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AuthorAuthor: Chris Cammack
Published: March 14, 2023
EditorEditor: Alison Heyerdahl
Updated: May 31, 2023
Last Updated On May 31, 2023
Chris Cammack

Over the last decade, Forex trading has become more accessible to the average person in the UK. Nationwide access to the internet and an influx of international “offshore” brokers joining the local scene have increased competition. At the same time, the local regulator (the FCA) has introduced stricter requirements for brokers, raising standards of safety and fairness.

When choosing a Forex broker, it’s important to consider not only the financial aspects but also the personal fit. We have thoroughly evaluated both the FCA-regulated local brokers and reputable offshore 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. Based on our research, we have selected the top options for traders of all budgets and preferences.

These are Best Forex Brokers for the UK in 2023, as recommended by our experts.

1

AvaTrade

MT4 + MT5, No Commission and Copytrading

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2

Tickmill

Lowest Trading Costs on MT4 and MT5

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3

XM

$5 Deposit, Tight Spreads, 1200+ Stock CFDs

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4

Pepperstone

Best ECN Forex Broker in the UK

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5

XTB

Best Proprietary Trading Platform

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6

IG

Best Forex Trading Account

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7

FxPro

Best FCA Regulated No Dealing Desk (NDD) Broker

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8

FP Markets

Best ECN Pricing

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9

markets.com

Best Mobile Platform

Visit
10

Axi

Best ECN broker on MT4

Visit
11

IC Markets

Tightest Spreads

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Summary of the Best UK Forex Brokers

Scroll for more detailsPreviousNext
Broker
FCA Regulated
Licenced by
Min. Deposit
Cost of Trading
Overall Rating
Official Site
Compare
AvaTrade ASIC Regulated BrokersFinancial Services Conduct AuthorityCySEC Regulated BrokersFinancial Services AgencyCentral Bank of IrelandFinancial Regulatory Services AuthorityGBP 100USD 911110.54.49/ 5 Visit Broker >
Tickmill CySEC Regulated BrokersFCA Regulated Forex BrokersLabuan Financial Services AuthorityFinancial Services Conduct AuthorityThe Seychelles Financial Services AuthorityGBP 100USD 411110.54.48/ 5 Visit Broker >
XM CySEC Regulated BrokersASIC Regulated BrokersDFSA Regulated Forex BrokersInternational Financial Services CommissionGBP 5USD 711110.54.35/ 5 Visit Broker >
Pepperstone FCA Regulated Forex BrokersASIC Regulated BrokersCySEC Regulated BrokersGBP 0USD 611110.54.61/ 5 Visit Broker >
XTB CySEC Regulated BrokersFCA Regulated Forex BrokersDFSA Regulated Forex BrokersInternational Financial Services CommissionKomisja Nadzoru FinansowegoGBP 0USD 711110.54.29/ 5 Visit Broker >
IG FCA Regulated Forex BrokersASIC Regulated BrokersBundesanstalt für FinanzdienstleistungsaufsichtFinansinspektionenGBP 0USD 611110.54.69/ 5 Visit Broker >
FxPro FCA Regulated Forex BrokersCySEC Regulated BrokersFinancial Services Conduct AuthorityDFSA Regulated Forex BrokersSecurities Commission of the BahamasGBP 100USD 1411110.54.29/ 5 Visit Broker >
FP Markets ASIC Regulated BrokersCySEC Regulated BrokersFinancial Services Conduct AuthorityGBP 50USD 711110.54.30/ 5 Visit Broker >
Markets.com FCA Regulated Forex BrokersCySEC Regulated BrokersASIC Regulated BrokersFinancial Services Conduct AuthorityBritish Virgin Islands Financial Services CommissionGBP 100USD 711110.54.58/ 5 Visit Broker >
Axitrader FCA Regulated Forex BrokersASIC Regulated BrokersFinancial Markets Authority of New ZealandDFSA Regulated Forex BrokersFinancial Services Authority – St. Vincent & the GrenadinesGBP 0USD 1011110.54.34/ 5 Visit Broker >
IC Markets CySEC Regulated BrokersASIC Regulated BrokersThe Seychelles Financial Services AuthoritySecurities Commission of the BahamasGBP 200USD 811110.54.36/ 5 Visit Broker >

Best Broker Reviews 2023

At FXScouts, we have an experienced review team dedicated to evaluating Forex brokers. Our team of experts meticulously examines each broker in 7 different areas, amassing an enormous amount of data in the process. With over 200 individual metrics analysed, we invest hundreds of hours annually researching and scrutinising brokers to ensure that we only recommend the best in the Forex industry.Review Scores

Of these 7 areas, we always prioritise regulation and costs. These are our priorities because traders want to know that their broker is trustworthy and isn’t overcharging them. Brokers are always altering the products they offer, and we keep our reviews updated with the latest data available. You can find out more about our in-depth review process here.

These are the top Forex brokers in the UK for 2023, as determined by our review process.


AvaTrade – MT4 + MT5, No Commission and Copytrading

Overall Rating
4.494.49 / 5
🏦  Min. DepositGBP 100
🛡️  Regulated By
💵  Trading Cost 
USD 9
⚖️  Max. Leverage30:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

Winner of the award for the best Forex broker of 2021, AvaTrade offers one of the best online trading experience for British forex traders:

  • Low spreads
  • Fast and free deposits and withdrawals
  • An excellent mobile trading platform, AvaTradeGo
  • Great trading tools like AvaProtect
  • Award-winning customer service
  • ZuluTrade copytrading

Tight Spreads and a Huge Range of Assets

AvaTrade has low spreads across Forex, commodities, stocks, indices, bonds and ETFs. Leverage is set at 1:30 for UK clients, and spreads are some of the tightest we have seen for an account with only a 100 USD minimum deposit and no commission – as low as 0.9 pips on the EUR/USD.

Outstanding Customer Service and Fast and Free Funding Options

AvaTrade excels here, with no fees for either deposits or withdrawals and a commitment to processing your funding request as fast as possible. The customer service team is available 24/5 via telephone, live chat, and email in 14 languages.

Innovative Trading Tools and a Great Trading App

AvaTrade’s reputation as a client-focused broker was enhanced with the launch of the AvaProtect tool, which allows traders to purchase loss protection for a time. Any losses during that time are fully refunded, but any gains are for the traders to keep. As a further benefit, AvaProtect is available on the award-winning AvaTradeGo app.

MT4 and MT5 Support

In addition, AvaTrade offers full support for MT4 and MT5 (including EA’s, indicators, scalping and hedging) and provides free access to the integrated Trading Central dashboard for both platforms.

It is one of the most regulated brokers in the world, with regulation in Europe, Japan, the UAE, South Africa, the British Virgin Islands, and Australia. Education for beginners is detailed and helpful and copy-trading is available via both ZuluTrade and Duplitrade. With over 200,000 active traders around the globe and awards for its trade execution, AvaTrade is a good partner for all types of traders.

Pros
  • Good for beginners
  • Well regulated
  • Low minimum deposit
Cons
  • Dealing desk
  • Limited market analysis
AlertAccepts UK Clients. Average spread EUR/USD 0.90 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 & MT5 platforms supported. AvaTrade Group regulated by ASIC, FSCA, B.V.I FSC & FSA. 76% of traders lose money with this provider.

TickMill – Lowest Trading Costs on MT4 and MT5

Overall Rating
4.484.48 / 5
🏦  Min. DepositGBP 100
🛡️  Regulated By
💵  Trading Cost 
USD 4
⚖️  Max. Leverage30:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

Founded in 2014 and regulated by UK’s Financial Conduct Authority, Tickmill is an MT4 and MT5 broker with some of the lowest trading costs available. While the Classic Account has relatively wide spreads and no commission, the Pro Account offers variable spreads down to 0 pips and a 4 USD (round turn) commission – one of the lowest commissions in the industry – and only a 100 USD minimum deposit. Tickmill recently started offering support for MT5 and has also partnered with the Small Exchange to offer a range of futures.

TICKMILL FEATURES

  • VIP Account with even lower commissions (down to 2 USD round turn) but a minimum balance of 50,000 USD.
  • Excellent trading tools for MT4: AutoChartist, Myfxbook and a subsidised VPS service.
  • Islamic accounts with no additional costs for trading major currency pairs
Pros
  • Tight spreads
  • Well regulated
  • Fast and free withdrawals
Cons
  • Limited base currencies
AlertAccepts UK Clients. Average spread EUR/USD 0.00 pips with 4 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 platform support. Tickmill is regulated by CySEC, FCA, FSCA, and the FSA-Seychelles. 75% of traders lose money with this provider.

XM – $5 Deposit, Tight Spreads, 1200+ Stock CFDs

Overall Rating
4.354.35 / 5
🏦  Min. DepositGBP 5
🛡️  Regulated By
💵  Trading Cost 
USD 7
⚖️  Max. Leverage30:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 
  • Low Minimum Deposit
  • FCA-Regulated
  • MT4 and MT5 Trading Platforms

1200+ Stock CFDs

XM is one of the best-regulated market makers in the Forex industry and stands out for leading trading conditions, account choice, execution speed and a wide range of CFD assets – including over 1200 stocks. XM supports both the MT4 and MT5 platforms, and hedging, scalping and algorithmic trading are all permitted.

XM Zero Account with Tight Spreads 

With a minimum deposit of 5 USD, traders can open the XM Zero Account, where spreads start at 0.1 pips and a commission of 3.5 USD per side. All accounts also benefit from having access to XM’s no-requote execution policy, and 99.35% of XM orders are executed in less than one second, making XM one of the fastest executors of trades in retail Forex trading.

Pros
  • Well regulated
  • Excellent education
  • Free deposits and withdrawals
Cons
  • Dealing desk
  • Wide spreads on its entry-level accounts
AlertAccepts UK Clients. Average spread EUR/USD 0.70 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 & MT5 platforms supported. XM Group regulated by CySEC, ASIC, and the IFSC. 77.37% of traders lose money with this provider.

Pepperstone – Best ECN Forex Broker in the UK

Overall Rating
4.614.61 / 5
🏦  Min. DepositGBP 0
🛡️  Regulated By
💵  Trading Cost 
USD 6
⚖️  Max. Leverage30:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 
  • Lowest-Cost ECN Broker
  • No Minimum Deposit
  • All Popular Trading Platforms

Pepperstone is the best ECN broker in the UK for its low trading costs, no required minimum deposit, and wide range of popular trading platforms. Pepperstone is an ECN broker; ECN brokers don’t trade against their clients, and all trades go straight to the Forex and CFD market. Trading costs and minimum deposits can be quite high at other ECN brokers but not at Pepperstone. For beginners, Pepperstone’s also has one of the better education sections offered by an ECN broker.

Low-Cost ECN Broker

Pepperstone has two accounts: The Razor Account has spreads as low as 0 pips on the EUR/USD and a commission of 7 USD per trade. The Standard Account is one of the lowest-cost trading accounts in the world; it has no commission and spreads average at 0.84* pips on the EUR/USD. Most trades on Pepperstone are executed in less than 30ms, which is ideal for scalpers and clients who run expert advisors.

No Minimum Deposit

In addition to having low trading costs, Pepperstone doesn’t have a required minimum deposit for either of its trading accounts. Pepperstone does suggest that you open a trading account with at least 200 USD, but this is not a requirement. Beginners will also appreciate Pepperstone’s award-winning, 24-hour support, where personalised assistance is available via several methods.

3 Popular Trading Platforms

Traders need to use a trading platform to access the Forex market, and Pepperstone supports all three of the most popular trading platforms. MetaTrader 4 (MT4) is the most popular and is used by most traders, MetaTrader 5 (MT5) is a newer version with more tools, like an embedded economic calendar and chat system. Finally, Pepperstone also lets traders use cTrader, which is easier for many beginners to learn but has all the sophisticated automation tools found in MT4 and MT5.

*spreads correct as of 09:00 GMT on 20/12/2022

Pros
  • Well regulated
  • Tight spreads
  • Great platform choice
  • Wide range of assets
Cons
  • Limited market analysis
AlertAccepts UK Clients. Average spread EUR/USD 0.60 pips with 0.0 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5 & cTrader platforms supported. Pepperstone is regulated by the FCA, ASIC, and the DFSA. 80.9% of traders lose money with this provider.

XTB – Best Proprietary Trading Platform

Overall Rating
4.294.29 / 5
🏦  Min. DepositGBP 0
🛡️  Regulated By
💵  Trading Cost 
USD 7
⚖️  Max. Leverage30:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

A well-regulated broker, XTB will appeal to traders looking for a wide choice of tradable instruments, low trading fees, top-class educational materials, and excellent market analysis.

  • Low trading costs
  • xStation5 award-winning trading platform
  • Excellent educational support

One Account with Low Costs

XTB has a single account with no minimum deposit requirement, and trading costs are lower than most other brokers, with spreads averaging 0.7 pips (EUR/USD) and no commissions. XTB offers trading on over 2100 financial assets, a wider range than is typically seen at other brokers, including 57 Forex pairs, indices, commodities, stock CFDs and ETFs.

xStation 5 Trading Platform

The award-winning xStation 5 platform offers many of the same advanced trading features found in MetaTrader 4. It offers powerful charting tools, one-click trading, stop-loss functionality, multiple order types, price alerts, and real-time performance statistics so you can evaluate your trading moves and identify areas for improvement. We find it is particularly easy for beginners to pick up and learn and it’s available in your browser and as a mobile app for iOS and Android.

Outstanding Educational Support

Educational support for beginners is excellent, and XTB also publishes frequent market commentary and trading ideas in its Market News section. The education section has various courses, and the material is clear, concise, and well-structured. One-to-one mentoring, dedicated account management, webinars, and 24/5 customer service present XTB traders with a fluid onboarding experience. 

Pros
  • Well regulated
  • Tight spreads
  • Low minimum deposit
  • Good for beginners
Cons
  • Limited platform choice
AlertAccepts UK Clients. Average spread EUR/USD 0.70 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. xStation5 platform supported. XTB Group is regulated by CySEC, DFSA, FCA and the IFSC. 82% of traders lose money with this provider.

IG Markets – Best Forex Trading Account

Overall Rating
4.694.69 / 5
🏦  Min. DepositGBP 0
🛡️  Regulated By
💵  Trading Cost 
USD 6
⚖️  Max. Leverage30:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 
  • Single account with low fees
  • Over 17,000 CFDs to trade
  • Safe, secure and FCA regulated

With low fees, a huge range of tradeable markets, and regulation from 17 national authorities including the FCA, IG Markets has the best single Forex trading account in the UK. IG Markets is the world’s largest CFD broker by revenue and is based in London.

Low Trading Fees

While IG Markets only has a single trading account it has some of the lowest fees in the industry. There is no required minimum deposit, and no commission is charged on Forex trades. Trading fees change slightly depending on whether you use IG’s own trading platform or the MT4 trading platform. With IG’s own trading platform, spreads average 0.86 pips on the EUR/USD but if you use MT4 then spreads average 0.75 pips on the EUR/USD.

17,000+ tradeable instruments

With IG Markets’ single trading account traders have access to over 17,000 tradeable instruments, many more than most brokers. Markets to trade include commodities, indices, over 16,000 shares and ETFs, options, interest rates and bonds. IG Markets also operates as a stockbroker, allowing clients to directly invest in thousands of shares and ETFs. This is an unleveraged investment and commissions are charged on all share purchases.

Safe and FCA-Regulated

IG Markets is regulated by the UK’s FCA and 16 other authorities around the world. FCA regulation means that all IG Markets clients have negative balance protection, so they can never lose more money than they have in their trading account. Yearly audits and compliance reports for the FCA provide a high level of security on all CFD trading. 

Pros
  • Well regulated
  • Tight spreads
  • Great platform choice
  • Excellent education
  • Excellent market analysis
Cons
  • High minimum deposit
AlertAccepts UK Clients. Average spread EUR/USD 0.60 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, ProRealTime and L2 Dealer platforms supported. IG Group is regulated by FCA, ASIC, and the FSCA. 75% of traders lose money with this provider.

FxPro – Best FCA Regulated No Dealing Desk (NDD) Broker

Overall Rating
4.294.29 / 5
🏦  Min. DepositGBP 100
🛡️  Regulated By
💵  Trading Cost 
USD 14
⚖️  Max. Leverage30:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 
  • Low fees and raw spreads
  • Four popular trading platforms

Headquartered in London and FCA regulated, FxPro is one of the largest brokers in the world and has no dealing desk, which means it never trades against its clients. In recent years, a few fraudulent firms with names and websites similar to FxPro’s have been shut down by the FCA, so UK traders should always make sure they are trading with the correct firm.

Low Fees and Fast Execution

FxPro has a 100 USD minimum deposit and low fees – with variable spreads often as low as 0.6 pips. Most trades are executed in less than 10 milliseconds, much faster than most other brokers, and only 9% of orders are placed at a worse price than expected. These execution statistics are ideal for scalpers and traders who like to take advantage of volatile markets.

Four Popular Trading Platforms

FxPro has four accounts, one for each of the major platforms: MetaTrader 4 (MT4), MetaTrader 5 (MT5), cTrader and its own web-based platform. The MT4 and MT5 accounts offer commission-free trading while the cTrader account has a commission per trade but raw spreads – down to 0.3 pips on the EUR/USD. For beginners, FxPro’s web-based trading platform may be easier to use, though it doesn’t have many of the features found on the other platforms like automated trading, multi-language support or advanced order types.

Pros
  • Well regulated
  • Great platform choice
  • Tight spreads
Cons
  • Limited education
AlertAccepts UK Clients. Average spread EUR/USD 1.40 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5, cTrader and FxPro proprietary trading platform supported. FxPro Group is regulated by FCA, CySEC, FSCA, and the SCB. 71.58% of traders lose money with this provider.

FP Markets – Best ECN Pricing

Overall Rating
4.304.30 / 5
🏦  Min. DepositGBP 50
🛡️  Regulated By
💵  Trading Cost 
USD 7
⚖️  Max. Leverage30:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

An ASIC-regulated broker with ECN pricing, FP Markets (AFS License Number 286354) offers trading on multiple instruments, including shares, metals, commodities, cryptocurrencies, indices, and over 60 Forex pairs. FP Markets supports both the MT4 trading platform and the newer MT5 platform – for professional traders, the IRESS platform is also available. 

FP MARKETS FEATURES

  • Minimum deposit of 100 GBP on both the Standard Account and the Raw Account
  • Raw Account spreads start at 0.1 pips (EUR/USD) and 6 USD (RT) commission
  • Traders Hub: Education for beginners including video tutorials and trading courses.
  • Trading Tools: Free Autochartist, VPS services and the Traders Toolbox 
Pros
  • Well regulated
  • Tight spreads
  • Good range of accounts
  • Great customer support
Cons
  • Expensive withdrawals
AlertAccepts UK Clients. Average spread EUR/USD 0.10 pips with 6 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5, and cTrader trading platforms available. FP Markets is regulated by CySEC and ASIC.

Marketsx – Best Mobile Trading Platform

Overall Rating
4.584.58 / 5
🏦  Min. DepositGBP 100
🛡️  Regulated By
💵  Trading Cost 
USD 7
⚖️  Max. Leverage30:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 
  • Effortless mobile trading
  • 2000+ CFDs with low fees
  • Advanced trading tools

Launched by Markets.com in 2018, Marketx is the best mobile trading platform available. Natively designed for both Apple and Android devices, the Marketsx app provides a smooth, stable trading experience with low fees and a huge range of tools to help traders.

Smooth and easy mobile trading

The Marketsx trading app has been built from the ground up for both iOS and Android, providing a responsive and stable trading experience. With built-in advanced charting, traders have easy access to trendlines, channels, pitchforks, and Fibonacci Retracements. In the chart view, traders can see their orders, related instruments, and open positions with a single click.

Trade thousands of CFDs with low fees

The Marketsx mobile app offers traders fast, commission-free trading with some of the lowest fees available. Spreads start at 0.60 pips on major FX pairs with no commission and leverage of 30:1. The large variety of tradeable instruments include 2000+ global shares, 67 currency pairs, 41 global indices, 27 commodities, 60 ETFs, and 4 government bonds.

Integrated trading tools

The Marketsx trading tools menu features a range of tools that crunch big data from leading analysts, hedge funds, and commentators to give traders better insight into the market. Each tool has integrated buy and sell buttons so traders can act instantly upon the information presented.

Pros
  • Well regulated
  • Tight spreads
  • Wide range of assets
  • Fast and free withdrawals
Cons
  • High minimum deposit
AlertAccepts UK Clients. Average spread EUR/USD 0.70 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5 , and Markets.com platforms supported. Markets.com is regulated by the FCA, CySEC, ASIC, and the BVI FSC. 70.3% of traders lose money with this provider.

Axi – Best ECN broker on MT4

Overall Rating
4.344.34 / 5
🏦  Min. DepositGBP 0
🛡️  Regulated By
💵  Trading Cost 
USD 10
⚖️  Max. Leverage30:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

Axi only offers support for the MT4 platform. This singular focus allows them to offer the best ECN MT4 experience with the help of the MT4 NexGen plugin that includes an advanced sentiment indicator, a correlation trader, a more intuitive terminal window, and an automated trade journal. Apart from MT4 NexGen, traders at Axi have access to a range of tools, including AutoChartist and PsyQuation – an AI diagnostic that tracks your trading style and coaches you into more profitable trades. VPS hosting is also available, along with all the trading algorithms which install on MT4.

The ECN trading conditions come from Axi’s pricing model, which connects to over 20 liquidity sources, so traders experience less slippage and requotes than with a broker with a singular source. Spreads on the Pro Account start at 0 pips with a 7 USD per lot commission, and the leverage maximum is 1:500 for non-European and Australian traders.

Pros
  • Low minimum deposit
  • Tight spreads
  • Innovative trading tools
Cons
  • MT4 only
  • Limited range of assets
AlertAccepts UK Clients. Average spread EUR/USD 1.00 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 & MT5 platforms supported. Axi Group is regulated by the FCA, ASIC and the DFSA. 75.6% of traders lose money with this provider.

IC Markets – Tightest Spreads

Overall Rating
4.364.36 / 5
🏦  Min. DepositGBP 200
🛡️  Regulated By
💵  Trading Cost 
USD 8
⚖️  Max. Leverage30:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

Founded in 2009, IC Markets is an Australian and ASIC-regulated ECN broker with some of the tightest spreads in the world. Low commissions on all three major platforms are also a big draw, with a simple account structure that will satisfy all traders. IC Markets offers traders:

  • Uncomplicated trading conditions and tight spreads
  • Choice between MT4, MT5 or cTrader
  • Excellent education and customer support

✔️Tight Spreads + Simple Account Choice

IC Markets offers three simple accounts with variable spreads on the MT4, MT5 and cTrader platforms. Two Raw Spread Accounts are available on either cTrader, MT5 or MT4 and a Standard Account is available on MT4 and MT5. The Raw Spread Accounts charge a small commission of 3 USD (cTrader) or 3.5 USD (MT4/MT5) but spreads are often down to 0 pips, averaging 0.1 pips on the EUR/USD pair. The Standard Account charges no commission but spreads start at 1 pip. IC Markets pricing relies on 25 different liquidity providers ensuring deep liquidity and the lowest spreads in the industry.

icmarkets-spreads

✔️Education and Support for Beginners

IC Markets is rare amongst ECN brokers, as it provides a welcoming environment for beginner traders. IC Markets offers an archive of structured course material, detailed independent market analysis and expert-led webinars. IC Markets also provides excellent technical support for all three trading platforms 24/5 as well as more general queries.

Pros
  • Well regulated
  • Tight spreads
  • Wide range of assets
  • Great platform choice
Cons
  • High minimum deposit
  • Limited market analysis
AlertAccepts UK Clients. Average spread EUR/USD 0.10 pips with 7 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5 & cTrader platforms supported. IC Markets is regulated by CySEC and ASIC.

Which is the Best Broker in the UK?

The best broker in the UK is Pepperstone.  It is the lowest cost ECN broker, with spreads that average at 0.84 pips on the EUR/USD on its Standard commission-free account, and spreads as low as 0 pips (EUR/USD) on its Razor Account in exchange for a commission of 7 USD. Trades at Pepperstone are executed in less than 30 ms on 4 different trading platforms, including MT4, MT5, cTrader, and TradingView. This is alongside a wide range of trading tools, excellent education, and world-class market research materials. Negative balance protection is provided to all clients, and all funds are kept in segregated accounts.

Which Forex Broker has the Best Platform?

XTB offers xStation5, one of the best trading platforms in the industry. It is user-friendly, intuitive, powerful, and fast, and has many advanced features found in popular third-party platforms, like MT4. It offers a 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 traders can view the percentage of traders who bought or sold particular instruments. Overall, traders will find that trading on xStation5 is a great experience.

Is Forex Trading Legal in the UK?

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:

  • The provision of segregated trading accounts, which protects client funds from broker mismanagement or default.
  • The provision of negative balance protection to ensure that client losses can not exceed the amount in the trading account.
  • Client fund protection which includes higher margin close-out percentages designed to limit client losses.
  • Effective fraud investigation processes and frequently published investment scam reports.

As well as the FCA, other top-tier global regulators include ASIC and CySEC. Whether you decide to use a broker regulated by the FCA or not, it’s important to remember that choosing a regulated broker is the best way to ensure your protection as a Forex trader.

Why is Regulation Important?

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 being 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.

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.

How are Forex Brokers Regulated in the UK?

In the UK, Forex brokers must be regulated by the Financial Conduct Authority (FCA), the regulatory body for non-banking financial services in the country. 

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 be in violation of 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.

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 you have been scammed by your broker, 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 to take. We also have a report a scam broker form which we use to gather information so that we get the word out. Your personal details will not be shared externally.

Do I Need a Broker to Trade Forex?

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; these are 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. 

How do Forex Brokers Make Money?

Market markers only make money from the spread – the difference between the buying and selling price of the currency pair. These brokers will be the counterparty to any trade, so they make money when clients lose trades. 

ECNs have tight spreads but make money from commissions, which are charged whenever a trade is opened or closed. This type of broker makes money whether a client wins or loses.

Which Forex Brokers are Best for Beginner Traders?

The best brokers for beginners are well-regulated and have no minimum deposit requirement, ensuring security and a low cost of entry. Also important are low fees and negative balance protection, as these both help to lower risk. Responsive and knowledgeable customer support is essential. Customer service should be available 24/5 via email, live chat, and telephone, though 24/7 is better. Last but not least, 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.

For more detail and to see which brokers we recommend for new traders, check out our dedicated page on the best brokers for beginners.

Which Forex Brokers have the Best Demo Accounts?

The brokers with the best demo accounts understand that beginners should not be forced into trading real money and that experienced traders should be able to test strategies as long as they want to. So the best demo accounts are not time-limited and replicate real market conditions as closely as possible. Beginners looking for a demo account will want a broker with good education, so they can learn about Forex trading as they practice.

For more detail and to see which brokers we recommend for demo trading, check out our dedicated page on the best demo accounts.

Which Trading Platforms do the Best Forex Brokers Offer?

The best Forex brokers generally offer Metatrader 4 (MT4), MetaTrader 5 (MT5), and cTrader. These are 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 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 Risk Disclaimer

Trading Forex and CFDs is unsuitable for all investors as it carries a high degree of risk to your capital: 75-90% of retail investors lose money trading these products. Forex and CFD transactions involve high risk due to the following factors: Leverage, market volatility, slippage arising from a lack of liquidity, inadequate trading knowledge or experience, and a lack of regulatory protection. Traders should not deposit any money that is not considered disposable income. Regardless of how much research you have done or how confident you are in your trade, there is always a substantial risk of loss. (Learn more about these risks from the UK’s regulator, the FCA, or the Australian regulator, ASIC).

Our Rating & Review Methodology

Our State of the Market Report and Directory of CFD Brokers to Avoid are the result of extensive research on over 180 Forex brokers. These resources help traders find the best Forex brokers – and steer them away from the worst ones. These resources have been compiled using over 200 data points on each broker and over 3000 hours of research. Our team conducts all research independently: Testing brokers, gathering information from broker representatives and sifting through legal documents. Learn more about how we rank brokers

Editorial Team

 

Chris Cammack
Head of Content

Chris joined the company in 2019 after ten years experience in research, editorial and design for political and financial publications. His background has given him a deep knowledge of international financial markets and the geopolitics that affects them. Chris has a keen eye for editing and a voracious appetite for financial and political current affairs. He ensures that our content across all sites meets the standards of quality and transparency that our readers expect.

 

Alison Heyerdahl
Senior Financial Writer

Alison joined the team as a writer in 2021. She has a medical degree with a focus on physiotherapy and a bachelor’s in psychology. However, her interest in forex trading and her love for writing led her to switch careers, and she now has over eight years experience in research and content development. She has tested and reviewed 100+ brokers and has a great understanding of the Forex trading world.

 

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