third party fees may still apply
  • Speed – GBP account funding and withdrawals via local bank transfers tend to be quick, taking no longer than 1 business day
  • Exchange risk – GBP forex investors can benefit from trading at brokers with GBP accounts as there is less risk of losing capital when converting profits and losses to and from different currencies
  • Regulation – Brokers with a GBP account are more likely to be registered with the Financial Conduct Authority (FCA). Most firms and individuals offering, promoting, or selling financial products in the UK have to be authorised by this regulatory body
  • Accessibility – brokers with GBP accounts facilitate seamless access to the financial markets, especially for UK traders. Clients can speculate on forex, stocks, cryptos and more without needing to convert their pound sterling into the US dollar or euro, for example

How To Check A Broker Offers A GBP Account

It may not be immediately clear if a broker offers a GBP account, but the sign-up section is a good place to start. The deposits and withdrawals page should also indicate accepted currencies, though exchange rate fees may apply if accounts aren’t available in the desired currency. Additionally, you can check a broker’s terms and conditions or contact the customer support team if it’s unclear.

It could be worth clarifying with the broker if live account currencies can be amended after the registration stage. This may be needed if your country of residency changes for example.

How To Compare Brokers With GBP Accounts

Brokers with a GBP account are ideal for investors who actively trade the pound sterling. When choosing between providers, it’s worth considering several factors:

  • Fees – check deposit and withdrawal fees are competitive. Many of the top online brokers with GBP accounts do not charge any processing fees, though third-party bank or credit/debit card charges may apply
  • Demo accounts – paper trading accounts are a good way to navigate simulated market conditions. Many brokers provide access to virtual funds in a choice of currency
  • Assets – available trading markets vary by broker. Traders wishing to invest in a range of products to build a diverse portfolio should check the list of instruments available, from FX and stocks to commodities and cryptos
  • Bonuses – ESMA and FCA regulations restrict the use of financial incentives aimed at retail trading clients. As a result, bonuses and promotions may be limited among brokers offering EU clients GBP trading accounts
  • Platforms – whether it be a mobile app or desktop download, make sure you understand the features and tools available with the broker’s platform. These may include the industry recognised MT4 and MT5, or bespoke proprietary platforms

Online brokers with GBP accounts

Final Word On Brokers With GBP Accounts

Brokers with a GBP account unlock several advantages, particularly for UK residents or those actively trading the pound sterling. Fortunately, as the fourth most traded currency in the world, many of the best brokers offer GBP accounts. See our list of the top providers and be mindful that most platforms don’t make it easy to change your account currency once live.

FAQ

What Is A GBP Trading Account?

A broker with a GBP account offers the Great British Pound as the denominated currency. This represents the currency used to trade and is the base for account fees, transaction reporting and commissions.

Why Use Brokers With GBP Accounts?

Using a broker that offers GBP accounts has several advantages, particularly for UK traders, including no exchange rate fees, generally low deposits and withdrawals, plus straightforward access to the financial markets.

How Can I See If A Broker Offers A GBP Account?

Check the terms and conditions in the accounts section of a broker’s website. If it’s still unclear, contact the customer support team.

Can Anyone Open An Account With Brokers That Offer A GBP Account?

Usually anyone can open an account in GBP as the base currency regardless of where they’re based. Simply select GBP during account registration and remember it may not be possible to change your base currency once your account is live.

How Do I Know Which Brokers With A GBP Account Are Best?

When looking for the top online brokers that accept GBP as the base currency, consider market access, spreads and commissions, plus the trading tools available. We’d also recommend opening an account with a regulated provider. See our list of the best brokers with GBP accounts.