16 Best Forex Brokers in the UK 2024 (Personally Tested) (2024)

In a nutshell, the best forex brokers in the UK are Plus500, known for its user-friendly interface and risk management tools; eToro, offering a unique social trading platform that allows new traders to follow and copy the trades of experienced ones; and Spreadex, which provides a comprehensive yet easy-to-navigate trading platform with excellent customer service.

Looking for your perfect forex broker?

I’ve tested, scored, and ranked the best forex brokers in the UK.

Whether you’re seeking security, user-friendliness, or low spreads, I’ve got you covered.

16 Best Forex Brokers in the UK Ranked

Here is a quick list of the best forex brokers to use in the UK based on my hands-on analysis:

*76% of retail CFD accounts lose money.

1. Plus500 – Best for trading forex CFDs
2. eToro – Best forex broker for copy trading
3. Spreadex – Best for customer service
4. Trade Nation – Best-priced fixed spreads
5. IG – Best for educational resources
6. Saxo Markets – Best for selection of tools
7. Pepperstone – Best for scalpers
8. Forex.com– Best for advanced traders
9. CMC Markets – Best for diverse trading instruments
10. City Index – Best for advanced platforms
11. XTB – Best for innovative trading technology
12. Interactive Brokers – Best for technical trading tools
13. Tickmill – Best for high-leverage trading
14. IC Markets – Best for spreads from 0.0 pips
15. FP Markets – Best for virtual private server (VPS) solutions
16. AvaTrade – Best for user-friendly FX trading experience

Best Forex Brokers Compared for UK Traders

Here I’ve compared the forex brokers based on four key rating criteria you must consider and compare:

Best Forex Broker UK Reviews

The UK has the largest share of forex trading at 43% globally, making it the largest forex trading center worldwide¹.

If you are looking to get started trading forex in the UK, you’re in luck.

There are a variety of excellent forex brokers available to UK traders, each with its unique features and benefits.

Having worked in the retail investment & trading sector in London over the last four years, I had the opportunity to experience the dynamic and fast-paced forex market first-hand.

In my role working for one of the UK’s leading financial companies,“a trustworthy and respected provider of news, education and market analysis for the everyday investor”, I was able to work with and test some of the biggest UK forex brokers on the market.

Using my experience in this field, I’ve compiled a list of the best forex brokers in the UK based on four key criteria:

1. Number of currency pairs
2. Average spread EUR/USD
3. Minimum deposit
4. Regulation

Factors such as usability, education materials, and additional features were also considered.

All the brokers I’ve reviewed below are regulated by the UK’s financial watchdog, the Financial Conduct Authority (FCA).

You can also read abouthow we test platforms here.

This article was reviewed by Tobi Opeyemi Amure, a trading expert and writer at Investopedia, Investing.com, and Trading.biz.

1. Plus500 – Best for trading forex CFDs

The overall winner on my list of the best forex brokers and what I recommend is Plus500.

Plus500 is popular for its easy-to-use web and mobile platform, making it a top choice for CFD trading, including forex.

Its commission-free trades and low non-trading fees make it a top choice for traders on a budget.

The Plus500 app is compatible with Android, Windows, iOS, and smartwatches, allowing traders easy access to in-depth analyses, account management, and trading, along with tools to protect their investments.

With over 70 forex pairs available and the assurance of 24/7 support, traders are well-equipped to navigate the forex landscape.

Trading forex on Plus500 is not just commission-free; the platform also offers competitive spreads as its primary revenue source.

Traders should pay attention to fees like the overnight funding fee and currency conversion charges. Signing up is easy: a deposit of £100 begins your investment journey.

Beginner forex traders can take advantage of Plus500’s free demo account for a hands-on experience of the platform without any financial risks.

If you’re worried about security, Plus500 is listed on the London Stock Exchange (LON: PLUS) and is regulated by leading bodies like the Financial Conduct Authority (FCA) and the Australian Securities and Investment Commission (ASIC).

Plus500 is a great forex broker for beginner traders utilising CFDs due to the platform’s easy-to-use features, including an economic calendar and enhanced charts. However, it lacks educational content and market research, which might disappoint active traders.

Key rating criteria:

Read my full Plus500 review.

Pros:

• Globally subject to stringent regulations
• Offers over 2,500 CFDs in various asset categories
• No commissions on trades
• User-friendly interface

Cons:

• Lacks phone-based customer support
• Limited educational resources

82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

2. eToro – Best forex broker for copy trading

For complete beginners looking for the best forex broker, I highly recommend eToro.

Since its start in 2007, eToro has become a top forex broker in the UK, especially for new investors.

Registered by the Financial Conduct Authority (FCA), eToro offers more than just traditional trading; it’s leading a social trading shift.

eToro offers a unique social and copy trading feature, letting new traders learn from and follow the moves of experienced pros.

Copying trades on eToro doesn’t ensure profits, but this feature sets it apart, especially for UK beginners.

Deposits on the platform are free, and it earns from spreads. A £5 withdrawal fee applies, but with many payment methods like debit cards, bank transfers, and e-wallets, it prioritises user ease.

eToro aims to make online trading accessible without high costs. Its 30 million global users show its trust and popularity².

The platform is beginner-friendly but still offers a sophisticated mobile interface for traders of all levels.

New traders will value eToro’s wide range of educational tools, including short courses, blogs, videos, and podcasts on key trading topics.

One of its greatest advantages is the thriving social ecosystem and the CopyTrader feature.

If you’re confused about how or what to trade, this unique functionality allows you to automatically replicate the trades of successful traders on the platform.

With a diverse offering of over 52 forex pairs accessible from any device, eToro’s commitment to user-centric trading is evident.

However, a caveat for advanced traders: eToro operates solely on its proprietary platform, which means third-party integrations like MetaTrader are off the table.

For beginners seeking the best forex broker, I recommend eToro for its community, shared insights, and easy-to-use platform.

Key rating criteria:

Read my full eToro review.

Pros:

• Supports multiple payment options
• Intuitive trading platform with a copy-trading feature
• Quick and responsive customer service
• Oversight by multiple high-level financial regulators

Cons:

• Charges a £5 fee for withdrawals

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.76% 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.

3. Spreadex – Best for customer service

Spreadex is a standout choice for forex trading in the UK, thanks to its user-friendly platform and a comprehensive range of services.

It offers access to a wide array of forex pairs, including popular options like EUR/USD and GBP/USD, with competitive spreads starting from just 0.6 pts.

This feature, coupled with the platform’s award for ‘Best for Efficiency of Taking Trades’ in the Investment Trends Survey, underscores its commitment to providing a seamless trading experience.

The platform’s safety is reinforced by its regulation under the Financial Conduct Authority (FCA) in the UK, ensuring a secure trading environment. This aspect is crucial for beginners who value the security of their investments.

Spreadex has been in operation since 1999, establishing a track record of reliability and financial stability, which is vital for new traders seeking a trustworthy platform.

Moreover, the onboarding process at Spreadex is straightforward and quick, making it easy for beginners to start trading. The platform also offers a range of educational content through its Education Hub, although it lacks demo accounts and webinar content.

This educational support is key for beginners to understand trading strategies and market dynamics.

Spreadex presents a blend of easy-to-use interfaces, low trading costs, robust safety measures, and educational resources, making it an ideal platform in the UK forex market.

Key rating criteria:

Read my full Spreadex review.

Pros:

• User-friendly platform
• Regulated by FCA
• Competitive forex spreads

Cons:

• Limited asset variety
• No demo accounts
• Lacks webinar content

64% of retail investors lose money when trading spread bets and CFDs with this provider.

4. Trade Nation – Best-priced fixed spreads

Trade Nation, a UK-based forex and CFD broker is carving a unique niche in the competitive trading landscape.

Launched in 2014 and regulated by top-tier authorities like the FCA and ASIC, it offers a secure and transparent trading environment.

A hallmark of Trade Nation’s service is its commitment to fixed spreads, ensuring transparency and predictability for traders.

This approach sets it apart, especially during volatile market conditions, where traders can benefit from consistent pricing.

The broker’s platform offerings cater to a diverse clientele. Its proprietary web and mobile platforms, praised for their user-friendliness and innovative features like Smart News, are ideal for beginners and less active traders.

Meanwhile, the availability of MetaTrader 4 caters to seasoned traders, offering advanced charting and a plethora of analytical tools. The integration of ChartIQ for charting enhances the trading experience with over 90 indicators and numerous drawing tools.

However, it’s worth noting that while the platforms are highly accessible and easy to navigate, they might fall short for those seeking more advanced trading tools and integrated market research.

Trade Nation’s educational resources, although primarily targeting beginners, are expanding. The provision of webinars, a demo account, and a variety of instructional materials underline their commitment to trader education.

Their customer support, available 24/5, adds a layer of confidence for traders, although the absence of a live chat feature might be a drawback for some.

Regarding market access, Trade Nation offers a well-rounded selection of assets, including forex pairs, indices, commodities, and bonds. The broker’s approach to pricing is commendable, with competitive fixed spreads and transparent fee structures.

They also maintain a minimum deposit policy, which, coupled with their loyalty scheme (though not available in the UK due to FCA regulations), makes it an attractive option for traders of all volumes.

One area for improvement is the expansion of their research offerings and the integration of more in-depth market analysis tools. While their curated news and Smart News feature provide valuable insights, more comprehensive research tools could enhance the trading experience.

Overall, Trade Nation stands out for its user-friendly platforms, fixed spreads, and strong regulatory framework, making it a reliable choice for both novice and experienced traders in the UK.

Its commitment to transparency and customer education, combined with competitive pricing, positions it as a noteworthy player in the forex and CFD brokerage market.

Key rating criteria:

Read my full Trade Nation review.

Pros:

• Regulated by top-tier authorities (FCA, ASIC)
• User-friendly web and mobile platforms
• Fixed spreads for predictable pricing

Cons:

• Limited advanced trading tools
• Inconsistent market research and analysis
• No live chat support

75% of retail investor accounts lose money when trading CFDs with this provider.

5. IG – Best for educational resources

Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.

IG, a leading UK forex broker, provides various accounts for retail traders. Their platform has assets, tools, and education for both new and experienced traders.

IG’s forex trading platform combines advanced features with easy use. They provide low fees and maintain high service quality.

If you’re still new to trading, it may be helpful to check out IG’s ‘Guide for Forex Traders’. It explains the intricacies of forex trading, strategies, and its underlying benefits.

IG’s biggest advantage is its dynamic trading platforms. Whether you opt for the renowned MT4, mobile trading app, or IG’s proprietary platform, the experience is seamless.

Traders can enjoy low spreads, and with an accessible entry point of just a £250 deposit, it’s an attractive option for many. An example for spot trading on EUR/USD, IG has a minimum spread of 0.6, an average spread of 1.13, an average spread of 0.86 from 00:00 to 21:00, and a DMA average spread of 0.165.

For those hesitant about diving headfirst, I advise gaining experience with their demo account with £10,000 virtual funds.

The platform offers tools like Autochartist, technical analysis, and many indicators. It also allows flexible order placements for traders dealing with volatile assets. Finally, ProRealTime’,’s fast charts help you to deepen your analysis and identify FX opportunities.

If you’re worried about safety, negative balance protection ensures that your account never stays below zero and it’s authorised and regulatedby the FCA in the UK.

There are 3 ways to trade forex with IG: spread betting, CFD, and DMA (forex direct).

Here’s a table that compares your options:

IG has been in the sector for a long time, making it a trusted broker for exotic and emerging market currency pairs. IG values education, as shown by its structured academy.

The academy offers courses for all skill levels, with quizzes and exercises to help traders test their knowledge.

I’ve found that IG is most effective for traders looking to take FX trading seriously, it has everything you need. It also offers forex-spreading betting where profits are tax-free in the UK.

To top it off, it was rated ‘Most Trusted Broker in 2023, Best Overall Broker in 2023‘ at ForexBrokers.com 2023 Annual Awards³.

Key rating criteria:

Read my full IG review.

Pros:

• 24/6 customer support via chat, phone, email, and social media
• Full-featured mobile and tablet versions mirroring the desktop experience
• Transparent and cost-effective margin rates
• Offers a wide range of more than 80+ forex pairs

Cons:

• Absence of two-factor authentication for mobile users

6. Saxo Markets – Best for selection of tools

Saxo Markets is one of the best forex trading platforms for experienced traders.

Saxo Markets, the UK branch of the well-known European bank Saxo Bank, offers over 71,000 financial products in global markets, making it a strong choice in forex trading.

Its reach extends beyond the mainstream hubs of London and New York, encompassing 50+ worldwide markets.

At the heart of Saxo Markets lies a robust forex trading suite. Active traders will get the most out of a rich selection of currency pairs, ranging from majors like GBP/USD and EUR/USD to minors, exotics, and spot metals.

The platform’s extensive charting tools, equipped with 50+ technical indicators, trade signals, real-time news feeds, and integrated risk-management features, cater to both intermediate and seasoned traders alike.

While the user-friendly SaxoTraderGO is available across devices, advanced traders have the privilege of SaxoTraderPRO, a desktop-exclusive platform boasting superior functionalities.

True to its commitment to affordability, Saxo stands out with competitively low spreads starting at a mere 0.4 pips for major forex pairs.

However, traders should pay attention to overnight interest rates and other associated charges based on trade specifics.

Saxo Markets offers a wide range of products, paired with an easy-to-use web trading platform. They also provide detailed research tools vital for forex trading.

It offers more than just forex; they have CFDs, stocks, and over 300 futures options from global markets.

Saxo Markets, licensed in Switzerland and Denmark, is a trusted UK forex broker with many 5-star reviews.

Saxo Markets offers quality trading for both new and expert traders. Their strong reputation shows their commitment to a great trading experience.

Saxo Bank is best for advanced forex traders due to its 185+ currency pairs, low fees, and complex order types. Beginners might find its platforms challenging.

Key rating criteria:

Read my full Saxo Markets review.

Pros:

• Trading platform suitable for both novices and experienced traders
• A wide variety of assets available for trading
• Highly competitive spread rates
• Offers 185+ currency pairs in forex trading

Cons:

• The account verification process can be sluggish
• Lacks round-the-clock customer support

7. Pepperstone – Best for scalpers

If forex scalping is your thing, Peppertsone is the best forex broker for you.

Scalpers will value Pepperstone for its fast trade executions, often under 30 minutes, and the industry’s narrow spreads.

But that’s just the beginning. The platform’s two-tiered account system ensures that traders of all levels find a home.

The standard account, best suited for beginners, boasts forex spreads that start at a mere 0.6 pips.

When you couple this with a commission-free framework, it offers an incredibly cost-efficient trading experience.

Advanced traders should use the Razor account, which offers competitive commission spreads on key forex pairs.

Trading diversity is a hallmark of Pepperstone. With the capacity to trade in more than 60 currency pairs – including mainstays like EUR/USD, GBP/USD, and exotic pairs.

Their distinct offering of currency indices, such as the US Dollar Index (USDX), Euro Index (EURX), and Japanese Yen Index (JPYX), empowers traders to elevate their strategies in a dynamic forex landscape. But it’s not just about currency.

Pepperstone goes above and beyond with access to over 1,200 trading instruments, enabling CFD trading across forex, stocks, ETFs, commodities, and more. Even the entry barriers are low, with a free account setup complemented by a practice-friendly demo account.

Functionality meets versatility as Pepperstone integrates top-tier trading software. Whether you’re a novice finding your footing on MT4 and MT5, or a seasoned trader keen on the insights of TradingView, cTrader, and more, the platform caters to all.

Added perks like DupliTrade and Capitalise AI bring social trading and automation into the mix without the need for coding expertise. As with any platform that offers such depth, there’s inevitably a learning curve.

True, Pepperstone might not be the first pick for absolute beginners due to its emphasis on platforms like cTrader. However, its vast array of intelligent trading tools, both free and premium, make the learning experience more interactive and informed.

Plus, for those who fancy social trading, Pepperstone doesn’t disappoint, offering limited but effective features to mirror and interact with seasoned traders. Customer support, often the backbone of a stellar trading experience, is where Pepperstone truly shines.

Award-winning assistance is at traders’ fingertips, whether through phone, live chat, or email. The platform is regulated by the UK’s Financial Conduct Authority (FCA), ensuring traders of its high standards and legitimacy.

Pepperstone is a leading forex broker with wide market access, precise tools, and an active community for traders. Though there’s a learning phase, the insights and opportunities are rewarding.

Key rating criteria:

Read my full Pepperstone review.

Pros:

• Provides access to over 60 currencies through top-notch desktop and mobile platforms
• Features currency indices to capitalise on forex market volatility
• Highly rated for customer satisfaction and value for money

Cons:

• More competitive pricing is available for CFDs and spread betting

8. Forex.com– Best for advanced traders

Forex.com boasts a global reputation as the largest MetaTrader broker.

Offering an impressive selection of over 80 currency pairs, it’s a one-stop shop for forex enthusiasts.

Forex.com, a part of the publicly traded StoneX Group Inc. (NASDAQ: SNEX) and overseen by top-tier regulators, provides traders with a secure forex trading platform.

It’s easy to use, and you can start an account digitally with only a 100-unit base currency deposit.

Plus, the broker offers commission-free trading with competitive spreads starting at 0.8%.

Forex.com excels in educational and research tools, catering to both beginners and seasoned traders. Mobile traders have the flexibility to choose between MT4 and Forex.com’s proprietary platform, both full of essential trading tools.

It allows leveraged trading, giving traders the option to maximise their market exposure. A demo account is also available for practice before going live.

Forex.com offers a clear and full trading experience, making it a top pick for UK forex traders.

Key rating criteria:

Read my full Forex.com review.

Pros:

• Sophisticated yet easy-to-navigate trading interface
• Abundant educational and research resources
• Extensive selection of over 80 forex pairs

Cons:

• Inactivity fees applied after one year of non-use

9. CMC Markets – Best for diverse trading instruments

CMC Markets, a renowned UK-based forex broker, stands out in the competitive financial trading landscape.

Established in 1989 and listed on the London Stock Exchange, the broker has built a reputation for reliability, underscored by regulation in five Tier-1 jurisdictions, including the UK’s Financial Conduct Authority (FCA).

This highlights a strong commitment to regulatory compliance and client security.

At the heart of CMC Markets’ offering is its proprietary Next Generation trading platform, recognised for its user-friendly interface, comprehensive research tools, and innovative trading features.

It’s complemented by a functional mobile app, ensuring traders can stay connected to the markets on the go.

The platform offers access to a vast range of over 12,000 tradeable instruments, including a significant number of forex pairs, CFDs, and the unique feature of quoting forex pairs both ways, effectively doubling available pairs.

CMC Markets maintains competitive edge in forex trading with notably low spreads, enhanced by their recent Price Plus Scheme for active traders.

This scheme provides discounts on trading costs, calculated through Trading Points based on trade volume and market choice.

Additionally, their FX Active pricing model, launched in 2022, offers commission-based pricing with minimal spreads, further cementing their position as a leader in cost-effective trading.

The broker also emphasises educational resources, featuring a range of materials suitable for both beginners and experienced traders.

However, the educational content could be enriched with interactive elements like quizzes and progress tracking. Despite this, CMC Markets’ commitment to education is evident in their varied offerings, including webinars and platform tutorials.

In terms of safety, CMC Markets instills confidence with a high Trust Score of 99. The broker is well-capitalised, adding to the assurance of financial stability for clients’ funds.

Moreover, they offer negative balance protection and client money segregation, adhering to FCA’s Client Money rules.

While CMC Markets excels in many areas, there are limitations. Their MetaTrader 4 offering is less comprehensive than their Next Generation platform, and the broker does not cater to U.S. clients due to regulatory restrictions.

Also, their research tools, though extensive, could benefit from better integration with their trading platforms.

In summary, CMC Markets is a top choice for traders looking for a reliable, well-regulated broker with a wide range of offerings, competitive pricing, and a strong emphasis on customer education and safety.

With their advanced platforms and commitment to client satisfaction, they remain a preferred broker for both novice and experienced traders in the forex and CFD markets.

Key rating criteria:

Read my full CMC Markets review.

Pros:

• Extensive range of over 12,000 tradeable instruments
• Low forex trading costs and competitive spreads
• Advanced, user-friendly Next Generation trading platform

Cons:

• Does not accept U.S. clients
• Limited MetaTrader 4 offerings
• Educational content lacks interactive elements

10. City Index – Best for advanced platforms

City Index stands out as one of the UK’s leading forex brokers, renowned for its robust trading platforms and versatile offerings.

Established in 1983 and now operating under the reputable StoneX Group Inc, City Index is not just a seasoned player in the industry, but also a symbol of trust and reliability, proudly holding a Trust Score of 99 out of 99 from ForexBrokers.com.

This broker excels in offering a diverse range of tradeable markets, including CFDs, forex, and cryptocurrencies, appealing to both retail and professional traders.

With over 13,500 tradeable symbols and 84 forex pairs, City Index provides ample opportunities for diversified trading strategies.

City Index’s proprietary Web Trader platform, celebrated for its advanced trading tools and integrated research, offers a seamless and efficient trading experience.

The mobile app balances advanced functionality with user-friendliness, featuring integrated research, news headlines, and market commentary.

However, the limited MetaTrader offering and the absence of MetaTrader 5 might be a drawback for some users.

City Index’s pricing structure is in line with industry standards, offering competitive spreads and active trader discounts. Its Premium Trader account caters to active traders with exclusive benefits, including access to special events and dedicated customer service.

The broker’s commitment to education and customer service is evident in its extensive range of educational resources and responsive customer support.

Safety is a top priority at City Index, regulated by top-tier authorities like the UK’s FCA and part of the StoneX Group, a NASDAQ-listed company.

This regulatory framework ensures a secure trading environment, further backed by the broker’s comprehensive market research tools and robust educational content.

In summary, City Index’s strength lies in its trusted brand, diverse market offerings, and advanced trading platforms.

While it may not lead in every aspect, such as video production for educational content, its solid suite of platforms, wide market range, and exceptional mobile app make it an appealing choice for traders of all experience levels in the UK.

Key rating criteria:

Read my full City Index review.

Pros:

• Regulated by top-tier authorities
• Advanced trading platforms and tools
• Extensive range of tradeable markets

Cons:

• Limited MetaTrader offering
• Average pricing structure
• Inadequate video educational content

11. XTB – Best for innovative trading technology

XTB stands as a prominent forex broker in the UK, distinguished for its robust platform, diverse offerings, and commendable regulatory standing.

A key highlight is the xStation 5 platform, acclaimed for its intuitive design and rich array of trading tools and features.

This state-of-the-art platform, combined with comprehensive educational resources, positions XTB as a top-tier choice for both novice and seasoned traders.

Established in 2002 and publicly traded, XTB’s credibility is further bolstered by regulation in multiple jurisdictions, including two Tier-1 and two Tier-2 regions.

The broker’s wide-ranging product portfolio covers over 1,800 stocks, 135 ETFs, numerous commodities, indices, cryptocurrencies, and 57 forex pairs, catering to a broad spectrum of trading interests.

However, it’s important to note that offerings like cash equities are region-specific.

XTB’s fee structure is competitive, with no minimum deposit for standard accounts and an active trader discount program, enhancing its appeal to frequent traders.

Although its spreads are generally in line with industry standards, the broker doesn’t offer daily video updates in English and access to MetaTrader platforms is limited, which might be a downside for some users.

Customer service at XTB is another strong suit, noted for its responsiveness and efficiency. While 24/7 support isn’t available, the existing channels effectively cater to client needs.

Safety and security are paramount at XTB, reflected in its high trust score and regulatory compliance with bodies like the FCA.

For traders focused on CFDs, XTB presents an advantageous platform with its zero-commission policy on supported markets and leverage options up to 1:500.

The broker’s focus on CFDs means traders don’t own the underlying asset, which is a crucial consideration. XTB doesn’t cater to U.S. clients and lacks support for MT4/MT5, which might limit its suitability for certain traders.

XTB’s blend of user-friendly platforms, diverse market access, and strong regulatory framework makes it a compelling choice for traders in the UK, particularly those interested in forex and CFD trading.

With its comprehensive educational materials and competitive fee structure, XTB is well-positioned to serve a wide range of trading needs and preferences.

Key rating criteria:

Pros:

• Robust xStation 5 trading platform
• Regulated in multiple jurisdictions
• Extensive educational resources

Cons:

• Limited MetaTrader access
• Inactivity fees apply
• Region-specific product offerings

12. Interactive Brokers – Best for technical trading tools

Interactive Brokers (IBKR), established in 1977 and publicly traded on NASDAQ under IBKR, is renowned as one of the leading forex brokers in the UK.

This multi-asset broker is regulated in nine Tier-1 jurisdictions, ensuring high levels of trust and safety for traders.

With a Trust Score of 99 from ForexBrokers.com, IBKR’s credibility is further bolstered by its strong financial footing, including an Ending Client Equity of USD 373.8 billion and Equity Capital of USD 10.01 billion.

A standout feature of Interactive Brokers is its extensive global market access. Traders can engage in a multitude of markets, including stocks, options, futures, and notably, spot forex across 135 market centers in 33 countries.

The platform offers over 8500 tradeable symbols and 90 forex pairs, catering to a diverse range of trading strategies and preferences.

Interactive Brokers excels in its advanced trading tools and sophisticated order configurations, particularly through its Trader Workstation (TWS) desktop platform.

While potentially overwhelming for beginners, this platform offers seasoned traders a rich environment for executing complex trades.

The web-based Client Portal, on the other hand, strikes a balance between advanced functionality and user-friendliness, making it more accessible for less experienced traders.

In terms of fees, Interactive Brokers maintains competitive pricing and low commission rates for forex trading. The broker aggregates prices from 17 of the world’s largest interbank forex dealers, ensuring transparent and competitive pricing without markup.

For active traders, the platform offers volume-based discounts, adding to its appeal for high-frequency traders.

Education and research are other areas where Interactive Brokers shines. The broker provides a wealth of educational resources, including a Traders’ Academy, IBKR Quant blog, and IBKR Campus.

While its primary focus is on stock market education, the growing array of forex-specific content is commendable. Research-wise, Interactive Brokers offers an extensive range of third-party research and news services, enhancing the trading experience with valuable insights.

Interactive Brokers is an excellent choice for professional and experienced traders, particularly those interested in forex trading.

Its advanced tools, global market access, competitive pricing, and robust educational resources make it a top-tier choice for traders in the UK.

However, beginners should be cautious of the platform’s complexity and might find the learning curve somewhat steep.

Key rating criteria:

Read my full Interactive Brokers review.

Pros:

• Extensive global market access
• Advanced trading tools and platforms
• Competitive pricing and low commissions

Cons:

• Complex for beginner traders
• No MetaTrader platform option
• Potentially long account opening process

13. Tickmill – Best for high-leverage trading

Tickmill, a notable name in the UK forex brokerage landscape, distinguishes itself through its competitive offerings and robust regulatory framework.

Founded in 2014, Tickmill has quickly evolved from a basic MetaTrader platform provider to a multi-asset broker, renowned for its diverse platform options and ultra-competitive spreads, especially on its VIP and Pro accounts.

This development has placed it in close competition with leading MetaTrader brokers.

A standout feature of Tickmill is its regulatory compliance. It’s governed by two Tier-1 jurisdictions, a Tier-2, and a Tier-4 jurisdiction, ensuring a high trust score and reliability for investors.

Additionally, the broker offers an impressive selection of over 725 tradeable symbols including CFDs on currency pairs, indices, metals, bonds, and cryptocurrencies, although it’s important to note that cryptocurrency CFDs are not available to UK retail traders.

The broker’s account options cater to a wide range of traders. The Classic account is commission-free, suited for casual traders, while the Pro and VIP accounts, with their lower spreads and commission structure, are ideal for more active and experienced traders.

Tickmill’s VIP account requires a minimum balance of $50,000 but offers the advantage of lower commission costs.

Furthermore, their educational and research tools, including offerings from CME and Acuity Trading, provide valuable insights for traders.

Tickmill’s commitment to technology is evident in its comprehensive MetaTrader suite and additional platforms like CQG and AgenaTrader for futures and options trading.

However, it’s noteworthy that the TradingView platform has been discontinued for these trading options. The broker’s mobile apps ensure trading convenience, and the proprietary account management app further enhances user experience.

While Tickmill shines in many areas, it falls short in terms of the diversity of its tradeable assets compared to other top forex brokers. Additionally, the Classic account’s less competitive pricing and the limited educational content may not appeal to all traders.

In terms of safety, Tickmill’s FCA regulation and adherence to stringent financial standards provide a secure trading environment. The broker’s educational content, though not the most extensive, includes useful resources for traders at various levels.

Tickmill stands out as a solid choice for professional traders, particularly those who value competitive pricing and a range of trading platforms.

While it may not offer the widest range of markets or the most in-depth educational materials, its regulatory compliance, platform diversity, and competitive account options make it a strong contender in the UK forex brokerage space.

Key rating criteria:

Pros:

• Highly competitive spreads on VIP/Pro accounts
• Regulated in multiple top-tier jurisdictions
• Diverse trading platforms including the MetaTrader suite

Cons:

• Limited range of tradeable assets
• Classic account pricing is less competitive
• Educational content lacks depth

14. IC Markets – Best for spreads from 0.0 pips

IC Markets, a well-established forex broker in the UK, offers a compelling blend of low costs, diverse trading options, and user-friendly platforms, making it a top choice for both novice and experienced traders.

This broker stands out for its competitive pricing and efficient execution, especially appealing to algorithmic traders.

One of IC Markets’ key strengths is its cost structure. It offers low trading and non-trading fees, with no inactivity or withdrawal fees, making it an attractive option for cost-conscious traders.

The fee model includes tight spreads and reasonable commissions, which is especially beneficial for those trading forex and CFDs. The average spread on major pairs like EUR/USD is competitively low, and the broker doesn’t charge for deposits and withdrawals, adding to its cost efficiency.

Account setup with IC Markets is straightforward and digital, with a swift approval process. They offer several account types, including Standard, Raw Spread, and cTrader Raw Spread, catering to different trading preferences.

The Raw Spread accounts are particularly attractive for professional traders due to their ultra-tight spreads and faster execution.

The broker’s platform options include the popular MetaTrader 4 and MetaTrader 5, as well as cTrader. These platforms are known for their reliability and range of features, including advanced charting tools and algorithmic trading capabilities.

However, they may have some limitations in terms of design and functionality. Mobile trading options are also available, providing flexibility for those who need to trade on the go.

In terms of tradable instruments, IC Markets offers a wide range, including forex, CFDs on stocks, commodities, indices, and cryptocurrencies. However, it’s important to note that they do not offer ETFs or bond trading.

Their research tools are robust, providing traders with quality news flow, trading ideas, and good charting tools, although they lack fundamental data.

Customer support is another strong area for IC Markets, with responsive phone and email support. They also offer educational resources, including webinars and articles, which are particularly useful for beginners.

Regarding safety and regulation, IC Markets is regulated by several authorities, including the top-tier ASIC, which adds a level of trustworthiness. They also offer negative balance protection and have a long track record in the industry.

In summary, IC Markets is a solid choice for traders in the UK looking for a reliable, cost-effective forex broker with a range of trading platforms and tools.

Its competitive spreads, diverse account types, and robust regulatory framework make it a trustworthy and versatile broker for both beginners and experienced traders.

Key rating criteria:

Pros:

• Competitive low-cost trading
• Fast, digital account setup
• Diverse trading instruments

Cons:

• Limited educational resources
• No ETF or bond trading
• Platform design limitations

15. FP Markets – Best for virtual private server (VPS) solutions

FP Markets, an acclaimed forex broker based in the UK, stands out as a preferred choice for both novice and seasoned traders seeking a reliable and cost-effective trading experience.

Founded in 2005 and regulated in multiple jurisdictions, FP Markets has established itself as a trusted name in the industry, particularly noted for its competitive spreads and low-cost trading options.

Traders at FP Markets can choose between the MetaTrader and cTrader platforms, known for their versatility and affordability.

The broker’s ECN account, in particular, offers ultra-competitive spreads, making it a highly attractive option for forex traders.

Additionally, the Iress platform suite, though more focused on share trading, provides access to over 10,000 tradeable symbols, catering to a wide range of trading preferences.

FP Markets’ commitment to regulation enhances its trustworthiness. The broker is regulated by several Tier-1 and Tier-2 authorities, ensuring a high level of safety and compliance. For added security, client funds are held in segregated accounts with top-tier banks.

The broker’s diverse range of tradable instruments is impressive, offering over 70 forex pairs, numerous commodities, cryptocurrencies, and more. This variety ensures that traders of all strategies and preferences will find opportunities within FP Markets’ portfolio.

While the broker excels in many areas, there are some limitations. The educational content and advanced trading tools offered are not as extensive as some industry leaders, which might be a drawback for those seeking in-depth learning resources or advanced analytical tools.

Additionally, the Iress platform, while comprehensive for share trading, can incur additional fees for data and platform usage, especially for non-active traders.

FP Markets distinguishes itself with competitive pricing, a wide range of instruments, and robust regulatory compliance, making it a solid choice for traders in the UK.

However, traders should weigh the cost implications and educational offerings when considering this broker for their trading needs.

Key rating criteria:

Pros:

• Competitive spreads on MetaTrader and cTrader
• Regulated by multiple top-tier authorities
• Wide range of over 10,000 tradable instruments

Cons:

• Limited educational and advanced trading tools
• CFD trading carries a high risk of loss

16. AvaTrade – Best for user-friendly FX trading experience

AvaTrade, a distinguished forex broker in the UK, has solidified its reputation for reliability and user-friendliness, catering to both beginner and professional traders.

Founded in 2006 and regulated in top-tier jurisdictions, AvaTrade offers a secure trading environment.

Its commitment to regulation, evidenced by its authorisation by the Australian Securities & Investment Commission (ASIC) and the Japanese Financial Services Authority (JFSA), among others, ensures a high level of trader protection and operational integrity.

Specialising in forex and CFDs, AvaTrade offers a wide range of trading platforms, including its own AvaTradeGO and AvaOptions apps, along with the popular MetaTrader platforms.

These platforms are recognised for their user-friendly interfaces and innovative features like AvaProtect, which adds an extra layer of risk management. With over 1,200 CFDs and 44 forex options, AvaTrade caters to a diverse array of trading interests and styles.

Education and research are standout features at AvaTrade. The broker offers a wealth of educational resources suitable for new traders, including comprehensive articles, video tutorials, and in-depth courses.

Its research offerings, though limited in comparison to some industry leaders, include daily market analysis and access to Trading Central research modules.

AvaTrade’s fee structure is transparent and competitive. The spreads for forex are close to the industry average, and the broker does not charge withdrawal fees. However, it’s important to note the presence of an inactivity fee, which could affect less active traders.

Account opening with AvaTrade is straightforward and fully digital, making it accessible for traders in the UK and beyond. The minimum deposit is a reasonable $100, and the broker offers multiple deposit and withdrawal options without any fees, though withdrawal times can vary.

AvaTrade’s strengths lie in its robust regulatory framework, wide range of trading platforms, comprehensive educational content, and transparent fee structure.

While its research capabilities and product portfolio have room for growth, its overall offering makes it a solid choice for UK forex and CFD traders seeking a reliable, user-friendly trading experience.

Key rating criteria:

Read my full AvaTrade review.

Pros:

• Regulated in top-tier jurisdictions
• Extensive range of trading platforms
• Comprehensive educational resources

Cons:

• Limited product portfolio
• High inactivity fees
• Average research capabilities

How Do I Choose a Forex Broker in the UK?

Choosing a Forex broker in the UK involves several critical considerations to ensure that you are selecting a reliable and suitable platform for your trading needs.

Here is a guide on what to look for when choosing a Forex broker in the UK:

Regulation and Licensing

Ensure the broker is authorised and regulated by the Financial Conduct Authority (FCA) in the UK.

This provides you with a level of protection, including adherence to financial standards and a degree of security for your funds.

Check the FCA register online to verify the broker’s regulatory status.

Account Types

Forex brokers offer various account types to suit different traders. Look for a broker that offers an account type that matches your trading style, capital outlay, and risk tolerance.

Common account types include standard, mini, and micro accounts, each with its specific minimum deposit requirements and leverage options.

Spreads and Commissions

Compare the spreads and commissions charged by different brokers.

Some brokers offer tight spreads but charge commissions, while others offer commission-free trading with wider spreads.

Depending on your forex trading strategy (e.g., scalping, day trading), one option may be more cost-effective than the other.

Trading Platforms

The trading platform is your gateway to the markets, so it’s essential to choose a broker that offers a user-friendly and reliable platform.

Most brokers offer MetaTrader 4 (MT4) or MetaTrader 5 (MT5), but some have proprietary platforms with unique features.

Consider platforms that offer free demo trading accounts so you can test their functionality before committing.

Execution Speed and Quality

Fast and reliable trade execution is crucial, especially for strategies that rely on quick market entry and exit.

Look for brokers that offer low latency and minimal slippage to ensure your trades are executed at the best possible prices.

Leverage Options

Leverage allows you to control a larger position with a smaller amount of capital. However, it also increases risk.

Understand the leverage options available and choose a broker that offers leverage levels suitable for your risk appetite and trading strategy.

Customer Support

Good customer support is essential, especially for new traders.

Look for brokers that offer comprehensive support through multiple channels (e.g., live chat, phone, email) and consider their availability (24/5 or 24/7) and responsiveness.

Educational Resources and Tools

Especially important for beginners, but also valuable for experienced traders, educational resources, and trading tools can enhance your trading experience.

Look for brokers that offer webinars, tutorials, articles, and analytical tools to support your trading decisions.

Deposit and Withdrawal Options

Check the broker’s policies on funding and withdrawing from your account.

Consider the ease of deposits and withdrawals, any associated fees, and the processing times.

A good broker should offer a variety of payment methods, including bank transfers, credit/debit cards, and e-wallets.

Reputation and Reviews

Research the broker’s reputation within the trading community.

Read reviews and testimonials from current and former clients to gauge their experiences.

While no broker will have a perfect record, consistent complaints about specific issues (e.g., withdrawal difficulties, poor customer service) are red flags.

Take your time to research and compare brokers, test their platforms through demo accounts, and ensure they meet your specific trading needs and preferences.

Remember, the right broker can significantly impact your trading success.

Final Thoughts

Selecting the best forex broker in the UK requires a careful evaluation of various factors including spreads, platform usability, customer support, and regulatory protection.

With numerous brokers vying for your attention, it’s vital to prioritise your specific needs and trading goals.

The UK has top brokers for both new and expert traders. Beginners can find great learning resources, while experts get advanced tools.

FAQs

You may also like:

• Best forex trading apps UK
• Best high-leverage forex brokers UK
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Sources:

1. https://www.bankofengland.co.uk/quarterly-bulletin/2019/2019-q4/the-foreign-exchange-and-over-the-counter-interest-rate-derivatives-market-in-the-uk ↩︎
2. https://www.statista.com/statistics/1262787/etoro-registered-users/ ↩︎
3. https://www.forexbrokers.com/annual-awards ↩︎