Forex is a popular way to start online trading in the UK. The UK has always been a hotspot for forex trading, with many excellent brokers available.
If you are interested in getting started in this exciting world of trading opportunity, then you will need to go through a broker. UK online brokers require certain levels of regulation in order for them to operate with clients within UK borders.
To make sure that you find the perfect broker and trading platform for your needs, we have rounded up the top options in the UK below. These have all been carefully chosen with regards to regulation, currency pairs available, fees, and more.
Best Forex Trading Platforms UK 2021
There are many different UK brokers available – each one offering a unique opportunity for trading. If you are interested in getting started with forex trading in the UK, then be sure to consider the following brokers.
Here is our selection:
- Interactive Brokers
- FP Markets
- Vantage FX
- IC Markets
- City Index
- VT Markets
- Blackbull Markets
- CMC Markets
Plus500 is an international broker with a popular online trading platform. This broker caters to a range of CFD trading options, with many different instruments available.
Plus500 is licensed by the FCA to make it compliant with UK regulations. Traders can enjoy commission-free trading and leverage available.
|You can trade CFDs for free stock options||The research tools could be improved|
|Trading is commission-free|
|A user-friendly trading platform with a demo mode|
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 72% 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.
This popular online trading platform offers a choice of three different apps for specific traders and markets. AvaTrade is a top choice for forex and CFD trading. Users get access to excellent tools and helpful trading content.
|Great technical research tools available|
|Easy to open an account|
|Different trading apps available|
|Great technical support|
Interactive Brokers is a trustworhty broker for advanced traders. The Trader Workstation desktop platform is appealing to active day traders – supplying advanced tools for efficient trading. The fees are good and the trading portfolio is great.
|Superior research tools||Some fees are rather high|
|A wide-ranging investment portfolio available|
|ETF and stock trading is commission-free|
|The ideal platform for active day trading|
eToro is one of the best-known online trading platforms in the world. This broker is highly regulated for safe and efficient trading in the UK. Users can make use of the easy-to-use trading app and a wide-ranging portfolio.
eToro is well-loved for its social trading feature that allows you to copy the moves of other top-performing forex traders. There is also a demo mode available.
|Excellent social trading features||Forex trading fees could be better|
|A popular trading platform with a large community||Research tools could be improved|
|A wide-ranging trading portfolio available|
|Easy to use|
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.
Pepperstone is a popular broker in the UK and offers a great range of opportunities. There are versatile currency pairs, high speeds, and very low CFD and forex fees.
Pepperstone offers a great trading app for fast and efficient use. Beginners will also enjoy this user-friendly platform, as well as its free demo mode.
|Daily cash rebates for active traders||Non-EU members don't get investor protection|
|Equity index CFD and forex fees are low||Besides CFD trading, this platform has limited investment opportunities|
|VIP trading platform on the app|
|A fast and effective trading app for all levels of traders|
FP Markets is a forex and CFD broker that accommodates all levels of traders. Trading fees are low, the educational content is of high quality, and beginners can make use of the demo account. Opening an account with FP Markets is easy.
|Low forex trading fees||The desktop trading platform needs work|
|Quality educational content|
|Easy account opening process|
This London-based broker has a fast and efficient trading platform. It is well regulated in the UK and offers excellent opportunities for trading and currency pairs.
XTB traders can enjoy very low fees and a really great app for a trading platform. Deposits and withdrawals are mostly free. The downside is that you dont get as much data on trading as some other brokers provide.
|Trading fees are low||Not the best educational data available|
|An efficient trading platform||Fees for stock CFD trading are high|
|Free withdrawals and deposits|
XM is an excellent forex trading platform in the UK thanks to its high level of regulation. The trading platform is easy to use and open an account on. There are also great tools to use and quality educational content available.
|Quality educational tools||Some fees are high|
|Low withdrawal fees|
|Easy to open an account|
|Great currency pairs available|
This global broker offers a fast and efficient platform for UK traders. FXTM appeals to beginners as well as experienced traders thanks to its great tools and user-friendly platform.
Opening an account is easy, and the broker offers some of the best educational tools, such as webinars. FXTM is well regulated for safe UK trading.
|Easy account opening process||Various fees involved|
|Great tools and educational content|
|User-friendly trading platform|
This FCA-regulated broker is a top choice for busy traders. There is very limited market access available, but for forex trading, you have everything you need. The platform offers low fees and a fully digital experience.
|Easy to open an account||Limited trading portfolio|
|Low forex and inactivity fees|
|Excellent educational content|
|Fast and responsive customer support|
This specialized broker ticks all the right boxes. Fees are very low, there are no inactivity fees, and opening an account is easy. Vantage FX also offers superior educational content and tools.
|Great educational research tools||The investment portfolio is limited|
|Low trading fees||Slow customer support|
|Opening an account is fast and easy|
IC Markets is a great broker that offers a particularly good trading platform. They have very low forex fees, and free deposit and withdrawal options. There are notable research and educational tools available.
|Great educational research tools||No investor protection offered for UK traders|
|Low forex fees||Limited investment portfolio|
|Free deposits and withdrawals|
|Easy to open an account|
Markets.com offers a web-based trading platform for easy access to the foreign exchange market. Beginner traders will love the easy-to-use platform. The mobile trading platform is fast and efficient, and the research tools are good.
|User-friendly trading platform||Trading fees are quite high|
|Well-suited platform for beginner traders||The platform lacks educational content|
|Wide range of currency pairs||Advanced traders may require more trading tools|
Trademax Global Markets, or TMGM, is a broker that offers very low fees for forex trading. Opening an account and getting started is particularly easy with this broker. It is also very easy to do deposits and withdrawals through TMGM, which are also free.
|Low fees||Limited product portfolio beyond forex|
|Focuses on forex trading with great currency pairs available||Education and research tools are very limited|
|Easy to open an account|
|Free deposit and withdrawal options|
This broker appeals to traders with its low fees and easy account opening process. The research tools are top quality, and the options for trading are extensive. Non-trading and withdrawal fees are also kept to a minimum.
|Low forex trading fees||Not the best trading platform|
|Easy to set up an account||Limited portfolio beyond forex and CFDs|
|A wide range of powerful research tools|
This long-standing UK broker remains a top choice for traders. IG is highly regulated and offers a very user-friendly trading platform. The educational resources and trading tools are particularly good.
|Offers extensive currency pairs||Fees are quite high|
|Efficient desktop trading platform||Limited trading portfolio available|
|Great educational tools on offer|
|Deposit and withdrawal options|
SwissQuote is a well-established broker based in Switzerland. The platform is very efficient for active trading, and it appeals to advanced foreign exchange traders. There is a great range of currency pairs, and the broker is highly regulated.
|No inactivity fees||Trading fees are high|
|A well-established and regulated Swiss broker||Suitable for experienced traders|
|Excellent currency pairs available|
HYCM is a good choice, as it specializes in forex. Trading fees are low and there is plenty of quality educational content available. The research tools are diverse, and opening an account is fast and efficient.
|Offers great trading options for forex||Other than forex, the portfolio is limited|
|Quality educational research tools||High inactivity fees|
|Low fees||Customer support|
|A user-friendly trading platform|
This Australian broker is well-regulated and a good choice for UK traders. Eightcap offers plenty of currency pairs and offers good market access for a wider-ranging trading portfolio.
|Easy-to-use platform||High account minimum|
|Regulated broker||Fees and commissions|
|Low fees||Customer support|
|Great currency pairs available||Research tools available|
VT Markets is good broker that has some offers unique features through their trading central. Their trading platform is easy and runs through MT4. There are also premium trading tools available through Trading Central. VT Markets trading fees are low.
|Currency pairs available||Limited research|
|An easy to use trading platform||No mobile trading available|
|Powerful trading tools available|
|A well-regulated platform|
BlackBull Markets is an efficient broker for easy forex trading. This broker supports MT4 and various social trading platforms. The range of research and education tools is great, and the broker is well regulated for forex and CFD trading.
|Great research and educational tools||Limited investment offering beyond forex|
|Offers social trading platforms||Mobile trading platform|
|Commissions and fees are low|
OctaFX is a broker that supports MetaTrader and cTrader. This broker has a particularly good mobile trading app. OctaFX boasts low forex fees and plenty of currency pairs.
|Low fees and commissions||Research and educational tools are lacking|
|Mobile trading app|
|A forex-first broker with plenty of currency pairs|
EasyMarkets is a top choice for beginner traders. This user-friendly platform is easy to navigate and start trading on. The broker supports MT4 and offers unique deal cancellation and freeze rate features.
|Easy to use trading platform||Trading fees are high|
|MT4 is great for guaranteed stop-loss orders||Market research tools are limited|
|Well regulated in the UK||The choice of tradable products is limited|
HotForex is a great and versatile broker. Their trading platform supports MT4 and MT5. There is a demo account for newbies and excellent social trading features. The forex trading fees are also kept to a minimum.
|Forex fees and commissions are low||Not the best broker for traders wanting to invest in more than just forex|
|Plenty of currency pairs|
|Has a great social trading feature|
|The trading platform has a demo account|
CMC Markets should be a top consideration. This long-standing broker is well-regulated and offers excellent online trading platforms. It is a CFD broker with great currency pairs available.
Besides very low forex fees and free deposits, CMC Markets also offers a wide range of other investment opportunities. The wide-ranging portfolio, customizable trading platforms, and great trading tools make CMC Markets a smart choice.
|Low forex fees||The account opening process is tricky|
|Great trading platforms available||Stock CFD fees are on the higher end|
|Excellent education and research tools|
|Wide-ranging trading portfolio available|
Risks of Forex Trading and Risk Management Tools
One of the essential tasks for becoming a successful trader is understanding risk management. Markets are volatile and foreign exchange prices are always changing. There are various risks involved in forex trading, such as exchange rate risks, interest rate risks, liquidity risk, credit risk, country risk, and more.
Risk management tools can be used by forex traders to help mitigate risks. This includes different order types which should be offered by your broker. Basically, this refers to how you will be able to enter into and leave a certain trade.
How to Pick a Forex Broker in The UK
- Regulation: All brokers in the UK need to be regulated by the FCA for safe, reliable trading. Some international brokers will also be regulated by further top-tier regulators.
- Fees & Commissions: Different brokers charge different fees and commissions. Try to choose a brokerage firm that offers low spreads for your trading strategy. Fees and commissions can vary on spreads.
- Currency Pairs You Can Trade: Forex trading is all about exchanging different types of currencies. Look for a broker that offers the right currency pairs for your trading needs.
- Account Types: Trading platforms and brokers can offer various account types. These can include mini, macro, and standard accounts, as well as demo or VIP, accounts for different trading experiences.
- Order Types and Risk Management: Consider the different order types that the broker has available. This can help with risk management in forex trading. Order types can include stop loss, stop entry, market, limit entry, and trailing stop.
- Leverage Available and Margin: Consider how much leverage the broker supports. Leverage is related to the margin, so compare these factors when choosing a broker.
- Account Minimums: The minimal amount of capital needed to open an account and start trading. This varies between brokers, and it should agree with your available capital.
- Trading Tools Available: Different platforms offer different trading tools for an enhanced and more up-to-date experience. The more trading tools available, the better.
- Research Available: The best platforms should offer great market research tools for more informed trading.
- Trading platforms available: Different brokers offer unique trading platforms this can include desktop and mobile apps. Make sure that these are compatible with your devices. Brokers support different platforms, such as MT4, MT5, and cTrader for a better experience.
- Customer Support: Great customer support can completely change your experience.
Spread betting vs CFD Forex
With spread betting, traders open a position by depositing a certain percentage of the full spread. This means it is a leveraged financial product.
CFD forex trading requires traders to open a position by depositing a percentage of the trade’s total value. This makes it a leveraged product.
Best Forex Trading App UK
Out of all the forex trading apps in the UK, we recommend Pepperstone as the top choice. This app is full of useful trading features and is well regulated in the UK for safe trading.
Best For Beginners
eToro is our top beginners trading platform for forex. Traders can make use of copy trading, the demo account, and the particularly easy-to-use trading platform.