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UK Forex Brokers

If you are looking to find a reputable forex broker in the UK, it is worth investing some time finding the best one for your needs. We’re here to help and have provided you with a list of the best brokers in the UK to help narrow your search. Forex trading, or foreign exchange trading, is one of the most actively traded markets in the world. Regulations have come into place that directly impacted what margin conditions regulated brokers can now offer. As a result, brokers are offering smaller spreads to attract new clients. If you are a newcomer to forex trading, we can help get you started with opening an account in the UK. Our guide will also explain how to trade forex in the UK and some of the forex regulations in the UK to be aware of.  

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Forex Brokers Uk

3.8
Pros
  • Easy to understand spread prices
  • No minimum deposits
  • In-depth FAQ section to help new traders
  • Excellent customer support
Cons
  •  UK traders can’t use the rewards programme due to regulation
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Read Full Review
Pros
  • Easy to understand spread prices
  • No minimum deposits
  • In-depth FAQ section to help new traders
  • Excellent customer support
Cons
  •  UK traders can’t use the rewards programme due to regulation
Read Full Review

Tickmill Review
3.3
Pros
  • Low-cost and super-fast trading
  • Lots of third-party trading signal services
  • Strong regulatory framework
  • Gets the most out of the MetaTrader platforms
Cons
  • A relatively limited number of markets
  • It doesn’t accept clients from the USA
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Read Full Review
Pros
  • Low-cost and super-fast trading
  • Lots of third-party trading signal services
  • Strong regulatory framework
  • Gets the most out of the MetaTrader platforms
Cons
  • A relatively limited number of markets
  • It doesn’t accept clients from the USA
Read Full Review

Risk Warning: Trading financial products on margin carries a high degree of risk and is not suitable for all investors. Losses can exceed the initial investment. Please ensure you fully understand the risks and take appropriate care to manage your risk.

4.2
Pros
  • An experienced broker with offices in 11 countries and complies with seven regulatory agencies
  • Over 1,000+ tradable instruments in portfolio
  • MT4 and proprietary trading platforms
  • Excellent award-winning training materials and a YouTube channel for beginners

 

Cons
  • Professional spreads are competitive, but retail spreads could be better
  • Inactivity fees apply
  • Research could be improved

 

 

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Read Full Review
Pros
  • An experienced broker with offices in 11 countries and complies with seven regulatory agencies
  • Over 1,000+ tradable instruments in portfolio
  • MT4 and proprietary trading platforms
  • Excellent award-winning training materials and a YouTube channel for beginners

 

Cons
  • Professional spreads are competitive, but retail spreads could be better
  • Inactivity fees apply
  • Research could be improved

 

 

Take Me Broker Read Full Review

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

4.6
Pros
  • High levels of regulatory compliance and customer protection
  • Excellent customer support
  • Huge range of high-quality learning and research resources
Cons
  • Relatively few advanced trading courses offered
  • Limited social and copy-trading features
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Read Full Review
Pros
  • High levels of regulatory compliance and customer protection
  • Excellent customer support
  • Huge range of high-quality learning and research resources
Cons
  • Relatively few advanced trading courses offered
  • Limited social and copy-trading features
Take Me Broker Read Full Review

Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 78% 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.

4
Pros
  • Fin-tech background provides a cutting edge
  • Institution grade trading infrastructure
  • Well-regulated with 24/5 customer support
  • 0.0 pips spreads and leverage up to 1:500

 

Cons
  • No crypto
  • Some cash withdrawal methods incur fees.

 

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Read Full Review
Pros
  • Fin-tech background provides a cutting edge
  • Institution grade trading infrastructure
  • Well-regulated with 24/5 customer support
  • 0.0 pips spreads and leverage up to 1:500

 

Cons
  • No crypto
  • Some cash withdrawal methods incur fees.

 

Read Full Review

4.6
Pros
  • Market leading trading commissions
  • Excellent market flow and trading speeds
  • Very strong in forex markets
  • Various methods of automated trading are possible
Cons
  • Limited range of non-forex products
  • Mobile trading app could be improved
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Read Full Review
Pros
  • Market leading trading commissions
  • Excellent market flow and trading speeds
  • Very strong in forex markets
  • Various methods of automated trading are possible
Cons
  • Limited range of non-forex products
  • Mobile trading app could be improved
Take Me Broker Read Full Review

Degiro logo
4.2
Pros
  • Largest online low-cost/commission stockbroker in the EEA
  • Listed on the SDAX in Germany (70 small to mid-cap stocks)
  • Broad access to global stock exchanges, ETFs, bonds, futures and options
  • Garnered many awards, especially for Customer Service

 

Cons
  • No trading in forex except for experienced option traders
  • No demo account
  • Restricted crypto offering
  • No US citizens accepted

 

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Read Full Review
Pros
  • Largest online low-cost/commission stockbroker in the EEA
  • Listed on the SDAX in Germany (70 small to mid-cap stocks)
  • Broad access to global stock exchanges, ETFs, bonds, futures and options
  • Garnered many awards, especially for Customer Service

 

Cons
  • No trading in forex except for experienced option traders
  • No demo account
  • Restricted crypto offering
  • No US citizens accepted

 

Read Full Review

Investing involves risks. You can lose (a part of) your deposit. We advise you to only invest in financial products which match your knowledge and experience.

4.5
Pros
  • Great choice of trading platforms
  • 1,000+ instruments
  • Low minimum deposit
Cons
  • No cryptocurrencies
  • Support is not 24/7
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Read Full Review
Pros
  • Great choice of trading platforms
  • 1,000+ instruments
  • Low minimum deposit
Cons
  • No cryptocurrencies
  • Support is not 24/7
Take Me Broker Read Full Review

Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74.89% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

4.6
Pros
  • Knowledgeable and responsive customer support
  • Tight spreads
  • Low deposit requirements
  • Good sign up bonus and other promotions
Cons
  • Limited deposit and withdrawal options
  • Customer support not 24/7
  • Regulatory framework not the strongest
  • Limited range of instruments and markets
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Read Full Review
Pros
  • Knowledgeable and responsive customer support
  • Tight spreads
  • Low deposit requirements
  • Good sign up bonus and other promotions
Cons
  • Limited deposit and withdrawal options
  • Customer support not 24/7
  • Regulatory framework not the strongest
  • Limited range of instruments and markets
Take Me Broker Read Full Review

Saxo Broker Review
4.6
Pros
  • Extensive product range
  • Research and analysis tools
  • Quality trading platform
  • Competitive spreads
  • Regulatory framework
Cons
  • Standing charges
  • Limited automated trading
  • Lack of Live Chat support
  • High minimum deposit
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Read Full Review
Pros
  • Extensive product range
  • Research and analysis tools
  • Quality trading platform
  • Competitive spreads
  • Regulatory framework
Cons
  • Standing charges
  • Limited automated trading
  • Lack of Live Chat support
  • High minimum deposit
Read Full Review

5
Pros
  • Transparent and competitive pricing
  • High quality trading experience
  • Great charting package
  • Extensive range of markets and instruments
  • Regulatory and operational strength
Cons
  • Limited research on some instruments
  • Few promotions / bonus schemes
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Read Full Review
Pros
  • Transparent and competitive pricing
  • High quality trading experience
  • Great charting package
  • Extensive range of markets and instruments
  • Regulatory and operational strength
Cons
  • Limited research on some instruments
  • Few promotions / bonus schemes
Take Me Broker Read Full Review

Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 79% 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.

4.3
Pros
  • Competitive tight spreads, zero commissions on stocks
  • MetaTrader4 and 5 trading platform products and superior web version and mobile app
  • CySEC regulatory oversight
  • 250+ focused product offerings of popular assets for trading
Cons
  • Education support could be broader than videos and FAQs
  • The product portfolio may appear limited to some investors and traders
  • No copy-trading alternative
  • Customers from the US are not accepted
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Read Full Review
Pros
  • Competitive tight spreads, zero commissions on stocks
  • MetaTrader4 and 5 trading platform products and superior web version and mobile app
  • CySEC regulatory oversight
  • 250+ focused product offerings of popular assets for trading
Cons
  • Education support could be broader than videos and FAQs
  • The product portfolio may appear limited to some investors and traders
  • No copy-trading alternative
  • Customers from the US are not accepted
Take Me Broker Read Full Review

Trading CFDs involves substantial risk of loss and may not be suitable for all investors. Trading such high-risk financial contracts may result in the loss of all the client's invested capital. 62.2% of retail investors lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and can afford to take the high risk of losing your money.

3.9
Pros
  • Major focus on social and copy trading with community of one million clients
  • More than 1,000 tradable asset choices
  • Professional trading tools and multiple funding methods
  • BaFin/CySEC regulatory oversight of German-based firm on Frankfurt Stock Exchange

 

Cons
  • Spreads and fees could be more competitive at basic retail levels
  • Withdrawal fee of $5 with complicated process
  • Does not offer service to residents of UK (terminated December 2021), US or Canada

 

 

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Read Full Review
Pros
  • Major focus on social and copy trading with community of one million clients
  • More than 1,000 tradable asset choices
  • Professional trading tools and multiple funding methods
  • BaFin/CySEC regulatory oversight of German-based firm on Frankfurt Stock Exchange

 

Cons
  • Spreads and fees could be more competitive at basic retail levels
  • Withdrawal fee of $5 with complicated process
  • Does not offer service to residents of UK (terminated December 2021), US or Canada

 

 

Take Me Broker Read Full Review

RISK WARNING: Derivatives are complex instruments and come with a high risk of losing money rapidly due to leverage. A high percentage of retail investor accounts lose money when trading derivatives with this provider. You should consider whether you understand how derivatives work and whether you can afford to take the high risk of losing your money.

4.1
Pros
  • Heavily regulated, safe and secure broker (FCA, CySEC, FSCA)
  • Competitive spreads in currency pairs – 0.6 pips EUR/USD
  • MT4 and user-friendly proprietary OvalX platform
  • Experienced staff, over two decades in the forex space

 

Cons
  • Limited copy trading offering – MT4 only via EAs
  • Research could be better
  • No US or Canada customers accepted at this time

 

Fees
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Read Full Review
Pros
  • Heavily regulated, safe and secure broker (FCA, CySEC, FSCA)
  • Competitive spreads in currency pairs – 0.6 pips EUR/USD
  • MT4 and user-friendly proprietary OvalX platform
  • Experienced staff, over two decades in the forex space

 

Cons
  • Limited copy trading offering – MT4 only via EAs
  • Research could be better
  • No US or Canada customers accepted at this time

 

Take Me Broker Read Full Review

Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77.2% of retail investor accounts lose money when spread betting or trading CFDs with OvalX. You should consider whether you understand how spread bets or CFDs work and whether you can afford to take the high risk of losing your money.

4
Pros
  • Low fee/cost provider
  • Responsive customer service
  • A proprietary web-based platform is easy to use
  • Top-Tier regulation from the FCA
Cons
  • No MetaTrader platform products
  • No traditional trading in stocks, only CFDs
  • Only Professional clients can trade cryptocurrencies
  • Minimum support for beginners
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Read Full Review
Pros
  • Low fee/cost provider
  • Responsive customer service
  • A proprietary web-based platform is easy to use
  • Top-Tier regulation from the FCA
Cons
  • No MetaTrader platform products
  • No traditional trading in stocks, only CFDs
  • Only Professional clients can trade cryptocurrencies
  • Minimum support for beginners
Take Me Broker Read Full Review

Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 64% of retail investors 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. For professional clients, spread betting and CFD trading can result in losses larger than your initial stake or deposit.

4.2
Pros
  • No commissions on stocks or ETFs
  • Easy account opening process with minimum deposits of £1 or €1
  • Intuitive, easy-to-use trading app
  • Low fees and tight spreads
Cons
  • No trading in cryptocurrencies
  • No social or copy-trading
  • No phone support
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Read Full Review
Pros
  • No commissions on stocks or ETFs
  • Easy account opening process with minimum deposits of £1 or €1
  • Intuitive, easy-to-use trading app
  • Low fees and tight spreads
Cons
  • No trading in cryptocurrencies
  • No social or copy-trading
  • No phone support
Take Me Broker Read Full Review

CFDs are complex instruments and come with a high degree of risk of losing money rapidly due to leverage. 77% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

oanda broker platform review
4
Pros
  • Low trading costs, high transparency, and a choice of trading platforms.
  • Best Forex Trading Technology at the UK Forex Awards, 2017.
  • Excellent proprietary platform.
  • Only 52 CFD’s
Cons
  • Not the cheapest broker out there.
  • Intensive FAQ section.
  • Customer support could use some improvement.
  • No negative-balance protection.
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Read Full Review
Pros
  • Low trading costs, high transparency, and a choice of trading platforms.
  • Best Forex Trading Technology at the UK Forex Awards, 2017.
  • Excellent proprietary platform.
  • Only 52 CFD’s
Cons
  • Not the cheapest broker out there.
  • Intensive FAQ section.
  • Customer support could use some improvement.
  • No negative-balance protection.
Read Full Review

We do not recommend Oanda at this time. Why not try XM

XM Broker Review

fxpro broker platform review
4.3
Pros
  • FxPro is a fully regulated, award-winning, online broker offering a wide range of tradable instruments via CFDs.
  • Customer support is responsive, easy to access, and available in several languages.
  • Wide range of trading instruments offered.
  • Large client base from 170 countries.
Cons
  • All fees and charges are displayed on the website, but the fee structure is a little complex.
  • Not many funding options offered.
  • Some complains about trade execution.
  • No Crypto.
Fees
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Read Full Review
Pros
  • FxPro is a fully regulated, award-winning, online broker offering a wide range of tradable instruments via CFDs.
  • Customer support is responsive, easy to access, and available in several languages.
  • Wide range of trading instruments offered.
  • Large client base from 170 countries.
Cons
  • All fees and charges are displayed on the website, but the fee structure is a little complex.
  • Not many funding options offered.
  • Some complains about trade execution.
  • No Crypto.
Read Full Review

FXCM broker review
4
Pros
  • Choose from the best trading platforms on the market
  • System upgrades and institutional grade quality of execution
  • Excellent client support in terms of research, analysis and customer services
  • Strong regulatory framework
  • High-spec mobile trading functionality
Cons
  • Limited number of markets to trade
Fees
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Read Full Review
Pros
  • Choose from the best trading platforms on the market
  • System upgrades and institutional grade quality of execution
  • Excellent client support in terms of research, analysis and customer services
  • Strong regulatory framework
  • High-spec mobile trading functionality
Cons
  • Limited number of markets to trade
Read Full Review

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

See broker reviews

Unfortunately, there are bad actors in the forex brokerage community. These unscrupulous brokers often set up shop in the UK or solicit UK customers without the proper licences and credentials. They appear legitimate to the untrained eye and proclaim features and bonuses that do not comply with local regulations.

How does one avoid these bad actors? The best advice is to rely upon experts in the forex arena, such as Wecomparebrokers.com. We conduct reviews of the brokerage industry and produce lists of the very best forex brokers in the UK. We also have a unique comparison tool that can compare two brokers side by side, based upon the various features, products, trading platforms and fees offered by each.

The Financial Conduct Authority (FCA) is the regulatory watchdog with oversight responsibility for the forex industry. The FCA is your friend. Its mission is to protect and educate the estimated 280,000 online forex traders in the UK and to police the brokerage community. The FCA sends out warnings and compiles lists of bad actors in the forex field on a regular basis. It is always wise to check with the FCA about any potential broker that you may want to choose as a partner.

When choosing a forex broker in the UK, beginner and veteran traders need to be wary of any unsolicited marketing ads that appear too good to be true or offer far more bonuses or leverage than is legally possible in the UK. In the past few years, major regulators around the globe have had to come down hard on unfair marketing practices, binary options when loss rates exceeded 90%, and exorbitant levels of leverage.

Unregulated virtual and foreign-based forex brokerage houses, however, still proliferate in the forex community. Regulators can only police their respective jurisdictions or warn consumers of threats from firms that operate outside of the law on the fringes of the forex universe. Always rely upon your local regulator’s guidance and remember that Wecomparebrokers.com is here to help you with the difficult task of choosing the best online forex broker in the UK.

Can you trade forex in the UK?

Forex trading in the UK is legal, but it is highly recommended that the trader use a forex broker registered and licensed by the FCA. The temptation to use an unregulated offshore broker is often too great to pass up, as bonus programmes are higher and leverage levels are greatly enhanced. If you trade with one of these firms, you are at high risk and will not be covered by any UK compensation scheme in case the foreign forex broker is fraudulent. 

How do you open an account with a forex broker?

Global forex brokers are required by law to verify your identity upon sign up. The term for these rules is Know Your Customer (KYC) legislation. It was enacted to comply with various global anti-money laundering and anti-terrorism statutes. Proof of identity can be a national ID card, passport or driver’s licence. Proof of address can be either a copy of a utility bill or bank statement.

Once these documents are submitted, the approval process can move swiftly unless the broker needs more information.  You will typically find a ‘Get Started’ button prominently displayed on the broker’s website to start the account-opening process. Many brokers will permit your use of their demo system while you wait for formal approval. Practice time at this stage can be invaluable in determining if the broker’s trading platform is the right one for you. 

Once your account has been approved, the next step will be to deposit funds into your account. Brokers have endeavoured to make this process easy by offering a multitude of local payment methods to supplement the standard wire transfer or basic credit card transaction. Brokers usually do not charge for making a deposit, but your banking service may charge significant fees. Review the fee schedules to determine which payment method works best for you.

Finding a regulated forex broker in the UK

Finding a regulated forex broker in the UK follows any other typical decision-making process. Wecomparebrokers.com makes it easy for you by providing a list of the top UK forex brokers to help you in your search. The next steps to consider are:

Step 1: Define your needs for a broker – i.e., regulated, size, segregation of client deposits, type of platform, low fees and spreads, minimum deposit needed, training materials, demo trading system, currency trading pairs offered, product offerings and award recognition.

Step 2: Look at the broker’s historical performance.

Step 3: Read the small print as there may be additional clauses or payments you need to be aware of before you start trading.

Step 4: Gather information about online forex brokers in the UK.

Step 5: Identify a group of three to five alternative brokers that match your needs.

Step 6: Evaluate and compare your alternatives.

Step 7: Choose your UK forex broker.

Step 8: Open and fund an account, practice on the demo system, and then trade.

Step 9: Monitor your broker’s performance.

Comparing the features offered by the candidates in your search is a great way to find the most suitable one for your needs. Wecomparebrokers.com provides a unique service in this regard. Our compare forex brokers tool positions the offerings of two brokers side by side. A direct comparison of several criteria allows you to easily compare UK forex brokers.

A word about trading fees, spreads and leverage in the UK

There are a number of ways that forex brokers make money from their clients. Spreads are typically the main source of revenue, but special fees can also factor into a cost comparison. Leverage will also magnify these cost impacts, as the spreads will be a percentage of your position in the market at both opening and closing.

The forex brokerage business is very competitive. Brokers must choose to compete on price or quality, which means that if you want a high degree of support, then the broker of your choice may cost more. Fees and spreads may also depend on your account classification. The lowest fee schedules are often hyped in marketing materials, but they may only apply to institutional clients or accounts with very large deposit balances.

Brokers that take pride in their low fees and spreads and value transparency will often display their prevailing rates on their homepage. The best guide is to review the figures for the ‘EUR/USD’ pairing, as it is the most popular and heavily traded pair in the forex universe.  UK brokers comply with FCA and the European Securities and Markets Authority (ESMA) mandated rules with respect to leverage. At present, ‘30:1’ leverage is permitted for major pairs, while minors are limited to ‘20:1’.

Conclusion

Selecting a regulated forex broker in the UK may seem daunting, but it need not be so. The staff at Wecomparebrokers.com canvass the top UK forex brokers for you to review. When you have read our guide and narrowed your search to two or three trusted forex brokers, check out their demo trading platforms for free and use our comparison feature to help you make your final decision. If your chosen broker disappoints and you wish to change, then remember to consult our list of the best forex brokers to help you decide.

FAQs

How to become a forex broker in the UK

All firms and individuals offering forex trading services in the UK must be authorised and licensed by the FCA. It can require up to six months and $100,000 to acquire these credentials for a firm, which will also need technology and banking partners in the background and a website to convert leads to actual trading clients. Individuals need to learn about the forex market and earn professional certification.

Is forex trading legit in the UK?

Yes, forex trading is legitimate in the UK, but only when dealing with a broker registered with and licensed by the FCA. Avoid scam brokers located in an offshore country where very little regulatory oversight exists.

Is forex taxed in the UK?

Check with your tax advisor on how you conduct trades as this can impact the taxability of gains. For beginner forex traders (i.e., not your full-time occupation), the first £1,000 of income is exempt, but the remainder is taxed as ordinary income. For full-time self-employed traders, your profits over your tax-free allowance are taxable. If you trade with a spread betting broker, your gains are tax-exempt. If you trade with CFDs, no Stamp Duty is required, but gains are taxed as Capital Gains.