Best Forex Brokers in the UK for 2022, Top 10 UK Broker Reviews

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As arguably one of the most active markets in the world, forex trading presents you with a glorious opportunity to add to your income. 

And since forex trading is mostly about speculation, you can make a windfall today only to suffer your biggest loss in a matter of hours, let alone days.

So if you’re looking to try out forex, you need to keep a few things in mind. 

First, you should never wager more than you’re willing to lose, and second, choosing a good forex broker is as good as being on a winning team. 

Don’t be fooled that there’s a perfect forex broker since, in truth, all forex agencies come with their unique pros and cons. 

In this article, we’ll take an in-depth look at some of the leading forex trading platforms, paying close attention to their features, pros, and cons. We’ll even show you how to get started on forex and increase your chances of making a kill, or at least avoiding massive losses. 

Let’s get straight to business!

Best UK Forex Brokers:

Make sure to use these services responsibly to avoid attracting heavy debt. Opinions expressed within the content are solely the authors. Does not constitute advice.

1. eToro – Best Forex Trading Platform in the UK

Pros

  • Low risk as it is regulated in two tier-1 jurisdictions
  • User-friendly web design
  • Big on client education
  • Advanced trading tools
  • Superb for social or mirror trading
  • Additional privileges for membership tiers

Cons 

  • High non-trading fees 
  • Some advanced features set only for top-tier members

eToro launched in 2007 with the sole aim of disrupting the trading industry. The plan was to reduce client dependency on traditional financial institutions and make trading accessible to everyone. 

In September 2007, eToro introduced its visual FX trading platform that allowed for online forex trading using graphic representations. 

As a market-maker broker, eToro lists a variable spread of 1 pip on the EUR/USD pair, which is higher than the average in the forex industry. However, traders mostly choose eToro for its social copy capabilities as opposed to its spreads. 

It’s also great that eToro provides additional details for beginner traders on the platform. You can get additional information about trading instruments and learn more about factors you should consider before investing or trading. 

Where eToro Stands Out

Innovation: Over the years, eToro has carved out a serious reputation as one of the best social investing platforms around. Users can copy other users’ trades, which allows both new and experienced users to benefit from the setup. 

International Presence: With over 20 million users spread out in 140 countries, eToro’s undoubtedly among the leading companies in the forex trading space. The giant recently allowed US clients access to ETFs and stocks– a move that showcases its global appeal. 

2. Plus 500 ( Your capital is at risk)– CFD Broker With Fast Trade Execution

Pros 

Cons 

  • Not the best customer support 

Plus500 is an Israel-based company that is publicly traded on the London Stock Exchange (LSE). It operates through multiple subsidiaries across the Asia Pacific region and Europe.

In addition to having a subsidiary regulated by the Financial Conduct Authority (FCA), Plus500AU Pty Ltd also serves the Australian market with licence #417727 issued by ASIC, licence in New Zealand for NZ clients, FSP No. 486026; Plus500AU is also authorised as a Financial Services Provider # 47546 in South Africa. The broker specializes in contracts for difference (CFDs), which it delivers through web-based and electronic proprietary trading platforms.

Plus 500 gives clients access to a wide range of instruments, including stock indices, forex, individual shares, options, ETFs, commodities, individual shares, and cryptocurrencies (subject to regulation.)

What is arguably Plus 500’s major selling point is its easy-to-use interface that allows you to analyze charts, create watchlists, monitor and place trades. 

Why Plus 500 Stands Out

Webtrader: As Plus500’s proprietary trading platform, WebTrader is designed to give you a stable yet streamlined experience as you trade. WebTrader is accessible from multiple systems and devices, from Windows PCs to Macbooks, tablets, and smartphones. 

Trustworthiness: Plus 500 is a publicly-traded brand and is registered with a variety of respected regulators across the Asia-Pacific region and Europe.

3. IG – Best Low-Risk Trader Forex Brokers UK

Pros 

  • Publicly traded (LON: IGG) 
  • Ideal deposit and withdrawal options
  • Rich educational resources
  • Low non-trading fees

Cons

  • Relatively high forex fees
  • Account verification can take up to 3 days

If you’re looking to trade up to 80 different currency pairs, then IG might be just what you need. 

The highly trusted CFD broker launched in 1974 and is regulated by top-tier regulators like Financial Conduct Authority (UK markets) and even the Federal Financial Supervisory Authority (German market). 

In addition to being monitored by respected regulators, IG is listed on the London Stock Exchange (LON: IGG) and regularly discloses its financials. 

IG is also oversighted by the National Futures Association (NFA) and the Commodity Futures Trading Commission (CFTC), which allows the broker to accept US-based clients to trade forex. 

It’s also nice that IG offers a $10,000 demo account to help you learn the ins and outs of forex trading as you get started. 

Where IG Stands Out

Versatility: Besides its web-based trading platform, IG allows clients to use 3rd party platforms like ProRealTime and MT4. 

Supports Algorithmic Trading: IG is among the few top brokers that allow algorithmic trading. On IG, you can start algorithmic trading using ProRealTime and MT4. 

4. Interactive Brokers – Best For Advanced Forex Trading UK

Pros 

  • Tight spreads (as narrow as 0.1 pip)
  • Real-time quotes from the globe’s largest FX dealers
  • Over 100 currency pairs available
  • Professional-grade FX trading tools 
  • Low commissions (no hidden markups or spreads)

Cons

  • Relatively intimidating for first-timers 
  • IBKR lite clients can’t access SmartRouter

Interactive Brokers boasts a neat lineup of trading products from forex to stocks, options, bonds, and funds across 33 countries. 

Perhaps even more impressive than its access (direct) to global exchanges, IBKR integrates modern tech into its operations. An example is the SmartRouting software that helps you search for the best firm stock combinations. 

Like most other top brokers, Interactive Brokers prioritizes client education through its dedicated online Traders Academy. Through the educational resources, you can learn a lot about markets, currencies, tools, and classes available on the trading platform. 

Where Interactive Brokers Stands Out

Advanced Tools: Not too many brokers boast advanced tools as Interactive Brokers. Some of the tools and calculators you can access on the platform include order quantity, margin, financing, interest, and options-related calculators. 

Superior Customer Support: With Interactive Brokers, you get toll-free phone support (24 hours a day/6 days a week). The broker also has a callback service that allows you to receive a call from support without losing your place in line if you can’t hold for long. 

Reliability: Interactive Brokers scores high when it comes to security and reliability. All client securities accounts registered on the broker are protected by the Securities Investor Protection Corporation (SIPC). 

5. Saxo Bank – Top UK Forex Trading Platform for Active FX Traders

Pros 

  • Licensed in six tier-1 jurisdictions 
  • Competitive 
  • Over 40,000 tradable instruments
  • Advanced FX trading tools 
  • Superior user interface

Cons 

  • Not open to US clients 
  • Not ideal for beginner traders
  • Instrument fee structures are a bit confusing

Saxo Bank is a great broker for active forex traders that are constantly analyzing the markets. Once you open a capital markets account with the bank, you’ll receive access to a wide range of offerings comprising investment and leveraged products. 

Some of the offerings you can access include forex, ETFs, shares, indices, options, commodities, forwards, bonds, and futures.

Saxo is regulated by the Financial Conduct Authority, one of the most reputable regulatory agencies in Europe. 

If you’re an active trader, then you understand the importance of using intuitive platforms. Saxo owns two user-friendly trading platforms, SaxoTraderGO (web-based) and SaxoTraderPRO (download), that boast superior updates over MT4 and other industry-standard platforms. 

Why Saxo Bank Stands Out 

Proprietary Interface: It’s impressive that Saxo Bank built its unique trading platforms with the trader in mind. SaxoTraderPRO is a Mac and Windows-compatible desktop interface that gives you advanced workspace management and multi-channel linking

Although SaxoTraderGo has limited customization compared to SaxoTraderPRO, it still boasts full-feature technical indicators and charting. 

Security: Saxo is licensed by several jurisdictions across the globe. It’s also commendable that Saxo is keen on separating corporate funds from client funds as per the FCA’s regulations. 

All Saxo clients also benefit from the negative balance protection (mandated by the European Securities and Markets Authority). 

6. XTB – Best UK Forex Broker for Cost Minimization

Pros 

  • Among the lowest FX spreads
  • Provides client accounts protection
  • Big on customer service 
  • Low risk

Cons 

  • No guaranteed stop loss 
  • Doesn’t serve US clients 
  • High non-FX spread costs 

XTB is among the best options if you’re looking to trade forex at the lowest costs possible. The broker offers a maximum 30:1 leverage for U.K accounts, while non-UK accounts receive a 500:1 leverage. 

You probably won’t get any better rates in the FX brokerage space than XTB’s minimum 0.5 FX spreads. 

Additionally, XTB is regulated by the Financial Conduct Authority (FCA), one of the UK’s main regulatory agencies. The Poland-based broker also offers negative balance protection, which can help shield you from making colossal losses. 

Why XTB Stands Out

Superior Customer Care: With XTB, you’ll receive 24/5 local phone support. Upon creating an FX account with XTB, you’ll be assigned an account manager to help you address and sort account-related issues. 

Education: XTB is highly committed to educating its clients and offers basic, intermediate, expert, and premium courses. Each category includes a rich blend of videos and articles, which should come in handy regardless of your knowledge level. 

7. CMC Markets – Best UK Forex Broker for a Variety of Offerings 

Pros 

  • Wide range of offerings 
  • FCA regulated 
  • Big on customer service and user education
  • Industry-leading research amenities 

Cons 

  • Does not serve US clients 
  • Unrealistic CFD spreads for specific indices 
  • No automated trading capabilities or back-testing 

Since launching in 1989, CMC Markets (CMC) has established itself as one of the most trusted (and dependable) forex brokers in the UK. The broker is listed on the LSE under the symbol CMCX. 

CMC’s primary platform is the web-based, feature-rich platform dubbed ‘Next Generation,’ which is usable with the MT4 (downloadable). 

Besides forex, you can also use CMC to trade a range of offerings like commodities, indices, cryptocurrencies, government bond listing, and individual shares. 

It’s also worth noting that CMC offers highly competitive dynamic spreads that either contract or widen with trade sizes. Your account will also be protected from reaching a negative balance, courtesy of CMC’s outstanding account protection features. 

Why CMC Markets Stands Out

Next Generation Trading Platform: CMC Markets’ trading platform, Next Generation, is a much welcome upgrade to the ubiquitous MetaTrader 4. Be warned, though, that you may need some time to learn to navigate the platform. You get 35 drawing tools, 12 chart types, and 115 overlays. 

Product Catalogs: CMC allows you to trade up to 10,000 instruments, which is ideal for long-term portfolio managers. You can trade over 330+ forex pairs, 90+ indices, 12 cryptocurrencies, 110 + commodities, and over 50 treasuries on CMC Markets. 

8. Forex.com – Best UK Brokers For Cash Back Earnings

Pros 

  • Offers a wide range of products 
  • Serves US clients 
  • Offers protection for client accounts
  • Rebates for traders (high-volume)

Cons 

  • No negative balance protection for US clients 
  • No guaranteed stop-loss orders (GSLO) for US clients

Established back in 2001, Forex.com is a CFD and global FX broker whose parent company StoneX Group Inc is NASDAQ listed. 

You can trust this experienced broker with your hard-earned savings as it’s regulated by the FCA (UK markets) and the US Commodity Futures Trading Commission (CFTC).

It’s also commendable that Forex.com has fast execution, which is ideal for high-volume traders earning rebates through its ‘Active Trader‘ program. The rebates help lower your overall trading costs if you’re an ardent trader. 

Forex.com gives you access to a variety of product offerings from forex to equities, indices, commodities, ETFs, cryptos, industry sectors, and futures (through an affiliate). 

Why Forex.com Stands Out 

Trade Experience: Forex.com allows its clients to connect to other platforms like MT4 and MT5, which gives you the chance to use automated strategies. Within Forex.com’s platforms, you can access economic calendars, access charts, positions, news, and trade history

9. Public.com – Best Forex Broker in UK for Beginner Investors

Pros 

  • Commission-free ETF and stock trading
  • Fractional share investing supported
  • Clients can get free stocks
  • Supports over 25 popular cryptocurrencies 

Cons

  • Doesn’t offer IRAs
  • No bonds, mutual funds, precious metals and options

Public.com is a relatively new entrant in the forex broker market as it launched in 2017. As the name suggests, Public makes your portfolio public while also allowing you to view other account holders’ portfolios. 

Impressively, Public.com also permits the purchase of fractional shares (slices). Fractional shares come in handy when looking to purchase costly shares that’d otherwise require high amounts of capital to purchase. 

Why Public.com Stands Out

Commission-free: Public doesn’t require clients to deposit a minimum amount to start investing. The broker instead uses a tipping feature that allows you to tip directly for trades executed on the platform. This feature helps eliminate the conflict of interest that may arise between brokers and clients. 

10. SoFi – Easiest to Use Mobile App

Pros 

  • Easy-to-use app version
  • Free access to advisors (financial)
  • Company offers a wide range of financial services

Cons 

  • Not the widest range of investment products 
  • Doesn’t specialize in forex trading 

Despite its solid reputation as a trusted provider of financial services, SoFi isn’t recommended for advanced forex trading. 

SoFi’s greatest selling point is undoubtedly its commission-free trading for ETF and online stock trades. However, you should expect your returns to reduce slightly due to SoFi’s management fees. 

The broker’s mobile app also stands out due to its simplistic design that allows for streamlined navigation. And although the app is easy to use, it’s worth noting that it doesn’t feature advanced trading tools like most other trading-dedicated brokers. 

Why SoFi Stands Out 

Ease of Use: Opening a SoFi Invest account is easy as the broker provides step-by-step guidelines on how to get started. Placing cryptocurrency, ETF, or stock trades from SoFi’s mobile app or desktop platform is relatively easy, even for first-timers. 

How We Chose the Best UK Forex Brokers

Although you might be familiar with the term forex trading, not all online brokers allow for the trade of currencies. As such, we had to consider several factors when coming up with our best forex trading platform list, as explained below. 

Currency Pairs

While several major pairs dominate FX trading, a good forex broker should also offer a good number of other pairs like minors and exotics. Major Pairs are traded regularly and include EUR/USD, GBP/USD, USD/JPY, USD/CHF, and EUR/USD. 

Minor pairs are traded less often and mostly don’t include the USD. Examples of minor pairs include GBP/JPY, EUR/CHF, and EUR/GBP. 

Exotic pairs, on the other hand, include one major currency and one from a smaller or emerging market. EUR/CZK, GBP/MXN, and USD/PLN are common examples of exotic pairs.  

Most of the top forex brokers on our list have a healthy balance of the different currency pairs. 

Regulations

Another important consideration we made when ranking the best forex brokers is licenses and regulations. Ideally, the best forex trader should be regulated in multiple markets. 

Dealing with a broker that’s regulated in several markets reduces the overall risks associated with forex trading. 

For instance, eToro is regulated in two tier-1 jurisdictions, while IG, one of the best low-risk traders, is listed on the London Stock Exchange and regulated by the FCA and Federal Financial Supervisory Authority (German Market). 

Trading Platforms

Trading platforms also play a pivotal role in streamlining the forex trading process. We’d recommend settling for online forex brokers that utilize a blend of proprietary and industry platforms. 

Some platforms are better suited for experienced traders due to their wealth of features, while others work well for beginners due to their simplicity. 

The brokers featured on our list invest heavily in their trading platforms to streamline the trading process for all clients regardless of experience levels. 

Education and Research

Learning to trade forex or any commodity requires time, patience, and a high level of commitment. 

As such, we chose forex brokers that are heavy on client education, which is vital to successful trading. 

Most of the brokers on our list have multiple educational resources that furnish traders with priceless information on the dos and don’ts of trading. 

How To Get Started With Forex Trading in the UK

Choose A Suitable Broker

To get started as a forex trader, you’ll first need to open an account with a trusted forex broker. You should be extra careful when choosing the best forex broker as not all come with the same features. 

A good rule of thumb is to settle for a well-regulated broker and choose one that comes with a trading platform that meets your unique needs. 

Research 

It’s highly advisable to learn as much as you can about forex and the common terminologies used in FX trading.

In addition to a glossary, a good broker should have a dedicated page for client education. There’s always something new to learn with forex, regardless of your experience level. 

Open (And Fund) Your Trading Account 

Once you’ve chosen a suitable forex broker, next is depositing funds into your trading account. Fortunately, most forex brokers are flexible in terms of payment and will accept debit card payments, wire transfers, or electronic payments like PayPal or Skrill. 

However, it is advisable to inquire with your broker about the preferred modes of deposit. 

Use A Trading Platform

You’ll also need to access (or download) a forex trading platform your broker supports. Leading forex brokers offer proprietary trading platforms or support popular 3rd-party platforms such as MetaTrader4 and 5. 

Start Trading

After funding your forex account and gaining access to a forex trading platform, you should be ready to dive into the deep end and start trading.

It’s advisable to practice a bit with a demo account (funded with virtual money) to test out the platform and its features before you start trading. 

Best UK Forex Brokers – FAQs

Who Are the Best UK Forex Brokers?

The best UK forex broker largely depends on personal preferences. However, a broker like eToro stands out due to its advanced trading tools, rich educational resources, and its suitability for social (or mirror) trading. 

What Should I Look For When Choosing A Broker in the UK?

Currency Pairs 

Try checking the number of pairs offered by a broker. Top brokers offer a variety of pairs from majors, minors, and exotics. And since major currency pairs are the most liquid and therefore most popular to trade, you should work with a broker that trades most (if not all) of the major pairs. 

Regulation

If you create an account with a broker you can’t trust, then you’re highly likely to end up losing a chunk of your savings and investments. It’s better to settle for top brokers that are regulated in multiple jurisdictions like eToro, IG, and Saxo Bank. 

Operations

Before settling for a particular broker, you should check whether it’s regulated and licensed to operate in your jurisdiction. For instance, besides IG and eToro (for specified products), you won’t find too many brokers serving US traders. 

Support and Resources 

Investing in forex means you’ll risk a chunk of your hard-earned cash with a broker. As such, you’ll need to work with a trustworthy broker who is easily accessible. We recommend working with forex traders that have phone, email, and chat availability. 

Additionally, it’s also important to partner with a broker that has enough educational resources online to guide you on how to get started and make use of the available trading platform.

Can A Forex Broker Steal Your Money?

Forex brokers can steal your money in several ways. Unregulated brokers are usually notorious for outright theft like conversion of funds. 

However, other types of fraudulent behavior that can be used to steal your money include unauthorized trading, omission or misrepresentation of material facts, excessive trading, negligent portfolio management, unsuitable investment recommendation, and breakpoint sale violations. 

Who Is The Biggest Forest Broker In The World?

The biggest forest broker in the world must have a high average daily transaction volume (ADVT). 

IC Markets ranks as one of the largest forex brokers in the world due to its 18.9 billion USD ADVT. Forex.com also boasts a high ADVT of 15.5 billion USD, which is slightly higher than Saxo Bank’s estimated 12.3 billion USD ADVT. 

Are Forex Brokers Worth It?

Forex brokers are worth the while if you want to trade forex as the company plays the all-important role of executing your orders. A broker can either act internally as the principal to your forex trade or send your currency orders to another market and act as your agent.

Can Forex Trading Make Me Rich?

Forex trading can make you rich if you’re patient enough to learn, plan strategies and practice the highest level of discipline. Contrary to popular belief, forex is not a get-rich-quick scheme and can leave you counting enormous losses if you don’t trade with a strategy or take your time to learn the ins and outs. 

However, there is no guarantee that you will trade successfully even after you have mastered the markets as they move fast and you could always lose your capital.

Best Forex Trading Platform in UK

1. eToro

  • Low risk as it is regulated in two tier-1 jurisdictions
  • User-friendly web design
  • Big on client education
  • Advanced trading tools
  • Superb for social or mirror trading

2. Plus 500 (CFD service. Your capital is at risk)

  • Easy-to-use platform
  • FCA, ASIC regulated
  • Stop-loss orders 
  • Negative balance protection

3. IG

  • Publicly traded (LON: IGG) 
  • Ideal deposit and withdrawal options
  • Rich educational resources
  • Low non-trading fees

4. Interactive Brokers

  • Tight spreads (narrow as 0.1 pip)
  • Real-time quotes from the globe’s largest FX dealers
  • Over 100 currency pairs available
  • Professional-grade FX trading tools 

5. Saxo Bank

  • Licensed in six tier-1 jurisdictions 
  • Competitive 
  • Over 40,000 tradable instruments
  • Advanced FX trading tools 

Best UK Forex Brokers – Wrapping Up 

When choosing a forex broker, it’s crucial to settle for agencies that are regulated and licensed to operate in your jurisdiction. As a good rule of thumb, it’s best to create an account with a well-reputed broker boasting a clean-enough track record. 

We’d recommend trying out eToro due to its suitability for social trading, ease of use, and integration of advanced trading tools. 

IG will work well if you’re a US-based trader looking for a broker with low non-trading fees. 

For advanced forex trading, you’ll appreciate Interactive Brokers’ educational resources and advanced trading platforms that’ll help you get a much-needed edge. 

Whatever option you prefer, it’s best to take your time before making huge forex investments. Don’t be in too much of a hurry since forex requires a lot of patience, perseverance, and strategy. 

Remember to make the most of all forex-related educational resources, as they can help you avoid massive losses while making the most of your investment. 

Happy trading! 

eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs.

Please note that CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Past performance is not an indication of future results.

Cryptoassets are volatile instruments which can fluctuate widely in a very short timeframe and therefore are not appropriate for all investors. Other than via CFDs, trading cryptoassets is unregulated and therefore is not supervised by any EU regulatory framework.