Best Forex Brokers UK 2022: Top UK Forex Brokers List!

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

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

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

BrandOverall RatingMin. Initial DepositVisit Site
XM 9.5/10
$5 Visit Website
AvaTrade 9.4/10
$100 Visit Website
VTmarket 9.3/10 $100 Visit Website

After long hours of research, CryptoNewsZ experts have analysed many other forex brokers that accept United Kingdom residents to trade on the platform and that are FCA regulated.

For making this list, we have compared all brokers based on our main selection criteria, including platforms’ trading volume, assets, trust, regulation, deposit fees, trading conditions, availability, customer support efficiency, third-party platforms’ availability, and advanced charting tools.

Before you go ahead, you should know that CFD Trading carries risk, which may not be suitable for every UK Investor as it may result in a rapid loss of money, so trade safely.

Best UK Forex Brokers for 2022

Our list of the top 11 UK forex brokers that are FCA registered are:

  1. IG – Offers Best Forex Trading apps in the UK
  2. Saxo Bank – Finest Forex Trading Platform for the UK Traders
  3. CMC Markets – Best for an Extensive List of Assets
  4. VT Markets – Superior CFD Trading and Forex Trading Experience
  5. FXCM – Huge Range of most Currency Pairs, Forex Pair, and Share CFDs
  6. City Index – Best FX Broker UK for Beginners
  7. Interactive Brokers – Best for Casual and Advanced Traders
  8. FOREX.com – Best for Active Forex Traders
  9. XTB – Top Demo Account for UK Forex Traders
  10. Capital.com – Best for UK Fx Brokers 2022 for Advanced Traders
  11. Pepperstone – Provides the Best Trading Experience

Below we have layout more details regarding the platforms that accept UK Residents. You can also have a quick look at our comparison table, where we have information regarding its maximum leverage, minimum deposit & more.

1. IG Markets – Maximum Leverage of 1:30

As per our analysis, IG is one of the best forex brokers in the UK; this platform offers the finest forex trading account for UK residents, featuring minimal costs, a wide variety of tradable currency markets, and regulations from 17 national bodies, including the FCA (Financial Conduct Authority). We rate this as the top overall broker in 2022 because of its outstanding experience, market analysis section, and great forex app support.

IG Markets - Best overall Broker for 2022

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Why We Choose It:

  • This popular forex broker provides the most comprehensive package and supports around 49 Forex Pairs.
  • It has a wide range of trading options, including superior trading, market research tools, video tutorials, economic calendars, platform tutorials, and education like IG academy.
  • The platform is ideal for new & experienced UK investors to trade in the currency markets.
  • Demo accounts support virtual funds to clients; over $20,000 in funds are supported, and even an amateur trader can trade easily.
  • Based in London, IG fx markets supports multiple platforms and is the largest global CFD broker in the world by revenue; they accept UK forex clients.
  • Clients’ funds are kept in segregated accounts, providing clients with negative balance protection.
  • It has 45 years of expertise in providing trading ideas and solutions to trade stocks & other assets.
IG Markets Features
Regulated By FCA- UK, BaFIN- EU
Year Founded 1974
Minimum Deposit £250
Max Leverage 1:30
Tradable Assets Precious Metals, Currency Pairs, Energy Commodities, Indices, ETFs, Stocks

Pros and Cons of IG Markets

Pros Cons
right Top-class web and mobile trading platforms for exchanging exotic currencies. cancel Restricted product portfolio.
right You can do multiple withdrawal requests with its various supported deposit methods. cancel Customer support needs to be improved.
right It offers many excellent educational tools and access to CFD traders. cancel High broker fees for stocks and CFDs can impact your trading decisions.
right Supports forex trading platforms like MT4, MT5, & more.

Fee Structure of IG Markets

  • IG brokerage firm requires a minimum first-time deposit fee of around 250 UK pound.
  • These best brokers charge high inactivity fees. (Duration of Two years)
  • There are no hidden fees.

Although you can check our IG review to learn about various tradeable products, services, and IG accounts that it offers.

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2. Saxo Bank – Maximum Leverage of 20:1

Saxo Bank’s platform is a prestigious multi-asset regulated broker. A first-rate web platform with a breathtaking variety of more than 40,000 securities. With a good selection of analysis tools, research, and premium services, the best forex broker UK provides an immersive, rich trading (or copy trading feature) experience for active or beginner traders, which suits their trading style and also provides investor protection for forex UK clients.

Saxo Bank - Best Forex Trading Platform for UK Traders

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Why We Choose It:

  • The Saxo Bank Group showed a net profit of DKK 302 million for the Initial six months of 2022. It also reached a new record of more than 874,000 clients this year.
  • Many traders can trade forex and CFDs with this fx provider since it provides service in more than 180 countries.
  • Saxo Bank’s safety is enhanced by its extensive track record, banking history, and regulation from the top-tier financial regulatory body (FCA Registration Number – 551422 – the UK Financial Conduct Authority).
  • The FCA-regulated forex brokers protect your money via financial services compensation scheme and have negative balance protection.
  • Best forex broker for new traders that support copy trading tool, trading courses, and automated programs.
  • Saxo Bank brokers in the United Kingdom have had many successful prior runs in the forex broker market.
  • This FCA-regulated broker has good customer support and a safe bank transfer process.
Saxo Bank Features
Regulated By FCA Regulation – UK
Year Founded 1992
Minimum Deposit £2,000
Maximum Leverage 20:1
Tradable Assets Stocks, ETFs, Fx, Fund, Bond, Options, Futures, CFD, Crypto, Currency Pairs, SaxoSelect

Pros and Cons of Saxo Bank

Pros Cons
right Full support is provided to the amateur forex trader. cancel High bond, options, and futures fees.
right Outstanding research offers by these trading platforms. cancel High minimum initial deposit.
right A broad product portfolio range for forex and CFD traders. cancel Lacks live chat support and 24/7 customer service.

Fee Structure of Saxo Bank

  • It charges low fees, & that makes it a good fit for all.
  • Trading platforms charge standard trading commissions.
  • Bond fees apply at Saxo Bank forex brokers & are often very high.
  • No inactivity fee as well till the quarter, & no other fees are taken.
  • Charges low mutual fund fees & competitively low forex fees like many other brokers.

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3. CMC Markets – No Minimum Deposit

CMC Markets is a top forex broker that provides a wide product selection, narrow spreads, and automated execution for forex and CFD traders who are interested in competitive spread betting.

Why We Pick It:

  • CMC Markets UK offers forex and CFD trading services to its clients.
  • This proprietary platform makes it easy to buy or sell an fx trading position in the foreign exchange and commodity markets.
  • Lower taxes on fx trading profits compared to other best forex brokers in the currency markets.
  • CMC Markets, being one of the best UK forex brokers, also excels as a CFD broker and provides users with market spread betting instruments and support of automated trades.
  • UK Brokers can trade openly on the London Stock Exchange.
  • It also includes features like price movement analysis that are favorable for other traders.
  • Per our analysis of the best forex brokers in the UK, this proprietary platform is heavily regulated by the FCA & CySEC (Cyprus Securities and Exchange Commission)
  • This FCA-regulated broker has a great customer support team.
  • The CFDs traders can use this Next Generation platform as their own trading platform.

CMC Markets - Best for Huge Range of Offerings

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Depending on the needs of the professional traders, the best fx brokers in the UK provide three different trading account types: Corporate, CFD, advanced order types, and spread betting. Though CMC Forex Markets is one of the top UK-regulated brokers, it is not just restricted to the UK; it is also well-known in other countries as well.

CMC Markets Features
Regulated By FCA, CySEC
Year Founded 1989
Minimum Deposit No Minimum Deposit Required
Max. Leverage Retail Major Pairs – 30:1, Minor Pairs – 20:1, Pro Major and Minor Pairs – 500:1
Tradable Assets Trading CFDs, Fx, Indices, Commodities, Currency Pair, Shares, ETFs, Bonds, Crypto

Pros and Cons of CMC Markets

Pros Cons
right The best UK forex brokers have extensive offerings for all of their clients. cancel It does not accept U.S. clients.
right These trading platforms are Regulated by FCA United Kingdom (Financial Conduct Authority). cancel High CFD spreads for certain indices compared to any other broker.
right Emphasis on education (learning lab) & outstanding customer service with a live chat system. cancel No back-testing or automated trading capabilities.
right Research amenities are industry-leading. cancel Differences between Next Generation and MT4 broker.
right Offers protection for retail investor accounts, the lowest spread forex broker, and comes with three account types.

Fee Structure of CMC Markets

  • There is no account opening fee for its supported types of accounts.
  • No minimum initial deposit requirement at CMC Forex Markets. 
  • It charges an inactive accounts fee of £15 per month.
  • No commission costs are taken, as the broker is paid through the spread.
  • Provides competitive tighter spreads as low as possible.
  • £10 cost to view live pricing, i.e., waived if you do 11 transactions per month.

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4. VT Markets – Minimum Deposit of £100

Our analysis found that VT Markets, the best forex brokers in the UK, was established in 2016. It is a subsidiary of Vantage Global, a regulated company of global repute. VT Markets offers many assets and is considered safe as it is an authorized and regulated platform under the leading Australian Securities and Investments Commission (ASIC).

VT Markets - Superior CFD and Forex Trading Experience

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Some Key Features of This Broker Are:

  • VT Markets UK fx brokers support various third-party features, including social trading/copy trading tools that help users share trading ideas.
  • The foreign exchange (one currency exchange) offers access to MetaTrader platforms and proprietary VT Pro forex trading apps.
  • Offers several research materials, mobile trading, video courses, and good educational content to impart knowledge to new traders, accept clients from the UK, and 24/5 customer support.
  • VT Market’s best brokers for forex trading offer retail traders and institutional clients superior forex CFD trading experience.
  • It provides an excellent blend of STP and ECN accounts and highly competitive spreads & they also accept clients worldwide.

It provides a complete secure client portal that can be accessed anytime from any part of the world for foreign exchange trading. It provides suitable trading condition which suits everyone’s trading style. Learn more about the platform in our VT Markets review and its list of features.

VT Markets Features
Regulated By ASIC, CIMA
Year Founded 2016
Minimum Deposit £100
Max. Leverage 500:1
Tradable Assets Fx, US CFD Shares, HK CFD Shares, Indices, Currency Pair, Soft Commodities, Energy, Precious Metals

Pros and Cons of VT Markets

Pros Cons
VT Markets holds two top-tier licenses under the ASIC and CIMA. cancel A high deposit amount of £200 may not be convenient for beginners.
The lowest spreads are available for ECN account holders. cancel It provides no spread betting.
Offers copy trading, demo account, and swap-free Islamic accounts. cancel Not a 24/7 customer support.
An easy-to-use proprietary mobile app called VT Pro delivers an advanced research platform and news headlines.
This ECN broker UK offers third-party trading signals to let CFD traders know when to place their trades.

Fee Structure of VT Markets

  • Trading costs at VT Markets vary based on the type of fx account chosen by the traders.
  • The basic STP account is free of commissions but has higher spreads than Raw ECN accounts.
  • Typically, the social trading platform broker lists spread on EUR/USD currency pair at 1.2 tips for the standard STP account,
  • The typical spreads start from 0.83 pips for the Raw account.
  • A standard STP account has no inactivity fee & also, to open an account is simple.
  • Raw ECN broker fee structure is quite standard, with the lowest spread.

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5. FXCM – Minimum Deposit of £50

FXCM offers to trade foreign currencies like forex and CFDs. This award-winning forex provides 39 currency pairs which may be disappointing for professional traders looking for a wide variety of fx currency pairs like GBP/USD, including major forex pairs. The spreads offered by FXCM are somewhat higher than the other forex platforms.

Why We Pick It:

  • FXCM brokers provide high-volume transactions and live FX trading signals, and it also won the Most Transparent Forex Broker – Global in the Global forex awards.
  • Ideal trading platform for traders who often execute large forex trades.
  • This top forex broker UK provides fast execution speeds and standard accounts, including automation tools support.
  • Provides several trading platforms that execute trades instantly, along with educational tools.
  • This copy trading platform allows the spread bets and CFDs for novice and more experienced traders.

FXCM - Best UK forex brokers with Range of Currency Pairs

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FXCM also has a trading station platform for quick trade and is regulated by the Financial Conduct Authority FCA, which makes it safer, including client funds. However, according to this FXCM review, the broker recently lost its regulatory license for US brokers and no longer accepts clients from the United States.

FXCM Features
Regulated By FCA, CySEC
Year Founded 1999
Min Deposit £50
Max. Leverage 400:1 Fx Leverage, 200:1 CFD Leverage
Tradable Assets Fx, Shares, Commodities, Indices, Cryptocurrencies, Spread Bets

Pros and Cons of FXCM

Pros Cons
Several trading forex tools are free to suit everyone’s trading styles with fast execution speed. cancel Restricted wide product range.
The trading platforms’ minimum deposit stands are low. It also supports spread betting. cancel This brokerage does not accept US clients.
Offers exhaustive research support and educational materials.

Fee Structure of FXCM

  • FXCM requires a minimum deposit of $50 for the basic account.
  • However, the deposit requirements for the Active Trader account are higher.
  • An inactivity fee is charged, a fee of up to 50 units.
  • Commission costs for the Active Trader account, which is £25 for every 1 million traded if the traders trade 150M to 500M in a month.

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6. City Index – Minimum Deposit of £100

City Index, our analysis suggested this as the best forex broker in the UK, which may be an excellent alternative for you. It’s great for traders who are looking for tight spreads & range of forex pairs. City Index was established in 2014, is a subsidiary of GAIN Capital UK Limited, and is also regulated by National Futures Association.

Why We Choose It:

  • City Index, an award-winning platform, offers 84 Fx currency pairs/forex pairs with major and minor currency pairs support; along with that, it has exotic trade currencies, around 74 drawing tools, and educational materials; all those features provide a rich foreign currency trading experience for the traders.
  • You can also trade cryptocurrencies, minimum spread bets, and CFDs, as these services make it unique compared to other top forex brokers in the UK.
  • It’s an international awards-winning platform that provides a customised platform with unique spreads and supports MetaTrader 4.
  • Supports forex market analysis and provides an average execution speed of 0.05 seconds.
  • It is an excellent option for complete beginners and more seasoned traders who use all the great research tools and newsletters accessible to them.

City Index - Best FX Broker UK for Beginners

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According to several City Index reviews, trading CFDs with this provider is adaptable and works rather well on PCs. However, while researching forex trading online brokers, we found it to be a less user-friendly platform for most traders, as most forex brokers are the opposite of this.

City Index Features
Regulated By FCA, ASIC, MAS
Year Founded 1983
Min Deposit £100
Max. Leverage 500:1
Tradable Assets Fx, Stock, CFDs, Crypto, Spread Bets

Pros and Cons of City Index

Pros Cons
Low fees for trade CFDs, Index, exotic currency pairs, & Fx. cancel Restricted product portfolio provided by these best brokers.
This next-generation platform offers exhaustive research tools, copy trading, and a free demo account. cancel CFD and stock exchange fees are high.
The best brokers have a hassle-free and almost instant account opening process with monthly market intelligence emails for intel. cancel The web-based trading forex platform is not user-friendly.

Fee Structure of City Index

  • As per the broker reviews, a £100 minimum deposit is required. 
  • It also has quite hefty stock CFD trading fees & forex brokers come with high leverage.
  • Opening an account is rather simple, with a minimum amount needed.
  • The minimum spreads start at 0.5 for most currency pairs like EUR/USD and AUD/USD.

Expert Advisors: CFDs are complex instruments with a high risk of losing money rapidly due to leverage. Most retail investor accounts lose money when trading CFDs with this provider. Ask yourself & choose forex only if you can take the high risk of losing your money and understand how spread bets and CFDs work. Don’t depend on past performance; proceed with your trading day after calculating everything.

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7. Interactive Brokers – Minimum Deposit of £100

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

Interactive Brokers - Best for professionals

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According to the Interactive Brokers review, beginners or even casual traders might find the main IBKR Pro web platform slightly overwhelming. Still, when combined with its streamlined mobile device and web-based solutions, this makes it the best online broker UK, & it stands out as a top choice.

Interactive Brokers Features
Regulated By ASIC, MAS, FCA
Year Founded 1978
Min Deposit £100
Max. Leverage It Depends on the Account Type
Tradable Assets Fx, CFD, Crypto, Spot Metals

Pros and Cons of Interactive Brokers

Pros Cons
Numerous options are available globally and across asset classes. cancel Clients of IBKR Lite are not permitted to use the SmartRouter.
Superior implementation of orders & great seamless experience. cancel It might be daunting for less experienced and less active investors.
Advanced trading tools with stop loss orders support. cancel No automated trading or bespoke trading algorithms backtesting.
Low-interest rates on margin & great customer service.

Fee Structure of Interactive Brokers

  • As per the broker reviews, Interactive Brokers does not charge any additional fee on its trading assets.
  • This web platform offers active traders some of the most competitive fees.
  • To open an account, i.e., forex trading accounts with this online forex, is easy.
  • It provides low fees.

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8. FOREX.com – Minimum Deposit of £100

Forex.com is a reputable Forex trading platform broker that offers top-notch forex and CFD brokers in the UK and provides a first-rate trading environment. Along with restricted access to MetaTrader, it delivers an astonishing array of its own proprietary trading platform and a wide choice of marketplace & UK regulations.

FOREX.com - Active Forex Traders & MetaTrader Training

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Why We Choose It:

  • The forex broker has multi-asset offerings to entice the fx trader to trade forex on all levels of expertise, even though it is not a bargain broker until you trade greater quantities and capital is at a risk-free state. 
  • According to most Forex.com reviews, the online broker offers a wide range of investment products and advanced tools, including commodities, over 80 currency pairs/fx pairs, individual stocks, CFDs commodities, and even cryptocurrency trading.
  • It has a trading standard stop loss feature, which enhances its platform experience, unlike other platforms.
  • Phone support and social media presence.
  • You can also refer to the FCA website for more info regarding its regulation & check the registration number mentioned.
  • This good broker provides three main account types, several trade execution techniques, order types, and clear execution of a data profile.
FOREX.com Features
Regulated By FCA, CFTC
Year Founded 1999
Min Deposit £100
Max. Leverage 50:1
Tradable Assets Commodities, Indices, Stocks, Bonds, ETFs, Spot Metals, Gold & Silver (Unleveraged in the US), Cryptocurrencies

Pros and Cons of FOREX.com

Pros Cons
Offers several types of currency pairs like EUR/USD. The desktop platform needs improvement.
Technical indicators research tools are very diverse. Stock CFD fees are high & higher spreads.
Low forex fees with MT4 and MT5 platforms support and great customer service. Does not offer many products for trading.

Fee Structure of FOREX.com

  • It’s more expensive than most other brokers in terms of trading fees.
  • The tight spreads offered by Forex.com start at 1 pip for the popular assets and may go up to 100 on the least popular forex currency pairs. 
  • The spreads vary depending on the forex market conditions.
  • Low commissions are charged by the brokers, but they also vary based on the account type and trading CFDs conditions.
  • No Withdrawal Fees.
  • An inactivity fee of £15 is charged on retail investor accounts that have remained inactive for over 12 months.

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9. XTB – No Minimum Deposit

XTB is the best online trading platform UK; it is a foreign currency brokerage firm with approximately 20 years of expertise, primarily serving clients in the European Union & providing them with top trading conditions.

Why We Choose It:

  • The user-friendly trading platform provides 48 currency pairs for trading.
  • It has two account types, standard and pro, suitable for every experience level of traders. 
  • XTB website offers an Islamic account feature. 
  • Offers tight spreads, lower spreads & market average spreads.
  • This forex platform has mobile app support, which supports both iOS and Android platforms, and can be downloaded from the Apple store and Google play.
  • The “xStation 5” trading platform that comes under UK regulations offers access to research and innovative trading tools combined with advanced capabilities for experienced traders.
  • It is FCA Regulated & has an excellent reputation for good customer service that enhances user trading activity.
  • You can check the FCA website for more info regarding its regulation, which you can mostly find at the bottom of the broker’s website (FCA, formerly known as the Financial Services Authority).
  • XTB brokerage accounts UK offers two different retail investor accounts: spread-only trading accounts and a commission-based Professional account.

XTB - Best for commission-free forex trading

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According to several XTB reviews, this best UK CFD broker has remained one of the most popular forex brokers, having the highest value for all types of traders. It comes on our list because of its inexpensive trading fees and the wide range of financial markets and payment methods like credit cards, debit cards, bank transfers, & more.

Note: CFDs are complex instruments with a high risk of losing money rapidly due to leverage. Always be aware of the trading conditions/your financial situation before going ahead to avoid loose money when trading CFDs.

XTB Features
Regulated By FCA
Year Founded 2002
Min Deposit No Minimum Deposit Requirements
Max. Leverage 1:30
Tradable Assets Forex, Indices, Commodities, Stocks CFDs, ETF CFDs, Currency Pair, Crypto Trading CFDs

Pros and Cons of XTB

Pros Cons
Over 4,000 trading options, other financial instruments, and an Islamic account are available. No VPS & no dealing desk.
Authorized and regulated by the top regulatory bodies. Bonus schemes are only valid for non-European users.
Multilingual website & customer service team. 30 days validity of Demo Account & No fixed exchange rate as the Chinese Renminbi.
Mobile Platform-based Applications for a great trading environment.
Cashback Rewards, low-cost trading, & a user-friendly interface mobile app.

Fee Structure of XTB

  • XTB’s pricing is competitive with the online finance industry standard, with low trading fees.
  • The EUR/XTB USD average spread was 0.91. Variable spreads start at 0 pip for professional client trading accounts.
  • Both the standard and professional accounts have competitive pricing.
  • The minimum deposits begin at 250 base currencies (£250, €250, or $250).
  • The Standard classic account seems more affordable for modest sums.
  • No withdrawal fee is charged till a certain limit.

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10. Capital.com – Minimum Deposit of £20

Capital.com, created by a mixed team of software developers and bankers, uses a novel style of the transaction process to increase FX market efficiency (the largest financial market) and enable commission-free trading, where traders only pay the overnight costs and buy-sell spread if they use leverage. 

Why We Choose It:

  • Major individual investors prefer Capital.com, which is regulated by the Financial Conduct Authority FCA in the UK (FCA, formerly known as the Financial Services Authority) and several other regulatory agencies around the globe. 
  • Its 138 supported trade forex pairs all have competitive spreads and several platforms, including a large selection of useful tools, live webinars, & a guaranteed stop loss orders feature.
  • This great trading platform Supports MetaTrader 4 (MT4) but not MetaTrader 5 (MT5) platforms.
  • Additionally, for an advance trader opening a Capital.com brokerage account merely takes a few minutes. Though it is suitable for any experience level.

Capital.com - Easy-to-use & Best Forex Trading Platform

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In this Capital.com review, we will examine every facet of this great trading platform, such as its competitive pricing structure, asset classes, customer care service, types of retail investor accounts, best forex trading apps, range of educational resources, demo trading account, and more; you can also refer to the FCA website for more info regarding its regulation.

Capital.com Features
Regulated By FCA, ASIC
Year Founded 2016
Min Deposit £20
Max. Leverage 1:30 for retail clients
Tradable Assets Indices CFDs, Forex CFDs, Commodities CFDs, Cryptocurrency CFDs, Currency Pair, Shares CFDs

Pros and Cons of Capital.com

Pros Cons
Low forex CFD fees and commission-free real stocks. High stock exchange & index CFD fees.
Great account opening experience provided by this online broker, regulated by the FCA, & great trading conditions. Only CFD, real stock, and spread betting (for UK clients) are available.
Excellent customer support via email, chat, and mobile app support. Smaller account currencies are unavailable, and no MetaTrader 5 support.

Fee Structure of Capital.com

  • Capital.com crypto fees are higher than those for any other class.
  • Non-Trading Fees charges are low forex fees, usually for non-trading actions such as position rollover fees/swap rates and fees for trading transactions.
  • No withdrawal fee or deposit fee.
  • Reasonable overnight fees.
  • This brokerage firm doesn’t charge commissions on most trades (commission-free forex trading & has an average spread).
  • United Kingdom traders only need a £20 initial investment advice to get going.

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11. Pepperstone – Maximum Leverage of 30:1

Our analysis of the best forex brokers in the UK found that the platform is known for its low spreads with its standard account and razor (STP) accounts. Pepperstone has received multiple accolades, including the best broker overall; it offers simple accounts with no commission fees.

Why Do We Pick This Exclusive Platform?

  • Pepperstone best-trusted broker for the MetaTrader 4 trading platform & MetaTrader 5.
  • Fast execution trading platforms have spread bet support & including a wide selection of more than 60 currency pairs.
  • Low commission fees, swap fees, a low initial deposit, multilingual support, and reliable customer service are Pepperstone’s additional strengths.
  • Third-party multiple trading platforms (such as Smart Web Trader Tools, Figaro Advanced Trader, Copy-trading and social trading tools, scalping, and automation).
  • The CFD broker UK offers various trading products, technical indicators, trading instruments, price alerts, and risk management tools and provides technical analysis.
  • This best overall broker provides a free demo account before you start trading on forex CFDs with its standard account.

Pepperstone - Best Trading Experience

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According to several Pepperstone reviews, the only downside with these UK best forex brokers is that Pepperstone brokerage firms offer their own platform along with MetaTrader 4, both of which are quite basic.

Pepperstone Features
Regulated By ASIC, FCA, DFSA, SCB, CMA, CySEC, BaFIN
Year Founded 2010
Min Deposit £200
Max. Leverage 30:1 For FCA jurisdiction.
Tradable Assets Fx, CFDs on Equities, Indices, Shares, Commodities, Energy, Metal, and Cryptocurrency

Pros and Cons of Pepperstone

Pros Cons
Fast and fully digital retail CFD accounts opening. Mostly CFDs are offered.
Forex brokers with Great customer service with trading instruments & access to global financial markets. MetaTrader platform is basic for these forex brokers, not a proprietary platform
Commission reduction through Pepperstone’s Active Trader Program. Trading spread bets and CFDs is tough & No guaranteed stop loss is available.

Fee Structure of Pepperstone

  • Pepperstone forex brokers is an agency-execution broker that, when used in conjunction with its Active programme for high-volume traders, provides great pricing on its Razor account. 
  • These trading platforms have no inactivity charges & Pepperstone supports low forex fees.
  • Most brokers in the UK have a reasonable minimum deposit & low spreads/tightest spreads for various asset classes (which is buy and sell price), just like Pepperstone.
  • These top UK forex trading platforms have competitive fees structure for their CFD accounts.
  • Seamless and free deposits and no withdrawal fee with MT4 and MT5 support by this best forex broker.

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Is Forex Trading Legal in the UK?

Yes, forex trading is permitted in the United Kingdom as long as it is carried out by a duly accredited broker and regulated by the FCA. Use a reputable forex broker regulated by the FCA. You may see the kinds of clients a broker can work with (such as retail or professional clients) and the kinds of investments the broker can offer by looking up the broker regulated by the FCA on its website. (FCA registration number mentioned) You won’t lose money if the platform is legal in the UK.

Which Is the Best Forex Trading Platform UK?

In the below broker comparison table for the UK, we have provided you with quick information regarding fees and leverage; you can choose as per your requirements. If you ask for our advice, we recommend capital.com as its minimum deposit is less and offers reasonable leverage.

Comparison of Best Forex Broker UK

Best Forex Broker Minimum Deposit Max Leverage FCA Regulated Forex Broker Accepts UK Residents
IG £250 1:30 right right
Saxo Bank £2,000 20:1 right right
CMC Markets No Minimum Deposit 30:1 right right
VT Markets £100 500:1 right right
FXCM £50 400:1 right right
City Index £100 500:1 right right
Interactive Brokers £100 It Depends on the Account Type right right
FOREX.com £100 50:1 right right
XTB No Minimum Deposit 1:30 right right
Capital.com £20 1:30 right right
Pepperstone £200 30:1 right right

Here we have covered some points to help you choose the best forex broker, the importance of choosing a broker with regulation, the right way to trade, and how to verify brokers. Go through our guide to get a better understanding of the topic & choosing the right UK forex brokers.

How To Trade Forex Broker in the UK?

Trading Forex 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:-

  • Explore different trading techniques such as scalping, swing trading conditions, and trading position while researching online brokers.
  • Learning How the Forex Market in the UK Works & Get Started.
  • Start with a demo account first before opening a Forex Trading UK Account.
  • You should have a sound platform to pick from, along with a great trading strategy & taking expert advice; choose the right platform and technical analysis tools.
  • All these make forex trading legal in the UK.

What Are the Financial Conduct Authority (FCA) and its UK Regulations?

Before choosing any UK broker in the foreign exchange market, you must first ensure it is properly regulated by UK’s Financial Conduct Authority FCA (formerly known as the Financial Services Authority). 

The regulatory bodies ensure the security and reliability of the most popular trading platforms of the FX global financial markets in the United Kingdom and assist traders in feeling secure while investing their hard-earned money in the most regulated brokers.

For instance, trading with FCA-regulated brokers allows traders to be eligible for a hefty compensation of up to 85,000 EUR under the Financial Services Compensation Scheme.

Why Are FCA Regulations Necessary for Best Forex Trading Platforms?

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 ensures that UK brokers conduct their financial services legitimately. 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. The process of getting verified by the FCA involves the following steps for the best forex trading platforms:-

  • Establishing permission by performing regulated brokerage trading 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.

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.

How to Verify that the Forex Brokers are Regulated in the UK?

Before you start trading forex, you must check whether online brokers in the UK are authorized and regulated by the FCA. Here we have taken CMC Markets as an example for a better explanation. Follow these steps before choosing highest rated brokers:

  • In the first step, you must visit the official best forex brokers website’s home page bottom-text section and find FCA Registration Number.

CMC Market FCA registration numbers discloser text

  • In the second step, you must enter the Broker firm name or reference number on the official FCA website page.

FCA – Firm regulation check

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

Final Thoughts on Best Forex Brokers UK

This guide has rated and reviewed the best UK forex brokers. Key talking points relating to supported forex and the high risk of losing money when trading CFDs market authority, low commissions, spreads, reduced trading costs, payments, bank account transfer, liquidity providers, inactivity fees, and more have been covered in our thorough research. 

However, before starting trading fx with the best UK fx brokers, traders must know about the low minimum deposit and use trading strategies to execute profitable trades and avoid high risk.

Before starting trading in the stock market, major currency pairs, and international forex markets, beginner forex traders are advised to watch videos explaining trading strategies and, of course, to check that trading is legal in your country and versatile trading styles that explain the basics of the forex industry like market volatility, negative balance consumer protection, algorithmic trading, high-risk management tools.

Best Forex Trading Platforms UK: FAQs

Which Forex Broker with Lowest Spread?

As per our platforms mentioned above, Pepperstone is the best UK forex broker with low spread, which can be very useful for some traders.

Best Forex Trading Platform UK for Beginners?

IG Markets is the finest broker in the UK that offers an intuitive trading platform on the Forex and CFD markets for novices. With forex spreads on the EUR/USD market starting at 0.6 pips, IG forex brokers offer some of the low forex fees in the business during forex and CFDs trading.

Do I Pay Tax on Forex Trading UK?

Yes, there is a UK tax on forex trading, then you must pay tax on personal trading gains; you will do so at the end of the tax year in the form of Capital Gains Tax (CGT).

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