Best Forex Brokers for EUR/GBP Trading 2024

A forex broker is a financial services company that provides traders access to platforms for buying and selling currencies, acting as intermediaries between retail traders and the global currency market. Forex brokers allow both individuals and businesses to trade currencies electronically.

The EUR/GBP pair represents the exchange rate between the euro and the British pound, offering a unique trading opportunity as it is influenced by economic data from the Eurozone and the UK without involving the US dollar. This pair is popular among traders looking to capitalize on economic and political shifts within Europe, as it is impacted by factors such as interest rate decisions, trade agreements, and geopolitical events in the EU and the UK. The EUR/GBP pair can be traded through spot forex transactions, CFDs (Contracts for Difference), and futures contracts. Many forex brokers provide access to trade the EUR/GBP pair on their platforms, often with narrow spreads and helpful analytical tools.

With numerous online forex brokers available, finding the right one for EUR/GBP trading can be challenging. In this article, we’ve compiled a list of the best forex brokers for trading the EUR/GBP pair. Our goal is to assist you in finding trustworthy partners that align with your trading objectives while ensuring a smooth and efficient trading experience.

A List of Top 8 Forex Brokers for EUR/GBP Trading

• Pepperstone: Best Overall Forex Broker
• IC Markets: Best for for Tight Spread
• ActivTrades: Best for EU and UK Traders 
• Etoro: Best For Social Copy Trading 
• BlackBull Markets: Best Broker For Free TradingView
• Exness: Best for Instant Deposit and Withdrawal
• XM: Best for Deposit Bonus
• Eightcap: Best for Smart Trading Tools
• Avatrade: Best for Automated Trading
• FBS: Best For High Leverage (as high as 1:3000) 

Best Forex Brokers for EUR/GBP Trading (Compared and Reviewed)

Can I trust these online brokers for EUR/GBP Trading?

Yes, you can trust these brokers. Brokersway recommends brokers based on facts and findings. We evaluate brokers based on 170 data points grouped into 6 macro categories including regulations and security, fees, Trading experience, trading tools, customer support, and trading education. Multiple regulatory authorities regulate these brokers. So they are legit and trusted. Here are the regulations of these brokers

• Pepperstone: Regulated by 7 regulatory authorities including FCA, ASIC, CySEC, BaFin, DFSA, CMA, and SCB
• IC Markets: Regulated by 3 Regulatory Authorities including FCA, CySEC, and ASIC
• ActivTrades: Regulated by 5 Regulatory Authorities including SCB, FCA, CMVM, BACEN, and CVM
• eToro: Regulated by 7 Regulatory Authorities including SEC, FINRA, FCA, CySEC, FSA-S, SIPC, ADGM
• BlackBull: Regulated by 2 Regulatory Authorities including FMA, FSA-S
• Exness: Regulated by 8 Regulatory Authorities including CySEC, FCA, CMA, FSCA,  FSA in Seychelles, CBCS, FSC (Mauritius), and FSC (BVI)
• XM: Regulated by 5 Regulatory Authorities including ASIC, CySEC, DFSA, FSCA, and FSC in Belize (Global)
• Eighcap: Regulated by 5 Regulatory Authorities including ASIC, FCA, CySEC, SCB, and FSASVG
• AvaTrade: Regulated by 9 Regulatory Authorities including ASIC, JFSA, FSA, FSCA, ADGM, CBI, ISA, KNF, IIROC
• FBS: Regulated by 3 Regulatory Authorities including Cysec, ASIC, FSC-Belize

How Did We Choose the Best Forex Brokers for Trading EUR/GBP?

To choose the best brokers for EUR/GBP trading, we follow the procedures below.

Research

To find the best forex brokers for EUR/GBP trading, we conducted extensive research, focusing on the features, services, and regulations associated with each broker. We analyzed market trends, broker offerings, and user feedback to understand what traders value most. This comprehensive approach allowed us to build a solid foundation for our evaluations.

Data Collection

We gathered data from various reliable sources, including official regulatory bodies, broker websites, and reputable financial news platforms. This data encompassed key metrics such as trading fees, available assets, leverage options, and client support services. Additionally, we considered user reviews and testimonials to gauge trader satisfaction and experiences.

Verification

After collecting data, we verified the information to ensure accuracy and reliability. This step involved cross-referencing details from multiple sources, including regulatory websites and independent reviews. By ensuring that our data is accurate, we aim to present an honest assessment of each broker’s strengths and weaknesses.

Live Testing

We conducted live testing of the shortlisted brokers to provide a real-world perspective. This involved opening demo accounts and executing trades to evaluate the trading platforms, order execution speed, and customer service responsiveness. Our live testing process allowed us to assess each broker’s performance under actual market conditions, providing valuable insights into their functionality.

Scoring

Finally, we scored each broker based on a set of criteria, including regulatory compliance, trading costs, platform usability, available trading instruments, customer support, and overall user experience. Each category was assigned a specific weight, reflecting its importance in the trading process. The scores helped us rank the brokers, ensuring that our recommendations align with the needs and preferences of traders who want to trade EUR/GBP or other Major currency pairs. 

What is a Forex broker?

A forex broker is a financial intermediary that facilitates trading in the forex market, providing platforms where traders can buy and sell currency pairs. Forex brokers enable retail and institutional clients to access the market, which operates 24 hours a day, five days a week, ensuring seamless connectivity to global trading opportunities.

Beyond currency trading, forex brokers typically offer additional trading instruments, such as commodities, indices, stocks, and cryptocurrencies via CFDs. These CFDs allow traders to profit from asset price fluctuations without owning the actual assets. Forex brokers also often provide leverage options to enhance potential returns, along with market analysis tools and educational resources designed to aid traders in refining their trading approach.

What is EUR/GBP ?

The EUR/GBP currency pair represents the exchange rate between the euro (EUR) and the British pound (GBP). It is influenced by economic data and monetary policy decisions from both the European Central Bank (ECB) and the Bank of England (BoE). Key factors affecting EUR/GBP include interest rate changes, inflation figures, GDP growth, and trade balances for both the Eurozone and the UK. Political developments, such as Brexit negotiations and UK-EU relations, also play a significant role in shaping the pair’s movements. As both currencies are from major economies in Europe, EUR/GBP can be highly sensitive to regional economic conditions and shifts in investor sentiment.

EUR/GBP is widely available for trading through forex brokers as a spot pair or via Contracts for Difference (CFDs), offering opportunities to speculate on the exchange rate movements based on the relative economic performance of the Eurozone and the UK. The pair tends to be less volatile than some other major currency pairs, but it can experience significant fluctuations during key economic data releases or political events, such as UK elections or changes in European Union policy. For traders, EUR/GBP provides a chance to capitalize on the economic divergence between the Eurozone and the UK, while also being influenced by broader market sentiment and risk appetite.

How to Trade EUR/GBP Forex Online?

To trade EUR/GBP, you need to have a solid understanding of the EUR/GBP pair. This currency pair represents the exchange rate between the euro and the British pound, and it is influenced by economic events, interest rate decisions, and monetary policies from both the European Central Bank (ECB) and the Bank of England (BoE). Price movements in EUR/GBP are often driven by factors such as inflation reports, GDP growth, and political developments in the Eurozone and the UK. As both currencies belong to major economies, this pair is known for its liquidity and stability, but it can still experience volatility during key news events. Next, develop your skills in market analysis and create a trading strategy that will help you generate effective trading signals. Start EUR/GBP trading by practicing and refining your strategies on a demo account to gain confidence without risking real money. Once you’re ready, you can follow this step-by-step guide to start live EUR/GBP trading:

Step 1: Choose a forex broker and open a trading account.
Step 2: Verify your account, fund it, and download the trading platform if required.
Step 3: Select the EUR/GBP pair and create a new order.
Step 4: Set your trade parameters, including trade volume, stop loss, and take profit levels.
Step 5: Place your order by clicking ‘buy’ or ‘sell.’
Step 6: Monitor your trade and close it when you achieve your target. This completes the EUR/GBP trade.

What Session is Best For Trading EUR/GBP?

What Affects the Price of EUR/GBP Pair

The EUR/GBP exchange rate is primarily influenced by economic indicators, central bank policies, and geopolitical events that reflect the close yet complex economic relationship between the Eurozone and the United Kingdom. Here are the main factors impacting EUR/GBP movements:

1. European Central Bank (ECB) Policy

The European Central Bank (ECB) plays a significant role in determining the value of the euro. When the ECB raises interest rates to curb inflation or strengthen economic stability, the euro generally appreciates, which can drive the EUR/GBP rate higher. Conversely, a more accommodative stance, including rate cuts or asset purchase programs, tends to weaken the euro. ECB policy statements, economic forecasts, and guidance on inflation targets and growth provide critical insights for traders in anticipating shifts in EUR/GBP based on changes in euro demand.

2. Bank of England (BoE) Policy

The Bank of England’s (BoE) policy decisions have a direct impact on the British pound. Rate hikes by the BoE typically strengthen the GBP, putting downward pressure on the EUR/GBP rate, while dovish actions, such as rate cuts or quantitative easing, can weaken the pound and lift EUR/GBP. Regular BoE policy meetings, minutes, and statements on inflation, growth, and economic stability are key factors influencing the pound’s value against the euro. BoE policies are often influenced by unique post-Brexit economic considerations, further impacting the pair.

3. Inflation Rates in the Eurozone and UK

Inflation levels in both the Eurozone and the UK drive central bank policies and thus impact the EUR/GBP rate. High inflation usually prompts the ECB or BoE to raise interest rates, strengthening the respective currency. Conversely, low inflation often leads to looser monetary policy, which can weaken the currency. Consumer Price Index (CPI) data from both regions are essential indicators of future monetary policy and can cause shifts in the EUR/GBP exchange rate as traders anticipate central bank responses to inflation trends.

4. Economic Growth Indicators

Gross Domestic Product (GDP) growth in the Eurozone and the UK reflects the economic health of each region, impacting the strength of the euro and the pound. Strong Eurozone GDP growth generally supports the euro, driving EUR/GBP upward, while strong UK GDP growth strengthens the pound, potentially pushing the pair lower. Regular GDP reports, economic forecasts, and updates from institutions such as the European Commission and the UK Office for National Statistics provide critical information that traders use to gauge economic performance and likely EUR/GBP movements.

5. Employment Data

Labor market data, including unemployment rates and job growth, are indicators of economic strength in both the Eurozone and the UK. Low unemployment and high job growth in the Eurozone can boost the euro, supporting a higher EUR/GBP rate, while similar trends in the UK tend to strengthen the pound and may lower the pair’s value. Employment data releases, such as the Eurozone’s unemployment reports and the UK’s monthly employment data, offer insight into economic resilience and potential central bank actions that can impact EUR/GBP.

6. Trade Balance and Current Account Data

The trade balance and current account data for both the Eurozone and the UK influence the EUR/GBP exchange rate. A strong trade surplus in the Eurozone, driven by high export demand, can support the euro, while a UK trade deficit can weaken the pound, potentially raising the EUR/GBP rate. Conversely, a UK trade surplus or Eurozone trade deficit can drive the pair downward. Trade data, which reflects the relative export competitiveness of each region, is essential for assessing supply and demand for each currency and thus impacts EUR/GBP.

7. Post-Brexit Economic and Regulatory Changes

Post-Brexit adjustments in trade, regulatory alignment, and economic policy create unique influences on the EUR/GBP rate. Diverging trade policies or regulatory standards between the Eurozone and the UK can lead to economic friction, affecting investor sentiment and currency strength. Additionally, ongoing negotiations or changes in financial services regulations can impact trade flows and capital movement, further influencing EUR/GBP. Market reactions to post-Brexit developments, such as trade deals or political decisions, continue to be significant drivers of EUR/GBP fluctuations.

8. Geopolitical Events and Political Stability

Geopolitical stability in both the Eurozone and the UK impacts the EUR/GBP rate, as political events influence investor confidence and demand for each currency. Political uncertainty, such as elections, policy shifts, or international tensions, can lead investors to seek stability in one currency over the other. Additionally, global events that impact Europe as a whole, such as trade conflicts or security concerns, often drive the euro as a safe-haven within the EUR/GBP pair. Thus, political stability and geopolitical shifts remain significant factors affecting the rate.

These factors collectively influence EUR/GBP dynamics, with each element contributing to changes in currency demand based on economic health, policy direction, and geopolitical stability within the Eurozone and the UK.

Final Verdict:

If you are a trader looking to trade the EUR/GBP currency pair, selecting a broker with competitive spreads, reliable execution, and strong regulatory credentials is essential. We have thoroughly reviewed and compared the top forex brokers offering EUR/GBP, focusing on those that are licensed, highly rated, and globally trusted. Our evaluation considered regulation and security, fees and commissions, trading conditions, trading tools, customer support, and educational resources. Based on our analysis, the following brokers stand out for trading EUR/GBP:

• Pepperstone: Best overall for EUR/GBP, offering low spreads, fast execution, and regulation by top-tier authorities like ASIC and FCA.
• IC Markets: Recognized for tight spreads and cost-effective trading, ideal for traders prioritizing low trading expenses in EUR/GBP.
• ActivTrades: FCA-regulated and trusted by EU/UK traders for its exceptional reliability and customer support for EUR/GBP trading.
• Etoro: Excellent for social copy trading, enabling EUR/GBP traders to replicate strategies from successful investors.
• BlackBull Markets: Provides free access to TradingView, equipping EUR/GBP traders with advanced technical analysis tools.
• Exness: Known for instant deposits and withdrawals, offering seamless transactions for EUR/GBP traders, although it does not accept EU clients.
• XM: Popular for its deposit bonus, ideal for traders looking to enhance their trading capital for EUR/GBP.
• Eightcap: Offers smart trading tools and innovative plugins, enhancing the EUR/GBP trading experience.
• Avatrade: Best for automated trading, providing strong support for algorithmic strategies in EUR/GBP markets.
• FBS: High leverage of up to 1:3000, catering to experienced traders seeking greater exposure in EUR/GBP trading.

Each of these brokers provides excellent trading conditions for EUR/GBP, including competitive pricing, advanced trading platforms, and strong regulatory compliance. Choose the broker that fits your trading style and preferences to start trading EUR/GBP with confidence.