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The 18 Best UK CFD and Forex Brokers in 2021

The 18 Best UK CFD and Forex Brokers in 2021

Updated 30 November 2021

Written by the WikiJob Team

All products and services featured are independently selected by WikiJob. When you register or purchase through links on this page, we may earn a commission.

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67% 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.

Forex and CFD brokers are responsible for facilitating trades on the foreign exchange market, essentially by providing a platform through which traders can buy and sell a wide range of currency pairs.

Forex is the largest financial market in the world; as such there are many brokers operating in this field. Figuring out which one is right for you is a confusing but vital process, since your choice of broker can be influential to your success; choosing the wrong one could be financially devastating.

This article looks at the key points to consider when making your choice, before offering our list of the 18 best forex brokers in the UK.

Key Considerations When Choosing a Forex or CFD Broker

A broker that suits one trader is not necessarily right for another, and it’s important to conduct thorough research to find the right one for you.

Considerations should be relevant to your personal circumstances, but here are a few key points that you’ll need to keep in mind:

Is It Regulated?

The primary consideration when choosing a forex or CFD broker is safety.

You’re entrusting it with monetary funds and personal information, and will want a guarantee that both are protected.

You’ll also want confidence in your chosen broker’s reputation and credentials; essentially ensuring that it's not likely to go out of business, or worse, scam you out of profits.

The best forex and CFD brokers in the UK will be regulated by the Financial Conduct Authority (FCA). This means it is obliged to operate to the highest standards with fairness and transparency.

Regulation information should be clearly visible on a broker’s website and its FCA registration number listed.

What Are Its Trading Costs?

The next thing to consider when choosing a forex or CFD broker is cost.

While some work on commission, most make money through spreads.

The spread is the difference between the buy and sell price on a currency pair and, depending on the type of trader you are, can have a significant impact on your profit margin.

Look at the average spreads each broker offers to find one that works best for you.

In addition to spread, you’ll also need to consider the minimum deposit required and any other fees the broker may apply, such as rollover costs (a charge to hold an open position overnight), interest rates and withdrawal charges.

Be sure to read the small print of each broker's service agreement to avoid unexpected costs. Also remember that the cheapest option is not always the best. Look for value for money rather than the lowest cost.

What Trading Platforms Does It Use?

The trading platforms offered by a forex or CFD broker are extremely important, since it’s through them that you’ll conduct all trading activity.

You’ll want a platform that’s intuitive, easy to navigate, suitable for your level of experience and that comes with a range of useful features to help inform the best trading decisions.

Many of the best forex or CFD brokers in the UK offer the popular MetaTrader 4 (MT4) platform as well as their own platforms, most of which you can try out before making any commitment with a free demo account.

Does It Offer Good Customer Service?

A broker doesn’t provide you with a one-off service. It supports you throughout your trading career, so it’s vital it provides good customer care.

A good broker should be easily contactable, handle problems efficiently and offer trustworthy trading guidance. Check out customer reviews of each potential broker on your list to see how they stack up.

When considering customer service, also keep in mind the level of support each broker offers through educational tools and resources. The best forex or CFD brokers want you to turn a good profit and will often provide video tutorials, articles and webinars, most of which are free to access for account holders.

Does It Fit With Your Trading Style?

The type of trader you are will have a significant influence on the best broker for you, so be sure to assess how well what it offers fits with your trading style.

If you’re a scalper, opening and closing trades to accumulate small profits several times a day, you’ll need a broker that offers tight spreads and does not insist on a minimum time frame between entering and exiting the market.

If your strategy is focused on the carry trade, where you intend to hold positions over time to profit from interest rate differentials, you’ll want to look at a broker’s rollover pricing and swap rates.

In addition to the above, you should also keep in mind things like:

  • Available leverage
  • The types of accounts on offer
  • The range of currency pairs available for trade

Ultimately, choosing a good forex or CFD broker comes down to thorough research. The following list of the best forex and CFD brokers in the UK should give you a good starting point.

18 Best Forex and CFD Brokers in the UK

There are numerous brokers available and we would always recommend that you conduct your own thorough research and due diligence before making your own personal choice.

Although we have listed several brokers below, it should be noted that this is through online research, not personal experience.

At WikiJob, we are not financial advisors and any information provided throughout this article is for educational purposes only.

1. eToro

Recommended for: Beginners

Founded in 2007, eToro is considered a very low-risk broker as it is highly regulated by the Financial Conduct Authority (FCA) in the UK and many other regulatory bodies elsewhere.

Opening an account is free and you can access a $100,000 demo account to test the system.

It offers 47 currency pairs for trading. Spreads for forex trading have recently been significantly reduced and range from a very competitive 1 to 3 pips for major currency pairs.

Typical spreads for EURUSD and USDJPY trades, for example, are just 1 pip.

You can see the full list of spreads on the eToro website.

You’ll need to deposit a minimum of $200 for Copy Trading, eToro's standout feature which allows you to follow other traders and copy their trades.

This forex broker is great for beginners due to its user-friendly interface and app and 24-hour customer support. It allows you to trade currencies, stocks and cryptocurrencies in one portfolio and the Copy Trading system is a great way to learn.

The company also offers trading courses and features a Learning Lab which houses a variety of tools to support clients with their trading experience.

Visit eToro

67% 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.

2. Pepperstone

Recommended for: Social copy trading

Founded in 2010, Pepperstone has been quick to adapt to the social copy trading trend, providing plenty of tools for traders to share and mimic trading styles.

With over 1,200 instruments, it offers two account types:

  • Standard – The Standard account comes with market average spreads and zero commission
  • Razor – This account operates on a commission basis but with exceptionally low spreads

Pepperstone does not have its own platform but offers the complete MT4, MT5 and cTrader solutions, as well as supporting DupliTrade only for copy trading.

We normally recommend a minimum of 100 - 200 USD to start trading with us.

Visit Pepperstone

76.6% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.

3. Capital.com

Best for: No tax and no commission

Capital.com is a broker with various benefits, such as:

  • Industry-leading platforms and a range of mobile apps
  • 3,000 markets (fewer than some of the other brokers listed above)
  • Capital.com uses AI to analyze behaviors and other technologies to amplify analytics
  • No commissions and low deposits
  • They specialize in forex, commodities, shares and indices with tight spreads and leverage

Capital.com also provides an array of training resources to educate new traders on the ins and outs of spread betting, stocks and CFDs with a range of videos, podcasts and webinars. Technology is at the heart of the company.

Visit Capital.com

75.26% of retail investor accounts lose money when spread betting and/or trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

4. FXCM

Recommended for: High volume trading

Another well-established broker, FXCM has served forex traders since 1999.

It offers a comparatively low range of currency pairs, with just 39 available, and its spreads are a little above the market average. However, for those looking to trade often and at high volume, its Active Trader account provides very competitive pricing.

FXCM also offers multiple trading platforms, including MT4, NinjaTrader, ZuluTrade and its proprietary platform, Trading Station.

Leverage is available up to 30:1 on many major pairs, and a minimum deposit of £300 is required for standard accounts. The Active Trader account requires a minimum deposit of £25,000.

Visit FXCM

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 67% 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.

5. Plus500

Recommended for: Experienced traders

First on our list of the best forex and CFD brokers in the UK is Plus500, providing an easy-to-use and accessible service.

You’ll find over 60 CFD currency pairs with competitive spreads, no commission and available leverage of up to 1:30.

Although MetaTrader and cTrader are not available, Plus500’s own platform is very user-friendly. It comes with a range of intuitive risk management features and is available on web and mobile.

Plus500 requires a minimum deposit of £100 if using a credit or debit card, and £500 if using bank transfer.

Plus500 UK Ltd authorized & regulated by the FCA (#509909).

Visit Plus500

72% of retail CFD accounts lose money. You should consider whether you can afford to take the high risk of losing your money.

6. XTB

Recommended for: Customer service

The last of our best brokers in the UK is XTB, founded in 2002 with an excellent reputation for customer service.

It has 48 currency pairs available to trade through two account types:

  • Standard – Offering market average spreads
  • Pro – Offering much tighter spreads but with added commission

XTB supports the full MT4 suite, and its proprietary platform, xStation 5, offers a user-friendly, intuitive solution that works well on desktop, web and mobile.

You’ll need a minimum deposit of £250 to start trading and you’ll find that several educational resources are available, including XTB’s trading academy.

Visit XTB

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74% 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.

7. Moneta Markets

Moneta Markets was founded in 2009 and is regulated by ASIC and FCA. With Moneta Markets, users can trade forex as well as indices, commodities and share CFDs with just a $50 minimum deposit.

There are three trading accounts available, depending on whether you want to pay a commission and get tighter spreads or have the trading costs built into the spread. This means that True ECN accounts have a commission cost of $6 per lot, but spreads that start at 0 pips on Forex, while STP and Prime accounts have the fees built into the spread.

With Moneta Markets, traders can choose to use MetaTrader 4 and 5, as well as the proprietary WebTrader and AppTrader platforms (available for web and mobile use respectively).

MT4/5 are well known great platforms for traders with outstanding research, tools and algorithmic trading available.

The proprietary platform has a simple user interface. While that is great for beginners, there is not as much depth in the platform for those who are more advanced.

Trading tools are not integrated, and both the mobile and web app could do with some updating to be as reliable and usable as other proprietary platforms offered by similar brokers.

There is a demo account available, which allows traders to practice their strategies and work out how best to use all the functions of the platform.

The research on the platform is almost entirely third-party – other than the Moneta TV YouTube channel which has daily market briefings.

However, if you are using the MetaTrader suite there is a lot of research and analytics available through Trader Central, so the lack of in-house research on the Moneta Markets platform might not be too much of a problem.

There is an extensive Masters Course, which is a series of more than 100 videos that are suitable for beginners through to advanced traders, covering many topics and in different categories and they can be viewed and used completely independently.

The customer service on Moneta Markets is available 24/5, through email, phone and live chat.

Visit Moneta Markets

8. CMC Markets

Recommended for: Range of currency pairs

Established in 1989, CMC Markets was one of the first UK brokers to provide online forex trading.

It offers over 300 forex pairs, with spreads as low as 0.7 on majors, including EUR/USD and USD/JPY, and leverage up to 30:1 on many major pairings.

Its award-winning proprietary platform, Next Generation, is available on both web and mobile, offering an intuitive interface suitable for users of all experience levels. MT4 is also available.

There is no charge to open an account and no minimum deposit required to start trading, making CMC one of the most accessible of the best forex brokers in the UK.

Visit CMC Markets

66% of Retail CFD or Spread Betting Accounts Lose Money.

9. SwitchMarkets.com

With Switch Markets you can trade Forex, CFDs, Crypto, Commodities and more on either a live trading account or a demo account.

This regulated broker offers ideal trading conditions no matter what your style of trading.

You have the choice of a zero commission account or a zero spreads account, and you can deposit as little as $50 to start trading.

There’s even leverage up to 1:500 available if you want it.

Unlike most brokers that offer a VPS, Switch Markets will give you a high-spec VPS completely free with your trading account – this is well worth it if you are an EA trader.

Read its reviews and you will see that its customer support is exceptional and available around the clock – something often overlooked when choosing a broker.

Withdrawals and deposits are fast too.

This is an ideal broker for those looking to improve their trading skills.

There are cashback promotions, free trader tools and EAs (such as Risk Manager) when you open a demo or live account.

This is an ideal broker for those looking to improve their trading skills.

It has partnered with some of the best trading education providers to give you free membership to a world-class education – fantastic for beginner traders.

A broker to check out!

Visit SwitchMarkets.com

Risk warning: Trading OTC derivatives is risky; please read our PDS and disclaimer before trading with us. We encourage you to seek your own independent advice and to consider your own financial situation, needs and objectives prior to making any decisions.

10. Vantage FX

Vantage FX was founded in 2008 to be a transparent forex broker and has grown to include 44 forex pairs and 290 CFDs (including cryptocurrency, shares, commodities and indices).

As a broker, Vantage FX is well-regarded and considered safe thanks to regulation by ASIC and the FCA.

Vantage FX offers access to the markets through the popular MT4 and MT5 platforms, and a feature-stuffed mobile app.

There are three account types:

  • Standard STP. Perfect for novices, this is a no-commission account that works across all trading instruments, with a minimum spread of 1.4 pips. The minimum deposit is $200.
  • Raw ECN. Designed for more experienced traders, this account charges commission at $3 per lot per side but the spreads start at 0.0 pips. The minimum deposit is $500.
  • Pro ECN. This is for professional, high volume traders, and offers commission at $2 per lot per side, with spreads from 0.0 pips. The minimum deposit is $20,000.

Vantage FX is seen as a good, reliable broker that offers social and copy trading – without being prohibitively expensive in terms of non-trading costs or commission.

For traders looking to deal exclusively in forex, the Vantage FX offering is limited but well-crafted. There is no proprietary platform, but users can trade on MetaTrader 4 and 5.

Social and copy trading is available with ZuluTrade, DupliTrade and the myfxbook AutoTrade, and with both MT4 and 5 Expert Advisors can be used for algorithmic trading.

For beginners, there is not much education available with Vantage FX, so it might be more suitable for a trader that has some experience, and the research provided is mostly from third party sources. Vantage FX has a YouTube channel and there are daily trading videos posted there.

Vantage FX allows for fast executions and is transparent on pricing, with good customer service.

Visit Vantage FX

Trading Forex and CFDs involves significant risk of losing of your invested capital and is not suitable for all investors. 64.86% of retail investor accounts lose money when trading CFDs with this provider. You should not invest more than you can afford to lose and should ensure that you fully understand the risks involved. Before trading, please take into consideration your level of experience, investment objectives and seek independent financial advice if necessary.

11. Libertex

Founded in 1997, headquartered in Cyprus, and regulated by CySEC, Libertex has a strong history of providing award-winning service for traders.

There are more than 250 tradeable assets available, including:

  • 100 stocks
  • 50+ Forex pairs
  • 50+ Cryptocurrencies
  • 16 commodities including metals, oil, gas, and agriculture
  • 18 indices
  • 10 ETFs

Using Libertex, traders can choose to trade using MetaTrader 4 or 5, as well as a proprietary platform that is available as an intuitive and exciting mobile app.

The Libertex platform on mobile includes a demo account preloaded with 50,000 Euro for practice on trading, using the functions and features, and trying out new strategies.

With the mobile app, you can have all your investments in one place and make trades on the go, with price alerts and notifications.

There are several deposit and withdrawal options, and while deposits are free, some withdrawal processes will have a small charge. You can use credit or debit cards as well as PayPal and other eWallet services for both.

CFDs are commission-based, with an average charge of $4 per round lot. Forex, on the other hand, has no commission, but the spread includes the broker fees.

In terms of education, Libertex has an in-depth beginners course that includes more than 30 high-quality videos, designed to take a trader from knowing nothing to being comfortable in different strategies. There are also regular webinars available. Research in the form of charts, timeframes and indicators can be used by traders to inform decisions.

As a simple to use broker that is regulated and transparent, Libertex is great – but the added withdrawal fees might put off international traders.

Visit Libertex

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74% 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.

12. HYCM

HYCM was established in 1972 as a gold and silver trader in Hong Kong, and the HY Markets online trading platform was launched in 2007.

Henyep Investments (UK) is licensed by the FCA, and they provide access to trading services in 140 countries through five offices around the world.

Using HYCM, traders have access to more than 100 trading instruments including forex, CFDs, stocks, commodities and indices on the popular MetaTrader 4 and MetaTrader 5 platforms.

There are three levels of accounts available, each aimed at different types of traders. The Fixed Account offers fixed spreads form 1.8 pips and no commission, while the Classic Account offers variable spreads from 1.2 pips with no commission and offers the use of EAs. These accounts have a minimum deposit of $100.

For those that want the best price on the spread and would rather pay a set commission, the Raw Account offers raw spreads from 0.2 pips, but a $4 per round commission fee. EAs can be used on this account, and the minimum deposit is $200.

HYCM is regulated by both the FCA and CySEC and offers negative balance protection so it is considered a safe platform. Education is provided in the form of a knowledge base, webinars, workshops and seminars, and research for traders is provided with a news feed and an economic calendar.

HYCM offers 69 forex pairs to be traded on either MT4 or MT5, and the spreads used depend on the type of account used.

For the best spread price, traders can opt for the Raw Account, but there is a $4 per round commission to be paid which makes this more suitable to higher value trades.

There are bespoke accounts available for VIP or Corporate accounts that make a high volume of trades.

Visit HYCM

13. City Index

Recommended for: Competitive spreads

A well-established and highly regarded UK forex broker, acquired by parent company GAIN Capital in 2014.

It currently offers 84 currency pairs across major, minor and exotics, with spreads on many majors standing around 0.8 when trading through its proprietary platform. You’ll need to deposit a minimum of £100 to start trading.

City Index provides several platforms, with its Web Trader and Advantage Apps aimed at beginner or casual traders, and MT4 and its own AT Pro platform for more experienced users.

Visit City Index

14. IronFX

Minimum deposit: $100
Regulators: FCA, ASIC, CYSEC, FSCA
Multi-platform: Yes
Pip spread on majors: 0–1.7
Maximum Leverage: 1,000

IronFX is a leading recognised investment firm and international brokerage.

IronFX offers tailored trading products and services to retail and institutional clients, including a wealth of trading tools, the latest trading platforms and 24/5 multilingual support.

As a multi-asset brokerage, IronFX provides more than 300 tradable instruments across six asset classes including forex, metals, indices, commodities, futures and shares.

For the last 10 years, IronFX has focussed on providing competitive trading conditions with tight spreads and flexible leverage.

The company also offers an Autotrade solution that allows traders to copy the best performing traders’ strategies.

Pros:

  • 24-hour support and 24-hour trading
  • Partnership programs
  • Mobile trading
  • Free education
  • Bonuses
  • Promotions
  • Automated trading
  • Demo account

Visit IronFX

15. AvaTrade

AvaTrade is a forex and CFD trading platform and broker.

The web platform offers limited customisation but has good search functionality. The desktop version is poorly designed but offers decent customisation. The mobile app is in English only.

There are low fees for forex trading but high inactivity fees.

AvaTrade comes with excellent educational tools such as a demo account and trading tips.

Overall, the platform is easy to use, and opening an account is straightforward. However, the product range is limited.

Regarding safety, AvaTrade is regulated by some European banks. However, it is not listed on the stock exchange, nor is its financial information available to the public.

Visit AvaTrade

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.

16. Markets.com

Minimum Deposit: $100
Regulations: CySEC, FMA, FSCA, ASIC, MIFID-ESMA

With a wide range of assets available and several tools to inform profitable trades, Markets.com is another good choice for stockbrokers offering PayPal deposits and withdrawals.

Round the clock customer support is available during weekdays, with the broker’s live chat functionality being highly regarded by account holders.

Users can opt to trade through several platforms including the proprietary Marketsx and Marketsi, as well as MT4, MT5 and Marketsx for mobile.

Be sure to try out the free demos available before choosing your platform as each offers benefits for different trading styles.

There are a few downsides with Markets.com, most notably a lack of weekend support and no automated trading functionality.

However, it does rate fairly in terms of fees and trading costs, with zero commission available for three months if trading through the Marketsi platform.

Visit Markets.com

17. FxPro

Recommended for: Trading with MetaTrader

Compared to others in our brokers list, FxPro is a relative newcomer, having launched in 2006.

With around 70 currency pairs on offer, and several accounts available with differing spreads and commission rates, it is perhaps not the best option for first-time traders.

However, if you have experience and an established trading style, FxPro is a good choice.

It is one of two brokers on our list to currently offer the full MetaTrader suite, with MT4 and MetaTrader 5 (MT5) available. It also offers cTrader and its own platform, FxPro Edge.

FxPro recommends a minimum deposit of £500, though you can start trading with just £100.

Visit FxPro

Frequently Asked Questions

Which is the most reliable forex broker?

With so many different forex brokers to choose from, it is important to carry out the necessary research to find a reliable one.

eToro is considered to be a reliable, low-risk broker because it is highly regulated by the Financial Conduct Authority (FCA) in the UK and regulatory bodies in other countries.

Yes, forex trading is legal in the UK. However, to ensure your trading activities are legal, you will need to consider taxation. As an amateur trader or speculative gambler, you will not need to pay tax on your forex trading profits. If you are an investor who treats forex trading as your main income source, you will be liable to pay tax on your profits.

Can I trade forex without a broker?

Yes, it is possible to trade forex without a broker. You might consider forex trading without a broker to avoid having to pay a middle man.

Trading forex without a broker can be achieved by exchanging one type of currency for another type of currency at a bank or bureau de change. However, you will have to pay a high exchange rate each time you exchange currency.

Furthermore, you will not be able to use leverage, access educational resources or practice using a demo account. Researching to find a forex broker that will meet your needs is a better option.

Which is the best broker in the world?

With so many different brokers available, it is difficult to highlight one as being the best in the world. As with any financial decision, it is important to carry out plenty of research to find a broker that will suit your trading style and meet your needs.

Some of the major global brokers include Charles Schwab, Fidelity Investments and E*TRADE.

When choosing a broker, consider whether it is regulated, how much it charges in trading fees, which trading platforms it is compatible with and the level of customer support available.

Can you get rich by trading forex?

It is possible to get rich by trading forex, but it is unlikely to be easy. The forex market is accessible because of its low entry barriers and access to high leverage. However, successful forex trading requires significant time and effort, as well as a willingness to take calculated risks.

How do I choose a broker?

To choose a broker, the main consideration should always be the safety and security of your finances and personal information.

Always check whether your preferred broker is regulated by the appropriate body for your country – in the UK, this is the Financial Conduct Authority (FCA).

You should also consider trading costs, availability of customer service, which trading platforms it is compatible with and whether it is likely to be a good fit for your trading style.

Final Thoughts

All of the above firms are regulated by the FCA which, as mentioned, is a primary consideration when choosing a forex or CFD broker.

Of course, this list is not exhaustive and is not intended to inform any final decision made on your part. Instead, use it as a reference tool to guide your research and find a broker that best suits your trading style and personal circumstances.

WikiJob does not provide tax, investment, or financial services and advice. The information is being presented without consideration of the investment objectives, risk tolerance, or financial circumstances of any specific investor and might not be suitable for all investors. Past performance is not indicative of future results. Investing involves risk including the possible loss of principal.

ESMA risk warning: 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 understand how CFDs work and whether you can afford to take the high risk of losing your money.

eToro Free Demo Account

67% 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.


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