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10 Best Forex Brokers in The UK

Last Update: May 16th, 2024

Best Forex Brokers in The UK
The 10 Best Forex Brokers in The UK revealed. In this article, we will look at the top ten Forex brokers in the United Kingdom who are market leaders and regulated by the Financial Conduct Authority (FCA).
BrokerReviewRegulatorsMin DepositWebsite
🥇Read ReviewASIC, FSA, CBI, BVI, FSCA, FRSA, CySEC, ISA, JFSAUSD 100Visit Broker >>
🥈Read ReviewFMA, FSAUSD 50Visit Broker >>
🥉Read ReviewFSCA, CySEC, DFSA, FSA, CMAUSD 0Visit Broker >>
4Read ReviewCySEC, MISA, FSCAUSD 5Visit Broker >>
5Read ReviewFCA, CySEC, FSCA, SCBUSD 100Visit Broker >>
6Read ReviewFCA, FINMA, FSA, ASICUSD 0Visit Broker >>
7Read ReviewCySEC, FCA, FSA, FSCA, Labuan FSAUSD 100Visit Broker >>
8Read ReviewCBCS, CySEC, FCA, FSA, FSC, FSCA, CMAUSD 10Visit Broker >>
9Read ReviewASIC, CySEC, FSCA, CMAUSD 100Visit Broker >>
10Read ReviewIFSC, FSCA, ASIC, CySECUSD 1Visit Broker >>

 

10 Best Forex Brokers in the UK (2024*)

  1. ☑️ IG – Best Forex Broker in the UK.
  2. ☑️ XTB – UK Forex broker regulated by the FCA.
  3. ☑️ Admirals – Best Trading App in the United Kingdom.
  4. ☑️Axi – Global, multi-regulated broker.
  5. ☑️CMC Markets – Best Customer Service for Beginners.
  6. ☑️EightcapFTSE100 Broker in UK.
  7. ☑️FXTM – Award-winning Broker with MT4.
  8. ☑️LCG – Best Leading Marker.
  9. ☑️PepperstoneLow Spread Broker in the UK.
  10. ☑️Spreadex – Spread betting opportunities.

 

Best Forex Brokers in the UK

👥 Brokers👉 Open Account💰 Minimum Deposit⚖️ Regulators✔️ Accepts Credit Cards
1.IG👉 Open Account£230FCA, BaFin CySEC, FINMA, DFSA, FSCA, MAS, JFSA, ASIC, FMA, CFTC, NFA, BMA✔️
2. XTB👉 Open Account£0FCA, ACPR, BaFin, DFSA, KNF, CNMV, FSCA, CySEC, IFSC✔️
3. Admirals👉 Open Account£0.90FCA, ASIC, CySEC, JSC, FSCA, FSA, CMA✔️
4. Axi👉 Open Account£0Axi £0 ASIC, SVG FSA, FCA, FMA, DFSA✔️
5. CMC Markets👉 Open Account£0BaFin, FCA, ASIC, MAS, FMA, IIROC, DFSA✔️
6. Eightcap👉 Open Account£90CySEC, SCB, ASIC, FCA✔️
7. FXTM👉 Open Account£10CySEC, FSCA, FCA, CMA, FSC Mauritius✔️
8. LCG👉 Open Account£0SCB, FCA, CySEC✔️
9. Pepperstone👉 Open Account£120ASIC, BaFin, CMA, CySEC, DFSA, FCA and SCB✔️
10. Spreadex👉 Open Account£0FCA✔️

 

XTB

 

✔️ Pros❌ Cons
xStation 5 is ideal for all tradersXTB has fewer tradable instruments compared to other brokers
XTB is known for its fast, high-quality customer supportInactivity fees apply
XTB offers several educational resourcesUK/EU clients are limited to 1:30 leverage
The spreads with XTB are reasonable Withdrawal fees applyWithdrawal fees apply
Withdrawal fees apply

 

Admirals

✔️ Pros❌ Cons
Many bodies, including the FCA, regulate admiralsThere are high CFD and Stock fees
Admirals offers MetaTrader and MetaTrader SupremeThere is reliance on MetaTrader
There is a range of educational materials for beginnersThe spreads are variable and could widen when there are high periods of volatility
Admirals offers personalized multilingual customer support

 

Axi

Who should use Axi?

Axi is a user-friendly Forex and CFD broker focusing on Forex trading, offering low spreads and powerful tools for new and experienced traders.

 

What does Axi do best?

Axi is known for its exceptional customer service, tight spreads on major Forex pairings, and a wide range of trading tools and resources, including AutoChartist and PsyQuation.

Axi

Where can Axi improve?

Axi could enhance its product offerings, particularly equities and cryptocurrencies, to compete with larger brokers while offering deeper analytical resources for sophisticated traders.

 

Axi Pros and Cons

✔️ Pros❌ Cons
Axi charges competitive spreads on key currency pairingsAxi charges inactivity fees
Axi is known for its superior customer supportAxi is known for its superior customer support.
There are free trading tools available to all tradersAxi does not have a proprietary platform
Axi offers customizable platformsThere is a cap on leverage for UK traders
Axi offers a Standard, Pro, and Elite account, which all have access to indices like NASDAQAxi only supports MT4
The spreads charged on NASDAQ are competitively tightAxi does not publish its overnight fees for NASDAQ on the website
Traders can use leverage up to 1:200 on NASDAQThe demo account expires after 30 days
There is a free demo account to allow traders to practice trading

 

CMC Markets

Who should use CMC Markets?

CMC Markets caters to traders of all levels, offering extensive resources, a user-friendly platform, sophisticated analysis tools, and superior charting capabilities, making it an appealing choice for beginners and experts.

 

What does CMC Markets do best?

CMC Markets offers a wide range of financial instruments globally, with its platform, Next Generation, renowned for its unique features, charting tools, and user-friendly design.

CMC Markets

Where can CMC Markets improve?

CMC Markets could enhance its customer service and improve response times and resolutions despite generally satisfactory customer service.

 

CMC Markets Pros and Cons

✔️ Pros❌ Cons
CMC Markets offers CFDs and spread betting across several asset classesWithdrawal and inactivity fees are a drawback for many traders
CMC Markets offers webinars and training modulesSome users report delays in customer service responses
CMC Markets' charting and technical analysis tools benefit advanced tradersCMC Markets has limited account types
The Next Generation platform is advanced and configurable, developed for user experience
CMC Markets has a solid regulatory framework

 

Eightcap

Who should use Eightcap?

Eightcap is a Forex and CFD broker that caters to a wide range of traders, offering a regulated environment with competitive spreads, catering to beginners and experienced traders.

Eightcap

What does Eightcap do best?

Eightcap offers a user-friendly trading experience with reliable MetaTrader platforms, competitive spreads, and a focus on customer service.

 

Where can Eightcap improve?

Eightcap could enhance its teaching offerings and research tools to provide comprehensive content for beginners and enhance the service provided to traders.

 

Eightcap Pros and Cons

✔️ Pros❌ Cons
The availability of both MT4 and MT5 platforms appeals to a wide range of trading preferences.The broker can improve by offering more detailed market analysis and research tools.
They provide competitive spreads, particularly on important forex pairings.Although they provide educational materials, they could increase this area to assist novice traders.
Eightcap is regulated by several financial authorities, providing traders with a safe trading environment.Some traders may find that the selection of CFDs is limited when compared to larger brokers.
They provide a variety of account kinds, including raw spread accounts with low commission rates.They can assess fees for inactive accounts, which is a disadvantage for low-activity traders.
Eightcap is well-known for its prompt customer service.

 

FXTM

Who should use FXTM?

FXTM is a broker that caters to new and experienced traders, offering educational resources, extensive trading tools, and fast execution times for both beginners and experienced traders.

FXTM

What does FXTM do best?

FXTM offers diverse account options for various trading techniques, quick execution times, and extensive educational and training tools, making it an ideal choice for traders seeking knowledge enhancement.

 

Where can FXTM improve?

FXTM’s fee structure spreads on specific account types and instruments could improve compared to competitors. Expanding their product offerings could attract a larger customer base.

 

FXTM Pros and Cons

✔️ Pros❌ Cons
There is multi-regulation in placeThere are expensive account spreads and overnight fees
FXTM has a lot of Forex trading education for beginnersThere are limited non-Forex instruments available
FXTM offers personalized customer supportWithdrawal fees apply
FXTM's account diversity meets trader needs
There are advanced trading tools offered

 

LCG

Who should use LCG?

London Capital Group (LCG) is ideal for traders who appreciate regulation and a wide selection of trading instruments. It offers a web-based and popular MT4 platform with professional tools and analysis for beginners and seasoned traders.

 

What does LCG do best?

LCG excels in simple, transparent trading. They offer indices, equities, commodities, and cryptocurrencies with tight spreads, especially on major Forex pairings.

LCG

Where can LCG improve?

LCG could increase novice learning by improving its instructional resources. Additionally, some customers have suggested improving customer service response times.

 

LCG Pros and Cons

✔️ Pros❌ Cons
LCG's competitive spreads lower customer trading expensesSome traders are complaining about the customer support response time
The FCA regulates LCG well, ensuring trader safetyThere are inactivity and withdrawal fees
Experienced traders could employ complex charting and analytical toolsThere are limited account types
Offers MT4 and a bespoke web-based platform for various trader preferences

 

Pepperstone

Who should use Pepperstone?

Pepperstone is a good Forex and CFD broker for beginners and pros. Pepperstone‘s user-friendly platforms and educational resources appeal to beginners, while seasoned traders may use its advanced tools and fast execution rates.

 

What does Pepperstone do best?

Pepperstone executes trades quickly and reliably without dealing desk intervention. They offer competitive, clear pricing with narrow spreads and cheap commissions.

Pepperstone

Where can Pepperstone improve?

Pepperstone could further their advanced trading education. By broadening their research capabilities, traders who use technical and fundamental analysis may gain.

 

Pepperstone Pros and Cons

✔️ Pros ❌ Cons
MetaTrader 4, MetaTrader 5, and cTrader are available with PepperstoneThere are limited educational materials
Pepperstone offers straight-through processing without dealing with desk interventionIn-house analysis and trading signals could improve
Pepperstone's customer support is quick to respondWhile Pepperstone offers a diverse range of trading instruments, some traders may find that certain niche assets or markets are not available for trading through this broker.
Active traders can expect narrow spreads and competitive commissions

 

Spreadex

Who should use Spreadex?

Spreadex is a broker that offers spread betting and CFD trading to UK and Irish traders and investors interested in tax-free trading. Furthermore, it suits global CFD traders as well.

 

What does Spreadex do best?

Spreadex excels at personalized service and user-friendly platforms. They offer Forex, indices, shares, commodities, and more from one account. Spreadex offers sports spread betting, a rare financial avenue.

Spreadex

Where can Spreadex improve?

Spreadex could improve by providing more teaching tools for new traders learning the markets. They could improve their technology by adding more features and tools to their trading platform.

 

Spreadex Pros and Cons

✔️ Pros❌ Cons
Excellent account management and customer serviceThere are limited educational resources
Spreadex offers financial spread betting and CFD tradingThere is limited trading platform functionality
Their trading platform is easy to use for beginners and those who want simple tradingThere is a limited range of trading instrument
Spreadex's sports spread betting attracts financial and sports betting enthusiasts

 

How to Choose a Forex Broker in the UK

Choosing the proper Forex broker in the UK requires several critical considerations to provide a dependable, cost-effective, and fun trading experience:

  • Check if the broker is regulated by the Financial Conduct Authority (FCA) in the United Kingdom, which ensures legal compliance and financial stability.
  • Examine the methods for financing and withdrawing from your account to ensure convenience and cost-effectiveness.
  • Make sure the broker provides risk management instruments, such as stop-loss orders.
  • Read user reviews to determine the broker’s market reputation and dependability.
  • Look for brokers who have a reputation for quick and dependable deal execution.
  • Ensure that the broker provides responsive client support through different lines of communication.
  • Compare spreads, commission rates, and additional fees, such as inactivity or withdrawal fees.
  • Evaluate the trading platforms available for their ease of use, stability, and availability of necessary trading tools.
  • Determine whether the broker offers account kinds that match your investment size and trading style.
  • Prefer brokers who provide thorough educational materials and research tools.
  • Consider the variety of available instruments, such as currency pairs, CFDs, and other commodities.

Best Forex Broker in the UK

Conclusion

Overall, the 10 Best Forex Brokers in the UK represent a diverse range of options for traders seeking reliable and reputable platforms to engage in forex trading.

FAQs

The best Forex broker in the UK varies depending on individual trading demands. However, due to their complete service offers, they frequently include highly regulated and reputed brokers like IG or CMC Markets.

MetaTrader 4 and MetaTrader 5 are commonly recognized as the greatest Forex trading platforms in the UK because of their extensive features, easy-to-use interfaces, and powerful analysis tools.

Yes, forex trading is allowed in the United Kingdom and regulated by the Financial Conduct Authority.

Brokers like IG and Admirals are frequently suggested to beginners in the UK due to their user-friendly platforms and comprehensive training resources.

Professional traders in the UK can select brokers such as LCG, Spreadex, or Pepperstone, which provide advanced tools, competitive pricing, and access to a diverse range of markets.

The Financial Conduct Authority (FCA) regulates forex trading in the United Kingdom, establishing requirements for fair and ethical business practices, financial stability, and client protection.

Yes, you can trade with offshore brokers, but choosing an FCA-regulated broker ensures better protection and adherence to tight regulatory standards.

Typical spreads for Forex trading in the UK range from as little as 0.1 pips for key currency pairings with some brokers to higher margins with others, depending on account type and market conditions.

With some brokers, the minimum money necessary to begin Forex trading in the UK can be as low as £100. However, it is recommended to start with more to control risk adequately.

According to FCA regulations, leverage for Forex traders in the UK is limited to 30:1 for major currency pairs for retail clients, with lower leverage for more volatile products.