Forex trading – trading foreign currencies and making a profit based on their price differences – is complex, risky, and invigorating.
But since you don’t have unlimited access to the stock markets, you’ll likely have to rely on an online forex broker to put through your trades for you.
Fortunately, there are tons of options. But the trouble comes with figuring out which forex broker is really worth your time.
We've done the hard work for you and compared the best forex brokers in the UK.
Table of Contents:
Best UK Forex Brokers
We have compiled a comprehensive list to simplify finding the best forex broker!
Today, let’s break down the best forex trading platforms in the UK for 2023 based on their fees, features, and many other factors we’ve examined in depth.
|Service Provider||Rating||Sign up|
|*1. eToro||★★★★★||Open Account|
|**2. Plus500||★★★★★||Open Account|
|***3. Pepperstone||★★★★★||Open Account|
|4. CityIndex||★★★★★||Open Account|
|5. CMC Markets||★★★★★||Open Account|
|6. FxPro||★★★★★||Open Account|
|7. FXCM||★★★★★||Open Account|
|8. IG||★★★★★||Open Account|
|9. IC Markets||★★★★★||Open Account|
|10. RoboMarkets||★★★★★||Open Account|
* eToro disclaimer: eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk. 76% of retail CFD accounts lose money.
** Plus500 disclaimer: 81% of retail investor accounts lose money when trading CFDs with this provider.
*** Pepperstone disclaimer: Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75.6% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.
Note: Some of the platforms on our list, Plus500 for example, are CFD-only.
1. eToro - Excellent Industry Reputation 📚
eToro is a social trading and multi-asset investment application for financial services, started in 2007.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk. 76% of retail CFD accounts lose money.
eToro was founded in 2007 and is one of the best forex trading platforms in the UK for low-risk traders, thanks to its heavy regulation by the FCA (Financial Conduct Authority). It's also an excellent budget-friendly forex broker since opening retail investor accounts doesn't cost anything and you'll even get a free demo account to test out all of its features.
It’s one of the best UK forex brokers since it has a wide variety of trading options that can all be controlled from a single, intuitive portfolio, plus a staple feature called Copy Trading.
Features and Interface
Copy Trading is a built-in command that allows you to follow other successful traders in the forex market and copy their trades.
This trading by imitation is helpful for beginners since you can figure out who knows what they're doing and follow along, making trades as experienced traders do. You’ll also be able to learn the ropes of forex trading this way.
Speaking of learning, eToro offers several training courses and a special “learning lab” that will support you during your forex trading journey. Many Forex courses are available that teach you professional trading methods online.
The overall interface is very user-friendly, and you can access 47 currency pairs for trading immediately. The demo account offers you up to £100,000 in fake currency so you can test things out before deciding to take the plunge.
Fees and Value
As mentioned, it doesn’t cost anything to open up an account. But you do have to deposit £200 if you want to access the Copy Trading feature. eToro also has a few fees: a £5 withdrawal fee and a £23 minimum if you're going to withdraw in the first place.
There aren’t any deposit fees, but the default currency is USD, and converting from GBP to USD comes with a 0.025% fee.
Still, eToro offers a lot of value overall and is one of the best UK forex brokers for those who are just starting out.
2. Plus500 - Trustworthy And Regulated ✒️
Plus500 is a fintech firm that started in 2004, offering financial services and applications.
81% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
Plus500 has a great offering of Forex CFDs, including over 70 Forex pairs. Originally established in 2008, this Israel-based company is not only considered trustworthy, but they are also very regulated.
Tools of the Trade
Plus500 offers a uniquely branded online trading platform, ' Webtrader’, which is a portal into its company and services. Access is easy, and their platform is well-optimized for desktop and mobile use.
If you’re coming in from other trading platforms, you’ll probably find a bit of familiarity with the layout.
Not only that, but the platform is made to do various things from the same window, such as analyze charts and place trades.
That being said, there is a downside in that Webtrader is a closed system and therefore doesn’t allow for 3rd-party tools that more advanced traders may be accustomed to. It isn’t necessarily a deal-breaker if you want a more streamlined experience.
What makes Plus500 a relatively popular trading platform for CFDs is that it's regulated by a variety of international bodies. You have the FCA in London, considered one of the best government-backed regulators. Following that, there’s the ASIC of Australia, FMA of New Zealand, and the FSCA of South Africa.
The SEC and other US regulatory bodies are absent, although that’s pretty standard for Forex trading platforms, so it’s to be expected. As such, Plus500 sadly doesn’t accept clients from the US.
They have great features, such as guaranteed stop-loss orders on certain things. They also don’t take any trading commissions as their profit is mostly backed into their spread and the variety of fees they charge, which are relatively minimal.
One drawback that some may look at is that Plus500 does not provide phone-based customer support. Their chat and email options are open 24/7, and response times are good and within a few minutes. Their staff are knowledgeable and polite, which is always a nice thing to have, and although it might take a while to get to a human through the chat system, it doesn’t take too long.
Overall, Plus500 is one of the better Forex CFD trading platforms out there: It is regulated, is also considered very reliable, and offers a relatively streamlined experience.
Plus500UK Ltd authorised & regulated by the FCA (#509909)
3. Pepperstone - Awesome Spread Betting Opportunities 💱
Pepperstone is one of the main choices for stringent adherence to market practices. The company started in 2010, offering financial services and trading applications.
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75.6% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.
Pepperstone came about in 2010 and is now known as one of the best forex brokers in the UK, especially for social trading. As with the Copy Trading described with eToro, social trading allows traders to mimic each other's trading styles or share helpful information for the overall benefit of everyone.
They offer 60 currency pairs for forex trading, plus two account types.
Standard accounts come with average market spreads and no commission fees, while Razor accounts have lower spreads but have additional commission fees.
Features and Interface
Rather than use a unique platform, Pepperstone uses third-party platforms like cTrader, MT4/MT5, and TradingView, plus others. Thus, you’ll be able to pick the best online trading platforms depending on your preference or if you have some experience with one of these platforms from another service.
Pepperstone is also well known for its fast execution speeds. Most trades are executed in under 60 ms. High-volume traders or automated traders will be able to make use of this.
As mentioned, they allow for copy or strategic trading and have phenomenal customer support available 24/7.
Fees and Value
Pepperstone doesn’t have any minimum deposit limits. Value can be quite good if you go with a standard account; spreads are low vs market for many assets.
All in all, it’s one of the best forex brokers in the UK and a good option compared to eToro, with particular value for high-volume traders.
4. CityIndex - Intuitive and Easy-To-Use Platform 🪶
The CityIndex company has years of experience in the financial services industry, founded in 1983. Today, they offer spread betting, trading CFDs, and forex trading.
If you’re looking for more competitive spreads, CityIndex might be one of the best forex brokers in the UK for you. They began in 2014 and are now a subsidiary company beneath GAIN Capital.
They offer 84 currency pairs – more than any other forex broker on the list – with major, minor, and exotic currencies like cryptocurrencies.
They also provide a proprietary platform with special spreads for their majors. The platform is customizable and functions well enough on desktops, although it’s far from the most user-friendly platform on the market. You can also use the MT4 platform if you are more comfortable with its controls.
Features and Interface
Spreads are typically quite tight from around your .5 to 0.8 points. Diverse and high-quality research tools make CityIndex much more valuable to experienced traders that want to dig into the details of their forex trades before pulling the trigger.
They also offer additional client support, including a welcome pack and a call to give you a tutorial through the proprietary platform.
Monthly market intelligence emails are included for added resources and actionable intel. However, their customer service team is curiously not available on weekends.
Fees and Value
CityIndex does require a minimum deposit of £100. They also have relatively high stock CFD trading fees, but this shouldn’t affect you if you are primarily interested in forex trading.
Opening an account is pretty easy. Considering the low fees for forex trades, it is a good choice for beginners with confidence or more experienced traders who will take advantage of all the research tools and newsletters available.
5. CMC Markets - Good Technical Research Tools 🪛
CMC Markets is a UK-based trading company - that offers forex trading, spread betting, and trading CFDs. The company was founded in 1989 and has been in the business for years.
CMC Markets Review
CMC Markets has over 30 years of experience, is one of the best forex brokers in the UK, and a great CFD broker. They're well regulated by the FCA, so they offer plenty of security and safety, and they're publicly traded on the London Stock exchange.
Related: Is Online Trading Safe?
They offer three distinct account types based on your purpose: Corporate, CFD, and spread betting.
Regardless of your choice, you can trade over 9000 instruments, including plenty of forex options (300). Spreads are typically low, around 0.7 on majors, and can occasionally leverage up to 30:1.
Features and Interface
CMC Markets uses a proprietary platform called Next Generation. This works for both web and mobile devices, and the mobile version is one of the best forex trading apps. So controlling your trades at home or on the go is quick and easy.
The interface is intuitive, and traders of all experience levels shouldn’t have much of an issue. You can also use MT4 if that’s more your speed.
The most interesting feature available on this platform is the in-house market analytics. These resources will allow you to make intelligent trades and follow market trends as industry-leading analysts describe. It's a great feature for both beginners and more experienced forex traders.
Fees and Value
Fortunately, CMC Markets doesn’t charge you to open an account and doesn’t have a minimum deposit. Thus, it’s incredibly accessible, at least from a budget-focused standpoint. That said, they charge periodic fees (like for having an inactive account).
They’re also not new-trader friendly, lacking tutorials or learning materials like many other brokers offer.
6. FxPro - Low-Risk and Trustworthy Service 🏡
FxPro offers financial services for forex trading and currency trading. The platform was founded in 2006 and offers fast and reliable exchanges.
FxPro is one of the more recent forex brokers in the UK to draw our interest, having started in 2006 (though that’s a year earlier than eToro!). Even so, they offer 70 currency pairs and several different account types.
The account types offer different spreads and commission rates – yes, commission fees are unavoidable, so they’re not the best forex trading platform in the UK if the idea of commission fees turns your stomach.
This being said, it’s a great platform for traders who already have a style or strategy in mind. It’s well-suited for experienced traders, especially since it only works with the full MetaTrader (MT4 and MT5) suite.
Features and Interface
In addition to MT4 and 5, FxPro has a proprietary platform called FxPro Edge and another third-party platform called cTrader. This plethora of interface options means that you’ll be able to find something that suits your style no matter what, though none of these are particularly great for beginners.
But they offer many precise trading controls, research analytics, and direct channels to your brokers for strategic directions.
Fees and Value
FxPro does recommend a minimum deposit of £500, which is a bit steep for first-time traders. They only require a £100 deposit, however.
Their name describes their focus: FxPro is best suited for those traders with plenty of experience under their belts rather than first-timers trying to make their first profits trading currencies on the stock market.
7. FXCM - Homegrown Trading Station 🌱
FXCM, or Forex Capital Markets, was founded in 1999 and has become one of the most reliable homegrown trading stations in the trading sphere.
FXCM was founded in 1999, offering tons of international forex currencies. The downside is that they only offer 39 currency pairs, and the available spreads are slightly above the market average.
They offer high-volume trades, so they’re arguably the best for traders who like to make big trades or aggressive moves relatively frequently.
As one of the best UK forex brokers that’s also well-regulated, FXCM offers multiple platforms and many trading tools so that beginners and experts alike have plenty of things to trade with. They don't, however, accept any US clients due to losing their regulatory license for that region.
This issue aside, they’re a solid platform for traders who are primarily interested in bartering with the limited currency pairs they do have.
Features and Interface
FXCM offers two types of accounts: Standard and Active Trader. The latter is more interesting since it offers competitive commission rates and excellent spread options. It’s more suitable for experienced traders.
They also offer several trading platforms like ZuluTrade, MT4, and NinjaTrader. Like most forex brokers, they have a proprietary platform called Trading Station – this is easily the most user-friendly. It also includes a comprehensive educational section perfect for learning the ropes of forex trading.
Fees and Value
FXCM only demands a minimum deposit of £300 if you want a standard account. But the minimum amount for an Active Trader account is £25,000. Fees can also vary quite a bit.
Overall, it’s a decent option but far from the best forex trading platform in the UK. Its limited currency pairs and high fees for the Active Trader account make this more of a niche pick than a good option for most users.
8. IG - Outstanding Educational Resources 📖️
IG Group was founded in 1974, and, since then, has grown to become an outstanding forex trading platform with educational resources to help forex traders make profitable decisions.
IG, founded in 1974, is perhaps the best UK forex broker for premium traders, thanks to its extensive list of assets. With over 16,000 markets, they’re particularly well-suited for advanced or expert traders. They’re regulated by the FCA and the London Stock Exchange, or LSE.
With many tools and competitive spreads for the most popular forex currency pairs, IG is the perfect platform for expert forex traders in the UK and beyond.
Features and Interface
There’s much to like here: a customizable and user-friendly trading platform with a clear layout. You can customize the platform to make multiple work pages to view your content however you like. They also offer tons of educational materials.
More important are the real-time technical analysis tools available to every trader on the platform, including real-time streaming news and detailed charts. The spreads are highly competitive – EUR/USD is around 0.7, for example, and over 90 currency pairs are available.
Fees and Value
IG requires a minimum deposit of £250 and charges particularly high inactivity fees. But the inactivity window is pretty long (two years), and any other fees are transparent and upfront before you make a trade.
Ultimately, it’s a great forex broker for strategic and skilled individuals looking to make the most of their trading expertise.
9. IC Markets - Reliable & Efficient FX Trading ⚙️
IC Markets is an Australian forex trading platform in the business since 2007. On this platform, you will find reliable forex broker services and tools for maximum convenience.
IC Markets Review 📙
IC Markets was established in May 2014 and is the first and only FX broker to launch in the US. They operate from their corporate headquarters in Herndon, Virginia, with additional offices in Singapore, London and Zurich.
The company's founders have been trading stocks and FX for many years and reportedly started with the mission of providing reliable and efficient trading platforms and software solutions for the financial markets. The company achieved this by hiring former employees of the largest forex brokers and then independently operating the businesses.
The company’s CEO, Jason Kershaw, is known for his experience throughout the forex trading industry.
Features and Interface 🔨
IC Markets offers forex brokerage accounts that are ideal for people who want to get into the forex markets without substantial trading experience – although this isn’t recommended.
All you need to do is deposit and enter your personal information and trade options. You can start trading as soon as your account is open and receive a commission on the first trade that you place.
You can then take advantage of various research reports and get different insights into the Forex market that others aren’t aware of.
Fees and Value 💸
IC Markets doesn’t require a minimum deposit, which means you can get started for less, compared to FXPro, which requires a £100 deposit.
Overall, this broker is well-regulated and has minimal barriers to entry. The two most popular types of accounts are online and phone-based – online accounts are generally more expensive, but they are also more secure – you will need to create an account on the broker’s website, set up a trading account, and then provide verification that you exist as a trading account.
You will also need to provide the company with your phone number. This is so they can call you and set up a trade or meet with you. You can choose between daily or weekly time slots, and the brokers have various options for these, including “til the market opens” and “til the close”.
10. RoboMarkets - High Leverage Expansive Offerings 🌴
RoboMarkets was founded in 2012 and has become one of the most high-leverage trading platforms in the forex markets.
RoboMarkets Review 📓
RoboMarkets was launched in December 2016 as an FX broker with a wide range of trading currency options – offering a wide range of trading currency options, including Forex, CFDs, CFN, OTC and more. As well as a money management service that helps clients achieve their financial goals by tailoring their trading strategies.
RoboMarkets traces its origins back to 2014 when the founders of TiqIQ, a forex broker, bought out Wintech’s stake in the business. The deal was approved by the Securities and Exchange Commission (SEC), which meant that both companies could proceed with the acquisition.
The acquisition of Wintech was crucial for the success of RoboMarkets as the two companies had very similar business models. Both were founded on the model of owning and managing customer service centres. In 2014, the founders of Wintech decided to sell all of their shares in the company to private investors, which prevented them from having any oversight of business operations.
Features and Interface 🧰
The process of creating an FX account with RoboMarkets is relatively easy. You first need to create a login account with them. You can access various online tools to create a trading strategy from there. After that, you’ll need to input all the details about your trading account, such as your financial objectives, investment strategy and time horizon.
Finally, provide certain demographic information such as your location, income level, expected investment returns and investment amount. Beyond that, you can choose between a monthly or a yearly subscription model. The yearly model is usually more affordable and is a good option if you want to put some money into an investment that will grow over time.
Fees and Value 💴
RoboMarkets does require a minimum deposit of around £75 ($100), which means a bit of an investment for first-timers.
Overall, this company has a solid reputation in the forex trading industry – attributed to their high-quality services, reliable and fast execution, and low fees – and, reportedly, a thoughtful, relatively personalised service.
How to Choose a Forex Trading Platform ❓
Here are our top tips for choosing a Forex trading platform.
The regulation essentially describes the level of security that a company can offer. Different forex brokers are regulated by different agencies: the two most common are the LSE and FCA. Security ensures traders against theft and allows brokers to offer extra currency pairs or trading assets.
More regulation is almost always better.
Most forex (and other) brokers will charge fees. Sometimes these are “account inactivity” fees, while other times, they are fees for opening an account. It’s how the brokers make money. You should also see if they charge commission fees; these are small slices of your profits whenever you complete a trade.
They can be quite substantial, but they’re the cost of using a broker instead of getting a license and trading yourself.
Your Trading Style
Naturally, some of the best forex brokers in the UK will be better for certain trading styles than others. For instance, FXCM doesn’t offer a ton of currency pairs compared to the other options on this list. But they allow for high-volume trades, making them a good fit for aggressive traders who like to buy or sell lots of forex stocks at once.
Find a forex broker that matches your trading style (defensive or aggressive, fast or short, etc.), and you’ll have much more success.
Supported Devices and Availability
Some forex brokers only operate using platforms suitable for desktops or laptops. Others may come with one of the best forex trading apps on iOS and Android phones and tablets. Mobile-friendly brokers are always excellent since you can access your trades or make last-minute decisions while on the go.
Lastly, don’t forget to consider customer support. Some of the best forex trading platforms and brokers offer 24/7 customer support through text messaging, phone calls, live chat, and more. Customer support can help when you need something about a platform explained or if you have a technical issue.
Best Forex Trading Platform UK: FAQs 💡
Still got some lingering questions about forex trading platforms? Read below!
What is the Best Forex Trading Platform for Beginners?
eToro is arguably the best online trading platform for beginners in the UK since it’s an affordable and easy platform to get into; plus it comes with plenty of educational materials and a learning center. You can use all these materials to become a better forex trader.
Combine all that with our ultimate beginner guide to trading, and you'll be unstoppable.
Is Forex Trading Legal in the UK?
Yes. The best forex trading brokers in the UK must usually be regulated by the markets they operate, so you’ll see the brokers above and elsewhere regulated by the FCA, LSE, or both.
Do You Pay Tax on Forex Profits in the UK?
Yes, although if you only profit from trading forex by spread betting as an amateur, you might not have to pay taxes. However, if you make a significant amount or your primary income from forex trading, you must be taxed on those profits at the end of the year. Capital Gains Tax applies in this case.
Final Words 🏁
Although some accounts lose money, the best forex trading platforms in the UK are certainly worth your time. eToro is a perfect choice.
Give them a try, and let us know what you think. More importantly, trade responsibly.