Forex trading is a widely popular avenue for online trading in the UK. The United Kingdom has consistently been a hub for forex trading, boasting a plethora of excellent brokerage options. It's important to note that UK-based online brokers must adhere to specific regulatory standards when dealing with clients within the UK.
In order to assist you in finding the ideal broker and trading platform that aligns with your requirements, we have meticulously compiled a list of the best forex brokers available in the UK. These selections have been carefully curated, taking into account factors such as regulation, available currency pairs, fees, and more.
Best Forex Trading Platforms in the UK for 2023
The UK market boasts a diverse array of brokers, each offering unique trading opportunities. If you are considering venturing into forex trading in the UK, it is essential to contemplate the following broker options:
- Plus500
- AvaTrade
- Interactive Brokers
- eToro
- Pepperstone
- FP Markets
- XTB
- XM
- FXTM
- TickMill
- Vantage FX
- IC Markets
- Markets.com
- TMGM
- City Index
- IG
- Swissquote
- HYCM
- Eightcap
- VT Markets
- Blackbull Markets
- OctaFX
- easyMarkets
- HotForex
- CMC Markets
These brokers have been meticulously selected to provide UK traders with a wide range of choices, ensuring you find the most suitable option for your forex trading endeavors.
Plus500 Overview
Plus500 is a globally recognized broker renowned for its widely-used online trading platform. This broker specializes in offering a diverse array of options for CFD trading, featuring a broad selection of instruments.
Plus500 operates under the regulation of the Financial Conduct Authority (FCA), ensuring full compliance with UK financial regulations. Traders utilizing Plus500 can benefit from commission-free trading and access to leverage.
| Pros | Cons |
|---|---|
| Commission-Free CFD Trading for Stock Options | Room for Improvement in Research Tools |
| Commission-Free Trading | |
| Leverage Opportunities | |
| User-Friendly Trading Platform Equipped with a Demo Mode |
86% of retail investor accounts lose money when trading CFDs with this provider.
AvaTrade
AvaTrade, a well-regarded online trading platform, provides users with a selection of three distinct applications tailored for specific types of traders and markets. It stands as a premier choice for those engaged in forex and CFD trading, offering an extensive toolkit and valuable trading resources.
| Pros | Cons |
|---|---|
| Exceptional Technical Research Tools | |
| Straightforward Account Opening Process | |
| Assortment of Trading Applications | |
| Outstanding Technical Support |
Interactive Brokers Overview
Interactive Brokers stands as a dependable choice for seasoned traders. Its Trader Workstation desktop platform is particularly enticing to active day traders, delivering an array of advanced tools to facilitate efficient trading. With favorable fee structures and an impressive array of investment options, it garners attention among traders.
| Pros | Cons |
|---|---|
| Exceptional Research Tools | Some Fees are Relatively High |
| Extensive Investment Portfolio | |
| Commission-Free ETF and Stock Trading | |
| Ideal Platform for Active Day Traders |
eToro Overview
eToro stands as one of the most renowned online trading platforms globally, distinguished by its robust regulation, ensuring secure and efficient trading experiences for UK users. The platform offers an intuitive trading app and an extensive portfolio of assets.
eToro is especially celebrated for its social trading functionality, enabling users to replicate the strategies of accomplished forex traders. Additionally, a demo mode is at your disposal for practice.
| Pros | Cons |
|---|---|
| Exceptional Social Trading Features | Room for Improvement in Forex Trading Fees |
| A Popular and Well-Established Trading Platform with a Thriving Community | Research Tools Could Be Enhanced |
| A Diverse Range of Trading Assets | |
| User-Friendly Interface |
CFDs are intricate financial instruments that carry a significant risk of rapid capital loss, primarily due to the effect of leverage. In fact, 68% of retail investor accounts may experience financial losses when engaging in CFD trading with this particular provider. It is imperative that you evaluate your comprehension of CFD mechanics and carefully assess whether you possess the financial capacity to assume the considerable risk of potential capital depletion. Please be mindful that your invested capital is subject to risk, and additional fees may be applicable. For a detailed breakdown of associated fees, we recommend visiting etoro.com/trading/fees.
Pepperstone Overview
Pepperstone is a well-established broker within the UK, renowned for offering a diverse array of trading opportunities. It boasts a versatile selection of currency pairs, high-speed performance, and exceptionally low CFD and forex fees.
Pepperstone provides an exceptional trading app known for its speed and efficiency. This user-friendly platform is equally appealing to beginners, featuring a complimentary demo mode for practice.
| Pros | Cons |
|---|---|
| Daily Cash Rebates for Active Traders | Non-EU Members May Lack Investor Protection |
| Low Fees for Equity Index CFDs and Forex | Limited Investment Opportunities Beyond CFD Trading |
| VIP Trading Platform Access via the App | |
| A Rapid and Efficient Trading App Suited for All Levels of Traders |
FP Markets Overview
FP Markets serves as a forex and CFD broker, catering to traders of all skill levels. It offers competitive trading fees, boasts high-quality educational resources, and extends the advantage of a user-friendly demo account for beginners. The process of opening an account with FP Markets is straightforward and accessible.
| Pros | Cons |
|---|---|
| Competitive Forex Trading Fees | Desktop Trading Platform Requires Improvement |
| High-Quality Educational Resources | |
| Effortless Account Opening Procedure |
XTB Overview
Based in London, XTB operates as a broker with a rapid and effective trading platform. It holds robust regulatory compliance within the UK and provides exceptional opportunities for trading across various currency pairs.
XTB traders benefit from remarkably low fees and a highly proficient trading app integrated into the platform. Deposits and withdrawals are typically free of charge. However, one drawback is the comparatively limited availability of trading data compared to some other brokers in the market.
| Pros | Cons |
|---|---|
| Low Trading Fees | Limited Educational Data Offered |
| Efficient Trading Platform | Elevated Fees for Stock CFD Trading |
| Hassle-Free Account Opening | |
| Free Withdrawals and Deposits |
XM Overview
XM stands as a commendable forex trading platform within the UK, attributed to its stringent regulatory framework. The platform offers user-friendliness in both account setup and trading. It provides an array of valuable tools and top-notch educational resources.
XM Evaluation
| Pros | Cons |
|---|---|
| High-Quality Educational Tools | Elevated Fees in Some Instances |
| Low Withdrawal Fees | |
| Simplified Account Opening Process | |
| Extensive Offering of Currency Pairs |
FXTM Overview
FXTM, a worldwide broker, provides UK traders with a swift and efficient trading platform. FXTM caters to traders of all experience levels, making it accessible to both beginners and seasoned professionals, courtesy of its exceptional tools and user-friendly platform.
The account setup process with FXTM is straightforward, and the broker is renowned for offering top-tier educational resources, including webinars. Moreover, FXTM adheres to rigorous regulation, ensuring a secure trading environment for UK traders.
| Pros | Cons |
|---|---|
| Hassle-Free Account Opening Procedure | Various Fees May Apply |
| Comprehensive Tools and Educational Resources | |
| User-Friendly Trading Platform |
TickMill Overview
TickMill, regulated by the FCA, stands as a preferred option for traders with hectic schedules. While market access may be constrained in some respects, it provides a comprehensive solution for forex trading enthusiasts. The platform is characterized by its cost-effectiveness, offering low fees, and delivers a seamless digital trading experience.
| Pros | Cons |
|---|---|
| Convenient Account Opening Process | Limited Trading Portfolio |
| Low Forex and Inactivity Fees | |
| Outstanding Educational Resources | |
| Swift and Responsive Customer Support |
Vantage FX Overview
Vantage FX, a niche-oriented broker, excels in fulfilling traders' needs effectively. It distinguishes itself with its remarkably low fees and the absence of inactivity charges. Account setup is swift and straightforward, further enhancing the user experience. Vantage FX is also known for providing exceptional educational resources and advanced tools.
| Pros | Cons |
|---|---|
| Exceptional Educational Research Tools | Limited Investment Portfolio |
| Low Trading Fees | Customer Support Response Time Is Slower |
| . Effortless and Speedy Account Opening |
IC Markets Overview
IC Markets stands as a commendable broker, highly regarded for its exceptional trading platform. The broker boasts minimal forex fees, along with the convenience of free deposit and withdrawal options. IC Markets also provides noteworthy research and educational tools for traders.
| Pros | Cons |
|---|---|
| Exceptional Educational Research Tools | Lack of Investor Protection for UK Traders |
| Low Forex Fees | Limited Variety in Investment Portfolio |
| Free Deposits and Withdrawals | |
| User-Friendly Account Opening Process |
Markets.com Overview
Markets.com presents a web-based trading platform designed for convenient access to the foreign exchange market. It caters particularly well to novice traders due to its user-friendly platform. The mobile trading platform delivers a swift and efficient experience, complemented by commendable research tools.
| Pros | Cons |
|---|---|
| Intuitive and User-Friendly Trading Platform | Trading Fees Tend to Be Relatively High |
| Ideal Platform for Beginner Traders | Insufficiency in Educational Content on the Platform |
| A Diverse Selection of Currency Pairs | Advanced Traders May Find a Need for More Robust Trading Tools |
TMGM Overview
Trademax Global Markets, known as TMGM, is a broker known for its remarkably low fees in the realm of forex trading. Setting up an account and commencing trading is notably straightforward with this broker. Additionally, TMGM offers a hassle-free deposit and withdrawal process, which is free of charge.
| Pros | Cons |
|---|---|
| Low Trading Fees | Limited Product Portfolio Beyond Forex |
| Focus on Forex Trading with a Wide Array of Currency Pairs | Limited Availability of Educational and Research Tools |
| User-Friendly Account Opening Procedure | |
| Free Deposit and Withdrawal Options |
City Index Overview
City Index is a broker that resonates with traders due to its cost-effectiveness, offering low fees and a straightforward account setup process. The broker stands out with its top-quality research tools and a wide array of trading options. Moreover, City Index keeps non-trading and withdrawal fees to a minimum.
| Pros | Cons |
|---|---|
| Competitive Forex Trading Fees | Trading Platform May Not Be the Most Advanced |
| Effortless Account Setup | Limited Portfolio Beyond Forex and CFDs |
| A Comprehensive Range of Robust Research Tools |
IG Overview
IG, a well-established UK broker, continues to be a favored option among traders. The broker stands out for its stringent regulatory compliance and user-friendly trading platform. Additionally, IG provides exceptional educational resources and trading tools.
| Pros | Cons |
|---|---|
| Diverse Range of Currency Pairs Available | Fees Tend to Be Relatively High |
| Efficient Desktop Trading Platform | Limited Variety in Trading Portfolio Beyond Forex |
| High-Quality Educational Tools/td> | |
| Convenient Deposit and Withdrawal Options |
SwissQuote Overview
SwissQuote stands as a long-established broker headquartered in Switzerland. The platform is notably efficient for active trading and garners attention among advanced forex traders. SwissQuote impresses with its extensive selection of currency pairs and maintains robust regulatory oversight.
| Pros | Cons |
|---|---|
| Absence of Inactivity Fees | Elevated Trading Fees |
| A Well-Established and Highly Regulated Swiss Broker | Best Suited for Experienced Traders |
| Outstanding Variety of Currency Pairs |
HYCM Overview
HYCM stands as a commendable choice, specializing primarily in forex trading. The broker offers competitive trading fees and hosts a wealth of high-quality educational resources. Diverse research tools are available to enhance trading insights, and the account opening process is swift and efficient.
| Pros | Cons |
|---|---|
| Extensive Trading Options for Forex | Limited Portfolio Beyond Forex |
| High-Quality Educational Research Tools | Elevated Inactivity Fees |
| Low fees | Some Room for Improvement in Customer Support |
| User-Friendly Trading Platform |
Eightcap Overview
Eightcap, an Australian broker, holds strong regulatory credentials and serves as a sound option for UK traders. The broker presents a broad spectrum of currency pairs and delivers substantial market access to support a diversified trading portfolio.
| Pros | Cons |
|---|---|
| User-Friendly Trading Platform | High Minimum Account Requirement |
| Regulatory Compliance | Fees and Commissions May Apply |
| Low fees | Room for Improvement in Customer Support |
| Availability of Research Tools |
VT Markets Overview
VT Markets is a commendable broker that stands out with its unique features, particularly its partnership with Trading Central. The broker's trading platform is user-friendly and operates via MT4, while premium trading tools from Trading Central enhance the trading experience. VT Markets maintains competitive trading fees and robust regulatory compliance.
| Pros | Cons |
|---|---|
| Abundance of Currency Pairs Available | Limited Research Resources |
| User-Friendly Trading Platform | Absence of Mobile Trading Option |
| Availability of Powerful Trading Tools | |
| Strong Regulatory Oversight |
BlackBull Markets Overview
BlackBull Markets serves as an efficient broker, ideal for straightforward forex trading. The broker provides support for MT4 and offers various social trading platforms. It excels in providing a wide array of research and education tools, and it is well-regulated, ensuring a secure environment for forex and CFD trading.
| Pros | Cons |
|---|---|
| Exceptional Research and Educational Tools | Limited Investment Options Beyond Forex |
| Social Trading Platforms Available | Absence of a Mobile Trading Platform |
| Competitive Low Commissions and Fees |
OctaFX Overview
OctaFX is a broker that offers compatibility with both MetaTrader and cTrader platforms. The broker distinguishes itself with a notably well-crafted mobile trading app. OctaFX stands out for its low forex fees and extensive selection of currency pairs.
| Pros | Cons |
|---|---|
| Low Fees and Commissions | Highly Regarded Mobile Trading App |
| Limited Research and Educational Tools | Forex-Centric Focus |
| Abundance of Currency Pairs |
easyMarkets Overview
easyMarkets stands as a prime selection for novice traders, offering a user-friendly platform that facilitates seamless navigation and quick entry into trading. The broker supports MT4 and introduces distinctive features such as deal cancellation and freeze rate options. Additionally, easyMarkets maintains strong regulatory compliance in the UK.
| Pros | Cons |
|---|---|
| User-Friendly Trading Platform | Elevated Trading Fees |
| MT4 Integration with Guaranteed Stop-Loss Orders | Limited Availability of Market Research Tools |
| Stringent Regulation in the UK | Limited Range of Tradable Products |
HotForex Overview
HotForex stands as a commendable and adaptable broker, offering compatibility with both MT4 and MT5 trading platforms. The broker caters to beginners with a demo account and excels in providing robust social trading features. Moreover, HotForex maintains cost-effectiveness by keeping forex trading fees to a minimum.
| Pros | Cons |
|---|---|
| Low Forex Fees and Commissions | May Not Be Ideal for Traders Seeking Diversified Investments Beyond Forex/td> |
| A Wide Selection of Currency Pairs | |
| Outstanding Social Trading Feature | |
| Availability of a Demo Account on the Trading Platform |
CMC Markets Overview
CMC Markets should unquestionably be at the forefront of considerations for traders. As a well-established broker, it boasts robust regulatory compliance and offers exceptional online trading platforms. Specializing in CFD trading, CMC Markets provides access to an impressive selection of currency pairs.
Furthermore, CMC Markets impresses with its low forex fees, free deposits, and a diverse array of investment opportunities. The broad portfolio, customizable trading platforms, and superior trading tools collectively make CMC Markets a highly astute choice.
| Pros | Cons |
|---|---|
| Competitive Low Forex Fees | Complex Account Opening Process |
| Availability of Outstanding Trading Platforms | Stock CFD Fees Tend to Be on the Higher Side |
| Comprehensive Education and Research Tools | |
| A Wide Variety of Tradable Assets |
Risks of Forex Trading and Risk Management Tools
Becoming a successful trader hinges on understanding the crucial aspect of risk management. Given the inherent volatility of financial markets and the ever-shifting foreign exchange rates, forex trading carries various risks, including exchange rate risks, interest rate risks, liquidity risk, credit risk, and country risk.
Forex traders can employ risk management tools to mitigate these risks, which include different order types provided by their brokers. Essentially, these order types determine how traders can enter and exit specific trades.
Selecting a Forex Broker in the UK
- Regulation: All UK-based brokers must adhere to regulation by the Financial Conduct Authority (FCA) to ensure trustworthiness. Some international brokers may also be regulated by other reputable authorities.
- Fees & Commissions:Brokers charge varying fees and commissions. Opt for a brokerage that offers competitive spreads that align with your trading strategy.
- Tradable Currency Pairs: Forex trading revolves around the exchange of different currencies. Choose a broker that offers the currency pairs suitable for your trading preferences.
- Account Types: Brokers and trading platforms offer a range of account types, including mini, macro, standard, demo, or VIP accounts, catering to diverse trading experiences.
- Order Types and Risk Management: Evaluate the broker's available order types, which play a crucial role in risk management. These may include stop loss, stop entry, market, limit entry, and trailing stop orders.
- Leverage and Margin: Assess the level of leverage offered by the broker. Leverage is linked to margin, so ensure they align with your trading strategy and risk tolerance.
- Account Minimums: Different brokers have varying capital requirements to open and start trading accounts. Ensure the minimum aligns with your available capital.
- Trading Tools: Brokers offer a range of trading tools for an enhanced trading experience. The more tools available, the better.
- Research Resources: Look for platforms that provide robust market research tools to aid informed trading decisions.
- Trading platforms: Different brokers offer unique trading platforms, including desktop and mobile apps. Ensure compatibility with your devices and consider platforms such as MT4, MT5, or cTrader.
- Customer Support: Exceptional customer support can significantly impact your trading experience.
Spread betting vs CFD Forex
Spread betting and CFD forex trading both involve leveraged financial products where traders open positions by depositing a percentage of the total spread or trade value.
CFD forex trading requires traders to open a position by depositing a percentage of the trade’s total value. This makes it a leveraged product.
Best Forex Trading App in the UK
Among the various forex trading apps available in the UK, Pepperstone stands out as a top choice. It offers a plethora of useful trading features and maintains strong regulation in the UK.
Best For Beginners
For novice traders, eToro is our top recommendation as a beginner-friendly trading platform for forex. It offers features like copy trading, demo accounts, and an easy-to-use trading platform.
