12 Best Forex Brokers in UK [Trusted Forex Platforms]

This tutorial explores forex brokerage and trading in the U.K. Explore the list of the best forex brokers in UK for trading FX both by retail and corporate clients:

The U.K. contributes 38.1% of total global Forex trading volume according to a 2022 report by the Bank of International Settlements, with most of it coming from banks although retail FX trading is growing. 9 out of 10 FX lose from trading FX, the brokerage is well regulated in the U.K. mainly due to poor trade risk management.

Other reasons include because most come to it as a get-rich-quick scheme when it requires patience and practice; trading addiction, and not following a trading plan. Most Forex Brokers in UK now provide the tools for traders to curtail losses and increase winnings.

Top Forex Brokers – UK Platforms

This tutorial on Forex Brokers in UK looks at the ins and outs of forex brokerage and trading in the U.K. and also lists the best forex brokers in the United Kingdom with which both retail and corporate clients can trade FX. We enlist the main features of Forex Brokers in UK that you can utilize to improve your trading.

Who is this article for?

This article on Forex Brokers in UK is for corporate and retail FX traders who want to know the best forex brokers in the United Kingdom, with whom they can best trade forex in the U.K.

The purpose of this Forex Brokers in UK article is to explain the fees brokers charge for guiding traders in researching broker platforms, rates, products, trading tools, support, outstanding features, and other factors to facilitate comparisons between brokers.

It is for anyone researching FX products in the U.K. for any reason, as well as for brokers who need to better their services.

How do we select the best Forex Brokers in UK?

We considered FX companies that charge the lowest fees in terms of spreads and commissions. We also looked at the range of tradable FX pairs and other products or financial instruments offered.

In addition, the companies we ranked have a good and long-standing record in providing FX trading services. We also rank companies based on the platform features such as trading tools supported, the nature and extent of trader support offered, etc.

Types of Foreign Exchange Markets

1. Spot FX Markets: Immediate exchange of a currency against another without a binding contract or derivative.
2. Forward Market: Agreeing to exchange a currency at a future date at a fixed rate. It is mainly used by traders to hedge against FX risks that lay in wait due to unfavorable price changes. Here traders have private agreements and the market is limited in liquidity.
3. Futures Market: Traders take a standard contract to exchange a given amount for a given exchange rate in the future. Here, unlike with forward markets contracts are publicly traded on exchanges using pre-defined standardized terms and clearing mechanisms. The markets are transparent about fees. The market is common to FX price speculators and investors.
4. Options Market: The contract agreed upon gives a trader the right and not the obligation to exchange a currency at a pre-determined price at a future date upon expiration of the contract.
5. Swap Market: Parties agree to simultaneously exchange one currency for another on two different dates at pre-agreed and fixed exchange rates. The principal amount of the loan and the interest paid on that loan in one currency are swapped for the principal and interest paid in the other currency.
6. Interbank Markets: At the core of the FX market, major banks and financial institutions trade currencies mainly over the counter.
7. Retail Market: The individual traders and the mid-to-small companies that access the interbank FX market through brokers. This is mainly made possible by technology where brokers facilitate access to the FX market to low-volume traders.

What Type of FX Trader Can You Become

The above image shows 55% use mobile to trade forex.

1. Position Trader: Buy or sell and hold a price position and watch the trends for some long term (usually months at a time) before changing to take a different position. It is ideal if you only have a little time to watch charts a few times a week.
2. Swing Trader: Hold a market position for some time (usually weeks) as you watch the trends that will determine changing and taking a different position. Ideal if you only have time to monitor the charts only a few hours a day.
3. Day Trader: Trader opens and closes trades within the same day. Ideal if you have enough time to monitor markets all day.
4. Scalping: Hold price positions for a mere few minutes before changing. You can hold multiple positions and place dozens of trades in a day. Ideal if you can stay focused on charts and all that affects FX markets.

Key Considerations While Choosing a Forex Broker in UK

Euro is the second most frequently traded currency in the world.

#1) Spreads and Costs: In addition to the difference between buy and sell (known as spread), some charge commission per trade and other fees such as overnight or swap fees, and management fees, so be sure to check.

Some charge low spreads and high commissions and others charge no commission but higher spreads. The good thing is that a number of them charge no spreads on major currency pairs.

#2) Trading Platforms and Tools: MetaTrader 4 is now considered a standard for many FX brokers but some have proprietary apps and additional tools to spice it up. Most also now offer trading automation, copy trading, and automated technical analyses for instance using AutoChartist and other tools.

Check for brokers with sentiment/market/trading opportunity scanners such as PsyQuation, insights, market commentaries, etc. TradingView is also common with brokers due to its vast trade customization capabilities.

Most brokers also provide trader education in case you are a beginner FX trader but advanced traders would better look for opportunities to get (rich) market data at a low cost (if possible free because some brokers do but most will charge it under a subscription).

Although not a trend, we have brokers who offer insurance and even protection against trading losses as long as you trade a certain minimum volume.

Further Reading => Most Popular Forex Brokers in USA

Most offer rebates though for higher trading volume just in case you are an introducing broker or institution willing to trade FX. Research the leverages or margins and rates offered by the broker.

An uncountable number of FX brokers now offer 100 times and above so in case you are a pro trader sure of his or her winning ways, the amount of leverage is a worthwhile consideration.

Most brokers also now offer risk management tools, strategies, order types, and advice as part of the trading. The more the risk management alternatives offered, the better for the trader.

#3) Markets Tradable: Almost all brokers support trading of major pairs but what if you want to diversify to trade the minors, exotic, crosses, and other currency pairs? Also consider what else you can trade besides forex — commodities, CFDs, metals, indices, shares, and cryptos.

#4) Type of Broker: Read more here about the types of brokers because it affects how they operate. Market makers are the most common but since the risks are not hedged by the inclusion of external liquidity providers, a client’s loss is the broker’s profit and vice versa.

Straight-through-processing brokers provide clients with direct access to the interbank markets and they do not intervene, which means it is in their best interest that the client succeeds, but there will be huge capital required to trade in there compared to when dealing with the market makers.

Straight-through processing also sometimes fill the orders and/or forward orders to liquidity providers which renders some hedge against FX trading risks.

Direct Market Access brokers send orders for processing directly to the interbank markets and retail traders would need huge capital to trade. Dealing with Electronic Communication Network brokers (who use electronic communication networks to match buy and sell orders)also requires a huge capital than with market makers.

#5) Execution Speed and Slippage: Execution speed determines if the order placed will or will not be filled at the accurate price. In a fast-moving market or where traders are using robots, it can mean hefty losses if trade execution is delayed.

Slippage is the difference in placement and execution price that affects trader profitability, especially for high-frequency traders.

#6) Verifiable Brokers: A broker being regulated doesn’t necessarily mean a trader will necessarily offer the best, ensuring brokers register is a role authorities play not necessarily with only traders in mind, so these days it is not even a reason you should trust a broker. So you might want to check the broker’s reviews and do some background research on other details in the public domain.

#7) Customer Support: Beyond ordinary support, some will offer relationship managers (be sure to confirm the costs), independent and third-party analyses trader support, etc.

#8) Your Knowledge Level and what level and Type of Trader you are: Most of the success in FX and trading of other assets accrues to the knowledge you have to effectively navigate the markets and use the tools provided. Invest in continued knowledge, define your trading goals, and take time to build yourself as a successful trader.

Why is the Financial Conduct Authority (FCA) important for Forex traders in the UK?

The Financial Conduct Authority in the U.K. is funded by membership fees and is independent of the United Kingdom government. It plays a role in maintaining the integrity of financial markets in the U.K. and regulating the conduct of firms that provide financial services using its rule-making, investigative, and enforcement powers.

Thus member firms adhere to a given voluntary code of conduct to ensure they operate fairly and transparently in providing services to clients. For FX traders, this means quality and authentic services.

List of the Best Forex Brokers in UK

Here is the list of noteworthy UK forex brokers:

1. eToro
2. IG Markets
3. Forex.com
4. City Index
5. Saxo Bank
6. CMC Markets
7. XTB
8. AvaTrade
9. Tickmill
10. Pepperstone
11. InteractiveBrokers
12. Plus500

Comparison Table of Top Forex Traders in UK

Detailed Review: 

#1) eToro

Best for social and copy trading.

 eToro scores a 90% trust among FX, CFDs, stock, commodities, ETFs, and cryptocurrency traders in the UK. As one of the best forex trading platforms in the U.K., it provides market access for 3,000+ tradeable financial instruments and even inexperienced traders can thrive through the platform’s copy-trading platform which is used by millions of traders.

In addition to offering indemnity insurance of up to 1 million Euros per client in the EU, U.K., and Australia, it is regulated by three Tier-1 jurisdictions and one Tier-4 jurisdiction (FCA in the UK, SEC in the US, and ASIC in Australia).

It supports trading of 52 currency pairs which is somewhat of a limitation compared to other brokers. It also does not allow forex trading in the U.S.

Other Features:

• eToro Club members with higher club tiers can access exclusive research and tools via Trading Central.
• Up to 30 times leverage. Up to 400 times for professional clients.
• Both manual and automated trading strategies are supported.
• Rich trader support in terms of market analysis, news, webinars, videos, podcasts, trading guides, social sentiment calculated from data of top traders, economic calendar, trader education, Trader Talks, eToro Plus, and Digest and Invest. It also provides a Wall newsfeed with collective commentaries for each tradable financial instrument.
• Risk management e.g. stop losses, etc.
• Demo account.
• $50 minimal deposit though up to $10,000 depending on location. $500 for wire transfer.
• iOS and Android app and web platform.
• Professional technical analysis tools ProCharts, TradingView, and the app. Advanced Charts provides 7 chart types, 50+ drawing tools, and 100+ indicators.
• Offline trading even when the platform is down for maintenance (some trades).

How to trade currencies on eToro:

Step #1: Create an account or log in.
Step #2: Visit the Markets page and click or tap Currencies to access the list of pairs tradable.
Step #3: Assuming you have deposited money, select a currency pair to trade, tap/click Trade, enter the amount or number of units you want to trade, set the stop loss and leverage take profit parameters, and proceed to open a trade.

Why we have selected this broker:

• High-level trust score, social trading, popularity, and low fees.

Pros:

• Free investment insurance.
• Has millions of users using the copy or social trading platform with lots of trader suggestions on any given asset.

Cons:

• No support for FX trading in the US.

Fees: From 1 pip to 1000 Pips for rare pairs. Major pairs range from 1 to 2 pips.

Other Fees: Conversion to USD fees since trading happens only in one currency the USD. Overnight fees of up to $0.0127 per unit traded per night. $5 fee for withdrawals and a $10 monthly inactivity fee after 12 months of account inactivity.

Website: eToro 

#2) IG Markets

Best for professional accounts, more than one base currency, and high leverage.

IG Markets allows three ways to trade forex namely spread betting, CFDs, and direct market access (the latter is accessible to only professional clients and attracts some commission).

Unlike eToro, it supports 6 base currencies including £, you get AUD, EUR, GBP, JPY, USD, CAD, CHF, SGD, ZAR, NZD, NOK, SEK, MXN, PLN, TRY, CNH, SP_EURRUB, RUB, and EMFX as base currencies.

IG Markets provides access to 17,000+ global markets with 100+ forex pairs thus earning its place as one of the best forex trading platforms in the U.K.

Features:

• Risk management strategies consist of stop losses, guaranteed stops, negative balance protection, limit orders, alerts, and education on risk management.
• IG academy with forex trading courses, webinars, seminars, news, tutorials, etc.
• IG Community offers forums, chats, blogs, on-demand videos, and leaderboards.
• Professional, institutional, and retail accounts and services.
• Trading platforms are a web platform, IG’s in-house Android and iOS trading app, MetaTrader 4, and ProRealTime.
• Also trade or invest in options, shares, indices, as well as other financial instruments such as ETFs, Thematics, IPOs, bonds, and Interest rates.
• Leverage up to 200 times. Minimal deposit is $250.

How to trade forex with IG:

Step #1: Create an account and/or log in.
Step #2: Deposit money in the account.
Step #3: Choose a pair to trade. Decide whether to buy or sell. Set stops and limits and open the trade. Monitor positions until the closing of the trade.

Why we have selected this broker:

• Superb trade educational and trade analytics tools such as MT4, Autochartist, and ProRealTime although the latter is expensive for regular traders (charges at least $40 monthly).

Pros:

• No charges for withdrawals.
• Investor protection of up to £85k to the UK, €20k to EU clients, CHF 100k to Swiss, and $0 to other clients.
• Options for managed accounts.

Cons:

• Limited money deposit and withdrawal methods.

Fees: Spreads are from 0.6 to 0.9 pips on major FX pairs. Minors, Australasian, Scandinavian, Exotic, and Emerging FX pairs are available at higher spreads sometimes over 1000 and above pips although the majority are below 30 pips.

The margin rates are between 3.33% and 5% for both FX spread betting and CFDs.

Other Fees: Overnight funding, guaranteed stop premiums, borrowing fee ((market borrow rate + 0.5% administration charge), extra services fees such as those provided under advanced charting packages and live data streams.

Website: IG Markets

#3) Forex.com

Best for trade rebates, professional accounts, and high leverages.

Forex.com allows access to over 5000 markets including 80+ currency pairs, indices, equities, and commodities.

The platform offers several features including trading rebates for very active traders, and the advanced analytical tools (which pack in 80+ technical indicators and 50+ drawing tools) come with integrated trading strategies with 100s of pre-defined templates from which to choose.

Features:

• Trader support including real-time trade signals through automated analysis tools Autochartist and Recognia. Also includes technical analysis by experts, proprietary research on potential market movements, and market news and commentaries on what could affect markets. You can also choose to work with Forex.com market strategists to develop your custom trading plan. Other support includes trading webinars, trading courses, etc.
• Trade on the web, iOS and Android apps, desktop platforms, MT4, MT5, and APIs. TradingView integration.
• Diversify FX trading by trading 17 indices, 4 stocks, 9 commodities, and 10 metals in addition to FX.
• Leverage is up to 50 times for standard accounts, 200 times for commission, and 500 for professional accounts.
• Account protection of £85k to UK clients, CAD 1 million to Canadian clients, and zero to others.

Why we have selected this broker:

• Trader rebates (up to $10 per million dollars), availability of trade customization and automation tools, variability of trading instruments and FX pairs, low spreads, and availability for specialized trader support are the main bargaining factors for this platform.

Pros:

• Make easy and automate FX market analysis using expert third-party tools.
• Affiliate program and rebates for active traders.
• Manage trade risks using limit orders, guaranteed stop loss, trailing stop, and OCOs.

Cons:

• Limited types of assets to which one can diversify – no stocks, ETFs, and bonds.

Fees: Spreads start at 1 to 79.9 pips depending on the pair (majors stay at below 3 pips). Raw Spread Accounts attract a commission of between 0.7 to 2.8 pips for majors and up to 225 pips plus $5 commission per standard lot (100K) charged when trade is executed. Standard Accounts attract a spread-only charge and no commissions. Margins from 0.5% to 20% on FX.

Other potential charges/costs: $15 inactivity fees when the account is dormant for a year.

Website: Forex.com

#4) City Index

Best for smart signals, social trading, FX diversification, and corporate accounts.

City Index provides access to 84 FX pair markets, which are among over 13,500 other financial instruments that you can trade on the platform.

Although most UK traders use spread betting, the platform also offers spot FX. City Index provides three types of accounts – standard, MT4 which features robotic trading, and corporate accounts on which one can have multiple authorized traders.

Features:

• SMART signals suggest trades. Social trading also for spot FX.
• Trade or invest in other markets – indices, shares, FX, metals, and commodities.
• 10+ chart types, 80 technical indicators, and 50+ drawing tools. Trade within the charts. Also 10+ prebuilt indicators, 10,000 community-built indicators on the Spot FX, etc.
• Watch lists, price alerts, hedging, etc.
• Performance analytics allows one to measure one’s trading performance.
• Research, market analytics, commentaries, alerts, guides, trade ideas, trading academy, etc.
• Trade on the mobile app, web trader, TradingView, MT4.
• Negative balance protection, automated margin closeouts (at 50%), stop loss orders, and portfolio diversification supported.

How to trade forex with City Index:

Why we have selected this broker:

• Social trading and trading tools such as Smart Signals and performance analysis, appear to be the main bargaining points for this platform.

Pros:

• Nasdaq-listed, Fortune 100 company with almost 100 years of operation.
• Low fees for forex trading including on rare pairs. The average spread cost is just 0.4 points during peak hours.
• 26 industry awards garnered and has a very high reputation as a broker.
• Highlight trading opportunities within fractions of seconds by using the Smart Signals tool. It scans and monitors 36 markets globally across 100,000s of price data points. Signals come with take profit and stop loss suggestions. Also, monitor the performance of previous signals supplied.

Cons:

• The smallest tradable lot size is a standard lot which can be a bit on the higher side for new traders yet to master FX trading.
• A demo account is limited in time.

Fees: Spreads start from 0.7 pips to around 1 pip for major currencies and up to 400 pips for exotics depending on which currency pair. Zero commission on spread betting and CFD FX markets.

5% to 20% step margins for spread bet stake size of between £0 to £500+ or CFD stake size of between 0 and 50,000+. Order aware margins on professional accounts.

Other Fees: Financing or overnight charges based on swap points for FX clients, inactivity fee of  $15 per month after 24 hours of inactivity.

Website: City Index

#5) Saxo Bank

Best for joint and corporate FX trading, auto trading on the interbank market level, and a wide range of FX pairs, low spread, trading in diverse base currencies, FX options, and swaps.

Saxo Group provides access to 185 spot FX pairs, FX options (1 day to 12 months maturity), and FX swaps. Account types include normal accounts, joint, corporate (which feature dedicated support), professional accounts, ISA accounts, SIPP accounts, and Trust accounts.

Saxo offers 19 base currencies for FX trading and customers can operate sub-accounts.

Features:

• Types of orders are Algorithmic orders, limit orders, IOC, Fill and Kill, conditional orders, market orders, stop limits, trailing stops, and Traspaso.
• Trade on the iOS and Android SaxoTraderGo, Windows and MacOS SaxoTraderPro, APIs, and third-party tools.
• News and expert research, pattern identification across hundreds of instruments using automated Trade Signals live charts, trade from within charts, etc. Also, get a relationship manager if need be. In-house Sales Traders are also accessible to help. Algo orders on SaxoTraderPro.
• Analyze performance of your account with such things as a portfolio summary.
• Up to 30 times leverage.

Further Reading => A Comprehensive Review of Exness Trading Broker

Why we have selected this broker:

• It is possibly offering the lowest spreads in the market starting at 0.4 pips for majors although there are other extra fees. Besides, it offers FX options and FX swaps.

Pros:

• Risk management, premature stop-outs are triggered to prevent the client from being stopped out. Also account shield that if triggered liquidates all open positions, stops orders, cancels all orders, margin utilization monitoring for all instruments, margin alerts, and quick closing of positions in two clicks.
• Extra help for those who need level 2 market data access through a subscription, relationship managers, and an in-house Sales Traders team.
• Robust analytics and trading tools.
• Trade three types of FX products.

Cons:

• Higher deposit minimums of 500 GBP (or in other currencies) vary per country compared to most brokers.

Fees: Spreads start at 0.4 to under 1 pip for major pairs.

Other Fees: FX Rollover Procedure rollover (tom-next swap of between +/-0.45% and +/-0.75%, and a financing interest), general charges, and historic swap points.

FX options cost from 3 pips. Execution prices on Forex CFDs (between and 0.00018 and 0.01)

Borrowing costs on FX CFDs also apply, as carrying costs, fixed spreads on CFD index trackers, and general charges apply on CFDs.

Website: Saxo Bank

#6) CMC Markets

Best for FX pair diversification, Forex indices/baskets for diversification, automated price projection based on previous market trends, mobile charting, and copy trading.

At 330+ FX pairs, CMC Markets offers one of the widest ranges of tradable FX pairs in the industry. Besides, the spreads are as low as 0.7 points (with majors remaining below 1 point) and margins from 3.3% on FX pairs.

Clients can choose between spread betting or CFDs. Forex indices are also available – trade or invest through 12 strategically crafted currency investment baskets.

Features:

• Mobile charting.
• Get price projections based on monitoring and scanning for common candle sticks and price point patterns.
• Instant notifications via push, email, and SMS.
• Trade on the web, native Android and iOS apps. 115 indicators and 70 chart patterns.
• Personal, institutional, and group accounts.
• Also available for trading are 100+ commodities, 8,000+ shares, 1,000+ ETFs, 28 share baskets, and 50+ treasuries.
• Trading community – copy trading strategy.
• Leverage is up to 30 times.

Why we have selected this broker

• CMC Markets offers a wide range of FX markets to trade, whether you are looking for spread betting or FX indices which makes it even more possible for traders to diversify in trading FX. Its low spreads are also remarkable.

Fees:

Charges/cost of trading forex: Spreads of between 0.6 pips to 2.2 pips for majors depending on currency pair. Between 0.7 pips to 4.2 pips for minors. Exotics cost between 3 and 100.80 pips spread to trade. FX indices cost between 0.25 and 5 pips on spreads.

Other potential charges/costs: £10 monthly inactivity fee for accounts that run dormant for a year; overnight fees calculated as tom-next rate (difference between interest rates of the two currencies in a trading FX pair) + an additional 0.0027% CMC Markets charge.

Roll-over cost (although traders save 50% on the spread cost by rolling positions); small charge on guaranteed stop-loss order (GSLO); and a market data fee if you have an active subscription for the same.

Website: CMC Markets

#7) XTB

Best for micro-lot forex trading and low spreads.

XTB customers can trade 48 currency pair CFDs as among the 5,400+ instruments tradable through the xStation Android app and the web, mobile, and desktop-based xStation 5 app.

The company provides two types of accounts namely the Standard account which is ideal for beginner to intermediate traders and Pro accounts for experienced traders who need to access advanced trading tools and features.

Pro accounts are for those whose portfolio is above €500,000 and have traded a minimum of 10 significantly sized transactions per quarter over the past four quarters. The applicants are required to have worked for at least one year in a professional position that requires knowledge of transactions or similar services.

Like with other FCA-regulated brokers, protection of up to £85,000 per person is provided in case of the company’s insolvency.

Features:

• Trader support in the form of trading education, e-books, articles, webinars, market analysis, and guides. Also market news, calendar, and price tables. Xtb also offers technical analysis, fundamental analysis, and sentimental analysis. It also provides performance statistics.
• Manage trade risks right from the charts with stop loss and take profit orders.
• Indices, shares, commodities, and ETFs are also tradable.
• Up to 30 times leverage.
• Free deposits via bank transfer, credit and debit cards, and PayPal and Skrill for UK residents but a 2% fee for Skrill applies for UK residents.

Why we have selected this broker:

• Micro-lot volumes of 0.01 as minimum transaction volume. Besides, spreads are extremely low starting at 0.1 pips.

Fees: Spreads from 0.1 pips (0.000010 to 0.25 basis points) for U.K and from 0.00008 to 0.45 basis points in the EU.

Other Fees: Overnight fees (swap points), Inactive fees of €10 monthly (or equivalent in GBP, USD) after 12 months of account inactivity, deposit fee of 2% when using Skrill (U.K. and non-U.K/EU residents).

Website: XTB

#8) AvaTrade

Best for FX vanilla options, copy trading, AI-powered signals, and high-leverage.

AvaTrade customers can trade CFDs on forex (53 pairs), as well as stocks, indices, commodities, ETFs, bonds, and vanilla Options, all comprising a total of 1,250+ instruments. It also allows trading of Vanilla Options on forex (Forex (GBP/USD, GBP/AUD, GBP/NZD) among other assets.

These options give a trader the right to trade a financial instrument at a pre-set price and specified date (daily, weekly, every couple of months, or annually). The call options limit the potential loss to the premium of the option.

Features:

• Trade on the Desktop, tablet, mobile, and Web-based trading with MetaTrader 4, MetaTrader 5, AvaTrade’s proprietary WebTrader, AvaOptions, and AvaTradeGO.
• Start with as little as $100.
• Follow and copy trades of the most successful traders the way you want, through the AvaSocial mobile app. Also, ask questions in groups or ask your mentors.
• AI-powered trading signals.
• Up to 400 times the margin.
• AvaProtect — up to 1 million dollars in protection. Also, shield your account against losses with the company’s insurance feature. Also, negative balance protection and protections are based on order types.
• Swap-free Islamic accounts.

Why we have selected this broker:

• AvaTrade scores high on social trading, trading signal provision, vast support for third-party trading tools, and in-house account fund protection measures.

Fees: 0.9 to 300 basis points depending on FX pairs. Most regular pairs are charged below 4 basis points. FX options spreads range from 0.0005 to 2.8 basis points. The margin for the options is 1% to 5%.

Other Fees: Overnight fees, inactivity fees ($50 after 3 months of inactivity), $100 administration fee after 12 months of inactivity, etc.

Website: AvaTrade

#9) Tickmill

Best for low spreads, copy trading, auto signals, and bot trading.

Tickmill clients can trade 63 FX pairs among the total 725 tradable financial instruments which include cryptos, bonds, indices, futures, options, and metals.

FX provides a high leverage of up to 500 times (for all accounts starting with the standard account) and a low spread of from 0 pips, this beating many of competitor forex brokers. Spreads start at zero pips for both the Pro and VIP accounts.

Features:

• 4 base currencies – USD, EUR, GBP, and ZAR.
• The deposit minimum depends on account type: 100 EUR or other currency for Classic account which is basic, and Pro account, but VIP accounts require 50,000 units of the currencies.
• Trade on MT4 and MT5 (Mac, Windows, Android, and iOS), CQG, AgenaTrader and TradingView. VPS hosting for algorithmic trading, API, Autochartist, and web platform. Tickmill mobile app.
• 50+ charting indicators and 15 drawing tools. Also supports mobile charting.
• Copy trading and social trading. Trading signals are supported on the Signal Center. Automated technical analyses through Autochartist.
• Trader education, market research, ebooks, podcasts, technical and fundamental analyses every day, news, webinars, sentiment data, etc.
• Swap-free Islamic accounts.

Why we have selected this broker:

• Copy trading support, support for Expert Advisor or bots, and signals trading on the Signals Center are exceptional. Also supports a host of third-party trading tools that enhance trading.

Fees: $2.00 commission per lot. Starting at 1.6 pips for Classic accounts and from 0 pips for pro and VIP accounts. 0.0 pips typical spread on majors. Zero commissions on Classic accounts. The commission is 2 per side per 100,000 traded for Pro and 1 per side per 100,000 traded for VIP accounts.

Other Fees: Withdrawal fees, overnight fees.

Website: Tickmill

#10) Pepperstone

Best for low spreads on major FX pairs, high leverage, and social trading.

60+ currency pairs can be traded on this broker platform in addition to other types of CFDs and assets available for trading (commodities, indices, crypto, currency indices, shares, and ETFs).

Pepperstone seeks to differentiate itself from other brokers by offering 0 pip spreads on majors although trading exotics can be expensive. The platform also offers a high leverage of up to 500 times which is commendable for optimistic traders who have mastered the art of FX trading.

Features:

• Trade automation uses its own custom algos or works with cTrader Automate, Capitalise.ai, and Autochartist tools making it one of the best forex brokers in the UK. MT4 and MT5 are enhanced with Smart Trader and Figaro packages also supported. MetaTrader signals, DupliTrade, and copy trading via the Myfxbook copy trading platform are also supported.
• 10 base currencies supported – AUD, USD, JPY, GBP, EUR, CAD, CHF, NZD, SGD and HKD.

Why we have selected this broker:

• Support for 10 base currencies is great alongside the low spreads on major and minor pairs. Besides, it has great support for third-party tools that make it possible to automate analyses and trading.

Fees: From 0.00 pips for majors, 0.1 pips for minors and crosses, 0.3 to 700 pips for exotics, and 6 to 600 pips for NDF pairs. 0.0 – 0.2 pips for Razor accounts and 1.0 – 1.2 pips for Standard accounts. Commissions on standard lots — 10% of a standard lot when you trade 0.1 of a lot and 1% when you trade 0.01 of a lot.

Other Potential Charges/Costs: Funding and withdrawals.

Website: Pepperstone

#11) InteractiveBrokers

Best for earning high interest on available cash balances, FX pair trading diversification, portfolio analysis and reporting tools, low spreads.

Clients can trade over 100 FX pairs with spreads as low as 0.1 pips. Commissions are as low as 0.08 up to 0.20 basis points. The latter is tiered based on one’s monthly trading volume thus there are rebate benefits for frequent traders.

The support for base currencies is also great at 24. Interactive Brokers is one of the most feature-rich platforms compared to all other brokers.

Features:

• Support for algo trading alongside 100+ other trading order types makes it one of the best forex brokers in the UK.
• Clients can earn interest on available cash balances (up to 4.83%). Although this is possible on several brokerages, Interactive Broker offers one of the highest rates in the industry. Also, borrow at USD 5.83% – 6.83% from a single brokerage account.
• Portfolio analysis, tax reporting tools, account analyses, etc.
• Trade with IBKR Trader Workstation, proprietary IBKR mobile app, IBKR GlobalTrader, web portal, APIs, and IBKR Impact app for investing in companies.

Why we have selected this broker:

• The extent of features, third-party tools, and extras on the IBKR platform is commendable. There is also extensive support for traders through education, analyses, webinars, blogs, trading labs, etc.
• It also supports a wide range of account types – individual, joint, trust, IRA, UGMA/UTMA, non-pro advisor accounts, broker, FCM, trading groups, mutual fund, compliance officer, administrator, institutional hedge fund, family office accounts, small business accounts, advisor accounts, and money manager accounts.

Fees: 0.08 basis points for those with > 5,000,000,000 monthly volume to 0.20 basis points for those with ? 1,000,000,000 trading volume.

Other Fees: Short sale cost (cost of borrowing), research and market data access fees depending on subscription (some are free), exposure fee for high-risk accounts, etc.

Website: InteractiveBrokers

#12) Plus500

Best for low spreads, high leverage, simplicity in FX trading, and trader support.

Plus500 enables trading of 60+ CFDs on forex pairs using advanced trading tools. It offers considerable support for third-party analytics and sentiment analysis tools, but traders also get a good variety of tradable instruments other than forex CFDs.

The platform also offers very high leverage, which can be tricky for new users but great for well-established traders.

Features:

• Risk management tools. Close at Profit or Stop Limit, Close at Loss or Stop Loss, guaranteed stop, trailing stop.
• Up to 300 times leverage. Minimal deposit $100.
• Trading academy, insights, news, analyses, economic calendar, alerts, videos, ebooks, and more. Trader sentiments provided, an analysis of the activity of other traders on the platform. Insights and analytics tools e.g. from Trading Central and FactSet. Also provides robust charting tools 109 indicators, over 20 drawing tools, and 13 different chart types.
• Trade on the WebTrader, iOS, and Android apps.
• Get premium services e.g. client manager, expert analyses of upcoming trading events, trading webinars, premium customer service, and other additional features.

Why we have selected this broker:

• Plus500 is one of the best forex brokers in the UK because it offers a good platform for beginner to more advanced traders looking for simplicity in trading forex CFDs and other instruments. It has a low spread fee.

Fees: Starting from 0.8 pips.

Other Fees: Overnight funding, currency conversion for currency different from the currency of your account, guaranteed stop order fees and inactivity fees.

Website: Plus500

FAQs on UK Forex Brokers

Conclusion

This tutorial on Forex Brokers in UK discussed the forex trading and brokerage situation and market in the U.K. Although most traders lose money in forex trading through trade losses, anyone can better their trading and make profits.

Building knowledge on how forex markets work, which pairs to trade, which broker to work with, and which tools to use and how to best employ them, are ways to successful trading. Risk management tools are your bet when you do not know how to approach a situation.

We analyzed the best forex brokers and Forex Brokers in UK platforms with which beginner and pro traders can deal forex securely and profitably leveraging on provided support and tools. eToro appeals to millions of FX traders due to its social and copy trading invention and its growing in popularity with millions of traders signed up for social/copy trading.

It is recommended for beginner, intermediate, and pro investors. IG Markets and Forex.com have a wide range of assets to trade and offer accounts suited or customized for pro users as is City Index and Saxo Bank which have been in operation for a long time and are highly trusted by FX traders.

CMC Markets whose FX trading spreads start from 0.6 pips, Plus 500 from 0.8 pips, XTB whose spreads start at 0.1 pips, InteractiveBrokers 0.08 basis points (which is probably most feature-rich), Pepperstone and Tickmill from 0 pips, offer some of the cheapest spreads in the industry today.

 Research Process:

• Forex Brokers in UK Initially Listed for Review: 30
• Forex Brokers in UK Actually Reviewed: 12
• Time Taken to Research this article on Forex Brokers in UK: 2 days