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Best Forex Brokers In The UK

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Written By
James Barra
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Written By
James Barra
James is an investment writer with a background in financial services. As a former management consultant, he has worked on major operational transformation programmes at prominent European banks. James authors, edits and fact-checks content for a series of investing websites.
» James Barra Profile Page
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Edited By
Tobias Robinson
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Edited By
Tobias Robinson
Tobias is a partner at DayTrading.com, director of a UK limited company and active trader. He has over 25 years of experience in the financial industry and contributed via CySec to the regulatory response to digital options and CFD trading in Europe. Toby’s expertise and dedication to financial education make him a trusted voice in the industry, including a BBC investigation into digital options.
» Tobias Robinson Profile Page
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Fact Checked By
Jemma Grist
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Fact Checked By
Jemma Grist
Jemma is a writer, editor and fact-checker focused on retail trading and investing. Jemma brings a unique perspective to the forex, stock, and cryptocurrency markets and works across several investment websites as a researcher and broker analyst.
» Jemma Grist Profile Page
Updated
Oct 4, 2024

The best forex brokers in the UK are regulated by the Financial Conduct Authority (FCA), providing a secure environment for Brits to trade currencies like the Great British Pound (GBP).

Explore our pick of the top forex brokers accepting UK traders. Our British testers have evaluated each platform, verified their FCA regulation, and awarded them a high overall rating after considering 100+ data points.

Top 10 UK Forex Brokers

After reviewing 267 platforms, these 10 brokers stand out as the best for forex trading in the UK:

Click a broker for details
  1. 1
    IG
    Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.
    Ratings
    4.9 / 5
    4 / 5
    4.5 / 5
    3.5 / 5
    4.8 / 5
    4.5 / 5
    4.9 / 5
    5 / 5
    4.6 / 5
    4 / 5
    $0
    0.01 Lots
    1:30 (Retail), 1:222 (Pro)
    FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA, FINMA, CONSOB, AFM
    CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting
    Web, ProRealTime, L2 Dealer, MT4, AutoChartist, TradingCentral
    PayPal, Wire Transfer, Mastercard, Credit Card, Visa, Debit Card
    USD, EUR, GBP, CAD, AUD, JPY, ZAR, SEK, DKK, CHF, HKD, SGD
    Go To IG
  2. 2
    XTB
    CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% -83% 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
    Ratings
    4.5 / 5
    4 / 5
    4 / 5
    4.3 / 5
    4 / 5
    4.3 / 5
    4.1 / 5
    3.8 / 5
    4.7 / 5
    4.1 / 5
    $0
    0.01 Lots
    1:30
    FCA, CySEC, KNF, DFSA, FSC
    CFDs on shares, Indices, ETFs, Raw Materials, Forex currencies, cryptocurrencies, Real shares, Real ETFs
    xStation
    PayPal, Visa, Mastercard, Wire Transfer, Paysafecard, Skrill, Credit Card, Debit Card, Maestro, Neteller
    USD, EUR, PLN
    Go To XTB
  3. 3
    CMC Markets
    Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when spread betting and/or trading CFDs with this provider. You should consider whether you understand how spread bets and CFDs work and whether you can afford to take the high risk of losing your money.
    Ratings
    4.8 / 5
    4.5 / 5
    4.5 / 5
    4.3 / 5
    4 / 5
    4.5 / 5
    4.5 / 5
    4.3 / 5
    4.1 / 5
    3.7 / 5
    $0
    0.01 Lots
    1:30 (Retail), 1:500 (Pro)
    FCA, ASIC, MAS, CIRO, BaFin, FMA, DFSA
    CFDs, Forex, Stocks, Indices, Commodities, ETFs, Treasuries, Custom Indices, Spread Betting
    Web, MT4
    Visa, Mastercard, Wire Transfer, Credit Card, Debit Card, PayPal
    USD, EUR, GBP, CAD, AUD, NZD, SEK, NOK, SGD, PLN
    Go To CMC Markets
  4. 4
    CityIndex
    CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% 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.
    Ratings
    4.4 / 5
    4.5 / 5
    4.6 / 5
    4.3 / 5
    4.4 / 5
    4.2 / 5
    4.5 / 5
    4.4 / 5
    3.8 / 5
    2.8 / 5
    $0
    0.01 Lots
    1:30 (Retail), 1:50 (Accredited Investor), 1:200 (Sophisticated Investor), 1:300 (Wholesale Investor), 1:400 (Professional Trader). Varies with jurisdiction.
    ASIC, FCA, MAS
    CFDs, Forex, Stocks, Options, Commodities, Bonds
    MT4, TradingView, TradingCentral
    PayNow, Wire Transfer, Mastercard, BPAY, Credit Card, PayID, Debit Card, Visa, PayPal
    USD, EUR, GBP, AUD, CZK
    Go To CityIndex
  5. 5
    Vantage
    Ratings
    4.6 / 5
    4.5 / 5
    4.5 / 5
    4.4 / 5
    4.3 / 5
    4.4 / 5
    4 / 5
    4 / 5
    3.6 / 5
    3.9 / 5
    $50
    0.01 Lots
    1:500
    FCA, ASIC, FSCA, VFSC
    CFDs, Forex, Stocks, Indices, Commodities, ETFs, Bonds, Spread betting
    ProTrader, MT4, MT5, TradingView, DupliTrade
    Skrill, BPAY, JCB Card, AstroPay, Visa, Swift, Neteller, Wire Transfer, Credit Card, Debit Card, UnionPay, FasaPay
    USD, EUR, GBP, CAD, AUD, NZD, JPY, HKD, SGD, PLN
    Go To Vantage
  6. 6
    FOREX.com
    Ratings
    4.9 / 5
    4 / 5
    4.3 / 5
    4.6 / 5
    4.6 / 5
    4.3 / 5
    4.8 / 5
    4.5 / 5
    3.6 / 5
    3.8 / 5
    $100
    0.01 Lots
    1:30
    NFA, CFTC, CIRO, FCA, CYSEC, ASIC, SFC, FSA, MAS, CIMA
    Forex, CFDs, Stocks, Indices, Commodities, Futures, Options, Crypto
    MT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral
    Wire Transfer, Credit Card, Debit Card, Visa, Mastercard, Skrill, Neteller, ACH Transfer
    USD, EUR, GBP, CAD, AUD, JPY, CHF, PLN
    Go To FOREX.com
  7. 7
    Pepperstone
    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.
    Ratings
    4.6 / 5
    4 / 5
    3.8 / 5
    4.4 / 5
    4.4 / 5
    4.6 / 5
    4.3 / 5
    4 / 5
    4.4 / 5
    4.1 / 5
    $0
    0.01 Lots
    1:30 (Retail), 1:500 (Pro)
    FCA, ASIC, CySEC, DFSA, CMA, BaFin, SCB
    CFDs, Forex, Currency Indices, Stocks, Indices, Commodities, ETFs, Crypto(only Pro clients), Spread Betting
    MT4, MT5, cTrader, TradingView, AutoChartist, DupliTrade
    Visa, Mastercard, Credit Card, Debit Card, PayPal, Wire Transfer, POLi, UnionPay, BPAY, Neteller, Skrill
    USD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD
    Go To Pepperstone
  8. 8
    Eightcap
    Ratings
    4.3 / 5
    4 / 5
    3.6 / 5
    3.8 / 5
    4.3 / 5
    4 / 5
    3.5 / 5
    3.5 / 5
    4.8 / 5
    4.4 / 5
    £100
    0.01 Lots
    1:30
    ASIC, FCA, CySEC, SCB, CNMV
    CFDs, Forex, Stocks, Indices, Commodities
    MT4, MT5, TradingView
    Neteller, Skrill, Visa, UnionPay, Credit Card, Debit Card, Bitcoin Payments, Wire Transfer, FasaPay, BPAY, PayPal, Dragonpay, PIX Payment
    USD, EUR, GBP, CAD, AUD, NZD, SGD
    Go To Eightcap
  9. 9
    FxPro
    Ratings
    4.5 / 5
    3.8 / 5
    4.2 / 5
    4.3 / 5
    4.5 / 5
    4.1 / 5
    4.4 / 5
    4.3 / 5
    4.7 / 5
    4.3 / 5
    $100
    0.01 Lots
    1:30 (Retail), 1:500 (Pro)
    FCA, CySEC, FSCA, SCB, FSC
    CFDs, Forex, Stocks, Indices, Commodities, Futures
    FxPro Platform, MT4, MT5, cTrader, AutoChartist, TradingCentral, DupliTrade
    Wire Transfer, Credit Card, PayPal, Skrill, Neteller, Maestro, Mastercard, Visa
    USD, EUR, GBP, AUD, JPY, ZAR, CHF, PLN
    Go To FxPro
  10. 10
    Plus500
    82% of retail CFD accounts lose money.
    Ratings
    3.5 / 5
    4.1 / 5
    3.5 / 5
    4 / 5
    3.1 / 5
    4 / 5
    2 / 5
    3 / 5
    4.1 / 5
    4.3 / 5
    $100
    Variable
    1:30
    FCA, ASIC, CySEC, DFSA, MAS, FSA, FSCA, FMA, EFSA
    CFDs on Forex, Stocks, Indices, Commodities, ETFs, Futures, Options
    WebTrader, App
    PayPal, Skrill, Visa, Wire Transfer, Mastercard, Credit Card, Debit Card, Trustly, Apple Pay
    USD, EUR, GBP, AUD, ZAR, CZK
    Go To Plus500

Here is a short overview of each broker's pros and cons

  1. IG - IG offers an above-average suite of 80+ currency pairs on its proprietary web platform, mobile app or MetaTrader 4, with more advanced charts and forex analysis tools available on the ProRealTime software. Forex spreads are competitive based on tests, starting from 0.1 pips on majors like the EUR/USD.
  2. 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.
  3. CMC Markets - CMC presents an extensive array of 300+ forex pairs characterized by tight spreads and rapid executions, surpassing the offerings of many competitors in terms of currency diversity. Forex indices also present a fairly unique and holistic way to speculate on the value of key currencies like the USD, EUR and GBP.
  4. CityIndex - Trade a wide selection of 80+ currency pairs with spreads from 0.5 pips and industry-favorite platforms. City Index has 40+ years experience in forex trading with liquidity from tier-one banks.
  5. 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.
  6. 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.
  7. Pepperstone - Pepperstone offers ultra-competitive forex spreads averaging 0.12 pips on EUR/USD in the Razor account, accompanied by a diverse portfolio comprising 100+ currency pairs - an extensive selection surpassing most competitors. Additionally, Pepperstone distinguishes itself by offering three currency indices (USDX, EURX, JPYX), not commonly found among alternative platforms. Pepperstone has now won our annual 'Best Forex Broker' award twice.
  8. 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.
  9. FxPro - FxPro offers 70+ currency pairs with ultra-fast execution speeds and tight spreads from 0.46 pips on EUR/USD. The range of forex assets outranks many rivals, including our award winner, AvaTrade. Various short-term forex strategies are permitted, including EA trading and hedging.
  10. Plus500 - Plus500 provides forex trading through CFDs, featuring narrow spreads across an impressive selection of over 60 currency pairs. During testing, spreads came in as tight as 0.6 pips on the EUR/USD, which is notably lower than many alternatives.

Best Forex Brokers In The UK Comparison

Best Forex Brokers In The UK Comparison
Broker Forex Assets EUR/USD Spread Forex App Rating Minimum Deposit Regulator
IG logo
80+ 0.8 4.9 / 5 $0 FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA, FINMA, CONSOB, AFM
XTB logo
70+ 1.0 4.8 / 5 $0 FCA, CySEC, KNF, DFSA, FSC
CMC Markets logo
300+ 0.7 4.2 / 5 $0 FCA, ASIC, MAS, CIRO, BaFin, FMA, DFSA
CityIndex logo
84 0.5 3.5 / 5 $0 ASIC, FCA, MAS
Vantage logo
55+ 0.0 4 / 5 $50 FCA, ASIC, FSCA, VFSC
FOREX.com logo
80+ 1.2 4.9 / 5 $100 NFA, CFTC, CIRO, FCA, CYSEC, ASIC, SFC, FSA, MAS, CIMA
Pepperstone logo
100+ 0.1 4.7 / 5 $0 FCA, ASIC, CySEC, DFSA, CMA, BaFin, SCB
Eightcap logo
50+ 0.0 3.6 / 5 £100 ASIC, FCA, CySEC, SCB, CNMV
FxPro logo
70+ 1.58 pips (Ave) 2.5 / 5 $100 FCA, CySEC, FSCA, SCB, FSC
Plus500 logo
60+ Dynamic 5 / 5 $100 FCA, ASIC, CySEC, DFSA, MAS, FSA, FSCA, FMA, EFSA

IG

"IG continues to provide a comprehensive package with an intuitive web platform and best-in-class education for beginners, plus advanced charting tools, real-time data, and fast execution speeds for experienced day traders."

Christian Harris, Reviewer

IG Quick Facts

GBPUSD Spread0.9
EURUSD Spread0.8
EURGBP Spread0.9
Total Assets80+
Leverage1:30 (Retail), 1:222 (Pro)
PlatformsWeb, ProRealTime, L2 Dealer, MT4, AutoChartist, TradingCentral
Account CurrenciesUSD, EUR, GBP, CAD, AUD, JPY, ZAR, SEK, DKK, CHF, HKD, SGD

Pros

  • The IG app offers a superb mobile trading experience with a clean design that helped it secure Runner Up at our Best Trading App award
  • The ProRealTime advanced charting platform is free as long as certain modest monthly trading activity requirements are met
  • IG offers an extensive collection of professional and engaging educational resources, including webinars, articles, and analysis

Cons

  • IG has discontinued its swap-free account, reducing its appeal to Islamic traders
  • Stock and CFD spreads still trail the cheapest brokers like CMC Markets based on tests
  • IG applies an inactivity fee of $12 per month after 2 years, deterring casual investors
Visit IG
IG Review

XTB

"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. "

Christian Harris, Reviewer

XTB Quick Facts

GBPUSD Spread1.4
EURUSD Spread1.0
EURGBP Spread1.4
Total Assets70+
Leverage1:30
PlatformsxStation
Account CurrenciesUSD, EUR, PLN

Pros

  • XTB has boosted its interest rate on all uninvested balances (up to 5.2%) while competitors like eToro only offer up to 5% on balances of $50K+.
  • Investment Plans, XTB caters to both short-term traders and longer-term investors.
  • The xStation platform continues to impress with its user-friendly interface and intuitive features, including customizable news feeds, sentiment heatmaps, and trader calculator, reducing the learning curve for newer traders.

Cons

  • Trading fees are competitive with average spreads of around 1 pip on the EUR/USD but still trail the cheapest brokers like IC Markets, plus there's an inactivity fee after 12 months.
  • The research tools at XTB are good but could be great if they went beyond in-house features with access to leading third-party tools such as Autochartist, Trading Central and TipRanks.
  • 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.
Visit XTB
XTB Review

CMC Markets

"With advanced charting tools and an extensive range of tradable CFDs, including an almost unrivalled selection of currencies and custom indices, CMC Markets provides a fantastic online platform for traders of all levels. "

Christian Harris, Reviewer

CMC Markets Quick Facts

GBPUSD Spread0.9
EURUSD Spread0.7
EURGBP Spread1.1
Total Assets300+
Leverage1:30 (Retail), 1:500 (Pro)
PlatformsWeb, MT4
Account CurrenciesUSD, EUR, GBP, CAD, AUD, NZD, SEK, NOK, SGD, PLN

Pros

  • CMC offers excellent pricing, including tight spreads and low trading fees for all but stock CFDs. The Alpha and Price+ schemes also offer perks for active traders with up to 40% discounts on spreads.
  • CMC Markets is heavily regulated by reputable financial authorities and maintains its stellar reputation, helping to ensure a secure and trustworthy trading environment.
  • The web platform delivers a fantastic user experience with advanced charting tools for day trading and customizable features, catering to both beginners and experienced traders. MT4 (but not MT5) is also supported.

Cons

  • An inactivity fee of $10 per month is applied after 12 months of inactivity, which may deter casual investors.
  • Despite improvements, the web platform still requires enhancements to make it as intuitive to trade on as software from rivals like IG.
  • The CMC Markets app offers the complete trading package but the design and user experience trails category leaders like eToro.
Visit CMC Markets
CMC Markets Review

CityIndex

"City Index is best for new and intermediate traders looking for a wide selection of assets on user-friendly platforms. The broker is also great for UK traders looking to spread bet on 8,500 instruments with no tax on profits."

Tobias Robinson, Reviewer

CityIndex Quick Facts

GBPUSD Spread0.8
EURUSD Spread0.5
EURGBP Spread0.8
Total Assets84
Leverage1:30 (Retail), 1:50 (Accredited Investor), 1:200 (Sophisticated Investor), 1:300 (Wholesale Investor), 1:400 (Professional Trader). Varies with jurisdiction.
PlatformsMT4, TradingView, TradingCentral
Account CurrenciesUSD, EUR, GBP, AUD, CZK

Pros

  • Extended hours trading on 70+ popular shares including Amazon and Tesla
  • A free demo account with unrestricted access to all markets and trading tools
  • No minimum deposit to get started

Cons

  • Cryptocurrency trading not available in all locations
  • No Islamic account for Muslim traders
  • $15 monthly inactivity fee
Visit CityIndex
CityIndex Review

Vantage

"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."

Jemma Grist, Reviewer

Vantage Quick Facts

GBPUSD Spread0.5
EURUSD Spread0.0
EURGBP Spread0.5
Total Assets55+
Leverage1:500
PlatformsProTrader, MT4, MT5, TradingView, DupliTrade
Account CurrenciesUSD, EUR, GBP, CAD, AUD, NZD, JPY, HKD, SGD, PLN

Pros

  • Vantage caters to hands-off investors with beginner-friendly social trading via ZuluTrade & Myfxbook
  • The broker has recently made efforts to expand its suite of CFDs providing further trading opportunities
  • There’s an excellent suite of day trading software, including the award-winning platforms MT4 and MT5

Cons

  • A steep $10,000 deposit is needed for the best trading conditions, which include the $1.50 commission per side
  • Unfortunately, cryptos are only available for Australian clients
  • The average execution speeds of 100ms to 250ms are slower than alternatives based on tests
Visit Vantage
Vantage Review

FOREX.com

"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."

Christian Harris, Reviewer

FOREX.com Quick Facts

GBPUSD Spread1.3
EURUSD Spread1.2
EURGBP Spread1.4
Total Assets80+
Leverage1:30
PlatformsMT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral
Account CurrenciesUSD, EUR, GBP, CAD, AUD, JPY, CHF, PLN

Pros

  • 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.
  • There’s a wealth of educational resources including tutorials, webinars, and a stacked YouTube channel to help you get educated in the financial markets.
  • Alongside a choice of leading platforms, FOREX.com offers a superb suite of supplementary tools including Trading Central research, SMART Signals pattern scanner, trading signals, and strategy builders.

Cons

  • FOREX.com's MT4 platform offers approximately 600 instruments, significantly fewer than the over 5,500 available on its non-MetaTrader platforms.
  • Despite increasing its range of instruments, FOREX.com's product portfolio is still limited to forex and CFDs, so there are no options to invest in real stocks, real ETFs or real cryptocurrencies.
  • There’s no negative balance protection for US clients, so you may find yourself owing more money than your initial deposit into your account.
Visit FOREX.com
FOREX.com Review

Pepperstone

"Pepperstone stands out as a top choice for day trading, offering razor-sharp spreads, ultra-fast execution, and advanced charting platforms for experienced traders. New traders are also welcomed with no minimum deposit, extensive educational resources, and exceptional 24/7 support."

Christian Harris, Reviewer

Pepperstone Quick Facts

GBPUSD Spread0.4
EURUSD Spread0.1
EURGBP Spread0.4
Total Assets100+
Leverage1:30 (Retail), 1:500 (Pro)
PlatformsMT4, MT5, cTrader, TradingView, AutoChartist, DupliTrade
Account CurrenciesUSD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD

Pros

  • There’s support for a range of industry-leading charting platforms including MT4, MT5, TradingView, and cTrader, catering to various short-term trading styles, including algo trading.
  • Now offering spread betting through TradingView, Pepperstone provides a seamless, tax-efficient trading experience with advanced analysis tools.
  • Pepperstone emerges as a low-cost broker, especially for serious day traders with spreads from 0.0 in the Razor account and rebates of 25%+ through the Active Trader program.

Cons

  • Despite enhancements to its range of markets, crypto offerings are relatively limited compared to other brokers such as eToro, with no option to invest in real coins.
  • Pepperstone does not support cTrader Copy, a popular copy trading feature built into the excellent cTrader platform and available at alternatives like IC Markets.
  • Pepperstone’s demo accounts are active for only 30 days, which may not be not long enough to familiarize yourself with the different platforms and test trading strategies.
Visit Pepperstone
Pepperstone Review

Eightcap

"Eightcap delivers in every area for day traders with a growing selection of charting platforms, education via Labs, and AI-powered tools. Now sporting 120+ crypto CFDs, it's also become a stand-out choice for crypto trading, winning our 'Best Crypto Broker' award two years in a row."

Christian Harris, Reviewer

Eightcap Quick Facts

GBPUSD Spread0.1
EURUSD Spread0.0
EURGBP Spread0.1
Total Assets50+
Leverage1:30
PlatformsMT4, MT5, TradingView
Account CurrenciesUSD, EUR, GBP, CAD, AUD, NZD, SGD

Pros

  • Eightcap stands out with a selection of powerful trading tools and resources, 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.
  • Having excelled across all key areas for day traders, Eightcap outperformed every competitor to win our 'Best Overall Broker' award for 2024, also securing our 'Best Crypto Broker' title.

Cons

  • Eightcap needs to continue bolstering its suite of instruments to match category leaders like Blackbull Markets with its 26,000+ assets, featuring a particularly weak selection of commodities.
  • Despite a useful library of educational guides and e-books in Labs, Eightcap still trails IG’s comprehensive toolkit for aspiring traders with its dedicated IG Academy app and 18 course categories.
  • 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.
Visit Eightcap
Eightcap Review

FxPro

"FxPro is best for experienced traders looking for wide market access, premium research tools and advanced charting platforms. The competitive fees and fast execution will serve serious short-term traders, whilst the BnkPro investment service will appeal to those looking for long-term e-money solutions."

William Berg, Reviewer

FxPro Quick Facts

GBPUSD Spread2.39 pips (Ave)
EURUSD Spread1.58 pips (Ave)
EURGBP Spread1.74 pips (Ave)
Total Assets70+
Leverage1:30 (Retail), 1:500 (Pro)
PlatformsFxPro Platform, MT4, MT5, cTrader, AutoChartist, TradingCentral, DupliTrade
Account CurrenciesUSD, EUR, GBP, AUD, JPY, ZAR, CHF, PLN

Pros

  • There are 4 superior day trading platforms, including a proprietary solution with over 50 indicators, 7 chart types and an impressive 15 chart time frames
  • There's an interactive learning center for beginners with tests, courses, video tutorials and webinars
  • Thousands of CFDs are available across 6 asset classes with a particularly impressive range of indices and precious metals

Cons

  • FxPro's services are mainly geared towards experienced investors and beginners may find the broker's fees and accounts complex
  • There's no copy trading service, which reduces the appeal for strategy providers looking to earn extra revenue
  • The broker charges a $10 inactivity fee after 6 months of account dormancy, though this is more lenient than many brokers
Visit FxPro
FxPro Review

Plus500

"Plus500 offers a super-clean experience for traders with a CFD trading platform that sports a modern design and dynamic charting. That said, the broker’s research tools are limited, fees trail the cheapest brokers, and there’s room for enhancement in its educational resources."

Christian Harris, Reviewer

Plus500 Quick Facts

GBPUSD SpreadDynamic
EURUSD SpreadDynamic
EURGBP SpreadDynamic
Total Assets60+
Leverage1:30
PlatformsWebTrader, App
Account CurrenciesUSD, EUR, GBP, AUD, ZAR, CZK

Pros

  • The broker offers commission-free trading on a diverse range of markets, minimizing additional fees while appealing to established traders
  • Plus500 has recently bolstered its suite of short-term trading products, including introducing VIX options with enhanced volatility and extended hours trading on 7 stock CFDs
  • Plus500 provides a specialized WebTrader platform designed explicitly for CFD trading, offering a clean and uncluttered interface

Cons

  • Plus500’s lack of support for MetaTrader or cTrader charting tools might be a deal breaker for advanced day traders looking for familiarity
  • The absence of social trading means users can’t follow and replicate the trades of experienced traders
  • Algo trading and scalping are not supported, which may deter some day traders
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What Is A Forex Broker?

Forex brokers provide British investors with access to the foreign exchange market through platforms for buying and selling currencies, such as the Great British Pound (GBP).

Transactions in the forex market are presented as a pair of two currencies, for example, GBP/USD or EUR/GBP. Both of these pairs allow you to speculate on the value of GBP in relation to other currencies – the USD and EUR, respectively.

Forex’s popularity among UK investors can be attributed to its liquidity and its global availability, which allows trading 24 hours a day, 5 days a week.

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Trading currencies online remains extremely risky – you could lose your entire investment. Only trade with funds you are prepared to lose.

FCA Oversight

The Financial Conduct Authority (FCA) is the UK’s financial regulator and is considered ‘green tier’ in line with DayTrading.com’s Regulation & Trust Rating.

The FCA oversees financial services activities within the United Kingdom, including online forex trading platforms. All firms offering currency trading to Brits must be authorised by the FCA, with the regulator maintaining a Warning List of unauthorised companies.

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

Regulated forex brokers in the UK must meet several requirements, including limiting leverage to 1:30 for major currency pairs like GBP/USD and 1:20 for non-major currency pairs like GBP/CAD.

Firms must also segregate client funds to prevent misuse, provide negative balance protection so you cannot lose more than your balance, and not offer misleading financial incentives and bonuses.

Choosing an FCA-regulated forex broker is non-negotiable.

It will give you access to the  Financial Ombudsman Service to resolve disputes and the Financial Services Compensation Scheme (FSCS) which pays out up to £85,000 per client should the company run into solvency issues.

Additionally, it provides peace of mind against forex scams, which continue to plague the industry.

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James Barra
Author
XTB FX broker listed on UK's regulator database
XTB – FCA License

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 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, often popular with aspiring traders looking for increased price certainty, mean that the price displayed on the platform is the price at which your order should be executed. Market makers tend to offer fixed spreads.

Variable spreads, popular with active, experienced traders, mean that the price will change depending on market conditions. For example, the market liquidity of GBP pairs generally increases when the London session times open, which can facilitate tight spreads.

ECN and STP forex brokers in the UK generally offer variable spreads.

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 are typically charged as a flat fee (i.e. £2 per round per lot).

Importantly, the best UK brokers should offer low fees on forex pairs with the GBP, including the GBP/USD, EUR/GBP, and GBP/JPY.

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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 have their own advantages and disadvantages, each making them more or less competitive for a different set of British investors.

Below are some of the most important factors that should be considered when searching for the best forex broker.

Currency Pairs

Firstly, ensure that the forex brokerage offers the currency pairs you want to trade, such as those containing the British Pound.

While most brokers offer popular forex pairs (like GBP/USD, EUR/GBP and GBP/AUD) exotic pairs (like GBP/SGD, GBP/TRY and GBP/ZAR) are less common.

  • CMC Markets is in a league of its own when it comes to the range of currency pairs based on our evaluations. CMC offers 330+ FX pairs and 35+ containing the GBP. It also has 12 currency indices, including a GBP index, providing a holistic view of a currency alongside the currencies of key trading partners.

Spreads & Fees

These conditions are often the most important aspect when looking for a forex broker, as they have a direct and meaningful impact on profits. That said, we don’t recommend choosing a forex trading platform based solely on its fee structure.

Spreads will often differ across each FX pair, though as the GBP is a key currency, you can typically expect tight yet sometimes volatile spreads. Lower spreads or even zero 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 incorporate into your decision and calculations.

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

  • FOREX.com is a low-cost broker, earning 4.6/5 in DayTrading.com’s Fees & Costs rating. Spreads start from 0.0 on EUR/USD in the RAW Spread account with a $5 commission per $100K, while the Standard account features spreads of 1.0 pips on the EUR/USD during our latest tests.

Payment Options

Another consideration when comparing forex brokers is the available deposit and withdrawal methods.

The best forex brokers in the UK 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 British FX brokers include Visa & Mastercard debit cards and credit cards, wire transfers, and e-wallets such as Skrill and Neteller.

It is also worth checking that GBP is provided as an account base currency. This will make managing your account and forex trading activity in your local currency easier.

  • IG offers free deposits via bank wire transfer, credit/debit cards, plus PayPal with a GBP account for convenience. Two of our team have also used IG for real-money trading and haven’t reported any issues with deposits and withdrawals.

Minimum Deposit

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

Beginners may find 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 if you’re interested in those.

Some UK forex trading platforms increasingly offer a minimum deposit from just £0, while others ask for as much as £1,000 or more for access to advanced features or the best trading conditions.

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While many international brokers offer promotions, such as welcome bonuses, the FCA says that forex brokers in the UK are not permitted to do so. Therefore, bonuses can be a good way to gauge the legitimacy and status of a forex broker that claims to be regulated by the FCA.
  • AvaTrade requires a minimum deposit of £100, though it recommends a starting balance of at least £1,000 to enjoy the full range of products offered. AvaTrade has also come a long way in recent years, picking up DayTrading.com’s ‘Best Trading App’ award.

Platforms

The platforms offered by forex brokers can make or break your experience. The most widely available platform for forex traders is MetaTrader 4 (MT4).

Although it sports an outdated design that I don’t enjoy, this platform offers a wide range of useful tools for market analysis and can be customised to suit your needs.

CMC Markets web platform showing GBP currency pairs and chart
CMC Markets Web Platform

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.

  • XTB’s bespoke xStation, which offers 29 drawing tools, 37 technical indicators, an integrated economic calendar, market sentiment data and more, performed excellently during testing, making for a top-notch alternative to MT4.

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, the range of tradable currency pairs, the quality of the tools, plus the fee structure tend to be the key variants between forex accounts.

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Review the broker’s educational content. The best UK forex brokers provide access to free resources, such as integrated economic calendars with key announcements from the Bank of England, platform tutorials, plus forex heat maps. These can be valuable for newer traders.

Mobile Apps

For those who want to access their account or execute positions on the go, a forex app is a must.

MT4 automatically comes with supported mobile apps, though UK brokers that offer proprietary terminals increasingly provide their own bespoke applications that better integrate with their systems.

  • Interactive Broker’s mobile app provides its desktop counterpart’s full functionality. Access advanced quotes and research, plus powerful trading tools such as the Order Entry Wheel. Following obvious investment in recent years, it now delivers the complete mobile forex trading experience.

Customer Support

The best forex brokers in the UK are responsive and reliable.

Ensure there is a range of options to connect with the customer service team, such as telephone, email and live chat.

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.

  • Pepperstone provides 24/7 customer support that we’ve used countless times over the years. Based on our experience, you won’t be kept waiting for help with account queries or questions about forex trading conditions.

Bottom Line

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

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

Use our comparison table to kickstart your search.

Regardless of the forex broker you choose, trading currencies is high-risk. Most retail investors lose money. 

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.

Based on our reviews, some first-rate beginner-friendly brokers are eToro, Pepperstone, 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 FCA licenses, including IG, FOREX.com, 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’s Financial Services Register.

We recommend finding a trusted, regulated forex broker in the UK to ensure a secure 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 high leverage of 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. Many top brokers 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 forex platform for one person’s needs is not necessarily the best broker for another trader.

With this said, Pepperstone is a very good broker that was named our forex broker of the year and the FCA-regulated broker Eightcap 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 like Pepperstone and Vantage.

However, it’s important to be aware that 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 £1, while others require higher minimum deposits like £1,000.

Article Sources

The writing and editorial team at DayTrading.com use credible sources to support their work. These include government agencies, white papers, research institutes, and engagement with industry professionals. Content is written free from bias and is fact-checked where appropriate. Learn more about why you can trust DayTrading.com