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 10 UK Forex Brokers
We have reviewed almost 500 platforms and found that these are the 10 best brokers for forex trading in the UK:
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1
XTB77% of retail accounts lose money.
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$00.01 Lots1:30FCA, CySEC, KNF, CNMV, DFSA, FSCCFDs, Forex, Stocks, Indices, Commodities, Crypto, ETFsxStationPayPal, Visa, Mastercard, Wire Transfer, Paysafecard, Skrill, Credit Card, Debit Card, Maestro, NetellerUSD, EUR, GBP, HUF -
2
CMC MarketsSpread 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/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$00.01 Lots1:30 (Retail), 1:500 (Pro)FCA, ASIC, MAS, CIRO, BaFin, FMA, DFSACFDs, Forex, Stocks, Indices, Commodities, ETFs, Treasuries, Custom Indices, Spread BettingWeb, MT4Visa, Mastercard, Wire Transfer, Credit Card, Debit Card, PayPalUSD, EUR, GBP, CAD, AUD, NZD, SEK, NOK, SGD, PLN -
3
Eightcap
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
£1000.01 Lots1:30ASIC, FCA, CySEC, SCB, CNMVCFDs, Forex, Stocks, Indices, CommoditiesMT4, MT5, TradingViewNeteller, Skrill, Visa, UnionPay, Credit Card, Debit Card, Bitcoin Payments, Wire Transfer, FasaPay, BPAY, PayPal, Dragonpay, PIX PaymentUSD, EUR, GBP, CAD, AUD, NZD, SGD -
4
Spreadex
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
£0£0.011:30FCAForex, CFDs, Indices, Commodities, Stocks, Crypto, Bonds, Interest Rates, ETFs, Options, Spread BettingSpreadex Platform, TradingViewCheque, Wire Transfer, Debit Card, Credit Card, Mastercard, VisaUSD, EUR, GBP, CAD, CHF -
5
Vantage
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$500.01 Lots1:500FCA, ASIC, FSCA, VFSCCFDs, Forex, Stocks, Indices, Commodities, ETFs, Bonds, Spread bettingProTrader, MT4, MT5, TradingView, DupliTradeSkrill, BPAY, JCB Card, AstroPay, Visa, Swift, Neteller, Wire Transfer, Credit Card, Debit Card, UnionPay, FasaPayUSD, EUR, GBP, CAD, AUD, NZD, JPY, HKD, SGD, PLN -
6
FOREX.com
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$1000.01 Lots1:30NFA, CFTC, CIRO, FCA, CYSEC, ASIC, SFC, FSA, MAS, CIMAForex, CFDs, Stocks, Indices, Commodities, Futures, Options, CryptoMT4, MT5, TradingView, eSignal, AutoChartist, TradingCentralWire Transfer, Credit Card, Debit Card, Visa, Mastercard, Skrill, Neteller, ACH TransferUSD, EUR, GBP, CAD, AUD, JPY, CHF, PLN -
7
PepperstoneCFDs 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/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$00.01 Lots1:30 (Retail), 1:500 (Pro)FCA, ASIC, CySEC, DFSA, CMA, BaFin, SCBCFDs, Forex, Currency Indices, Stocks, Indices, Commodities, ETFs, Crypto(only Pro clients), Spread BettingMT4, MT5, cTrader, TradingView, AutoChartist, DupliTradeVisa, Mastercard, Credit Card, Debit Card, PayPal, Wire Transfer, POLi, UnionPay, BPAY, Neteller, SkrillUSD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD -
8
Interactive Brokers
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$0$1001:50FCA, SEC, FINRA, CFTC, CBI, CIRO, SFC, MAS, MNB, FINMAStocks, Options, Futures, Forex, Funds, Bonds, ETFs, Mutual Funds, CFDs, CryptocurrenciesTrader Workstation (TWS), IBKR Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, eSignal, TradingCentralCheque, ACH Transfer, Wire Transfer, Automated Customer Account Transfer Service, TransferWise, Debit CardUSD, EUR, GBP, CAD, AUD, INR, JPY, SEK, NOK, DKK, CHF, AED, HUF -
9
IGSpread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70% 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/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$00.01 Lots1:30 (Retail), 1:222 (Pro)FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA, FINMA, CONSOBCFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread BettingWeb, ProRealTime, L2 Dealer, MT4, AutoChartist, TradingCentralPayPal, Wire Transfer, Mastercard, Credit Card, Visa, Debit CardUSD, EUR, GBP, CAD, AUD, JPY, ZAR, SEK, DKK, CHF, HKD, SGD -
10
FxPro
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$1000.01 Lots1:30 (Retail), 1:500 (Pro)FCA, CySEC, FSCA, SCB, FSCCFDs, Forex, Stocks, Indices, Commodities, FuturesFxPro Platform, MT4, MT5, cTrader, AutoChartist, TradingCentral, DupliTradeWire Transfer, Credit Card, PayPal, Skrill, Neteller, Maestro, Mastercard, VisaUSD, EUR, GBP, AUD, JPY, ZAR, CHF, PLN
Here is a short overview of each broker's pros and cons
- 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.
- 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.
- 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.
- 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.
- Interactive Brokers - IBKR presents an extensive range of over 100 major, minor, and exotic forex pairs, surpassing the offerings of nearly all leading alternatives, though not CMC Markets. Forex trading occurs over multiple platforms and boasts institutional-grade spreads starting from 0.1 pips and 20 complex order types, including brackets, scale, and one-cancels-all (OCA) orders.
- 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.
- 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.
Best Forex Brokers In The UK Comparison
| Broker | Forex Assets | EUR/USD Spread | Forex App Rating | Minimum Deposit | Regulator |
|---|---|---|---|---|---|
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70+ | 1.0 | / 5 | $0 | FCA, CySEC, KNF, CNMV, DFSA, FSC |
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300+ | 0.7 | / 5 | $0 | FCA, ASIC, MAS, CIRO, BaFin, FMA, DFSA |
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50+ | 0.0 | / 5 | £100 | ASIC, FCA, CySEC, SCB, CNMV |
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60+ | 0.6 | / 5 | £0 | FCA |
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55+ | 0.0 | / 5 | $50 | FCA, ASIC, FSCA, VFSC |
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80+ | 1.2 | / 5 | $100 | NFA, CFTC, CIRO, FCA, CYSEC, ASIC, SFC, FSA, MAS, CIMA |
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100+ | 0.1 | / 5 | $0 | FCA, ASIC, CySEC, DFSA, CMA, BaFin, SCB |
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100+ | 0.08-0.20 bps x trade value | / 5 | $0 | FCA, SEC, FINRA, CFTC, CBI, CIRO, SFC, MAS, MNB, FINMA |
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80+ | 0.8 | / 5 | $0 | FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA, FINMA, CONSOB |
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70+ | 1.58 pips (Ave) | / 5 | $100 | FCA, CySEC, FSCA, SCB, FSC |
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 Spread | 1.4 |
|---|---|
| EURUSD Spread | 1.0 |
| EURGBP Spread | 1.4 |
| Total Assets | 70+ |
| Leverage | 1:30 |
| Platforms | xStation |
| Account Currencies | USD, EUR, GBP, HUF |
Pros
- With over 5,600 instruments across forex, stocks, indices, ETFs, commodities, and cryptocurrencies, including CFDs, share dealing and more recently Investment Plans, XTB caters to both short-term traders and longer-term investors.
- With an excellent range of educational materials, including training videos and articles integrated into the platform, XTB supports traders at all levels.
- 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.
Cons
- XTB discontinued support for MT4, limiting traders to its proprietary platform, xStation, potentially deterring advanced day traders familiar with the MetaTrader suite.
- 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.
- Not being able to adjust the default leverage level of XTB products is frustrating, as manual adjustment can significantly mitigate trade risk, especially in forex and CFD trading.
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. "
CMC Markets Quick Facts
| GBPUSD Spread | 0.9 |
|---|---|
| EURUSD Spread | 0.7 |
| EURGBP Spread | 1.1 |
| Total Assets | 300+ |
| Leverage | 1:30 (Retail), 1:500 (Pro) |
| Platforms | Web, MT4 |
| Account Currencies | USD, EUR, GBP, CAD, AUD, NZD, SEK, NOK, SGD, PLN |
Pros
- CMC Markets offers a rich investment offering with over 12,000 CFDs and more recently options trading, providing opportunities to trade market volatility and hedge existing positions.
- 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
- Despite improvements, the web platform still requires enhancements to make it as intuitive to trade on as software from rivals like IG.
- Trading stock CFDs incurs a relatively high commission, especially compared to the cheapest brokers like IC Markets.
- The CMC Markets app offers the complete trading package but the design and user experience trails category leaders like eToro.
Eightcap
"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."
Eightcap Quick Facts
| GBPUSD Spread | 0.1 |
|---|---|
| EURUSD Spread | 0.0 |
| EURGBP Spread | 0.1 |
| Total Assets | 50+ |
| Leverage | 1:30 |
| Platforms | MT4, MT5, TradingView |
| Account Currencies | USD, EUR, GBP, CAD, AUD, NZD, SGD |
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.
- 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.
- 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.
Cons
- 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.
- 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.
- 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.
Spreadex
"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. "
Tobias Robinson, Reviewer
Spreadex Quick Facts
| GBPUSD Spread | 0.9 |
|---|---|
| EURUSD Spread | 0.6 |
| EURGBP Spread | 0.9 |
| Total Assets | 60+ |
| Leverage | 1:30 |
| Platforms | Spreadex Platform, TradingView |
| Account Currencies | USD, EUR, GBP, CAD, CHF |
Pros
- Traders have the opportunity to bet on sports events from their brokerage account
- Spreadex gives UK traders the opportunity to make tax-free profits through spread betting
- There's a good selection of signals, analysis tools and risk management tools, including guaranteed stops
Cons
- The lack of a demo account will frustrate prospective clients who want to test Spreadex's services
- No third-party e-wallets are accepted
- The limited customer service can make it time-consuming to troubleshoot problems
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."
Vantage Quick Facts
| GBPUSD Spread | 0.5 |
|---|---|
| EURUSD Spread | 0.0 |
| EURGBP Spread | 0.5 |
| Total Assets | 55+ |
| Leverage | 1:500 |
| Platforms | ProTrader, MT4, MT5, TradingView, DupliTrade |
| Account Currencies | USD, EUR, GBP, CAD, AUD, NZD, JPY, HKD, SGD, PLN |
Pros
- Vantage caters to hands-off investors with beginner-friendly social trading via ZuluTrade & Myfxbook
- Vantage maintains its high trust score thanks to its strong reputation and top-tier regulation from the FCA and ASIC
- There are no short-term strategy restrictions with hedging and scalping permitted
Cons
- Unfortunately, cryptos are only available for Australian clients
- The average execution speeds of 100ms to 250ms are slower than alternatives based on tests
- It's a shame that some clients will need to register with the offshore entity, which offers less regulatory protection
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."
FOREX.com Quick Facts
| GBPUSD Spread | 1.3 |
|---|---|
| EURUSD Spread | 1.2 |
| EURGBP Spread | 1.4 |
| Total Assets | 80+ |
| Leverage | 1:30 |
| Platforms | MT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral |
| Account Currencies | USD, EUR, GBP, CAD, AUD, JPY, CHF, PLN |
Pros
- FOREX.com offers industry-leading forex pricing starting from 0.0 pips, alongside competitive cashback rebates of up to 15% for serious day traders.
- 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.
- 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
- 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.
- FOREX.com's MT4 platform offers approximately 600 instruments, significantly fewer than the over 5,500 available on its non-MetaTrader platforms.
- Demo accounts are frustratingly time-limited to 90 days, which doesn’t give you enough time to test day trading strategies effectively.
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."
Pepperstone Quick Facts
| GBPUSD Spread | 0.4 |
|---|---|
| EURUSD Spread | 0.1 |
| EURGBP Spread | 0.4 |
| Total Assets | 100+ |
| Leverage | 1:30 (Retail), 1:500 (Pro) |
| Platforms | MT4, MT5, cTrader, TradingView, AutoChartist, DupliTrade |
| Account Currencies | USD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD |
Pros
- 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.
- Now offering spread betting through TradingView, Pepperstone provides a seamless, tax-efficient trading experience with advanced analysis tools.
- 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.
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.
- There’s no simplified proprietary trading platform, nor are there any social trading features, which could be a disadvantage if you are new to day trading.
Interactive Brokers
"Interactive Brokers is one of the best brokers for advanced day traders, providing powerful charting platforms, real-time data, and customizable layouts, notably through the new IBKR Desktop application. Its superb pricing and advanced order options also make it highly attractive for day traders, while its diverse range of equities is still among the best in the industry."
Interactive Brokers Quick Facts
| GBPUSD Spread | 0.08-0.20 bps x trade value |
|---|---|
| EURUSD Spread | 0.08-0.20 bps x trade value |
| EURGBP Spread | 0.08-0.20 bps x trade value |
| Total Assets | 100+ |
| Leverage | 1:50 |
| Platforms | Trader Workstation (TWS), IBKR Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, eSignal, TradingCentral |
| Account Currencies | USD, EUR, GBP, CAD, AUD, INR, JPY, SEK, NOK, DKK, CHF, AED, HUF |
Pros
- The new IBKR Desktop platform takes the best of TWS while adding bespoke tools like Option Lattice and Screeners with MultiSort to create a genuinely impressive trading experience for day traders at every level.
- The TWS platform has clearly been built for intermediate and advanced traders and comes with over 100 order types and a reliable real-time market data feed that rarely goes offline.
- With low commissions, tight spreads and a transparent fee structure, IBKR delivers a cost-effective environment for short-term traders.
Cons
- TWS’s learning curve is steep, and beginners may find it challenging to navigate the platform and understand all the features. Plus500's web platform is much better suited to new traders.
- You can only have one active session per account, so you can’t have your desktop program and mobile app running simultaneously, making for a sometimes frustrating trading experience.
- Support can be slow and frustrating based on tests, so you might find it challenging to reach customer service representatives promptly or encounter delays in resolving issues.
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."
IG Quick Facts
| GBPUSD Spread | 0.9 |
|---|---|
| EURUSD Spread | 0.8 |
| EURGBP Spread | 0.9 |
| Total Assets | 80+ |
| Leverage | 1:30 (Retail), 1:222 (Pro) |
| Platforms | Web, ProRealTime, L2 Dealer, MT4, AutoChartist, TradingCentral |
| Account Currencies | USD, EUR, GBP, CAD, AUD, JPY, ZAR, SEK, DKK, CHF, HKD, SGD |
Pros
- The proprietary web-based platform continues to caters to traders of all levels, with advanced charting tools and real-time market data useful for day trading
- The ProRealTime advanced charting platform is free as long as certain modest monthly trading activity requirements are met
- IG is amongst the best in terms of its range of instruments, which includes stocks, forex, indices, commodities, and cryptocurrencies, providing ample diversification opportunities
Cons
- Beginners might find IG’s fee structure complex, with various fees for different types of trades or services, potentially leading to confusion or unexpected charges
- IG has discontinued its swap-free account, reducing its appeal to Islamic traders
- While there is negative balance protection in the UK and EU, there is no account protection or guaranteed stop losses for US clients
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 Spread | 2.39 pips (Ave) |
|---|---|
| EURUSD Spread | 1.58 pips (Ave) |
| EURGBP Spread | 1.74 pips (Ave) |
| Total Assets | 70+ |
| Leverage | 1:30 (Retail), 1:500 (Pro) |
| Platforms | FxPro Platform, MT4, MT5, cTrader, AutoChartist, TradingCentral, DupliTrade |
| Account Currencies | USD, EUR, GBP, AUD, JPY, ZAR, CHF, PLN |
Pros
- FxPro maintains its position as a top no dealing desk (NDD) broker, with fast execution speeds under 13ms and co-located trading servers with Tier 1 banks
- 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
Cons
- The broker charges a $10 inactivity fee after 6 months of account dormancy, though this is more lenient than many brokers
- There's no copy trading service, which reduces the appeal for strategy providers looking to earn extra revenue
- There are only a handful of payment methods available, compared to the 10+ offered at top competitors like AvaTrade
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 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.
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. 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. 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 must 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 at which your order will be executed. Market makers tend to offer fixed spreads.
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, widening the spread.
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 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 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 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, such as 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 enquire 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. 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 the forex broker offers, 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 Financial Conduct Authority (FCA) regulates forex trading platforms in the UK. We always recommend finding an FCA-licensed forex broker.
The FCA is a globally recognized organisation that safeguards and protects 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 available deposit and withdrawal methods.
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 managing your account and forex trading activity in your local currency easier.
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, requires a £ minimum deposit of £ 100, though it 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.
For example, 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.
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 FCA licenses, 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. 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 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.