At InvestinGoal, we adhere to strict standards to ensure an unbiased review process. We conduct our reviews by examining each broker’s offering and performance across 4 key categories. A final rating is produced for each forex broker based on a total of 187 data points. Learn more about our review process and methodology.
If you are looking for some of the best forex brokers in the UK, you are in the right place.
We have taken into consideration the following factors which can highlight why these brokers are the best ones in the UK.
- If the broker was allowed to operate in the UK
- The Minimum Deposit requested
- The number of tradable assets
- The Spreads charged on forex
- The Leverage for UK retail and professional clients
- If Spread Betting was available
Table of Content
- IG Markets: Best UK forex broker overall
- Pepperstone: Best broker in UK for day trading
- AvaTrade: Best UK fixed spread broker
- XTB: Best educational services
- Admirals: Most flexible UK broker
- FxPro: Award winning UK forex broker
- eToro: Best social trading platform
- City Index: Best for transparency and global presence
- Oanda: Best for beginners
- FXTM: Best for UK professional traders
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.
Between 74-89% of retail investor accounts lose money when trading CFDs.
You should consider whether you can afford to take the high risk of losing your money
Top 10 Forex Brokers in the UK: 2022 Review
1. IG Markets
- IG Markets are very well-regulated by the FCA (n°195355) and has a registered office in London since 1974.
- Minimum deposit of £250 for traders based in the UK.
- GBP is available as account base currency, as well as USD and EUR, in the UK.
- UK clients find that 17,000 CFD assets, including 80+ forex pairs, are offered by IG Markets.
- Spreads at IG Markets start from 0.6 pips on forex with leverage up to 30:1 (UK retail) and up to 222:1 (UK professional).
- Spread betting is made available by IG Markets for UK clients.
Visit IG Markets
(76% of retail investor accounts lose money)
- Pepperstone is an Australian broker and is FCA regulated (n° 684312), with an office in London.
- Pepperstone recommends a minimum deposit of £200, however, UK clients can deposit less than this.
- GBP base currency is accepted by Pepperstone for UK traders, together with USD, CHF, and EUR.
- 200+ Pepperstone assets can be traded, including 60+ forex pairs.
- In the UK, spreads at Pepperstone start from 0 pips on forex with a leverage up to 30:1 for retail clients and 500:1 for professional clients.
- UK traders have access to a spread betting account.
(75.9% of retail CFD accounts lose money)
- AvaTrade can be found in the FCA register as it is accepted in the UK by being regulated by the Central Bank of Ireland
- AvaTrade requires a £100 minimum deposit from their UK clients.
- AvaTrade provides GBP as an account base currency in the UK.
- UK traders find 1000+ tradable assets, including 60+ forex pairs.
- In the UK, AvaTrade charges fixed spreads from 0.9 pips on forex with leverage up to 30:1 (retail) and 400:1 (professional).
- Spread betting is also possible within the UK with AvaTrade.
(79% of retail CFD accounts lose money)
- XTB has a strong presence in the UK, with an FCA regulation in place (n° 522157), and an office in London.
- No XTB minimum deposit is requested within the UK.
- UK traders can open XTB accounts in GBP.
- UK clients have access to 5,200+ assets, including 45+ forex pairs.
- XTB spreads start from 0.1 pips on forex with leverage up to 30:1 for UK retail traders and up to 200:1 for UK professional traders.
79% of retail CFD accounts lose money
- Admirals is a broker regulated by FCA (n° 595450), and has an office in London.
- Within the UK, Admirals require a £100 minimum deposit in order to start trading with them.
- Several base currencies, including EUR, GBP, and USD are accepted by Admirals for UK clients.
- 4,000+ CFD and real assets can be traded by UK clients with Admirals, including 80+ forex pairs.
- Spreads at Admirals start from 0 pips on forex with a maximum UK retail leverage of 30:1 and a maximum UK professional leverage of 400:1.
76% of retail CFD accounts lose money
- FxPro is a broker London-based with an FCA regulation in place (n° 509956).
- There is a £100 minimum deposit that UK clients need to do in order to start trading with FxPro.
- FxPro accounts can be opened by UK clients in GBP, as well as making deposits.
- UK traders find access to 400+ FxPro assets, including 80+ forex pairs.
- FxPro spreads start from 0.1 pips on forex with leverage up to 30:1 (UK retail) and up to 500:1 (UK professional).
- Within the UK, Spread Betting is possible to be engaged by FxPro clients.
72.87% of retail CFD accounts lose money
- eToro is comprehensively regulated by the FCA (n° 583263), and has a registered office in London.
- UK clients will find the lowest eToro minimum deposit of just £10.
- eToro only accepts USD as a base currency, meaning that GBP deposits and withdrawals may charge a conversion fee of up to 150 pips.
- UK-based traders who are members of the eToro club can join the eToro Money program, which makes GBP deposits fee-free, and lowers the withdrawals conversion fee down to 50 pips.
- In the UK, 950+ eToro assets in total can be traded, both real and CFDs, with 40+ being forex pairs.
- Spreads for UK clients at eToro start from 1 pip on forex with a leverage up to 30:1 for retail traders and 400:1 for professional traders.
- eToro enables UK clients to access their proprietary platform specialized in copy and social trading.
(68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money)
8. City Index
- City Index is regulated by the FCA regulator (n° 446717), with an HQ in London.
- The City Index minimum deposit requested in the UK is £100.
- GBP, EUR, and USD are the base currencies provided by City Index to their UK traders.
- UK City Index clients find 12,000 assets, including 90+ forex pairs.
- Within the UK, clients find spreads at City Index from 0.5 pips with a maximum leverage up to 30:1 (retail) and up to 500:1 (professional).
- Spread Betting is enabled by City Index for UK traders.
Visit City Index
73% of retail CFD accounts lose money
- Oanda has a strong presence in the UK, with the FCA regulation in place (n° 542574) and a registered office in London.
- No minimum deposit is requested for UK clients by Oanda.
- Oanda provides in the UK the following base currencies: GBP, USD, EUR and CHF.
- 150+ is the number of the assets tradable with Oanda in the UK, with 70+ being forex pairs.
- Oanda Spreads in the UK start from 0.8 pips on forex with a maximum leverage up to 30:1 for retail clients and up to 200:1 for Professional clients.
- Spread betting is one of the trading techniques allowed by Oanda for UK clients.
73.5% of retail CFD accounts lose money
- FXTM is another broker FCA regulated (n°777911), with a registered physical office in London.
- Just £10 is the FXTM minimum deposit requested in the UK.
- EUR, GBP, USD are all available as FXTM base currencies within the UK.
- FXTM provides 250+ total assets to their UK clients, including 60+ currency forex pairs.
- Spreads at FXTM start from 0 pips on forex with a maximum leverage up to 30:1 for retail clients and up to 200:1 for professional traders.
81% of retail CFD accounts lose money
Is Forex Trading legal in the UK?
All forex trading is legal in the UK under the FCA (Financial Conduct Authority) regulations. They are an independent body, established in 2012 to oversee the financial sector and compliance in the UK. They have quickly grown into one of the most reputable regulatory bodies in the world providing the very best protection for you as a forex trader.
How to trade forex in the UK
Trading forex in the UK is in fact not much different from getting started as a forex trader in many other parts of the world.
Typically, all top forex brokers will required the following from you in order to get started:
- Proof of ID – Passport is usually best for this one.
- Proof of Residence – A bank statement of utility bill dated within 3 months is usually fine for this purpose.
Once you have provided these documents to your UK broker, your account will typically be verified very quickly and often through automated systems. If there is any discrepancy then it may take the broker an additional day or two to complete the process, but then you will be ready to trade.
British trader? Here’s What British traders should look for in a UK forex broker
There are a few important key points to note if you are a British trader and planning to chooseing an FCA regulated broker regarding what is permitted and what’s not in terms of the regulations. The FCA are well-known as one of the more stringent in terms of the rules they apply, though this is ultimately for your benefit and protection.
With those points in mind, here are three key things you should be mindful of when choosing a broker:
1. Look for UK regulated forex brokers
Regulation is vital. When choosing a UK forex broker, you should really be looking no further than choosing an FCA regulated broker as your first choice, since they are the most respected regulatory body in the region who will offer you the most protection as a trader.
2. Minimum trade size is important
When trading forex you should always have a look at the minimum trade size associated with your broker. In many cases, with a leverage of 30:1, you would need a minimum of £33 in order to open a position trading on a micro lot. In that case, you should aim to deposit more in order to have the best trading experience.
With that said, there are usually brokers who offer trading with a deposit as low as £10. So, take into account your intended deposit and find a broker that matches this need.
3. Are you into Betting and Trading? Try Spread Betting
Remembering that spread betting is legal in the UK and Ireland, if you are interested in trying this, then you should choose a broker that makes it available with a user-friendly trading platform. It is tax-free but known as being quite a risky trading strategy. If it interests you though, you should certainly check our listing of the best spread betting forex brokers to choose one.
How to verify if a forex broker is regulated in the UK
Of course, when you choose a regulated broker, you should take a moment to verify that regulation for yourself. This can be easily done for most UK forex brokers through visiting the FCA official website. Once you are there you can look for the FCA register and look for the company name of the broker (which often differs from the broker’s name). This company name can usually be found at the bottom of your broker homepage.
Is forex trading taxable in the UK?
Yes, forex trading is taxable in the UK. With that said, there are a number of categories. If your earnings fall below £12,500 then you will not have to pay any taxes. From there though, a capital gains tax of 10% on amounts up to £50,000, and 20% on amounts over £50,000 applies.
We are not professional tax advisors, thus we strongly suggest you contacting local authorities if you don’t know how to manage this aspect.
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