Best Forex Brokers in the UK for 2025
Dom Farnell
Co-Founder
Dom, a Co-Founder at TIC, is an avid investor and experienced blogger who specialises in financial markets and wealth management. He strives to help people make smart investment decisions through clear and engaging content.
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Risk Warning
Please bear in mind that trading involves the risk of capital loss. 51% to 84% of retail investor accounts lose money when trading CFDs with the providers below. You should consider whether you can afford to take the high risk of losing your money.
Last Updated 12/02/2025
Explore our curated list of reliable, regulated Forex brokers for 2025, each rigorously tested with real capital. All brokers are accessible to traders in the United Kingdom.
SpreadEX
Forex Score: 4.9/5
84% of Retail CFD Accounts Lose Money
2
IG
Forex Score: 4.8/5
70% of Retail CFD Accounts Lose Money
XTB
Forex Score: 4.7/5
76% of Retail CFD Accounts Lose Money
4
Interactive Brokers
Forex Score: 4.5/5
Most Retail CFD Accounts Lose Money
Quick Answer: What is the best Forex Trading Platform in the UK?
Spreadex is the top choice for forex trading in the UK, catering to both experienced traders and beginners. Its versatile trading environment, user-friendly interface, and comprehensive features make it the preferred platform for confident forex trading. IG also stands out as a strong contender, offering similar benefits and a robust trading experience.
2025 Forex Trading News Update:
In 2025, the forex market faces volatility due to U.S. tariff threats, central bank policy shifts, and geopolitical tensions. The U.S. dollar strengthens amid tariff concerns, while the euro and pound experience fluctuations influenced by economic policies and trade uncertainties.
Here are the Top 7 Forex Brokers in the UK:
- SpreadEX – Best for Beginners, Overall Top Choice
- IG – Versatile, Reliable, Great for Intermediate Traders
- XTB – Multi-Asset Trading, Competitive Spreads, Award-Winning Platform
- Interactive Brokers – Best for Pros, Global Access, Low Fees
- eToro – Social Trading, User-Friendly, Great for New Traders
- Pepperstone – Low Spreads, Fast Execution, Excellent for Forex
- Saxo – Premium Platform, Advanced Tools, Best for Experts
Featured Brokers
eToro
- Copy Trading
- User Friendly Platform
- Regulated & Trusted
- 30 Million+ Users
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more.
Spreadex
- Spread Betting
- Competitive Spreads
- Trade With Leverage
- User Friendly
72.3% of retail investors lose money when trading spread bets and CFDs with this provider.
Open an account and deposit £500 to get a 6 month gift subscription to the Financial Times.
Which brokers are best for forex trading in the UK?
| Rank | Broker | Rating | Fee Score | Platform Score | Account Opening Score | EURUSD Spread | Withdrawal Fee | Min Deposit | MT4 | FCA Regulated | Forex Pairs | Major Pairs | Minor Pairs | Exotic Pairs | FSCS £85K |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| #1 | Spreadex | ⭐ 4.9/5 | 4.1 | 4.8 | 4.7 | Varies | ❌ No | $0 | ❌ | ✔️ Yes | 60+ | ✔️ Yes | ✔️ Yes | ✔️ Yes | ✔️ Yes |
| #2 | IG | ⭐ 4.8/5 | 4.1 | 4.9 | 4.5 | 0.6 | ❌ No | $0 | ✔️ | ✔️ Yes | 80+ | ✔️ Yes | ✔️ Yes | ✔️ Yes | ✔️ Yes |
| #3 | XTB | ⭐ 4.7/5 | 4.1 | 4.8 | 5 | 0.1+ | ❌ No | $0 | ❌ | ✔️ Yes | 50+ | ✔️ Yes | ✔️ Yes | ✔️ Yes | ✔️ Yes |
| #4 | IKBR | ⭐ 4.5/5 | 4.1 | 4.8 | 5 | 0.1-0.2 | ❌ No | $0 | ❌ | ✔️ Yes | 100+ | ✔️ Yes | ✔️ Yes | ✔️ Yes | ✔️ Yes |
| #5 | eToro | ⭐ 4.4/5 | 4.1 | 5 | 5 | 1 | ✔️ $5 | $0 | ❌ | ✔️ Yes | 40+ | ✔️ Yes | ✔️ Yes | ✔️ Yes | ✔️ Yes |
| #6 | Pepperstone | ⭐ 4.2/5 | 4.1 | 3.5 | 3.5 | 0.1 | ❌ No | $0 | ✔️ | ✔️ Yes | 70+ | ✔️ Yes | ✔️ Yes | ✔️ Yes | ✔️ Yes |
| #7 | Saxo | ⭐ 4.0/5 | 4.2 | 4.9 | 4.8 | Varies | ❌ No | $0 | ❌ | ✔️ Yes | 180+ | ✔️ Yes | ✔️ Yes | ✔️ Yes | ✔️ Yes |
7 Best Overall Forex Brokers
SpreadEX – Best for Beginners, Overall Top Choice
Why Choose SpreadEX?
In my experience, SpreadEX is a great choice for intermediate traders who want flexibility in their trading approach. Whether you’re into spread betting or CFDs, it provides competitive spreads and access to a diverse range of markets. However, if you’re looking for a platform with MT4/MT5 support or international access, you might need to consider alternatives.
Pros & Cons
- Great for intermediate traders – Offers tools and resources tailored to traders with some experience.
- Competitive spreads – Helps maximize profits across multiple financial instruments.
- Flexible trading options – Supports both spread betting and CFD trading.
- Broad market access – Trade forex, indices, shares, and commodities.
- No MT4/MT5 support – Limited to its proprietary platform and TradingView.
- UK & Ireland only – Restricted international accessibility.
- No ISA or non-leveraged accounts – Not suitable for long-term investments.
What are the Fees?
| Currency Pair | Trading Hours (GMT) | Minimum Trade Size | Spread From |
|---|---|---|---|
| EUR/USD | Sunday 22:00 – Friday 21:15 | 0.0001 | 0.6 pips |
| GBP/USD | Sunday 22:00 – Friday 21:15 | 0.0001 | 0.9 pips |
| USD/JPY | Sunday 22:00 – Friday 21:15 | 0.01 | 0.7 pips |
Which Forex Pairs are Available?
SpreadEX offers over 60 currency pairs, including:
- Major pairs: EUR/USD, USD/JPY, GBP/USD, AUD/USD, USD/CHF, and more.
- Minor pairs: A strong selection beyond the most popular ones, like EUR/CHF and GBP/JPY.
- Exotic pairs: A limited but decent range for traders looking for unique opportunities.
How Safe is the Broker?
Security is a top priority for me when choosing a broker, and SpreadEX is well-regulated. It’s overseen by the Financial Conduct Authority (FCA) in the UK, which ensures transparency and client protection. Additionally, client funds are held in segregated accounts, meaning your money is separate from the company’s operational funds. This adds an extra layer of security and peace of mind.
81% of retail investor accounts lose money when trading CFDs with this provider.
IG – Versatile, Reliable, Great for Intermediate Traders
Why Choose IG?
From my experience, IG is one of the best platforms for traders who rely on advanced charting and in-depth market analysis. Whether you’re trading forex, stocks, or commodities, IG provides professional-grade tools and a vast market selection. However, the fees can be on the higher side, and the platform might feel overwhelming for beginners.
Pros & Cons
- Advanced charting tools – Perfect for traders who rely on detailed technical analysis.
- Broad market range – Trade forex, stocks, indices, commodities, and even crypto.
- Highly regulated – Overseen by multiple financial authorities for security.
- Great educational resources – Webinars, articles, and tutorials for all skill levels.
- Higher fees – Costs can add up, especially for less active traders.
- Complex interface – Feature-rich but may take time to learn.
- Inactivity fee – £12 per month after 24 months of inactivity.
- Customer support delays – Can be slow to respond during peak times.
What are the Fees?
| Fee Type | Cost |
|---|---|
| Minimum Deposit | £0 |
| Inactivity Fee | £12/month (after 24 months of inactivity) |
| Spread Bet & CFD Admin Fee | 2.5% (standard), 3% (mini) |
| Deposit Fee | $0 |
| Withdrawal Fee | $0 |
Which Forex Pairs are Available?
IG offers over 80 forex pairs, including:
- Major pairs: EUR/USD, USD/JPY, GBP/USD, AUD/USD, USD/CHF, and more.
- Minor pairs: A broad selection beyond the most common ones, like EUR/CHF and GBP/JPY.
- Exotic pairs: A diverse range catering to traders who want unique currency combinations.
How Safe is the Broker?
Security is a key concern for me, and IG meets high safety standards. It is regulated by top-tier financial authorities including the FCA (UK), ASIC (Australia), and CFTC (US). IG also employs SSL encryption and two-factor authentication to protect personal data. Client funds are held in segregated accounts, ensuring they are separate from the company’s operational funds.
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70% 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.
XTB – Multi-Asset Trading, Competitive Spreads, Award-Winning Platform
Why Choose XTB?
In my experience, XTB is a fantastic choice for traders looking for a multi-asset trading platform with tight spreads and a user-friendly interface. Their proprietary xStation platform is fast and packed with useful tools, making it a great alternative to brokers that rely on MetaTrader. However, the lack of MT4/MT5 integration and inactivity fees may be a drawback for some traders.
Pros & Cons
- Low spreads on major forex pairs – Spreads start as low as 0.1 pips on EUR/USD.
- Award-winning xStation platform – Fast execution, intuitive design, and advanced trading tools.
- Comprehensive educational resources – Webinars, tutorials, and market analysis for all traders.
- Regulated by multiple top-tier authorities – Ensures security and transparency.
- No MT4/MT5 integration – May not suit traders used to these platforms.
- Limited forex pairs – Offers fewer pairs compared to some competitors.
- Inactivity fee – €10 per month after 12 months of inactivity.
- No U.S. clients – Not available for traders based in the U.S.
What are the Fees?
| Fee Type | Cost | ||
|---|---|---|---|
| Minimum Deposit | £0 | ||
| Inactivity Fee | €10/month (after 12 months of inactivity) | ||
| Administration Fee | N/A | ||
| Deposit Fee | $0 | ||
| Withdrawal Fee | Free for withdrawals above the minimum threshold |
Which Forex Pairs are Available?
| Fee Type | Cost | ||
|---|---|---|---|
| Minimum Deposit | £0 | ||
| Inactivity Fee | €10/month (after 12 months of inactivity) | ||
| Administration Fee | N/A | ||
| Deposit Fee | $0 | ||
| Withdrawal Fee | Free for withdrawals above the minimum threshold |
How Safe is the Broker?
XTB is considered a safe broker, regulated by several reputable authorities, including the Financial Conduct Authority (FCA) in the UK, the Polish Financial Supervision Authority (KNF), the Dubai Financial Services Authority (DFSA), and the Comisión Nacional del Mercado de Valores (CNMV) in Spain. These regulations require XTB to adhere to strict standards regarding client fund protection, financial reporting, and security measures, ensuring a secure trading environment for its users.
75% of retail investor accounts lose money when trading CFDs with this provider.
Interactive Brokers – Best for Pros, Global Access, Low Fees
Why Choose Interactive Brokers?
From my experience, Interactive Brokers (IBKR) is one of the best choices for experienced traders who need global market access, low fees, and a professional-grade platform. With over 100 forex pairs and access to 150+ global markets, IBKR offers unmatched opportunities for diversification. However, its complex interface may pose challenges for beginners.
Pros & Cons
- Low trading fees – One of the most cost-effective brokers for active traders.
- Extensive range of instruments – Trade forex, stocks, options, futures, and more.
- Advanced trading platforms – Powerful tools for analysis and execution.
- Global market access – Trade on 150+ markets with a single account.
- Complex platform – Best suited for experienced traders; beginners may struggle.
- Inactivity fees – $10 per month if account balance is under $100,000 and no commissions are generated.
- High minimum for interest on cash – Interest only applies if net assets exceed $100,000.
- No MetaTrader integration – Lacks MT4/MT5 support, which some traders may prefer.
What are the Fees?
| Fee Type | Cost |
|---|---|
| Minimum Deposit | $0 |
| Inactivity Fee | $10/month (if assets < $100,000 and no commissions generated) |
| Administration Fee | None |
| Deposit Fee | $0 |
| Withdrawal Fee | First withdrawal free per month, fees apply after |
Which Forex Pairs are Available?
IBKR offers 100+ forex pairs, providing traders with a wide range of opportunities:
- Major pairs: EUR/USD, USD/JPY, GBP/USD, AUD/USD, USD/CHF, EUR/GBP, USD/CAD, NZD/USD.
- Minor pairs: EUR/CHF, GBP/JPY, EUR/AUD, EUR/CAD, CHF/JPY.
- Exotic pairs: USD/TRY, EUR/TRY, GBP/TRY, USD/NOK, EUR/NOK, GBP/NOK.
How Safe is the Broker?
Security is a top priority for me, and IBKR is one of the safest brokers available. It is regulated by top-tier authorities including the SEC, CFTC (U.S.), and FCA (UK). These regulatory bodies enforce strict financial transparency and client fund protection measures, ensuring a high level of security.
62.5% of retail investor accounts lose money when trading CFDs with this provider.
eToro – Social Trading, User-Friendly, Great for New Traders
Why Choose eToro?
From my experience, eToro is one of the best platforms for beginner traders thanks to its user-friendly interface and social trading features. If you want to learn by copying experienced traders, eToro makes it incredibly easy. However, higher spreads and limited advanced tools may not appeal to seasoned forex traders.
Pros & Cons
- User-friendly platform – Simple and intuitive for all experience levels.
- Social trading – Follow and copy professional traders.
- Regulated by multiple authorities – Ensures security and reliability.
- Wide range of major currency pairs – Good selection for forex traders.
- Higher spreads – Not as competitive as some dedicated forex brokers.
- Limited advanced tools – May not suit professional traders.
- Inactivity fee – $10 USD after 12 months of inactivity.
- Limited customer support – Can be slow to respond at peak times.
What are the Fees?
| Fee Type | Cost |
|---|---|
| Overnight Funding | Yes (for CFDs only) – varies by instrument & interest rates |
| Currency Conversion Fee | 0.5% (applies to non-USD deposits & withdrawals) |
| Guaranteed Stop Orders | No additional charge |
| Spread | Varies depending on market conditions |
| Inactivity Fee | $10 USD annually after 12 months of inactivity |
| Withdrawals | $5 USD per withdrawal (deposits are free) |
Which Forex Pairs are Available?
eToro offers 40+ forex pairs, mainly focusing on major and minor pairs:
- Major pairs: EUR/USD, USD/JPY, GBP/USD, AUD/USD, USD/CHF, and more.
- Minor pairs: Limited selection, including EUR/CHF and GBP/JPY.
- Exotic pairs: Not available.
How Safe is the Broker?
eToro is considered a safe broker due to its regulation by multiple financial authorities, including the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC), and the Australian Securities and Investments Commission (ASIC). These regulatory bodies ensure that eToro adheres to strict standards of financial transparency and client protection. Additionally, eToro employs advanced security measures, including encryption and two-factor authentication, to safeguard users’ data and funds.
51% of retail CFD accounts lose money when trading CFD’s with this provider.
Pepperstone – Low Spreads, Fast Execution, Excellent for Forex
Why Choose Pepperstone?
In my experience, Pepperstone is a fantastic option for traders who want tight spreads, multiple trading platforms, and excellent currency pair access. Whether you prefer MT4, MT5, or cTrader, Pepperstone has you covered. Their strong customer support is also a huge plus, though their educational resources could be more extensive.
Pros & Cons
- Competitive spreads – Some of the lowest in the industry.
- Wide range of currency pairs – Over 70 available for diverse trading.
- Multiple trading platforms – MT4, MT5, and cTrader support.
- Strong customer support – Responsive via live chat, email, and phone.
- Limited educational resources – Not as extensive as some competitors.
- Regulatory restrictions – Some services may not be available in all regions.
- No proprietary platform – Relies on third-party trading software.
What are the Fees?
| Fee Type | Cost |
|---|---|
| Minimum Deposit | $200 |
| Withdrawal Fee | $0 |
| Deposit Fee | $0 |
| Inactivity Fee | No |
| Account Fee | No |
Which Forex Pairs are Available?
Pepperstone offers 70+ forex pairs, including:
- Major pairs: EUR/USD, USD/JPY, GBP/USD, AUD/USD, USD/CHF, and more.
- Minor pairs: A broad selection beyond the popular EUR/CHF and GBP/JPY.
- Exotic pairs: A diverse range for those seeking less common currency combinations.
Note: Available pairs may vary depending on location and account type. Check Pepperstone’s website for the latest offerings.
How Safe is the Broker?
Security is a priority for me, and Pepperstone is well-regulated by top-tier financial authorities, including the FCA (UK), ASIC (Australia), and DFSA (Dubai). These bodies enforce strict standards, ensuring transparency and client protection. Additionally, SSL encryption and segregated client funds add an extra layer of security.
70% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
Saxo – Premium Platform, Advanced Tools, Best for Experts
Why Choose Saxo?
In my experience, Saxo Bank is a top-tier choice for professional traders who need comprehensive market access, advanced trading tools, and in-depth analysis. With over 190 forex pairs and a strong reputation, Saxo is built for serious traders. However, the high minimum deposits and complex fee structure may be barriers for beginners.
Pros & Cons
- Massive selection of forex pairs – Over 190 available.
- Trusted brand – Established and regulated by top authorities.
- Advanced analytical tools – Ideal for detailed market research.
- Diverse financial instruments – Trade forex, stocks, bonds, ETFs, options, futures, and commodities.
- Sophisticated platforms – SaxoTraderGO and SaxoTraderPRO cater to experienced traders.
- High minimum deposits – May not be suitable for beginners.
- Complex fee structure – Costs can be higher for less active traders.
- Limited customer support – Response times can be slow during peak hours.
- Platform complexity – Steep learning curve for new traders.
What are the Fees?
| Instrument | Fee Type | Cost |
|---|---|---|
| Stocks | Commission | From $1 on US stocks (varies by market) |
| ETFs | Commission | From $1 on US-listed ETFs (varies by market) |
| Bonds | Commission | 0.05%–0.25% of bond value (minimum may apply) |
| Spread Betting & CFDs | Spread | Varies by market |
| Overnight Financing | Interest Rate | Based on position size & market rates |
| Managed Portfolios | Annual Fee | 0.5%–1.75% of assets under management |
| ISAs | Platform Fee | £0 – £2 per month |
| SIPPs | Platform Fee | £0 – £12 per year |
Which Forex Pairs are Available?
Saxo boasts a comprehensive selection of forex pairs, exceeding even Trading 212 in sheer number.
They offers 180+ forex pairs, covering major, minor, and exotic currencies:
- Major pairs: EUR/USD, USD/JPY, GBP/USD, AUD/USD, USD/CHF, and more.
- Minor pairs: A vast selection beyond standard ones like EUR/CHF and GBP/JPY.
- Exotic pairs: One of the largest selections of exotic pairs for traders seeking diverse opportunities.
How Safe is the Broker?
Saxo Bank is highly trusted and regulated by top-tier financial authorities, including:
- Financial Conduct Authority (FCA) – UK
- Danish Financial Supervisory Authority (FSA) – Denmark
- Swiss Financial Market Supervisory Authority (FINMA) – Switzerland
Additionally, SSL encryption and secure login protocols protect client data, while strict financial transparency ensures a safe trading environment.
64% of retail investor accounts lose money when trading CFDs with this provider.
What is Forex Trading?
If you’ve ever traveled abroad and exchanged your money for another currency, you’ve already dabbled in forex trading—whether you realized it or not. But for traders like me, forex (short for foreign exchange) is a 24/5 global market where we buy and sell currencies, aiming to profit from price movements. With over $6 trillion traded daily, it’s the largest and most liquid financial market in the world.
At its core, forex trading is about exchanging one currency for another, hoping the one you bought gains value against the one you sold. These price changes are driven by everything from economic reports to political events and even unexpected market sentiment shifts. Most traders, including myself, stick to trading pairs like EUR/USD or GBP/JPY, where we analyze trends, news, and technical indicators to make informed decisions.
There are multiple ways to trade forex—spot trading, futures, options, and swaps—but for most retail traders, it comes down to choosing a reputable broker, developing a solid strategy, and managing risk effectively. Forex trading can be highly rewarding, but trust me, it’s not a get-rich-quick scheme. You need discipline, patience, and a deep understanding of the market to succeed.
How to Choose the Best Forex Broker in the UK
I’ve tested my fair share of brokers over the years, and if there’s one thing I’ve learned, it’s that choosing the right one can make or break your trading experience. Here’s what I look for when selecting a forex broker in the UK:
- Security & Regulation – Is Your Money Safe?
The first thing I check is whether the broker is FCA-regulated (Financial Conduct Authority). This guarantees that they follow strict financial rules, conduct audits, and keep client funds in segregated accounts. Avoid unregulated brokers at all costs—security should always come first.
- Trading Platforms – Does It Fit Your Style?
A good platform makes all the difference. I personally prefer MetaTrader 4 (MT4) and MetaTrader 5 (MT5) because of their advanced charting tools and automated trading options. Some brokers also have proprietary platforms, so make sure it’s user-friendly and has the features you need.
- Fees & Spreads – Are You Getting a Fair Deal?
Brokers make money through spreads, commissions, and overnight fees, and trust me, those costs add up. I always compare spreads on major pairs like EUR/USD—tight spreads are crucial, especially if you’re an active trader. Look for transparency in fee structures to avoid hidden charges.
- Range of Instruments – More Than Just Forex?
While forex is my main focus, I appreciate brokers that offer commodities, indices, and even cryptocurrencies for diversification. The more trading options, the better, especially when market conditions shift.
- Customer Support – Will They Have Your Back?
When things go wrong (and they sometimes do), you’ll want a broker with fast and reliable customer support. I always check for 24/5 or 24/7 availability via live chat, email, or phone. Quick and knowledgeable support can save you from costly trading issues.
- Account Types – Does It Suit Your Trading Level?
Different traders need different accounts. I started with a demo account before moving to a standard trading account. High-volume traders might benefit from VIP or professional accounts that offer lower fees and better perks.
- Education & Resources – Do They Help You Grow?
Forex trading is a constant learning curve. I appreciate brokers that provide webinars, tutorials, and market analysis to help traders improve. The more knowledge you gain, the better your trading decisions will be.
- Deposits & Withdrawals – Is It Hassle-Free?
You don’t want a broker that makes it difficult to deposit or withdraw funds. I always check for multiple payment options (bank transfer, credit/debit cards, e-wallets) and ensure withdrawals are fast and fee-free whenever possible.
How Popular Are the Top Forex Brokers in the UK?
1. eToro – The Social Trading Leader
eToro is widely recognized for its social trading platform, allowing traders to follow and copy professionals. This feature makes it particularly appealing to beginners looking for a hands-on learning experience. eToro is regulated by the FCA and has a strong online presence with a substantial social media following.
- Trustpilot Rating: 4.2 stars
- Social Media Following: 7.2 million
2. Spreadex – A Versatile Option for Intermediate Traders
Spreadex offers both spread betting and CFD trading, catering primarily to intermediate traders. It provides competitive spreads and a reliable platform. While not as active on social media as some competitors, it maintains a solid reputation for performance and customer service.
- Trustpilot Rating: 4.0 stars
- Social Media Following: 500,000
3. IG – A Long-Established Market Leader
IG is one of the most well-known brokers, particularly favored by experienced traders. With advanced charting tools and market analysis, IG stands out for its professional-grade platform and educational resources. It has a strong reputation and a significant number of traders using its services.
- Trustpilot Rating: 4.3 stars
- Social Media Following: 10 million
4. XTB – A Multi-Asset Trading Specialist
XTB’s xStation platform is known for its user-friendly design and powerful trading features. It has built a strong reputation for competitive spreads and educational resources. XTB is regulated by the FCA and maintains a notable presence among forex traders.
- Trustpilot Rating: 4.0 stars
- Social Media Following: 1.5 million
5. Interactive Brokers – Best for Global Market Access
Interactive Brokers is a favorite among professional traders due to its low fees and access to over 150 global markets. While the platform can be complex for beginners, it is an excellent choice for experienced traders looking for diverse investment options.
- Trustpilot Rating: 4.1 stars
- Social Media Following: 600,000
6. Pepperstone – Competitive Spreads and Pro-Level Tools
Pepperstone is well-known for offering ultra-tight spreads and supporting multiple trading platforms, including MT4, MT5, and cTrader. It is regulated by the FCA and is widely used by traders who prioritize execution speed and platform flexibility.
- Trustpilot Rating: 4.2 stars
- Social Media Following: 1.2 million
7. Saxo – A Broker for Professional Traders
Saxo Bank offers one of the most comprehensive selections of forex pairs, exceeding 190. With its advanced trading platforms and strong research capabilities, it’s a preferred choice for serious traders looking for detailed market insights.
- Trustpilot Rating: 4.1 stars
- Social Media Following: 600,000
| Broker | Search Volume | Social Media Followers | Website Traffic | Trustpilot Rating |
|---|---|---|---|---|
| eToro | Medium | 7.2M | Medium | 4.2 Stars |
| Spreadex | Medium | 500K | Low | 4.0 Stars |
| IG | High | 10M | High | 4.3 Stars |
| XTB | Medium | 1.5M | Medium | 4.0 Stars |
| Interactive Brokers | Medium | 600K | Medium | 4.1 Stars |
| Pepperstone | Medium | 1.2M | Medium | 4.2 Stars |
| Saxo | Medium | 600K | Medium | 4.1 Stars |
These metrics indicate the strong presence and popularity of these top forex brokers in the UK market. Choosing the right broker involves considering these popularity indicators alongside other factors such as security, fees, and available features.
Additional Considerations for UK Forex Traders
Regulation and Security
The UK forex market is overseen by the Financial Conduct Authority (FCA), which ensures that brokers operate transparently and protect traders’ funds. FCA-regulated brokers must adhere to strict guidelines, including client fund segregation and negative balance protection.
Tax Implications of Forex Trading in the UK
Profits from forex trading in the UK may be subject to Capital Gains Tax (CGT) or Income Tax, depending on the nature of trading activity. Traders who engage in forex trading as a primary source of income may need to pay income tax, while casual investors could fall under CGT rules. Consulting with a tax professional can help clarify tax obligations.
Brexit’s Impact on Forex Trading
Brexit has led to some shifts in broker operations, particularly regarding market access and regulatory oversight. UK traders should ensure that their broker remains FCA-regulated and offers services tailored to UK-based clients.
Broker Fees Beyond Spreads and Commissions
Many traders focus on spreads and commissions, but additional costs can add up. Be aware of:
- Inactivity Fees – Some brokers charge fees if your account is dormant for a specified period.
- Withdrawal Fees – Fees may apply when withdrawing funds, depending on the broker.
- Currency Conversion Fees – If trading assets in a currency different from your account’s base currency, conversion costs might apply.
Final Thoughts
While popularity is a useful indicator of a broker’s reputation, it’s important to choose a broker that fits your trading style and needs. Some brokers, like eToro, cater to beginners, while others, like Saxo, focus on professional traders. IG remains a strong choice for market analysis, while Pepperstone excels in offering tight spreads and fast execution.
Take the time to research each broker, compare their features, and select one that aligns with your trading goals. The UK market offers many excellent brokers, so finding the right one can significantly enhance your trading experience.
FAQs
When choosing a forex broker in the UK, consider factors such as security and regulation, trading platforms, fees and spreads, range of instruments, customer support, account types, educational resources, and deposit and withdrawal options. Ensure the broker is regulated by the Financial Conduct Authority (FCA) for enhanced security and reliability.
Yes, forex trading profits in the UK are subject to taxation. Depending on the nature of your trading activity, profits may be classified under capital gains tax (CGT) or income tax. It is essential to keep detailed records of all trades and consult a tax advisor for personalized guidance.
Forex trading carries substantial risks, including market volatility, leverage risks, and the potential for significant losses. It is crucial to understand these risks, develop a solid trading strategy, and utilize risk management techniques to mitigate potential losses.
Using an FCA-regulated broker ensures that the broker adheres to strict financial standards, including client fund segregation, negative balance protection, and regular audits. This regulation provides a higher level of security and protection for traders.
Brexit has introduced changes to the regulatory environment and market dynamics for UK traders. It has increased volatility in GBP currency pairs and may have affected the operational structures of some brokers. Traders should ensure their broker remains FCA-regulated and be prepared for potential market fluctuations.
Saxo Bank offers the most Forex pairs, with over 190 available for trading. IG Markets follows with a substantial offering of around 100 Forex pairs. Both brokers provide extensive options for traders seeking diverse currency pairs for their Forex trading activities.
The best forex app in the UK is eToro. It offers a user-friendly interface, commission-free forex trading, and a CopyTrader™ feature, allowing users to mirror the trades of experienced investors. With FCA regulation, advanced charting tools, and a wide range of currency pairs, eToro is ideal for both beginners and experienced traders.
Top 5 FX Brokers
1
SpreadEx
81% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
2
IG
70% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
3
XTB
76% 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
IBKR
The inclusion of Interactive Brokers’ (IBKR) name, logo or weblinks is present pursuant to an advertising
arrangement only. IBKR is not a contributor, reviewer, provider or sponsor of content published on this site, and
is not responsible for the accuracy of any products or services discussed.
5
eToro
CFDs are complex instruments with a high risk of losing money rapidly due to leverage. 51% of retail CFD accounts lose money when trading CFD’s 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.
References:
1 – What is Forex Trading? A Beginners Guide – Investopedia
2 – How To Trade Forex? – City Index
3 – Is Forex Trading Legal? – Unmasking the Truth – Investing.com
4 – Trading Volume – Forex.com
5 – Foreign Exchange Markets – Wikipedia
6 – Top Three Criteria for Choosing a Reliable Broker – FX Street
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Our Top Featured FOREX Trading Platforms in the UK
81% of retail investor accounts lose money when trading CFDs with this provider.
