Online Brokers In UK 2023
Whether you want to trade stocks, CFDs, forex, commodities or cryptos, the UK is an attractive spot for investors of all levels. But as one of the world’s financial capitals, the extensive list of online brokers in the UK can make it challenging for traders starting out. We explain what to look for in a platform and list the best online brokers in UK.
Online Brokers In UK
#1 - AvaTrade
Leading forex and CFD broker since 2006, regulated in Ireland, Australia, Canada, Japan, Abu Dhabi, and South Africa. AvaTrade offers multiple trading platforms, including MT4, MT5, Web Trader, Mobile App, Vanilla Options and Social Trading. 1250+ financial instruments, educational content and multi-language customer support active 24/7. 20% welcome bonus available in allowed countries.
"AvaTrade is an excellent broker for traders of all experience levels. Beginners benefit from high-quality education, social trading and a low minimum deposit. 1000+ tradable instruments and powerful proprietary software also make AvaTrade suitable for seasoned traders."
- DayTrading Review Team
- Instruments: CFDs, Forex, Stocks, Indices, Commodities, ETFs, Bonds, Crypto, Spread Betting
- Regulator: ASIC, CBoI, FSA, FSCA, FSB
- Platforms: MT4, MT5, AlgoTrader, TradingCentral, DupliTrade
- Min. Deposit: $100
- Min. Trade: 0.01 Lots
- Leverage: 1:30 (Retail) 1:400 (Pro)
CFD Trading
AvaTrade offers leveraged CFD trading on a range of asset classes spanning stocks, indices, commodities, bonds, crypto, and ETFs. Traders can speculate on rising and falling prices with low fees and stable platforms in a highly regulated trading environment.
Forex Trading
AvaTrade offers 50+ currency pairs and their spreads are some of the best among any broker. You can trade majors, minors and exotics around the clock with zero commissions.
Stocks Trading
AvaTrade is a top-rated broker with access to leading exchanges including NYSE & FTSE. Take positions on leading tech firms like Tesla, Apple and Microsoft with no restrictions and reliable support.
Pros
- Superior trading platforms including MetaTrader
- Excellent customer support
- Easy and fast to get started
Cons
- Some withdrawal methods are slow
- Inactivity fee after three months
#2 - XTB
XTB is one of the largest stock exchange-listed forex and CFD brokers in the world, offering access to over 5800 instruments on their xStation platform. They boast 700,000 active traders, 20 years experience and authorization from tier-one regulators, including the UK's FCA.
"XTB is a great option for beginners with a user-friendly platform, no minimum deposit and low trading fees. The free education center is also a bonus, as well as the straightforward account opening process. Longer-term investors will also appreciate the commission-free share dealing service."
- DayTrading Review Team
- Instruments: CFDs, Forex, Stocks, Indices, Commodities, Crypto
- Regulator: FCA, CySEC, IFSC, KNF, DFSA
- Platforms: Own
- Min. Deposit: $0
- Min. Trade: 0.01 Lots
- Leverage: 1:30
CFD Trading
Trade a large suite of 2100 CFDs with ultra-fast execution speeds and 24-hour trading. You can build a diverse portfolio with access to forex, indices, commodities, cryptos, stocks and ETFs. Retail traders also get negative balance protection and zero commissions.
Forex Trading
Trade 48 currency pairs with low spreads from 0.1 pips and leverage up to 1:30 (EU) and 1:500 (Global). Micro lot trading is also available and new currency traders can make near-instant deposits with no fees.
Stocks Trading
Trade hundreds of stock CFDs with tight spreads, no commissions and 1:10 leverage. Go long or short on leading firms like Amazon, Barclays and BMW. Commission-free share dealing is also available on 15 leading exchanges. In addition, 20 indices are available, including in the US, China and Germany.
Crypto Trading
XTB offers an excellent range of crypto markets, all with competitive spreads. They also offer intra-crypto pairs such as ETH/BTC and DSH/BTC. Cryptos can be traded 24/7 in a secure environment with transparent accounts.
Pros
- Multiple industry awards and respected brand
- Mobile trading alerts
- Cashback rebates for high-volume traders
Cons
- Single platform offering
- Not available to US clients
- Instrument portfolio limited to mostly CFDs
#3 - CMC Markets
CMC Markets is a trustworthy brand authorized by tier-one regulators including the FCA and ASIC. Advanced trading tools, excellent market research and low fees help the broker stand out from rivals. The no minimum deposit, free demo account and social trading service have also made CMC Markets popular with aspiring traders.
"CMC Markets is a great option for active traders with thousands of instruments, spreads from 0.0 pips and an award-winning trading platform."
- DayTrading Review Team
- Instruments: CFDs, Forex, Stocks, Indices, Commodities, ETFs, Treasuries, Custom Indices, Spread Betting
- Regulator: FCA, ASIC, MAS, CIRO
- Platforms: MT4
- Min. Deposit: $0
- Min. Trade: 0.01 Lots
- Leverage: 1:30 (Retail), 1:500 (Pro)
CFD Trading
CMC Markets offers leveraged CFDs on an extensive list of 12,000+ instruments with transparent pricing, powerful trading software and ultra-fast execution speeds. Out-of-hours trading on CFD indices is also available, plus 24/5 award-winning customer support.
Forex Trading
CMC Markets offers a superb list of 330+ forex pairs with tight spreads and ultra-fast executions. The selection of currencies is significantly wider than rivals.
Stocks Trading
CMC Markets offers opportunities on 10,000+ shares with no hidden fees and support when the markets are open. You also get access to analysis from Morningstar at no charge.
Pros
- A hugely respected broker listed on the London Stock Exchange with 300,000+ clients
- Transparent pricing model with lower spreads than alternatives and no deposit or withdrawal fees
- Easy to use proprietary platform with intuitive features including a pattern recognition scanner and 40+ indicators and drawing tools
Cons
- Spread betting is only available in the UK
- A $10 monthly inactivity fee that kicks in after 12 months of no activity
- US clients are not accepted
#4 - FXCC
FXCC is a trustworthy trading broker regulated by the CySEC. The brokerage offers ECN trading executions, spreads from zero pips and no commissions. The brand is also well-known for its welcome bonuses and trading deals, including a free VPS.
"FXCC is a good option for traders looking for wide market access with high leverage up to 1:500 and access to the reliable MetaTrader 4 platform."
- DayTrading Review Team
- Instruments: CFDs, Forex, Indices, Commodities, Crypto
- Regulator: CySEC
- Platforms: MT4
- Min. Deposit: $0
- Min. Trade: 0.01 Lots
- Leverage: 1:500
CFD Trading
Trade currencies, metals, energies, indices and cryptos with flexible leverage. 24/5 customer support is available to assist new clients while the MT4 platform comes with free tutorials and user guides.
Forex Trading
FXCC offers leading fees compared to alternatives with spreads as low as 0.0 pips and $0 commission. Over 70 currency pairs are also available, providing more opportunities than most competitors.
Stocks Trading
Trade a dozen major indices, including the Dow Jones, NASDAQ, S&P and DAX. Prices are competitive with zero commissions and a minimum price fluctuation of 0.01.
Crypto Trading
Trade eight of the most popular cryptocurrencies, including Bitcoin, Ethereum and Litecoin. High leverage up to 1:10 is available on BTC and 1:5 on other cryptos.
Pros
- ECN spreads from 0.0 pips with no commission
- No deposit fees except industry-standard mining charges on cryptos
- No restrictions on strategies including scalping and hedging
Cons
- US traders not accepted
- No MetaTrader 5 download
- Copy trading not offered
#5 - Pepperstone
Pepperstone is a leading online broker with over 400,000 clients in more than 175 countries. The top-rated firm offers excellent market access, industry-leading platforms in MT4, MT5, TradingView and cTrader, plus low fees with no hidden charges. Pepperstone is also heavily regulated with a high trust score, holding licenses with reputable bodies, including the FCA, ASIC, DFSA, and CySEC.
"Pepperstone is a best-in-class broker. Experienced traders benefit from razor sharp spreads with sophisticated automation tools and over 1000 instruments. Newer traders get user-friendly platforms, rich education materials and 24/7 support."
- DayTrading Review Team
- Instruments: CFDs, Forex, Currency Indices, Stocks, Indices, Commodities, ETFs, Crypto(only Pro clients), Spread Betting
- Regulator: FCA, ASIC, CySEC, DFSA, CMA, BaFin, SCB
- Platforms: MT4, MT5, cTrader, TradingView, AutoChartist, DupliTrade
- Min. Deposit: $0
- Min. Trade: 0.01 Lots
- Leverage: 1:30 (Retail), 1:500 (Pro)
CFD Trading
Pepperstone is a fast and reliable CFD broker with 1200+ assets covering forex, commodities, shares, indices, and ETFs. You can also trade currency indices, which aren't available at many alternatives. CFDs can be traded on four leading platforms with a choice of accounts and base currencies. Expert Advisors (EAs) are also supported for automated trading strategies.
Forex Trading
Pepperstone offers ultra-low spreads from 0.0 pips on the Razor account and has an excellent selection of 60+ pairs. The broker boasts an impressive 99.94% fill rate with no requotes or dealing desk intervention. Forex lots start at 0.01.
Stocks Trading
Pepperstone offers hundreds of shares covering US, UK, Australian and German stock markets. Traders can go long or short on big names like Tesla with deep liquidity and competitive commissions.
Crypto Trading
Take positions on cryptos like Bitcoin with up to 1:10 leverage. Pepperstone also offers popular altcoins, as well as crypto indices, which offer a holistic view on the digital currency market.
Pros
- Wide selection of assets including currencies indices like the US Dollar Index
- In-depth and frequent webinars covering charting strategies and trading tips
- Active Trader Program for high-volume traders with discounts on forex, indices and commodities (eligible jurisdictions only)
Cons
- Limited payment methods for UK clients
- Cryptos only available for professional clients in some jurisdictions
- Traders from the US not accepted
#6 - XM
XM is a globally recognized forex and CFD broker with 10+ million clients in 190+ countries. Since 2009, this trusted FSC-regulated broker has been well-known for its low spreads and competitive fees on 1000+ instruments. XM offers both the MT4 and MT5 platforms.
"XM will suit traders looking for a trustworthy broker with low fees, access to the reliable MetaTrader platforms, plus excellent market research and education."
- DayTrading Review Team
- Instruments: Forex, Stock CFDs, Turbo Stocks, Indices, Commodities, Precious Metals, Energies, Shares, Crypto
- Regulator: ASIC, CySEC, DFSA, FSC
- Platforms: MT4, MT5
- Min. Deposit: $5
- Min. Trade: 0.01 Lots
- Leverage: 1:30
CFD Trading
Speculate on rising and falling prices with leveraged CFDs spanning popular financial markets. Users get low spreads and high-quality market insights to support CFD trading.
Forex Trading
XM offers ultra low spreads across a range of forex markets with no re-quotes or hidden charges. Forex can be traded 24/5 on desktop, web and mobile. Over 50 currency pairs are available including all majors.
Stocks Trading
Trade hundreds of shares in major markets, including the US, UK, Europe and Asia. Traders can go long or short on stocks with commissions as low as $1 per transaction.
Pros
- Reliable 24/7 customer support in over 30 languages
- 1000+ instruments including 50+ forex pairs
- Powerful MT4 and MT5 platforms available via web, desktop or mobile
Cons
- Traders from the US not accepted
- $5 inactivity fee
#7 - IC Markets
IC Markets is a respected multi-asset broker offering premium trading technology, highly competitive pricing and 24/7 customer support. The broker provides various social trading features for beginners whilst experienced traders can enjoy advanced charting and analysis tools. Over 180,000 clients from more than 200 countries have signed up with the heavily regulated and trustworthy brand.
"IC Markets offers a top-class environment for traders of all experience levels and strategies. Industry-leading platforms, superior pricing and flexible accounts will meet the needs of both beginners and active day traders."
- DayTrading Review Team
- Instruments: CFDs, Forex, Stocks, Indices, Commodities, Bonds, Futures, Crypto
- Regulator: ASIC, CySEC, FSA
- Platforms: MT4, MT5, cTrader, DupliTrade
- Min. Deposit: $200
- Min. Trade: 0.01 Lots
- Leverage: 1:30 (ASIC & CySEC), 1:500 (FSA), 1:1000 (Global)
CFD Trading
Trade CFDs 24/5 on popular markets including forex, commodities, indices, stocks and bonds. IC Markets offers deep liquidity, raw spreads and high leverage.
Forex Trading
Trade currencies with 0.0 pip spreads at one of the world's leading forex brokers. IC Markets is a great choice for serious traders with superior execution and low fees.
Crypto Trading
IC Markets offer a diverse range of cryptos, with super small spreads. They also offer many cryptocurrencies not available elsewhere, without the need of a virtual wallet.
Pros
- Premium educational resources and trading tools including podcasts, forex calculators and tick charts
- Responsive 24/7 customer support plus an extensive help centre
- Fast order execution speed of under 40ms
Cons
- Traders from the US not accepted
- No bonus deals for new traders
- Two-factor authentication not available for extra account security
#8 - Eightcap
Eightcap is a forex and CFD broker founded in Australia in 2009. The brand is popular for its raw spreads on 1000+ instruments and advanced MetaTrader platforms. With five global offices and ASIC regulation, Eightcap has built a strong reputation. New traders can also sign up for a live account in just a few minutes.
"Eightcap is good for traders familiar with MT4 and MT5 looking to trade forex and CFDs in a secure environment. The brand is also a great pick for crypto traders with 100+ derivatives, a sophisticated market scanner, plus Bitcoin and Tether deposits."
- DayTrading Review Team
- Instruments: CFDs, Forex, Stocks, Indices, Commodities, Crypto
- Regulator: FCA, ASIC, CySEC, SCB
- Platforms: MT4, MT5, TradingView
- Min. Deposit: $100
- Min. Trade: 0.01 Lots
- Leverage: 1:30 (EU), 1:500 (Global)
CFD Trading
Trade over 800 CFDs on popular indices, shares, forex, cryptos and commodities. Clients get premium liquidity and superior execution with servers in leading data centres. Eightcap also offers more choice than most competitors in terms of platforms with MT4, MT5 and TradingView.
Forex Trading
Trade 50+ major, minor and exotic pairs with an award winning platform. Users get institutional-level prices with spreads from 0.0 pips and no commissions. The VPS will also serve high-volume, active day traders.
Stocks Trading
Trade 500+ US, Australian, and European shares on MT5 or TradingView. Bet on rising and falling share prices while using leverage to bolster potential profits. On the downside, fractional shares aren't offered.
Pros
- AI-powered economic calendar with top-level insights, in partnership with Acuity
- Raw spreads from 0.0 pips and a competitive $3.5 per lot commission
- Strong trading education and analysis including forex guides and online webinars
Cons
- Demo account can only be extended upon request
- Cryptocrusher platform not available for Australian clients
- Only four commodities available
#9 - Kwakol Markets
Kwakol Markets is a Nigerian headquartered broker with strong regulatory oversight in Australia and Canada. A great selection of asset classes are available, including synthetic products that simulate realistic market activity. Clients can trade on the MT4, MT5 and cTrader platforms, as well as a copy trading solution whereby a fee is only paid on profitable trades.
"Kwakol Markets is a good option for newer traders with a dedicated learning academy, copy trading and a choice of reliable platforms. New clients can also sign up and start trading in four straightforward steps."
- DayTrading Review Team
- Instruments: CFDs, Forex, Stocks, Indices, Commodities, Crypto
- Regulator: ASIC, FINTRAC
- Platforms: MT4, MT5, AutoChartist
- Min. Deposit: £250
- Min. Trade: 0.01 Lots
- Leverage: 1:1000
CFD Trading
CFDs are available on a breath of underlying assets, including stocks, indices, commodities, forex and cryptos. High leverage up to 1:500 is available alongside a 0.01 minimum lot size and award-winning software. For the tightest spreads from 0 pips, opt for the Premium account.
Forex Trading
Kwakol Markets offers a wider range of forex pairs than most competitors, with 90+ assets available. Users get fast execution speeds through the ECN model and competitive spreads. On the negative side, not all currency pairs are available on MT4.
Stocks Trading
Trade stocks with zero commissions and ultra-fast trade executions. Clients get exposure to US, EU, Asian and Russian stock markets on both the MT4 and MT5 platforms. Stocks are available as CFDs, so users will not own the underlying shares.
Crypto Trading
Trade cryptos against fiat currencies, other cryptocurrencies and metals like gold. This separates the broker from many alternatives that only offer cryptos paired with the USD. High leverage up to 1:20 on cryptos is available, plus support for Expert Advisors and copy trading.
Pros
- Wide range of free learning resources such as an eBook
- Demo account available
- Account manager and client support functions
Cons
- Lack of deposit and withdrawal methods
- Regional restrictions in certain countries
- The only base currency is USD
#10 - Forex.com
Forex.com boasts a global reputation with multiple awards and 20+ years experience. Regulated in the US, EU, UK and Canada they provide a huge range of markets, not just forex, and offer competitive fees on a cutting-edge platform. The brand also provides a suite of additional tools, from performance analytics and SMART Signals to advanced charts and strategy builders.
"Forex.com is an excellent broker for forex traders with over 80 currency pairs, tight spreads, low commissions and powerful platforms. The brand is also heavily regulated while its parent company is listed on the NASDAQ, giving it a high trust score."
- DayTrading Review Team
- Instruments: Forex, CFDs, Stocks, Indices, Commodities, Futures, Options, Crypto
- Regulator: FCA, CySEC, NFA, CFTC, CIMA, CIRO, SFC
- Platforms: MT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral
- Min. Deposit: $100
- Min. Trade: 0.01 Lots
- Leverage: 1:30 (Retail), 1:500 (Pro)
CFD Trading
Go long and short on a range of popular financial markets with intuitive platforms and reliable execution. 99.76% of trades are executed in less than a second with an average speed of 0.02 seconds.
Forex Trading
Forex.com is a leading FX broker. The brand offers a wide range of currency pairs and some of the lowest fees in the industry. Spreads on the EUR/USD come in as low as 0.0 with a $7 commission per $100k.
Stocks Trading
Forex.com offers access to thousands of US, EU and UK stocks, with spreads of just 1 point. Speculate on household names as well as new IPOs. US stocks are available from just 1.8 cents per share.
Pros
- Free demo account for prospective traders
- Industry-leading pricing on popular forex assets starting from 0.0 pips
- Fast execution speed of less than 1 second
Cons
- No copy trading platform
- Investment offering varies between countries
- $15 monthly inactivity fee
How To Choose Online Brokers In UK
A broker is your gateway to the financial markets, offering a portfolio of tools to support your investing strategy. When considering your options, there are several factors to take into account:
Market Access
Traders from Britain have access to a huge range of markets, but this can vary between online brokers in UK. Most established platforms offer currencies with the GBP, indices like the FTSE, cryptos such as Bitcoin, and stocks on UK-listed companies.
If you’re interested in a specific asset, check the online broker offers it before investing capital. For example, Dogecoin is available on Coinbase for traders in the US but is largely unavailable in the UK, while certain stocks, such as GME, may only be available to users with premium accounts.
It’s also worth noting that the FCA has banned online brokers in the UK from offering crypto derivatives to retail traders.
Fees
Charges vary significantly between online brokers in UK. Depending on how regularly you trade and which assets you want to invest in will impact which pricing plan may best suit your needs.
Charges typically take the form of spreads and/or commissions, though overnight holding fees and inactivity charges should also be taken into account. So make sure you compare spreads on the GBP/CAD, for example, before opening a live account.
Registration
Trading can be a complicated process, especially for beginners. To make the experience stress-free, look for online brokers in UK that offer a user-friendly sign-up process. For example, platforms that don’t require a lengthy KYC process and facilitate the quick verification of documents make getting started easier. Also check reviews for responsive customer support who can help with the account opening process.
Tools
Successful investing takes patience and commitment. However, you also need a range of tools to help you analyse the markets and inform decisions. Active traders keen on detailed charts and mapping features may be interested in a broker that offers the popular Meta Trader 4 platform. On the other hand, a more casual investor interested in speculating on stocks using fundamentals may want a user-friendly mobile app with straightforward deposits and withdrawals.
Some of the best online brokers in UK also offer demo accounts loaded with virtual funds. These are an excellent way to try before you buy.
Leverage
Leverage or margin essentially lets you borrow capital from your broker to take larger positions. Most online brokers in UK are regulated by the FCA and adhere to the 1:30 leverage limit. However, UK traders may qualify for rates of up to 1:500 if they meet capital and experience requirements.
UK traders can also access higher leverage if they open an account with an offshore broker that’s not regulated by the FCA. Of course, higher leverage increases risk and the lack of FCA oversight reduces the legal protections afforded to British retail traders.
Security
Most reputable brokers will have several security measures in place to help protect capital, from KYC checks to 2-Factor Authentication (2FA) at the login stage. Whilst they can feel time-consuming, they help prevent fraud and money laundering and are usually the sign of a credible broker.
Security is particularly relevant for crypto investors as the market is still largely unregulated. The best online brokers in UK dealing with digital currencies typically offer a built-in wallet. For extra security, look for platforms that offer cold wallets as these make it even harder for hackers to access your funds.
UK Regulation
In the United Kingdom, the body responsible for regulating financial services is the Financial Conduct Authority (FCA). Their remit includes everything from banks to day trading brokers. The FCA regulates over 56,000 firms and is one of the most prestigious financial agencies in the world.
The key aims of the FCA include:
- The supervision and enhancement of financial markets in the UK
- Encouraging healthy competition within financial services in the interest of consumers
- Using enforcement and investigation to ensure compliance with regulations aimed at treating customers fairly
The best online brokers in UK will hold a license with the FCA. Benefits of licensing conditions include the separation of client money from broker’s, plus access to the Financial Ombudsman Service and the Financial Services Compensation Scheme. The latter can reimburse retail investors to the tune of £30,000 if an FCA-regulated forex broker goes bankrupt. However, the scheme does not cover crypto assets. The FCA also has the power to ban retail trading products, impose margin limits and implement mandatory risk warnings.
You can check online brokers in the UK are regulated by running their license number through the official FCA website.
Note, post Brexit, UK expats will need to find a broker that is regulated in the country in which they reside.
Trading Taxes In The UK
When investing in the UK, you may be subject to Capital Gains Tax (CGT). If your gains exceed £12,300, you may need to pay CGT on any additional profits. If you are a basic rate taxpayer, you will pay 10% CGT on profits over £12,300. If you are a higher rate taxpayer, you will pay 20% on any gains.
When investing in a stock, ETF or index that pays a dividend you may also be subject to a dividend tax. Residents of the UK have a tax-free dividend allowance of £2,000. You may be charged dividend tax if your gains exceed the amount you can earn each year without paying tax.
The bands for dividend tax in the UK are:
- Basic rate – 7.5%
- Higher rate – 32.5%
- Additional rate – 38.1%
Note, it may be worth consulting a local tax advisor to understand your obligations before investing funds.
Final Word; Online Brokers In UK
The UK is among the top 10 global economies, with many publicly traded companies and currency pairs with the GBP that appeal to British investors. It’s perhaps no surprise then that there is an extensive list of online brokers in the UK to choose from. See our list of the top platforms to narrow your search and make sure to opt for an FCA-approved provider.
FAQ
Who Are The Best Online Brokers In UK?
When choosing a broker operating in the UK, there are a few factors to consider including costs, market access, leverage and security. Have a look at our comparison table for a ranking of the largest online brokers for traders in the United Kingdom.
Is Trading Crypto Legal In The UK?
Holding and investing in cryptocurrencies is legal in the UK. However, using leveraged CFDs or other crypto derivatives is now banned and digital assets are not covered by compensation schemes. Find out more about investing in cryptocurrencies here.
Do Traders Pay Tax In The UK?
If your earnings exceed £12,300 in a single year you may owe Capital Gains Tax (CGT). You will be charged 10% on any profits over £12,300 as a basic taxpayer and 20% if you are in the higher bracket. A dividend tax may also apply to stock trading. Consult a local tax specialist for guidance.
Can UK Expats Trade In The UK?
UK expats living in another country can trade stocks, forex, cryptos and other assets with an online broker. However, they are not covered by the regulatory protections afforded by the FCA. So if you are a UK expat, check your broker is regulated in the country in which you reside.
Where Can I Find A List Of The Best Online Brokers In UK?
See our list of the top forex, stock and CFD brokers operating in the UK. We cover the platforms with the largest range of products, cheapest fees, and best investing tools. Our table also includes the top ten FCA-regulated brokers.