Looking for the best forex brokers in the United Kingdom? you’re in the right place because we have ranked the best forex brokers for you.
Our aim with this guide is to help you choose a broker that meets your trading needs, leaving you to focus on what matters, which is profitability in the forex markets.
We ranked these brokers using our thorough review and ranking methodology to test and pick from several reputable forex brokers globally.
Ranking Methodology
While testing and ranking the best forex brokers in the United Kingdom, we consider several crucial factors, although the first critical factor we look into is the broker’s regulatory compliance and safety.
We ensure the brokers we choose are regulated by the Financial Conduct Authority (FCA) in the United Kingdom or strongly regulated in Europe.
The FCA is the major financial regulatory body regulating retail and wholesale financial services firms in the United Kingdom. Its primary role is to protect financial consumers by maintaining and promoting a transparent and stable financial market in the United Kingdom.
That being said, other factors that influenced our judgments while ranking the brokers include trading fees (spreads, commissions, and overnight fees), non-trading fees, base currencies offered, product offering, execution model, execution speed, assets offered, trading platforms provided, research offering, education offered, and customer support service.
Table of Contents
Best Forex Brokers in the United Kingdom
Following our in-depth review and ranking methodology, here are the best forex brokers in the United Kingdom;
- IG
- IC Markets
- Pepperstone
- CMC Markets
- FXPro
1. IG
IG is a highly reputable global online broker and one of the largest CFD providers in the world in terms of revenue and trade volume. It was established in 1974 by IG Group plc, a publicly-traded company on the London Stock Exchange and a constituent of the FTSE 250 Index.
IG offers spread betting, stockbroking, and CFD trading across a wide variety of global markets, including forex, shares, indices, commodities, cryptocurrencies, options, bonds, interest rates, sectors, and ETFs with over 18,000+ instruments to trade.
Along with access to a wide array of global markets, you can also enjoy exceptional brokerage services such as deep liquidity, superior trade execution, volume-based rebates, sophisticated trading platforms, expert customer support service, and much more.
IG’s ease of use, advanced trading tools, range of markets, research, and rich education offering, make it an excellent broker for both beginner and professional traders. Also, active and high-volume traders are welcomed with exceptional trading conditions and volume-based rebates, which can help keep trading costs down.
IG Overview
| Broker | IG |
|---|---|
| Regulation | CFTC, FCA, ASIC, FCA, FINMA, FMA, MAS, FSA, FSCA, DFSA, and BMA. |
| Forex Pairs | 81 Currency Pairs |
| Trading Platforms | ProRealTime, L2 Dealer, MetaTrader 4 |
| Minimum Deposit | $300 |
| Demo Account | Available | Open Demo Account |
| Maximum Leverage | 1:222 1:30 (for ESMA clients) |
| Account Currencies | USD, GBP, AUD, EUR, SGD, HKD. |
| Payment Methods | Bank Wire Transfer, Credit/Debit Cards, Paypal |
| Trading Tools | APIs, Virtual Private Server (VPS) |
Pros
- Strong regulatory framework.
- It is listed on the stock exchange.
- 45+ years of industry experience.
- 313,000+ clients worldwide.
- Deep liquidity.
- Volume-based rebates for high-volume traders.
- No minimum deposit for bank transfers.
- Industry-standard trading platforms.
- Low forex trading fee
- Excellent educational offering for beginner, intermediate and advanced traders.
- Outstanding research offering.
- Excellent customer support service.
Cons
- Inactivity fee charged (after two years of inactivity).
- No copy/ social trading platform.
2. IC Markets
IC Markets is a leading global online broker and one of the world’s largest forex providers by trade volume, with over 29 Billion USD in FX trades processed daily. It offers CFDs on various global markets, including forex, stocks, commodities, indices, cryptocurrencies, bonds, and futures, with over 2250+ instruments to trade.
With IC Markets, you can enjoy a plethora of top-notch trading services, including transparent pricing, low trading & non-trading fees, consistent ultra-low spreads from 0.0 pips, fast trade executions, low slippage, deep liquidity, advanced trading platforms & tools, and 24/7 customer support service.
IC Market’s ease of use, and excellent trading conditions, make it a suitable broker for traders of all experience levels. IC Markets also provides adequate support for various trading strategies, such as hedging, scalping, and algorithmic trading. Likewise, Its unique trading conditions, such as ultra-low trading fees, fast execution, and deep liquidity, make it an excellent choice for active and high-volume traders.
IC Markets Overview
| Broker | IC Markets |
|---|---|
| Regulation | ASIC, FSA, and CySEC. |
| Forex Pairs | 61 Currency Pairs |
| Trading Platforms | MetaTrader 4, MetaTrader 5, cTrader |
| Minimum Deposit | $200 or currency equivalent. |
| Demo Account | Available | Open Demo Account |
| Maximum Leverage | 1:500 |
| Account Currencies | AUD, USD, EUR, CAD, GBP, SGD, NZD, JPY, HKD, CHF. |
| Payment Methods | Credit and debit cards, Paypal, Neteller, Neteller VIP, Skrill, UnionPay, Wire Transfer, Bpay, FasaPay, Broker to Broker, POLI, Rapidpay, Thai internet banking, Vietnamese internet banking |
| Trading Tools | Virtual Private Server (VPS), Trading Servers, MT4 Advanced Trading Tools |
Pros
- Quick account setup.
- Strong regulatory framework.
- Over 180,000+ clients across 190 countries worldwide.
- Multiple industry standard trading platforms in web, mobile and desktop versions.
- Deep liquidity.
- Over 61 currency pairs to trade, including major, minor and exotic currency pairs.
- Flexible leverage (up to 1:500).
- Fast trade execution.
- Supports all trading styles and strategies.
- Offers swap-free account.
- Low trading fees across all account types.
- Ultra-low spreads from 0.0 pips on IC Markets’ Raw Spread accounts.
- Multiple fast and secure payment methods.
- The demo account has an unlimited usage duration.
- No inactivity fee is charged.
- Excellent customer support service.
Cons
- Its product offering is limited to forex and CFDs.
- No proprietary trading platform is offered.
3. Pepperstone
Pepperstone is a global award-winning online broker established in 2010 by Pepperstone Group. It offers spread betting and CFDs across various international markets, including forex, indices, commodities, shares, and cryptocurrencies, with over 1200+ instruments to trade.
With Pepperstone, you can enjoy cutting-edge brokerage solutions such as low trading fees, deep liquidity, spreads from 0.0 pips, industry trading platforms, social trading, copy trading, ultra-fast execution, an Active Trader program, research, education, and an awarding-winning customer support team.
Pepperstone’s outstanding and flexible trading solutions make it a good fit for all levels of traders, including novice, intermediate and professional traders. It also provides adequate support with multiple industry-standard terminals, tools, and excellent trading conditions, ideally suited for scalping, algorithmic trading, copy trading, and social trading.
Clients also have the option to choose from two account types, which are the Standard and Razor account. The critical difference between these account types is how fees are charged.
The Standard account has a one pip mark on the raw spread (from 0.0pips) with no commissions charged. The simplicity of this account type makes it a good fit for beginners and casual traders.
The Razor account, on the other hand, offers access to consistent raw spreads from 0.0 pips with a small commission charge applied. The lower cost setup traditionally seen in this account type makes it ideally suited for traders with particular trading styles, like algorithmic trading and scalping.
Pepperstone Overview
| Broker | Pepperstone |
|---|---|
| Regulation | ASIC, FCA, and DFSA. |
| Forex Pairs | 61 |
| Trading Platforms | MetaTrader4, Metatrader5 and cTrader and Duplitrade. |
| Minimum Deposit | $0 |
| Demo Account | Available | Open Demo Account |
| Maximum Leverage | 1:500 |
| Account Currencies | AUS, USD, SGD, HKD, JPY, NZD, EUR, CHF, GBP |
| Payment Methods | Bank Wire Transfer, Credit/ Debit Cards, Neteller, Skrill, PayPal, and Poli. |
| Trading Tools | Smart Trader Tools, cTrade Automate, Autochartist, API, Virtual Private Server (VPS), DupliTrade. |
Pros
- Strong regulatory framework.
- Great for beginners.
- Easy account registration process.
- Deep liquidity.
- Fast order execution.
- Multiple account base currencies.
- Supports all trading styles and strategies.
- Over 61 currency pairs, including major, minor and exotic pairs.
- Multiple fast and secure payment methods.
- Multiple industry standard trading platforms in web, mobile and desktop versions.
- Great for algorithmic traders.
- Low forex trading fee.
- Ultra-low spreads on major currency pairs from 0.0 pips on the Razor account.
- Active Trader Program for high-volume traders, with cash rebates that are paid daily.
- No inactivity fee is charged.
Cons
- The demo account duration is limited to only 30 days.
- Only CFDs are offered.
4. CMC Markets
CMC Markets is a global Forex and CFD provider established in 1989 by CMC Group, a publicly-traded company listed on the London Stock Exchange and a constituent of the FTSE 250 Index.
CMC Markets offers forex, CFDs, and spread betting across a wide variety of global markets, including forex, indices, commodities, shares, ETFs, cryptocurrencies, and treasuries, with access to over 11,000+ instruments.
With more than 30 years of industry experience, CMC continues to offer its rapidly growing client base various unique trading solutions, such as advanced trading platforms, competitive pricing, superior order execution, and excellent customer support service.
CMC Markets offers a unique brokerage solution for beginner and professional traders. You would benefit from CMCs’ emphasis on ease of use, education, and excellent customer support service as a beginner. Experienced traders can also take advantage of its competitive pricing, higher leverage option, advanced trading platforms, and cash rebates.
CMC Markets Overview
| Broker | CMC Markets |
|---|---|
| Regulation | ASIC, IIROC, BaFin, MAS, FCA, FMA, DFSA |
| Forex Pairs | 300+ |
| Trading Platforms | Next Generation platform, MetaTrader 4 |
| Minimum Deposit | $0 |
| Demo Account | Available | Open Demo Account |
| Maximum Leverage | 1:500 |
| Account Currencies | GBP, EUR, USD, AUS, CAD, NOK, NZD, PLN, SEK, SGD |
| Payment Methods | Wire Transfer, Credit / Debit Cards, Electronic Payments. |
| Trading Tools | FIX API, Virtual Private Server (VPS) |
Pros
- Strong regulatory framework.
- Over 30+ years of industry experience
- Great for beginners.
- Trusted by over 300,000+ global clients.
- Deep liquidity.
- Over 330+ currency pairs, including major, minor and exotic pairs.
- No minimum deposit.
- Industry-standard trading platforms in web, mobile and desktop versions.
- Fast order execution.
- Fast and secure payment methods.
- Excellent customer support service.
Cons
- Its product offering is limited to only CFDs.
- Withdrawal fee charged for international bank transfer
5. FXPro
FXPro is a leading global online broker established in 2006 by FXPro Limited. It offers CFD across various global markets, including forex, shares, indices, futures, metals, and energies, with over 1800+ instruments to trade.
Some outstanding advantages of trading with FXPro include its superior order execution, deep liquidity, competitive pricing, industry-standard trading platforms, multiple tailored account types, and 24/7 customer support service.
FXPro is ideal for traders who want a flexible range of low-cost offerings, multiple choices of trading platforms and account types, and a very reliable customer support service.
High-volume traders are also welcomed with VIP Premium accounts which are offered to select clients with high deposits of over $50k (or currency equivalent) and those with actively large trading volumes. Clients who qualify for these account types can enjoy free VPS service and reduced spreads/commissions.
FXPro Overview
| Broker | FXPro |
|---|---|
| Regulation | FCA, CySEC, SFCA, and SCB. |
| Forex Pairs | 70 |
| Trading Platforms | FXPro Edge, MetaTrader4, MetaTrader5 and cTrader |
| Minimum Deposit | $100 |
| Demo Account | Available |
| Maximum Leverage | 1:200 |
| Account Currencies | USD, EUR, GBP, CHF, PLN, AUD, JPY, ZAR. |
| Payment Methods | Bank Transfer, Broker To Broker Transfer, Credit/ Debit Cards, Paypal, Skrill, and Neteller. |
| Trading Tools | FxPro Direct App, Trader’s Dashboard, Virtual Private Server (VPS), FX Calculator |
Pros
- Strong regulatory framework.
- It is well-recognized in the industry.
- Easy account registration process.
- Multiple tailored account types.
- Suitable for both beginner and professional traders.
- Supports all trading styles and strategies.
- Multiple industry standard trading platforms in web, mobile and desktop versions.
- Offers eight account base currencies.
- Deep liquidity.
- Offers both fixed and floating spreads.
- Competitive spreads and low commissions.
- Low minimum deposit.
- Fast order execution.
- Excellent customer support service.
Cons
- Inactivity fee charged after 12 months of account inactivity.
- The demo account duration is limited to 120 days.