FXScouts has been the UK’s most trusted Forex broker review site since 2019. Our team has written 100+ broker reviews and we constantly test to maintain accuracy. This is how we review brokers.

We may receive compensation when you click on links to products we review. Please read our advertising disclosure. By using this site you agree to our Terms of Service.

AuthorBy Chris Cammack
Updated: August 31, 2022

To produce this list we tested 160+ Forex brokers that offer their services to UK traders. All UK Forex Brokers are licenced and authorised by the Financial Conduct Authority, which is the financial regulatory body in the UK. The FCA is respected worldwide for its strict and fair oversight of the Forex trading industry, ensuring that FCA-regulated Forex brokers are the most trusted and most secure in the world. 

Below the list are reviews of each broker highlighting their features and explaining why they are on the list. We also share our expert knowledge on how to compare Forex brokers. These are the best Forex brokers in the UK for 2022, according to our testing and our research.

  • AvaTrade - Best Forex Broker in the UK
  • Tickmill - Lowest Trading Costs on MT4 and MT5
  • Pepperstone - Best ECN Forex Broker in the UK
  • IG - Best Forex Trading Account
  • FxPro - Best FCA Regulated No Dealing Desk (NDD) Broker
  • FP Markets - Best ECN Pricing
  • Capital.com - Most Forex Pairs
  • markets.com - Best Mobile Platform
  • XM - Broker with the Lowest Spreads
  • Axi - Best ECN broker on MT4

Summary of the Best UK Forex Brokers

Scroll for more detailsPreviousNext
Broker
Overall Rating
Official Site
Min. Deposit
Max. Leverage
Cost of Trading
Platforms
Beginner Friendly
Regulators
Compare
AvaTrade
4.48 /5
Read Review
Visit Broker >
Your capital is at risk
GBP 10030:1USD 9MT4, MT5, Avatrade Social, AvaOptionsExcellentASIC Regulated BrokersFinancial Services Conduct AuthorityBritish Virgin Islands Financial Services CommissionFinancial Services AgencyCySEC Regulated BrokersCentral Bank of Ireland
Tickmill
4.48 /5
Read Review
Visit Broker >
Your capital is at risk
GBP 10030:1USD 4MT4, MT5ExcellentCySEC Regulated BrokersFCA Regulated Forex BrokersLabuan Financial Services AuthorityFinancial Services Conduct AuthorityThe Seychelles Financial Services Authority
Pepperstone
4.61 /5
Read Review
Visit Broker >
Your capital is at risk
GBP 030:1USD 6MT4, MT5, cTraderExcellentFCA Regulated Forex BrokersASIC Regulated BrokersCySEC Regulated BrokersDFSA Regulated Forex BrokersBundesanstalt für FinanzdienstleistungsaufsichtSecurities Commission of the BahamasCapital Markets Authority
IG
4.69 /5
Read Review
Visit Broker >
Your capital is at risk
GBP 030:1USD 6MT4, L2 Dealer, ProRealTimeExcellentFCA Regulated Forex BrokersASIC Regulated BrokersBundesanstalt für FinanzdienstleistungsaufsichtFinansinspektionen
FxPro
4.29 /5
Read Review
Visit Broker >
Your capital is at risk
GBP 10030:1USD 14MT4, MT5, cTrader, FxProEdgeExcellentFCA Regulated Forex BrokersCySEC Regulated BrokersFinancial Services Conduct AuthorityDFSA Regulated Forex BrokersSecurities Commission of the Bahamas
FP Markets
4.28 /5
Read Review
Visit Broker >
Your capital is at risk
GBP 5030:1USD 7MT4, MT5, IRESSExcellentASIC Regulated BrokersCySEC Regulated Brokers
Capital.com
4.68 /5
Read Review
Visit Broker >
Your capital is at risk
GBP 2030:1USD 6MT4, Capital.comExcellentFCA Regulated Forex BrokersCySEC Regulated BrokersASIC Regulated Brokers
Markets.com
4.64 /5
Read Review
Visit Broker >
Your capital is at risk
GBP 10030:1USD 7MT4, MT5ExcellentFCA Regulated Forex BrokersCySEC Regulated BrokersASIC Regulated BrokersFinancial Services Conduct AuthorityBritish Virgin Islands Financial Services Commission
XM
4.25 /5
Read Review
Visit Broker >
Your capital is at risk
GBP 530:1USD 16MT4, MT5ExcellentCySEC Regulated BrokersASIC Regulated BrokersFCA Regulated Forex BrokersInternational Financial Services Commission
Axitrader
4.34 /5
Read Review
Visit Broker >
Your capital is at risk
GBP 030:1USD 10MT4ExcellentFCA Regulated Forex BrokersASIC Regulated BrokersFinancial Markets Authority of New ZealandDFSA Regulated Forex Brokers

Comparing Forex Brokers in the UK

Although Forex brokers accept clients from most countries, their trading conditions and regulatory supervision may be different for UK residents. This is especially true for brokers who hold an FCA license. To find the best Forex broker for UK residents, we need to explain what the differences are and how they affect British traders.

FCA Regulation: 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 advantages of registering with an FCA regulated broker include:

  • Segregated trading accounts which protect client funds from broker mismanagement or default
  • Negative balance protection ensures 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.

Broker Trading Conditions and Costs: Better Forex brokers will often have lower trading costs, meaning that spreads are tight and minimum deposits are low. Trading execution should be lightning-fast and with little or no intervention. Forex brokers should also publish their spreads, execution policy, maximum leverage available, and a list of all CFDs available to British traders. Note that trading conditions and negative balance protection availability change depending on a trader’s country of residence, and some FCA brokers will encourage traders to register their account under their offshore license in order to circumvent leverage restrictions.

Broker Education and Analysis: Brokers should offer beginner traders a coherent and well-structured trading course alongside a demo account. Brokers should supply detailed market analyses to highlight trading opportunities and provide a complete learning experience.

Broker Trading Platform: Brokers will have their own trading platform or provide support for a third-party platform, such as MT4, MT5, or cTrader. Some brokers will do both. Most Forex traders generally have a platform preference, so brokers with multiple platforms are more likely to have the platform a trader wants to use.


AvaTrade – Best Forex Broker in the UK

Winner of the award for the best Forex broker of 2021, AvaTrade offers 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. 71% of traders lose money with this provider.

TickMill – Lowest Trading Costs on MT4 and MT5

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. 73% of traders lose money with this provider.

Pepperstone – Best ECN Forex Broker in the UK

  • 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 0.69 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.

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. 75.8% of traders lose money with this provider.

IG Markets – Best Forex Trading Account

  • 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. 66% of traders lose money with this provider.

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

  • 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

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. FP Markets is regulated by CySEC and ASIC.

Capital.com – Most Forex Pairs

  • 138 Forex pairs to trade
  • Low trading fees
  • No fees on deposits or withdrawals

Founded in 2018 and regulated by the FCA, Capital.com is unique in offering 138 Forex pairs to trade, many more than most other brokers. One of the highest-rated brokers in the world, Capital.com also has low fees, excellent trading education and high-quality market research.

Most Forex Pairs

Capital.com is the best broker for traders looking for rare Forex pairs to trade. Amongst the 138 tradeable pairs are oddities such as the Swiss France/Hungarian Forint and the Canadian Dollar/South African Rand. While fees are high on these exotic Forex pairs, the increased volatility means more opportunities for large profits. In addition to Forex, Capital.com has a great selection of other CFDs, with 3600+ shares, 22 indices and 22 commodities. Unfortunately, Capital.com’s huge range of 220 cryptocurrencies is no longer available in the UK.

Single Account with Low Trading Fees

Capital.com has a single trading account with no commission and very low fees compared to most other brokers, with spreads starting at 0.60 pips on the EUR/USD. Fees for holding a trading position overnight are low too, as Capital.com charges interest on the leverage only, not the trading position’s entire value. 

No Fees on Deposits or Withdrawals

Continuing with the low-cost theme, Capital.com charges no fees for deposits or withdrawals from UK banks or bank cards. UK traders also have the option of using PayPal, ApplePay, Sofort, iDeal, Giropay, Multibanko, Przelewy24, Trustly, and 2c2p. All deposit and withdrawal methods are available from inside Capital.com’s trading platform. 

Pros
  • Tight spreads
  • Low minimum deposit
  • Excellent education
Cons
  • Limited account options
AlertAccepts UK Clients. Average spread EUR/USD 0.60 pips on trading account with lowest minimum deposit. Max leverage 30:1. Capital.com custom platform supported. Capital.com Group regulated by the FCA & CySEC. 81.4% of traders lose money with this provider.

Marketsx – Best Mobile Trading Platform

  • 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. 79.9% of traders lose money with this provider.

XM – Broker with the Lowest Spreads

XM is one of the most 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 available on both the MT4 and MT5 platforms. Hedging, scalping and algorithmic trading are all permitted.

With a minimum deposit of 50 USD, traders can open the XM Ultra Low Account, where spreads start at 0.6 pips with no commission charged. All accounts also benefit from having access to XM’s no-requotes 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 1.60 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. 74.07% of traders lose money with this provider.

Axi – Best ECN broker on MT4

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.

What is the Foreign exchange market?

The foreign exchange market, also known as the forex (or even more simply, the FX market), is the largest financial market in the world. Every day, trillions of pounds of global currencies are traded in what are called “pairs”, i.e. the exchange of one currency for another, such as pounds for dollars, euros for Japanese yen, etc. These transactions are carried out five days a week, 24 hours a day around the globe and determine the value of every currency on the planet second by second, based on supply and demand. So, if the pound is in demand, its value against, for example, the dollar will rise and vice versa.

Given its scale and breadth, forex trading is easily accessible by individual investors, who can open an account with a few hundred pounds and begin trading immediately. But it is easy to lose money, especially if you are a beginner. Trading successfully requires effort, discipline and a determination to learn as much as you can about the market before you start. You also need to understand the regulations governing the market, the costs of trading and which brokers to use. Most importantly, you should understand the risks and disadvantages before deciding whether forex trading is for you.

Why does the forex market exist?

There are many reasons why people trade currencies. UK companies may need to buy dollars to pay for American imports, or they may need euros to pay for the acquisition of a company based in Europe. Central banks, such as the Bank of England, can intervene in FX markets, buying and selling currency to manipulate its value for reasons of economic policy. Speculators also drive a very large part of the market, trading with the aim of generating a profit.

Large financial institutions, multinational corporations and hedge funds dominate the forex market, which reached a value of US$6.6 trillion per day in April 2019, according to the latest statistics.[i] That size means it is a hugely liquid market, i.e. it is very easy to buy and sell currencies because there are so many buyers and sellers in the market for most currencies.

Market drivers

The pound is a free-floating currency. In other words, the value of sterling in the FX markets is determined by supply and demand. This is the case for the currencies of most advanced economies. By contrast, some currencies, such as the Chinese renminbi (RMB), have a fixed exchange rate. The Chinese authorities determine the value of the RMB against the dollar and keep the link until they decide to alter the exchange rate. Clearly, there is no potential for individual traders to profit from trading currencies with a fixed exchange rate.

The value of a floating currency such as the UK pound, however, is constantly moving up and down against other currencies. Often these movements are relatively small, so the pound may begin the trading day buying one dollar and forty cents and end a fraction of a cent higher or lower, or even back at its opening level. But dramatic economic or political news can spark much greater volatility. For example, the pound fell by around 10% the day after the UK had voted to leave the European Union, back on 23 June 2016. Traders, fearing a prolonged period of political and economic uncertainty, sold the pound as quickly as they could.[ii]

Economic developments are also a key influence. New data suggesting the economy is growing faster than anticipated might spark concerns that the Bank of England could raise interest rates to rein in growth. Higher interest rates enhance the appeal of holding a currency, since you are getting a bigger return on your money. That outlook consequently boosts demand for the pound and its value rises. Similarly, if the UK’s economic outlook darkens and traders anticipate the Bank of England will cut interest rates, they will sell the pound, so depressing its value against other currencies.

That is why FX traders follow economic, financial and political news so closely, looking for any hint of information that could sway the value of the pound. They are hoping to react before other traders spot the development. Or they may take bets on a likely development, believing they have some insight that other traders lack. So, for example, on the day of the Brexit vote, before the results were announced, the pound soared in value because many traders were convinced that Remain had won.

Why is forex trading popular in the UK?

Forex trading is the largest and most easily accessible market in the world. The costs involved are relatively low compared with other markets, there are lots of brokers to choose from in the UK, and it is relatively easy to understand the ways in which you can trade the market. There are many freely floating currencies and since they can all be traded against each other there are a huge number of currency pairs to trade in. A vast amount of information is available to would-be traders, ranging from how to get started to outlining potentially profitable trading strategies.

You can trade from your living room using a fairly basic computer if you download the appropriate trading software, and it is relatively easy to set up an account with a broker. Unlike other financial markets, you can also exploit the concept of “leverage”, where you make use of borrowed money to increase your potential profits (and your losses). To explain what this means, currency pairs are traded in specific amounts called lots. They tend to be in 100,000 units of a currency, so, for example, if you are trading in the pound sterling against the US dollar, you would buy or sell £100,000 at a time. Since most people don’t have £100,000 available to trade, the broker effectively offers to lend you money. So, they may allow you to trade in a lot of £100,000 by opening an account with £1,000 and lend you the remainder. The initial £1,000 is known as the margin and your leverage in this case would amount to 100 to one (100:1).

As we mentioned, as well as increasing potential profits, leverage can dramatically increase risk. There are methods you can use to contain risk, but that is a topic for another article.

The disadvantages of forex trading

Forex trading requires a considerable commitment. It takes time to learn how to trade profitably, and when you start to trade you may have to spend many hours per day on your computer screen following and researching what is happening in the market – and why – in preparation for your trading day. When that day is finished, you will need to analyse what happened and why your trading activities succeeded or failed, so that you can apply the lessons learnt to the next day’s trading. There could be days when you lose money and it is easy to become disheartened. There is certainly no guarantee of success. FX trading can be risky and you can lose money or you may find that it is simply not something you like or have the temperament for. You have to be patient, for example, waiting for opportunities to arise, and the market can experience bouts of extreme volatility that you may find highly stressful.

Introduction to the regulation of the UK market

Trading is legal in the UK, and UK-based brokers that provide the services needed to become an FX trader are regulated by the Financial Conduct Authority (FCA), the government body responsible for overseeing the regulation of financial services and markets in the UK. In the words of the FCA, it aims “to make markets work well – for individuals, for business, large and small, and for the economy as a whole”.[iii] Regulation is positive for traders because it means they have recourse to legal action if they feel they have been unfairly treated or have even been the target of fraudsters.

The FCA urges traders to use brokers that it regulates. 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.

The FCA adds that:

If the firm’s contact details aren’t on the register or the firm claims they’re out of date, call our Consumer Helpline on 0800 111 6768.

You should check the firm isn’t a clone firm by asking for their firm reference number (FRN) and contact details and then calling them back on the switchboard number on our Register – never use a link in an email or website from the firm offering you an investment.

Always be wary if you’re contacted out of the blue, pressured to invest quickly or promised returns that sound too good to be true.

You should seriously consider seeking financial advice or guidance before investing. You should make sure that any firm you deal with is regulated by us and never take investment advice from the company that contacted you, as this may be part of the scam.

All of the above is excellent advice and you should follow it before registering with any FX broker. If you think you have been scammed, you can report the firm or scam to the FCA by contacting its Consumer Helpline on 0800 111 6768 or using its reporting form.

FX trading scams

The FCA warns that UK consumers are increasingly being targeted “by unauthorised forex trading and brokerage firms offering the chance to trade in foreign exchange” and other financial instruments. These firms promise “very high returns and guaranteed profits, either through a managed account where the firm makes trades on the investor’s behalf or by trading using the firm’s trading platform”.

Many scam firms claim to be based in the UK and even claim to be FCA-authorised. They may even clone the details of firms that are registered with the FCA but give their own phone number, address and website details, “sometimes claiming that a firm’s contact details on the Register are out of date”, according to the FCA.

That is why it is so important to check that a firm really is authorised by the FCA, scrutinising all their details carefully with the FCA register. If you have any doubts about a firm, call the FCA’s Consumer Helpline.

Applying for compensation

If the broker you use is regulated by the FCA and goes out of business, meaning that it can’t pay any money you are owed, you may be eligible for compensation under the Financial Services Compensation Scheme (FSCS). This is essentially an insurance scheme, funded by an annual levy on firms authorised by the FCA and the Prudential Regulation Authority (PRA), an entity the Bank of England uses to regulate financial services firms in the UK. The FSCS is independent of the government and its services are free to consumers. It provides compensation of up to £85,000 in total across all the accounts you hold with a forex broker.

The disadvantages of using an FCA-regulated broker

FCA regulations can limit your options when trading FX. FCA regulations require brokers to follow rules that are specific to the UK. An example is leverage limitation: retail traders are limited to 30:1 leverage. An unregulated broker, by contrast, could offer a 500:1 ratio. Offshore brokers also tend to have lower costs, which they can pass onto you in terms of lower trading fees in terms of lower commissions or better spreads.

Key FCA regulations

All FCA regulated forex brokers are required to adhere to the strict guidelines enforced by the FCA, which are designed to protect consumers. These include keeping their client funds segregated, or separate, from their company accounts, and not using their traders’ money for any other purposes. Every FCA regulated broker is required to have at least £1 million in operating capital, which increases according to the number of traders and the trading capital. Brokers must ensure that all withdrawals are processed instantaneously and that the company can meet all financial obligations without fail. Forex brokers are required to communicate any changes made in their service or terms of conditions to their clients and undergo regular audits.

Comparing forex brokers in the UK

A forex broker provides traders with a platform that gives them access to the FX market and allows them to buy and sell currencies. Opening an account is simple and can be done online. You will be asked to provide proof of identity and a deposit.

Using an offshore broker – the pros and cons

However, you don’t have to use a UK-based trader regulated by the FCA. You can open an account with an offshore broker, i.e. a company based outside the UK, or even outside Europe.

There are advantages and disadvantages to using an offshore broker. The main advantage, as discussed above, is that you won’t be subject to the same restrictions as when using a UK-based broker regulated by the FCA. The disadvantages include the fact that if you use a broker registered in another country, it will be subject to the regulations of that country and it may not be as well supervised as a UK firm. If things go wrong and your broker is registered in a country thousands of miles from the UK, it might be difficult to gain legal redress.

There are things you should consider whether you use an FCA-registered broker or one based offshore. These include:

  • The trading experience – is the trading platform easy to use, what kind of support do they offer, and are there tools that can help with research, etc?
  • Trading costs and transparency – these can vary widely from broker to broker. Some charge a fixed commission regardless of how much you trade, while others charge a fee based on trading volume (the higher the volume, the greater the commission). Other brokers don’t charge a commission but instead charge a spread fee. The spread is the difference between the price the broker quotes you for buying a currency and the price it quotes for selling it. This is effectively the fee your broker charges you to trade. (For example, imagine the US dollar is trading at 1.40 to the pound and you decide to buy some dollars. The broker may quote you a price of 1.4002, so you have been charged two pips – “percentage in point” or “price interest point” – for your trade. The pip is thus $0.0001 for US dollar-related currency pairs.) It is also important to be aware of the hidden fees some brokers charge, such as inactivity fees, monthly or quarterly minimums, and fees associated with calling a broker on the phone.
  • Customer service – you can trade anytime over 24 hours five days a week so do they offer 24 support during trading hours? Is help available instantaneously online or via the phone or do you have to wait for long? You can check by calling the broker at different times of the day before signing up.
  • The size of the minimum deposit. This can vary from just £1 to £300 although you can open an account with most brokers for around £100.
  • Maximum leverage offered. This is a standard 30:1 ratio for forex brokers in the UK regulated by the FCA. But offshore brokers can offer higher levels of leverage with some providing a 500:1 ratio.

How to Compare Forex Brokers in the UK

Though Forex brokers might appear to be similar, they are quite different once you dig a little deeper, and account conditions will vary for UK residents. These are some of the most common questions traders will have when comparing Forex brokers.

Forex Brokers for Beginners

Forex Broker Fees and Trading Costs: 

Other Trading Options

Forex Broker Regulation

Forex Broker Customer Support:

Forex Trading Platforms:

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. It’s important to choose a regulated Forex broker with low costs and a history of treating its clients fairly. 

Which is the Best Broker in the UK?

The best broker in the UK is IG Markets. The world’s largest CFD broker by revenue, IG Markets is also publicly listed and a member of the FTSE 250. Forex trading at IG Markets is commission-free, and with spreads starting at 0.6 pips on the EUR/USD, IG has some of the cheapest trading costs in the industry. IG also has the most CFDs to trade in the world, including commodities, indices, 16,000+ shares and ETFs, options, interest rates and bonds. Negative balance protection is provided to all clients, and all funds are kept in segregated accounts.

Which is the Best Broker for Beginners?

IG Markets is also the best broker for beginners in the UK. IG Markets has some of the lowest fees in the industry, with spreads starting at 0.6 pips on the EUR/USD. IG Markets’ has no required minimum deposit for bank transfers and traders can access 17,000+ CFDs, including Forex, indices, commodities and shares. Beginners will also appreciate IG Markets’ world-class educational and market analysis section.

Other good options for a reliable FCA-regulated broker for beginners are:

Scroll for more detailsPreviousNext
Broker
Overall Rating
Beginner Friendly
FCA License
Beginner Course
Experienced Course
Webinars
Printable Ebook
Unlimited Demo
Support Hours
Min. Deposit
Compare
IG
4.69 /5
Read Review
Excellent
195355
24/5
GBP 0
Capital.com
4.68 /5
Read Review
Excellent
793714
24/7
GBP 20
Markets.com
4.64 /5
Read Review
Excellent
607305
24/5
GBP 100
Tickmill
4.48 /5
Read Review
Excellent
717270
24/5
GBP 100
Admiral Markets
4.34 /5
Read Review
Excellent
595450
Business Hours
GBP 250

Which Broker has the Best Demo Trading Account?

Capital.com is also the best broker for demo trading in the UK. Capital.com’s demo account never expires and is available on both MT4 and Capital.com’s own web-based trading platform (also available on iOS and Android). Capital.com’s platform offers in-depth financial analysis with over 75 technical indicators, multiple trading chart types, and extensive drawing tools.  It also allows traders to toggle in and out of up to six tabs while keeping an eye on all charts and instruments. All 4000+ of Capital.com’s CFDs are available through its demo account.

Other FCA-regulated brokers with great demo accounts include:

Scroll for more detailsPreviousNext
Broker
Overall Rating
Unlimited Demo
FCA License
All Regulators
Beginner Friendly
Beginner Course
Experienced Course
Beginner Videos
Advanced Videos
Webinars
No. of FX Pairs
Compare
IG
4.69 /5
Read Review
195355FCA Regulated Forex BrokersASIC Regulated BrokersBundesanstalt für FinanzdienstleistungsaufsichtFinansinspektionenExcellent 80
Capital.com
4.68 /5
Read Review
793714FCA Regulated Forex BrokersCySEC Regulated BrokersASIC Regulated BrokersExcellent 137
Markets.com
4.64 /5
Read Review
607305FCA Regulated Forex BrokersCySEC Regulated BrokersASIC Regulated BrokersBritish Virgin Islands Financial Services CommissionExcellent 67
Tickmill
4.48 /5
Read Review
717270CySEC Regulated BrokersFCA Regulated Forex BrokersLabuan Financial Services AuthorityFinancial Services Conduct AuthorityExcellent 62
FxPro
4.29 /5
Read Review
509956FCA Regulated Forex BrokersCySEC Regulated BrokersFinancial Services Conduct AuthorityDFSA Regulated Forex BrokersExcellent 70

Are Forex brokers in the UK reliable?

Yes, Forex brokers in the UK are reliable and trustworthy. The most reliable brokers in the UK are regulated by the FCA and have a history of treating traders fairly. If you are unsure about the reliability of your Forex broker, you can check our list of brokers to avoid.

How do I Choose a Forex Broker?

When choosing a Forex broker there are three things to consider:

  1. Regulation: Make sure you choose a broker regulated by the FCA or one of the other major regulators like CySEC (Europe) or ASIC (Australia). Regulated brokers have better security and will treat their traders fairly
  2. Cost: Look for a broker with a low minimum deposit and low fees. Broker fees will include the spread, commission and deposit and withdrawal fees. 
  3. Education: If you’re a beginner you will want a broker with good educational content. All of the brokers on our Best Brokers for Beginners page have high-quality education for beginners.

How do Forex Brokers Make Money?

Some brokers (called market makers) 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. 

Other brokers (called ECNs) have tight spreads but make money from commissions, which are charged every time a trade is opened or closed. This type of broker makes money whether a client wins or loses.

Which Broker has the Lowest Fees?

Tickmill is the broker with the lowest fees, with the total trading cost on its Pro Account equalling 0.4 pips on the EUR/USD, this includes a 0 pip minimum spread and a round turn commission of 4 USD per 100,000 traded. 

Other brokers with low trading costs are:

Scroll for more detailsPreviousNext
Broker
Overall Rating
Cost of Trading
Regulators
Min. Deposit
Max. Leverage
EUR/USD
USD/JPY
GBP/USD
Account Types
Trading Commission
Compare
Hantec Markets
3.69 /5
Read Review
USD 2ASIC Regulated BrokersFinancial Services AgencyFCA Regulated Forex BrokersFinancial Services CommissionUSD 10030:10.20 pips0.50 pips0.50 pipsSTPFees Included in Spread
Tickmill
4.48 /5
Read Review
USD 4CySEC Regulated BrokersFCA Regulated Forex BrokersLabuan Financial Services AuthorityFinancial Services Conduct AuthorityGBP 10030:10.10 pips0.10 pips0.30 pipsSTP4 USD / lot
IG
4.69 /5
Read Review
USD 6FCA Regulated Forex BrokersASIC Regulated BrokersBundesanstalt für FinanzdienstleistungsaufsichtFinansinspektionenGBP 030:10.85 pips0.94 pips1.40 pipsMarket MakerFees Included in Spread
Capital.com
4.68 /5
Read Review
USD 6FCA Regulated Forex BrokersCySEC Regulated BrokersASIC Regulated BrokersGBP 2030:10.60 pips0.80 pips1.30 pipsMarket MakerFees Included in Spread
Pepperstone
4.61 /5
Read Review
USD 6ASIC Regulated BrokersCySEC Regulated BrokersBundesanstalt für FinanzdienstleistungsaufsichtCapital Markets AuthorityGBP 030:10.17 pips0.26 pips0.59 pipsNDDFrom 7 USD / lot - Razor Account

Broker fees are split into the trading costs, which is the total of the spread and commission, and non-trading fees such as deposit and withdrawal fees. 

The spread is the difference between the buy and sell price of a Forex pair and is measured in pips, the smaller or “tighter” the spread the less money you spend when you make a trade. Commission is charged by some brokers every time a trade is opened or closed. 

How do I make a Deposit with a Broker?

Making a deposit with a broker is a simple process. Once you have signed up and opened a live account you will be given a few options. Most brokers in the UK will accept local bank transfers, credit cards, online payment solutions like Paypal, and eWallets like Neteller and Skrill. Bank transfers usually take 1-2 days to process and may have a fee attached but all other deposit methods are usually instant and free. 

How do I make a Withdrawal from a Broker?

To make a withdrawal from a broker you must have enough money in your trading account after deducting the margin needed to keep any trades open. Once you know how much you can withdraw, you can make a withdrawal request via your account dashboard. To prevent money laundering, brokers in the UK will only allow you withdraw the same amount as your initial deposit back to your credit card or eWallet. Anything more than this will have to be withdrawn to a bank account in your name. 

Which Broker has the Lowest Minimum Deposit?

Pepperstone is the FCA-regulated with the lowest minimum deposit. While Pepperstone recommends opening an account with at least £200, it recently waived deposit requirements entirely. In addition, Pepperstone charges no inactivity fees for dormant accounts, charges low withdrawals fees, and has some of the lowest trading fees in the industry.

Other FCA regulated brokers in the UK with low minimum deposits are:

Scroll for more detailsPreviousNext
Broker
Overall Rating
Min. Deposit
United Kingdom Regulation Code
Regulators
Max. Leverage
Cost of Trading
EUR/USD
USD/JPY
GBP/USD
Compare
IG
4.69 /5
Read Review
GBP 0195355FCA Regulated Forex BrokersASIC Regulated BrokersBundesanstalt für FinanzdienstleistungsaufsichtFinansinspektionen30:1USD 60.85 pips0.94 pips1.40 pips
Pepperstone
4.61 /5
Read Review
GBP 0684312ASIC Regulated BrokersCySEC Regulated BrokersBundesanstalt für FinanzdienstleistungsaufsichtCapital Markets Authority30:1USD 60.17 pips0.26 pips0.59 pips
Axitrader
4.34 /5
Read Review
GBP 0509746FCA Regulated Forex BrokersASIC Regulated BrokersFinancial Markets Authority of New ZealandDFSA Regulated Forex Brokers30:1USD 100.00 pips0.10 pips0.10 pips
ThinkMarkets
4.18 /5
Read Review
GBP 0629628FCA Regulated Forex BrokersASIC Regulated BrokersThe Seychelles Financial Services AuthorityCySEC Regulated Brokers30:1USD 120.00 pips0.00 pips0.00 pips
Spreadex
3.86 /5
Read Review
USD 0190941FCA Regulated Forex Brokers30:1USD 60.60 pips0.70 pips0.90 pips

With most brokers, larger deposits usually unlock lower trading costs and other perks. What level of minimum deposit you are comfortable with depends on your financial situation.  

How do I Calculate Trading Costs?

When trading Forex, the total trading cost is the spread on the currency pair you are trading plus any commission your broker may charge. If you keep a trade open overnight you will also be charged a rollover (or “swap”) fee, which will be deducted automatically from your account. Major pairs, such as the EUR/USD or USD/JPY have tighter spreads and are cheaper to trade.

Which Broker Has the Most CFDs?

IG Markets is the broker with the most CFDs to trade. IG Markets offers trading on over 17,000 instruments, including Forex, indices, share CFDs, commodities, cryptocurrencies, digital 100s, options, ETFs, bonds, and interest rates.

Brokers with the widest range of instruments to trade are:

Scroll for more detailsPreviousNext
Broker
Overall Rating
Total # CFDs
# FX Pairs
Regulators
Min. Deposit
Max. Leverage
Cost of Trading
Trading Commission
Compare
MultiBank
3.93 /5
Read Review
2009341Financial Services CommissionASIC Regulated BrokersUSD 50500:1USD 143 USD / lot
IG
4.69 /5
Read Review
1929580FCA Regulated Forex BrokersASIC Regulated BrokersBundesanstalt für FinanzdienstleistungsaufsichtFinansinspektionenGBP 030:1USD 6Fees Included in Spread
FP Markets
4.28 /5
Read Review
1009960ASIC Regulated BrokersCySEC Regulated BrokersGBP 5030:1USD 76 USD / lot - RAW Accounts
Fibo Group
3.50 /5
Read Review
807948CySEC Regulated BrokersBundesanstalt für FinanzdienstleistungsaufsichtBritish Virgin Islands Financial Services CommissionFinancial Services CommissionGBP 030:1USD 66 USD / lot
ETX Capital
4.07 /5
Read Review
513562FCA Regulated Forex BrokersFinancial Services Conduct AuthorityCySEC Regulated BrokersGBP 10030:1USD 6Fees Included in Spread

Which Broker has the Most Currency Pairs?

Swissquote is the Broker with the most currency pairs, with over 130 currency crosses to trade. As part of a larger banking group, Swissquote is very well regulated and is one of the most secure brokers in the world. Swissquote targets professional traders and minimum deposits are high, starting at 1000 USD on its entry-level account.

Other Forex brokers with a larger than usual selection of currency pairs to trade are:

Scroll for more detailsPreviousNext
Broker
Overall Rating
Forex Pairs
Crypto Pairs
Regulators
Min. Deposit
Max. Forex Leverage
Cost of Trading
EUR/USD
USD/JPY
GBP/USD
Compare
Capital.com
4.68 /5
Read Review
137477FCA Regulated Forex BrokersCySEC Regulated BrokersASIC Regulated BrokersGBP 2030:1USD 60.60 pips0.80 pips1.30 pips
Swissquote
4.00 /5
Read Review
13012FCA Regulated Forex BrokersBundesanstalt für FinanzdienstleistungsaufsichtFinansinspektionenGBP 100030:1USD 151.70 pips1.60 pips2.00 pips
easyMarkets
3.98 /5
Read Review
10317CySEC Regulated BrokersASIC Regulated BrokersThe Seychelles Financial Services AuthorityGBP 2530:1USD 180.70 pips1.00 pips1.30 pips
IronFX
3.54 /5
Read Review
835CySEC Regulated BrokersFCA Regulated Forex BrokersASIC Regulated BrokersFinancial Services Conduct AuthorityGBP 5030:1USD 220.00 pips0.00 pips0.00 pips
Fondex
4.14 /5
Read Review
8011CySEC Regulated BrokersFinansinspektionenBundesanstalt für FinanzdienstleistungsaufsichtThe Seychelles Financial Services AuthorityGBP 130:1USD 7.800.60 pips0.50 pips0.71 pips

Which Broker is the Best for Professional Traders?

Pepperstone is the best broker for professional traders. An ECN broker with extensive liquidity streams, Pepperstone supports all three major trading platforms (MT4, MT5 and cTrader) and has some of the tightest spreads in the industry (0.09 pips EUR/USD spread on its Razor Account). 

Commissions are low and there are no minimum deposit requirements. Commissions can be further reduced by becoming a member of Pepperstone’s Active Trader Program. The Active Trader Program has a number of other advantages for high-volume traders, including a free VPS service and priority customer support.

What are Managed Forex Trading Accounts?

Some brokers will operate a managed account for you, but this is rare. There are independent money managers who can manage your account while they are trading for themselves. It is vital that you read our article on managed accounts and understand the minimum deposit requirements and additional risks involved when trading CFDs.

How do I Know if a Forex Broker is Regulated?

All regulated brokers are required to display their licence number and the authority they received it from on their website. These licence numbers can be easily verified on the regulatory authority’s website. Some scam brokers will use similar names to legitimate businesses, so make sure the name of the licence holder on the regulator’s website matches the broker’s details.

How do I check if a Forex broker is licenced by the FCA?

All Forex brokers that are regulated by the FCA are required to publish their FCA licence number on their website. Once you have the licence number of a broker you can go use the FSCA’s search page to enter the FSP and verify that the broker is indeed licenced.

How Can I Report Scam brokers?

If you believe you have been scammed by your broker, the first thing to do is warn others and tell your story. You can contact the UK Financial Ombudsman here and ask them to investigate. We also have a report a scam broker form which we use to gather information so that we get the word out.  If you have been scammed, please complete the form.

Which Broker has the Best Customer Support in the UK ?

FP Markets is the FCA-regulated broker with the best customer service. FP Markets customer support has won 22 awards since the company was founded in Australia in 2005. Available 24/7 (0800-1600 on weekends) via live chat, email, telephone and call-back service in over 12 languages, FP Markets’ customer support is knowledgable, responsive and can assist traders with all aspects of CFD trading, from setting up accounts to navigating its platforms, plus any other technical queries.

Which Forex Broker has the Best Platform?

Marketsx is a trading platform from Markets.com, which has been FCA-regulated since 2014. Traders can use the Marketsx platform to trade over 2,200 financial instruments. The platform also offers advanced charting, making it easier to spot trends and identify new trading opportunities. Marketsx also allows traders to use five types of indicators once, overlay multiple assets, or compare up to eight instruments side-by-side. Marketsx is available on mobile devices and via the markets.com website. 

Which is the Best Platform for Forex?

Currently, MetaTrader 4 (MT4) is the best platform for trading Forex. MT4 has been around since 2005 but is supported by most Forex brokers and used by millions of traders around the world. MT4 is resource-efficient, fast, and can run on older hardware without any issue. It’s also fully customisable and can handle multiple trading accounts from different brokers with a single installation.

MT4 is particularly valued for its automated trading facilities. Traders can create or buy algorithmic trading robots and install them on their version of MT4 to automate trading or assist in decision making. It’s also possible to copy other traders through the MT4 trading signals facility. 

Forex Risk Disclaimer

Trading Forex and CFDs is not suitable 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: Over-leveraging, unpredictable market volatility, slippage arising from a lack of liquidity, inadequate trading knowledge or experience, and a lack of regulatory protection for clients.

Traders should not deposit any money that is not disposable. 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 from the FCA or from ASIC)

Our Rating & Review Methodology

Our State of the Market Report and directory of CFD Brokers to Avoid are the results of extensive research on over 200 Forex brokers. The explicit goal of these resources is to help traders find the best Forex brokers – and steer them away from the worst ones – with the benefit of accurate and up-to-date information.

With over 150 data points on each broker and over 3000 hours of research and review writing, we believe we have succeeded in our goal. 

In a world where trading conditions and customer support can vary based on where you live, our broker reviews focus on the local trader and give you information about these brokers from your perspective.

All research has been conducted by our in-house team of researchers and writers, gathering information from various company representatives, websites and sifting through the fine print. Learn more about how we rank brokers

Stay updated

This form has double opt in enabled. You will need to confirm your email address before being added to the list.

Featured Brokers

Trading Forex and CFDs is not suitable for all investors and comes with a high risk of losing money rapidly due to leverage. 75-90% of retail investors lose money trading these products. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Close
>