- Best Forex Brokers UK
- 1. IG
- 2. Saxo Bank
- 3. CMC Markets
- 4. Dukascopy Bank
- 5. Plus500
- 6. City Index
- 7. FOREX.com
- 8. XTB X-TRADE Broker
- 9. FXCM
- 10. XM.com
- 11. IC Markets
- 12. AxiTrader
- 13. Oanda
- 14. Markets.com
- 15. eToro
- 16. Interactive Brokers
- 17. LONDON CAPITAL GROUP
- 18. Pepperstone
- 19. FxPro
- 20. ThinkMarkets
- Final Thoughts
Over the years, the United Kingdom has evolved as a global financial hub and is currently the fifth-largest economy. Suppose a forex broker UK accepts forex and CFDs (Contract for Differences) clients and traders; in that case, they should be authorized and regulated by the Financial Conduct Authority (FCA), which is considered the financial regulatory body in the UK. Forex trading in the UK has several outstanding brokers known for transparency, reliability, and quality.
Best Forex Broker UK
Several heavily regulated UK forex brokers are available to help the forex traders in the United Kingdom. Trading forex in the UK is always coming up with new forex brokers UK every time, making it difficult for active severe traders to choose among the available forex brokers.
A trusted forex broker offers several features, and a premium trader should be up to date about the latest events in forex trading markets. We came up with the best broker for the UK list for you after many hours year testing and researching online brokers UK as part of our annual review process.
Best UK Forex Brokers for 2022
|Forex Brokers in UK||Best for|
|IG||Best overall Broker for 2022|
|Saxo Bank||Best VIP Client Experience|
|CMC Markets||Best for Huge Range of Offerings|
|Dukascopy Bank||Best Forex Trading Apps|
|Plus500||Easy-to-use & Best Forex Trading Platform|
|City Index||Best Fx Broker UK for Beginners|
|FOREX.com||Active Forex Traders & MetaTrader Training|
|XTB||Top Demo Account for UK Forex Traders|
|FXCM||Best Huge Range of Currency Pairs, Forex Pair, and Share CFDs|
|XM.com||Best MetaTrader Broker|
|IC Markets||Best for Low Trading Fees|
|AxiTrader||Best MT4 Trading Platform Provider|
|Oanda||Best for Seasoned Pro Forex Traders|
|Markets.com||Best Trading Conditions and VIP Service|
|eToro||Best Forex Trading Platform for Social Copy Trading Conditions & Best Mobile App|
|Interactive Brokers||Casual and Advanced Traders|
|London Capital Group||Best for Beginners|
|Pepperstone||Best Trading Experience|
|FxPro||Forex and CFD Traders|
|ThinkMarkets||Best for Customer Service|
Best Forex Broker UK List
Check out the following list of the best forex brokers in UK with details, which are fully regulated by FCA in the UK.
IG – Leading Forex Trading Platform
In 1974, IG was established as one of the leading CFD Trader and the best forex brokers in the UK and well known in global markets as one of the largest liquid financial market in the world, thus having a global scale impact and having more than 40 years of experience.
Both IG Markets Ltd and IG Index Ltd are highly regulated forex broker by high level regulators such as the Financial Conduct Authority (regulated by the FCA license) and the Federal Financial Supervisory Authority. Moreover, IG Forex broker is listed on the London Stock exchange and holds regulatory status with FCA.
One of the best forex brokers in the UK, the trader using IG markets can take their pick from the 80 currency pair, including exotic currency pairs, major currency pairs, forex pairs, and minor currency pairs available for trading. The most known currency pairs are GBP/USD, HUF/EUR, and EUR/USD.
With its own trading platform, the online broker has the best features; the IG top rated forex broker web platform is very user-friendly, well designed, and can be easily customized. IG markets provide offers for its proprietary platform, MetaTrader 4 (use MT4 as required), and algorithmic trading tools that some UK brokers do not provide for its forex pairs or exotic pairs. It also stops the loss of protection in market volatility where small changes always occur even cent higher or lower in a day.
Besides, users can find many valuable things, including IG’s guide, dealing desk, and informative, educational material that can help them learn the nitty-gritty of trading and know what key milestones have it achieved. Instantly depositing funds and withdrawing funds are straightforward, and they offer several trading options for the trader and avoid losing their money.
Best overall broker Foreign exchange markets also provide you with updates as Floating currencies are constantly moving up and down in value against other currencies. Spreads start from 0.1 points and have a minimum spread of 0.6 pips for major currency pairs.
The trading fees of these UK fx brokers are very high for spread bets, most CFDs, and trade stocks. For most traders, the product portfolio is minimal, and in most countries, this best UK forex broker offers only options and CFD trading (with the best prices and competitive fees).
Further, these forex brokers in the UK customer support needs improvement. You can also learn more in this IG review & start trading with features like stop loss, which saves you from the extra crisis, thus making use of the opportunity to get more profit and understand the several trading platforms that it offers.
Moreover, the IG markets users can trade with the major forex pairs through spread bets and CFDs or even minor pairs (the difference between the buy and sell price alerts) or CFDs. Before, one should consider whether you understand how spread bets and CFDs work or are worth noting as you may be losing money, as to take the high risk of losing is part of trading forex and other assets.
Across the globe, the users using this best UK forex broker trader should remember that CFDs are complex instruments and come capital is at risk. In volatile markets, CFDs and Spread betting their combination creates high risk.
As 68% of retail investor accounts lose money when trading CFDs and trading spread bets with this provider, think before trading that you can take the high risk and avoid lose money as trading involves risk.
So be careful with money when trading spread bets and more as it is one of the trading cons coz of higher fees, so and for smooth trading activities, understand how CFDs work, how spread bets work, average spread difference, and one of the most important factors, is whether you can afford to take risk as it may be unsuitable for all UK investors.
|Top-class web and mobile trading platforms for trading currencies like exotic currencies.||Restricted product portfolio.|
|Offers many withdrawal requests and deposit methods.||Customer support needs to be improved.|
|They offer lots of excellent educational tools for the user to access & use MT4 MT5, & more trading platforms.||High broker fees for stocks and CFDs.|
Saxo Bank – World’s Best Broker
Founded in 1992, Saxo Bank is a fully licensed and regulated investment bank in Denmark, and it provides online trading and investment services. Financial authorities regulate Saxo Bank from across the globe, including the UK financial conduct authority and the Danish financial services agency (FSA).
Saxo Bank provides its services globally & regulated by the FCA. In various parts of the world, its subsidiaries are found as separate legal entities. Saxo Bank offers excellent pricing for the benefit of its high volume traders. As for MT4 MT5 trading platforms, it supports the MT4 platform.
Saxo Bank is attributed as the number one broker to trade CFDs and Forex while at the same time securing the top place in the fees and commission category, as being regulated saves you from the extreme volatility of the market. To be on the safer side, consider whether you understand the risks and how it works, as 68% retail investor accounts lose.
In contrast, trading as taking the high risk of losing is part of trading, and CFDs are complex instruments and maybe not be suitable for all investors. Thus avoid losing your money when trading spread and think before you can afford to take the next step and stop loss.
Brokers in the UK have some of the trading account types offered by Saxo Bank: the entry-level classic trading account, which requires a minimum initial deposit fees of $10,000. The platinum trading account requires a low initial deposit fees of around $250,000; one of the trading cons is coz of its higher fees.
Saxo Bank offers investments of high-quality data trading, competitive fees, currency pair like EUR/USD & more, and research tools in its mobile app; thereby, the UK trader can trade while on the go — a feature not offered by many brokers; there is no dealing desk.
UK regulation platform also provides an excellent web platform and also for mobile devices. The mobile version generally offers the full functionality of the web platform. Further, forex brokers in the UK offer a comprehensive product range of product portfolios, which meets the expectations of high volume traders & it also acts as liquidity providers through aggregated feeds via ECNs or central bank.
Always be alert when trading CFDs with this provider and think you can take the high risk; as you know, retail investor accounts lose money when trading CFDs, and your capital is at risk if you are not careful during your trading activities.
|The platform is easy to use for trading, with many withdrawal request options available.||The minimum initial deposit is high.|
|Offers high-quality data research materials.||Does not offer 24/7 live chat.|
|The extensive product portfolio, online foreign exchange, & mobile app.||High fees apply for bonds, options, and futures.|
CMC Markets – Join Award-winning Broker
CMC markets can be described as a CFD, multi asset class, a spread betting broker & liquidity providers having trading experience of 30 years. The FCA is regulated by the UK Financial Conduct Authority, which offers segregated funds and a high level of safety and security. Moreover, the CMC group can be described as a publicly traded company listed on the London Stock exchange and is a multi asset platform.
If the users want to participate in spread betting, this best UK forex broker has a wide range of financial products and automated execution; it offers tight spreads, financial instruments, training guides, entry orders control, regulated by the financial authorities, and the clients funds kept in segregated accounts.
The traders of CMC Markets can apply leverage to go short or long in trades in forex & has leverage limits, too, i.e., execute trades limit. Offers cryptocurrency, index, forex pairs, commodity markets, tightest spreads, variable spreads, attractive spreads, average spread, and treasury.
Potential profits made from spread betting are not tax payable, no CGT, and No stamp duty, thus helping you make money. The typical spreads start around 0.7 points for EUR/USD and for USD/JPY with no minimum deposit. In terms of trading platforms like MT4 and MT5 platforms, it doesn’t support MT5.
Pricing offered by CMC Markets trading platforms is favorable, and it is subject to a few taxes compared to other traders and even for an amateur trader. There are no trading commissions, and fx fees (offers clients no commission trading) earn their income through the spreads. (which can be minimum spreads, tighter spreads, ultra tight spreads, or competitive spreads). The mobile app has next generation packed features.
In this multi asset platform, You can go for higher leverage. Still, it is advised to be done by professional traders as high leverage risks losing your money, and so you should be constantly updated with key milestones that the platform has achieved & offers.
The best platform for traders who want to try spread betting because of the unique tax benefits offered for UK residents should choose this award winning platform of CMC Markets suited for professional clients. Get data verified by sources, be careful with your money when trading spread or other assets, and think you can afford to take the next step.
Several CFDs retail investor accounts lose money when trading CFDs and spread bets using this provider. So be alert while trading and avoid losing your money. Due to the leverage effect, these complex instruments carry a high degree of risk. Thus, receiving the loss is not suitable for all retail investor accounts as a high risk of losing is part of trading. Always be alert when trading CFDs with this provider and avoid losing your money.
|Traders can leverage more than 9000 instruments that cover several asset classes.||This platform is not suitable for beginners traders.|
|Offers a high-class multi asset trading platform with spread betting.|
|It provides technical analysis and news from its in-house market professionals.|
Dukascopy Bank – Best UK Forex Brokerage Firm
Dukascopy Bank was founded in 2004 and is based in Geneva. It offers a wide range of banking services and has large brokerage operations, focusing primarily on CFDs (contract for difference). Dukascopy owns and operates the unique Swiss FX Marketplace (SWFX). There are different divisions in Geneva, Switzerland, and the rest of Europe. This UK forex brokerage account firm offers higher than market average spreads, fees, the trading cost and provides a small product catalog depending on the account type.
Also, it provides an active trader program, which is an upgrade to lower spreads and commission fees. This forex trading platform UK as for MT4 MT5 supports the Metatrader 4 platform. which offers higher commissions, most currency pairs like EUR/USD, offers STP forex brokers, no dealing desk intervention, live chat support, and ECN brokers in the UK, and also has a minimum deposit of 100 USD.
Dukascopy Forex is licensed in Switzerland by the Swiss Financial Market Supervisory Authority (FINMA) and the European Union through the Financial and Capital Market Commission of Latvia. Despite that, many investor accounts lose money when trading CFDs with this provider and think you can take the high risk.
So be alert while trading and avoid losing your money, as this may not be suitable for all retail investor accounts. So make money while trading carefully; as you know, 68 % of retail investor accounts lose money when not careful.
Dukascopy Bank broker in the UK offers a small product catalog with around 61 currency pairs, 24 indexes, 500 plus trade shares, CFDs, commodities, and two cryptocurrency CFDs. Forex is traded through CFDs, and this brokerage does not offer future contracts but has spot markets, option coverages, almost commission free trading, and forward contracts. However, check the Dukascopy review to know more about this platform & full list of trading tools in detail to make money.
|Offer traders a world-class forex trading platform.||The trading costs are higher than average.|
|This brokerage provides advanced trading platforms for charting tools and techniques, unlike the other online broker.||Does not offer two-factor authentication.|
|Android and IOS sync well with desktop, web browsers support and live chat.||Offers a smaller product portfolio.|
Plus500 – Easy-to-use Forex Platform
Plus500 trading platforms are one of the most extensive forex broker services globally regulated by the FCA. It is operated by Plus500 Ltd, which makes millions of US dollar through Forex brokerage every trading day. The top Forex trading profits service of Plus500 is online Fx trading. It helps deliver Contracts For Difference (CFDs) at a high success rate and minimizes losses, though there is no guarantee for the same level of success for all. Tax may apply on forex trades & other assets.
Unlike many forex brokers, Plus500 allows you to trade in the UK to diversify their Forex trades across multiple tradable assets (forex pairs, average spread crypto assets, tight spreads, even high degree risk management tools, support of EUR/USD currencies & strategies).
Be careful as 68 % of retail investor accounts lose money while trading CFDs with this provider and also due to high leverage, highly volatile market, etc., as it may not be suitable for all investors, so avoid losing your money.
The forex broker in the UK also offers their UK clients to trade foreign currencies from more than 50 countries to make money. Also, you can get unlimited demo account access. It offers tight spreads, substantial risk management features, and average spread. It provides reviews in the apple app store, which is highly regarded among active traders, natively designed, and supports android devices that have earned high praise for the platform by customers. The customer service is 24 hours and 7 days a week (24/7 customer support) with chat system support. The fee of 10 USD/month will be charged if an account is not logged in for three months.
|Plus500, one of the best forex brokers UK, provides negative balance protection to its Forex trading accounts.||Plus500 lacks efficient customer service.|
|The broker website is easy to use and offers multi-functional best forex trading platforms.||The Plus500 site does not have enough education material and research data for the professional trader.|
|The FCA completely regulates Plu500.||No MT4 MT5 Support.|
|The broker also provides guaranteed stop-loss orders on a high trading volume of Fx trades, multi asset, and support demo account.|
City Index – Global Forex and CFD Brokers
City Index, the trading platform, was established in 1983, and it is one of the leading global fx and CFD brokers. Besides, City Index is regulated by top levels of financial authorities such as the Australian Securities and Investment Commission, Financial Conduct Authority, and Monetary Authority of Singapore. City Index’s parent company is Gain Capital, listed on the New York Stock Exchange (NYSE). It is a significant advantage in security and safety as the City Index fx broker releases transparent financial statements regularly.
City Index fx broker offers a good range of leverage and low fee for the forex, index, the stock CFDs, provides daily market analysis, is highly customizable, plenty of advanced order types, tight spreads, average spread, account types, currencies like EUR/USD, and various investment opportunities. But there is an inactivity fee, and the stock CFDs fees are very high, not a low cost trade.
It also has three account types – Trader, Premium Trader & Professional. It has 24 hour a day, i.e., 24/7 customer service. In terms of MT4 MT5, it offers MT4 platform support. Its app is helpful for even casual traders. Note: Be careful while trading CFDs with this provider, as sometimes traders lose money when trading.
City Index, where gain capital is its parent company, is one of the top forex brokers UK, has tons of features like low non trading fees, such as withdrawal charges, and interest rates are meager; some forex brokers offer higher interest rates, which gives a more significant return. (Note: rates set by central banks can change)
The account opening process with this forex trading platform UK is smooth and fast, and when the trader starts trading, they can use specific and high-quality research tools. Readout and learn more about the City Index reviews to understand more about the platform and more tools it has at its disposal.
|Hassle-free and almost instant account opening process, with monthly market intelligence emails for intel.||CFD and stocks fees are high.|
|This next generation platform offers exhaustive research tools and a free demo account.||The desktop platform is not user friendly.|
|Low fees for index CFDs and forex.||Restricted product portfolio.|
Forex.com leading brokers of forex
- Forex.com trading platforms were established in 2001 and are one of the leading brokers of forex. Forex.com is the brand name of Gain Capital which is listed on the New York Stock Exchange. Besides, forex.com is regulated by various financial authorities, including the UK or the US Commodity Futures Trading Commission and the Financial Conduct Authority (regulated by the FCA).
- Forex.com’s best forex broker UK trading platforms earned top awards for several categories in 2020, including commission fees, the offering of investments, professional trading, education, easy-to-use, crypto trading, leveraged products, advanced order types, and account types.
- As per several reviews, forex.com is a good option for all types of forex and CFDs traders across the globe. Tax may apply on trade, charges inactivity fee. Forex.com offers access to a broad range of markets (not just forex) and over 300 other financial instruments and innovative trading tools.
- Best traders use Forex.com and their web-based platform to navigate and browse various markets, analyze charts through trading Central, despite always conduct a proper search with research teams, and execute trades. It has 24 hour a day customer service. Be careful while trading CFDs with this provider, as sometimes traders may lose money when trading, so avoid losing your money.
- The alternative web platform of forex.com is a white-labeled version of Trading View, a popular charting web based trading platform app used for technical analysis. This platform offers around 67 indicators. Forex.com offers everything needed to trade forex, such as most currency pairs as they need, more specialized tools, and low forex fees. You can learn more about Forex.com reviews and have a better idea about the platform.
|Offers several types of currency pairs like EUR/USD.||The desktop platform needs improvement.|
|Technical indicators research tools are much diverse.||Stock CFD fees are high & higher spreads.|
|Forex fees are low with MT4 MT5 platform support.||Does not offer many products for trading.|
XTB X-TRADE Broker
XTB – Regulated Broker
- XTB trading platforms is headquartered in London, and it is a global fx and CFD broker. This company is regulated by various financial authorities globally, such as the UK Financial Conduct Authority and the Polish Financial Supervision Authority.
- XTB is listed on the Warsaw Stock Exchange (WSE), which is made to protect consumers. XTB excellent trading platforms charge a meager fee for stocks, low trading costs, fx pairs, indexes, CFDs work, and forex minimum deposit and withdrawals are free (offers commission free trading).
- The trader can use multiple trading options for more minimum deposit funds, including electronic wallets (e wallets), bank wire transfers, credit cards or debit cards, and a UK bank account, which has two account types standard & Pro.
- The accounts opening process is quick, completely free, and user friendly, though there is an inactivity fee. In terms of platform no MT4 MT5 Support. Before proceeding, you must consider whether you understand how CFDs work, then can stop loss and be careful while trading CFDs with this provider. It even has free demo account support.
- XTB forex broker UK offers maximum leverage, and users can access fx pairs, shares, metals, commodities, indices, and cryptocurrencies; crypto assets are mostly highly volatile.
- Several authorities regulate it, and its history goes back to Poland, and it is publicly listed on the WSE. You can also read more about the platform & can read the XTB reviews for further useful information.
- XTB’s extensive list offers the users a guaranteed stop loss feature, help with pending or open positions to minimize losses, account insurance, commission free trading average, industry security, reasonable swap rates, and trading courses for beginner traders, retail traders, and professional traders, which in turn end up explaining complex financial subjects.
- So it would be best if you considered whether you understand how CFDs work to make better profits and, most importantly, whether you can afford to take the risk.
|Fast execution speed and free withdrawal and deposits.||Priority customer support needs to be improved.|
|Faster account opening process with two account types support.||Stock CFD fees are high with no MT4 MT5 Support.|
|Forex and stock index CFDs fees are low.||The restricted product portfolio, mainly Forex and CFDs.|
FXCM trading platform
- FXCM trading platforms were founded in 1999 in the United Kingdom. It is an established international online CFD and Forex brokerage firm. The organization’s primary mission is to provide you with risk free environment for a trading style that suits everyone.
- Forex capital market, or FXCM (FXCM LTD or other firms within the FXCM group of companies), is a forex broker based in the UK offering CFDs and Forex. Its primary shareholder is the Jefferies financial group.
- FXCM brokerage has several offices in many countries like South Africa and Australia. This forex broker is regulated & one of the most popular and leading online forex brokers and currently caters to the needs of new and more experienced traders to suit their different types of trading styles.
- FXCM brokerage offers online education and training to both new and experienced traders in the form of live webinars, news articles, and political news to suit their trading style, which is a good starting point for traders.
- Always take real time and seek investment advice before going ahead with the trading history shown before because sometimes investment decision based on history doesn’t work. Also, consider trading costs. The broker also offers Forex Direct Market Access (DMA) accounts.
- It provides leverage to users and has FXCM market insights, a range of currency pairs, advanced order types, credit card support, fx pairs, educational materials, and account types, and offers a wide range of markets trader tools like FXCM apps, the trading station, FXCM plus, live FX trading signals, some may be tax free trade, and an online market scanner.
- FXCM’s best forex trading platform demo account is also helpful for traders; as for MT4 MT5, no MetaTrader 5 support. Read our FXCM review for more information to know more about the platform.
- Risk Warning – CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. As 68% of retail investors lose money when trading CFDs with this provider. So never judging based on past performance is no guarantee of future results, so think before trading that you can take a high risk.
- So be alert while trading and avoid losing your money, and you must consider whether you understand how CFDs work and, most notably, whether you can afford to take a risk. Thus those traders looking to trade often should think twice as it may not be suitable for all retail investors.
|Several trading tools are provided for free to suit everyone’s trading styles.||Restricted product portfolio.|
|The minimum deposit stands are low.||This brokerage does not accept US clients.|
|Offers exhaustive research support and educational materials.|
XM – Global Forex And CFD Brokerage Firm
- XM’s parent company Trading Point Holding is a global fx and CFD brokerage firm established in 2009. Moreover, Trading Point Holding has two brands such as trading.com and XM. XM trading platforms are one of those best forex brokers available worldwide.
- Top-tier financial authorities regulate them like the Australian Securities and Investment Commission, Cyprus Securities and Exchange Commission, and International Financial Services Commission of Belize.
- XM Group trading platforms offer low withdrawal requests, a $5 minimum deposit, and CFD broker fees. Opening an account with this forex broker is very fast execution and user-friendly. It provides several educational resources, and tools like a free demo account, and for MT4 MT5, it supports both MetaTrader 5 & 4 and webinars that other trading platforms lack in this department.
- One of the most regulated market makers in the forex industry provides all the investment advice that will help you decide. But most importantly, whether you can afford to take the risk, as CFDs are complex instruments, thus taking the high risk of losing money rapidly due to leverage, one should always consider trading costs. So be careful while trading CFDs with this provider, as it comes with a high risk.
- XM offers two forex trading platforms that give a clear layout that helps first-time traders and advanced traders; you can access the demo and real accounts (multiple trading accounts). Best forex trading platforms also provide multi-award-winning platforms like MetaTrader 4.
|CFDs and withdrawal fees are low for these trading platforms, along with the low minimum deposit.||This brokerage firm charges inactivity fees.|
|It provides the fastest trading engine currently in the industry by offering 1 million transactions per second.||For traders who want to withdraw fiat currency, there is no option for anonymity.|
|Fast execution and easy account opening, MetaTrader 4 (MT4 MT5) support.||Forex fees are average and no US clients support.|
IC Markets – Best Forex CFDs Provider
- Founded in 2007, IC Markets is an Australian ENC forex broker. International Capital Markets holds an Australian financial services license (AFSL) No. 335692 and is authorized and regulated to carry on a financial services business in Australia, limited to the financial services covered by AFSL. It does not accept clients from the USA.
- IC Markets is one of the best online brokers available for users. It offers the highest leverage, low fees, competitive spreads, competitive fees, raw account spreads, and raw spreads start from 0.0 pips, though the average spreads starting is around 0.01. The minimum deposit is around $200.
- IC Markets users can leverage free high-quality platforms to trade for the trader’s benefit. They provide the three best forex trading platforms, allowing traders to choose several tools, such as the demo account, credit card support, and technical analyses to place the trades.
- Moreover, IC Markets offers low forex fees, and it is easy to open an account like the Islamic account, MetaTrader 4, or MetaTrader 5. The deposit and withdrawal methods are user-friendly, have the lowest spreads, and are accessible. You can read more about the IC Markets review platform, its account types, withdrawal fee & more.
- IC Markets offers day traders looking for a wide range of markets & the underlying asset and trading instruments. Users of IC Markets can leverage more than 80 financial instruments, including CFDs, indices, commodities, stocks, futures, precious metals, and currency pairs, to be traded in the stock market. It also offers cryptocurrencies like Bitcoin and Ethereum. So you can get started with trade as per your choice.
- CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. As 68% of retail CFD accounts lose money when trading CFDs, there is a high risk of losing money rapidly while using CFDs with this provider as past performance is no indication of future results.
- So consider your risk tolerance and objectives before going ahead; think before trading that you can take the high risk. So be alert while trading and avoid losing your money and so must consider whether you understand how CFDs work and, most notably, whether you can afford to take a risk and are a good fit to trade. Even opinions expressed by experts should be taken into consideration.
|This broker offers a reasonable minimum deposit and withdrawals.||Nil negative balance protection.|
|Fast and easily open an account with MT4 MT5 support.||This broker does not offer investor protection.|
|Trade forex with low pricing.||It does not accept clients from the USA.|
AxiTrader – leading FX Platform
- AxiTrader is a leading FX broker. It was founded in the year 2007. AxiTrader is regulated by several financial authorities globally, like the Financial Conduct Authority (FCA), Dubai Financial Services Authority (DFSA), and the Australian Securities and Investment Commission (ASIC).
- AxiTrader is an exclusive MetaTrader-broker platform that offers forex CFDs. The users can leverage over 80 currency pairs, around 65 CFDs, spot metals, commodities, indices, and cryptocurrencies over the standard account and Pro; as for MT4 MT5, it supports MetaTrader 4 platforms. It does accept clients globally.
- AxiTrader is a good choice & charges meager fees from its forex traders in the UK. A great advantage is that the brokers charge no inactivity fees. Moreover, minimum deposits and withdrawals are low. Besides, the account opening process is quick and completely digital. It comes with high product features and doesn’t charge a commission on trades.
- AxiTrader is one of those brokers which offer a small range of forex and CFDs. Besides, customer support is only available via email, which is 24×5, ios and android support & more. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage (mostly borrowed money, where a small fee for each day can be charged).
|Account opening is fully digital.||Customer support needs to be improved.|
|Low fees for minimum deposit and the withdrawal.||Research tools are limited.|
|No inactivity fees and trading fees are lower.||This broker only offers support for CFD traders and is a forex trading platforms.|
Oanda Trading Platform
- Oanda was established in 1996 and is recognized as one of the leading American forex brokers, and it now offers services in Europe and Asia as well. This broker discloses its financial statements and is regulated by top-level authorities such as the US retail foreign exchange dealer and the UK Financial Conduct Authority (FCA website covers all).
- One of the most advantageous features of an intuitive trading platform is that it charges very low CFDs and Forex fees. Non-trading and withdrawal fee for the bank transfer is pretty high, and we also need to consider other fees that are not charged.
- Oanda fxTrade offers a mobile app that smoothly opens an account that is very easy to use and has high-volume trades. It provides quality market research teams that include excellent charting features, such as around 33 technical indicators, for the benefit of its traders looking to make the deal.
- Oanda offers an excellent range of web and mobile forex trading platform that offers many features that is user-friendly and quick. Besides, a retail client account can be opened without a low minimum deposit (a low cost expense). You can learn more about the platform & can read out the Oanda broker review.
- CFDs are complex instruments and come at a high risk of losing money rapidly due to leverage, and the trader should note that their capital is at risk. As retail CFD accounts lose money when trading CFDs and have a high risk of losing their funds with this provider, before trading, you can take the high risk and avoid losing your money.
- So it would be best if you considered whether you understand how CFDs work and, as they come with high uncertainty, and most importantly, whether you can afford to take the risk.
|This broker offers low fees with MT4 MT5 Support.||Offers only CFDs and forex.|
|The web trading platform & mobile app are easy to use.||Withdrawal fees for the bank transfer are higher.|
|Account opening is easy and completely digital with a low minimum amount.||The customer service team needs to be improved.|
Markets.com – Most Popular Trading Platforms
- In 2010, Markets.com broker was established, and it is one of the leading brokers. Most popular global CFD and forex brokers based in the UK offer the FCA regulated broker and have such significant trading assets (you can visit the FCA website for more details). Besides, it is regulated by high level financial authorities such as Cypriot CySEC and regulated by CYSEC, and the UK Financial Conduct Authority.
- Moreover, Markets.com’s MarketsX CFD trading platform is well designed and easy to use; the user can leverage several features like market analysis, integrated research, educational resources, video tutorials (videos explaining trading strategies), and webinars as these platform tutorials help understand it better.
- MarketsX’s withdrawal and minimum deposit methods are free and fast, and the trader can leverage several payment options, including electronic wallets and credit or debit card. The account opening process is quick and user-friendly, and it also offers high-quality exhaustive research tools like good interactive charts, quality data for site visitors, and trading ideas.
|The account opening process is fast, with zero commission for three months.||Trading fees are higher.|
|Offers excellent trading tools for research and learning.||Restricted product portfolio.|
|Offers free and fast withdrawal and deposits.||Not 24/7 customer support.|
eToro Copy Trading Platforms
eToro is a leading online trading platform established in 2007; it was formerly known as RetailFX and has become one of the best online brokers around the world for social trading for retail clients. They are regulated by Cyprus Securities and Exchange Commission.
eToro’s OpenBook social trading platforms have changed how traders in the financial trading markets trade. It has made it easy for every trader to access the International forex markets, irrespective of the experience levels of the traders—a good selection of pairs for trade and many great options for the CFD broker for people to choose from.
eToro’s excellent trading platform allows the new traders to copy trading the trade strategies of other successful professional account traders and execute trades strategies accordingly. The portfolio management service provided by eToro is a copy trading and is famous among several traders; it also has risk management tools and strategies.
eToro offers traders more profitable trades and reduces potential losses like every other trader. Even get more followers for their incentive initiative from eToro, and though one year of inactivity, it charges the same amount. The default currency is USD. But in the overall market, GBP, USD, JPY (Japanese Yen), and EUR are used.
On the eToro website, you can see the complete list of features like copy trading, a portfolio management service, a learning lab, & more; the site visitors get leverage on commission-free stock trading. The social copy trading account opening process is fast and easy; a free demo account is also available.
|Great platform with social trading experience & copy trading feature.||Forex fees are higher.|
|The account opening process is fast and easy.||Withdrawals are slow.|
|Offers traders Stock and ETF, & where trading is free.||Offers one account base currency.|
Interactive Brokers offers the Lowest fees or Zero Commission Charges
Interactive Brokers is an international Forex broker service, and it was ranked as one of the top broker services globally in 2020. According to the review, Interactive Brokers offer many tools for beginner Forex traders, even advanced traders, many order types, and video courses.
Provides excellent trading that efficiently tracks global Forex investing trends to help its customers in forex pair trade. This Forex broker firm helps connect electronic exchanges with Forex trade equities and futures in the United Kingdom & offers it worldwide.
Recently, Interactive brokers rolled out their advanced charting research tool to locate international trading fund opportunities. Though a significant risk is always there, so trade carefully and be aware of the other fees and other hidden conditions.
|Interactive Broker has a Replicator tool to trade more profitable Forex pairs.||Streaming data from the firm takes place only on a single device for every trading instance.|
|The order router (buy or sell orders) of this firm is innovative and designed for experienced forex traders.|
|Interactive brokers offer multiple currency trading offerings in the UK.|
LONDON CAPITAL GROUP (LCG)
LCG – Leading FX Brokers
LCG is one of the leading FCA regulated brokers. Unlike most other brokers, it offers a wide range of CFD and spreads betting instruments over several different assets, including forex, cryptocurrencies, commodities, bonds, and stocks.
LCG offers very low spreads, and there are no commissions while trading with this brokerage firm. LCG makes sure that the client funds are not mixed with corporate funds per the UK Financial Conduct Authority (FCA). This FCA regulated forex is also one great option for beginners.
LCG offers leverage and helps the trade forex access several financial instruments that can be traded from the technical indicators chart or a new order window. LCG regulated brokers offers its users a demo trading account, and it is free but no automated trading.
Moreover, there are no differences between the demo accounts version and the live version; a trader can use all the features like mobile app, etc., and functionalities before starting live trading using virtual funds with its multiple platforms support. Note: As mentioned earlier, In most best UK forex brokers, retail CFD investor accounts lose money when trading CFDs, and there is a high risk of losing money while using CFDs this provider.
|Excellent web trader based trading platform.||No automated trading.|
|Excellent mobile apps & a user friendly platform.||Does not integrate third-party tools on the platform.|
|Offers demo mode for free for its traders with low spread.|
Pepperstone – Leading Trading Platform
Pepperstone, famous in the UK, is also one of the leading forex broker Australia platforms that offers forex and CFDs. Pepperstone was established in 2010 and started its operations in London in 2015 to serve its European clients; it is also referred to as a gold standard of trading around the globe which has the best overall rating high compared to other options available in the market.
One of the best forex brokers and an FCA regulated broker, Pepperstone broker in the UK has grown remarkably since its inception. Unlike many other brokers, it has grown steadily over the past decade with updated investment trends, is one of the known market makers, and now has a client base of more than 57,000. Its daily average transaction size is around $12.55 billion.
Pepperstone supports accounts like a razor account, a standard account & an Islamic account. Pepperstone’s active trader program also helps you out, and most trades are made smoothly when you open a live account. This great platform has a minimum spread of 0.6 pips for major pairs.
Pepperstone trading platforms users can leverage and access 1200+ trading instruments across equity, including forex, indexes, trading CFDs, cryptocurrencies, flexible leverage, lowest spreads, a range of currency pairs, and commodities (These are all offered as CFDs).
Pepperstone offers are many like copy trading & more, but the primary focus is on FX trading, with around 61 currency pairs offered to the traders to trade in the fx market (it also provides high trading volumes with reduce trading costs); some brokers are referred to as market makers as well known for making money with spreads and can use either razor account and a standard account.
This ECN broker (electronic communications network) also has a youtube channel which is helpful for traders. However, check our Pepperstone reviews and know the in-depth details of this broker to explore it efficiently.
Note: Trading CFDs comes with risks. As 76.5% of CFDs retail investor accounts lose money when trading CFDs, there is a high risk of losing money when using CFDs with this provider. So Always seek the help of expert advisors.
|Customer service is excellent.||Offers only CFD trading for CFD traders.|
|Pepperstone offers Free withdrawals and deposits with razor accounts.||It does not offer investor protection for non-EU clients.|
|Fees are low; all instruments are CFDs with low spreads.||Offers only basic news for its users.|
FxPro – Forex and CFD Trading
Founded in 2006, FxPro is one of the best regulated brokers in the world. It is operational in the UK and has cleared the tier-1 and tier-2 jurisdictions of the FCA. FxPro trading platform is a low-risk Forex broker. Unlike other brokers, it helps investors, including forex & CFD traders, with instant trading using the mobile trading app.
The FCA regulated forex firm also trades CFDs on Forex pairs (great selection of pairs). FxPro has a flexible Forex brokerage service. Its pricing options, flat fee, and execution methods have been diversified. It offers a standard lot (per 100,000), mini (10000) & micro lot (1000); all are for base currency.
Be careful; even 68% of retail investor accounts lose money while trading. FxPro regulated brokers is an industry leader in the Forex brokerage marketplace. It helps traders gain skills on MetaTrader, cTrader platforms, & other trading platforms. The firm also provides a proprietary platform called FxPro Edge, like most forex brokers nowadays do.
|The process of opening an account on the FxPro proprietary platform is very easy.||The firm charges penalties on an inactive account.|
|The firm does not charge fees on deposits and withdrawals.|
|FxPro customer support service is excellent with multilingual support.|
ThinkMarkets – International Awards Customer Support Team
ThinkMarkets best forex brokers is a leading Forex trading and broker company. It is available for UK traders and provides access to an easy-to-use proprietary platform. ThinkMarkets has several valuable chart reading tools for the forex community to use in its various asset classes, and one of the reasons most people prefer it. ThinkMarkets trading platforms offer exclusive services in three different languages for new and seasoned Forex investors.
The firm also shares a decent library of educational resources that explain how it operates securely and safely to help investors with hours of year testing data and also has a copy trading feature. While trading financial investments such as foreign currency pairs, most of its retail investor accounts lose money when taking the high risk and ThinkMarkets ensures that it doesn’t happen on a big scale & thus helps investors. To know more about the platform, read our ThinkMarkets Review review in detail.
|ThinkMarkets is an FCA-regulated Forex brokerage firm.||The platform does not enable fixed spreads for Forex trading accounts.|
|The firm offers a Forex trading environment that is the best in the industry with a copy trading feature.|
|It does not have minimum deposit limitations.|
How Do I Trade Forex in the UK? – a Complete Walkthrough
Trading Forex pairs is one of the most profitable financial segments in the UK market.
The following are the necessary steps you must follow to start Forex trading in the UK:-
1. Starting with In-Depth Research on UK Forex Trading
Active traders need to understand the landscape of the UK Forex market fully. It is important to explore different trading techniques such as scalping, swing trading conditions, and trading position while researching online brokers.
2. Learning How the Forex Market in the UK Works & Get Started
The currency market in the UK is closely influenced by the global foreign exchange market, which is one of the world’s largest financial markets where you can exchange one currency for another. It is essential to learn how the market allows you to trade and the buy or sell order with a currency.
Generally, there is no fixed exchange rate in the market, which is the case in most advanced economies like the UK pound sterling, unlike the Chinese renminbi currency, which has a fixed exchange rate and no leverage restrictions.
These trading forex platforms follow the highest ethical standards, provide reviews, and provide updates and services independently; large financial institutions around the world, mostly MNC and hedge funds, dominate this FX market. And despite all that, if you have a question like Is forex legal in the UK, the answer would be Yes. So you can quickly go ahead and start the trade.
3. Opening a Forex Trading Account – Simple & Smooth
During the research, assist traders will come across several Fx trading websites and best UK forex brokers. They need to set up a trading account on the best platform and fill up essential details like name, address, date of birth national insurance number. Next, they must understand how the Fx trading dashboard works before risking their capital, check their financial situation, and try not to start losing money quickly; the best way is to consider whether you understand how spread bets and CFDs work.
The expert traders also need to explore the minimum deposit and withdrawal process of the UK Forex trading account. This trading forex account offers many other features with a rigorous data validation process with less error, and our annual review process provides you with top results.
4. Creating a Forex Trading Strategy
Many traders can take the help of professionals and Forex industry experts. They must go through tested and effective Fx trading strategies and evaluate the risk-reward ratio. It is also essential to strategize how to trade forex capital in the long run with no dealing desk intervention. As the economy is growing faster, it can affect interest rates with changing market movements & margin calls. Consider those UK fx brokers platforms with various types of account support and its offers, well-researched data, & the latest updates to avoid taking the high risk of losing and providing the best trading conditions.
5. Using a Forex Trading Platform
Expert traders can start by exploring the trading tools like the economic calendar, minimum deposit requirement & various trading instruments of popular trading platforms such as MetaTrader 4 MT4 and MetaTrader 5.
6. Making the First Forex Trade – Your First Move
Traders should use action analysis tools and open their trade position. The trading forex platform also needs to monitor the Forex trade based on market price movements of hot and cold currencies and provide you with the best trading conditions for the best overall broker in the UK.
Financial Conduct Authority (FCA) and its UK Regulations for Forex Brokers
Regulatory bodies play a pivotal role in protecting the wealth of customers in financial markets. The FCA is the primary regulator of financial services in the United Kingdom. Traders and individual investors in the UK adhere to the FCA regulations before buying and selling currencies or any tradable assets.
FCA helps protect traders and keep the online finance industry stable in Forex markets. The FCA also promotes a competitive advantage among financial service providers such as the best UK forex brokers and ensures all UK entities are licensed. However, if you want, you can also use offshore brokers.
They also need to keep their operating capital separate from that of traders. As the UK leaves the European Union, if you are outside, your broker must be regulated. The FCA register for the best broker, and its presence acts in the traders’ best interests and reduces the error rate as these follow the highest ethical standards, thus confirming that trading is legal in the UK. Get more details on the FCA website that covers all details of the excellent trading platforms.
Why FCA UK Regulation Is Necessary for UK Forex Brokers?
The organization’s primary mission/responsibility of the FCA is to ensure financial services under its regulatory status jurisdiction follow the necessary regulations. UK’s Financial Conduct Authority makes sure that UK brokers legitimately conduct their financial services. Red flags observed by the FCA can jeopardize the image of even the most successful UK Forex broker service. So it makes sure all UK entities are licensed.
Financial Conduct Authority (FCA)
In addition to that, being regulated by the FCA serves the common objective of ensuring safe and effective competition in the International Forex markets. When these financial markets function well, it means that the best UK forex brokers follow the conduct regulations set by the FCA to provide customers with trustworthy news, provide updates, online finance industry participants, and reliable service. The FCA also ensures in the event of fraud or loss, the FCA could compensate you up to £85,000 through the Financial Services Compensation Scheme (FSCS support broker who came into insolvency issues).
Best overall broker, which compliance with FCA regulations also saves many other forex brokers from exploiting the financial markets. As a result, consumer protection in the UK can get fair Forex transaction fees from these brokerage firms.
They are even complying with the laws implemented by the European Securities and Markets Authority (ESMA). FCA is the same as the national futures association (NFA) for the USA Securities and Futures Commission ( SFC ) in Hong Kong as the already known financial services authority (FSA) was renamed FCA.
All these regulation is required as we know forex is the largest financial market in the world and needs regulation to get optimum results for any best forex trading platform as many also provide no dealing desk intervention. These heavily regulated brokers with in depth data profile of the brokers, and also their data verified by industry participants to provide you with the best successful trading platforms experience.
Note: To avoid a scam broker, UK residents strongly recommend choosing an FCA UK regulated broker, as trading is legal in the UK and safe.
New FCA Regulation Updates In 2022
In recent years, UK regulations set by the authority have been upgraded multiple times. In 2021, the undercurrents of rapidly-changing foreign currencies had influenced the business of Fx traders significantly. Recently, the FCA announced the transition of the legacy data collection platform by replacing Gabriel with RegData (in depth data profile and data verification is done).
The FCA also revealed that UK fx brokers need to follow the SCA rules on financial services such as e-commerce transactions to ensure financial markets work properly. Many new brokers may apply for regulations in the coming years.
Best UK Fx Brokers Are Required to Follow Strict Regulatory Guidelines
The best overall UK forex brokers can register with the FCA regulation through the Financial Services Register. It helps brokers gain access & legit permissions for dealing with Forex customers. Most brokers UK under the FCA’s jurisdiction must show a minimum of 1 million in operating capital. This number increases as the number of traders increase, mostly done for consumer protection. This not be the case in other markets of any country.
The process of getting verified by the FCA involves the following steps for the best forex trading platforms:-
- Establishing permission by performing regulated brokerage activities.
- Building a business strategy and auditing the broker services.
- Collecting and organizing documentation of business trading account activities.
- Creating a well-thought-out application to put forth to the FCA regulators.
- Declaring the application and submitting it.
How to Verify UK Forex Brokers Authorized and Regulated?
Here, we explain in-detailed with an example to quickly check if the broker is licensed to operate in the United Kingdom (UK). Before you start trading forex in the online brokers in the UK, you must check whether the provider that’s authorized and regulated by the FCA. Here we explain an example of one of the top UK fx brokers, i.e., CMC Markets.
CMC Market FCA registration numbers discloser text
In the first step, you have to visit the official broker website’s home page bottom-text section and find FCA Registration Number.
FCA best forex brokers UK – Firm regulation check
In the second step, you must enter the Broker firm name or reference number on the official FCA website page. In the last step, compare the reference number mentioned in the official brokers’ website discloser text with the official FCA website page. If it’s a match and valid, then that broker is legitimate for the UK.
The trader should keep in mind that finding a perfect Forex broker is not always easy, especially if you are a new trader and do not know what you are looking for. As already specified, there are several factors to consider before choosing a reliable forex broker where economic developments place a crucial influence in that even market volatility significantly impacts trading.
A financial services compensation scheme comes into play by FCA, which compensates for the loss as many brokers help investors across the globe with this facility. In some cases, Tax may apply, so be mindful before going ahead.
By reviewing the best forex brokers UK gave above (for the UK traders) the comprehensive list of the best platforms with no leverage restrictions, you should be able to select from the best forex brokers that suit your trading requirements.
Features like copy trading environment, lowest spreads, market average spreads, hours of year testing, open an account with ease, etc. (where the platforms provide rigorous data validation process with min error rate). When you have chosen the right forex broker from the multitude of best UK forex brokers available, you can start forex trading with confidence and make more profits in the forex market across the globe.
Is Forex Trading Legal in the UK?
Forex trading is completely legal in the United Kingdom, and there are regulatory and judicial authorities such as the FCA (regulated by the Financial Conduct Authority) and several more. Moreover, the trader benefits from the customer services and the dedication offered by the brokers to keep the transaction secure. This is one of the reasons they are considered the best forex brokers UK.
What Is the Best Forex Broker for Beginners?
Trading in the forex market can be profitable for new and experienced traders. However, extreme caution should be exercised if you are a new trader looking for profits. It is always best to start with a demo account to analyze, research, and refine the trading strategies by trading in the forex market. After gaining confidence, the traders can start with live trading.
How to Choose the Best Forex Broker?
To start trading with foreign exchange (Forex) currency, the trader should find a reliable forex broker among the available brokers in the market. A forex broker can be defined as a trading company that provides the trader access to their forex trading platform and enables them to buy and sell foreign currencies.
How Do You Pay Tax on Forex?
In the U.K., if you are liable to tax on personal profits from Forex trading, it will be paid and charged as Capital Gains Tax (CGT) at the end of the tax year.
How Do I Know If a Forex Broker Is Reliable?
First, make sure your broker is properly licensed and regulated. Next, compare each broker’s account offerings, trading platforms, tools, and investment research.