Best Forex Brokers in the UK

Best For Excellent Trading Conditions and Overall Offerings

FOREX.com

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Best For Low Forex Fees

Axi

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Best For Multi-Asset Traders

Saxo

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Best For Spread Betting, CFD and Forex Traders

City Index

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Best For Active and Global Traders

Interactive Brokers

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Best For Best for Low Fees and Tight Spreads

IFC Markets

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The UK is a hub for forex trading and London has the highest foreign exchange trading volume globally, making it a popular choice for those seeking a forex broker in the UK.

Many reputable brokers offer competitive services with varying features and benefits. It's important to verify the regulation of any UK forex broker by checking its registration number on the Financial Conduct Authority (FCA) website before making a decision.

In this article, we reviewed the top forex brokers in the UK, highlighting their key features, benefits and regulatory status to help you choose a broker that fits your needs.

Best Forex Brokers in the UK

It's crucial to work with a broker that is not only regulated with a high quality trading platform, but a broker you can trust to keep your funds safe. Take a look at some of the the best brokers in the UK you can feel confident trading with.

Best for All Around Offerings: FOREX.com

Overview: FOREX.com is a well-established forex and CFD broker and part of the Fortune 100 and NASDAQ-listed StoneX Group Inc., the broker is highly regulated ensuring client funds are segregated and protected. Traders can access over 80 forex pairs, 15+ global indices, 5,500+ shares CFDs, and a selection of commodities, including UK and US crude oil. With leverage of up to 30:1 for retail traders and a minimum deposit of $100, FOREX.com provides a flexible and competitive trading environment. The broker supports multiple payment methods, including credit/debit cards, PayPal, and wire transfers, making funding and withdrawals convenient for UK traders.

Why We Picked It: FOREX.com stands out for its comprehensive suite of trading platforms and tools designed for both beginners and professional traders. It offers MetaTrader 4 (MT4), a proprietary Web Trader, and mobile trading apps, ensuring seamless access across devices. Advanced traders can benefit from Direct Market Access accounts, TradingView charts, Trading Central insights, SMART Signals, and performance analytics. The broker also provides a trading academy and regular news and analysis. With 24/5 customer support via chat, phone, and email, FOREX.com delivers a well-rounded trading experience backed by strong regulatory oversight and institutional-grade security.

Best for Low Forex Fees: Axi

Overview: Axi was established in 2007 and offers access to over 140 tradable products, including forex pairs, shares, indices and commodities. With competitive spreads starting from 0.9 pips and leverage up to 30:1 for retail clients. The broker utilizes MetaTrader 4 (MT4) platform, available on web and mobile, complemented by advanced trading tools and resources to enhance the trading experience. Additionally, Axi offers spread betting accounts, allowing UK clients to trade tax-free, subject to individual circumstances and potential changes in tax laws.

Why We Picked It: Axi's competitive pricing, with low spreads and no minimum deposit requirement, makes it accessible to traders with varying capital levels. The availability of the MT4 platform, enhanced with additional trading tools, caters to traders seeking advanced functionalities and seamless execution. Additionally, Axi's educational resources, including free eBooks and the Axi Academy, support traders in enhancing their skills and knowledge. The broker's 24/5 customer support ensures that assistance is readily available, reinforcing its dedication to client satisfaction.

Best for Advanced Traders: Saxo

Overview: Saxo serves UK clients with access to over 35,000 financial instruments across stocks, ETFs, bonds, funds, forex, CFDs and commodities. Clients can choose from multiple account types, such as Individual, Joint, Corporate, ISA, SIPP, Trust, Professional, and Demo accounts. The platform offers tiered account levels—Classic, Platinum, and VIP—providing benefits like reduced fees and priority support based on account balance or trading volume.

Why We Picked It: Saxo comprehensive market access, combined with its commitment to security and regulatory compliance, offers a reliable and versatile trading experience. Saxo's tiered account structure allows traders to benefit from competitive pricing and enhanced services as their investment portfolio grows. The availability of specialized accounts, such as ISA and SIPP, enables UK investors to manage their tax-efficient investments effectively. Moreover, Saxo's dedication to client education through webinars, market insights, and personalized support empowers investors to navigate the financial markets with confidence.

Best for CFD Trading: City Index

Overview: City Index, established in 1983, is a UK-based broker offering spread betting and CFD trading across a wide range of markets, including forex, indices, shares, and commodities. As a subsidiary of the NASDAQ-listed StoneX Group Inc., Traders have access to over 13,500 markets with competitive spreads, such as 0.8 points on the UK 100 and 1.1 pips on EUR/USD. The broker provides multiple trading platforms, including its proprietary Web Trader, the widely used MetaTrader 4 (MT4), and mobile applications. City Index also offers extended hours trading on over 70 major US shares, allowing clients to respond to market-moving events outside standard trading sessions.

Why We Picked It: City Index distinguishes itself through its suite of trading tools and educational resources, along with advanced charting tools, integrated research from Trading Central, and Performance Analytics. For UK clients, City Index provides tax-efficient spread betting options, with profits exempt from UK Capital Gains Tax and Stamp Duty. The broker's commitment to client support is evident through its 24/5 customer service via phone, email, and live chat.

Best for Professionals: Interactive Brokers

Overview: Interactive Brokers (IBKR) offers access to over 150 markets in 34 countries. Clients can trade stocks, options, futures, currencies, bonds, and more, all from a single, integrated account. The platform supports multiple base currencies, including GBP, and provides advanced trading tools through its proprietary platforms, such as the Trader Workstation (TWS) and IBKR Mobile. With competitive commission structures and no minimum deposit requirement.

Why We Picked It: IBKR offers extensive market access, low-cost trading and robust platform capabilities. IBKR's comprehensive suite of tools, including advanced charting, risk management features, and a customizable interface. Additionally, the platform's commitment to security, evidenced by its FCA regulation and segregated client funds, provides peace of mind for UK investors seeking a reliable and versatile trading partner.

Best for Leverage Trading: IFC Markets

Overview: IFC Markets is an online broker offering over 650 trading instruments, including forex, commodities, indices, stocks and cryptocurrencies. It provides access to NetTradeX, MetaTrader 4, and MetaTrader 5, with fixed spreads from 1.8 pips and floating spreads from 0.4 pips. Leverage is available up to 1:400, and the minimum deposit starts from $1.

Why We Picked It: IFC Markets offers a broad range of tradable assets and supports multiple platforms. It provides customizable trading through the GeWorko Portfolio Quoting Method. Competitive trading conditions, low deposit requirements, and high leverage make it accessible to different types of traders. The broker also offers 24/7 multilingual support and educational resources.

How to Choose the Best Forex Brokers in the UK

Here is the methodology behind our top picks for forex brokers in the UK and how you can thoroughly vet a broker that suits your trading needs.

Spreads

Unlike stock trading, forex trading isn’t usually burdened by commissions or similar fees. Instead, brokers are compensated by using a spread, a gap between the bid and ask prices, that allows them a profit on each trade.

While not the only consideration, spreads matter because they affect the profitability of trades. Wider spreads can have the effect of higher trading costs. Rollover fees or swap rates, which represent the difference in interest rates between the two currencies in a pair held overnight aren’t considered as a cost because a rollover fee can be either a fee or a payment to the trader. They work both ways.

FCA Regulation

While the trades themselves aren’t monitored, brokers that are FCA-regulated provide an extra margin of safety because their business practices are monitored.

There are examples of forex brokers that have become insolvent due to rapid changes in currency prices and exposure through leverage granted to traders and margin calls that haven’t been covered. FCA regulation assures that funds for trading accounts are kept separate from the broker’s own funds.

Cash Management

The ease of funding trading accounts and getting your money back out are important considerations. Forex trading benefits from the ability to manage balances nimbly and to fund your account in a number of ways. When it’s time to take profits out, that process should be equally simple.

Trading Tools

Forex traders come in all forms, from beginner to expert, and everywhere in between. Trading tools that help traders to understand price movements or the mechanics of a trade are expected. Brokers or trading platforms should have charting, historical data, news, and other tools available for traders.

Customer Support

When a problem or question arises for traders, it’s important that there’s a way — or several ways — that traders can get support. The forex trading market has evolved, making the platforms or brokers with better trading tools more appealing.

How to Verify FCA Authorization

To verify FCA authorization, access the FCA Financial Services Register and confirm the broker's FCA register number with the official FCA database. Here are the step to verify:

• 1. Open your preferred web browser and visit the FCA Financial Services Register. You can simply enter "FCA Financial Services Register" in the search bar or click this link.
• 2. Locate the search box and enter the name or details of the broker or firm you want to verify into the search box. For example, you can enter the broker's name, company name, or FCA register number if you have it. The search results will display a list of regulated entities matching your search criteria.
• 3. Locate the specific broker or firm you are interested in verifying from the search results. Look for the broker's FCA register number. This number uniquely identifies the broker and is usually provided alongside their other details. Make a note of this number.
• 4. Now, go back to the FCA Financial Services Register page and find the search box again. This time, select the "Firm Reference Number" option from the "Search by" drop-down menu, which allows for a specific search using the FCA register number.
• 5. Enter the broker's FCA register number into the search box, the search results should display the specific broker or firm matching the FCA register number you entered. Ensure that the details provided on the FCA Financial Services Register match the information provided by the broker. This confirms their FCA authorization.

Why is the Financial Conduct Authority (FCA) Important for Forex Traders in the United Kingdom?

The FCA plays a crucial role in the forex trading industry in the UK and is highly important for forex traders operating in the country. As the main regulatory body, the FCA ensures that UK-based brokers comply with regulations and adhere to strict guidelines, ultimately protecting you and upholding market integrity.

The FCA helps protect investors from fraudulent activities, such as unauthorized trading or misappropriation of funds.They require UK brokers to isolate client funds from their own operational funds. This segregation of client funds significantly reduces the risk of misappropriation or loss.

In the event of a broker's bankruptcy or insolvency, the Financial Services Compensation Scheme (FSCS) provides a safety net for traders. This scheme ensures that, up to a certain limit, traders may be compensated for their financial losses. This acts as a contingency plan for traders, providing them with additional protection and peace of mind.

What is Spread Betting, and Why is it Popular in the UK?

Spread betting is a form of financial trading where investors speculate on the price movements of various financial instruments, such as stocks, currencies and commodities. It involves placing a bet on whether the value of an asset will rise or fall, and the amount of profit or loss depends on how accurate the prediction is.

Spread betting is popular in the UK because it offers several advantages over traditional forms of trading, such as direct ownership of assets. Some of the reasons for its popularity include the potential for high returns, the ability to trade on margin (borrowing money to make larger trades), and the tax benefits for UK residents (profits are tax-free). Additionally, spread betting allows traders to take advantage of both rising and falling markets, providing opportunities for profit in any market conditions.

Frequently Asked Questions