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 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 265 platforms, these 10 brokers stand out as the best for forex trading in the UK:
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1
IGSpread 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/ 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, CONSOB, AFMCFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread BettingWeb, ProRealTime, L2 Dealer, MT4, TradingView, AutoChartist, TradingCentralPayPal, Wire Transfer, Mastercard, Credit Card, Visa, Debit CardUSD, EUR, GBP, CAD, AUD, JPY, ZAR, SEK, DKK, CHF, HKD, SGD -
2
XTBCFDs 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/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$00.01 Lots1:30FCA, CySEC, KNF, DFSA, FSCCFDs on shares, Indices, ETFs, Raw Materials, Forex currencies, cryptocurrencies, Real shares, Real ETFsxStationPayPal, Visa, Mastercard, Wire Transfer, Paysafecard, Skrill, Credit Card, Debit Card, Maestro, NetellerUSD, EUR, PLN -
3
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 -
4
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, FasaPay, Sticpay, Bitwallet, VoletUSD, EUR, GBP, CAD, AUD, NZD, JPY, HKD, SGD, PLN -
5
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 -
6
PepperstoneCFDs and FX are complex instruments and come with a high risk of losing money rapidly due to leverage. 75.1% 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, Skrill, PIX PaymentUSD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD -
7
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 -
8
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 -
9
Plus50082% of retail CFD accounts lose money.
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$100Variable1:30FCA, ASIC, CySEC, DFSA, MAS, FSA, FSCA, FMA, EFSACFDs on Forex, Stocks, Indices, Commodities, ETFs, Futures, OptionsWebTrader, AppPayPal, Skrill, Visa, Wire Transfer, Mastercard, Credit Card, Debit Card, Trustly, Apple PayUSD, EUR, GBP, AUD, ZAR, CZK -
10
CityIndexCFDs 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/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$00.01 Lots1:30 (Retail), 1:50 (Accredited Investor), 1:200 (Sophisticated Investor), 1:300 (Wholesale Investor), 1:400 (Professional Trader). Varies with jurisdiction.ASIC, FCA, MASCFDs, Forex, Stocks, Options, Commodities, BondsMT4, TradingView, TradingCentralPayNow, Wire Transfer, Mastercard, BPAY, Credit Card, PayID, Debit Card, Visa, PayPalUSD, EUR, GBP, AUD, CZK
Here is a short summary of why we think each broker belongs in this top list:
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
Best Forex Brokers In The UK Comparison
| Broker | Forex Assets | EUR/USD Spread | Forex App Rating | Minimum Deposit | Regulator |
|---|---|---|---|---|---|
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80+ | 0.8 | / 5 | $0 | FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA, FINMA, CONSOB, AFM |
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70+ | 1.0 | / 5 | $0 | FCA, CySEC, KNF, DFSA, FSC |
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300+ | 0.7 | / 5 | $0 | FCA, ASIC, MAS, CIRO, BaFin, FMA, DFSA |
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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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50+ | 0.0 | / 5 | £100 | ASIC, FCA, CySEC, SCB, CNMV |
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70+ | 1.58 pips (Ave) | / 5 | $100 | FCA, CySEC, FSCA, SCB, FSC |
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60+ | Dynamic | / 5 | $100 | FCA, ASIC, CySEC, DFSA, MAS, FSA, FSCA, FMA, EFSA |
|
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84 | 0.5 | / 5 | $0 | ASIC, FCA, MAS |
IG
"IG continues to provide a comprehensive package with an intuitive web platform, best-in-class education for beginners, advanced charting tools bolstered by its recent TradingView integration, real-time data, and fast execution speeds for experienced day traders."
Christian Harris, Reviewer
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, TradingView, AutoChartist, TradingCentral |
| Account Currencies | USD, EUR, GBP, CAD, AUD, JPY, ZAR, SEK, DKK, CHF, HKD, SGD |
Pros
- 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, plus recently added US-listed futures and options, providing ample diversification opportunities.
- 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.
Cons
- IG has discontinued its swap-free account, reducing its appeal to Islamic traders.
- 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 applies an inactivity fee of $12 per month after 2 years, deterring casual investors.
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. "
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, 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+.
- First-class 24/5 customer support is available, including a friendly live chat with response times of under two minutes during testing.
- XTB offers fast withdrawals with same-day payments if requested before 1 pm, ensuring day traders have quick access to their funds.
Cons
- XTB does not offer a raw spread account, which is becoming increasingly common among competitors like Pepperstone, and may disappoint day traders looking for the tightest spreads.
- The demo account expires after just four weeks, a serious limitation for traders who wish to thoroughly test the xStation platform and practice short-term strategies before committing real funds.
- 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.
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 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.
- 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.
Cons
- An inactivity fee of $10 per month is applied after 12 months of inactivity, which may deter casual investors.
- 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.
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
- The broker has recently made efforts to expand its suite of CFDs providing further trading opportunities
- There are no short-term strategy restrictions with hedging and scalping permitted
- The ECN accounts are very competitive with spreads from 0.0 pips and a $1.50 commission per side
Cons
- It's a shame that some clients will need to register with the offshore entity, which offers less regulatory protection
- Unfortunately, cryptos are only available for Australian clients
- The average execution speeds of 100ms to 250ms are slower than alternatives based on tests
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
- 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.
- 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.
- FOREX.com offers industry-leading forex pricing starting from 0.0 pips, alongside competitive cashback rebates of up to 15% for serious day traders.
Cons
- FOREX.com's MT4 platform offers approximately 600 instruments, significantly fewer than the over 5,500 available on its non-MetaTrader platforms.
- There’s no negative balance protection for US clients, so you may find yourself owing more money than your initial deposit into your account.
- Funding options are limited compared to leading alternatives like IC Markets and don’t include many popular e-wallets, notably UnionPay and POLi.
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
- Now offering spread betting through TradingView, Pepperstone provides a seamless, tax-efficient trading experience with advanced analysis tools.
- Pepperstone boasts impressive execution speeds, averaging around 30ms, facilitating fast order processing and execution that’s ideal for day trading.
- Award-winning customer support is available via telephone, email or live chat with response times of <5 minutes during testing.
Cons
- Pepperstone does not support cTrader Copy, a popular copy trading feature built into the excellent cTrader platform and available at alternatives like IC Markets, though it has introduced an intuitive copy trading app.
- 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’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.
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."
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
- 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.
- 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.
Cons
- 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.
- 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.
- 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.
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
- Thousands of CFDs are available across 6 asset classes with a particularly impressive range of indices and precious metals
- There's an interactive learning center for beginners with tests, courses, video tutorials and webinars
- 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
Cons
- There's no copy trading service, which reduces the appeal for strategy providers looking to earn extra revenue
- FxPro's services are mainly geared towards experienced investors and beginners may find the broker's fees and accounts complex
- There are only a handful of payment methods available, compared to the 10+ offered at top competitors like AvaTrade
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."
Plus500 Quick Facts
| GBPUSD Spread | Dynamic |
|---|---|
| EURUSD Spread | Dynamic |
| EURGBP Spread | Dynamic |
| Total Assets | 60+ |
| Leverage | 1:30 |
| Platforms | WebTrader, App |
| Account Currencies | USD, 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 provides a specialized WebTrader platform designed explicitly for CFD trading, offering a clean and uncluttered interface
- You can utilize leverage while engaging in long or short positions, allowing for more strategic trading opportunities
Cons
- Educational resources are limited compared to best-in-class brokers like eToro, impacting the learning curve for beginners
- 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
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."
CityIndex Quick Facts
| GBPUSD Spread | 0.8 |
|---|---|
| EURUSD Spread | 0.5 |
| EURGBP Spread | 0.8 |
| Total Assets | 84 |
| Leverage | 1:30 (Retail), 1:50 (Accredited Investor), 1:200 (Sophisticated Investor), 1:300 (Wholesale Investor), 1:400 (Professional Trader). Varies with jurisdiction. |
| Platforms | MT4, TradingView, TradingCentral |
| Account Currencies | USD, EUR, GBP, AUD, CZK |
Pros
- No minimum deposit to get started
- Industry-leading platforms including MT4, plus access to cutting-edge third-party tools like TradingView
- A free demo account with unrestricted access to all markets and trading tools
Cons
- No Islamic account for Muslim traders
- $15 monthly inactivity fee
- US traders not accepted
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.
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.
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.
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.
- 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.
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.
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.
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.
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