Compare top 6 best forex brokers in the United Kingdom for 2024

For this guide, our experts reviewed 57+ of the best forex trading apps in the United Kingdom to trade forex for beginners.
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Updated: Dec 11, 2023
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Finding the best forex trading platforms in the United Kingdom can be challenging, with so many platforms to choose from. Our expert panel tested and rated the leading UK brokers to identify the best overall.

We evaluated each broker on 8 key criteria: regulation, trading platforms, spreads, research tools, and overall trading experience. The goal was to determine the top forex brokers for British traders in 2024.

Read an in-depth analysis of the leading best UK forex brokers below.

What is the best forex broker UK?

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Our experts rank eToro as the best forex broker in the United Kingdom.

The list below shows the three best British forex brokers. These are the top forex trading apps in the United Kingdom for their security, service, and support.

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1
$ 50
Best offer
10
Join the Social Trading revolution. Connect with other traders, discuss trading strategies, and use our patented CopyTrader
eToro is the world’s leading social trading platform, offering a wide array of tools to invest in the capital markets
Largest number of currency pairs to trade
:
Bank Transfer, Debit Card, Ideal, Klarna, POLi, Przelewy24, Rapid Transfer, Trustly, eToro Trading Platform, neteller, skrill
:
ASIC, CySEC, FCA

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

2
$ 100
Best offer
9.9
Trade +2000 CFDs on Shares, Forex, Indices, Crypto, Options, Commodities & more
Unlimited risk-free Demo Account
0 commissions & attractive spreads
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American Express, Apple Pay, Bank Transfer, Credit Card, Debit Card, Discover, Google Pay, Mastercard, PayPal, SEPA, Trustly, Visa, , skrill
:
ASIC, FCA, FSA, MAS, cysec-250-14-regulator, isa-regulator

CFD service. 82% 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.

3
$ 100
Best offer
9.8
Powerful Forex trading platforms, both automated and manual
Access to over 50+ currency pairs including major, minor and exotic pairs
Enjoy competitive spreads, starting at only 0.8 pips per trade
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American Express, Bank Transfer, Credit Card, Debit Card, Discover, Mastercard, MoneyBookers, PayPal, Rapid Transfer, SEPA, Visa, WebMoney, Wire Transfer, neteller, , skrill
:
ASIC, FSA, FSCA, MiFID
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Top 6 online forex brokers UK, reviewed

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1. eToro. Best for beginners, copy-trading & demo-account

0% commission

Fees

$50

Minimum deposit

4,000

No. assets

Yes

Demo/virtual account

Pros & Cons

Great for beginners, simple to set up and get started Competitive, industry-leading commissions Popular ‘Copy Portfolios’ function lets you follow top traders Excellent customer service, with live chat support provided Over 2,000 CFDs available to trade for UK & EU users (not US, real assets only)
Comparatively high fees for withdrawals and account inactivity Does not integrate with the MetaTrader platform High spreads on some assets

Overview

We love eToro because it’s an easy place to trade the currency markets. Forex can be intimidating, but eToro strips back the complexity to give you a platform where you can trade 50+ currencies at competitive prices and with up to 30x leverage.

As well as being a broker that offers lots of investor protection, eToro offers a very social trading experience. You can easily see how all the major and minor forex pairs are performing every day, track how investors feel about every one of those currencies, and copy other people’s trade suggestions from your desktop or the eToro app.

The fees: eToro charges a fee on currency CFD trades through the spread. Spreads are variable depending on the currency and start from 1 pip for EUR/USD trades, 1.5 pips for EUR/GBP, and 2 pips for GBP/USD. Overnight and weekend fees apply.

Highlights

Visit eToro eToro Review

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

2. Plus500. Best for international CFD trading*

From 0.08%

Fees

$100

Minimum deposit

3,000

No. assets

Yes

Demo/virtual account

Pros & Cons

Can get a free demo account A great mobile platform Well regulated in multiple jurisdictions Wide variety of CFDs to trade Several good risk management tools
No support on trading information and education Website isn’t brilliantly designed to help users find answers to their questions No MetaTrader trading platform compatibility

Overview

We love Plus500 because it is one of the industry’s most transparent and reliable brokers. Its fees are clear and you’ll know exactly what you will be paying before you make a trade. Its technology driven platform gives access to CFDs on over 60 forex pairs with leverage up to 30:1. 

Plus500 has something for all types of forex trader, no matter what level of experience. Its zero commission and tight spreads make it a top choice for day traders and its trading academy is packed with educational content, perfect for beginners just starting. 

For accurate instrument availability, visit plus500.com.

The fees: There are no commission fees on any trades with Plus500 and it makes it money through the Bid/Ask spread. Spread starts from 0.01% and varies depending on the instrument. Additional fees include overnight funding which is dependent on trade size and guaranteed stop orders, which add a minimum of 10% to the spread. There is an inactivity charge of £10 per month for accounts not logged in for three months. 

*Based on a comparison of 60+ leading brokers and trading platforms.

Highlights

Visit Plus500 Plus500 Review

CFD service. 82% 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.

3. AvaTrade. Best regulated broker for secure trading

From 0.13%

Fees

$100

Minimum deposit

1,000

No. assets

Yes

Demo/virtual account

Pros & Cons

Trade 1000+ CFDs with competitive spreads Regulated by Tier 1 financial bodies across the world Consistently highly rated trading platform on web and mobile Offers social trading through its proprietary AvaSocial platform
Spreads are competitive without being industry-leading Some assets are only available to trade through the MetaTrader software

Overview

We love AvaTrade because it offers powerful trading software to anyone who wants to trade professionally. AvaTrade is a CFD broker where you can trade 55 forex pairs with leverage up to 30:1 for retail clients and 400:1 for professional accounts. 

AvaTrade integrates with trading software like MetaTrader 4 and 5 and boasts its own bespoke and award-winning mobile app software, AvaTradeGo. AvaTrade has been around since 2006 and is extensively regulated in Europe, Australia, Japan, British Virgin Islands, UAE, and South Africa.

The fees: There is no commission on any forex trading. AvaTrade makes money from the Bid/Ask spread instead. Forex spreads start from 0.7 pips and positions left overnight are charged a swap fee that varies depending on size. An inactivity fee of £50 per month is applicable if you don’t log in to your account for three consecutive months.

Highlights

Visit AvaTrade AvaTrade Review
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

4. Interactive Brokers. Best online broker for range of markets

Commission-free for US exchange-listed stocks

Fees

...

Minimum deposit

10,000

No. assets

Yes

Demo/virtual account

Pros & Cons

Regulated by several financial authorities Free stock and ETF trading for US traders Earn interest on cash balance Free demo trading account available
The desktop trading platform is complex to navigate Customer service not available 24/7 Credit/debit card payment not available

Overview

We love Interactive Brokers because it has one of the widest selections of tradable assets we’ve ever seen. IBKR is one of the best-known and longest-running brokers in the world and when you create an account you’ll have access to tens of thousands of stocks, ETFs, funds, indices, currencies, bonds, and cryptocurrencies. 

Besides lots of markets, Interactive Brokers also offers a good range of additional tools and features including risk management tools, cutting-edge portfolio management services, and the ability to automate your trading system through ready-made or custom-built algorithms. 

The fees: Charges vary depending on the asset you’re trading. Stocks and ETFs are commission-free, as are most funds. Options fees range from $0.15 to $0.65 per option contract. Cryptocurrency fees range between 0.12% to 0.18% of the trade value. Forex trades have commissions which can be as low as a fraction of a pip. 

Highlights

Visit Interactive Brokers Interactive Brokers Review
Interactive Brokers (U.K.) Limited is authorised and regulated by the Financial Conduct Authority. FCA Register Entry Number 208159. Products are only covered by the UK FSCS in limited circumstances.

5. Admirals. Best for real time news and price data

Admirals_logo

From 0.15%

Fees

$100,000

Minimum deposit

8,000

No. assets

Yes

Demo/virtual account

Pros & Cons

Multi-asset and globally regulated broker Access a 30 day risk-free demo account Advanced trading and charting tools World class trading software, with MT4, MT5 & MetaTrader Supreme Edition available Lots of educational resources, including webinars and seminars Access real-time market data and news Competitive, low spreads
Not available to US traders No fixed spreads

Overview

We love Admirals because you can invest in more than 8,000 assets with as little as €1. 50 currency pairs are available, including 20+ exotic pairs, enough to make Admirals a great investment platform where you can create a diversified portfolio.

There’s a demo account available so you can try out the Admirals platform and a vast amount of information can be accessed for free. That includes a host of real time news and research, as well as the latest price charts.

The fees: All currency trades are commission free but you pay through the spreads instead. Spreads start from 0 pips on the major pairs but may be significantly higher for some exotics.

Highlights

Visit Admirals Admirals Review

Investments involve risks and are not suitable for all investors. CFDs are complex instruments and come  with a high risk of losing money rapidly due to leverage. 73% of retail investor accounts lose money  when trading CFDs with this provider. You should consider whether you understand how CFDs work and  whether you can afford to take the high risk of losing your money. 

More about the best forex trading platforms in the United Kingdom

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Yes, forex trading is completely legal and regulated in the UK. The Financial Conduct Authority (FCA) oversees the forex market and brokers operating in the country. Forex trading is allowed if you trade with an FCA authorised broker.

Are forex brokers regulated in the United Kingdom?

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All forex brokers in the UK are regulated by the Financial Conduct Authority (FCA). The FCA has strict standards and licensing requirements for brokers legally operating in the country. They monitor brokers to ensure they comply with regulations to protect retail investor accounts and promote fair trading.

How do I verify if a Forex broker is regulated in the UK?

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You can easily verify if a forex broker is regulated in the UK by checking the Financial Services Register on the Financial Conduct Authority (FCA) website. 

The FCA register lists all authorised financial services firms and individuals. Search for the broker and ensure it has an active status. Avoid any brokers not registered.

Do you pay tax on forex trading in the UK?

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Any profits from forex trading in the UK are subject to capital gains tax. This applies to casual traders, self-employed traders, and businesses involved in forex. 

The capital gains tax rate can range from 10% to 28%, depending on your taxable income and the size of your profits from forex.

Can I trade with a UK forex broker if I reside in the EU?

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Yes, EU residents can open an account and trade forex with FCA regulated brokers in the U.K. Many of the best U.K. brokers forex, like eToro, IG Group, and Plus500, are based in the UK but accept clients from the EU and around the world.

Can you use MetaTrader 4 in the UK?

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Yes, MetaTrader 4 remains one of the most popular forex trading platforms among UK brokers and traders. Many top UK forex brokers offer MT4 and allow traders to use Expert Advisors and other tools. Check that the broker offers MT4 before opening an account.

What is the best MetaTrader broker in the UK?

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Based on trading conditions, fees, and reputation – some of the best MetaTrader brokers in the UK are IG Group, CMC Markets, Interactive Brokers, Swissquote, and Admirals. These brokers offer tight spreads from just 0.7 pips and good execution on MT4.

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Copy trading is legal for forex traders in the UK if done through a regulated broker. eToro and Plus500 offer copy trading for CFD traders in the UK and worldwide. This allows you to copy positions opened by successful traders automatically.

What are the best forex brokers in the UK for beginners?

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Some of the best UK forex brokers for beginners are eToro, IG Group, and Plus500. They offer user-friendly platforms, educational resources, and demo accounts to practice trading risk-free. 

These brokers cater well to beginner traders with little experience. They provide trading courses, webinars, and expert market analysis to help new traders learn forex. 

The platforms are intuitive and have helpful tools like live charts, technical indicators, risk management features, and more. Traders can practice strategies before risking capital.

What is the minimum deposit for a forex trading account in the UK?

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Most top UK forex brokers have a relatively low minimum deposit of £100-£250. This allows you to open an account and start trading forex with a small initial deposit. 

A low minimum deposit makes forex trading accessible for beginners starting with a small account balance. It allows new traders to enter the forex market without a large upfront investment. 

Check minimum deposits before opening an account, as policies can vary between brokers. Many also allow demo trading without any deposit.

Which UK brokers offer negative balance protection?

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All brokers authorised by the Financial Conduct Authority (FCA) provide negative balance protection to retail clients. This guarantees your losses will never exceed your deposited funds. 

If the market moves violently against a position, this prevents accounts from going negative. The FCA mandates brokers to provide this protection. So traders using the best FCA regulated brokers don’t need to worry about losing more than their capital invested.

When can you trade forex in the UK?

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The forex market is open 24 hours during the week, so UK traders can trade whenever global markets are open – from Sunday afternoon to Friday afternoon UK time. 

Trading activity is highest when London overlaps with New York. This makes the mornings particularly active for UK forex trading. But the best forex brokers allow UK clients to trade major currency pairs and crosses at any time on weekdays.

What financial licenses do UK forex brokers need?

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UK forex brokers must be authorised and regulated by the Financial Conduct Authority (FCA). They must acquire a Category II Investment Services License to provide trading services. 

FCA regulation ensures standards for capital requirements, segregated accounts, and more. Due to the strict regulatory environment, reputable global forex brokers pursue regulation in the UK before targeting the market. FCA policies protect retail investor accounts.

Does trading forex have tax benefits compared to stocks and shares?

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Yes, trading forex can provide some tax benefits compared to trading stocks and shares. For example, forex profits are subject to capital gains tax versus income tax on stock trades. 

Spread betting profits are tax-free in the UK, which many forex traders utilise. So traders may prefer forex over stocks for potential tax savings. However, active forex traders should still maintain records for taxes.

How to trade forex in the United Kingdom

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Use the guide below to learn how to trade forex in the UK. 

Step 1. Find a regulated forex broker in the UK

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Only trade with FCA authorised brokers like IG Group, CMC Markets, and Plus500. Check the Financial Services Register to verify the regulation. Avoid unregulated brokers.

Step 2. Open a forex trading account

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Complete account opening requirements like I.D. verification. Fund your account with at least the minimum deposit, such as £100. Leading UK brokers offer demo accounts to practice first.

Step 3. Download the trading platform

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Leading brokers offer choices like MetaTrader 4, web-based platforms, and mobile apps. Platforms should have tools like live charts, technical indicators, risk management features, and more.

Step 4. Analyse the markets

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Use the broker’s trading tools, educational resources, and market analysis to identify trading opportunities. Consider fundamental and technical factors when analysing currency pairs.

Step 5. Execute your first trade

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Use buy/sell orders to enter a position. Set stop losses and take profit levels. Beginners should start small with micro lot sizes to minimise risk.

Step 6. Monitor and close your position

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Track open positions using live charts and pricing. Close positions when your take profit/stop loss is hit. Don’t hold positions for too long, hoping for extra profits or for price to turn in your favour.

Step 7. Withdraw your profits

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Request withdrawals from your account dashboard when ready. Regulated brokers process payments quickly and securely.

Follow these steps to start forex trading successfully in the UK. Practice responsible risk management and use the broker’s tools to develop effective trading strategies.

How we chose the best forex brokers in the UK

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Our expert reviews panel is made up of currency traders with years of experience in the forex markets. It includes our Data Analyst, Dan Ashmore, Senior Editor of News, Jayson Derrick, and long-time forex trader, Prash Raval. The panel includes an independent fact checker, Richard Stutely.

Here are the 8 key criteria which the panel used to rate each platform.

  • Regulation with a trusted financial institution. We only recommend the best forex brokers for beginners that are regulated in United Kingdom and offer top-tier protection to their clients.
  • Low minimum deposit requirements. An accessible forex trading platform in the United Kingdom, with a low minimum deposit, scored higher in our rankings.
  • Mobile app availability. Our experts gave preference to the best forex brokers in United Kingdom with the best forex trading apps.
  • Number of currency pairs available to trade. We expect United Kingdom forex brokers to offer a comprehensive service where you can trade major, minor, and exotic currency pairs.
  • Amount of leverage on offer. You need leverage to trade forex, so we looked for platforms that offered lots of leverage, within the limitations set by local British regulators.
  • Tight spreads. We sought the best value for the average user. Small spreads mean a lower cost of trading.
  • Lowest commissions and other fees. Our experts don’t like hidden fees and unexpected costs, so brokers with a clear fee structure performed well.
  • Compatibility with trading software. Any British forex broker that offers integration with popular trading software like MetaTrader 4, MT5, or cTrader received a high rating.
Choose a UK forex broker

FAQs

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Fact-checking & references
Risk disclaimer
James Knight
Editor of Education

James is the Editor of Education for Invezz, where he covers topics from across the financial world, from the stock market, to cryptocurrency, to macroeconomic markets.... read more.

Prash Raval
Financial Writer

Prash is a financial writer for Invezz covering FX, the stock market and investing. For over a decade he has traded spot FX full time while... read more.