The Global forex market turnover exceeds 2 trillion GBP. While this is commonly known, what isn’t is that 700 billion of this transacted through the City of London, making it the largest Forex hub in the market. UK forex is in an advantageous position due to long tradition of international business.
Geography is just as important, London (as well as the much smaller Paris and Frankfurt exchanges) being the only trading hub that has a trading day that overlaps with both the Asian and North American Markets. This geographical benefit allows UK forex traders to participate in the forex market during the most active trading hours, which typically see the most volatility, which translates into the highest potential profits.
In addition to the blessing of geography, the long-established forex trading industry in the UK allows individual traders other benefits as well. The very high level of competition between brokers dictates that long-established trading facilities offer extremely competitive spreads on even thinly traded currency pairs. The high level of broker competition also leads them to entice potential clients with a wide variety of benefits, such as free no obligation practice accounts, free training materials, even free cash bonuses given to new accounts!
Since forex brokerages do not charge a commission and only earn on the spreads, it is in their best interest to see a news client’s trading account be as profitable as possible, therefore, whether the client opens a manual or an auto trading account, the reputable brokerages offer a high level of client support, as only clients who are successful on the long term are of any benefit to the organisations.
To sum it all up, The UK is the best location in which to trade forex due to the favourable hours of the trading day, the excellent deals offered to the client by highly competitive brokerages, and the high level of client support that is available.