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12 Best Forex Brokers in the UK for 2024

David Cox Last Updated: November 11, 2024
Disclosure This content is for educational purposes only. Forex trading involves significant risk and may not be suitable for all investors. Ensure you understand the risks involved and adhere to local regulations before trading. Take a look at our detailed review methodology on how we curated a list of metrics to evaluate platforms featured on CryptoNewsZ. We may utilize affiliate links within our content and receive a commission.

Forex trading in the UK has boomed considerably in recent years. Nowadays, there are many participants in the forex market; the UK is the leader in this regard, having more than 280,000 online traders.

It is one of the reasons the country’s growing middle class of UK traders invest in the forex trading industry for quick trading profits.

If you’re looking to get in on the action or are interested in opening a forex trading UK account, this comprehensive guide on the best forex brokers UK fulfills all your requirements, whether you’re a beginner, intermediate, or advanced trader.

Table of Content

  • List of 12 Best UK Forex Brokers
  • UK Forex Broker Regulations
  • Methodology to Choose Best UK Forex Broker
best us forex broker

Featured Forex Trading Platforms UK

BrandOverall RatingMin. Initial DepositVisit Site
FXGT 9.5/10
$5 Visit Website
FxPro 9.5/10
$5 Visit Website
Plus500 9.5/10
$5 Visit Website

After long hours of research, CryptoNewsZ experts have analyzed many other FX brokers in the UK that are FCA-regulated and accept United Kingdom residents to trade on the platform. Please note that the information provided in this content is for educational purposes only.

To make this list, we have compared all brokers based on the main selection criteria mentioned in our methodology section. Before you go ahead, you should know that CFD Trading carries risk, which may not be suitable for every UK Investor as it may result in a rapid loss of money, so trade safely.

Updated List of Best Forex Brokers UK in 2024

IG Markets FxPro Plus500
Saxo Bank CMC Markets VT Markets
FXCM City Index Interactive Brokers
FOREX.com XTB Pepperstone

IG Markets – Where Smart Investors Trade

IG US

4.6 / 5
12345

Account Opening Charges

£250

Currency Pairs

80+

Introduction
IG Markets is one of the best Forex trading platforms in UK. It offers UK residents the finest forex trading account, featuring minimal costs, various tradable currency markets, and regulations from 17 national bodies. IG Markets supports over 17,000 financial markets with CFDs and spread bets for beginners and experienced UK traders, including retail and institutional investors.

With the IG Markets demo account, new users can develop and test their trading skills on different financial markets without risking their real money. They can also use the trading simulator to get a good grip on the IG trading platforms.

You can also check our IG Review to learn about various tradeable products, services, and IG accounts that it offers.

Why We Choose It?
  • This broker provides the most comprehensive package and supports around 80+ Forex Pairs.
  • It has a wide range of trading options, including superior trading, market research tools, video tutorials, economic calendars, platform tutorials, and education like IG Academy.
  • The platform is ideal for new & experienced UK investors to trade in the currency markets.
  • Demo accounts support virtual funds to clients; over $20,000 in funds are supported, and even an amateur trader can trade easily.
  • Based in London, IG FX Markets supports multiple platforms and is the largest global CFD broker by revenue; it accepts UK forex clients.
  • Clients’ funds are kept in segregated accounts, providing clients with negative balance protection.
  • It has 45 years of expertise in providing trading ideas and solutions to trade stocks and other assets.
Key Features
  • A broker with enriching analysis and trading education for beginners.
  • Fast execution on various financial markets.
  • Facilitates trading on the go with the natively designed and award-winning mobile app.
  • Well-designed, beginner-friendly Fx trading platform UK with excellent funding and withdrawal methods.
  • A flat-fee structure is suitable for forex traders with high-value portfolios.
Pros & Cons

Pros

  • Top-class web and mobile trading platforms for exchanging exotic currencies
  • You can make multiple withdrawal requests using its various supported deposit methods
  • It offers many excellent educational tools and access to CFD traders
  • Supports forex trading platforms like MT4, MT5, & more

Cons

  • Restricted product portfolio
  • Customer support needs to be improved
  • High broker fees for stocks and CFDs can impact your trading decisions

FxPro – Precision Trading, Exceptional Service

IG US

4.8 / 5
12345

Account Opening Charges

$100

Max Leverage

1:500

Sign Up Now

Introduction

FxPro is one of the trusted forex brokers in the UK, authorized and regulated by the Financial Conduct Authority, servicing more than 1.8 million customers in 170+ countries. The well-capitalized multi-asset company is the best forex broker in UK that can execute large orders for professional and advanced traders and cater to beginners who are stepping into the world of Forex trading.

FxPro provides UK traders with 70 major, minor, and exotic currency pairs with competitive market conditions, allowing forex traders to utilize risk-free trading platforms to start their trading journey.

Read this FxPro review to elevate the overall trading experience and browse through a full range of assets, platforms, accounts, and a transparent pricing structure at FxPro.com.

Why We Choose It?
  • The FxPro forex trading platform in the UK aims to improve decision-making processes by offering unique tools and features and providing insights into trading practices and market trends.
  • With many trend exploration tools, such as chart patterns, trend lines, and technical indicators, traders can identify and analyze market trends and make more informed entry and exit trading decisions while trading on the platform.
Key Features
  • Empower traders with instrument-specific insights, advanced trading tools, and comparative analysis to gauge market sentiments and make more informed decisions.
  • Easy to use and beginner-friendly design for easy navigation and effortless trade execution.
  • Provides web trading, desktop trading, and mobile trading apps for iOS and Android devices.
  • Transparent pricing structure with competitive fees and convenient account minimum requirements.
Pros & Cons

Pros

  • Ensures flexibility and accessibility in trading by offering a range of account types for a variety of traders
  • More than 2100 financial assets were available for trading
  • Regulated in various jurisdictions by reputable regulatory authorities
  • Four different account types to cater to the diverse needs of different traders

Cons

  • A high minimum deposit requirement of $100
  • Limited educational tools and resources for beginners

Plus500 – Simplify Your Trading Journey

Plus500

4.0 / 5
12345

Account Opening Charges

$100

Currency Pairs

1:30 – 1:300

Sign Up Now

Introduction

Plus500 is one of the highly trusted and reliable forex and CFD brokers that provides online traders with a dedicated mobile app and a user-friendly desktop to participate in over 2000 CFDs. The Plus500 is a UK best forex broker that has emerged as the leader in the forex industry, offering cutting-edge proprietary trading platforms and providing financial services in over 50 countries.

Plus500 is regulated by tier 1 and tier 2 regulators, including the Japanese Financial Services Authority, the Financial Conduct Authority, the Financial Markets Authority, the Monetary Authority of Singapore, and many more. With commission-free trading and tight spreads, the pricing structure of the Plus500 forex trading platform is in tune with the industry average. Furthermore, the mobile app features perfectly optimized trading tools and functions, offering 109 indicators and more than 20 drawing tools.

In our Plus500 review, we will explore its features, pros & cons, and fee structure.

Why We Choose It?
  • Offers free demo accounts for traders to familiarize themselves with the platform’s features and functions.
  • Maximum leverage of up to 1:300 and advanced analytical tools for professional traders.
  • Protected and secure trading platform with client funds securely stored in segregated bank accounts.
  • Professional service with dedicated customer support agents offering solutions in multiple languages.
  • Supports multiple global payment methods, including Visa, MasterCard, and bank transfers.
  • Smart trading with comprehensive educational materials and advanced risk management tools to limit losses and lock in profits.
Key Features
  • Offers negative balance protection, ensuring clients never lose more than what they have invested.
  • Regulated by multiple regulatory agencies, including the Financial Conduct Authority in the UK.
  • The new premium service provides tailor-made trading experiences with other premium services reserved for the most valued premium customers.
  • It provides access to a wide range of support and educational materials and is well-designed for an exclusive trading experience.
  • Protects traders from the risk of market gaps with guaranteed stop-loss orders.
Pros & Cons

Pros

  • Regulated by top-tier regulators
  • +Insights tool offers sentiment analysis
  • Desktop and mobile platforms feature robust charting tools
  • More than 2000 CFDs to trade across multiple financial markets
  • Guaranteed stop-loss trade orders

Cons

  • No Phone calling customer support
  • CFD trading is restricted in many countries

Saxo Bank – Power Your Trading Ambitions

Saxo Bank

4.5 / 5
12345

Account Opening Charges

£2,000

Currency Pairs

20:1

Introduction

Saxo Bank was established in 1992 in Copenhagen to make global financial markets accessible to a wider audience. Saxo Bank has expanded globally, with more than 1 million clients worldwide and more than $100 billion in client assets under management. Saxo Bank is the best forex trading platform UK that gives access to a wide range of investment and leveraged products, including stocks, ETFs, bonds, mutual funds, crypto, options, futures, forex, CFDs, and commodities.

Other services offered by this UK forex broker include stock lending, portfolio-based margin models for professional clients, and Saxo awards for account upgrades.

At the time of writing this Saxo Bank review, the forex brokers in UK offer proprietary trading platforms, including SaxoTraderGo and SaxoTraderPro, along with third-party tools and software, such as MultiCharts, TradingView, and OpenAPI for Excel.

Why We Choose It?
  • The Saxo Bank Group’s net profit for 2023 was DKK 653 million, compared to DKK 711 million for 2022. This year, it reached a new record of more than 1.1 million clients.
  • This FX provider offers services in more than 180 countries, and many traders can trade forex and CFDs with it.
  • Saxo Bank’s safety is enhanced by its extensive track record, banking history, and regulation from the top-tier financial regulatory body (FCA Registration Number – 551422 – the UK Financial Conduct Authority).
  • The FCA-regulated best forex brokers UK protect your money via a financial services compensation scheme and have negative balance protection.
  • One of the trusted forex brokers for new traders that supports copy trading tools, trading courses, and automated programs.
  • Saxo Bank brokers have had many successful prior runs in the UK forex broker market.
  • This FCA-regulated broker has good customer support, a secure trading environment & a safe bank transfer process.
Key Features
  • Regulated by FCA in the UK and holds customer funds in segregated third-party custodians and banks to protect and keep them segregated from the company’s funds.
  • Advanced trade management and analytical tools, including Updata, MultiCharts, and Excel, to analyze and manage portfolios.
  • The built-in trading platforms of SaxoTraderGo and SaxoTraderPro are major upgrades over the standard MetaTrader 4 and other options in the market.
  • Rewarding VIP programs to offer loyal customers actionable insights, VIP treatment, and other benefits.
  • Compensation Scheme to protect traders against the liabilities of the brokers if the company becomes insolvent.
Pros & Cons

Pros

  • Full support is provided to the amateur Forex trader
  • Outstanding research is offered by these trading platforms
  • A broad product portfolio range for forex and CFD traders

Cons

  • High bond, options, and futures fees
  • High minimum initial deposit
  • Lacks live chat support and 24/7 customer service

CMC Markets – Trade with Clarity, Confidence, and Control

CMC Markets

5 / 5
12345

Minimum Deposit

No Minimum Deposit

Currency Pairs

30:1

Introduction

CMC Markets is a trusted UK forex broker for retail and professional traders seeking financial instruments worldwide. Established in 1989, the company is highly esteemed for its feature-rich web-based trading platforms. These include a proprietary Next Generation platform that accommodates specific trading styles, needs, and preferences. An award-winning MetaTrader 4 platform provides access to tight spreads and fast, transparent trade execution across over 200 instruments such as forex, indices, cryptocurrencies, shares, and CFDs.

The CMC Markets also features a dedicated learning program designed for beginners and experienced/ advanced forex traders who can explore the trading library, webinars, platform guides, and other learning materials.

In our CMC Markets review, we will discuss the platform’s features, functions, pros, and cons to help readers make informed decisions while choosing the best forex brokers in the UK.

Why We Choose It?
  • CMC Markets UK offers its clients forex and CFD trading services.
  • This proprietary platform makes buying or selling an FX trading position in the foreign exchange and commodity markets easy.
  • Lower taxes on FX trading profits compared to other best forex brokers in the currency markets.
  • CMC Markets is one of the best Fx brokers. It also excels as a CFD broker, providing users with market-spread betting instruments and supporting automated trades.
  • UK Brokers can trade openly on the London Stock Exchange.
  • It also includes features like price movement analysis that are favorable for other traders.
  • As per our analysis of the best FX brokers in the UK, this proprietary platform is heavily regulated by the FCA & CySEC (Cyprus Securities and Exchange Commission).
  • This FCA-regulated broker has a great customer support team.
  • The CFD traders can use this Next Generation platform as their own trading platform.
Key Features
  • Supports 300+ FX pairs, 70+ indices, 18+ cryptocurrencies, 11,000+ ETFs and shares, 90+ commodities, and 40+ treasuries.
  • Intuitive and award-winning trading platform for enhanced trading experience with new features, tools, and functionalities.
  • Dynamic, advanced, and comprehensive charting capabilities with a host of features, including over 115 technical indicators and drawing tools, multiple chart types, and a pattern recognition feature.
  • Provides extensive execution control with one-click trading, allowing easy entry and exit of trades.
  • Dedicated 24×7 support is available via multiple support channels.
Pros & Cons

Pros

  • The Best Forex Brokers UK have extensive offerings for all of their clients
  • This platform is regulated by FCA United Kingdom (Financial Conduct Authority)
  • Emphasis on education (learning lab) & outstanding customer service with a live chat system
  • Research amenities are industry-leading
  • Offers protection for retail investor accounts, the lowest spread forex broker, and comes with three account types

Cons

  • It does not accept U.S. clients
  • High CFD spreads for certain indices compared to any other broker
  • No back-testing or automated trading capabilities
  • Differences between Next Generation and MT4 broker

VT Markets – Your Reliable Partner in Global Trading

VT Markets

4.3 / 5
12345

Account Opening Charges

No Minimum Deposit

Currency Pairs

30:1

Sign Up Now

Introduction

Traders looking for the top UK Forex brokers can explore VT Markets’ massive product offerings. It offers ultra-low trading costs and the tightest spreads, starting from 0.0 pips across 1000+ tradable instruments. Traders can also use free trading charts & tools for top-notch market analysis and research.

VT Markets makes cost-effective forex brokerage services in the UK, prioritizing straightforward functionalities with user-friendly interfaces. It takes the security of its client’s information and funds seriously and employs the principle of segregated bank accounts to keep client funds separated from the company‘s operational assets.

Being a multi-regulated broker, VT Markets ensures a safe and secure trading environment across forex, indices, energy, precious metals, soft commodities, ETFs, shares, and bonds with multiple trading accounts and platforms to suit different trading styles.

Check out our VT Markets review to learn more about its features, products, tools, fees, and services,

Why We Choose It?
  • Best forex brokers in UK offer lightning-fast execution speed with fiber optic networks connecting to global financial servers.
  • Top-tier liquidity providers in the market execute trades with less slippage and low latency.
  • 24×7 live support is available in multiple languages to cater to customers worldwide.
Key Features
  • It supports MetaTrader 4, MetaTrader 5, WebTrader, and a proprietary VT Markets mobile app for an all-in-one, on-the-go trading experience.
  • Three different account types – Standard STP, Raw ECN, and Swap Free – have different liquidity, pools, spreads, tools, pricing, and market depth.
  • To reward traders on the platform, there is a 50% welcome bonus, a 20% deposit bonus, and a referral program.
  • ProTrader trading tools supplied by Trading Central provide support with technical and fundamental analysis, backtesting strategies, and 24-hour multi-asset coverage.
  • Advanced technical tools featuring expert advisors, forex signals, economic calendars, Trading Central MT4 tools, and MAM/PAM.
  • Enriching educational and market analysis resources with MT4 guides, daily market analysis, and more.
Pros & Cons

Pros

  • VT Markets holds two top-tier licenses under the ASIC and CIMA
  • The lowest spreads are available for ECN account holders
  • Offers copy trading, demo account, and swap-free Islamic accounts
  • An easy-to-use proprietary mobile app called VT Pro delivers an advanced research platform and news headlines
  • This ECN broker UK offers third-party trading signals to let CFD traders know when to place their trades

Cons

  • Inadequate investor protection
  • It provides no spread betting
  • Not a 24/7 customer support

FXCM – Trade Smarter, Invest More Efficiently

FXCM

4.5 / 5
12345

Account Opening Charges

£50

Currency Pairs

400:1

Introduction

FXCM is a leading market-making Fx broker that offers zero-commission trading platforms, including Trading Station, TradingView Pro, MetaTrader 4, ZuluTrade, and an impressive range of plug-ins and other applications. Characterized as the best UK forex broker, FXCM allows advanced traders to trade popular currency pairs and CFDs with enhanced order execution and no limitations on limit and stop orders. The platform suits CFD traders, active traders, and corporate clients who can trade across forex shares, indices, commodities, and cryptocurrencies.

With suitable market conditions, reasonable trading fees, and industry-best flexibility, FXCM is an attractive option for frequent traders with any strategy preferences.
Check out our FXCM review to learn more about FXCM investment offerings, commissions, fees, mobile trading apps, and other trading platforms.
Why We Choose It?
  • FXCM brokers provide high-volume transactions and live FX trading signals, and it also won the Most Transparent Forex Broker – Global in the Global Forex awards.
  • It is an ideal trading platform for traders who often execute large forex trades.
  • This top broker in the UK provides fast execution speeds and standard accounts, including automation tools support.
  • Provides several trading platforms that execute trades instantly, along with educational tools.
  • This copy trading platform allows the spread of bets and CFDs for novice and more experienced traders.
Key Features
  • Offers educational courses on forex trading, trading tools, premium resources, and proprietary data for beginners.
  • FXCM Pro offers small hedge funds, emerging market banks, and retail brokers access to wholesale liquidity and execution while giving them access to leading brokerage services.
  • Copy trading on ZuluTrade gives direct access to view and copy trading strategies of top traders.
  • Risk-free trading on the demo account to enjoy live currency prices, the ability to trade online 24×5, and $20,000 of virtual currency.
  • There is a wealth of trading tools, including market data signals, a market scanner, trading signals, an economic calendar, live forex charts, and forex trading apps.
Pros & Cons

Pros

  • Several trading forex tools are free to suit everyone’s trading styles with fast execution speed
  • The trading platforms’ minimum deposit stands are low. It also supports spread betting
  • Offers exhaustive research support and educational materials

Cons

  • Restricted wide product range
  • This brokerage does not accept US clients

City Index – Navigate the Markets with Confidence

City Index

4.4 / 5
12345

Account Opening Charges

£100

Currency Pairs

500:1

Introduction

As a trusted provider and high-leverage forex broker in the UK, City Index has years of experience in forex trading, providing access to forex, indices, shares, commodities, options, and many more. With more than 1 million registered users, City Index makes a reliable forex trading platform featuring a mobile trading app, WebTrader, TradingView, and MetaTrader 4. City Index also features trading tools such as performance analytics, smart signals, and an economic calendar to help traders make better trades using exclusive AI-powered signals and intelligent and intuitive tools.

With three different account types – Standard account, MT4 account, and Corporate account – traders can access over 13,500 markets, advanced trading tools, custom indicators, integrated news, and drawing tools.

Explore our City Index review, which delves deep into the cutting-edge technology, trading platforms, and other product offerings offered by City Index.

Why We Choose It?
  • City Index, an award-winning platform, offers 84 FX currency pairs/forex pairs with major and minor currency pairs support. It also offers exotic trade currencies, around 74 drawing tools, and educational materials, all of which provide traders with a rich foreign currency trading experience and transparent trading environment.
  • You can also trade cryptocurrencies, minimum spread bets, and CFDs, as these services make it unique compared to other top forex brokers in the UK.
  • It’s an international awards-winning platform that provides a customized platform with unique spreads and supports MetaTrader 4.
  • Supports forex market analysis and provides an average execution speed of 0.05 seconds.
  • It is an excellent option for beginners and more seasoned traders using the many great research tools and newsletters.
Key Features
  • Well-organized desktop and mobile apps for Android and iOS users, allowing easy synchronization between platforms.
  • The Web Trader platform offers custom indicators, fully customizable workspaces, and advanced charts with over 100 indicators and strong detachable charts.
  • Robust research portal for beginners and experienced traders with in-house analysts, offering updates and daily market outlooks.
  • The fastest execution speed of less than a second for almost 99% of the trades.
  • High levels of reliability and efficiency with 24×5 dedicated customer support, executing 99.99% of the trades by using market-leading technologies.
Pros & Cons

Pros

  • The smooth and fast account opening process requires a few steps and client information
  • Smart signals with an in-house engine generating 200 different trade signals every week
  • Low forex trading fees and other non-trading fees such as deposit and withdrawal charges
  • Heavily monitored by the Financial Conduct Authority
  • Allows trades across 13,500 markets with tight spreads and low commissions in indices, shares, forex, commodities, and more

Cons

  • Restricted product portfolio provided by these best brokers/li>
  • CFD and stock exchange fees are high
  • The web-based trading forex platform is not user-friendly

Interactive Brokers – Empowering Investors Worldwide

Interactive Brokers

4.1 / 5
12345

Account Opening Charges

£100

Currency Pairs

It Depends on the Account Type

Introduction

Interactive Brokers has been a pioneer in the online brokerage industry. It has an excellent ranking in our list of best online brokers and provides traders with advanced trading technologies. It also provides web and mobile support on Android devices/IOS, educational resources, an excellent range of financial instruments, performance analytics tools, and more.

According to the Interactive Brokers Review, beginners or even casual traders might find the main IBKR Pro web platform slightly overwhelming.

However, when combined with its streamlined mobile device and web-based solutions, this makes it the best online broker in the UK and a top choice.

Why We Choose It?
  • Award-winning, powerful trading platforms, including desktop, Trader WorkStation, mobile app, Global Traders, client portal, and other third-party platforms.
  • A highly trusted multi-asset UK forex brokers platform with extensive financial offerings, delivering high-quality research and competitive fees.
  • It is a superior choice for day traders and professional investors who want to explore a comprehensive range of investment types and participate in commission-free trading.
Key Features
  • It provides access to more than 100 order types and algorithms to help limit risk, improve prices, speed execution, enable privacy, and simplify the overall trading process.
  • Professional pricing structure with commissions starting at $0, no added spreads, account minimums, or ticket charges.
  • Powerful trading platforms with more than 200 free and premium news providers.
  • Free trading tools, comprehensive reporting, and sophisticated order types.
  • A reliable broker with 2.56 million client accounts and $14.1 billion in equity capital.
  • Offers access to more than 150 market markets across 34 countries.
Pros & Cons

Pros

  • Numerous options are available globally and across asset classes
  • Superior implementation of orders & great seamless experience
  • Advanced trading tools with stop-loss orders support
  • Low interest rates on margin & great customer service

Cons

  • Clients of IBKR Lite are not permitted to use the SmartRouter
  • It might be daunting for less experienced and less active investors
  • No automated trading or bespoke trading algorithms backtesting

FOREX.com – Trade with the World’s Leading Forex Provider

FOREX.com

4.8 / 5
12345

Account Opening Charges

£100

Currency Pairs

It Depends on the Account Type

Sign Up Now

Introduction

FOREX.com is one of the best forex brokers in the UK, offering an excellent CFD and forex trading experience for traders worldwide. It has revolutionized how traders participate in trading with easy-to-use AI tools, 80+ forex pairs, 15+ global indices, 5500+ global shares, short and long cryptocurrencies, commodities, and bullion. Traders can maximize their trading potential and increase their returns by creating an account with any one of the three different account types – Standard, MetaTrader, and Raw Spread – with tight spreads, trading platforms, financial instruments, and other advanced features.

Overall, according to FOREX.com Reviews, the platform is more targeted towards high-volume traders, providing a wide array of investment offerings across global financial markets.

Why We Choose It?
  • Best forex broker in UK for beginners and traders with TradingView features, charts, advanced trading tools with pip and margin calculator, currency converter, and pivot points.
  • It offers several AI tools, such as smart signals, performance analytics, and capitalize.ai, that enhance the overall trading experience and automate trading strategies for advanced traders.
  • UK best forex brokers with transparent pricing structure and competitive spreads starting at 0.0 pips.
Key Features
  • The MetaTrader 5 platform is available across 500 financial markets, including equities, forex, commodities, and indices.
  • The Active Trader program is designed for frequent and high-volume traders. It offers reduced costs by up to 15% and VIP access to new product reviews and events.
  • Raw Spread account provides access to tight spreads starting at 0.0 pips with ultra-low commissions.
  • Fully loaded trading platforms with advanced charting tools and technical indicators.
  • Strong regulation and recognition under the Securities Investment Business Law of the Cayman Islands and the Financial Conduct Authority in the UK.
Pros & Cons

Pros

  • Multi-asset offering on the Web Trading and Advanced Trading platforms
  • Powerful, perfectly optimized mobile app, delivering a completely seamless trading experience on the go
  • A demo account is available for free with $50,000 in virtual funds
  • Fast and accurate pricing with 100% of the trades executed successfully
  • Trading Academy for beginners to develop trading skills along with webinars, video tutorials, and glossary

Cons

  • No guaranteed stop-loss features
  • Only around 600 instruments on MT4 compared to over 5500 on non-MT4 platforms

XTB – Invest with Confidence, Trade with Ease

XTB

4.6 / 5
12345

Account Opening Charges

No Minimum Deposit

Currency Pairs

1:30

Introduction

XTB is considered one of the best online trading platforms in the UK. It offers zero commission on all ETFs and stocks with up to 100,000 EUR in monthly turnover. Traders can seamlessly create an account, deposit, and withdraw their funds free of charge on XTB. As a multi-asset forex brokerage platform, XTB offers various tradeable assets, including stocks, ETFs, CFDs on forex, indices, commodities, and cryptocurrencies.

Moreover, XTB provides outstanding customer support with a well-designed proprietary trading platform, xStation 5, packed with innovative trading features and comprehensive educational and research content to help beginners make successful trades on the platform.

Explore more about XTB trading features and functions on our XTB reviews.

Why We Choose It?
  • An all-in-one mobile app provides access to global financial markets, comprehensive trading solutions, and an intuitive interface for trading on the go.
  • Serves more than 935,000 XTB Group customers worldwide with proper regulation under FSC.
  • Best forex trading platform UK with a wide product selection and low CFD trading fees.
  • XTB website offers an Islamic account feature.
  • It is FCA-regulated & has an excellent reputation for good customer service that enhances user trading activity.
  • The “xStation 5” trading platform, which is regulated by the UK, offers experienced traders access to research, innovative trading tools, and advanced capabilities.
Key Features
  • Access to global financial markets through user-friendly trading platforms, including proprietary xStation and MetaTrader 4.
  • Provide traders with technical indicators, order execution capabilities, and advanced charting tools.
  • Regulated and authorized by the Financial Conduct Authority in the UK, adhering to strict operational and financial standards.
  • The solid reputation of more than 18 years with multiple industry awards for providing the best forex trading platform in the UK.
  • There are three account types – Standard, Pro, and VIP – each with unique benefits and features for different types of traders.
Pros & Cons

Pros

  • High interest rates paid on cash
  • Fast and free deposits and withdrawals
  • Commission-free ETFs and stock trading for maximum trades of up to €100,000 per month
  • Maximum leverage of 1:500, 1:200, and 1:100 for Standard, Pro, and VIP accounts, respectively
  • 3600+ securities in ETFs and stocks, 2300+ leveraged instruments across forex, indices, and commodities, and 40+ coins in CFD crypto

Cons

  • Does not support industry-standard MT4 and MT5 platforms
  • A high minimum deposit requirement of $250
  • High inactivity and conversion rates

Note: Due to leverage, CFDs are complex instruments with a high risk of rapidly losing money. Always be aware of the trading conditions and your financial situation before entering into a CFD transaction to avoid losing money.

Pepperstone – Trade Like a Pro. or Personalized Approach to Online Trading

Pepperstone

5 / 5
12345

Account Opening Charges

£100

Currency Pairs

It Depends on the Account Type

Sign Up Now

Introduction

Top-rated UK forex brokers offered by Pepperstone have made the brand the Broker of the Year, voted by traders around the world. Pepperstone offers highly competitive market conditions, allowing traders to focus on their trading needs. Established in 2010, Pepperstone emerged as a top player with its full-featured trading portal offering indices, forex, shares, commodities, metals, and even cryptocurrencies. It prioritizes clients’ protection by keeping their funds in segregated accounts, providing additional security and assistance via 24×5 chat and phone support.

According to this Pepperstone review, the forex brokerage platform is one of the best UK forex brokers for traders of all types, with numerous desktop, web-based, and mobile platforms, industry-standard financial products, tight spreads, multiple account types, and above-average educational resources.

Why We Choose It?
  • The best forex brokers in the UK offer a growing range of financial markets, support for social trading platforms, and superior-quality research materials and tools.
  • A perfect balance between solid product selection and competitive fees, targeting both novice and seasoned traders.
  • Maintains customer funds in segregated accounts to provide additional security in turbulent periods.
Key Features
  • Minimum forex spreads, starting from 1 pip without any commission for Standard accounts, and spreads start from 0.0 pips with a commission for Razor accounts.
  • Negative balance protection for UK clients.
  • Traders can choose between MetaTrader 4, MetaTrader 5, and cTrader with detachable charts, algorithmic strategy support, and backtesting.
  • Multiple choices for account types and user interfaces.
  • Supports market orders, limit orders, stop orders, and stop limit orders.
  • The maximum leverage is 1:200 for forex, indices, and currency indices, 1:50 for commodities, 20:1 for cryptocurrencies, and 1:20 for shares.
Pros & Cons

Pros

  • Regulated by the Financial Conduct Authority in the UK
  • Seamless trading on a beginner-friendly user interface
  • A growing selection of financial markets with competitive spreads for active traders and retail investors
  • cTrader and MetaTrader platforms are excellent for copy and algorithmic traders
  • An award-winning platform for MetaTrader, copy trading, and Algo trading features

Cons

  • Inadequate educational materials
  • Basic MetaTrader MT4 platforms
  • There are too many country restrictions

Best Forex Brokers UK Comparison

Best Forex Broker MT4 MT5 Average Spread EUR/USD Withdrawal Charges Review
IG Markets Yes No 0.86 $0

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FxPro Yes Yes 1.2 $0 for basic withdrawals

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Plus500 No No 1.2 $0

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Saxo Bank No No 0.7 $0

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CMC Markets Yes Yes 1.12 $0 on credit/debit card or standard bank transfer

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VT Markets Yes Yes 1.3 $20

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FXCM Yes No 1.07 credit/debit cards: $0
Bank wire withdrawals: $40

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City Index Yes No 0.7 $0

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Interactive Brokers No No 1.10 $10 Bank Wire/Transfer | $4 Checks | $1 BACS/GIRO/ACH/EFT/SEPA

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Forex.com Yes Yes 1.4 $0 on credit/debit card or standard bank transfer

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XTB Yes No 0.9 for a standard account $0 (Above 50 USD)

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Pepperstone Yes Yes 0.1 $0

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Forex Broker Laws and Regulations in UK

Traders in the UK must ensure that their chosen broker is regulated by European regulators and government departments such as the Financial Conduct Authority to ensure the legal trading of CFDs, currencies, and other financial assets. The regulated forex industry in the UK prioritizes efficiency and regulation to honor every trader’s experience in financial services and address different challenges that exist in the industry. To operate as a legal and regulated trading platform, Forex Broker UK must have a Forex license to customize their business structures and tailor their financial operations to specific target markets and goals.

How to Verify the Forex Broker is Regulated in the UK?

Before you start trading forex in the UK, you must check whether they are FCA-regulated forex brokers or not. Here, we have taken CMC Markets as an example for a better explanation. Follow these steps before choosing the rated brokers:

  • In the first step, you must visit the official Forex UK brokers website’s home page bottom-text section and find FCA Registration Number.
CMC Market FCA registration numbers discloser text
source – cmcmarkets.com
  • In the second step, you must enter the Broker firm name or reference number on the official FCA website page.

FCA – Firm regulation check

  • In the last step, compare the reference number mentioned in the official brokers’ website discloser text with the official FCA website page. That broker is legitimate for the UK if it’s a valid match. This is the easiest way to find on many brokers’ websites. This way, you get all the brokers that are regulated.

Our Methodology

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We have reviewed the best forex trading platform UK and their financial products and services based on our observations and collected data. Our dedicated research team conducted thorough research on every platform’s features, functions, products, and services and tested and evaluated them based on an array of data-driven factors.

  • Trading Features – We have conducted an in-depth review of each broker’s basic and advanced trading features to determine whether the platform is suitable for beginners or seasoned traders.
  • Fee Structure – We have also researched the commissions and fees, including account opening charges and brokerage fees, to allow our readers to choose the cost-effective best Fx broker in UK.
  • Unique Features – We have also considered other important categories, such as the availability of educational resources, mobile trading capability, accessibility, customer support services, speed of trade execution, and ease of deposits and withdrawals.
  • Security Measures & Licensing – We have also looked at the security measures, regulation, and licensing aspects of forex brokers to make sure that all our readers choose regulated forex brokers in UK and participate in legal trading within their jurisdiction.

Learn more about our approach to reviewing forex trading platforms. Explore our methodology!

Conclusion

To conclude, the UK forex market has thousands of forex brokers, but to ensure legal trading, forex traders must choose the best forex brokers in UK that are regulated by the Financial Conduct Authority (FCA). Additionally, considering relevant factors like trading platforms, financial markets, commissions, fees, spreads, account types, security, measures, and other additional features is also important to ensure seamless trading. According to our guide, IG is one of the top forex brokers in UK, suitable for both beginners and experienced traders with a demo account, proprietary and third-party trading platforms, tight spreads, low trading costs, and an intuitive interface. All in all, our list of the 12 best forex brokers UK sets high standards in the financial market for traders of all types.

FAQs

Is forex trading Legal in UK?

Yes, trading forex is legal and regulated in the United Kingdom. The Financial Conduct Authority requires every broker to obtain proper authorization and licensing to provide financial services to its clients legally.

Do Forex Traders Need to Pay Tax on Forex Trading in UK?

For a basic rate taxpayer, 10% is the tax rate, while forex traders in a higher threshold need to pay 20%. However, if forex trading is a secondary source of revenue, an initial profit of £1000 from forex trading is tax-free.

Which is the best Fx broker in the UK?

In the UK, choosing the best or leading forex broker depends on your needs. However, IG consistently ranks highly for regulation & trust, platform & mobile app options, market research & education. Consider them alongside other options for a well-rounded choice.

Is Trading Forex allowed with a UK forex broker if I live in the EU?

Yes, forex traders can trade with a reliable UK forex broker if they live in the EU, provided the broker does not have any EU regulations.

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