StockBrokers.com is committed to the highest ethical standards and reviews services independently. Advertiser Disclosure

9 Best Forex Brokers in the UK

Steven Hatzakis

Sep 09, 2021

The StockBrokers.com best online brokers 2021 review (11th annual) took three months to complete and produced over 40,000 words of research. Here's how we tested.

London accounts for more foreign exchange, or forex, trading volume than anywhere else in the world, so it’s no surprise you may be seeking a broker in the United Kingdom to open a forex trading account. This guide ranks the all-around top U.K. forex trading platforms for beginners, intermediate and even advanced traders.

Before choosing any U.K. forex broker you must first ensure it is properly regulated in the U.K. The U.K. financial markets regulator is the Financial Conduct Authority, or FCA, which requires that forex brokers be properly authorized and regulated by it to carry out forex brokerage operations domestically and even to overseas clients. So it’s crucial to verify your broker’s registration number on the FCA website register.

One benefit of dealing with a regulated broker in the U.K. is that as a retail client, you are eligible for up to £85,000 in compensation in the extraordinary event of your broker’s insolvency, thanks to the Financial Services Compensation Scheme, or FSCS.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 65% and 82% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Best U.K. Forex Brokers

StockBrokers.com 2021 Review

We tested more than 27 of the most regulated brokers globally in our 2021 Annual Review. Based on our analysis, these are the the best forex brokers in the U.K.:

  • IG - Best overall broker 2021, most trusted
  • Saxo Bank - Best for research, trusted global brand
  • CMC Markets - Best web platform, most currency pairs
  • Interactive Brokers - Great for professionals, institutions
  • City Index - Excellent all-around offering
  • XTB - Best customer service, great trading platform
  • FOREX.com - Great all-around offering
  • eToro - Best overall platform for copy trading
  • Swissquote - Trusted global brand, diverse offering

Other U.K. forex brokers

These brokers are also regulated by the FCA: FXCM, Plus500, Pepperstone, Tickmill, FxPro, Vantage FX, HYCM and Eightcap.

If you are resident of the United States, Canada, or Australia, read our full international trading guides below. Similarly, if you are looking for an international forex broker, we have a separate tool for choosing a broker through our sister site, ForexBrokers.com.

1. IG

Overall - Visit Site

Regulated and trusted across the globe, IG (LSE: IGG) offers traders the ultimate package of excellent trading and research tools, industry-leading education, competitive pricing, and an extensive list of tradeable products. The minimum deposit in the U.K. is £250. Read full review

2. Saxo Bank

Overall

For traders who can afford the £500 minimum deposit in the U.K., Saxo Bank offers competitive pricing, excellent trading platforms, brilliant research, reliable customer service, and over 40,000 instruments to trade. Read full review

3. CMC Markets

Overall

CMC Markets is a globally trusted broker that delivers a terrific offering for traders thanks to excellent pricing and nearly 10,000 tradeable instruments. CMC Markets (LSE: CMCX) offers the best forex trading platform, its flagship Next Generation web app which comes packed with quality research, innovative trading tools, and powerful charting. Read full review

4. Interactive Brokers

Overall - Visit Site

Professional forex and CFD traders seeking a global multi-asset broker will find Interactive Brokers offers a sophisticated, institutional-grade trading platform, and competitive fees. Interactive Brokers (NASDAQ: IBKR) offers advanced order types and access to global financial markets. Read full review

5. City Index

Overall

Backed by GAIN Capital, City Index is a trusted brand that traders choose for its advanced trading platforms, excellent mobile app, diverse market research, education, and extensive range of markets. GAIN Capital is part of StoneX Group (NASDAQ: SNEX) a Fortune 500 company. The minimum initial deposit is £50. Read full review

6. XTB

Overall

As a trusted multi-asset broker, XTB offers traders outstanding customer service and an excellent trading experience overall thanks to the xStation 5 trading platform. XTB is publicly traded on the Warsaw Stock Exchange (WSE: XTB.PL). Read full review

7. FOREX.com

Overall - Visit Site

While not a discount broker, FOREX.com is a trusted brand that delivers an excellent trading experience for forex and CFDs traders across the globe. FOREX.com is a GAIN Capital brand which is part of StoneX Group (NASDAQ: SNEX) a Fortune 500 company. Read full review

8. eToro

Overall

eToro is a winner for its easy-to-use copy-trading platform where traders can copy the trades of investors across over 2300 instruments, including exchange-traded securities, forex, CFDs, and popular cryptocurrencies. Read full review

9. Swissquote

Overall

Traders willing to pay a premium to have their brokerage account held with a Swiss bank choose Swissquote for its competitive, multi-asset offering. That said, Swissquote's U.K.-based offering provides better pricing despite offering a smaller range of markets. Read full review

What is the best forex trading platform for beginners in the U.K.?

IG stands out for beginners in the U.K. The broker is a leader when it comes to education, thanks to the ease of use across its flagship platform. Beginners also benefit from IG Academy, a dedicated mobile app with educational resources; content from DailyFX, a blog-style news site; and access to IG Community, a social network resembling an advanced forum.

Is forex trading legal in the U.K.?

Yes, forex trading is legal in the U.K. provided that it is offered by a broker that is properly authorized and regulated by the FCA — a requirement that will also protect you from dealing with a scam broker. That’s why it is critical to only use a trusted forex broker that holds a valid regulatory status with the FCA.

When checking a broker that holds a valid license in the U.K. on the FCA website, you can see the type of clients that it can work with (such as retail or professional) and the types of investments the broker can provide, such as:

  • Contract for differences
  • Rights to or interests in investments (Contractually Based Investments)
  • Rights to or interests in investments (Security)
  • Rolling spot forex contract
  • Shares
  • Spread Bet

Can I trade with a U.K. forex broker if I reside in the EU?

TU.K. forex brokers that are also regulated in the EU can accept you as an EU client through their EU entity.

Since the U.K. has left the European Union, passporting is no longer supported from the U.K. (except to Gibraltar). Therefore, If you reside outside of the U.K., your broker may also need to be regulated in your country of residence.

To check which brokers accept clients from your country of residence, use our forex brokers international search tool.

Can you use MetaTrader 4 in the U.K.?

Yes, there are numerous FCA-regulated forex brokers in the U.K. that offer the MetaTrader platform suite, including MetaTrader 4 (MT4) and MetaTrader 5 (MT5) for desktop, web and mobile.

For example, you can use MT4 with any of the following U.K. brokers: IG, Saxo Bank, CMC Markets, City Index, XTB, FOREX.com, Swissquote, FXCM, Pepperstone, Tickmill, FxPro, Vantage FX, HYCM, Eightcap and XM Group, all of which hold regulatory status with the FCA either directly or through their parent company. Some of these brokers also offer MetaTrader 5.

Methodology

For the StockBrokers.com 11th annual best trading platforms review published in January 2021, a total of 2,816 data points were collected over three months and used to score brokers. This makes StockBrokers.com home to the largest independent database on the web covering the online broker industry.

Participation is required to be included. Each broker completed an in-depth data profile and offered executive time (live in person or over the web) for an annual update meeting. Our rigorous data validation process yields an error rate of less than .001% each year, providing site visitors quality data they can trust. Learn more about how we test.

Read Next

Explore our other online trading guides:


About the Author

Steven Hatzakis

Steven Hatzakis is the Global Director of Research for ForexBrokers.com. Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. Steven is an active fintech and crypto industry researcher and advises blockchain companies at the board level. Over the past 20 years, Steven has held numerous positions within the international forex markets, from writing to consulting to serving as a registered commodity futures representative.



All pricing data was obtained from a published web site as of 01/19/2021 and is believed to be accurate, but is not guaranteed. For stock trade rates, advertised pricing is for a standard order size of 500 shares of stock priced at $30 per share. For options orders, an options regulatory fee per contract may apply.

arrow_drop_upBack to top