- Find the best broker for your trading needs
- Compare spreads, fees, and platforms
- Read in-depth reviews and analysis
When choosing a Forex broker, it’s important to consider the financial aspects and the personal fit. We have thoroughly evaluated FCA-regulated and other well-regulated brokers that accept British traders. Your feedback is an important part of this evaluation, and we always incorporate the views of real traders when we make a recommendation. With our comprehensive guide, traders of all budgets and preferences will find a broker that fits their needs.
Below is our list of the top UK brokers in 2024 which we have identified based on our hands-on analysis. They have been selected for their trustworthiness, low trading costs, range of instruments, and the quality of their educational content.
60-90% of retail traders lose money trading Forex and CFDs. You should consider whether you understand how CFDs and leveraged trading work and if you can afford the high risk of losing your money. We may receive compensation when you click on links to products we review. Please read our advertising disclosure. By using this website, you agree to our Terms of Service.
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Broker | Regulated by FCA | Licenced by | Min. Deposit | Cost of Trading | Broker Score | Official Site | Compare |
---|---|---|---|---|---|---|---|
No | GBP 100 | USD 9 | |||||
Yes | GBP 100 | USD 6 | |||||
Yes | GBP 0 | USD 10 | |||||
Yes | GBP 100 | USD 7 | |||||
Yes | GBP 0 | USD 6 | |||||
No | GBP 5 | USD 6 | |||||
Yes | GBP 0 | USD 7 | |||||
Yes | GBP 100 | USD 14 | |||||
No | GBP 50 | USD 6 | |||||
Yes | GBP 100 | USD 7 |
Find Your Ideal Forex Broker
With a low minimum deposit and outstanding customer service, Avatrade is great for beginners. But their specialty instruments, like vanilla options, and intermediate and advanced education sections, cater to more experienced traders as well.
What we like about Avatrade is that the spreads are some of the tightest in the industry for an account with only a 100 GBP minimum deposit and no commission – as low as 0.9 pips on the EUR/USD. They also provide traders with unique and innovative trading tools and their own proprietary app, AvatradeGO.
Even though they are well-regulated by top-tier regulators like ASIC and the CBI of Ireland, Avatrade does not currently have a license from the UK’s FCA, which might put some traders off. Another drawback is the limited market research available, mostly curated by third-party providers and not by Avatrade analysts.
0.9 pips
GBP 9
GBP 100
With their award-winning mobile app, AvatradeGO, Avatrade stands out as our choice for the Most Innovative Forex Broker in 2023. In addition, Avatrade offers low trading costs, great trading tools, and a wide choice of trading platforms.
AvaTrade is suitable for traders of all levels, due to its low minimum deposit, responsive customer service and in-depth and well-structured education materials. It stands out for its tight spreads, innovative trading tools, and the proprietary AvaTradeGO app. Additionally, AvaTrade is notable for AvaProtect, a unique tool that allows traders to purchase loss protection for a certain amount of time. AvaProtect is also available on the award-winning AvaTradeGo app and integrates with AvaTrade’s social trading application, Avasocial.
In addition, AvaTrade offers full support for MT4 and MT5 (including EAs, indicators, scalping and hedging) and provides free access to the integrated Trading Central dashboard for both platforms. Traders can also use AvaTrades' in-house platform, AvaOptions, to trade Vanilla options.
Top-tier regulation and security with licenses from ASIC and CBI among others
Accessible trading with a low minimum deposit of 100 USD
Award-winning mobile trading with the AvaTradeGO app with social trading features
Wide range of assets including unique instruments like vanilla options
Educational material to support trader development and strategy enhancement
Market analysis could be more extensive
Avatrade is a Market Maker and operate a dealing desk which might not align with all trading preferences
Tickmill stands out for serious beginners and more experienced traders looking for a trusted broker with strong MetaTrader support. It offers a low-cost commission-based account with extremely tight spreads and a minimum deposit of just 100 GBP, making it accessible to all levels of traders.
We like that Tickmill offers tight spreads, starting from 0.0 pips on the EUR/USD for its commission-based accounts, and some of the industry's lowest commissions. Furthermore, Tickmill supports a wide range of currency pairs, provides helpful education materials and offers fast and free withdrawals.
Despite its strengths, Tickmill has some limitations, such as a smaller range of only around 200 financial instruments - whereas competitors like Pepperstone offer 1200+ assets for trading. The commission-free entry-level account also starts at 1.6 pips on the EUR/USD, which is wider than other similar brokers.
0.0 pips
GBP 6
GBP 100
Tickmill offers some of the most competitive Forex trading conditions available and has, therefore, earned the Award for Best Trading Conditions in 2023.
Tickmill is suitable for traders of varying experience levels. It offers low minimum deposits and an extended educational section, including free downloadable e-books, video tutorials and infographics as well as hosting regular seminars and webinars. It provides cost-conscious trading with commission-free options, allows scalping and hedging and provides Islamic accounts, catering to a diverse range of trading strategies and preferences.
However, traders looking for a broader range of financial instruments, or want to use other platforms than MT4 and MT5, may find it less appealing.
Tight spreads
Well regulated
Fast and free withdrawals
Limited base currencies
Pepperstone offers competitive spreads starting from 1.00 pips on its Standard Account and down to 0.10 pips on the Razor Account. With platforms like MT4, MT5, cTrader and TradingView all available, it caters to a range of trading preferences.
What we like about Pepperstone is its low-cost trading environment, commission-free options, transparent fees, as well as its trading platform support. At the same time, the lack of a required minimum deposit enhances its accessibility for all traders.
The main drawback is the complicated commission structure that might confuse some traders. Additionally, the market analysis frequency is less than that of some competitors, and the educational offerings, while good, do not match the depth provided by other large brokers.
0 pips
GBP 10
GBP 0
Pepperstone secured the Global Broker Award for the second consecutive year, maintaining its exceptional standards and continuing to meet traders’ needs.
Pepperstone is a top choice for Forex traders in the UK, and it is particularly suitable for traders looking for ECN trading conditions. Despite a less extensive educational section compared to some brokers, the available resources are well-structured and beneficial for beginners. Its trading conditions and platform options make it a strong contender in the Forex broker market.
Well regulated
Tight spreads
Great platform choice
Wide range of assets
Limited market analysis
Choosing the best Forex brokers involves a detailed and systematic evaluation process. FxScouts uses a hands-on approach, combining our expert analysis with practical testing to review each broker thoroughly.
When comparing the best Forex brokers in the UK, we:
In the UK, Forex brokers must be licenced by the Financial Conduct Authority (FCA), the regulatory body for non-banking financial services in the country. Regulation places limits on a broker’s products and ensures a fair trading environment.
Forex trading in the UK is legal and regulated by the Financial Conduct Authority (FCA). The FCA requires all Forex brokers operating in the country to hold a valid license and adhere to strict standards, including:
Regulators supervise Forex brokers and other financial services companies to make sure they’re behaving ethically and within the law. Tier 1 regulators, like the FCA, have the best legal structure and enforcement mechanisms in the world, ensuring a clean market and the protection of participants.
The FCA has the power to take action against any Forex broker that is found to violate its regulations, including revoking their license to operate. It has a register of firms that allows you to check that you are indeed using an FCA-regulated broker. The Authority warns that if a broker is not listed on its register, “it’s probably a scam”. The FCA also maintains a warning list of firms to avoid.
Unregulated brokers are not forced to hold to the same standards. This can lead to a higher risk of fraud or unethical practices, which can result in financial losses for traders. Choosing a regulated Forex broker gives you peace of mind and security, knowing that your investments are protected and your trading experience is fair. Read more about regulation and its importance in Forex trading here.
Confirming whether the FCA regulates your broker is a straightforward process. You can find their FCA registration number by navigating to the broker’s homepage and checking the small print across the bottom of the page.
To confirm the registration number is legitimate, you must visit the FCA’s official register page. By entering the broker’s registration number, you can instantly confirm their compliance with FCA regulations.
Scam Brokers and Reporting Regulatory Violations
If you are unsure about the reliability of your Forex broker, you can check our list of brokers to avoid. If you believe your broker has scammed you, the first thing to do is contact the FCA. You can contact the FCA’s complaints department here, and they can advise you on the next steps.
Here, we’ve compiled answers to the most common questions traders have when choosing a Forex broker. Whether new to Forex trading or an experienced trader, this section provides clear and concise information to help you make informed decisions. From regulatory concerns to trading costs, find the answers you need to navigate the UK Forex broker industry.
Yes, you will need a broker to trade Forex. Connecting traders to the Forex market is an expensive and technically complex business. Most Forex brokers form a bridge between the global Forex market and Forex traders, called market makers. Market makers buy up large trading positions from the Forex market, which they sell to traders in smaller trade sizes.
Other brokers act as a go-between, taking orders from traders and sending them straight to the global Forex market. These are called ECN brokers or DMA brokers. Both types of Forex brokers require a lot of money to set up and need teams of highly qualified technicians to maintain their trading platforms.
The cost of trading Forex varies depending on what you are trading, how much of it you are trading and how your broker charges you. The two common trading costs are the spread and the commission — these are fees that a Forex trader pays to use a broker’s services. It is important to understand and calculate your costs when trading Forex, as these costs will affect your overall profitability.
The spread is the difference between the buy price (also known as the offer or ask price) and the sell price (also known as the bid price) quoted for a currency. It can be either fixed or variable. The spread is measured in pips, with the industry average being around 1 pip on the EUR/USD, but higher for other currency pairs.
The commission is a fee, usually measured in USD, that is charged when you open and close a trade. The industry average is 3.50 USD per lot per side (7 USD round turn), but this often depends on the account type and platform you choose. Not all brokers charge a commission and instead have wider spreads.
To calculate the total cost, use a spread cost calculator, which are widely available for free on the Internet.
Read more about understanding your trading costs in Forex here.
Besides the trading costs, brokers could also charge other types of fees – often referred to as non-trading fees. These fees include swap/rollover fees (a fee your broker either credits or debits from your account balance whenever you keep a position open overnight), inactivity fees (charged to accounts when there’s been no trading activity for a certain amount of time) and fees for withdrawing funds.
Brokers often charge fees for additional paid services such as VPS (Virtual Private Server) hosting, premium trading signals, and access to exclusive versions of trading platforms, such as Tradingview Plus or Premium.
Regulation is essential for protecting your money and ensuring a fair and transparent trading experience.
When trading Forex, you want to be confident that your broker is operating legally and ethically and that your funds are handled safely. Regulated Forex brokers must adhere to strict standards set by regulatory bodies, which include requirements for capital adequacy, segregation of client funds, and ongoing reporting and compliance. This means that your funds are protected and your trading experience is fair.
The best trading platforms are Metatrader 4 (MT4), MetaTrader 5 (MT5), and cTrader. Another excellent platform is Tradingview, which is harder to find. These are all third-party trading platforms which you can install on your computer. They are fully customisable and have advanced charting tools, research tools, and options for automated trading or copy trading. Some brokers also have their own trading platforms, which we find are often more user-friendly, and are usually accessed via a browser or on your mobile phone. For more details on trading platforms and how they work, check out our guide on trading platforms.
Forex trading apps are trading platforms that can be downloaded to a phone or other mobile device. Forex brokers usually offer them free of charge. Some apps are proprietary, which means they are developed in-house by a broker. However, many popular apps are developed by third-party companies.
The best Forex trading apps let you open a demo or trading account, buy and sell instruments, deposit and withdraw funds from your broker, access real-time market data, display news and analysis, and receive price alerts and other tools to manage your risk.
Using a trading app offers the convenience and ability to react instantly to market changes directly from your smartphone, transforming how traders manage positions outside of a traditional desktop setup. However, this accessibility has drawbacks, including the potential for overtrading and making impulsive decisions. Additionally, while mobile technology has advanced, trading on a small screen limits detailed chart analysis and risk management, especially in volatile market conditions or with poor internet connectivity.
For more details on trading apps, check out our guide on the best Forex trading apps.
We have found that the best brokers offer traders a wide range of asset classes to choose from, such as Forex, shares, indices, cryptocurrencies (although since 2021, it has been illegal for non-professional traders in the UK to trade cryptocurrencies), commodities, bonds, and interest rates. These trading instruments are collectively known as contracts for difference or CFDs.
Because of rules implemented by the FCA, CFD brokers in the UK have a maximum leverage of 30:1, but other instruments will have different leverage. See below for a list of instruments, their average availability and usual leverage.
Other rare instruments include futures, which are available at brokers such as IG and FP Markets, and Vanilla Options, which are available to trade at Avatrade.
Read more about the best CFD brokers here.
xStation5, developed by XTB, is considered by many (and ourselves) to be one of the absolute best trading platforms in the industry. During our testing, we found the platform to be user-friendly, intuitive, powerful, and fast, and has many advanced features found in other popular third-party platforms, like MT4. xStation5 offers an impressive range of customisable charts, risk management tools, multiple order types, price alerts, and real-time performance statistics to evaluate your trading activity and identify areas for improvement. xStation5 also displays sentiment data on its dashboard so users can view the percentage of traders who bought or sold particular instruments. Overall, we believe that most traders will find trading on xStation5 a great experience.
The best brokers for beginners are well-regulated and have a 100 GBP or lower minimum deposit requirement, ensuring security and a low cost of entry. Other important factors include low trading fees and negative balance protection (a requirement for all brokers regulated by the FCA), which both help lower risk. Responsive and knowledgeable customer support is also essential. Customer service should be available at least 24/5 via email, live chat, and telephone (preferably through a local phone number). A few brokers offer customer service 24/7.
Beginners should look for a broker with a high-quality education section; this should feature articles, video tutorials, frequent webinars, advanced trading strategies, and chart analysis.
Check out our dedicated page on the best brokers for beginners for more details and to see which brokers we recommend for new traders.
The brokers with the best demo accounts cater to both beginners and more experienced traders. We have found that these brokers understand that traders need to be able to practise without being forced into trading real money too soon, and be able to test strategies without any restrictions. In our experience, the brokers with the best demo accounts have accounts that are not time-limited and replicate real market conditions as closely as possible. Beginners looking for a demo account will also want a broker with good education sources, so they can learn about Forex trading as they practise.
For more details and to see which brokers we recommend for demo trading, check out our dedicated page on the best demo accounts.
Leverage in Forex trading is a tool that allows traders to control a larger position in the market with a relatively small amount of capital. It amplifies potential gains and losses, as traders can enter positions much larger than their account balance.
All brokers regulated by the Financial Conduct Authority (FCA) have a maximum leverage of 30:1 for retail traders. This means you can borrow 30 times more than your own capital. Offshore brokers may offer leverage as high as 2000:1, which brings very high risks. We always recommend choosing a well-regulated broker to ensure your funds are safe.
Yes, Forex trading will generally be subject to either income tax or capital gains taxes (CGT), depending on personal circumstances and the instruments traded.
In the UK, the most common ways of leveraged trading are CFD trading and spread betting, which are subject to varied taxation. The primary difference is how capital gains tax (CGT) is applied. For the majority, spread betting is tax-free, meaning there is no tax obligation.
However, CFD trading may be subject to CGT, and the tax rate will depend on your income. This means you will deduct your losses from your profit, and the remainder will be taxable. If you’re a part-time Forex trader, you will have a tax-free allowance for the first £1000 in profits.
For more information, we recommend contacting HM Revenue and Customs or a tax consultant.
Explore more resources that fellow traders find helpful! Check out these other guides to enhance your Forex trading knowledge and skills. Whether you’re searching for the best brokers, educational material, or something more specific, we’ve got you covered:
60-90% of retail traders lose money trading Forex and CFDs. You should consider whether you understand how CFDs and leveraged trading work and if you can afford the high risk of losing your money. We may receive compensation when you click on links to products we review. Please read our advertising disclosure. By using this website, you agree to our Terms of Service.