Winners Summary
Best forex broker for U.K. traders - IG
| Company |
Overall |
 IG
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IG remains the gold standard for U.K. forex traders, earning the #1 spot for its trustworthiness and exceptional trading experience. Regulated by the FCA and eight other Tier-1 authorities, IG stands as a beacon of reliability in the forex industry. As a publicly traded company (LON: IGG), it boasts unmatched transparency, including robust financial stability with a $498 million regulatory capital buffer as of 2023. When I evaluate brokers, trust is always my starting point, and IG’s global regulation, combined with its public listing, leaves little room for doubt.
Platform & tools: What truly sets IG apart is its comprehensive platform offering. Whether you prefer the seamless functionality of its award-winning proprietary web and mobile platforms, or the familiarity of MetaTrader 4, IG has a solution tailored for every trader. The platform’s charting tools, technical indicators, and risk management features are unparalleled, ensuring a smooth trading experience whether you're placing your first trade or managing professional-grade portfolios.
Education and research: IG’s commitment to trader education and market research is unrivaled. From its IG Academy app to in-depth guides, webinars, and live programming, the broker equips traders with the knowledge needed to succeed. I’ve found its research tools, including Autochartist and TipRanks integration, to be indispensable for market analysis. Coupled with its innovative IGTV broadcasts and a thriving social trading community, IG doesn’t just offer tools — it builds a learning environment that fosters growth and confidence. This holistic approach cements its place as the best broker for U.K. traders in 2025.
Read a full IG forex review on our sister site, ForexBrokers.com.
Best for professional traders - Interactive Brokers
Interactive Brokers is my pick as the premier choice for professional forex traders in the U.K. due to its institutional-grade trading environment, vast market access, and transparent pricing. With access to 150 market centers across 34 countries and forex trading in 105 currency pairs, IBKR provides unmatched global reach. Its sophisticated Trader Workstation (TWS) platform supports advanced order types and deep liquidity, catering to traders who demand precision and execution speed. While its interface may be overwhelming for beginners, seasoned professionals will appreciate the customization and high-level analytics available through TWS and IBKR’s integrated research tools.
Pricing model: Another key advantage is Interactive Brokers’ low-cost, commission-based forex pricing model, IBKR Pro, which ensures competitive spreads without hidden markups. By aggregating quotes from 17 major interbank dealers, IBKR offers direct market access with commissions as low as $2 per trade for high-volume traders. Unlike many retail-focused brokers, IBKR’s transparent fee structure benefits those executing large trades, with pricing discounts available for monthly volumes exceeding $1 billion. This institutional-level pricing makes IBKR a standout for professional forex traders who prioritize cost efficiency and execution quality.
Platform & tools: IBKR’s commitment to innovation and professional-grade tools extends beyond forex trading. The platform integrates seamlessly with TradingView, enabling both manual and algorithmic traders to leverage advanced charting and automation. Additionally, its forex research suite, featuring content from Reuters, Dow Jones, and in-house analysts, ensures traders stay ahead of macroeconomic trends. While IBKR has introduced more user-friendly platforms like IBKR Desktop, its core strength remains in serving experienced traders who need sophisticated tools, deep liquidity, and institutional pricing in a highly regulated, secure environment.
Read a full Interactive Brokers forex review on our sister site, ForexBrokers.com.
Best for research - Saxo
| Company |
Overall |
 Saxo
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Saxo is my pick as the top forex broker for market research, a top choice for traders looking for in-depth forex research. Its research is powered by an in-house team of seasoned analysts and enhanced by third-party tools like Autochartist. When I tested Saxo’s platforms, I was blown away by how seamlessly research is integrated. Whether you’re on SaxoTraderGO or SaxoTraderPRO, you’ll find market analysis, trading signals, and breaking news tailored to your chosen instruments. This is all enriched by geopolitical coverage, such as Saxo’s U.S. election resource hub, which provides traders with timely, theme-based insights. It's clear Saxo’s research isn’t just about information — it’s about actionable intelligence.
Videos: Video content is another standout feature that keeps Saxo at the top of the pack. Their high-quality videos, including the Fintech Unfiltered series and quarterly outlooks, offer clarity and depth on complex topics. These aren’t surface-level updates — they dig into global trends with sharp, data-driven commentary. While most of Saxo’s videos are embedded within their platforms for a smooth user experience, I’d love to see a centralized library to make discovery even easier.
Market reports: Finally, Saxo’s detailed market reports make it a dream broker for traders hungry for deeper insights. Their quarterly outlooks and year-end forecasts, available in polished PDF formats, are more than just market commentary — they're strategy blueprints. I’ve found these reports particularly useful for planning long-term trades or adapting to global economic shifts. I personally enjoy their annual “Outrageous Predictions,” which provide a unique perspective on what could shape markets. Combined with the broker's intuitive tools and educational resources, Saxo proves why it’s the best choice for research-driven traders in the U.K.
Read a full Saxo forex review on our sister site, ForexBrokers.com.
FAQs
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?
U.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.
Do U.K. forex brokers need to be authorized by the FCA?
Yes, U.K. forex brokers must be licensed and regulated by the Financial Conduct Authority (FCA) and authorized to deal in investments as agent and/or as principal.
The type of investments that FCA-regulated forex brokers can offer clients can also vary depending on their specific authorization from the FCA. That might include rolling spot forex contracts, CFDs, shares, futures, options, spread bets, and other instruments.
A 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.
Do you pay tax on forex trading in the UK?
Yes, gains from forex trading are subject to capital gains tax in the U.K., with certain exceptions including whether you are trading forex as a CFD, rolling spot contract or spread bet.
- If you are resident of the U.K., you will need to report your capital gains trading income or losses from rolling spot forex and CFD trades.
- The exception is if you are trading forex as a spread bet, which is exempt from capital gains tax as it is more akin to gambling in terms of its tax treatment.
In addition, other factors, such as whether you trade full time and the amount of any gains/losses, may affect your potential tax obligation. It’s important to note that unrealized gains are not taxed until the trade is closed.
While some traders may opt to do a self-assessment when calculating taxes, if you are not sure it is best to find a qualified accountant such as an ACCA certified or ICAEW chartered accountant.
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. Compare the best MetaTrader 4 brokers here.
For example, you can use MT4 with any of the following U.K. brokers: IG, Saxo, CMC Markets, City Index, XTB, FOREX.com, Swissquote, FXCM, Pepperstone, Tickmill, FxPro, Vantage, 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.
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Steven Hatzakis is a well-known finance writer, with 25+ years of experience in the foreign exchange and financial markets. He is the Global Director of Online Broker Research for Reink Media Group, leading research efforts for ForexBrokers.com since 2016. Steven is an expert writer and researcher who has published over 1,000 articles covering the foreign exchange markets and cryptocurrency industries. He has served as a registered commodity futures representative for domestic and internationally-regulated brokerages. Steven holds a Series III license in the US as a Commodity Trading Advisor (CTA).
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