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81% 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.

Find the 11 Best Forex and CFD Trading Platforms & Apps in the UK (2024)

Find the 11 Best Forex and CFD Trading Platforms & Apps in the UK (2024)

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.

81% 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.

A list of the Top Forex and CFD Trading Platform & App for March 2024

  1. Plus500
  2. eToro
  3. AvaTrade
  4. Pepperstone
  5. Vantage Markets
  6. IG
  7. Tickmill
  8. XTB
  9. Saxo Bank
  10. Admiral Markets
  11. ActivTrades

Comparison Chart for the Best Forex Trading Platforms UK Review March 2024

Platform

Alt text

Regulation

FCA, ASIC

Instruments

CFDs

Minimum Deposit

$100

Plus500

Platform

Alt text

Regulation

CySEC, FCA, ASIC

Instruments

Forex, Stocks, Cryptos, Commodities, ETFs, Indices

Minimum Deposit

$200

eToro

Platform

Alt text

Regulation

ASIC, FSCA, BVI, CBI

Instruments

Forex, CFDs, Cryptos, Stocks, Commodities, ETFs

Minimum Deposit

$100

AvaTrade

Platform

Pepperstone

Regulation

FCA, ASIC. DFSA

Instruments

Forex, CFDs, Cryptos, Stocks, Commodities, Indices

Minimum Deposit

$0

Pepperstone

Platform

Alt text

Regulation

FCA, ASIC, CFTC

Instruments

Forex, CFDs, Stocks, Indices, Cryptos

Minimum Deposit

$250

IG

Platform

Alt text

Regulation

FCA, KNF, IFSC

Instruments

Forex, CFDs, Indices, Commodities

Minimum Deposit

$250

XTB

Platform

Tickmill

Regulation

ASIC, FCA, DFSA

Instruments

Forex, CFDs

Minimum Deposit

$200

Tickmill

Platform

Alt text

Regulation

FCA, CIMA

Instruments

Forex, CFDs, Indices, Commodities

Minimum Deposit

$500

Vantage Markets

Platform

Saxo Bank

Regulation

FCA

Instruments

Forex, CFDs, Stocks, Commodities, Bonds

Minimum Deposit

Varies

Saxo Bank

Platform

Alt text

Regulation

FCA, CySEC, AFSL, etc.

Instruments

Forex, CFDs, Cryptos, Commodities

Minimum Deposit

Varies

Admiral Markets

Platform

ActivTrades

Regulation

FCA, DFSA

Instruments

Forex, CFDs, Indices, Commodities

Minimum Deposit

$1000

ActivTrades

76% of retail investor accounts lose money when trading CFDs with eToro. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take two mins to learn more.

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 10 best forex brokers in the UK.

Best Forex Trading Platforms UK Review March 2024

There are numerous brokers available and we would always recommend that you conduct your own thorough research to determine the best Forex trading platform and app, and do 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. Plus500

Pros

  • No buy/sell commissions and tight spreads
  • Leverage of up to 1:30
  • FREE unlimited Demo
  • 2,800+ trading instruments
  • Real-time quotes and advanced analytical tools
  • Fast and reliable order execution

Cons

  • No API integrations
  • No social copy trading

Recommended for: Experienced traders

Plus500 is a CFD provider and offers only CFDs.

Another user-friendly entry 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

81% 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. eToro

Pros

  • Regulated by FCA, ASIC
  • 0% commission on stocks
  • Social and copy trading

Cons

  • More expensive than most of its competitors
  • No MetaTrader platforms

Below content does not apply to US users

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 24-hour customer support. It also offers a forex trading app and 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.

To find out more, read our eToro review.

Visit eToro

76% of retail investor accounts lose money when trading CFDs with eToro. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take two mins to learn more.

3. AvaTrade

Pros

  • Worldwide regulated
  • Multiple platforms – MT4, MT5, etc.
  • 20% welcome bonus
  • Educational content
  • Wide rage of payments methods
  • Fixed spreads

Cons

  • You can’t buy stocks
  • Quarterly and annual inactivity fees
  • Custumer support is not available 24/7
  • No bonus for EU based clients
  • No US clients accepted
  • Imitated crypto assets

AvaTrade is a CFD Regulated broker with +1,000 financial instruments and multiple trading platforms. It has been operating since 2006.

It offers a 20% welcome bonus up to $10,000, according to regulation and a free 21-day demo account with $100,000.

Instruments include:

  • Metals
  • Commodities
  • Stocks
  • FX Options
  • Oil
  • ETFs
  • Options
  • Crypto currencies
  • CFDs
  • Indexes
  • Shares
  • Spread betting
  • Indices
  • Forex
  • Bonds

AVATrade EU Ltd is regulated by the Central Bank of Ireland. (No.C53877) Ava Trade Markets Ltd. is regulated by the B.V.I Financial Services Commission. It is also highly regulated in Australia, South Africa, Japan, Middle East, Cyprus and Israel

You can not trade with AvaTrade in the US, North Korea, New Zealand, Iran or Belgium.

Mínimum deposit of $100, no withdraw limit and no fees.

Visit AvaTrade

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.

4. Pepperstone

Pros

  • Extensively regulated
  • No minimum deposit
  • Low fees and mostly free withdrawals
  • Good customer service
  • Spread betting

Cons

  • No investor protection for clients outside UK, EU and EEA
  • Withdrawal fee for clients outside EU and Australia
  • CFDs only

Recommended for: Safety and regulation (7 jurisdictions), low-cost processing, fast execution speed, perfect for algo-traders, EAs, etc.

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 offers TradingView, MT4, MT5 and cTrader platforms, as well as supporting DupliTrade only for copy trading.

Pepperstone normally recommends a minimum of $0 to start trading.

Visit Pepperstone

75.3% of retail investor accounts lose money when trading spread bets and CFDs with this provider.

5. Vantage Markets

Pros

  • Regulated by FCA, ASIC and VFSC
  • Low forex fees
  • No inactivity fee
  • No withdrawal or deposit fee
  • Good MetaTrader add-ons
  • Social trading

Cons

  • CFD trading carries risk
  • $50 is needed to start trading

Vantage Markets was founded in 2008 to be a transparent forex broker and has grown to include 40+ forex pairs and over 1000 different assets including EFTs.

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

Vantage Markets 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 1.0 pips. The minimum deposit is $50.
  • 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 $1.5 per lot per side, with spreads from 0.0 pips. The minimum deposit is $20,000.

Vantage Markets 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 Markets 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 Markets, so it might be more suitable for a trader that has some experience, and the research provided is mostly from third party sources. Vantage Markets has a YouTube channel and there are daily trading videos posted there.

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

Visit Vantage Markets

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.

6. IG

Pros

  • Highly regulated
  • MetaTrader 4 (MT4)
  • Over 10,000 instruments
  • Available in the UK and US
  • 24/7 customer support

Cons

  • High fees
  • No deposit compensation scheme for US accounts
  • No copy trading
  • Inactivity fees

IG invented spread betting in 1974 and today is the world’s leading online trading provider with more traders trusting them with their money than anyone else

IG is authorised and regulated by the FCA and provides traders access to over 18,000 markets. IG offers more 24-hour indices than any other provider, and extended hours on over 70 key US stocks 

For those who prefer to own the underlying asset, IG offers access to over 13,000 global shares and ETFs, or a wealth portfolio managed by one of their experts. 

Benefits:

  • Advanced platform and charting – L2 dealer, ProRealTime and MT4
  • Demo account
  • Extended trading hours
  • Extensive range of products
  • Daily expert analysis & educational resources
  • Round-the-clock customer service
  • Negative balance protection for retail clients

Based on revenue (published financial statements, October 2022). 24/7 excludes the hours from 10 pm Friday to 8 am Saturday (UK time), and 20 minutes just before the weekday market opens on Sunday night. 

Visit IG

Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of IG retail investor accounts lose money when trading spread bets and CFDs with IG. 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.

7. Tickmill

Pros

  • Low trading costs
  • No minimum deposit for some accounts
  • Variety of trading instruments
  • Advanced trading platforms

Cons

  • Limited product portfolio
  • Inactivity fees
  • Geographical restrictions
  • Limited social trading features

As one of the best Forex and CFD trading platforms and apps in the UK, Tickmill stands out for its combination of user-friendly technology, comprehensive trading offerings, and robust regulatory compliance.

Tickmill offers the popular MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms, both renowned for their advanced trading capabilities. These platforms are ideal for both novice and experienced traders, providing powerful charting tools, a wide range of technical indicators, and automated trading options through Expert Advisors (EAs).

Understanding the need for trading on the go, Tickmill provides mobile applications for both MT4 and MT5. These apps offer a seamless mobile trading experience, allowing traders in the UK to manage their accounts, execute trades, and analyze markets from anywhere.

Tickmill’s offerings include a diverse range of Forex pairs and CFDs on stock indices, commodities, and precious metals. This variety allows UK traders to diversify their trading strategies across different asset classes.

Tickmill UK Ltd is authorized and regulated by the Financial Conduct Authority (FCA), one of the most respected financial regulatory bodies. This ensures a high level of security and fairness for UK traders.

Visit Tickmill

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70% of retail investor accounts lose money when trading CFDs with Tickmill UK Ltd. You should consider whether you understand how CFDs or our other products work and whether you can afford to take the high risk of losing your money.

8. XTB

Pros

  • Regulated by the FCA
  • Low forex fees
  • Fast withdrawal and deposit with no fee
  • Live chat customer service

Cons

  • Limited product portfolio
  • High fees for stock CFDs

Recommended for: Customer service

Well worth considering when seeking the 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. 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.

9. Saxo Bank

Pros

  • Heavily regulated
  • Good product portfolio
  • Low forex fees
  • No withdrawal fee

Cons

  • Does not accept US clients
  • High fees for options, futures and bonds
  • High minimum deposit

Saxo Bank is a Danish investment bank that was founded in 1992.

As a well-regarded broker, it offers regulation from the Danish FSA and the FCA. Saxo Bank offers lower trading fees depending on volume.

However, the minimum deposit and some higher than average transaction fees could be a barrier for some traders.

This is offset by the better than average customer service on offer, as well as the wide range of trading instruments, however.

Deposits can be made using a bank transfer or credit/debit card, and the minimum deposit is $10,000.

While there are several base currencies offered by Saxo Bank, Pesos are not one of them. Therefore, it is worth remembering that although there is no deposit fee, there will be a conversion fee.

Withdrawals can only be made through bank transfer.

The Saxo Bank proprietary platform is available for web trading as a desktop trading platform or a mobile application.

Both the desktop and web trading platforms have similar, user-friendly designs that are simple to customize.

The two-step login offers a good level of security.

The platforms have several order types that users can make, and you can create alerts and notifications about what matters to you, like price or volatility.

The mobile application is seamless, making trading on the go simple. However, it is not as straightforward as the web or desktop version.

The trading instruments that are available on the Saxo Bank trading platforms include:

  • 28 Stock Markets
  • 3,100 ETFs
  • 182 Currency Pairs
  • 40,000 Bonds
  • 23 Options Markets
  • 23 Futures Markets
  • 29 Stock Index CFDs
  • 8.800 Stock CFDs
  • 675 ETF CFDs
  • 19 Community CFDs
  • Five Bond CFDs
  • Two Cryptocurrencies

As previously mentioned, the customer service and support available from Saxo Bank is excellent.

Although only available through phone and email, the team is responsive and helpful. Customer service is not available 24/7, however.

In terms of research, interactive charting and trading ideas, including analyses and recommendations are complemented with detailed fundamental data about each trading instrument and business, both current and historical.

Saxo Bank also provides daily podcasts from their research team, and a news feed and an economical calendar.

The education available from Saxo Bank might not be as extensive as other platforms; however, there is a demo account, platform tutorials, and some videos and webinars that are useful sources of knowledge and education.

Visit Saxo Bank

10. Admiral Markets

Pros

  • Highly regulated
  • Advanced trading tools
  • Account protection
  • Low trading fees

Cons

  • No US clients
  • Inactivity fee
  • Minimum deposit of $250

Best for: On demand

Admiral Markets, rebranding to 'Admirals', describes itself as a ‘full-spectrum financial hub’.

In practice, Admirals is a broker that offers several forex and CFD trading instruments in most currencies.

Founded in 2001, Admiral Markets is regulated by JSC, FCA, EFSA and CySEC, and offers traders access to both MetaTrader 4 and 5, with the opportunity to have several active accounts with different base currencies to take advantage of price instability.

There are several account types available, depending on the platform that you want to use.

On MT4, you can choose a standard account known as Trade.MT4. The minimum deposit for this account is 100 USD/EUR/GBP or equivalent, and you can trade 37 currency pairs as well as metal, energy, future, stock and bond CFDs.

In this account, the trading fees come from the spread, apart from with single share or ETF CFDs, which have a standard commission of 0.02 USD.

The Zero.MT4 account offers tighter spreads, with more currency pairs (45) but fewer CFD options.

The commission on forex and metal CFDs is 1.8 to 3 USD per lot, cash indices are 0.5 to 3 USD per lot, and energy CFDs are 1 USD per lot.

If you prefer the upgraded MT5, you can also have an Invest.MT5 account, alongside the Trade.MT5 and Zero.MT5. MetaTrader 5 accounts have access to more trading instruments in both Trade and Zero, but the Invest.MT5 is designed purely for buying stocks and ETFs, with more than 4,350 stocks and 200 ETFs available and a minimum deposit of 1 EUR/USD/GBP.

Deposits are free using bank transfer, card, PayPal or Klarna, but there is a 0.9% fee (or $1 minimum) for deposits made using e-wallets like Neteller or Skrill. You can have one free withdrawal a month as a bank transfer, but two if you use PayPal or e-wallets.

Admirals is available as a trading app on mobile as well as web and desktop, and the user interface and real-time trading that is available across platforms offer a seamless user experience.

The research and analytics are extensive, with technical and fundamental analysis alongside trading news, market sentiment and a market heat map. Access to MetaTrader Trading Central and a weekly trading podcast is also provided.

In terms of education, there are articles and tutorials, eBooks, trading videos, webinars and seminars as well as a FAQ and a handy glossary.

Admirals takes learning seriously with two separate courses aimed at beginner traders. The Zero to Hero course consists of 20 video lessons, a Q&A and a live session as well as a well-crafted trading strategy.

Forex 101 is a three-stage course to take beginners through to experts using a structure that includes a video lesson with detailed notes and a quiz to check knowledge.

If you are not a UK resident the conditions might change depending on the regulation. Please, check the Admirals website for details.

Please, be aware that if you want to see UK conditions but you don't have a UK IP address, then you must select Admirals Markets UK at the bottom of the home page.

Visit Admiral Markets

Investments involve risks and are not suitable for all investors. Spread bets and 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 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.

11. ActivTrades

Pros

  • No minimum first-time deposit
  • Optimal trading execution
  • More than 1,000 CFDs
  • State-of-the-art trading infrastructure
  • Customer support on 14 languages via email, chat and telephone

Cons

  • No copy trading
  • Not available for US clients
  • No bonus for EU based clients

ActivTrades is a traditional CFD broker and has been trading for more than 20 years on 140 markets. ActivTrades is authorized and regulated by the FCA, CSSF and SCB.

Its strong points include:

  • No minimum first-time deposit
  • No commissions
  • Several payment methods for deposits and withdrawals
  • Tight spreads from 0.5 pips

It offers one of the best execution speeds in the industry with low latency below 0.004s.

It utilizes the most advanced technology to improve users' trading efficiency – users can automate trades, build integrations and create trading apps using ActivTrades' market-leading CFD and spread betting technology.

Exceptional trading infrastructure is available on ActivTrader and MetaTrader 4 and 5.

ActivTrades invests deeply in specially developed educational materials for its clients – including webinars, regular outlooks, manuals, etc.

Type of offers: ActivTrades focuses on well-developed products in its trading portfolio. Customers can choose from over 1,000 CFD or spread betting instruments across forex, indices, shares, commodities, financials and ETFs.

It also offers investing solutions for its institutional partners.

Spread betting allows UK residents ONLY to trade the prices of financial instruments, including forex, indices, commodities and LSE shares.

Visit ActivTrades

Spread betting and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70% of retail investor accounts lose money when spread betting and/or trading CFDs with this provider. You should consider whether you understand how spread betting and CFDs work and whether you can afford to take the high risk of losing your money.

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.

How to Verify FCA Authorisation

UK-based brokers and those who are licensed to operate in the UK following the regulations of the Financial Conduct Authority (FCA) are required to display their licence information in a prominent position on their website and in any other communications.

You will usually be able to find this information in the footer of the main website for the forex broker; it is a six- or seven-digit number.

To be sure that this information is legitimate, you can also check the broker details on the FCA Register.

Why Is the Financial Conduct Authority (FCA) Important for Forex Traders in the UK?

All UK-based brokers must be authorised by the FCA to offer forex or other instruments for trading in the UK.

This applies to both retail traders and those who trade in a professional capacity.

The FCA has very strict standards and codes of conduct, and these rules and regulations must be complied with by the financial institution – non-compliance can have far-reaching implications for the business including things like hefty fines.

This means that as a retail (or casual) trader, working with a broker that is FCA regulated means that they are regarded as safer and more secure; it is a good indicator that they will behave in a responsible way to protect your investments.

Most UK-based brokerage accounts are also covered by the Financial Services Compensation Scheme (FSCS), which protects up to £85,000 of investments if the brokerage was to become insolvent or go bankrupt – but this protection is not extended to professional accounts.

One other reason that FCA regulation is important to forex traders is that they require brokers to provide negative balance protection, which means that you cannot lose more money than you have available in your account.

Forex trading is legal in the UK, but the broker that wishes to provide this service for traders in the UK must be regulated by the FCA and follow strict codes of conduct.

Forex traders in the EU may not be covered by FCA protection after Brexit; many UK-based brokers will need to have extra regulation in an EU member state to be able to provide forex services to EU customers.

Frequently Asked Questions

If you are a beginner trader looking for the best UK forex trading platform, a forex broker that offers specific education and training resources, such as eToro, would be a good option to consider. It is also considered the best forex broker in the UK for beginners.

Don’t invest in unless you’re prepared to lose all the money you invest.

XTB is another forex broker option for those who want lower costs for trading forex with great customer service.

If you are looking for an app to use to trade forex, then eToro is the easiest to navigate and provides a seamless experience between the web trader and using it on your smartphone or tablet.

Don’t invest in unless you’re prepared to lose all the money you invest.

The Vantage Markets app has some good reviews too.

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 forex broker because it is highly regulated by the Financial Conduct Authority (FCA) in the UK and regulatory bodies in other countries.

Don’t invest in unless you’re prepared to lose all the money you invest.

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.

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 the best forex broker that will meet your needs is a better option.

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.

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.

To choose the best forex 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 FCA regulated 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.

81% 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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