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The best forex brokers in the UK are regulated by the Financial Conduct Authority (FCA) offering the leading forex trading platforms from MetaTrader 4 to cTrader, low CFDs spreads from 0.0 pips on EUR/USD currency pairs and a range of financial services from currency, ETFs to cryptocurrencies.
View The UK forex brokers below based on fees, features and more.
By Justin Grossbard / Updated: Monday, January 06th, 2020
The 2020 best forex broker in the UK with FCA regulation for each forex trading category are:
Pepperstone Overall Best UK Forex Broker
Swissquote Best No Commission Account
IG Best Range Of Forex Trading Platforms
City Index Best Beginner Forex Trading Broker
Every forex broker in the UK recommended on this page is listed on the Financial Conduct AuthorityFCA register. This was called the Financial Services Authority (FSA) prior to 2013 after which theBanking Reform Actreformed the authority. You can view the full list of FCA regulated brokers at the bottom of this page.
USD $1000 (Standard) / $10,000 (Premium) / $50,000 (Prime)
CopyTrader functionality for automated trading
Pepperstone Limited trades in the UK under FCA license 684312 and has:
There are two accounts offered by Pepperstone with the award-winning razor account having the lowest fees. This is achieved by combining spreads in-line with an ECN broker from 0.0 pips for the EUR/USD plus a commission. That commission is 2.29 per lot for those who use MetaTrader and 3.50 for those who select the cTrader forex platform. This Pepperstone Razor account a shown below is recommended for advanced traders, algorithmic traders and scalpers.
To further reduce costs there is anactive traderprogram which for high volume traders can reduce commission by 15%. This can be even higher when trading forex at very high volumes. Ignoring this program and just looking at the standard commissions, below compares Pepperstone to similar UK ecn broker equivalent accounts.
It should be noted that are no deposit or withdrawal fees charged by Pepperstone. The only charges may be financial institutions (such as banks) for the movement of funds. The minimum deposit is 200 to open a forex trading account which is low for such a low spread and commission account.
Pepperstone is an award-winning FX online broker that offer low spreads with ultra-fast execution speeds. The broker Standard account has spreads from 1 pip with no commissions and a Razor account with spreads from 0.0 EUR/USD and commission of 4.59 with MetaTrader and 7.00 for cTrader platform. Users have a wide choice of CFD, hedging, scalping and expert advisors.
Commodities, Gold, Silver, Metals, Oil, Equity Indices, Cryptocurrency, Shares CFD, Currency Index
$0 (except bank wire GBP15 min withdrawal 80)
Pepperstone offers the best forex trading platforms that are now propriety to Pepperstone. As these popular forex platforms are offered by a number of other top forex brokers in the UK it makes it easier to switch brokers if required. It also means there are more participants in marketplaces for elements such as trading programs increasing choice when trading forex.
MetaTrader 4 (MT4) is globally the most popular forex trading platform based on its:
MetaTrader 5 (MT5) focuses on traders looking for a range of market (not just forex) offering:
Inter-bank (London) direct access for automated fx trading
Personalisation options across the interface and detachable charts
Backtesting options for automated programs (marketplace and custom)
What makes Pepperstone standout against other UK forex brokers is their ECN broker likeforex platform execution speeds. Most forex orders are executed below ~30ms*, ideal for automated or high volume traders. This is achieved through EDGE which for MT4 is:
Faster 10x latency reduction and 12x improvement in execution speed thanks to optical fibre connections to the New York interbank servers. Pepperstone also uses theEquinix serversnext to Wall Street where 60+ exchanges, over 150 financial service providers and over 40 buy/sell firms are located.
Smarter PPI (Price Improvement Technology) gets optimal prices by routing to market hot-spots. This is displayed in the forex platform showing liquidity and the market order book.
Tighter Improved interbank connectivity plus dark pool liquidity means tighter spreads starting at 0.0 for the EUR/USD currency pairing.
Pepperstone is one of the most awarded UK forex brokers when it comes to customer support. This includes the best forex trading support at the UK Forex Awards and best forex trading support Europe at the Global Forex Awards. They also multi-award winners with Investment Trends which is a survey sent to real forex traders annually.
The UK support offering customer service is based at:
Customer service for forex traders is offered from this office and their satellite offices include:
Overall, the combination of outstanding customer support, low trading costs, the choice of the most popular forex trading platforms and fast execution speeds which is why we rated Pepperstone the best forex broker in the UK.
The overall rating is based on review by our experts
There are two entities in Europe when it comes to Swissquote. The first is Swissquote Bank Ltd and as a Switzerland licenced bank, it has a range of financial instruments and markets. Swissquote Bank Ltd isnot FCA regulatedand rather is licenced by FINMA.Swissquote Ltd is FCA regulatedand focuses primarily on CFD trading across, forex, energy commodities, metals, bonds derivates trading and stock indices. Swissquote Ltd has an office in the United Kingdom (UK) with its brokerage division (not bank branch).
Swissquote offers two spread only accounts which both have zero commissions. The most popular prime forex account has the lowest spreads but does require a higher minimum deposit of €5,000. The overall forex trading (also known as foreign exchange) feature of this forex account are:
Some example Prime account minimum spreads include:
Swissquote also offers two commission accounts offers an elite forex trading account that has the highest minimum deposit of €10,000. This account is a commission plus spread account which means that spreads are lower (from 0.0 pips) but a €2.5 per side, per lot, is charged.
Another key feature of Swissquote forex trading accounts is they all offernegative balance protection. This means that losses for a trader cannot exceed their deposit. This has been known to occur during extreme trading events with leverage leading to large losses which for some other brokers needs to be repaid.
As an indicator of an economys health, stock indices help traders benefit from broad movements in markets. Example of indices are the SP500 which is the market-weighted top 500 US shares while the NAS100 focuses on the top 100 technology and bio-technology shares from Amazon to Facebook. The DE30 focuses on the top 30 shares on the Frankfurt Exchange while the SMI focuses on the smaller Swiss market.
Swissquote offers indices in two different formats: the FORWARD contract which replicates the Future with the same tick value, the same expirations date and no cost for a position taken overnight, with the advantage of a micro contract available (0.01). On the other hand, the SPOT or CASH contract reflects the futures price with a convenient tick value of $1 or €1, a minimum tradable size of 1 lot, overnight costs but no expirations and tighter spreads than the Forward contract. These two options are designed to respond to daily and long term traders.
Bonds, on the other hand, are viewed historically as a risk management tool. Leverage helps magnify these relatively small movements which are primarily influenced by interest rate movements. Many traders based on this use bonds as part of their hedging strategy. The primary bonds are the US Treasure Bonds (US T-Bond), Gilts issued by the British government (UK Long Gilt) and the Bund which focuses on obligations (long-term) of the German government (German Bund).
What makes Swissquote one of the best brokers is their education across their range of markets including online training (including videos), online seminars and offline training across Europe. Below shows an example of videos created by Swissquote to educate traders on forex markets. There are a variety of local and toll numbers for those are travelling or trying to reach us from abroad such as Cyprus which the number is 800 96595.
Swissquote is an international multi-asset broker with a choice of accounts with different entry points to cater for trader wishing to trade a wide range of trading instruments (bonds, CFDs, commodities, stocks, cryptocurrencies). Swissquotes offers commission-free trading with 3 award-winning trading platforms, multilingual customer support and automated trading.
Forex Options, Precious Metals, Stock Indices, Commodities, Bonds
Credit Card (Visa, MasterCard), Bank wire transfer via eBanking Portal
GBP credit card deposit 2.2%, USD credit card deposit 2.5%
24/5 multi-lingual customer support, Live chat, Email, Phone
eToro (UK) Ltd is FCA regulated and unique to the other forex brokers in the UK with a focus on:
eToro created CopyTrader which allows individuals to copy the best traders in the United Kingdom and around the world. When you choose a broker their traders get copied and inserted into your account. This can be then managed in a transparent and simple way. Below shows an example of the social investors section of the site. You can allocate a set proportion of your existing funds to copy his or her portfolio. The person youre copied also receives a small incentive from eToro for the more followers they receive.
It should be noted that copy trading is the most popular feature of eToro. They have over 3,000,000+ active traders worldwide providing a plethora of choice when it comes to copying a portfolio. This is assisted through filters based on returns, number of copiers and what markets they like to trade such as Bitcoin and other cryptos. Another option shown below is market portfolios, trader portfolios and partner portfolios which combines traders, top performance assets or specific strategies.
eToro offers UK residences with a zero commission stockbroking service. This means there are no commissions on shares in markets across the world from the UK, Hong Kong to the USA. There are no limited on the amount traded and free stock analysis from a team of experts.
While there are no commissions there are fees when it comes to trading shares with eToro. These include conversion fees for most UK residences as the eToro platform uses USD. This means transferring your GBP to eToro for share trading has some currency conversion charges. Then there is a withdrawal fee which is $25 USD. Again, this should be factored into the cost when comparing with other share trading services.
If youre more familiar with traditional CFD products you can start trading with eToro across shares, commodities, currencies, indices and EFTs. Leverage for retail UK traders is up to 30:1 which is the maximum set by the FCA. If you qualify for a professional account this can be increased by up to 400:1 leading to a high-risk environment. If trading with either a retail or professional account trying the free demo account first before a high-risk live account is recommended.
As mentioned earlier, eToro has UK regulation as it does with Europe and Australia:
You can view the fulleToro review articleto learn more about the United Kingdom forex broker or click on the link below to start trading.
IG provides a range of retail CFD accounts focuses on retail investors who want to trade forex. The retail investor accounts offer a range of forex platforms including:
Each of the forex trading platforms shown above also come with mobile solutions including a trading app. This allows you to trade forex on-the-go with the core functions needed for a smaller screen. IG also offers spread betting that can have tax benefits for UK residences.
You can view thebest UK forex trading platform pagefor more comparisons of brokers based on their forex platform and other features.
City Index is the best UK forex broker for beginner forex traders based on their low spread only account. Below compares City Index to comparable spread only CFD brokers that dont charge a commission on trades. Not only does City Index have the lowest spreads but also a low minimum deposit of 100.
City index offers beginner forex traders with comprehensive forex training from beginner to advanced traders. This starts with an introduction for CFD traders and moves to advanced trading strategies. There are also webinars and videos to further enhance traders knowledge of forex markets.
City Index has the Financial Conduct Authority Licence 113942 and the parent company isGain Capitalwhich is regulated in 8 jurisdictions. They have an online trading platform thats ideal to use for beginner forex traders with the option of micro accounts with a minimum deposit from $0.
All the forex brokers displayed on this United Kingdom page are locally regulated by the Financial Conduct Authority. The authority is independently formed by the government and funded by membership fees. Forex brokers are required to hold a minimum of 1 million in operating capital in the UK by the FCA. This increases based on a formula aligned to the number of traders an fx broker has. Other requirements include:
Segregating clients accounts from brokers so they cant use it for operational expenditures
Submitting to the FCA annual audited reports.
Submitted periodic statements that show capital holdings ensuring capital ratios requirements are met.
Meeting strict regulations for marketing and advertising their financial products
Resolving customer complaints mutually and allowing any failed resolution to be arbitrated by theUK financial ombudsman.
The FCA has a compensation scheme to guarantee forex broker UK client funds. This is called the Financial Services Compensation Scheme (FSCS). The objective of theFSCS is to compensateCFDs traders when a broker has insolvency issues with protection up to 50,000. When a solvency issue occurs and liquidation occurs the FSCS provides CFDs traders with:
To make a claim a CFDs trader needs to make an insurance claim through the Financial Services Compensation Scheme website. Make sure the firm is listed on the FSCS website as compensation is only available when the body deems the brokers assets are frozen or its in liquidation.
To avoid a scam broker its strongly recommended to choose a regulated broker. It may also be worth keeping up-to-date with the regulators website as recently a CFD like FXTM lost its Financial Conduct Authority licence in the United Kingdom.
The best forex broker in the UK isPepperstonebased on their low fees including spreads from 0.0 pips, 2.29 commissions (4.59 round turn) which can be further reduced through the active trader program, choice of MetaTrader 4, MetaTrader 5 or cTrader forex trading platform and award-winning customer service. Pepperstone has local offices in London, United Kingdom and trades in the UK as Pepperstone Limited under Financial Conduct Authority Registration Number 684312.
Beginner forex traders should considerCity Indexwhich offers both spread betting and CFD trading. The forex broker offers extensive forex training for beginners, a unique forex platform that allows Web Trading, mobile trading via iOs/Android Apps or a desktop platform that can be downloaded and the option to trade indices, shares, forex and crypto. City Index in the United Kingdom trades as GAIN Capital UK Limited with local offices in London with FCA registration number 113942.
The lowest spreads available is through thePepperstonerazor forex trading account. The average EUR/USD spreads are 0.0 to 0.3 pips with a commission of 4.59 round turn 100k traded. To further reduce trading costs, Pepperstone offers an active trader program for monthly trading above 200 lots with rebates on commissions starting from 15%.
The best forex trading platform is MetaTrader 4 which is also the most popular forex platform worldwide. While the platform isnt the most visually appealing it does the fundamentals right. This includes a fast execution speed, ease of use and extensive automated trading feature and marketplace. Other leading forex platforms include MetaTrader 5 and cTrader.
Based on factors such as forex trading conditions, fees to customer service levels a list of recommended UK forex brokers regulated by the FCA was created. This was last updated in January 2020 and is regularly updated based on CFD providers that gain or lose FCA regulation. Many brokers such as OANDA, XTB and their platform Xstation were considered in this review and may be featured on theUK forex broker comparisonbut didnt make it to the broker review shortlist. They are though shown on the table below.
CFDs + Spread Betting involves complex instruments which combined with leverage can lead to a high risk of a trader losing money rapidly. A high percentage of retail investor accounts depending on the forex broker lose money when engaging in CFDs. Its critical to understand how CFDs, forex trading and spreads betting work. Make sure that you understand the risks of CFDs and spread bets and can afford to lose your money when trading.