Best Forex Brokers In The UK
The best forex brokers in the UK are regulated by the Financial Conduct Authority (FCA), providing a secure environment for British investors. In this guide, we share our pick of the top forex brokers accepting UK traders, based on our reviews and ratings.
Top 5 UK Forex Brokers
We have reviewed almost 500 platforms and found that these are the 5 best brokers for forex trading in the UK:
- XTB - XTB provides access to 70+ currency pairs with low spreads averaging around 1 pip on majors. The xStation platform offers an intuitive environment for forex traders with an excellent charting package encompassing 30+ indicators, plus a range of order types, catering to various strategies and risk management techniques.
- Eightcap - Eightcap offers 50+ currency pairs in line with the industry average but trailing category leaders like CMC Markets with its 300+ currency pairs. However, Eightcap stands out with institutional-level spreads from 0.0 pips on major pairs like the EUR/USD, alongside low $3.50/side commissions. The broker also offers rich forex data to inform trading decisions, including key fundamentals, bullish/bearish indicators and a calendar that tracks key events in the foreign exchange market.
- Spreadex - Trade on 60+ forex pairs with no commission and competitively tight spreads from 0.6 on major pairs such as EUR/USD. This is a good selection of forex pairs and excellent pricing for commission-free trading, well below the industry average.
- Vantage - Vantage offers 55+ currency pairs - above the industry average, so experienced traders can explore plenty of opportunities. Vantage's deep liquidity pool provides forex spreads from 0.0 pips in the ECN account, lower than many alternatives. There are also no commissions, deposit fees or hidden charges.
- FOREX.com - FOREX.com continues to uphold its stature as a premier FX broker, offering over 80 currency pairs and boasting some of the most competitive fees in the industry. With EUR/USD spreads dipping as low as 0.0 and $5 commission per $100k, it stands out. Moreover, its SMART Signals help to identify price behaviors across numerous major currency markets.
Best Forex Brokers In The UK Comparison
| Broker | Forex Assets | EUR/USD Spread | Forex App Rating | Minimum Deposit | Regulator | Visit |
|---|---|---|---|---|---|---|
|
70+ | 1.0 | 4.8 / 5 |
$0 | FCA, CySEC, KNF, CNMV, DFSA, FSC | Visit |
|
50+ | 0.0 | 3.6 / 5 |
$100 | ASIC, FCA, xCySEC, SCB | Visit |
|
60+ | 0.6 | 4 / 5 |
£0 | FCA | Visit |
|
55+ | 0.0 | 4 / 5 |
$50 | FCA, ASIC, FSCA, VFSC | Visit |
|
80+ | 1.2 | 4.9 / 5 |
$100 | NFA, CFTC, CIRO, FCA, CYSEC, ASIC, SFC, FSA, MAS, CIMA | Visit |
|
100+ | 0.1 | 4.7 / 5 |
$0 | FCA, ASIC, CySEC, DFSA, CMA, BaFin, SCB | Visit |
|
100+ | 0.08-0.20 bps x trade value | 4.3 / 5 |
$0 | FCA, SEC, FINRA, CBI, CIRO, SFC, MAS, MNB | Visit |
|
70+ | 1.58 pips (Ave) | 2.5 / 5 |
$100 | FCA, CySEC, FSCA, SCB, FSC | Visit |
|
60+ | 0.6 | 5 / 5 |
$100 | FCA, ASIC, CySEC, DFSA, MAS, FSA, FSCA, FMA, EFSA | Visit |
|
80+ | 0.8 | 4.9 / 5 |
$0 | FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA | Visit |
|
67 | 0.70 pips (var) | 3.9 / 5 |
$100 | FCA, CySEC, ASIC, FSCA, FSC | Visit |
|
70+ | from 0.2 pips (floating) | 3.3 / 5 |
$0 | FCA, ASIC, DFSA, FMA | Visit |
|
55 | 0.9 | 4.2 / 5 |
$50 | FCA, ASIC, CySEC, FSA, FSRA, MFSA | Visit |
|
45 | 0.0 pips | - | $100 | FSC, SVGFSA, FCA | Visit |
|
150+ | 1.3 | - | $20 (World), $100 (Trader), $10,000 (Trader Pro) | FSRA, FCA, FSC, CMA | Visit |
#1 - XTB
Why We Chose XTB
XTB provides access to 70+ currency pairs with low spreads averaging around 1 pip on majors. The xStation platform offers an intuitive environment for forex traders with an excellent charting package encompassing 30+ indicators, plus a range of order types, catering to various strategies and risk management techniques.
"XTB stands out as a top choice for new day traders with the terrific xStation platform, commission-free pricing, no minimum deposit, and excellent educational tools, many of which are seamlessly integrated into the platform. "
- DayTrading Review Team
- GBPUSD Spread: 1.4
- EURUSD Spread: 1.0
- EURGBP Spread: 1.4
- Total Assets: 70+
- Leverage: 1:30
- Platforms: xStation
About XTB
Founded in 2002 in Poland, XTB now serves more than 935,000 clients. The forex and CFD broker combines a heavily regulated trading environment with an extensive selection of 5,600+ assets and a commitment to trader satisfaction, featuring an intuitive in-house platform with superb tools to support aspiring day traders.
Pros
- XTB has started offering interest on uninvested balances (up to 5% on $30K+) with lower requirements than brokers like eToro (up to 5% on $50K+).
- Opening an XTB account is a hassle-free, entirely online process that takes just a few minutes, making the entry into day trading smooth for new traders.
- XTB offers fast withdrawals with same-day payments if requested before 1 pm, ensuring day traders have quick access to their funds.
Cons
- XTB does not offer a raw spread account, which is becoming increasingly common among competitors like Pepperstone, and may disappoint day traders looking for the tightest spreads.
- XTB discontinued support for MT4, limiting traders to its proprietary platform, xStation, potentially deterring advanced day traders familiar with the MetaTrader suite.
- The demo account expires after just four weeks, a serious limitation for traders who wish to thoroughly test the xStation platform and practice short-term strategies before committing real funds.
#2 - Eightcap
Why We Chose Eightcap
Eightcap offers 50+ currency pairs in line with the industry average but trailing category leaders like CMC Markets with its 300+ currency pairs. However, Eightcap stands out with institutional-level spreads from 0.0 pips on major pairs like the EUR/USD, alongside low $3.50/side commissions. The broker also offers rich forex data to inform trading decisions, including key fundamentals, bullish/bearish indicators and a calendar that tracks key events in the foreign exchange market.
"Eightcap delivers in every area for day traders with a growing selection of charting platforms and AI-powered tools. Now sporting 250+ crypto CFDs and the Crypto Crusher market scanner, it's also become a stand-out choice for crypto trading, winning our 'Best Crypto Broker' award two years in a row."
- DayTrading Review Team
- GBPUSD Spread: 0.1
- EURUSD Spread: 0.0
- EURGBP Spread: 0.1
- Total Assets: 50+
- Leverage: 1:30
- Platforms: MT4, MT5, TradingView
About Eightcap
Eightcap is an award-winning, FCA-regulated broker offering industry-low day trading fees. They are also the highest-rated brand by TradingView’s 50 million-strong users, who can trade directly on the platform. UK traders can sign up for a live account with an accessible £100 minimum deposit.
Pros
- Having excelled across all key areas for day traders, Eightcap outperformed more than 490 competitors to win our 'Best Overall Broker' award for 2024, also securing our 'Best Crypto Broker' title.
- Eightcap stands out with a selection of powerful trading tools, including MT4 and MT5, the innovative algorithmic trading platform Capitalise.ai, and more recently the 50-million strong social trading network TradingView.
- After bolstering its roster in 2021, Eightcap offers one of the most extensive selections of cryptocurrency CFDs in the market, with crypto/fiat pairs, crypto/crypto pairs, plus crypto indices for broader exposure to the market.
Cons
- In spite of an increasing variety of tools, Eightcap doesn't offer industry favorites like Autochartist or Trading Central, which offer cutting-edge charting analytics, live news, and market insights for short-term traders.
- The demo account expires after 30 days and can only be extended upon request - a notable inconvenience compared to the likes of XM with its unlimited demo mode.
- Despite a useful library of educational guides and e-books, Eightcap still trails IG’s comprehensive toolkit for aspiring traders with its dedicated IG Academy app and 18 course categories.
#3 - Spreadex
Why We Chose Spreadex
Trade on 60+ forex pairs with no commission and competitively tight spreads from 0.6 on major pairs such as EUR/USD. This is a good selection of forex pairs and excellent pricing for commission-free trading, well below the industry average.
"Spreadex will appeal to UK day traders who are interested in both spread betting on financial markets and placing traditional bets on sports events. Fees are low on short trades and profits are tax-free on spread bets. There's also a powerful proprietary charting platform, plus £0 minimum deposit required to get started. "
- DayTrading Review Team
- GBPUSD Spread: 0.9
- EURUSD Spread: 0.6
- EURGBP Spread: 0.9
- Total Assets: 60+
- Leverage: 1:30
- Platforms: Spreadex Platform, TradingView
About Spreadex
Spreadex is an FCA-regulated broker that offers spread betting opportunities on an impressive 10,000+ CFD instruments including 60 forex pairs. Traders can also take short-term positions on sporting events. The brand has been around for over 20 years and has won multiple awards.
Pros
- The broker offers an easy-to-use proprietary charting platform and mobile app
- Spreadex gives UK traders the opportunity to make tax-free profits through spread betting
- Traders have the opportunity to bet on sports events from their brokerage account
Cons
- The limited customer service can make it time-consuming to troubleshoot problems
- The lack of a demo account will frustrate prospective clients who want to test Spreadex's services
- There's no support for expert advisors or other trading bots
#4 - Vantage
Why We Chose Vantage
Vantage offers 55+ currency pairs - above the industry average, so experienced traders can explore plenty of opportunities. Vantage's deep liquidity pool provides forex spreads from 0.0 pips in the ECN account, lower than many alternatives. There are also no commissions, deposit fees or hidden charges.
"Vantage remains an excellent option for CFD traders seeking a tightly-regulated broker with access to the reliable MetaTrader platforms. The fast sign-up process and $50 minimum deposit make it very straightforward to start day trading quickly."
- DayTrading Review Team
- GBPUSD Spread: 0.5
- EURUSD Spread: 0.0
- EURGBP Spread: 0.5
- Total Assets: 55+
- Leverage: 1:500
- Platforms: ProTrader, MT4, MT5, TradingView, DupliTrade
About Vantage
Founded in 2009, Vantage offers trading on 1000+ short-term CFD products to over 900,000 clients. You can trade Forex CFDs from 0.0 pips on the RAW account through TradingView, MT4 or MT5. Vantage is ASIC-regulated and client funds are segregated. Copy traders will also appreciate the range of social trading tools.
Pros
- The broker has recently made efforts to expand its suite of CFDs providing further trading opportunities
- Vantage caters to hands-off investors with beginner-friendly social trading via ZuluTrade & Myfxbook
- The ECN accounts are very competitive with spreads from 0.0 pips and a $1.50 commission per side
Cons
- Unfortunately, cryptos are only available for Australian clients
- A steep $10,000 deposit is needed for the best trading conditions, which include the $1.50 commission per side
- It's a shame that some clients will need to register with the offshore entity, which offers less regulatory protection
#5 - FOREX.com
Why We Chose FOREX.com
FOREX.com continues to uphold its stature as a premier FX broker, offering over 80 currency pairs and boasting some of the most competitive fees in the industry. With EUR/USD spreads dipping as low as 0.0 and $5 commission per $100k, it stands out. Moreover, its SMART Signals help to identify price behaviors across numerous major currency markets.
"FOREX.com remains a best-in-class brokerage for active forex traders of all experience levels, with over 80 currency pairs, tight spreads from 0.0 pips and low commissions. The powerful charting platforms collectively offer over 100 technical indicators, as well as extensive research tools."
- DayTrading Review Team
- GBPUSD Spread: 1.3
- EURUSD Spread: 1.2
- EURGBP Spread: 1.4
- Total Assets: 80+
- Leverage: 1:30 (Retail), 1:500 (Pro)
- Platforms: MT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral
About FOREX.com
Founded in 1999, FOREX.com is now part of StoneX, a financial services organization serving over one million customers worldwide. Regulated in the US, UK, EU, Australia and beyond, the broker offers thousands of markets, not just forex, and provides excellent pricing on cutting-edge platforms.
Pros
- The in-house Web Trader continues to shine as one of the best-designed platforms for aspiring day traders with a slick design and over 80 technical indicators for market analysis.
- With over 20 years of experience, excellent regulatory oversight, and multiple accolades including runner-up in our 'Best Forex Broker' awards, FOREX.com boasts a global reputation as a trusted brokerage.
- FOREX.com offers industry-leading forex pricing starting from 0.0 pips, alongside competitive cashback rebates of up to 15% for serious day traders.
Cons
- Funding options are limited compared to leading alternatives like IC Markets and don’t include many popular e-wallets, notably UnionPay and POLi.
- There’s no negative balance protection for US clients, so you may find yourself owing more money than your initial deposit into your account.
- FOREX.com's MT4 platform offers approximately 600 instruments, significantly fewer than the over 5,500 available on its non-MetaTrader platforms.
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. Both of these forex assets allow you to speculate on the value of GBP in relation to other leading currencies – the USD and EUR, respectively.
The popularity of forex amongst UK investors can be attributed to its liquidity and the fact that it is open 24 hours a day, 5 days a week around the world. Furthermore, through derivatives, Brits can hedge against volatile markets without owning any assets.
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 trading platforms.
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.
We recommend choosing an FCA-regulated forex brokers for British traders, as this will help protect your funds.
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.
Commissions
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 forex platforms in the UK.
How To Compare UK Forex Brokers
Forex trading platforms in the UK often have their own advantages and disadvantages, each of which makes them more or less competitive for a different set of British investors. 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, for example those containing the British Pound.
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 trading platforms 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 trading platforms 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.
FCA Regulatory Status
As outlined above, the regulating agency for forex trading platforms in the UK is the Financial Conduct Authority (FCA). We always recommend finding an FCA-licensed forex broker.
The FCA is a globally recognized organisation that provides safeguarding and protection for retail investors. The FCA can protect customers from fraud, set legislation to minimise 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.
It is also worth checking that GBP is provided as an account base currency. This will make it easier to manage your account and forex trading activity in your local currency.
Low Minimum Deposit
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 trading platforms 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. These can be valuable resources for beginners.
Accounts
Forex trading platforms 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 platform for forex traders is MetaTrader 4 (MT4). This platform offers 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.
A good example is XTB’s bespoke xStation software, which 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 automatically comes 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.
Tip: you can check out app reviews from other British traders 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 Expert Advisors (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
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
What Are The Best UK Forex Brokers For Beginners?
Beginners will benefit most from the high levels of regulation, provided by FCA-regulated brokers, along with user-friendly platforms, low minimum deposits and responsive customer support. Beginners should also make sure to choose a broker that offers a demo forex account.
Some good beginner-friendly brokers, based on our reviews, include Pepperstone, eToro, and CMC Markets.
Where Is There A List Of FCA Regulated Forex Brokers In The UK?
There is a long list of forex brokers in the UK with an FCA license, including IG, AvaTrade and Admiral Markets. You can check a broker’s regulatory status on their website or find a list of registered UK FX brokers on the FCA database.
Our experts recommend finding a trusted, regulated forex broker in the UK to ensure a safe and legitimate experience.
How Much Leverage Can I Get With Forex Trading Platforms In The UK?
The leverage limits offered to clients depend on whether the broker is FCA regulated or not. Unregulated forex trading platforms can offer generous leverage ratios of up to 1:100 or more. However, this comes with amplified risks of losses that can extend beyond the balance of your account.
Given the risky nature of leverage trading, the FCA has capped forex leverage to 1:30.
Which Is The Best Forex Broker In The UK?
It is not possible to say that one brokerage or another is the best forex broker in the UK. There are many top brokers that can compete for that title. You should not try to find the best broker. Instead, you should try to find the right forex broker for you. The best broker for one person’s needs is not necessarily the best broker for another trader.
With this said, IC Markets is a very good broker that was named our forex broker of the year and the FCA-regulated broker AvaTrade was named the best overall broker.
Which Forex Brokers In The UK Have 0 Pip Spreads?
Zero pip spread brokers in the UK are beneficial for high-volume traders like scalpers. These types of providers are typically ECN brokers. However, costs may then be passed on through higher commission charges.
How Much Capital Do I Need To Trade With Forex Trading Platforms In The UK?
This will depend on the minimum deposit requirement permitted by the forex trading platform. Some FX brokers in the UK allow you to open an account and get started with as little as £10, while others require higher minimum deposits like £1,000.