Best Forex Brokers UK – Compare 10 Forex Trading Platforms

Last Updated November 30th 2022
20 Min Read

For you to be successful in trading forex, one of the things you need is a good forex broker. 

This article gives you an in-depth analysis of 11 of the best forex brokers in the UK today. Each of the brokers in this analysis is regulated and has low trading fees. 

Top Forex Brokers In The UK

Here is a brief overview of the best forex brokers to trade in the UK. While there are many others in the market, here are the top forex trading platforms in the UK today. 

  • eToro   Best Regulated Broker in the UKThat Has A Low Entry Minimum
  • AxiTrader  Top UK Forex Broker That Has A Copy Trading
  • EightCap  Easy-To-Use Broker That Has Zero Deposits And Withdrawals
  • VT Markets  Top UK Broker With A Straightforward Account Opening Process
  • CMC Markets  One Of The Best Brokers For Those Who Need Variety In Trading Options
  • Pepperstone  One Of The Best Forex Brokers With Low Spreads
  • IG  A Forex Broker That Is Known For Its Low Trading Fees
  • XM  A Direct-To-Market Broker That Has More Than 50 Forex Pairs
  • FXTM  Top Forex Broker That Has Multiple Accounts For Customized Trading Options
  • Forex.com  A Top UK Forex Broker With A Variety Of Trading Pairs

 

trade forex

68% 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.

Best UK Forex Brokers – An In-Depth Analysis 

Each of the brokers reviewed below is regulated. However, they differ on other core metrics, such as the number of forex pairs they support, the tools they give to traders, and the cost per transaction. 

1. eToro – Best regulated broker in the UK that has a low entry minimum

etoro forex broker

eToro is a UK leading online broker that allows traders to trade in various assets, including Forex, stocks, cryptocurrencies, and commodities. The company is regulated by several financial authorities, including the Financial Conduct Authority (FCA) in the UK, the Securities and Exchange Commission (SEC) in the US, the Cyprus Securities and Exchange Commission (CySEC), and the Australian Securities and Investments Commission (ASIC). 

This ensures that eToro is held to high standards of operation and conduct and that traders can be confident that their funds are safe. In addition to being regulated by financial authorities, eToro is also a member of the Financial Services Compensation Scheme (FSCS), which protects investors up to £50,000 if the company defaults. 

If you're looking for a user-friendly web-based trading platform, eToro is worth considering. The platform is designed to be straightforward, without sacrificing functionality or customization options. The pricing charts are a great example of this - they're highly customizable but still easy to understand and use. This makes eToro an ideal choice for both experienced traders and beginners alike. Plus, the platform offers a wide range of features and tools that can be used to your advantage. 

eToro is also known for its customer-friendly cost structure when trading. That's because it allows UK traders to buy and sell forex pairs on a spread-only basis. Spreads are the difference between a currency pair's bid and ask prices, and eToro charges a small commission on each trade. This makes it one of the most affordable forex brokers in the UK.

eToro is also loved for its wide variety of forex pairs to trade. The vast majority of these pairs are major and minor currencies, but there is also a small selection of exotic currencies available. eToro's forex pairs are all sourced from highly reputable providers and are constantly updated in line with market conditions. This means that users can always be confident that they are trading on the most up-to-date information. eToro also offers other asset classes, such as stocks and cryptocurrencies, at equally competitive rates. For instance, with as low as £8, you can buy Bitcoin in the UK on eToro. 

Another reason why eToro is the best broker for forex trading in the United Kingdom is its beginner-friendly nature. Trading is not easy for beginners, but eToro makes it pretty easy. This is all thanks to the eToro Copy Trading feature. 

eToro copy trading is a great way to get started in the forex market. By copying the investments of successful traders, you can learn from their mistakes and successes. Additionally, you can use copy trading to diversify your investment portfolio. Investing in multiple traders can reduce your risk and increase your return on investment. To get started, create an account with eToro and choose a trader to copy. Then, fund your account and start investing. eToro copy trading is a great way to learn about the forex market and profit without doing all the work yourself.

It is also noteworthy that signing up for an eToro account is quick and easy, and can be done in just a few minutes. The minimum first-time deposit for UK traders is just $10, making it a great option for those new to online trading. eToro also gives traders multiple deposit options ranging from cards, and wire transfers to e-wallets like PayPal. Once you have registered for an account, you can access various features, including real-time market analysis, charts and indicators, and a wide range of social trading tools. 

  • Tradable Assets 40+
  • Pricing approach Spread only
  • Spreads on EUR/USD 0.1 pips
  • Depositable amount From $10

trade forex

68% 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.

 

2. Axi – Top UK forex broker that has a copy trading

AXI Trader forex broker

Axi can't miss among the best forex brokers in the UK due to strong credentials in the market. For a start, Axi has won awards for best forex broker and best CFD provider, so clearly, it is doing something right. But what exactly makes Axi so special? 

For starters, it offers its clients competitive spreads, low commissions, and high-quality customer service. In addition, Axi provides a wide range of trading products and services, including MetaTrader 4, expert advisors, VPS hosting, and much more. All of this makes Axi an ideal choice for new and experienced forex traders

To get an even better idea of how good Axi is, consider it one of the UK's lowest-cost forex brokers. Anyone who's ever traded Forex knows that commission fees can quickly eat into profits. Axi takes care of this by offering $0 commission trading on more than 70 currency pairs. Whether you're a seasoned trader or just getting started, Axi's competitive pricing and extensive selection of currency pairs make it an ideal choice for forex trading. And with our convenient online platform, you can trade anytime, anywhere. 

Axi's cost advantage is also evident in its spreads. With Axi, you can trade the EUR/USD from spreads as low as 1 pip. This low spread allows you to maximize your profits on every trade. In addition, Axi offers 30:1 leverage, which means you can take larger positions than with other brokers. This allows you to increase your potential returns from forex trading. 

Traders also love Axi for its ease of use. The platform is designed for beginner and advanced traders, with a user-friendly interface and fast speeds. Axi also offers a range of tools and resources to help traders make the most of their experience. Beginners can use the tutorials and demo accounts to get started, while experienced traders can use the advanced features to maximize their profits. Whether you're just starting out or you're a seasoned pro, Axi has everything you need to make the most of your trading.

The best part is that Axi has a demo account for beginner traders to test their skills. Before using the platform with real money, traders can test the Axi MT4 platform with a $50,000 demo account. This allows them to get a feel for how the platform works and to try out different trading strategies without risk. Once they are comfortable with the platform, they can then switch to a live account and start trading with real money. With the Axi MT4 platform, traders can access all the tools they need to succeed in the forex market.

Axi also stands out for its lengths to cater to the diverse needs of traders. Forex trading can be complex and risky, so it's important to choose the right broker. Axi offers a variety of account types to meet the needs of different traders. For example, the Standard account is best suited for beginners who want to take advantage of Axi's low spreads and commissions. The Premium account, on the other hand, is ideal for experienced traders who need advanced features like market analysis and news feeds. Whichever account type you choose, you can be confident that you're getting a high-quality forex trading experience with Axi.

Axi also has some of the best tools in the market to help beginner traders better understand the market. One of these is Copy Trading, which enables traders to copy successful traders. Another feature offered by Axi is PsyQuation, which is a tool that uses psychological analysis to help traders make better decisions. Finally, Auto Chartists is a tool that provides technical analysis and charts to help traders identify market trends. By offering these three tools, Axi gives traders a leg up in the market and helps them to trade more effectively.

If you're new to trading, Axi also has a lot of great resources to help you get started. Their video tutorials, webinars, and guides touch on everything from the basics of trading to more advanced strategies. And if you want more in-depth instruction, their Axi Academy provides comprehensive tuition on all aspects of trading. Whether you're just starting out or looking to improve your skills, Axi's educational materials can help you become a better trader.

  • Tradable Assets 70+
  • Pricing approach No commission
  • Spreads on EUR/USD 1 pip
  • Depositable amount Zero minimum

trade forex

82.4% 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.

 

3. EightCap – Easy-to-use broker that has zero deposits and withdrawals

EightCap forex broker

EightCap makes it to the list of best forex brokers in the UK for its low trading fees. EightCap is a forex broker offering some of the industry's lowest fees. For example, they charge no commission on trades. They also offer highly competitive spreads, starting at just 0.1 pips for major currency pairs. In addition, EightCap provides a variety of account types to meet the needs of different traders. For example, their ECN account offers extremely low spreads and allows scalping, while their Standard account is best suited for longer-term trading strategies. Overall, EightCap is an excellent choice for forex traders looking for low fees and competitive spreads.

EightCap is also one of the easiest forex brokers in the UK to open an account. Opening an account with EightCap is pretty simple. You can open an account in just a few minutes by visiting their website and providing some basic personal information. Once your account is open, you can access a user-friendly platform that offers free deposits and withdrawals. EightCap also offers competitive rates and a wide range of products, so you're sure to find what you're looking for. Their customer service team is also available to help if you have any questions. 

When it comes to trading, practice makes perfect. However, only some have the time or money to spend on a live account while they're still learning the ropes. That's where EightCap's demo account comes in. With a demo account, you can trade without risking any real money and take your time to learn the ins and outs of the market. Best of all, EightCap's demo account is completely free to use. Whether you're a beginner or an experienced trader looking to improve your skills, a demo account is a perfect way to get started.

Traders can also take pride in the fact that EightCap is a regulated broker. EightCap is regulated in Australia and Vanatu. This provides peace of mind to traders that their funds are safe and that EightCap is operating in a compliant manner. 

In addition to being regulated by ASIC and VFSC, EightCap is also a member of the Financial Ombudsman Service (FOS), which provides dispute resolution services for traders. As a result, EightCap is subject to several strict guidelines and regulations, ensuring that it allows for a safe and secure trading environment for its clients.

  • Tradable Assets 20+
  • Pricing approach $3.5 commission
  • Spreads on EUR/USD 0.6 pips
  • Depositable amount GBP 100

trade forex

74-89% 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.

 

4. VT Markets – Top broker with an easy account opening process

VT Markets forex broker

VT Markets can't miss among the best forex brokers in the UK. One of the reasons why it makes it to the list is its easy account opening process. The process of opening a VT Markets account is fast and simple. First, you will need to provide basic personal information, including your name, address, and date of birth. You will also need to create a username and password. 

Once you have completed these steps, you can begin trading immediately. VT Markets offers a variety of account types, so you can choose the one that best suits your needs. For example, if you are a beginner trader, you should open a demo account first, allowing you to practice trading without risking any real money. Or, if you are an experienced trader, consider opening a standard account. No matter what your level of experience, VT Markets makes it easy to get started.

VT Markets is also known for its low trading fees. This is an essential benefit for anyone who wants to trade Forex because it can save you a lot of money over time. With VT Markets, you only have to pay a small commission on each trade, and there are no hidden fees. This contrasts with many other brokers, who charge higher fees and often add on hidden costs. In addition to low fees, VT Markets also offers a variety of other benefits. For example, they provide superb customer service, a user-friendly platform, and a wide selection of currency pairs to trade. Overall, VT Markets is an excellent choice for anyone who wants to trade Forex without worrying about high fees.

When it comes to forex brokers, customer support is essential. After all, you're dealing with complex financial transactions, and you need to be able to get help when you need it. That's why VT Markets is so impressive. Their customer support team is responsive, knowledgeable, and always willing to lend a helping hand. In addition, they offer a wide range of support options, including live chat, email, and phone support. 

So, no matter how you like to communicate, you can always get the help you need. With all these features, it is not hard to see why VT Markets is one of the best brokers to try today. 

  • Tradable Assets 20+
  • Pricing approach $3 commission
  • Spreads on EUR/USD 0.1 pips
  • Depositable amount GBP 200

trade forex

74-89% 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.

 

5. CMC Markets – One of the best brokers for those who need variety in trading options. 

trading on Cmc markets

When you're looking for a forex broker, it's important to find one that offers a wide variety of currency pairs. This way, you can diversify your portfolio and reduce your risk. CMC Markets is one of the best brokers in the UK for currency diversity. They offer over 300 different currency pairs, including major, minor, and exotic currencies. This gives you a lot of flexibility when you're planning your trades. In addition, CMC Markets offers competitive spreads and excellent customer service. 

CMC Markets is also loved because it does not charge a commission and instead has some of the most competitive spreads in the market. CMC Markets is a leading online financial trading platform that offers competitive spreads and no commissions on forex trades. The most competitive spread offered by CMC Markets is 0.7 pips, which is available for all major pairs like USD/EUR, AUD/USD, and USD/JPY. This makes CMC Markets an ideal choice for those looking to trade in the forex market. 

In addition to its low spreads, CMC Markets also offers a variety of helpful tools and resources for traders, including a live news feed, economic calendar, and market analysis. This makes it easy for traders to stay up-to-date with the latest market movements and make informed trading decisions. Whether you're a beginner or an experienced trader, CMC Markets has the resources you need to succeed in the forex market.

When it comes to online trading, speed is everything. CMC Markets understands this, which is why they offer their customers some of the fastest execution speeds in the industry. On average, trades are executed in just 0.0045 seconds. This gives traders a critical edge in a fast-moving market. With all these factors at play, it's not hard to see why CMC Markets is one of the best forex brokers in the UK. 

  • Tradable Assets 300+
  • Pricing approach No commission
  • Spreads on EUR/USD 0.7 pips
  • Depositable amount No minimum

trade forex

68% 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.

 

6. Pepperstone – One of the best forex brokers with low spreads. 

trading on pepperstone

Pepperstone makes it to the list of best forex brokers in the UK for its low spreads. Major currency pairs like EUR/USD and USD/JPY start at just 0 pips, and Pepperstone also offers ultra-low spreads on a range of other popular pairs. This means that traders can take advantage of small market movements to scalp. 

In addition, Pepperstone's deep liquidity pools help to ensure that trades are executed quickly and at the best possible prices. With Pepperstone, traders can get the most out of every trade.

With Pepperstone, you also have a wide range of tradable assets to choose from. You can trade stocks, ETFs, commodities, indices, and over 60 forex pairs. This allows you to find the right asset for your trading strategy and portfolio. Pepperstone's wide range of tradable assets means that you can diversify your portfolio and hedge your risks. You can also take advantage of market opportunities as they arise. With Pepperstone, you have the flexibility to trade the assets that are most advantageous for you.

When it comes to forex trading platforms, Pepperstone gives traders the best of both worlds: the flexibility of choice and the security of knowing that all options are top-quality. One of the most popular platforms in forex trading is MetaTrader 4 (MT4) and for a good reason. MT4 is user-friendly yet powerful, supporting many features, including expert advisors, indicators, and advanced charting tools.

 For those who want to take their trading to the next level, MetaTrader 5 (MT5) is also available. MT5 offers even more features than MT4, such as hedging and netting capabilities, as well as support for stocks and futures. In addition, Pepperstone also offers cTrader and TradingView – two other popular platforms that offer different advantages. Whichever platform you choose, you can be sure that Pepperstone has you covered.

  • Tradable Assets 60+
  • Pricing approach $3.5 commission on the raw account. Zero on a normal standard account.
  • Spreads on EUR/USD 0 pips
  • Depositable amount None

trade forex

68% 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.

 

7. IG – A forex broker that is known for its low trading fees.

trading on IG markets

IG Markets is definitely worth considering if you're looking for a UK forex broker that offers access to a wide range of currency pairs. With over 80 major, minor and exotic forex pairs on offer, they provide a great way to diversify your trading portfolio. What's more, their spreads are extremely competitive and offer several convenient account types to suit different budgets and trading needs. In addition, their customer support is excellent, so you can be confident that you'll always have someone to help you if you need it. Overall, IG Markets is a great choice for anyone looking for a reliable UK forex broker.

IG Markets is a popular forex broker for UK retail clients because it offers high leverage levels. Leverage allows clients to trade with more money than they have in their account, magnifying both profits and losses. For example, if a client has £1,000 in their account and uses 1:30 leverage, they can trade up to £30,000 worth of assets. This can be a great way to maximize returns, but it's also important to be aware of the risks. With leverage, even a small movement in the market can lead to large losses. As a result, IG Markets offers negative balance protection. This means that if the value of your account falls below zero, you will not be liable for any further losses. This safety net can help to protect against catastrophic losses and gives clients the confidence to trade with leverage.

IG Markets also gives traders a choice on how to trade, which can significantly increase the odds of success. With IG Markets, you can do tax-free spread betting, CFD instruments, and a DMA (Forex Direct) account. All three methods have their own advantages and disadvantages, so choosing the one that best suits your needs is essential. Spread betting is the simplest way to trade Forex, offering tax-free profits. However, you will be relying on leverage, which can amplify losses and gains. CFDs offer a more sophisticated way to trade Forex and can be used to hedge positions or take short-term speculative positions. 

However, they are also traded using leverage, so there is potential for losses. The Forex Direct account offers direct market access with no dealing desk intervention. This means you can trade directly with banks and other institutions, but it does require a higher level of experience. Ultimately, the best way to trade Forex depends on your circumstances and needs.

IG Markets is a leader in the global financial markets, providing investors with access to over 15,000 markets across currency pairs, indices, shares, commodities, and bond markets. As a result, IG Markets can offer some of the lowest spreads in the market. EUR/USD spreads can go as low as 0.6 pips, while GBP/USD spreads start from just 0.8 pips. In addition, IG Markets offers a range of sophisticated tools and features to help traders maximize their profits. These include guaranteed stops, advanced charting capabilities, and low commissions. As a result, IG Markets is the perfect choice for experienced and novice investors.

  • Tradable Assets 80+
  • Pricing approach 0% commission
  • Spreads on EUR/USD 0.6 pips
  • Depositable amount GBP 250

trade forex

68% 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.

 

8. XM – A direct-to-market broker that has more than 50 forex pairs.

XM broker

XM is a leading UK forex broker that offers a wide range of account types to suit the needs of all kinds of traders. For those who want to trade with tight spreads, XM's ECN account offers some of the lowest spreads in the market, starting at 0.0 pips. And for those who want a more traditional trading experience, XM's standard account offers variable spreads starting from 1.8 pips. Both account types offer access to various markets, including Forex, indices, commodities, and energies. And with XM's powerful trading platform, traders can take advantage of fast execution and advanced charting and analysis tools. Whether you're a beginner or an experienced trader, XM has the account type and the trading tools that you need to succeed.

ECN forex trading is a popular choice for experienced investors looking for tight spreads and fast execution speeds. However, many ECN brokers require large minimum deposits, making the platform inaccessible for many traders. XM is one of the few UK ECN brokers offering a £5 minimum deposit, making it an ideal choice for those new to ECN trading or with a limited budget. In addition to low minimum deposits, XM also offers a range of other perks, including zero commissions on all trades, negative balance protection, and a wide selection of currency pairs. With so much to offer, it's no wonder that XM has become one of the UK's leading ECN brokers.

XM is also loved for its variety of tradable assets. With XM, you can trade more than 55 forex pairs, which is a perfect option to diversify. XM also gives traders leverage of up to 1,000:1 for major forex pairs, making it an attractive option for traders looking to take advantage of the volatile forex markets. In addition to its competitive leverage, XM also offers tight spreads from as low as 0.8 pips on major currency pairs. This makes it an ideal choice for scalpers and day traders looking to take advantage of small price movements. 

XM also offers a wide range of research tools for traders of all experience levels. The company's daily trade ideas and technical analysis summaries are trendy among clients, as they provide concise and actionable information that can be used to inform trading decisions. XM's research capabilities are further enhanced by the company's experienced team of analysts, who always offer their insights on the latest market developments. With its commitment to providing an excellent research offering, XM is the ideal partner for traders looking to take their trading to the next level.

  • Tradable Assets 50+
  • Pricing approach 0% commission
  • Spreads on EUR/USD 0 pips
  • Depositable amount GBP 5

trade forex

68% 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.

 

9. FXTM – Top forex broker that has multiple accounts for customized trading options.

FXTM trading platform

UK residents looking to get started in forex trading have a lot of options when it comes to choosing a broker. However, one of the most popular brokers among UK traders is FXTM. This broker offers three different account types to UK residents, each of which has its own set of benefits. The Standard Account is ideal for beginner traders, as it offers low spreads and no commission fees. The Cent Account is perfect for those who want to trade with smaller amounts of money, as it allows for micro-lot trading. Finally, the ECN Account is best for experienced traders who are looking for the lowest possible spreads. Regardless of your experience level or trading goals, FXTM has an account type that will suit your needs.

FXTM is also loved for its low deposit minimums. As anyone who has ever traded Forex will know, deposit requirements can be very high. This is often a barrier to entry for many people, as it requires a large amount of money to open a position. However, FXTM is a broker known for its low deposit minimums. The minimum deposit on the micro account is just £50, making it one of the most accessible brokers in the market. This account type also offers a leverage of up to 1:1000, one of the highest in the industry. This means that you can trade with a much smaller amount of capital than other brokers would require. FXTM is, therefore, an ideal broker for those who are new to forex trading or who have limited capital to invest.

With all these benefits, it is not hard to see why FXTM is one of the best forex brokers in the UK. It is one of those brokers perfectly suited for both beginner and pro traders. 

  • Tradable Assets 50+
  • Pricing approach 0% commission
  • Spreads on EUR/USD 0 pips
  • Depositable amount GBP 50

trade forex

68% 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.

 

10. Forex.com – A top UK forex broker with a variety of trading pairs

Forex.com platform

If you are looking for a low-cost UK forex broker, consider Forex.com. Forex.com is a UK-based broker that offers competitive fees for currency trading. With more than 80 forex pairs available, the broker does not charge any commissions for trades. This makes it an attractive option for UK-based traders who want to access the currency markets.

One of the main attractions of Forex.com is its low spreads, which start from as low as one pip per slide on major pairs. This makes it an ideal platform for those looking to trade in high volumes or make frequent trades. In addition, Forex.com offers several other benefits, including tight spreads on exotic pairs, advanced trading tools, and various account types to suit different investors. With its competitive pricing and extensive features, Forex.com is an excellent choice for those looking to trade Forex online.

The broker also offers a mobile app and a web-based platform, both of which are user-friendly and offer a range of features. Forex.com is also known for its excellent 24/7 customer support 24/7. This is a valuable service for UK-based traders who may have questions or need assistance outside of normal business hours. Forex.com is a good option for UK-based traders looking for a reliable and competitively-priced broker.

  • Tradable Assets 80+
  • Pricing approach 0% commission
  • Spreads on EUR/USD 0.8 pips
  • Depositable amount None on wire transfers, GBP 100 on other methods.

trade forex

68% 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.

 

Best Forex Brokers In The UK – A Comparison 

Check out the table below for a comparison of the 11 best forex brokers in the UK. 

Forex Brokers Trading Pairs Commission (From) EUR/USD Spread (Min) Deposit Minimum Non-fx Trading Fees Min Lot Size Highlight Features
eToro 49 Spread only 1 pip $10 (£8) 0.5% on non-USD deposits, $10 inactivity fee, $5 withdrawal fee 0.01 Copy trading feature, FCA regulated and FSCS protected, very user-friendly
Axi Trader 70+ 0% From 1 pips None   0.01 Low fees, Strong customer service, Beginner friendly
EightCap 20+ $3.5 0.6 pips $100   0.01 Low spreads, Easy account opening, Demo accounts
VT Markets 20+ $3 0.1 pips GBP 200   0.01 Easy to open account, Strong support team, No hidden fees
Pepperstone Dozens of majors, minors, and exotics $3.50 for 1 lot traded on raw spread account 0 pips on raw spread account No minimum stated None 0.01 Trading signals, FX pricing alerts, MT4
Forex.com 80 0% 0.8 pips From £0 $40 on bank wire withdrawals, $15 inactivity fee £1 per point Standard and ECN accounts, £5 minimum deposit, offers MT4 and MT5
IG 80 0% 0.6 pips £250 1% on Visa, 0.5% on MasterCard, £12 inactivity fee £1 per point Trading signals, FX pricing alerts, MT4
XM 55 0% From 0.4 pips £5 None 0.01 Standard and ECN accounts, £5 minimum deposit, offers MT4 and MT5
FXTM Not stated 0% 0 pips From £50 £5 inactivity fee 0.01 Three account types to choose from, no deposit fees, offers FX indices
CMC Markets 330+ 0% 0.7 pips No minimum £10 inactivity fee £1 per point Lists more FX pairs than any other broker, 18,000+ financial markets, Competitive spreads

 

trade forex

68% 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.

How To Choose The Best Forex Broker In The UK

While there is no specific way to choose a good forex broker, the steps below can go a long way in helping you choose a good one.

Make sure the broker is regulated

Anyone who has ever traded Forex will know that choosing a broker is one of the most important decisions you can make. After all, your broker will be responsible for executing your trades and managing your account. With so much at stake, it's crucial to choose a reputable and adequately regulated broker. 

In the UK, forex brokers must be authorized by the Financial Conduct Authority (FCA). This ensures that they meet strict standards of financial integrity and can be held accountable if things go wrong. Furthermore, UK-regulated brokers are covered by the Financial Services Compensation Scheme (FSCS), which protects customers up to £85,000 if a broker goes bust. For UK traders, choosing an FCA-regulated broker is essential in ensuring a safe and secure trading experience.

For instance, eToro is one of the brokers regulated not just in the UK, but in several other jurisdictions, including the US. This makes it one of the top forex brokers in the US today. 

App Trading

Go for a broker that has an App for on-the-go trading. For instance, eToro, the best forex broker in the UK, has a trading app available on Android and IOS.

Go for one with a demo account

The forex market is a dynamic and ever-changing environment. To be successful, traders need to have a deep understanding of the market and a well-developed trading strategy. One way to gain experience in the forex market without risking real money is to use a free demo account. A demo account looks like the real market, and trades move the same way they would in the real market. This allows the user to try out different trading strategies and see how they perform in the real world. As a result, using a free demo account is an excellent way to learn about the forex market and develop a winning trading strategy.

For instance, if you choose to open an eToro demo account, you have up to £80,000 to play with and perfect your strategy. 

The number of forex pairs available to trade

When choosing a forex broker, it is essential to consider the variety of currencies offered. The best forex brokers offer a wide selection of major forex pairs and several exotics. Exotic pairs are typically less liquid than major pairs and can be more volatile, making them riskier but also offering the potential for greater returns. As such, they may only be suitable for some investors. However, for those willing to take on more risk, exotic pairs can offer an exciting and lucrative way to trade foreign currency.

Consider the deposit and withdrawal fees

Before you engage a forex broker, consider their deposit and withdrawal fees. To make things easier for you below is a tabulation of the deposit and withdrawal fees for some of the major exchanges. 

Consider their trading fees

When finding the best forex broker, many traders focus on commission fees. After all, why pay more than you have to? However, a few things to keep in mind when considering commission fees. First of all, some brokers charge a commission only on certain types of trades. For example, some may charge a commission on buy orders or sell orders. Secondly, the commission fee is just one part of the total cost of a trade. You also have to consider the spread, the difference between the bid and ask price. The spread can have a significant impact on your overall profits or losses. Finally, remember that not all brokers charge a commission. Some make their money solely through the spread. Ultimately, it's up to you to decide what's more important: lower commissions or a lower spread.

Those that use a spread-based fee tend to be the most competitive. For instance, eToro is one of the most competitive forex brokers in the UK, and its fees are spread-only. 

Trading tools

When trading in the forex market, it is essential to have a broker that can provide you with the latest market analysis. This information can give you a critical edge when buying and selling currency pairs. Several brokers offer these services, so it is essential to research to find one that best suits your needs. However, it is also necessary to know that not all market analysis tools are created equal. Some brokers only offer crucial information, while others provide more sophisticated tools to help you identify trends and make more informed decisions. As a result, choosing a broker that can provide you with the market analysis you need to succeed in the forex market is essential.

For instance, the copy trading tool is one of the best features on eToro. It gives beginner traders a leg up to enjoy the same possibilities of success as pro-traders. 

Consider the minimum deposit

The best brokers in the UK are those that have a low minimum deposit. These are perfect for both pro-traders and beginners who want to use little capital to test their strategies. For instance, eToro, one of the top brokers in the UK, has a low minimum deposit of just $10. 

Payment methods

The more payment methods that a broker has, the better for traders. For instance, if you choose eToro, you can access many deposit and withdrawal methods. 

How To Trade Forex In The UK

Here is a step-by-step guide on how to start trading Forex on eToro. 

Step 1: Create an account

Go to the eToro website, click signup and follow the instructions.

Step 2: Make a deposit

Deposit as low as £10 and start trading. 

Step 3: Start trading

Once your deposit lands in your account, look for a trading pair you like and start trading. You can leverage your trade up to 1:30. 

trade forex

68% 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.

Conclusion 

This article has taken an in-depth look at the 11 top forex brokers in the UK. The article has used vital factors such as spreads, the number of payment methods, and commissions. 

From the analysis, we have concluded that eToro is the best forex broker in the UK today. It has zero commissions, and opening an eToro account is pretty straightforward. Besides, you can deposit as low as £10 and start trading. 

eToro - The Best Trading Platform In The UK

etoro broker

start trading now

68% 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.

FAQs

What is the top forex broker in the UK?

While all the brokers reviewed in this list are good, eToro is the overall best. Its features dwarf the rest. 

Do you need a lot of money to trade Forex?

No. With brokers like eToro, you can start trading for as low as $10. 

Is Forex trading profitable?

Yes. With the proper techniques, forex trading is a profitable business.

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