8 Best Forex Brokers UK 2024 Regulations, Fees & 8+ Factors Covered!

Armed with the insights on selecting a forex broker, you are now poised to make well-informed decisions that align with your trading goals. Our comprehensive UK forex brokers list above guarantees a reliable trading experience. Before committing, we encourage you to verify their offerings and take advantage of demo accounts to ensure they meet your specific needs. With the right broker by your okcoin review side, your journey in the forex market can be both successful and fulfilling. Given the fast-paced nature of forex markets, a swift execution platform is essential. Look for a broker offering a platform optimised for quick trade execution.

Which broker is best for MT4?

I did find it offers a Depth of Markets tool, helping you gauge buying and selling pressure through viewing XTB’s order flow, which is useful for scalpers. With commission-free trading, a guaranteed stop-loss and a wealth of trading instruments, CFD Provider Plus500 platform has excellent trading conditions for beginners. You will also find the platform has 54 educational materials covering all sorts of Forex topics from beginner to advanced level. Lastly, I found eToro’s spreads to be competitive (starting from 1 pip for EUR/USD).

That might include rolling spot forex contracts, CFDs, shares, futures, options, spread bets, and other instruments. This level of regulation should be considered the minimum when selecting a forex trading platform in order to ensure the correct levels of protection for you and your funds. This can be confirmed on the FCA’s own website, where they supply a register of all forex brokers in the UK who adhere to these standards. FXTM (ForexTime) stands out as one of the best forex brokers in the UK due to its comprehensive trading offerings and strong regulatory standing.

• Traders also benefit from extra features like educational resources and real-time quotes to make your forex trading experience smoother.
• 71% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
• I carried out my testing on BlackBull’s Standard account, featuring zero commissions and floating spreads from 0.8 pips.
• Traders at Pepperstone benefit from exceptionally competitive spreads and a high order fill rate of 99.90%, ensuring that currency exchanges are executed swiftly and without requotes.
• UK-licensed forex brokers must meet strict requirements to operate, ensuring a safe and transparent trading environment.

For complete beginners seeking the best overall forex broker, eToro is highly recommended. Having worked in the retail investment & trading sector in London over the last four years, I had the opportunity to experience the dynamic and fast-paced forex market first-hand. Banks, insurance companies, investment firms, pension providers, and credit unions also fall under its regulatory gaze.

Are there any trading fees with XTB?

You will of course need to put down more if the trade more if the market moves against you to cover your losses (this is called variation margin). You can trade forex on eToro, but to be honest it is quite expensive and more of an investment/stock trading platform. If you are solely a forex trader there are more specialist FOREX trading platforms available. It could have been disastrous if I’d started ttrading away thinking it was paper money. Even more so as you get £10k in demo funds and I’d deposited £10k in my live account when I took forex.com on a 24-hour trading signal test drive around The City.

⚠ The Risks of Trading with Unregulated Brokers

Our reviews are unbiased and reflect our own experience of trading through these brokers. IG is one of the safest brokers in the UK because they are regulated by the Financial Conduct Authority and have an excellent reputation among customers. Yes, trading forex in the UK is legal, and ideally, you should find a broker that has been vetted by the Financial Conduct Authority. Forex trading is the exchange of currencies between two parties, which can include individuals, businesses, and banks. It includes trading currencies for profit and is one of the more volatile money-making options. The intuitive UI of the platform is top-notch irrespective and the user experience is seamless for all the viewports.

FOREX.com is an excellent broker for trading in the Forex and CFD markets. They offer fast execution speeds, a wide selection of currency pairs, and other assets for trading. Their customer service is outstanding, and multiple financial authorities regulate them.

• The tax treatment is the principal difference between the two forms of speculation.
• Overall, FP Markets can be summarised as a safe broker that provides competitive spreads on Contracts for Difference (CFDs).
• ✔ You Can’t Lose More Than You Invest – Thanks to negative balance protection, you’re never at risk of losing more than the money you put in.

Does Interactive Brokers offer a rebate program?

True to its commitment to affordability, Saxo stands out with competitively low spreads starting at a mere 0.4 pips for major forex pairs. Plus500 alpari review takes a strong fourth place on my list of the best forex brokers. IG has been in the sector for a long time, making it a trusted broker for exotic and emerging market currency pairs.

This means that there should always be good FX liquidity capable of filling large and high-frequency orders from even the most active traders. To trade an individual forex pair, the platform “workspace” gives a good overview with quick access to news, analysis, and integrated trading signals (from Autochartists and PIA). The broker’s platform options include the popular MetaTrader 4 and MetaTrader 5, as well as cTrader. These platforms are known for their reliability and range of features, including advanced charting tools and algorithmic trading capabilities. Furthermore, their educational and research tools, including offerings from CME and Acuity Trading, provide valuable insights for traders.

FCA-regulated brokers are also required to process all withdrawal requests instantaneously and submit yearly audited reports and periodic financial statements of capital holdings. The Financial Services Compensation Scheme (FSCS) covers up to £85,000 per eligible person, per broker. In the UK, traders also have the option of a professional account that grants them access to xm forex review higher leverage and trading in cryptocurrency CFDs if they meet certain criteria. The FxPro Direct Mobile app stood out in our tests for its outstanding design, features, and ease of use. Available for iOS and Android, it allows users to trade, manage their accounts, deposit/withdraw funds, and contact live support on the go.

Advanced trading tools like MetaTrader Supreme Edition and StereoTrader enhance functionality, making it a strong contender for seasoned traders. The platform also supports virtual private servers and parallels for macOS users, ensuring a smooth trading experience. If you are looking to trade forex, you may be wondering which are the best forex brokers in the UK. For this research we checked 14 forex brokers, and we looked at factors including fees, safety, platforms, trading conditions, account types, withdrawals, minimum deposit & more. Forex trading is a highly regulated industry, for the benefit of traders and brokers. CMC Markets provides a secure trading environment with features like negative balance protection and segregated accounts.

However, the broker’s lack of negative balance protection in all regions and the absence of Islamic (swap-free) accounts may not suit all traders. Overall, its advanced tools, global market access, and competitive pricing make Interactive Brokers a top choice for serious traders in the UK. Fineco Bank is an industry-leading forex CFDs trading platform due to its no-commission structure and tight spreads, ensuring competitive pricing while helping the traders maintain profitability. 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.

Forex trading is commission-free, with highly competitive spreads and leverage options that allow traders to take greater control of their activities and potentially increase their profits. Based on our experience, we wholeheartedly recommend this broker and give it a 4.0-star rating. In this guide, we explore the best forex brokers available in the UK, chosen for their ability to provide a secure and efficient trading environment. Our comprehensive review highlights brokers known for competitive spreads, advanced trading platforms, exceptional customer service, and adherence to strict regulatory standards. Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 51%(eToro) – 80% of retail investor accounts lose money when trading spread bets and/or CFDs with these providers.

However, the FCA has placed some restrictions on the sale of crypto derivatives to retail consumers due to the high risk involved. Always check the specific broker’s offerings and regulatory stance on cryptocurrency trading. The best broker for Forex trading in the UK varies based on individual preferences and needs. However, top FCA-regulated brokers include IG, AvaTrade, and Pepperstone, known for their reliability, comprehensive platforms, and customer support. These standards ensure that our list of Forex brokers meets stringent reliability criteria and offers the trading conditions necessary for safe and effective Forex market operations. By adhering to these criteria, we aim to provide traders with trustworthy options for their Forex trading needs in the UK.