10 Best Forex Brokers in The UK
Last Update: March 22nd, 2024
This is a complete guide to the 10 Best Forex Brokers operating in the UK.
In this in-depth guide you’ll learn:
- Review of the 10 Best UK Forex Brokers.
- How to Choose a Forex Broker.
- FAQs for Beginners in the United Kingdom
- What is the Best Forex Trading Platform?
- Is Forex trading legal in the UK
And lots more…
So, if you’re ready to go “all in” with 10 Best Forex Brokers in The United Kingdom
Let’s dive right in…
🏆 10 Best Forex Brokers
| Broker | Review | Regulators | Min Deposit | Website | |
|---|---|---|---|---|---|
| 🥇 |  | Read Review | ASIC, FSA, CBI, BVI, FSCA, FRSA, CySEC, ISA, JFSA | USD 100 | Visit Broker >> |
| 🥈 |  | Read Review | FMA, FSA | USD 50 | Visit Broker >> |
| 🥉 |  | Read Review | FSCA, CySEC, DFSA, FSA, CMA | USD 0 | Visit Broker >> |
| 4 |  | Read Review | SFSA, FSCA, CySec* | USD 5 | Visit Broker >> |
| 5 |  | Read Review | FCA, CySEC, FSCA, SCB | USD 100 | Visit Broker >> |
| 6 |  | Read Review | FCA, FINMA, FSA, ASIC | USD 0 | Visit Broker >> |
| 7 |  | Read Review | CySEC, FCA, FSA, FSCA, Labuan FSA | USD 100 | Visit Broker >> |
| 8 |  | Read Review | Not Regulated | 0.001 BTC | Visit Broker >> |
| 9 |  | Read Review | ASIC, CySEC, FSCA, CMA | USD 100 | Visit Broker >> |
| 10 |  | Read Review | SVGFSA | USD 5 | Visit Broker >> |
10 Best Forex Brokers in the UK (2024*)
- ☑️ IG – Best Forex Broker in the UK.
- ☑️ XTB – UK Forex broker regulated by the FCA.
- ☑️ Admirals – Best Trading App in the United Kingdom.
- ☑️Axi – Global, multi-regulated broker.
- ☑️CMC Markets – Best Customer Service for Beginners.
- ☑️Eightcap – FTSE100 Broker in UK.
- ☑️FXTM – Award-winning Broker with MT4.
- ☑️LCG – Best Leading Marker.
- ☑️Pepperstone – Low Spread Broker in the UK.
- ☑️Spreadex – Spread betting opportunities.
Best Forex Brokers in the UK
| 👥 Brokers | 👉 Open Account | 💰 Minimum Deposit | ⚖️ Regulators | ✔️ Accepts Credit Cards |
| 1.IG | 👉 Open Account | £230 | FCA, BaFin CySEC, FINMA, DFSA, FSCA, MAS, JFSA, ASIC, FMA, CFTC, NFA, BMA | ✔️ |
| 2. XTB | 👉 Open Account | £0 | FCA, ACPR, BaFin, DFSA, KNF, CNMV, FSCA, CySEC, IFSC | ✔️ |
| 3. Admirals | 👉 Open Account | £0.90 | FCA, ASIC, CySEC, JSC, FSCA, FSA, CMA | ✔️ |
| 4. Axi | 👉 Open Account | £0 | Axi £0 ASIC, SVG FSA, FCA, FMA, DFSA | ✔️ |
| 5. CMC Markets | 👉 Open Account | £0 | BaFin, FCA, ASIC, MAS, FMA, IIROC, DFSA | ✔️ |
| 6. Eightcap | 👉 Open Account | £90 | CySEC, SCB, ASIC, FCA | ✔️ |
| 7. FXTM | 👉 Open Account | £10 | CySEC, FSCA, FCA, CMA, FSC Mauritius | ✔️ |
| 8. LCG | 👉 Open Account | £0 | SCB, FCA, CySEC | ✔️ |
| 9. Pepperstone | 👉 Open Account | £120 | ASIC, BaFin, CMA, CySEC, DFSA, FCA and SCB | ✔️ |
| 10. Spreadex | 👉 Open Account | £0 | FCA | ✔️ |
10 Best UK Forex Brokers
IG
Who should use IG?
IG offers a comprehensive trading experience with access to various financial markets like Forex, indices, stocks, commodities, and cryptocurrencies, appealing to experienced traders and newbies due to its advanced tools, statistics, and user-friendly interface.
What does IG do best?
IG‘s trading platform is a sophisticated and well-designed tool complemented by various research tools and resources. Its intuitive interface allows traders to easily navigate and execute trades, while its commitment to market research and educational tools enhances trading skills.
Where can IG improve?
IG could enhance fee transparency and diversify its goods selection, but users have noted issues with non-trading fee calculation and regional variations in available assets and tools.
IG Pros and Cons
| ✔️ Pros | ❌ Cons |
| IG offers over 19,000 financial instruments | IG's fee structure can be complex. |
| IG is well-regulated by several regulatory entities, including FCA | There is a high minimum deposit |
| There is a wealth of education available | There is a wealth of education available Inactivity fees apply |
| IG offers support for traders by offering trading tools | Some regions have limited access to financial instruments |
| IG serves traders around the world |
XTB
Who should use XTB?
XTB is a popular choice among traders, offering an easy-to-use UI and complex features. It is suitable for beginners due to its design while offering advanced charting and technical analysis tools for experienced traders.
What does XTB do best?
XTB is a leading trading platform technology company known for its award-winning xStation 5 platform, offering fast execution rates, real-time market information, and user-friendly design.
Where can XTB improve?
XTB could enhance its product offerings by increasing the variety of financial instruments available in specific locations, aiming to match the diversity of other prominent brokers, including ETFs and options.
XTB Pros and Cons
| ✔️ Pros | ❌ Cons |
| xStation 5 is ideal for all traders | XTB has fewer tradable instruments compared to other brokers |
| XTB is known for its fast, high-quality customer support | Inactivity fees apply |
| XTB offers several educational resources | UK/EU clients are limited to 1:30 leverage |
| The spreads with XTB are reasonable Withdrawal fees apply | Withdrawal fees apply |
| Withdrawal fees apply |
Admirals
Who should use Admirals?
Admirals, formerly Admiral Markets, is a licensed Forex and CFD broker suitable for new and experienced traders, offering a solid educational foundation and advanced analytical tools.
What do Admirals do best?
Admirals offers comprehensive trading tools, high-quality market analysis, educational webinars, and responsive customer support, showcasing their commitment to providing comprehensive and effective resources.
Where can Admirals improve?
Admirals could enhance its product offerings by introducing a wider range of asset classes beyond CFDs and Forex and enhancing its technology infrastructure for faster transaction executions.
Admirals Pros and Cons
| ✔️ Pros | ❌ Cons |
| Many bodies, including the FCA, regulate admirals | There are high CFD and Stock fees |
| Admirals offers MetaTrader and MetaTrader Supreme | There is reliance on MetaTrader |
| There is a range of educational materials for beginners | The spreads are variable and could widen when there are high periods of volatility |
| Admirals offers personalized multilingual customer support |
Axi
Who should use Axi?
Axi is a user-friendly Forex and CFD broker focusing on Forex trading, offering low spreads and powerful tools for new and experienced traders.
What does Axi do best?
Axi is known for its exceptional customer service, tight spreads on major Forex pairings, and a wide range of trading tools and resources, including AutoChartist and PsyQuation.
Where can Axi improve?
Axi could enhance its product offerings, particularly equities and cryptocurrencies, to compete with larger brokers while offering deeper analytical resources for sophisticated traders.
Axi Pros and Cons
| ✔️ Pros | ❌ Cons |
| Axi charges competitive spreads on key currency pairings | Axi charges inactivity fees |
| Axi is known for its superior customer support | Axi is known for its superior customer support. |
| There are free trading tools available to all traders | Axi does not have a proprietary platform |
| Axi offers customizable platforms | There is a cap on leverage for UK traders |
| Axi offers a Standard, Pro, and Elite account, which all have access to indices like NASDAQ | Axi only supports MT4 |
| The spreads charged on NASDAQ are competitively tight | Axi does not publish its overnight fees for NASDAQ on the website |
| Traders can use leverage up to 1:200 on NASDAQ | The demo account expires after 30 days |
| There is a free demo account to allow traders to practice trading |
CMC Markets
Who should use CMC Markets?
CMC Markets caters to traders of all levels, offering extensive resources, a user-friendly platform, sophisticated analysis tools, and superior charting capabilities, making it an appealing choice for beginners and experts.
What does CMC Markets do best?
CMC Markets offers a wide range of financial instruments globally, with its platform, Next Generation, renowned for its unique features, charting tools, and user-friendly design.
Where can CMC Markets improve?
CMC Markets could enhance its customer service and improve response times and resolutions despite generally satisfactory customer service.
CMC Markets Pros and Cons
| ✔️ Pros | ❌ Cons |
| CMC Markets offers CFDs and spread betting across several asset classes | Withdrawal and inactivity fees are a drawback for many traders |
| CMC Markets offers webinars and training modules | Some users report delays in customer service responses |
| CMC Markets' charting and technical analysis tools benefit advanced traders | CMC Markets has limited account types |
| The Next Generation platform is advanced and configurable, developed for user experience | |
| CMC Markets has a solid regulatory framework |
Eightcap
Who should use Eightcap?
Eightcap is a Forex and CFD broker that caters to a wide range of traders, offering a regulated environment with competitive spreads, catering to beginners and experienced traders.
What does Eightcap do best?
Eightcap offers a user-friendly trading experience with reliable MetaTrader platforms, competitive spreads, and a focus on customer service.
Where can Eightcap improve?
Eightcap could enhance its teaching offerings and research tools to provide comprehensive content for beginners and enhance the service provided to traders.
Eightcap Pros and Cons
| ✔️ Pros | ❌ Cons |
| The availability of both MT4 and MT5 platforms appeals to a wide range of trading preferences. | The broker can improve by offering more detailed market analysis and research tools. |
| They provide competitive spreads, particularly on important forex pairings. | Although they provide educational materials, they could increase this area to assist novice traders. |
| Eightcap is regulated by several financial authorities, providing traders with a safe trading environment. | Some traders may find that the selection of CFDs is limited when compared to larger brokers. |
| They provide a variety of account kinds, including raw spread accounts with low commission rates. | They can assess fees for inactive accounts, which is a disadvantage for low-activity traders. |
| Eightcap is well-known for its prompt customer service. |
FXTM
Who should use FXTM?
FXTM is a broker that caters to new and experienced traders, offering educational resources, extensive trading tools, and fast execution times for both beginners and experienced traders.
What does FXTM do best?
FXTM offers diverse account options for various trading techniques, quick execution times, and extensive educational and training tools, making it an ideal choice for traders seeking knowledge enhancement.
Where can FXTM improve?
FXTM’s fee structure spreads on specific account types and instruments could improve compared to competitors. Expanding their product offerings could attract a larger customer base.
FXTM Pros and Cons
| ✔️ Pros | ❌ Cons |
| There is multi-regulation in place | There are expensive account spreads and overnight fees |
| FXTM has a lot of Forex trading education for beginners | There are limited non-Forex instruments available |
| FXTM offers personalized customer support | Withdrawal fees apply |
| FXTM's account diversity meets trader needs | |
| There are advanced trading tools offered |
LCG
Who should use LCG?
London Capital Group (LCG) is ideal for traders who appreciate regulation and a wide selection of trading instruments. It offers a web-based and popular MT4 platform with professional tools and analysis for beginners and seasoned traders.
What does LCG do best?
LCG excels in simple, transparent trading. They offer indices, equities, commodities, and cryptocurrencies with tight spreads, especially on major Forex pairings.
Where can LCG improve?
LCG could increase novice learning by improving its instructional resources. Additionally, some customers have suggested improving customer service response times.
LCG Pros and Cons
| ✔️ Pros | ❌ Cons |
| LCG's competitive spreads lower customer trading expenses | Some traders are complaining about the customer support response time |
| The FCA regulates LCG well, ensuring trader safety | There are inactivity and withdrawal fees |
| Experienced traders could employ complex charting and analytical tools | There are limited account types |
| Offers MT4 and a bespoke web-based platform for various trader preferences |
Pepperstone
Who should use Pepperstone?
Pepperstone is a good Forex and CFD broker for beginners and pros. Pepperstone‘s user-friendly platforms and educational resources appeal to beginners, while seasoned traders may use its advanced tools and fast execution rates.
What does Pepperstone do best?
Pepperstone executes trades quickly and reliably without dealing desk intervention. They offer competitive, clear pricing with narrow spreads and cheap commissions.
Where can Pepperstone improve?
Pepperstone could further their advanced trading education. By broadening their research capabilities, traders who use technical and fundamental analysis may gain.
Pepperstone Pros and Cons
| ✔️ Pros | ❌ Cons |
| MetaTrader 4, MetaTrader 5, and cTrader are available with Pepperstone | There are limited educational materials |
| Pepperstone offers straight-through processing without dealing with desk intervention | In-house analysis and trading signals could improve |
| Pepperstone's customer support is quick to respond | While Pepperstone offers a diverse range of trading instruments, some traders may find that certain niche assets or markets are not available for trading through this broker. |
| Active traders can expect narrow spreads and competitive commissions |
Spreadex
Who should use Spreadex?
Spreadex is a broker that offers spread betting and CFD trading to UK and Irish traders and investors interested in tax-free trading. Furthermore, it suits global CFD traders as well.
What does Spreadex do best?
Spreadex excels at personalized service and user-friendly platforms. They offer Forex, indices, shares, commodities, and more from one account. Spreadex offers sports spread betting, a rare financial avenue.
Where can Spreadex improve?
Spreadex could improve by providing more teaching tools for new traders learning the markets. They could improve their technology by adding more features and tools to their trading platform.
Spreadex Pros and Cons
| ✔️ Pros | ❌ Cons |
| Excellent account management and customer service | There are limited educational resources |
| Spreadex offers financial spread betting and CFD trading | There is limited trading platform functionality |
| Their trading platform is easy to use for beginners and those who want simple trading | There is a limited range of trading instrument |
| Spreadex's sports spread betting attracts financial and sports betting enthusiasts |
How to Choose a Forex Broker in the UK
Choosing the proper Forex broker in the UK requires several critical considerations to provide a dependable, cost-effective, and fun trading experience:
- Check if the broker is regulated by the Financial Conduct Authority (FCA) in the United Kingdom, which ensures legal compliance and financial stability.
- Examine the methods for financing and withdrawing from your account to ensure convenience and cost-effectiveness.
- Make sure the broker provides risk management instruments, such as stop-loss orders.
- Read user reviews to determine the broker’s market reputation and dependability.
- Look for brokers who have a reputation for quick and dependable deal execution.
- Ensure that the broker provides responsive client support through different lines of communication.
- Compare spreads, commission rates, and additional fees, such as inactivity or withdrawal fees.
- Evaluate the trading platforms available for their ease of use, stability, and availability of necessary trading tools.
- Determine whether the broker offers account kinds that match your investment size and trading style.
- Prefer brokers who provide thorough educational materials and research tools.
- Consider the variety of available instruments, such as currency pairs, CFDs, and other commodities.
Conclusion
Overall, the 10 Best Forex Brokers in the UK represent a diverse range of options for traders seeking reliable and reputable platforms to engage in forex trading.
Frequently Asked Questions
Who is the Best Forex Broker in the UK?
The best Forex broker in the UK varies depending on individual trading demands. However, due to their complete service offers, it frequently includes highly regulated and reputed brokers like IG or CMC Markets.
What is the Best Forex Trading Platform in the UK?
MetaTrader 4 and MetaTrader 5 are commonly recognized as the greatest Forex trading platforms in the UK because of their extensive features, easy-to-use interfaces, and powerful analysis tools.
Is Forex trading legal in the UK?
Yes, forex trading is allowed in the United Kingdom and regulated by the Financial Conduct Authority.
Who is the Best Forex Broker for Beginners in the UK?
Brokers like IG and Admirals are frequently suggested to beginners in the UK due to their user-friendly platforms and comprehensive training resources.
Who is the Best Forex Broker for Professional Traders in the UK?
Professional traders in the UK can select brokers such as LCG, Spreadex, or Pepperstone, which provide advanced tools, competitive pricing, and access to a diverse range of markets.
How is Forex Trading Regulated in the UK?
The Financial Conduct Authority (FCA) regulates forex trading in the United Kingdom, establishing requirements for fair and ethical business practices, financial stability, and client protection.
Can I trade Forex in the UK with offshore brokers?
Yes, you can trade with offshore brokers, but choosing an FCA-regulated broker ensures better protection and adherence to tight regulatory standards.
What are the typical spreads for Forex trading in the UK?
Typical spreads for Forex trading in the UK range from as little as 0.1 pips for key currency pairings with some brokers to higher margins with others, depending on account type and market conditions.
How much capital do I need to start Forex trading in the UK?
With some brokers, the minimum money necessary to begin Forex trading in the UK can be as low as £100. However, it is recommended to start with more to control risk adequately.
What leverage is available to Forex traders in the UK?
According to FCA regulations, leverage for Forex traders in the UK is limited to 30:1 for major currency pairs for retail clients, with lower leverage for more volatile products.
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