10 Best UK Forex Brokers In 2024 [FCA Regulated List] (2024)

Table of Contents
1. Pepperstone - Best Forex Broker In UK Overall 2. OANDA - Most Trusted Broker Overall 3. eToro - Great Copy Trading Software 4. Plus500 - Top Forex Trading App 5. Eightcap - Good TradingView Forex Broker 6. IG Group - Best Range Of Trading Platforms 7. CMC Markets - CMC Markets - Top Range Of Currency Pairs 8. XTB - Best Forex Demo Account 9. City Index - Top Forex Broker For No Commissions 10. FxPro - Great UK Based Customers Services How Do The Best Forex Brokers UK Compare? Which Are The Most Trusted Forex Brokers In The UK? Why Is The Financial Conduct Authority (FCA) Important For Forex Traders In The UK? How to verify FCA Authorisation How Can You Trade Forex In The UK? How Do I Pick The Best Broker In The UK? 1. Research Regulated Brokers 2. Currency Pairs and Other Instruments 3. Forex Trading Spreads And Costs 4. Trading Platforms and Analysis Tools 5. Leverage 6. Deposit Methods and Minimum Deposits 7. Test Demo Accounts 8. Customer Service Which Is The Best Forex Broker In The UK? Which Forex Broker Has The Best Trading App? Which Broker Is Best For MetaTrader 4? Which Broker Has The Best Copy Trading Tools? Which Forex Broker In The UK Has The Lowest Spreads? Which Broker Is Best For Beginners? FAQ Which Platform Is Best For Forex Trading In The UK? Which UK Forex Broker Has The Tightest Spreads? Is Forex Trading Legal In The UK? How Do I Choose A UK Forex Trading Platform? Will UK Forex Brokers Keep My Funds Safe? As a Forex Trader, What Taxes Will I Pay As A Trader? Can You Trade Crypto In The UK? What does CFD stand for? Conclusion On Who We Rated The UK Best Forex Broker FCA Regulated Forex Broker List Justin Grossbard Ask an Expert References

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  • Forex Brokers
    • Best Forex Brokers In UK
    • Lowest Spread Forex Brokers
    • Best ECN Brokers In UK
    • Best UK Forex Trading App
    • High Leverage Forex Brokers
  • Spread Betting
    • Best Spread Betting Brokers In UK
    • MT4 Spread Betting
    • Best Spread Betting Apps
    • Spread Betting Guide For Beginners
    • Spread Betting Demo Accounts
  • Trading Platforms
    • Best UK CFD Trading Platforms
    • Forex Platforms For Beginners
    • Best MT4 Brokers In UK
    • Copy Trading Platforms
    • Automated Trading Platform
  • Forex Reviews
    • Review Of Pepperstone
    • Review Of CMC Markets
    • Review Of IG Group
    • Review Of eToro
  • About Us
    • Our Team
    • Our Methodology
    • Contact Us
  • Forex Brokers
    • Best Forex Brokers In UK
    • Lowest Spread Forex Brokers
    • Best ECN Brokers In UK
    • Best UK Forex Trading App
    • High Leverage Forex Brokers
  • Spread Betting
    • Best Spread Betting Brokers In UK
    • MT4 Spread Betting
    • Best Spread Betting Apps
    • Spread Betting Guide For Beginners
    • Spread Betting Demo Accounts
  • Trading Platforms
    • Best UK CFD Trading Platforms
    • Forex Platforms For Beginners
    • Best MT4 Brokers In UK
    • Copy Trading Platforms
    • Automated Trading Platform
  • Forex Reviews
    • Review Of Pepperstone
    • Review Of CMC Markets
    • Review Of IG Group
    • Review Of eToro
  • About Us
    • Our Team
    • Our Methodology
    • Contact Us

10 Best UK Forex Brokers In 2024 [FCA Regulated List] (2)

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Home » FCA » Trading » What Are The Best Forex Brokers In The UK?

For the 10th year running, our team compared FCA-regulated forex brokers that offer forex trading for residents in the United Kingdom. 65 brokers were compared, shortlisted, and ordered based on spreads and platform features.

10 Best UK Forex Brokers In 2024 [FCA Regulated List] (3)

Written byJustin Grossbard

Edited byLaura Wolfe

Fact Checked byRobert Payne

10 Best UK Forex Brokers In 2024 [FCA Regulated List] (4)

Edited byLaura Wolfe

10 Best UK Forex Brokers In 2024 [FCA Regulated List] (5)

Fact Checked byRobert Payne

Updated:

What Changed?

Each month we update average spreads data published by the brokers the retail brokers lose %

Fact Checked

We double-check broker fee details each month which is made possible through partner paid advertising. Learn more this here.

10 Best UK Forex Brokers In 2024 [FCA Regulated List] (6)

Our forex comparisons and broker reviews are reader supported and we may receive payment when you click on a link to a partner site.

Our findings determined the February 2024 top FCA regulated brokers are:

  • Pepperstone - Best Forex Broker In UK Overall
  • OANDA - Most Trusted Broker Overall
  • eToro - Great Copy Trading Software
  • Plus500 - Good Forex Trading App
  • Eightcap - Top TradingView Forex Broker
  • IG Group - Best Range Of Trading Platforms
  • CMC Markets - Top Range Of Currency Pairs
  • XTB - Best Forex Demo Account
  • City Index - Top Forex Broker For No Commissions
  • FxPro - Good UK Based Customer Services

BrokerOur RatingRegulationStandard
EUR/USD Spread
Standard
GBP/USD Spread
Standard
AUD/USD Spread
Raw
EUR/USD Spread
Raw
GBP/USD Spread
Raw
AUD/USD Spread
Commissions
(USD Base)
MetaTrader 4MetaTrader 5cTraderExecution SpeedMinimum DepositCurrency PairsCrypto CFDsRetail LeverageProf. Leverage
98FCA
CySEC
1.121.691.220.10.60.3$3.5010 Best UK Forex Brokers In 2024 [FCA Regulated List] (8) 10 Best UK Forex Brokers In 2024 [FCA Regulated List] (9) 10 Best UK Forex Brokers In 2024 [FCA Regulated List] (10) 77ms$062+12+30:1500:1
81FCA
CIRO
0.60.90.7----10 Best UK Forex Brokers In 2024 [FCA Regulated List] (13) 10 Best UK Forex Brokers In 2024 [FCA Regulated List] (14) 10 Best UK Forex Brokers In 2024 [FCA Regulated List] (15) -$070+4+
43FCA
CySEC
1.02.01.0----10 Best UK Forex Brokers In 2024 [FCA Regulated List] (18) 10 Best UK Forex Brokers In 2024 [FCA Regulated List] (19) 10 Best UK Forex Brokers In 2024 [FCA Regulated List] (20) 130ms$200 (Australia), $50-$100 (EU)49+46+30:1400:1
57FCA
CySEC
1.702.31.4----10 Best UK Forex Brokers In 2024 [FCA Regulated List] (23) 10 Best UK Forex Brokers In 2024 [FCA Regulated List] (24) 10 Best UK Forex Brokers In 2024 [FCA Regulated List] (25) 140ms$100 71+15+30:1300:1
76FCA
CySEC
1.01.01.20.060.730.27$3.5010 Best UK Forex Brokers In 2024 [FCA Regulated List] (28) 10 Best UK Forex Brokers In 2024 [FCA Regulated List] (29) 10 Best UK Forex Brokers In 2024 [FCA Regulated List] (30) 143ms$10040+250+30:1500:1
71FCA
BaFin, CySEC
1.131.661.010.160.590.29$6.0010 Best UK Forex Brokers In 2024 [FCA Regulated List] (33) 10 Best UK Forex Brokers In 2024 [FCA Regulated List] (34) 10 Best UK Forex Brokers In 2024 [FCA Regulated List] (35) 174ms$450100+12+30:1200:1
69FCA
BaFin
1.121.301.640.50.90.6$2.5010 Best UK Forex Brokers In 2024 [FCA Regulated List] (38) 10 Best UK Forex Brokers In 2024 [FCA Regulated List] (39) 10 Best UK Forex Brokers In 2024 [FCA Regulated List] (40) 138ms$0338+19+30:1500:1
46FCA
CySEC, BaFin
0.91.41.30.90.140.13-10 Best UK Forex Brokers In 2024 [FCA Regulated List] (43) 10 Best UK Forex Brokers In 2024 [FCA Regulated List] (44) 10 Best UK Forex Brokers In 2024 [FCA Regulated List] (45) 160ms$25049+16+30:1500:1
66FCA
ASIC, MAS
0.701.12.2----10 Best UK Forex Brokers In 2024 [FCA Regulated List] (48) 10 Best UK Forex Brokers In 2024 [FCA Regulated List] (49) 10 Best UK Forex Brokers In 2024 [FCA Regulated List] (50) 95ms$15084+25+30:1500:1
61FCA
CySEC
1.321.71.950.320.370.51$3.5010 Best UK Forex Brokers In 2024 [FCA Regulated List] (53) 10 Best UK Forex Brokers In 2024 [FCA Regulated List] (54) 10 Best UK Forex Brokers In 2024 [FCA Regulated List] (55) 151ms$069+30+30:1200:1

1. Pepperstone - Best Forex Broker In UK Overall

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Forex Panel Score

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98

Average Spread

EUR/USD = 1.12
GBP/USD = 1.69
AUD/USD = 1.22

Trading Platforms

MT4, MT5, cTrader, TradingView, Capitalise.ai

Minimum Deposit

$0

Visit Broker

Why We Recommend Pepperstone

We are impressed with Pepperstone as they provide services that deliver better overall value for you as a trader. Their combination of low spreads (average 1.12 pips for USD/EUR), selection of trading platforms (MT4, MT5, TradingView and cTrader), and fast execution speeds (77ms for limit orders made the broker an easy choice to recommend overall.

Pros & Cons

  • Commission-free trading averaging 1.12 pips (EUR/USD)
  • Good selection of trading platforms
  • 24/7 Award-winning customer service
  • Demo account for 90 days only
  • No Islamic account in the UK
  • Educational resources are outdated
  • Limited e-wallet payment methods

Broker Details

After opening a live account with Pepperstone, we found that its spreads were better than advertised on its RAW pricing account.

We discovered this after our head analyst, Ross Collins, tested the RAW account to see how often Pepperstone offered 0.0 pip spreads on EUR/USD. Surprisingly, zero-pip spreads were offered 100% of the time, far better than the industry average of 94%.

BROKEROVERALLLIMIT ORDER SPEEDLIMIT ORDER RANKMARKET ORDER SPEEDMARKET ORDER RANK
BlackBull Markets1721902
Fusion Markets2793771
Pepperstone37721005
TMGM59451297
FXCM610881236
City Index69561318
Axi890416416
FxPro12151161389

As you can imagine, this is very impressive as it means you will only be paying a small commission for every trade, helping you cut down on your trading fees.

We also like to test the execution speed of a broker as it is a good indicator of the broker’s quality and the likelihood of getting slipped, which can be costly in volatile markets.

Our analyst ran the tests and discovered that Pepperstone’s limit execution speed is 77ms, which placed it in second place, only slightly behind BlackBull Markets, which achieved 72ms.

We think this pairing of fast execution speeds and zero-pip spreads on EUR/USD makes Pepperstone an excellent candidate if you scalp the markets.

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Pepperstone ReviewVisit Pepperstone

2. OANDA - Most Trusted Broker Overall

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Forex Panel Score

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81

Average Spread

EUR/USD = 0.6 GBP/USD = 0.9 AUD/USD = 0.7

Trading Platforms

MT4, TradingView, OANDA Trade

Minimum Deposit

$0

Visit Broker

Why We Recommend OANDA

OANDA is our top pick for the most trusted broker in the UK due to the use of regulators in many territories. Tier-1 regulators include FCA, NFA/CFTC, and ASIC, showcasing its reliability and trustworthiness.

We found the OANDA Trade platform particularly beneficial as you can set your trade sizes, which is perfect for lowering your risk if you are a beginner. Alternatively, OANDA allows you to trade forex on TradingView, giving you access to a platform with advanced charting tools with OANDA’s markets and low spreads.

Pros & Cons

  • Well-regulated and trusted broker
  • No minimum deposit
  • Trade customised lots on OANDA Trade
  • Doesn’t provide 24/7 support
  • Not an ECN/STP broker
  • No share CFDs

Broker Details

OANDA was established in 1996 and was one of the pioneers in providing online trading services to the public. During our tests, we discovered that five tier-1 regulators, including the Financial Conduct Authority (UK) and ASIC, regulate OANDA. For us, the broker’s age and number of regulators provide huge trust signals, which is why we scored them 100/100 for the Trust category.

While exploring the live account, we also found that OANDA had excellent spreads for a no-commission trading account. The standard account averaged 0.6 pips on EUR/USD and 0.9 pips on GBP/USD, which is almost as competitive as some RAW pricing accounts.

For trading platforms, OANDA provides several, including the leading third-party platforms MT4 and TradingView, but it is the OANDA Trade platform that interests us. It has TradingView’s advanced charting tools, so you know that the technical tools are best in class.

We were disappointed that OANDA didn’t offer share CFDs, which let it down a touch in our review. However, the excellent trading platforms, low trading costs, and strong regulatory approvals helped overcome this negative.

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3. eToro - Great Copy Trading Software

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Average Spread

EUR/USD = 1
GBP/USD = 2
AUD/USD = 1

Trading Platforms

eToro Trading Platform

Minimum Deposit

$50

Visit Broker

Why We Recommend eToro

eToro has the most user-friendly way to simplify copy trading with its eToro CopyTrader platform, making it accessible regardless of your knowledge of the markets.

A key feature that makes it easy for “non-traders” is the built-in risk-management tool that cuts your investments with a trader if you’ve lost a percentage of your capital with them. If the trader is underperforming, you can avoid further losses from their poor performances (saving you money).

Pros & Cons

  • Easy access to copy trading tools
  • User-friendly platform
  • No commissions on trading
  • Slightly expensive spreads
  • Doesn’t support MT4
  • Has withdrawal fees

Broker Details

eToro is known for its Copy Trading features and with over 20 million users, it is one of the largest copy-trading communities.

While using the eToro CopyTrader platform, we understood why it is one of the best platforms for copy trading after experiencing its unique search engine to find copy traders. The platform goes into greater detail than any other copy trading platform we’ve used, highlighting the strike rate of a trader to profit and which assets they are best with.

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We also discovered that eToro generates its own proprietary risk score that is assigned to each trader. This can be used as a quick overview of how much risk the copy trader takes on, which is useful to avoid high-risk traders.

With eToro’s main focus on their exceptional copy trading tools, you may find eToro lack in standard features one would expect to find on a good trading platform like …… This is okay if you are copy trading, but it’s not the best when trading the markets manually, as its charting is limited compared to other platforms.

If copy trading is a priority for you, then we think eToro is best in class for the tools. However, if you want to research and trade the markets yourself – you should consider other choices like Pepperstone or City Index.

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4. Plus500 - Top Forex Trading App

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Forex Panel Score

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57

Average Spread

EUR/USD = 1.7
GBP/USD = 2.3
AUD/USD = 1.4

Trading Platforms

Plus500 Trading Platform

Minimum Deposit

$100

Visit Broker

Why We Recommend Plus500

Plus500 has an excellent trading app as it is well designed to manage trades and analyse the markets on the go. For me, the +insights service is a top feature with trader sentiment indicators and price alerts, which send a notification to your phone and email.

With over 1,200 markets and average spreads of 1.7 pips on EUR/USD, plus500 combines variety with affordability with its services.

Pros & Cons

  • Excellent mobile trading app
  • Additional trading tools with +Insights
  • Low spreads on CFDs
  • Inactivity fees
  • No MetaTrader 4
  • Lacks market research tools

Broker Details

Out of all the brokers we’ve tested, Plus500 has the best trading app offering a full charting experience on your mobile with 119 indicators, 21 drawing tools, and 13 chart types. We like how well-designed the charts are and how they pack so much detail for the small mobile screen, allowing us to view the indicators and prices clearly without zooming in.

The app is responsive and fast when switching between charts, while other trading apps we’ve tried felt clunky and slow, so it’s a breath of fresh air using Plus500’s app.

The app shares most features from the desktop version, taking a page out of the TradingView book – however, the charting analytics don’t sync between the platforms, which is disappointing.

Aside from the apps good looks, one of its better tools is +insights, which captures all of Plus500’s client data to generate trending assets based on buying and selling pressure. We think this tool is helpful if you can’t quite determine the current market strength, and it can give you an idea based on other trader’s orders.

The mobile app lets you access all of Plus500’s 1,200+ markets, covering stocks, forex, indices, and commodities.

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5. Eightcap - Good TradingView Forex Broker

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Forex Panel Score

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75

Average Spread

EUR/USD = 1
GBP/USD = 1
AUD/USD = 1.2

Trading Platforms

MT4, MT5, TradingView, Capitalise.ai

Minimum Deposit

$100

Visit Broker

Why We Recommend Eightcap

Eightcap is a top choice for traders looking for low spreads, fast execution, and the TradingView platform. The broker is the only broker to specialise solely in the TradingView platform. You can only trade with a standard account but the spreads are low averaging 1.06 pips when you combine the 5 major currency pairs and well below the industry average of 1.52 pips.

Pros & Cons

  • Tight spreads on Standard account
  • Has automated trading tools
  • Solid choice of trading platforms
  • Limited product range
  • Cannot copy trade
  • Has a minimum deposit requirement

Broker Details

Eightcap has gone all in on using TradingView as their sole trading platform choice in the UK, allowing you to benefit from the best charting package available across all the platforms.

Setting up the Eightcap account with TradingView was straightforward and took a few clicks, thanks to the broker’s integration. Because of this integration, it allowed us to transfer our analysis from our TradingView account to our new Eightcap account, including all of the support and resistance levels we’ve saved. This helped save time compared to MetaTrader 4, where you must start fresh each time.

This also meant all of our customised technical indicators are automatically installed and worked, making it one of the most hassle-free broker platform setups we’ve tested.

If you are using TradingView for the first time, you can customise the platform and choose from thousands of indicators available for free. You’ll find that Eightcap offers some of the lowest average spreads on TradingView, where we noticed the EUR/USD average of one pip on the standard account.

We think Eightcap is a solid choice if you want to focus on popular markets like forex majors. Yet, if you seek a wider range of products, then Eightcap is limited compared to its peers, with 600+ instruments available.

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6. IG Group - Best Range Of Trading Platforms

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Forex Panel Score

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71

Average Spread

EUR/USD = 1.13
GBP/USD = 1.66
AUD/USD = 1.01

Trading Platforms

MT4, IG Trading Platform, L2 Dealer, ProRealTime

Minimum Deposit

$0

Visit Broker

Why We Recommend IG Group

IG Group offers the most extensive range of financial markets in the UK, boasting over 17,000 financial products in its catalogue. This wide choice includes popular markets like forex (GBP/USD), stocks, commodities, and indices with the addition of more advanced products like etfs, futures and options trading.

Pros & Cons

  • Extensive choice of CFD markets
  • IG trading platform is user-friendly
  • Provides market analysis with IGTV
  • High minimum deposit
  • MT4 can’t access all of IG Group’s markets
  • Lacks social trading tools

Broker Details

IG Group is one of the largest brokers we’ve reviewed, with an impressive range of 17,000+ markets to choose from, which is a lot considering the average broker offers 2,000+ markets. The main markets covered are all major stock exchanges, forex pairs, commodities, indices, ETFs, and bonds.

We noticed that the broker also offers future and options markets, which the rest lack. For example, the options market was easy to access, and the platform seamlessly adapted its interface to show the call and put option pricing. We’re a fan of this as other brokers that have option markets tend to provide another platform to trade them, such as AvaTrade’s AvaOptions platform.

You may wonder if it is necessary to have such a wide range of markets. For most traders, it isn’t. However, if you are an experienced trader with a consistently profitable trading strategy, accessing more markets to find more opportunities is necessary.

We were unsure about IG Group’s trading platform range because it is limited compared to Pepperstone and OANDA. Still, it impressed us; the IG Trading Platform has an excellent charting package, easy navigation for its 17,000+ markets, and integration with third-party tools like Autochartist.

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7. CMC Markets - CMC Markets - Top Range Of Currency Pairs

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Forex Panel Score

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69

Average Spread

EUR/USD = 1.12
GBP/USD = 1.3
AUD/USD = 1.64

Trading Platforms

MT4, CMC NGEN

Minimum Deposit

$0

Visit Broker

Why We Recommend CMC Markets

We like CMC Markets as their CMC Next Generation platform is excellent for trading CFD like their 338 currency pairs. The platform has useful tools to help you find new ideas when trading CFDs along with 150 technical indicators and a pattern recognition tool, which alerts you to emerging and completed patterns in popular markets.

This tool is beneficial if you are a beginner and can be used to help you learn technical analysis and find new trades.

Pros & Cons

  • Largest foreign exchange markets
  • Excellent spread betting platform
  • Low spreads available
  • Lacks customer support via mobile app
  • FX pair variations may confuse beginners
  • Doesn’t provide options trading

Broker Details

Like IG Group, CMC Markets offers an impressive range of financial instruments, but we found that CMC offered a superior range of currency pairs compared to IG Group. In fact, it was over 338 currency pairs compared to IG’s 100.

At close inspection, the currency pairs are just reverse crosses that can make it easier for you to trade – we thought this was good as a hidden benefit is that you can use this to find hidden correlations in the fx pairs.

CMC Markets offers an excellent trading platform developed in-house called NGEN. We think it’s taken the best parts of TradingView and MetaTrader 4 to provide a suite of tools that make finding trades easier.

For example, the NGEN platform has a chart pattern scanner, which looks for patterns like head and shoulders and will alert you if they are emerging or have been completed.

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8. XTB - Best Forex Demo Account

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Forex Panel Score

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46

Average Spread

EUR/USD = 0.9
GBP/USD = 1.4
AUD/USD = 1.3

Trading Platforms

MT4, xStation 5

Minimum Deposit

$0

Visit Broker

Why We Recommend XTB

XTB’s demo account comes with a generous virtual balance of £100,000, giving you plenty of virtual funds to practice and improve. We found XTB’s demo account useful for testing strategies; the time and funds provided are more than its competitors.

Using a demo account from XTB is an ideal method if you are a beginner learning to trade, as it provides a risk-free environment with live price feeds. XTB provides over 4,500 markets and allows you to demo their xStation5 platform or MetaTrader 4.

Pros & Cons

  • Generous demo account
  • Decent selection of financial markets
  • Low minimum deposit
  • You have to request access to MT4
  • Inactivity fees charged
  • No crypto markets in the UK

Broker Details

If you are looking for a solid Forex demo account, XTB is our top pick with its generous balance of £100,000, way more than you need to practise with. You can use the demo account on the MetaTrader 4 and XTB’s xStation5 platform. Both platforms give you live pricing feeds for free, allowing you to test the markets in real-time.

We liked that you had to use XTB’s account page to work the demo account, giving it a layer of realism. You can transfer new funds into the demo account just like you would with your live account.

The broker has a low minimum deposit, which we look for in a broker, making it suitable when you are ready to transition from the demo to a live trading account. However, we had to request access to the MT4 platform, which we are not fans of; this just added friction to getting started.

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9. City Index - Top Forex Broker For No Commissions

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Forex Panel Score

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66

Average Spread

EUR/USD = 0.7
GBP/USD = 1.1
AUD/USD = 1.6

Trading Platforms

MT4, City Index Trading Platform, TradingView

Minimum Deposit

$150

Visit Broker

Why We Recommend City Index

City Index is our top choice for no-commission trading. Spreads averaged 0.7 pips on EUR/USD, 1.1 for EUR/GBP and 1.1 for GBP/USD with their standard account which are all very competitive. We also like their trading platform – City Index Platform, which includes unique tools to improve your trading along with MT4 and TradingView.

Combining the low spreads with a small initial deposit of $150 makes City Index accessible if you want to break into forex trading on a smaller budget.

Pros & Cons

  • Performance analysis tools
  • Decent educational resources like webinars
  • Negative balance protection
  • Limited product range on MT4
  • No RAW spread account
  • No MT5

Broker Details

If you are happy to pay for slightly wider spreads to avoid commissions, then City Index is an excellent pick.

One of the tests we like to do is to get the top five major pairs and add up the spreads to get an overall average spread. City Index had an average spread of 1.24 pips in our tests, way lower than the 1.52 pip average.

We find this gives you a better idea of the spreads while trading forex. Some brokers make EUR/USD cheap but have expensive spreads for other major pairs, which can distort the overall pricing.

However, if you like to focus on EUR/USD, City Index impressed us with one of the lowest spreads available with no commission. Offering a spread of 0.7 pip, which is below the industry standard.

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10. FxPro - Great UK Based Customers Services

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Forex Panel Score

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61

Average Spread

EUR/USD = 1.32
GBP/USD = 1.7
AUD/USD = 1.95

Trading Platforms

MT4, cTrader FxPro Web Trader

Minimum Deposit

$100

Visit Broker

Why We Recommend FxPro

FxPro has exceptional customer service that answered my technical questions quickly and gave solid reasoning, highlighting that the representative was knowledgeable. The broker provides customer service through live chat, email, and phone, making reaching out to them immediately easy.

FxPro provides a good trading experience with a selection of popular trading platforms and decent trading fees, including variable or fixed spreads and commission-based trading.

Pros & Cons

  • Low spreads on cTrader
  • Offers excellent market analysis
  • Great customer service available
  • Wider spreads if you don’t use cTrader
  • Has a minimum deposit
  • Has inactivity fees

Broker Details

An indicator of a good broker is how well the customer support performs in terms of speed and knowledge. The best way we like to test the support is by asking technical questions, and we found the responses impressive.

Usually, there is a delay from support while they go and look up the answer, but the conversation we had was direct and fluid. This gave us the impression support customer had an understanding of the product – a big plus in our books.

While reviewing FxPro, we used the cTrader platform, essentially the MetaTrader 4 and 5 platforms combined with a better interface but with less of a community behind it. The cTrader is easy to use and has plenty of indicators to work with.

Plus, it takes advantage of FxPro’s Direct Market Access, allowing you to see the open and pending orders from the liquidity provider. We’re a fan of brokers providing this, as it can be used as an excellent tool to gauge market strength and supply/demand zones.

How Do The Best Forex Brokers UK Compare?

Below, We have compiled our testing into a table for you to review how the best forex brokers in the UK compare with each other.

BrokerSpread (avg with 5 major pairs)Range of ProductsMinimum DepositSpreadbetting Allowed
Pepperstone1.401,200+$0Yes
OANDA0.7080+$0Yes
eToro1.303,000+$500No
Plus5001.8611,000+$100No
Eightcap1.06650+$100No
IG Group1.3817,000+$0Yes
CMC Markets1.3612,000+$0Yes
XTB1.362,000+$0Yes
City Index1.244,600+$150Yes
FxPro1.622,100+$100Yes

Which Are The Most Trusted Forex Brokers In The UK?

The most trusted forex brokers in the UK are OANDA, Pepperstone and IG Group, who all have multiple licences from Tier-1 regulators across the globe. OANDA is our most trusted broker overall being regulated by the Financial Conduct Authority (FCA) in the United Kingdom and four other tier-1 regulators in different jurisdictions.

Being regulated by multiple authorities means OANDA must follow strict frameworks set by the regulator to ensure the broker can protect the customer’s interests while providing a reliable financial service.

Why Is The Financial Conduct Authority (FCA) Important For Forex Traders In The UK?

The Financial Conduct Authority (FCA) is essential for forex traders in the UK because it ensures every forex broker they regulate meets the high standards set to provide financial services to retail traders.

These standards ensure your funds are kept safe and trading in a fair market. Without authorisation from the FCA, no forex broker can legally provide financial services in the UK.

How to verify FCA Authorisation

The easiest way to verify if the FCA authorises a forex broker is to look at the bottom of the broker’s website, which shows you the broker’s FCA license number. If a broker does not have one, they are not regulated by the FCA, as this is a requirement for all CFD brokers to display their license on all promotional material (including websites).

How Can You Trade Forex In The UK?

To trade forex in the UK, you must open an account with a forex broker and use an online trading platform to place your trades. You can choose a live account that risks your funds or practise on a risk-free demo account.

If you want to make money, open a live account, which involves filling out your details and depositing funds. Once live, you can use a trading platform like MetaTrader 4 to place your trades. Before making a deposit, keep an eye out for any deposit or withdrawal fees.

How Do I Pick The Best Broker In The UK?

Picking the best broker in the UK for currency trading involves considering several key factors that match your trading needs and preferences.

1. Research Regulated Brokers

When looking for a broker, you must research regulated brokers, which provides the foundation of your search. Fortunately, forex brokers are legally required to be regulated by the FCA in the UK.

2. Currency Pairs and Other Instruments

A good broker should offer various foreign exchange currency pairs and other trading instruments like indices, shares and commodities. More options mean more opportunities to trade in different markets. For example, if you’re interested in major currency pairs like EUR/USD or exotic pairs, check if the broker offers these.

Also, look for brokers that provide access to commodities, stocks, and indices, which can diversify your trading portfolio.

3. Forex Trading Spreads And Costs

Spreads and costs are critical in forex trading as these can directly impact your profit and loss, so it is essential to have low spreads. A spread is the difference between a currency pair’s buy and ask price; the lower the spreads are, the less it’ll cost you for each trade.

We think an ideal spread is below one pip on EUR/USD, but you should also consider brokers that charge commissions, as these have lower spreads and even zero spreads (aka 0.0 pips). Ensure the commission isn’t over $9; otherwise, there isn’t a difference between paying commission or spread-only.

Also, consider what type of spreads you need. Variable spreads are lower and more common but can change due to liquidity in the market and market conditions placing you at risk of slippage (especially in periods of high volatility).

The other type of spread is a fixed spread which is popular for scalping since scalpers rely on predictable prices.

4. Trading Platforms and Analysis Tools

Look for a broker that offers user-friendly trading platforms and analysis tools; ideally, check to see if they have MetaTrader 4 or TradingView. Both platforms provide all the tools you’ll need to perform technical analysis and execute your trades from the platform.

5. Leverage

Leverage is essential when picking a forex broker as it allows you to trade larger amounts with smaller capital, increasing potential profits (and risk). UK forex brokers offer retail trading accounts up to 1:30 in leverage on forex majors, and the FCA caps the leverage to protect your accounts from overleveraging.

Leverage is lower with retail investor accounts because it is a high-risk instrument. Professional traders who wish to trade with higher leverage, up to 1:500 can do so if they meet certain qualifying conditions. This is because professional traders are considered to be educated in how to trade on margin and the risk associated with it.

6. Deposit Methods and Minimum Deposits

You should review the deposit methods and minimum deposits by the forex broker, as they can meet the above requirements but require a high minimum deposit (not ideal). Most brokers in the UK offer a range of deposit methods; the most popular are bank transfer and debit card depositing; however, some brokers also take e-wallets like Skrill and PayPal.

Ideally, you want a broker with no minimum deposit requirements, as this allows you to deposit or top up your account with the funds when needed without having to “over-deposit”.

7. Test Demo Accounts

Before opening a live account with a broker, We like to test demo accounts first. This lets you see how the broker performs with its price feed and trading fees without depositing your funds. You also get to test out the trading platform to see if it suits your needs.

You’ll also be able to see the account management section and familiarise yourself with the funding and customer services available, an excellent method of getting a feel for the broker.

8. Customer Service

Look for brokers that offer quick and helpful customer service through live chat, email, or phone support. You should always test a broker’s customer support with live chat and call them with technical questions to gauge how well they may perform when you need a problem resolved.

Which Is The Best Forex Broker In The UK?

The Best Forex Broker in the UK is Pepperstone, which provides a solid overall service with low spreads on the most popular markets and quality trading platforms.

When testing Pepperstone for its spreads, We were impressed with the average spread on its RAW accounts, which was 0.1 pips for EUR/USD, and the commission is only £4.50 per lot round-trade.

Our spreads module below captures the average spreads from RAW spread accounts broker publish on their website. As can be seen, Pepperstone has among the best spreads.

ECN Broker Spreads

10 Best UK Forex Brokers In 2024 [FCA Regulated List] (110)

0.400.600.100.400.20

10 Best UK Forex Brokers In 2024 [FCA Regulated List] (111)

0.200.300.100.300.20

10 Best UK Forex Brokers In 2024 [FCA Regulated List] (112)

0.200.300.200.400.20

10 Best UK Forex Brokers In 2024 [FCA Regulated List] (113)

0.200.830.440.400.42

10 Best UK Forex Brokers In 2024 [FCA Regulated List] (114)

0.24N/A0.170.540.30

10 Best UK Forex Brokers In 2024 [FCA Regulated List] (115)

0.301.100.100.600.50

10 Best UK Forex Brokers In 2024 [FCA Regulated List] (116)

n/a0.60n/a0.600.50

10 Best UK Forex Brokers In 2024 [FCA Regulated List] (117)

0.300.500.200.600.30

Avg. spreads are taken from each broker's website and updated monthly. Last update on 02/01/2024

Which Forex Broker Has The Best Trading App?

The Forex broker that has the best trading app is Plus500, which is an app that fits everything you need to trade the markets on your mobile. We found the platform was fluid, and the tools I needed were easy to access, offering a solid mobile trading experience.

The mobile app, available on iOS and Android, has tools to help trade on the go more easily. One tool is setting market alerts that notify you within the app and via e-mail. We like utilising these to time our trades better.

Charting is basic, directly covering buy and sell orders in the chart with access to drawing tools and technical indicators. The Plus500 app has one of the largest choices of indicators available, showing over 100+ indicators, which is more than some desktop platforms offer.

Which Broker Is Best For MetaTrader 4?

Pepperstone is the best broker for MetaTrader 4, providing additional tools, like Capitalise.ai, which allows you to build your own automated strategies without code. However, the core reason why Pepperstone is best for MetaTrader 4 is that it has the fastest execution speeds we’ve tested.

With MT4 being a third-party tool, it is expected to have slower execution speeds for brokers, as they require an extra connection to the broker. This is not the case with Pepperstone, which is an impressive feat.

Our tests identified Pepperstoneas as having the fastest average market order execution speed, with an exceptional 85ms – practically instant on MT4 platforms.

Which Broker Has The Best Copy Trading Tools?

eToro is the best broker for copy trading tools thanks to its intuitive CopyTrader platform, which makes it effortless to copy profitable traders. With CopyTrader, you can filter traders based on your metrics, including markets, draw-down tolerance, and frequency of trades.

eToro has over 300,000 traders you can copy from, so filtering down the traders that meet your requirements is a must. We like that once you have chosen your trader to copy, the CopyTrader platform will automatically open and close trades at the same time your trader does. So, it would be best if you found a trader that meets your goals, and eToro will do the rest for you.

Which Forex Broker In The UK Has The Lowest Spreads?

OANDA has the lowest spreads for Standard Accounts, and Pepperstone has the lowest spreads for RAW accounts.

Standard Account No Commission Trading

We captured the average spreads brokers publish on their website and then found the overall average by combining the five major pairs (EUR/USD, USD/JPY, GBP/USD, AUD/USD, USD/CAD) to get an overall average.

OANDA came out on top with an overall average of 0.70 pips, far exceeding the industry average of 1.52 pips.

Most Traded Average Standard Spread
BrokerMajor Pair
Average Spread
BrokerMajor Pair
Average Spread
OANDA0.70Pepperstone1.40
IC Markets0.76Blackbull Markets1.42
Fusion Markets0.99HugosWay1.42
Admirals1.04Blueberry Markets1.46
Eightcap1.06Saxo Markets1.48
Go Markets1.08AccuIndex1.50
OctaFX1.10MultiBank Group1.54
TMGM1.16Vantage FX1.54
FIBO Group1.18FXCM1.60
Trading2121.22Tickmill1.60
ThinkMarkets1.22FxPro1.62
Axi1.24Axiory1.62
City Index1.24Forex.com1.66
HYCM1.24Fair Markets1.70
eToro1.30XM1.72
FP Markets1.30HF Markets1.76
Trading.com1.30Markets.com1.78
CMC Markets1.35Plus5001.86
Exness1.36Swissquote1.92
XTB1.36Roboforex1.94
IG1.38TradersWay2.04

RAW Spread Trading

Ross Collins of The CompareForexBrokers team conducted tests using demo accounts to see what the spreads are like using the EUR/USD pair. He found that the Pepperstone Razor account is the best FCA-regulated broker for the EUR/USD pair, with an average of 0.36 pips over 24 hours.

Tested Raw Spreads
BrokerEUR/USD
BrokerEUR/USD
Fusion Markets0.22ThinkMarkets0.46
City Index0.25Tickmill0.47
IC Markets0.32Eightcap0.5
TMGM0.32Axi0.73
Pepperstone0.36CMC Markets0.73
FP Markets0.41Admirals0.79
Blueberry Markets0.43BlackBull Markets0.94
GO Markets0.46

Which Broker Is Best For Beginners?

The best broker for beginners is OANDA, thanks to its simple-to-use OANDA TRADE trading platform and enhanced risk management and performance analysis tools. You can use these tools for free with a live and demo account.

FAQ

Which Platform Is Best For Forex Trading In The UK?

The best platform for forex trading in the UK is MetaTrader 4, which is very popular with beginner and experienced traders. MetaTrader 4 is available with most brokers and allows you to build custom indicators and bots for automation functionality with your trades using Expert Advisors. These tools are unavailable on other platforms, so MetaTrader 4 has a broader appeal.

Which UK Forex Broker Has The Tightest Spreads?

The UK forex broker with the tightest spreads is Pepperstone on their RAW account; based on our tests, they had an average of 0.1 pip spread. Low-spread forex brokers lower your trading costs overall, saving you money long-term and boosting your profits. Spreads are low because the broker has no dealing desk allowing to offer ECN-like pricing.

Is Forex Trading Legal In The UK?

Forex trading along with CFD trading is legal in the UK and is regulated by the Financial Conduct Authority (FCA), which authorises all forex brokers to provide financial services to retail traders.

How Do I Choose A UK Forex Trading Platform?

To choose a UK forex trading platform, you should go through the options your broker offers; most commonly, they’ll be MetaTrader 4, MetaTrader 5, or TradingView. Ensure the forex trading platform has the indicators and tools your forex trading strategy requires.

You can use a demo account to access these trading platforms and play with the tools and settings on the platform. We think it’s the best way to see which is best.

Will UK Forex Brokers Keep My Funds Safe?

All UK Forex brokers will keep your funds safe through security methods like encryption and segregation of your funds from the broker’s own capital. Brokers must have segregated accounts, a rule set by the FCA to protect client funds if the broker is having financial problems, ensuring your funds are safe.

Should anything go wrong, all trading accounts are protected by the Financial Services Compensation Scheme (FSCS).

As a Forex Trader, What Taxes Will I Pay As A Trader?

As a forex trader in the UK, you’ll have to pay Capital Gains Tax, a tax you pay on your profits. How much you pay depends on your personal circ*mstances, but because you have to pay the tax, you can write off your losses against the profits – reducing your tax liability.
Alternatively, you could use spread betting, which doesn’t pay capital gains tax, saving you money on your winnings, but you cannot write these off.

Can You Trade Crypto In The UK?

As a retail trader, you cannot trade cryptocurrencies as CFDs. This Financial Conduct Authority introduced a ban on crypto derivatives in February 2024. CFD Traders who qualify for a Professional trading account however can continue to trade crypto CFDs.

What does CFD stand for?

CFD is short for ‘Contracts For Difference’, which is a form of derivatives trading. Trading CFD is a means to trade the price movement of financial markets such as the Forex markets without owning the underlying asset.

Conclusion On Who We Rated The UK Best Forex Broker

Our testing of the best brokers found Pepperstone to be the 2024 best broker based on our execution speed tests, published low spreads and forex trading platform range offered. Based on their published lowest average spreads, we gave the broker the maximum score for trading fees.

We also gave the best rating score for their trading platform because they offer the choice of the four best forex trading apps (MT4, MT5, cTrader and TradingView), and they achieved the top score for the trading environment because our testing on demo accounts showed their execution speeds were the fastest of all UK brokers. Finally, the broker also scored well for their award-winning customer service and trust making them the best ‘well-rounded’ UK forex broker for currency and CFD trading.

Pepperstone ReviewVisit Pepperstone
10 Best UK Forex Brokers In 2024 [FCA Regulated List] (118)
Forex Regulation In The United Kingdom
The recommended UK forex brokers on this page are listed on the Financial Conduct Authority FCA register. It was called the Financial Services Authority (FSA) before 2013, after which the Banking Reform Act reformed the authority. As part of Europe, Great Britain follows the ESMA guidelines on CFDs, spread betting and Forex Trading.

You can view the complete list of FCA-regulated brokers at the bottom of this page. The authority is independently formed by the government and funded by membership fees. The FCA requires UK FX brokers to hold a minimum of £1 million in operating capital in the UK. It may increase based on a formula aligned to the number of traders an FX broker has. Other requirements include the following:

  • Segregating UK client accounts from brokers so they can’t use them for operational expenditures.
  • Instantly processing withdrawal requests
  • Submitting annual audited reports to the FCA
  • Submitting periodic statements showing capital holdings to meet capital ratio requirements
  • Complying with strict regulations surrounding marketing materials that advertise the brokers’ financial products
  • Resolving customer complaints and allowing any failed resolutions to be arbitrated by the UK Financial Ombudsman

The FCA has a compensation scheme to protect forex broker UK client funds. It is called the Financial Services Compensation Scheme (FSCS). The objective of the FSCS is to compensate CFD traders when a broker comes into insolvency issues, offering protection up to £50,000. When insolvency and liquidation issues occur, the FSCS provides CFDs traders with:

  • 100% of funds back up to £30,000
  • Up to 90% of funds back for amounts between£30,000 to £50,000

A CFD trader must make an insurance claim through the Financial Services Compensation Scheme website to submit a claim. Traders should ensure the firm is listed on the FSCS website, as compensation is only available when the body deems the broker’s assets are frozen or in liquidation. To avoid dealing with a scam broker, UK residents are strongly recommended to choose an FCA-regulated broker. It may also be worth keeping up-to-date with the regulator’s website, as brokers can have their Financial Conduct Authority licence revoked. This recently occurred in the UK, with FXTM losing their FCA licence.

New FCA Regulation In 2024

Traders should note that the FCA banned Cryptocurrency CFDs. Any regulated broker in the United Kingdom no longer offers crypto classes like Bitcoin. Cryptocurrencies are also banned for traders who choose spread betting.10 Best UK Forex Brokers In 2024 [FCA Regulated List] (119)

FCA Regulated Forex Broker List

Based on factors such as forex market range, currency trading conditions, forex fees, and customer service, we created the finalised list based on brokers regulated by the FCA. The top UK forex broker table was last revised in February 2024 and is regularly updated based on CFD providers that gain or lose an FCA licence. Other brokers, such as OANDA, Saxo Bank and VT Markets, were considered in this review and may be featured on our other UK comparison page. There are also brokers regulated by CySEC that appear on other comparisons.

The comprehensive FCA broker is below.

UK BrokerLicence NumberMinimum DepositMax Retail LeverageMax Professional LeverageEUR/USD Spreads FromTrustpilot Broker ReviewsTraders Lose Money
Pepperstone LimitedFCA 684312£5030:1500:10.04.6/5 - 508 reviews77.60%
Swissquote LtdFCA 562170€100030:1400:11.02.6/5 - ‎10 reviews85.76%
eToro (UK) LtdFCA 583263$20030:1400:132.3/5 - ‎1,670 reviews79%
IG Markets LimitedFCA 195355£25030:1222:10.64/5 - ‎2,460 reviews77%
City IndexFCA 113942£10030:1400:10.51.9/5 - ‎60 reviews75%
Abshire-Smith Global LtdFCA 590890£50030:1200:10.875%
Activtrades PlcFCA 434413£100030:1400:10.54.6/5 - ‎572 reviews85%
Admiral Markets UK LtdFCA 595450€10030:1500:10.73/5 - ‎9 reviews77%
ADS Securities London Limited
FCA 577453£10030:1500:10.972%
AxiTrader UKFCA 509746£030:130:10.23.8/5 - ‎9 reviews82.40%
City Credit Capital (UK) LtdFCA 232015$50030:1100:1366.52%
CMC Markets UK plcFCA 173730£030:1500:10.74.6/5 - ‎573 reviews79%
Equiti CapitalFCA 528328$50050:1500:10.43.3/5 - 3 reviews73.07%
ETX CapitalFCA 124721£10030:1200:10.64.2/5 - ‎87 reviews68.61%
FCI MarketsFCA 616985$100030:1400:10.283.33%
FOREX.com UKFCA 113942£5030:1200:10.82.8/5 - ‎17 reviews73%
FXCM LtdFCA 217689‎£30030:1400:10.73.6/5 - ‎17 reviews71%
IronFXFCA 585561$10030:1500:10.53.2/5 - ‎3 reviews71.81%
FXOpen UKFCA 579202€30030:1500:10.33.9/5 - ‎5 reviews60%
FxPro UK LimitedFCA 509956£10030:1500:11.53.4/5 - ‎85 reviews84.69%
Hantec MarketsFCA 502635€100030:1400:11.83.7/5 - ‎117 reviews68.40%
Hirose Financial UK LtdFCA 540244£2030:1100:11.961%
House of Borse LimitedFCA 631382$500030:1200:10.375%
HYCM LtdFCA 186171$10030:1200:11.82.9/5 - ‎21 reviews74%
ICM Capital LimitedFCA 520965£20030:1200:11.32.6/5 - ‎4 reviews71.31%
Interactive Brokers (UK) LtdFCA 208159£033:133:10.23.9/5 - ‎197 reviews69.00%
InterTrader LimitedFCA 597312£38030:1400:10.63.2/5 - ‎1 review72%
Kerford Investments (UK) LimitedFCA 193030$100030:1200:11.074%
Key To Markets LimitedFCA 527809€10030:1500:10.171%
London Capital Group (LCG)FCA 182110£030:1200:10.32.3/5 - ‎13 reviews70%
OANDA LimitedFCA 542574€030:1100:11.13/5 - ‎28 reviews76.60%
One Financial MarketsFCA 466201£030:1400:11.082.40%
FXStatFCA 537787£50030:1100:10.175%
Plus500 UKFCA 509909£10030:1300:10.64.3/5 - ‎904 reviews73%
Price Markets UKFCA 725804$50030:1400:10.064.40%
TS CapitalFCA 447281£5030:1500:11.178%
TeraFX UKFCA 564741$10030:1500:10.659.34%
ThinkMarketsFCA 629628£030:1500:10.42.9/5 - ‎28 reviews60.30%
TickmillFCA 717270£10030:1500:10.14.5/5 - ‎116 reviews76%
Valbury Capital LimitedFCA 540418$1500030:1100:10.368%
Valutrades LimitedFCA 586541£030:1500:10.060%
Vantage FXFCA 590299£20030:1500:10.03.7/5 - ‎7 reviews76%
VARIANSEFCA 802012£50030:1400:10.058%
XTB LimitedFCA 522157£25030:1500:10.14.3/5 - ‎145 reviews82%
FXTM
FCA 777911
Exness
FCA 730729
Velocity Trade
FCA 497263
Sucden Financial
FCA 114239
TIO Markets
FCA 488900
Cresco FX
FCA 764353
CIX Markets
FCA 232015
CPT Markets UK
FCA 606110
Markets.com
FCA 607305
Saxo Bank
FCA 551422
SVK Markets
FCA 616032
EVFX
FCA 470325
Abshire Smith
FCA 590890
Land FX
FCA 709866
Core SpreadsFCA 525164
Blackwell Global
FCA 687576
ADS Securities
FCA 577453
HFM
FCA 801701
Trading.com
FCA 705428
ATFX
FCA 750501

CFD and Spread Betting involve complex instruments. In volatile markets, the combination of leverage creates a high-risk environment. Volatility can lead UK clients to lose money quickly. Many retail investor accounts lose money when trading CFDs, which can be viewed in each broker’s disclaimer. Understanding how CFDs work before enteringhighly leveraged, high-risk positions is critical. Ensure you understand the risks of CFDs and spread bets and can afford to lose your money when you trade.

10 Best UK Forex Brokers In 2024 [FCA Regulated List] (120)

10 Best UK Forex Brokers In 2024 [FCA Regulated List] (121)

About the author:

Justin Grossbard

Having traded since 1998, Justin is the CEO and Co-Founded CompareForexBrokers in 2004. Justin has published over 100 finance articles from Forbes, Kiplinger to Finance Magnates. He has a Masters and Commerce degree and has an active role in the fintech community. He has also published a book in 2023 on on investing and trading.

  • 10 Best UK Forex Brokers In 2024 [FCA Regulated List] (122)
  • 10 Best UK Forex Brokers In 2024 [FCA Regulated List] (123)
  • 10 Best UK Forex Brokers In 2024 [FCA Regulated List] (124)

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