1. Home
2. Forex Trading 2023
3. Forex Brokers 2023

Forex Brokers In The UK

Forex brokers in the UK vary significantly, so where do you start your comparison? The decision regarding the best FX broker comes down to individual preferences and goals, though the best UK forex brokers will have top-tier regulatory oversight from the Financial Conduct Authority (FCA), creating a secure environment for day traders. This review will outline how to compare forex brokers in the UK, including fees and spreads, platforms and apps, local payment methods, and more. Use our list to find the best UK forex broker for your financial needs in 2023.

Forex Brokers In The UK

1. AvaTrade
2. XTB
3. FXCC
4. CMC Markets
5. Vantage
6. IC Markets
7. Forex.com
8. Pepperstone
9. XM
10. Eightcap

#1 - AvaTrade

Visit

Review

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.

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

• GBPUSD Spread: 1.0 var
• EURUSD Spread: 0.7 var
• EURGBP Spread: 1.7 var
• Total Assets: 50+
• Leverage: 1:30
• Platforms: MT4, MT5

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.

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.

About 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.

Pros

• AvaSocial app for copy trading
• Expert Advisors (EAs) supported
• Great educational and research resources

Cons

• Inactivity fee after three months
• Some withdrawal methods are slow

Visit AvaTrade

#2 - XTB

Visit

Review

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.

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.

- DayTrading Review Team

• GBPUSD Spread: 0.1 pips
• EURUSD Spread: 0.2 pips
• EURGBP Spread: 0.1 pips
• Total Assets: 48
• Leverage: 30:1
• Platforms: Own

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.

Stocks Trading

Trade hundreds of shares with tight spreads, no commissions and 1:10 leverage. Go long or short on leading firms like Amazon, Barclays and BMW. Over 20 indices are also 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.

About XTB

XTB is one of the largest stock exchange-listed forex and CFD brokers in the world, offering access to over 2200 instruments on their xStation platform. They boast 500,000 active traders, 20 years experience and authorization from tier-one regulators, including the UK's FCA.

Pros

• Mobile trading alerts
• 24 hour support available Sunday to Friday
• Flexible account options

Cons

• Single platform offering
• Instrument portfolio limited to mostly CFDs
• Not available to US clients

Visit XTB

#3 - FXCC

Visit

Review

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.

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

• GBPUSD Spread: 1.0 pip average
• EURUSD Spread: 0.2 pips average
• EURGBP Spread: 0.5 pips average
• Total Assets: 70+
• Leverage: 1:500
• Platforms: MT4

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.

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.

About 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.

Pros

• No restrictions on strategies including scalping and hedging
• Expert Advisors supported
• Trusted and licensed by the CySEC

Cons

• Copy trading not offered
• No trading on individual stocks and shares
• US traders not accepted

Visit FXCC

#4 - CMC Markets

Visit

Review

CMC Markets offers an extensive list of 330+ forex pairs with tight spreads and ultra-fast executions. The selection of currencies is significantly wider than rivals.

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

• GBPUSD Spread: 0.9
• EURUSD Spread: 0.7
• EURGBP Spread: 1.1
• Total Assets: 330+
• Leverage: 1:30
• Platforms: MT4

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.

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.

About 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.

Pros

• CMC Alpha loyalty scheme with great perks for high-volume traders including premium support and 5% to 28.6% discounts on spreads
• A hugely respected broker listed on the London Stock Exchange with 300,000+ clients
• Easy to use proprietary platform with intuitive features including a pattern recognition scanner and 40+ indicators and drawing tools

Cons

• A $10 monthly inactivity fee that kicks in after 12 months of no activity
• Spread betting is only available in the UK
• US clients are not accepted

Visit CMC Markets

#5 - Vantage

Visit

Review

Trade 40+ forex pairs with some of the tightest spreads, including majors and minors. Vantage's deep liquidity pool provides spreads from 0.0 pips. There are also no commissions, deposit fees or hidden charges.

Vantage is a great option for CFD traders seeking a regulated broker with high leverage and access to the powerful MetaTrader platforms.

- DayTrading Review Team

• GBPUSD Spread: 0.0 via ECN
• EURUSD Spread: 0.0 via ECN
• EURGBP Spread: 0.0 via ECN
• Total Assets: 1000+
• Leverage: 1:500
• Platforms: MT4, MT5, TradingView

CFD Trading

Traders can speculate on a breadth of financial markets with high leverage up to 1:500. Bet on rising and falling prices in currencies, commodities, indices, shares, and more without owning the underlying asset.

Stocks Trading

Speculate on leading companies in the US, EU, UK and Australia including large brands like Tesla and Apple. Short, medium and long-term trading strategies are catered for, including the use of Expert Advisors (EAs).

About Vantage

Reliable and affordable trading since 2009. Join over 900,000 others trading on 1000+ CFD products. Trade Forex CFDs from 0.0 spreads on the RAW account through TradingView, MT4 or MT5. Vantage is ASIC regulated and client funds are segregated. Open an account in less than 2 minutes.

Pros

• Hedging and scalping strategies permitted
• Unlimited demo account with full access to markets and robot backtesting functionality
• Trading bonuses and promotions

Cons

• Cryptos only available for Australian clients
• Some clients will need to trade with the offshore entity
• A $10,000 deposit is needed for the best account conditions

Visit Vantage

#6 - IC Markets

Visit

Review

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.

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

• GBPUSD Spread: 0.5 pips
• EURUSD Spread: 0.1 pips
• EURGBP Spread: 0.5 pips
• Total Assets: 56+
• Leverage: ASIC and CySEC -1:30, FSA - 1:500, 1:1000 Elsewhere
• Platforms: MT4, MT5, cTrader

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.

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.

About 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.

Pros

• Fast order execution speed of under 40ms
• 15+ payment methods in 10 base currencies including PayPal and Skrill
• Premium educational resources and trading tools including podcasts, forex calculators and tick charts

Cons

• Traders from the US not accepted
• No bonus deals for new traders
• Two-factor authentication not available for extra account security

Visit IC Markets

#7 - Forex.com

Visit

Review

Forex.com is a leading FX broker. The brand offers a huge range of currency pairs and some of the lowest fees in the industry. Spreads on the EUR/USD come in as low as 0.2 with a $5 commission per $100k.

Forex.com is excellent 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

• GBPUSD Spread: 1.0 Var
• EURUSD Spread: 0.8 Var
• EURGBP Spread: 0.8 Var
• Total Assets: 80+
• Leverage: 1:200
• Platforms: MT4, MT5, TradingView

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.

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.

About Forex.com

Forex.com boasts a global reputation with multiple awards and 20+ years experience. Regulated in the US, EU, UK and Canada they offer 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.

Pros

• Multiple account currencies including USD, EUR and GBP
• Industry-leading pricing on popular forex assets
• TradingView integration

Cons

• $15 inactivity fee
• No copy trading tool
• Tools and platform access varies between countries

Visit Forex.com

#8 - Pepperstone

Visit

Review

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.

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

• GBPUSD Spread: 0 pips (Via Razor)
• EURUSD Spread: 0 pips (Via Razor)
• EURGBP Spread: 0 pips (Via Razor)
• Total Assets: 60+
• Leverage: 1:30 (Retail), 1:500 (Pro)
• Platforms: MT4, MT5, cTrader, TradingView

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.

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.

About 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.

Pros

• Award-winning customer support via telephone, email or live chat
• Active Trader Program for high-volume traders with discounts on forex, indices and commodities (eligible jurisdictions only)
• Competitive Razor account with tight spreads averaging 0.12 pips for EUR/USD

Cons

• Limited payment methods for UK clients
• Cryptos only available for professional clients in some jurisdictions
• Traders from the US not accepted

Visit Pepperstone

#9 - XM

Visit

Review

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.

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

• GBPUSD Spread: 2.1 pips (var)
• EURUSD Spread: 1.6 pips (var)
• EURGBP Spread: 2 pips (var)
• Total Assets: 55+
• Leverage: 1:30
• Platforms: MT4, MT5

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.

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.

About XM

XM is a globally recognized forex and CFD broker with 10+ million clients in 190+ countries. Since 2009, this trusted CySEC-regulated broker has been well-known for its low spreads and competitive fees on 1000+ instruments. XM offers both the MT4 and MT5 platforms.

Pros

• Powerful MT4 and MT5 platforms available via web, desktop or mobile
• Hugely respected brand with 30+ industry awards
• Accessible trading accounts with a $5 minimum deposit and easy account opening

Cons

• $5 inactivity fee
• Traders from the US not accepted

Visit XM

#10 - Eightcap

Visit

Review

Trade 40+ major, minor and exotic pairs with an award winning platform. Users get institutional-level prices with spreads from 0.0 pips and no commissions.

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

• GBPUSD Spread: 1.0 but 0.0 on Raw Account
• EURUSD Spread: 1.0 but 0.0 on Raw Account
• EURGBP Spread: 1.0 but 0.0 on Raw Account
• Total Assets: 40+
• Leverage: 1:30 - 1:500 depending on local regulation
• Platforms: MT4, MT5, TradingView

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. Skilling also offers more choice than most competitors in terms of platforms with MT4, MT5 and TradingView.

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.

About 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 5 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.

Pros

• Cryptocrusher market scanner with sentiment indicators, news and trading signals
• Flexible and fee-free payment methods including cryptocurrencies
• Raw spreads from 0.0 pips and a competitive $3.5 per lot commission

Cons

• Cryptocrusher platform not available for Australian clients
• Only four commodities available
• Not as many shares as other brokers

Visit Eightcap

What Is A UK Forex Broker?

Forex brokers based in the UK provide British investors with access to the foreign exchange market through platforms for buying and selling currencies. Transactions in the forex market are presented as a pair of two different currencies, for example, GBP/USD or EUR/GBP.

Investors saw the profit potential that could be made from forex when the strengths of many currencies fluctuated greatly in the 1980s. Before the boom of the internet, getting accurate currency prices required a squad of brokers and investors. However, the internet facilitated easy communication all over the world in the mid-to-late 1990s, helping the forex market to become more sophisticated. This allowed British individuals to trade using retail forex brokers in the UK, creating one of the biggest and most liquid financial markets in the world.

The popularity of forex amongst UK investors can be attributed to its liquidity and the fact that it is open 24 hours a day, six days a week around the world. Furthermore, through derivatives, clients can hedge against volatile markets without owning any assets. Today, there is around $5 trillion being traded in the forex market every single day.

FCA Oversight

The Financial Conduct Authority (FCA) is the UK’s financial regulator, and it oversees the activities of financial services within the United Kingdom, including online forex brokers.

The organisation aims to maintain competitive and fair financial markets. This includes protecting British investors against FX brokers acting unlawfully or without their customers’ interests in mind.

Regulated forex brokers in the UK have to meet several requirements, including limiting leverage to between 1:2 and 1:30 depending on the volatility of the asset, segregating client money, and not offering misleading financial incentives and bonuses.

How Forex Brokers In The UK Make Money

There are several ways through which forex brokers in the UK make money:

Spreads

The spread of an instrument is the price difference between the bid and ask price, where the bid price is the quoted price for selling a currency pair, while the ask price is the quoted price for buying the currency pair. For example, if the broker displays the GBP/USD price as 1.1000/1.1001, then the spread would be 0.0001, or 1 pip.

Spreads can be either fixed or variable. Fixed spreads mean that the price displayed on the platform is the guaranteed price that your order will be executed at. Fixed spreads tend to be offered by market makers.

Variable spreads mean that the price will change depending on market conditions. For example, the market liquidity of GBP pairs increases greatly when the London session times open, which can facilitate extremely tight spreads. Similarly, major news releases can trigger participants to exit the market, which can widen the spread.

Variable spreads are generally offered by ECN and STP forex brokers in the UK.

Commission

Commissions are charges levied when customers open and close orders. These are commonly charged by ECN forex brokers as it is typically their main source of revenue.

Commissions can either be charged as a flat fee (i.e. £2 per round per lot) or a percentage of the position value (i.e. 0.5%).

Importantly, the best UK brokers will offer low fees on forex pairs with the GBP, including the GBP/USD, EUR/GBP, GBP/CHF, and GBP/JPY. Near-zero pip spreads alongside competitive commissions are available at the top platforms.

Types Of Forex Brokers In The UK

Market Makers

Forex brokers in the UK who are market makers operate a dealing desk to execute orders. They create or ‘make’ the bid-ask prices on their platforms. They can either match buy orders with sell orders already on their books or they can become the counterparty of the client’s positions by taking the other side of the position themselves. Market makers thus provide liquidity to the forex markets.

Market makers make money through spreads and by betting against the clients’ positions. Spreads are usually fixed and competitive due to the number of market-maker forex brokers in the UK.

Counterparties will try to hedge or cover your order by passing on the risk to someone else. However, this presents a conflict of interest, as they may bet against you and manipulate currency prices on their system.

ECN Brokers

ECN brokers, which stands for Electronic Communications Network brokers, provide real-time connections between yourself and other forex market participants.

True ECN forex brokers in the UK offer direct access to the best bid and ask prices. ECN forex brokers also have tight spreads at peak trading volume, which is favourable for high-volume traders.

As outlined above, ECN forex brokers in the UK tend to charge commissions on each position to make up for their tight spreads.

A key advantage to using ECN brokers is zero conflict of interest between clients and the brokers, as they are not the ones setting prices. In fact, it is in their interest for British customers to make money and trade in greater volumes.

STP Brokers

This stands for Straight Through Processing and is a no-dealing desk model. Instead of providing direct access like ECN brokers, STP forex brokers in the UK route client orders through liquidity providers who quote the bid and ask prices. The STP broker then amalgamates these quotes to provide British clients with the best prices.

Typically, STP brokers make money by adding a spread markup.

How To Compare UK Forex Brokers

Forex brokers in the UK often have their own advantages and disadvantages, each of which makes them more or less competitive for a different set of clients. Below are some of the most important factors that should be taken into consideration when searching for the best forex brokers in the UK.

Currency Pairs

Firstly, ensure that your top forex broker list in the UK contains platforms offering the forex pairs you want to trade. While most brokers offer the popular forex pairs (GBP/USD, EUR/GBP and GBP/AUD) minor and exotic pairs are less common.

Most UK forex brokers will have a full breakdown of the assets offered on their website. However, if you want to trade a pair that you cannot see, such as GBP/ZAR, you can make an enquiry with customer service.

Spreads & Fees

These conditions are often the most important aspect when looking for forex brokers in the UK as they have a direct and meaningful impact on profits. Nonetheless, we wouldn’t recommend choosing a UK forex broker based solely on their fee structure.

Spreads will often differ across each FX pair, though as the GBP is a key currency, you can expect tight yet sometimes volatile spreads. Lower spreads or even 0 spread brokers can suit high-volume traders, though these brokerages may apply a higher commission rate.

As well as spreads and commissions, forex brokers in the UK may charge transaction fees, inactivity fees and overnight swaps, all of which you should find out and incorporate into your decision and calculations.

The top-rated UK forex brokers will publish a transparent pricing schedule on their website so you can compare costs before opening an account.

Leverage

Regulated UK forex brokers are restricted by the FCA’s leverage limits. Liquid assets, such as major forex pairs, tend to be available up to 1:30. However, minor currency pairs are usually offered up to 1:20.

Importantly, the more leverage offered by the forex broker in the UK, the bigger the position you can open. However, higher leverage magnifies your risks as well as your profit potential.

Regulatory Status

As outlined above, the regulating agency for forex brokers in the UK is the Financial Conduct Authority (FCA). We always recommend finding an FCA-licensed forex broker.

The FCA is a globally recognized organization that provides safeguarding and protection for retail investors. The FCA can protect customers from fraud, set legislation to minimize risks and provide investor compensation of up to £85,000 in the event of broker misconduct or insolvency through the Financial Services Compensation Scheme (FSCS).

You can check that an online brokerage is regulated by running their company name or license number through the FCA’s database.

Payment Options

Another consideration when comparing UK forex brokers is the deposit and withdrawal methods available. The best forex brokers in the UK will offer a wide range of payment options with low fees. Not only does this demonstrate commitment to user accessibility, but each payment option requires its own set of security checks.

Popular payment methods offered by UK FX brokers include Visa & Mastercard debit card and credit card, wire transfer, and e-wallets such as Skrill and Neteller.

XTB, for example, offers free deposits via bank wire transfer and credit/debit cards while Skrill transfers come with a 2% fee.

Low Minimum Deposits

When opening a new profile with a forex broker in the UK, you will need to fund your account by at least the broker’s minimum deposit amount.

Beginners may find UK forex brokers with a low minimum deposit more accessible as they require less capital upfront. However, ensure you can access the full catalogue of tools and services, such as forex signals or copy trading.

Some UK forex brokers may offer a minimum deposit from just £10 all the way up to £1000 or more for access to advanced features or more competitive trading conditions. AvaTrade, for example, has a £100 minimum deposit requirement, though recommends a starting balance of at least £1000 to enjoy the full range of products offered.

Bonuses

While many international brokers offer promotional deals, such as welcome deposit bonuses, the FCA dictates that forex brokers in the UK are not permitted to do so. Therefore, promotions and bonuses are a good way to gauge the legitimacy and regulatory status of a forex broker that claims to be regulated by the FCA.

It is also worth reviewing the forex broker’s educational content. The best UK forex brokers will provide access to free resources, such as integrated economic calendars with key announcements from the Bank of England, platform tutorials and guides, plus forex heat maps.

Accounts

Forex brokers in the UK often offer more than one account option. Each account tends to have different conditions and will be geared towards different experience levels or strategies. For example, some firms will adopt an STP pricing model while others offer ECN spreads. Alternatively, some UK forex brokers will offer PAMM solutions while others provide an Islamic-friendly profile.

Importantly, the minimum deposit, range of tradable assets, the quality of the customer support and tools, plus the fee structure tend to be the key variants between UK forex accounts.

Platforms

The platforms offered by forex brokers in the UK can make or break your experience in the forex market. The top-rated platforms for forex traders are MetaTrader 4 (MT4) and MetaTrader 5 (MT5). These terminals offer a wide range of useful tools for market analysis and can be customised to suit your needs.

For FX brokers that offer different platforms, try to find out how many chart types, technical indicators, and additional functionalities are supported by the platform. An example includes XTB’s bespoke xStation software. xStation offers 29 drawing tools, 37 technical indicators, an integrated economic calendar, market sentiment data and more.

Mobile Apps

For those who want to access their forex account or execute positions on the go, mobile applications are a must.

MT4 and MT5 automatically come with supported mobile apps, though UK brokers that offer proprietary terminals may provide their own bespoke applications that better integrate with their systems. Interactive Broker’s mobile app, for example, provides the full functionality of its desktop counterpart. Access advanced quotes and research, plus powerful trading tools such as the Order Entry Wheel.

Note, you can check out app reviews on the Apple App Store or Google Play.

Additional Features

Forex brokers in the UK may offer a range of additional functions and tools to enhance the customer experience. Passive tools, such as economic calendars and education centres, can make your life easier, while other features, such as EAs and robots, social trading and forex scalping, can provide additional profit routes.

Customer Support

The best forex brokers in the UK are responsive and reliable, especially given that your capital may be on the line. Ensure there is a range of options to connect with the customer service team, such as telephone, email and live chat. Pepperstone, for example, provides 24/7 customer support meaning you won’t be kept waiting for urgent help.

However, if your broker doesn’t provide 24-hour support, make sure their contact hours align with the times you normally trade. In the UK, the forex market is at its most active just after 8 am GMT when the London session opens.

Final Word On Forex Brokers In The UK

Choosing the best forex brokers in the UK can be a difficult task. However, breaking it down into the features above can be a useful tool to speed up your search and support easier decision-making.

The top-ranked UK brokers will have FCA regulation alongside a competitive fee structure, a responsive customer service team and convenient deposit and withdrawal methods.

Whether you’re narrowing your search to the top 10 or the top 5 UK forex brokers, our comparison table can help kickstart your search.

FAQ