Best UK Forex Brokers for 2024 (Top10) - Online Forex Rating

　　Welcome to our in-depth exploration of the “Best UK Forex Brokers for 2024”. The Forex market is a vast, dynamic, and potentially lucrative landscape. Whether you're an experienced trader or embarking on your first Forex journey, the choice of broker can significantly shape your trading experience.

　　In this article, we identify and detail some of the UK's top Forex brokers as we approach 2024, analyzing their offerings and how they could help you achieve your trading goals.

Best UK Forex Brokers

Best for advanced trading features, premium research

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Best for MetaTrader 4 and 5 users, scalping and hedging

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Best for user-friendly platform, beginner traders

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Comparison of Best UK Forex Brokers

Forex Broker

License

Minimum Spread

Maximum Leverage

Minimum Deposit

Open account

Details

Compare

Saxo

8.24

Regulated

0.4

1:30/1:100

$2,000

7.97

Regulated

0.0

1:500

$200

Open account

Details

+ Compare

8.49

Domestic Regulation

1:200

$250

7.90

Regulated

0.6

1:1000

Open account

Details

+ Compare

XTB

6.66

Regulated

0.3

1:30

7.80

Regulated

0.7

1:30

Open account

Details

+ Compare

8.19

Regulatory blacklist

1:50

$100

6.56

Regulated

0.2

1:30

8.45

Domestic Regulation

0.0

1:500

$100

7.53

Regulated

0.75

1:30

$10

Open account

Details

+ Compare

Best UK Forex Brokers Reviewed

① Saxo

Saxo Bank, a Danish investment bank, offers a comprehensive platform with many trading features. It's well-established and known for its transparent fees, premium research, and a wide selection of tradable assets.

	⭐⭐⭐⭐⭐
Account Minimum	HKD10,000
Tradable Instruments	Stcoks, ETFs, bonds, mutual funds, IP0, forex, futures, forex options, listed options
Demo Account	Yes
Spreads & Commissions	Around 0.4 pips (EUR/USD) & commission-free (forex)
Trading Platforms	SaxoInvestor, SaxoTraderGO, SaxoTraderPRO
Deposits & Withdrawals	Free, Visa, MasterCard, Visa Debit, Visa Electron, MasterCard Debit, Maestro (for UK residents), Visa Dankort (for Denmark residents), Carte Bleue (for France residents)
Customer Support	24/5 phone, email

Pros

√ Excellent research and trading platform

√ Broad product portfolio

Cons

× High minimum deposit

× Complicated pricing

② Pepperstone

Pepperstone, an Australian broker, is known for its extensive selection of third-party platforms. It provides highly competitive spreads and excellent customer service.

	⭐⭐⭐⭐⭐
Account Minimum	$200
Execution Speed	30ms
Tradable Instruments	1000+, Forex, Cryptocurrencies, Shares, ETFs, Indices, Commodities
Demo Account	Yes
Spreads & Commissions	Average 1.1 pips & commission-free (Std)
Trading Platforms	Trading View, MT4, MT5, cTrader
Deposits & Withdrawals	Visa/Mastercard, POLi, Bank transfer, BPay, PayPal, Neteller, Skrill, and Union Pay
Inactivity Fee	No
Customer Support	24/5 live chat, phone, email

Pros

√ High execution speed

√ Multiple platform offerings

√ No inactivity fee

Cons

× No 24/7 customer support

③ IG

IG is a leading global forex broker that offers a wide range of tradable assets. Their platform is user-friendly, and they provide high-quality educational resources.

	⭐⭐⭐⭐⭐
Account Minimum	0
Tradable Instruments	17,000+, forex, indices, cryptocurrencies, shares, commodities, ETFs, options, interest rates, bonds
Demo Account	Yes
Spreads	Average 1 pip (EUR/USD)
Trading Platforms	Online trading platform, Mobile trading app, Progressive web app, ProRealTime, MT4, L2Dealer
Deposits & Withdrawals	Credit/debit cards (MasterCard/Visa), bank transfer
Customer Support	24h/day, except from 6 am to 4 pm on Saturday (UTC+8)-live chat, phone, email

Pros

√ Extensive range of offerings

√ Excellent educational resources

Cons

× Higher CFD trading costs

× Limited funding options

④ Admiral Markets

Admiral Markets is a forex and CFDs broker that offers accounts tailored to beginner and professional traders. They provide access to the MetaTrader platform and other trading tools.

	⭐⭐⭐⭐⭐
Account Minimum	25 USD/EUR/JOD, 100 AED (Trade.MT4/5 Account)
Tradable Instruments	8,000+, forex, indices, stocks, commodities, bonds, ETFs
Demo Account	Yes
Spreads & Commissions (forex)	Typical from 0.6 pips (EUR/USD) & commission-free
Trading Platforms	MT4, MT5, Admirals Mobile App, Admirals Platform
Deposits & Withdrawals	Free- Bank transfer, Visa, MasterCard, Perfect Money
Customer Support	Live chat, phone, email

Pros

√ Wide range of educational materials

√ MetaTrader and proprietary platforms

Cons

× Limited payment options

× No 24/7 customer support

⑤ XTB

XTB is a well-regulated broker offering a large forex and CFD trading selection. They have excellent customer service and offer the customisable xStation 5 platform.

	⭐⭐⭐⭐⭐
Account Minimum	0
Tradable Instruments	5400+, Forex, Commodities, Indices, Shares, ETFs, Stock CFDs, ETF CFDs
Demo Account	Yes
Spreads & Commissions	From 0.1 pips & commission-free
Trading Platforms	xStation 5, xStation Mobile
Deposits & Withdrawals	Free deposits, Bank transfers, credit/debit cards (MasterCard/Maestro/Visa)
Customer Support	24/5 live chat, phone, email

Pros

√ Stellar customer service

√ Comprehensive educational material

Cons

× Limited commodity offerings

⑥ CMC Markets

CMC Markets is a UK-based forex broker that offers an impressive selection of more than 10,000 trading instruments. They provide top-tier research and have a high-quality web platform.

	⭐⭐⭐⭐
Account Minimum	0
Tradable Instruments	forex pairs, indices, cryptocurrencies, commodities, shares & ETFs, treasuries
Demo Account	Yes
Spreads & Commissions	Around 0.7 pips (EUR/USD) & commission-free
Trading Platforms	MT4
Deposits & Withdrawals	POLi, PayPal, credit/debit cards, bank transfers, cash/cheque
Customer Support	7:30 am – 5:30 pm AEDT live chat, 24/6 phone

Pros

√ Diverse product selection

√ Strong analytical tools

Cons

× Minimal variety of account types

× Variable forex fees

⑦ IB

IB is a large, well-regulated US-based brokerage with a Vast range of tradable assets. Known for its comprehensive trader workstation, API offerings, and low-cost pricing structure.

	⭐⭐⭐⭐
Account Minimum	0
Tradable Instruments	150 markets - stocks, options, futures, currencies, bonds and funds
Demo Account	Yes
Spreads & Commissions	From 0.1 pips & low commission
Trading Platforms	IBKR Trader Workstation (TWS), IBKR Desktop, IBKR Mobile, IBKR GlobalTrader, IBKR Client Portal, IBKR API, IBKR IMPACT
Customer Support	24/7 live chat, phone, email

Pros

√ No account minimum

√ Low-cost fee structure

Cons

× Limited range of investment offerings

× Complicated to use for beginners

⑧ City Index

City Index is a global CFD and FX broker that provides a good selection of more than 13,500 instruments. They also have robust research tools.

	⭐⭐⭐⭐
Account Minimum	0
Execution Speed	Average 0.02s
Tradable Instruments	13,500+ markets- indices, forex, shares, commodities, metals
Demo Account	Yes
Spreads & Commissions (forex)	Variable around 0.8 pips (STD) & commission-free
Trading Platforms	Mobile trading app, WebTrader, TradingView, MT4
Deposits & Withdrawals	Free deposits & withdrawals, debit cards (Visa/MasterCard/Maestro/Electron), credit cards (Visa/MasterCard), PayPal, bank wire
Customer Support	24/5 phone, email
Inactivity Fee	£12/month (inactive for 12 months or more)

Pros

√ Good research tools

√ Quality educational content

Cons

× Higher forex fee

× No investor protection for non-UK clients

⑨ Forex.com

Forex.com is a globally regulated broker offering forex trading and many CFDs. They provide their clients with multiple trading platforms and have a range of educational materials.

	⭐⭐⭐⭐
Account Minimum	$100
Tradable Instruments	currency pairs, precious metals, energies, indices, bonds, cryptocurrencies and equities
Demo Account	Yes
Spreads	From 0.018 pips (EUR/USD)
Trading Platforms	Forex.com, MT5
Deposits & Withdrawals	Free - cards (Visa, Mastercard, Maestro), bank wire transfer, Skrill and Neteller
Customer Support	24h live chat, phone, email
Bonus	Up to $5,000 (New Account Opening)

Pros

√ Broad range of offerings

√ Great market research

Cons

× Limited methods for deposit and withdrawal

⑩ eToro

eToro is an innovative forex broker that is recognized for its social trading feature, allowing traders to follow and copy others' trades. They offer a user-friendly platform.

	⭐⭐⭐⭐
Account Minimum	$10
Tradable Instruments	3000+, Stocks, Cryptocurrencies, Currencies, Commodities, ETFs
Demo AccountMin Deposit	Yes
Spreads & Commissions	Around 3 pips (EUR/USD) & commission-free
Trading Platforms	MT4, eToro proprietary platform
Deposits & Withdrawals	＄5 withdrawal fee for ＄30 withdrawal amount, eToro Money, credit/debit cards, PayPal, Neteller, Skrill, Rapid transfer, iDEAL, Klarna / Sofort Banking, bank transfer, Online Banking – Trustly (EU region), Przelewy 24
Customer Support	24/5 live chat, email

Pros

√ Excellent copy trading feature

√ Easy to use platform

Cons

× High non-trading fees

× Limited customer service

UK Forex Brokers FAQs

Is Forex Trading Legal and Safe in the UK?

　　Yes, Forex trading is legal and safe in the UK as long as you are using a broker that is appropriately licensed and regulated by the Financial Conduct Authority (FCA).

　　The FCA has the mandate to ensure that financial markets work well so that consumers get a fair deal. This involves protecting consumers, enhancing market integrity, and promoting competition.

　　All Forex brokers operating in the UK are required to be licensed and regulated by the FCA. You can check a broker's license number and regulatory status directly on the FCA's website.

Can I Make Money with Forex Trading in the UK?

　　Yes, it's possible to make money with Forex trading in the UK. Forex trading involves buying and selling currencies with the intent to make a profit from the changes in their relative values.

　　However, while it is possible to make profits, it is essential to remember that it is also possible to lose money, especially if you are new to Forex trading or don't have a solid understanding of the markets. Forex trading requires significant knowledge, preparation, and strategy.

　　Trading currencies is not something you just jump into. It requires a lot of study and understanding of the global economies, geopolitical events, and fundamentals that drive currency valuations. In addition to that, successful trading requires understanding of technical analysis and development of solid trading strategies.

How to Trade Forex in the UK?

　　Education: Educate yourself about Forex trading. The internet is filled with resources such as blogs, eBooks, online courses, and webinars. It's important to grasp the basics, understand the market dynamics, risk management, and develop trading strategies.

　　Choose a Broker: You will need a Forex broker to trade in the Forex market. Choose one that is regulated by the Financial Conduct Authority (FCA) in the UK. Consider factors like spreads, fees, trading platform, customer service, and the range of offered currency pairs.

　　Open a Trading Account: After you've selected your broker, you'll need to open a trading account. This will involve filling out an application form and providing identification for verification purposes.

　　Deposit Funds: You need to deposit funds into your trading account, following the broker's instructions. Always remember to invest an amount that you can afford to lose.

　　Start with a Demo Account: Before jumping straight into live trading, it's a good idea to practice with a demo account. This will help you understand the platform functions and allow you to test trading strategies.

　　Go Live: Once you're ready, switch to live trading. Monitor the market trends, apply your trading strategies and manage risk effectively.

　　Latest economic news, political changes, interest rate decisions, and various other events can significantly affect the Forex market. It's crucial to stay updated with these events, as they can impact the Forex pairs you trade. Remember, Forex trading carries a substantial risk of loss and isn't suitable for every investor.

How do I Choose the Best UK Forex Broker?

　　Regulation: The broker should be regulated by the Financial Conduct Authority (FCA), which oversees Forex trading in the UK. Regulation ensures the broker follows rigorous standards to protect traders' funds.

　　Currency Pairs & Other Trading Instruments: Make sure the broker offers the currency pairs you wish to trade. Some brokers may also offer other financial instruments such as CFDs, commodities, indices, and shares.

　　Spreads and Commissions: These are costs of trading, and low spreads and commissions can save you a significant amount of money in the long run.

　　Trading Platform: Review the trading platforms the broker offers and whether they are user-friendly and reliable. Some popular platforms among traders include MetaTrader 4 and MetaTrader 5.

　　Deposit and Withdrawal Options: Check how you can deposit and withdraw funds, how long each process takes, and whether the broker charges any transaction fees.

　　Customer Service: Good customer service can make your trading experience smoother, especially if you encounter an issue or have a query. Check if the broker provides support in your language and how quickly and effectively they respond.

　　Educational and Research Tools: For both newcomers and experienced traders, educational materials like webinars, eBooks, and training videos are beneficial. Similarly, research tools, market analysis, and news can help inform your trading decisions.

　　Demo Account: A demo account allows you to practice trading risk-free while getting familiar with the platform, testing strategies, and understanding the markets better.

Which Forex Broker is Best for Beginners in the UK?

　　For beginners in the UK, I would recommend eToro.

　　User-friendly Platform: eToro offers a platform that is intuitively designed, which makes it easy for beginners.

　　Social Trading: This broker is known for its social trading feature which allows new traders to follow and copy the trades of successful traders. It's a way for beginners to learn from seasoned traders.

　　Educational Resources: eToro offers a variety of educational resources, including a demo account where you can practice trading without using real money.

　　Regulation: eToro is regulated by the Financial Conduct Authority (FCA) in the UK, which can provide traders with an added layer of protection.

What is the Best Currency Pair for UK Clients?

　　The best currency pair for UK clients largely depends on the individual's trading strategy, risk appetite and market knowledge. However, some commonly traded pairs include major pairs such as GBP/USD, EUR/USD and USD/JPY due to their liquidity and predictability.

　　That said, some UK traders prefer trading pairs involving the British Pound (GBP) like GBP/EUR, GBP/JPY and GBP/AUD due to their familiarity with the local economy and currency.

　　However, it's important to remember that while major currency pairs usually offer more liquidity and lower spreads, these pairs can also be affected by a variety of global macroeconomic events. This means that understanding the market, staying informed about world events and having a robust trading strategy is crucial regardless of the currency pair chosen.

What are the Best Forex Trading Hours in the UK?

　　Forex traders in the UK prefer to trade during certain hours when the markets are most active. The Forex market operates 24/5, meaning it's open for trading 24 hours a day, five days a week, across different time zones.

　　For traders in the UK, particularly those who prefer to trade major currency pairs like EUR/USD, GBP/USD, or USD/JPY, the most liquid and volatile trading hours are often during the London Market hours and the overlap between the London and New York markets.

London Session: Typically starts at 8:00AM and ends at 4:00PM (UK time).
London and New York Overlap Session: This period starts from 1:00PM and ends at 4:00PM (UK time).

　　These hours represent the busiest trading times, with a high volume of trades and significant price movements.

　　However, if you want to trade currency pairs that include the British Pound (GBP), trading during the London market hours (8:00AM to 4:00PM UK time) when the UK's financial market is operating would be beneficial.

Do I Need to Pay Taxes on Forex Trading in the UK?

　　Yes, you generally need to pay taxes on your Forex trading profits in the UK. However, the exact tax obligations can vary depending on individual circumstances. The two main types of taxes that apply to Forex trading are:

Capital Gains Tax (CGT): If you make profits from Forex trading, you may be subject to CGT if your overall gains (including any other types of investments) for the tax year exceed the annual tax-free allowance, known as the Annual Exempt Amount.

Income Tax: If you are a full-time trader and trading is your primary source of income, your profits may be subject to income tax.

　　However, spread betting on Forex is treated differently. Spread betting profits are free from CGT and income tax in the UK, but this may not apply if spread betting is your main source of income.

　　It's important to consult a tax advisor or professional accountant to ensure you're meeting your tax obligations. Make sure to keep a record of all your trades for this purpose.

Final Thoughts

　　As we approach the end of our guide to the “Best UK Forex Brokers for 2024”, we hope this artciel assists you in making informed decisions about your Forex trading journey. The right broker not only provides a platform but also a gateway to the market, tools for analysis, and important educational resources. While we've strived to provide a streamlined overview, remember it is essential to conduct your own research tailored to your specific needs and objectives.

Disclaimer

　　Trading Forex (foreign exchange) carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange, you should carefully consider your investment objectives, level of experience, risk appetite, and the possibility of incurring losses. There is a possibility that you may sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.