Forex Brokers In The UK

Forex brokers in the UK vary significantly, so where do you even start your comparison? The decision regarding the best FX broker comes down to individual preferences and goals. This review will consider fees and spreads, platforms, regulations, payment methods and more, forming a good starting point for beginner and professional traders alike. Use this guide to find the right forex broker in the UK for your needs.

Forex Brokers In The UK

Pepperstone offers spreads from 0.0 pips on the Razor account and have almost 61+ pairs available to trade. Lots start at 0.01.
CFDs and FX are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs.
Trade with spreads as low as 0.0 pips. $0 Commission. 1:500 Leverage
eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs.
Plus500 Offer forex trading via CFDs with tight variable spreads and a range of well over 70 currency pairs. Free Unlimited Demo Account.
72% of retail CFD accounts lose money.
XTB is one of the largest stock exchange-listed FX & CFD brokers in the world, offering access to over 2000 instruments on their trading platforms.
73% of retail accounts lose money.
CMC Markets is headquartered in London and listed on the LSE (FCA Regulated). They offer competitive spreads on a global range of assets via a next generation platform.
Reliable and affordable trading since 2009. Join over 400,000 others trading on 300+ CFD products. Trade Forex CFDs from 0.0 spreads on our RAW account through TradingView, MT4 or MT5. Vantage is ASIC regulated and client funds are segregated. Open an account in under 5 minutes.
Trade Forex on 0.0 pip spreads with the world's leading True ECN forex broker - IC Markets. Great choice for serious traders. ASIC regulated.
Avatrade offer 50+ currency pairs and their spreads are some of the best among any broker. They are regulated across 5 continents.
Forex.com are a leading forex broker. Offering the largest range of currency pairs (80+) and some of the tightest spreads in the industry.
Trade on close to 20 currency pairs, including crypto pairs. 'Covest' and follow experienced traders.
XM.com deliver ultra low spreads across a huge range of Forex markets. Flexible lot sizes, and Micro and XM Zero accounts accommodate every level of trader.
Axi is a global online FX and CFD trading company, trusted by 60,000+ ambitious customers in 100+ countries around the world.
72.6% of retail investor accounts lose money when trading CFDs with this provider
67 major, minor and exotic FX pairs
Capital.com offer 68 Forex pairs for trading. All have competitive spreads. The firm also ensures negative balance protection.
75.26% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
NinjaTrader offer Traders Futures and Forex trading. Use Auto-trade algorithmic strategies and configure your own trading platform, and trade at the lowest costs.
Binary.com deliver advanced forex trading via the MetaTrader5 platform and 3 Account Types
IG offer spread betting, CFD and Forex trading across a range of markets. They are FCA regulated, boast a great trading app and have a 40 year track record of excellence.
Multi-Award winning broker. Specialising in Forex but also offering stocks and tight spreads on CFDs and Spread betting across a huge range of markets.
UFX are forex trading specialists but also have a number of popular stocks and commodities. Offering tight spreads and one of the best ranges of major and minor pairs on offer, they are a great option for forex traders.
Dukascopy offers FX trading on over 60 currency pairs
Just2Trade offer hitech trading on stocks and options with some of the lowest prices in the industry
easyMarkets.com - Simply Honest. Trade CFDs on Forex, Commodities, Indices, Shares & Cryptos With a Top Rated Forex Broker
Deriv.com are a new brokerage, offering options and CFDs on a simple, reliable, flexible platform. Get access to volatility indexes exclusively at Deriv.
Alpari International offer forex over a huge range of pairs including Major, minor and exotic pairs. All with competitive spreads and laddered leverage.
FXTM offer forex trading on a huge range of currency pairs. Spreads can be as low as 0.1 with the ECN account types.
Rockfort Markets offers competitive pricing on a wide range of major, minor and exotic currency pairs through MT4 and TWS.
Trade over 70 pairs and keep trading costs to a minimum, with tight spreads or the lowest commissions with Fusion
Skilling offer Standard and Premium accounts offering competitive leverage and spreads across a large range of major, minor and exotic forex pairs.
69% of retail CFD accounts lose money.
A regulated bank, Saxobank offer Equities and Forex trading on 40,000+ markets via the SaxoTrader Pro and SaxoTrader Go platforms
Trade 33 Forex pairs with spreads from 0.0 with the 'Zero' account. Prices quoted to 5 decimals places, and leverage up to 1:1000
50 currency pairs are available, including majors, minors, and exotics
Ayondo offer trading across a huge range of markets and assets. They also offer negative balance protection and social trading.
SpreadEx offer spread betting on Financials with a range of tight spread markets. Popular award winning, UK regulated broker.
Established spread betting, forex and CFD broker with over 30 years in the business. Regulated around the globe.
Pacific Union offers 30+ currency pairs, including majors such as EUR/USD and USD/JPY
Forex trading is available on major, minor and exotic currency pairs
IronFX offers trading in major currency pairs, plus minors and exotic pairs
Global Prime offers online trading on a long list of major, minor and exotics currencies.
BlackBull Markets offers leveraged FX trading.
Trade with leverage on the FX market.
Trade on nearly 50 leveraged forex pairs.
Trade three-dozen forex pairs, including the US Dollar and Euro.
Trade on close to 50 major, minor and exotic currencies.
Trade on the FX market with flexible leverage and dynamic market spreads.
Trade Nation offers trading in 30+ online currencies.
Trade on 40+ of major, minor & exotic pairs with an award winning platform. Zero commission, free education and low spreads.
Use digital options to take straightforward buy and sell positions on a range of currencies.
Trade on the foreign exchange market with 1:30 leverage.
Ultra tight spreads from 0.1 pips are available on major, minor and exotic forex pairs.
Trade on 40+ major and minor currencies with up to 1:30 leverage.
Start trading on dozens of currencies at RoboMarkets with powerful analysis tools and pattern recognition technology.
AdroFX clients can trade more than 60 major, minor and exotic forex pairs.
Exinity Trader Pro supports major, minor and exotic forex trading on MT4 and MT5 platforms.
Trade on the foreign exchange market with 1:30 leverage.
Trade a long list of forex pairs with leverage.
Trading available on 40 major, minor, and exotic currency pairs
71.89% of retail investor accounts lose money when trading CFDs with this provider.
Trade FX with high leverage levels.
Trade majors, minors, & exotic currency pairs
Fondex is an award-winning forex and CFD broker with industry low trading costs
83.57% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Trade major, minor & emerging forex pairs with 1:30 leverage.
Trade on 40+ currency pairs with tight spreads.
Trade forex pairs with tight spreads.
Trade a range of FX pairs with 1:30 leverage.
Trading CFD forex pairs with tight spreads.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89 % of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Trade with leverage on dozens of popular currencies.
Trade on dozens of forex pairs with low spreads.
Trade a breadth of forex pairs with up to 1:30 leverage.
Trade FX pairs with tight spreads & leverage.
Trade with leverage on a range of FX pairs.
Trade on FX pairs with 1:500 leverage.
Videforex offers leveraged trading on major, minor and exotic currency pairs.
FXCM are an FCA regulated, London based broker. Companies under the FXCM umbrella are also regulated in Australia and South Africa.
Zulutrade provide multiple automation and copy trading options across forex, indices, stocks, cryptocurrency and commodities markets
IB Boast a huge market share of global trading. With a minimum deposit of $10,000 however, they remain an option for larger traders only.
Trading 212 Offer a truly mobile trading experience. With tight spreads and a huge range of markets, they offer a dynamic and detailed trading environment. Recent customer care issues have severely damaged the reputation of the brand.
Offering a range of Accounts, including ECN, Instaforex can reduce average spreads to just 0.2 pips. The range of pairs offered is also among the largest of any broker.
ETX Capital are a London-based, FCA regulated broker offering tight spreads across a wide range of markets. They offer professional client services for eligible pro clients, and free guaranteed stops on the TraderPro platform. Plus, you can trade the top 250 most popular share CFDs with zero commission.
Show All Brokers ⇩

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, e.g. GBP/USD or EUR/AUD.

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.Forex Brokers in the UK Platform Charts

How Forex Brokers In The UK Make Money

There are a few main 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 made by brokers 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%).

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 markets.

Market makers make money through spreads and by betting against client’s 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 have tight spreads at peak trading volume, which is favourable for frequent traders. ECN forex brokers tend to charge commissions on each position to make up for their tight spreads. An 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 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 clients with the best prices. Typically, STP brokers make money by adding a spread mark up.Forex Brokers UK GBP Pairs

How To Compare UK Forex Brokers

Forex brokers have a range of 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

First and foremost, ensure that your top forex broker list in the UK contains those offering the forex pairs you want to trade. While most brokers offer the popular major forex pairs (GBP/USD, EUR/GBP and GBP/AUD) minor and exotic pairs are less common. Most 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 to see if they could cater for your needs.

Spreads & Fees

These conditions are often considered the most important aspect when looking for forex brokers in the UK as they have a direct and meaningful impact on profits. Spreads will often differ across each FX pair. Lower spreads, or even 0 spreads, brokers can suit high volume traders, although these brokers may charge a higher commission.

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

Leverage

Leverage on forex is generally more generous than other instruments as price movements can be smaller. This is capped at a 1:30 ratio for major pairs by forex brokers regulated in the UK. The more leverage offered by the broker, the bigger the position you can open in the market. However, higher leverage magnifies your risks as well as your profit potential. More details on the benefits and risks related to leverage and margin trading can be found here.

Regulatory Status

The regulating agency for forex brokers in the UK is the Financial Conduct Authority (FCA). It is highly advised that you find an FCA licensed forex broker in the UK. The FCA can protect customers from fraud, set legislation to minimise risks and provide compensation of up to £85,000 in the event of broker misconduct or insolvency.

Payment Options

Ensure the broker provides your preferred methods of transaction. The best forex brokers in the UK should offer a wide range of options, as not only does this demonstrate commitment to user accessibility, but each payment option requires its own set of security checks. Therefore, the larger the range of payment methods available, the more secure the broker’s transactions are likely to be. Popular methods include VISA, Mastercard, bank wire transfers or e-wallets, like Skrill and Neteller.

Low Minimum Deposits

When opening an account with a forex broker in the UK, you are required to fund your account by at least the broker’s minimum deposit amount. Beginners may find low minimum deposit forex brokers in the UK more accessible as they require less capital to be put at risk. Some brokers may offer a minimum deposit as low as £10.

Bonuses

While many international brokers offer bonuses and promotional deals, such as welcome or 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 broker that claims to be regulated by the FCA.

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. It is worth checking whether or not the broker offers one that will support your needs, such as lower minimum deposits, a wider range of tradeable instruments or additional features and services.

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 offer a wide range of useful tools for technical analysis and can be customised to suit your needs. For brokers that offer different platforms, try to find out how many chart types, technical indicators, analysis tools and additional functionalities are supported by the platform.

metatrader 4 forex trading app
MT4

Mobile Apps

For those who may want to access their account or to execute positions on the go, mobile applications are a must. MT4 and MT5 automatically come with supported mobile apps, though brokers may offer their own bespoke applications that better integrate with their systems. You can easily check out app reviews on the Apple App Store or Google Play Store.

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 EA robots, social & copy trading platforms and scalping support, 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. Additionally, make sure their contact hours align with the hours you normally trade.

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, though it is important to first understand what your trading style and needs may be. Whether you’re narrowing your search to the top 10 to top 5 forex brokers in the UK, our comparison table can help kickstart your search.

FAQs

What Are The Best Forex Brokers In The UK For Beginners?

Beginners will benefit most from high levels of regulation, provided by FCA-regulated brokers, along with user-friendly platforms, low minimum deposits and responsive customer support. Some good beginner-friendly brokers include Pepperstone, eToro, FXCM and CMC Markets.

What Is A List Of 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 brokers on the FCA database. It is highly advised to find a trusted, regulated forex broker in the UK to ensure a safe and legitimate experience.

How Much Leverage Can I Get With Forex Brokers In The UK?

The leverage limits offered to clients depend on whether the broker is FCA regulated or not. Unregulated forex brokers 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 Forex Brokers In The UK Have 0 Pip Spreads?

Zero pip spread brokers are highly beneficial for high volume traders like scalpers. These types of providers are typically STP or ECN brokers. However, costs may then be passed on through higher commission charges.

How Much Capital Do I Need To Trade With Forex Brokers In The UK?

This will depend on the minimum deposit requirements granted by the broker. Some FX brokers allow you to open an account and get started with as little as £10, while others require higher minimum deposits like £1,000.

Foreign exchange markets offer the potential for very high profits, with some investors making an impressive salary. However, success is highly dependent on the commitment and composure of the trader, as well as the suitability of the forex broker they have chosen.