The Foreign Exchange market (Forex) is the world’s largest and one of the most popular markets. In the UK, Forex traders can choose from a range of regulated brokers providing market access. However, selecting the best broker can be daunting with so many options available. But don’t worry! We have researched the services and features offered by different Forex brokers in the UK to provide you with a list of the best options.
Whether you are new to Forex trading or an experienced trader looking for a new platform, our guide will help you compare the best Forex brokers in the UK. Let’s go directly to the our core list:
Interactive Brokers | Best for a wide range of currency pair and advanced tools
Interactive Brokers is one of the biggest brokers that lets you trade more than 100 currency pairs. It is regulated by several international financial authorities. Their trading platform, the Trader Workstation (TWS), offers excellent customization, advanced technical indicators and fundamental trading tools, which are ideal for professional traders and easy to use by beginners as well.
XTB | Best for customer service
XTB is a well-known online broker having an exceptional customer support team compared to other brokers. They have 48 currency pairs available for trading, and spreads are relatively low, starting at 0.1 pips. Their trading platforms, xStation 5 and xStation Mobile are well-designed and user-friendly.
IG | Best for educational and research materials
IG is known for its extensive 17,000+ financial products available on its platform and its comprehensive research and education materials. They have over 80 currency pairs available, and spreads start from 0.6 pips. It is ideal for beginners and professionals looking to trade Forex while having access to other asset classes on the same platform.
eToro | Best for social trading and copy trading features
eToro is the leading social trading broker, operating in more than 140 countries with over 30 million users. You can trade more than 45 currency pairs with the ability to copy the trades of other experienced investors, which makes the platform attractive for beginners.
Disclaimer: eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
CMC Markets | Best for low Forex fees and free deposits and withdrawals
CMC Markets (CMC) is a global CFD and Forex broker with a massive portfolio of over 12,000 tradable products, including 330 Forex pairs. They offer low fees on Forex and spread betting, but for stock CFDs, fees are somewhat higher than competitors.
Now, let’s take a closer look at the key characteristics before delving thoroughly into each broker’s services.
Best Forex Brokers in the UK for 2024 compared
| Broker | IBKR | XTB | IG | eToro | CMC Markets |
| Number of currency pairs | 100+ | 48 | 80+ | 45 | 330+ |
| Maximum leverage | 1:30
(depends on account type and currency pair) |
1:30 | 1:30 | 1:30 | 1:30 |
| Minimum deposit | £0 | £0 | No minimum deposit for bank transfer;
£250 for debit/credit card, or PayPal |
$10 | £0 |
| Spreads starting at
(pips)* |
0.1 (subject to commission) | 0.9 (standard account)
0 (pro account) |
0.6 | 1 | 0.7 |
| Deposit method | Bank transfer | Bank transfer, credit/debit card, Skrill. | Bank transfer, credit/debit cards, PayPal | Bank transfer, credit/debit cards, PayPal, Neteller, and Skrill, and more. | Bank transfer, credit/debit cards, PayPal |
| Withdrawal fees | 1 free withdrawal per month | £12 on amounts below £60; Free above £60 | £0 | $5 | £0 |
*The above spreads are mentioned as presented on the broker’s website.
You can check below the spreads of those brokers on the most used currency pairs.
Spread comparison of the best Forex brokers in the UK
| Currency | IBKR | XTB | IG | eToro | CMC Markets |
| EUR/USD | 0.1 | 0.9 | 0.6 | 1.0 | 0.7 |
| GBP/USD | 1.5 | 1.4 | 1.5 | 2.0 | 0.9 |
| AUD/USD | 0.5 | 1.3 | 0.9 | 1.0 | 0.7 |
| USD/JPY | 100 | 140 | 160 | 1,300 | 70 |
| USD/CAD | 1.0 | 1.8 | 2.1 | 1.5 | 1.3 |
| CAD/CHF | 0.5 | 2.2 | 2.5 | 4.0 | 1.4 |
| Gold (XAU/USD) | 900 | 2,500 | 3,000 | 4,500 | 3,000 |
| Silver (XAG/USD) | 70 | 250 | 200 | 500 | 250 |
Spreads are in pips (equal to 0.0001)
The spread in forex trading is the difference between the ask and bid prices on a particular currency pair. Spreads are not fixed. They vary depending on the currency pair, liquidity, and market events. Brokers can increase or widen the bid-ask spread, which would result in an investor paying more when buying and getting less when selling. Accordingly, it is a key factor in selecting the best forex brokers.
Top Forex brokers in the UK Reviewed
1# Interactive Brokers
Interactive Brokers at a glance
Founded in 1978, Interactive Brokers is one of the largest international brokers listed on the NASDAQ exchange (Ticker: IBKR) and regulated by many international top-tier regulators. They are at the top of our list of the best Forex brokers in the UK for their wide range of currency pairs, great research tools and advanced trading platforms.
There are several account base currencies at Interactive Brokers without the minimum required amount, but the only way to fund them is through a bank wire transfer. They offer one of the tightest spreads on Forex, but you are subject to a tiered commission based on the monthly volume of your trading activity. Below is a sample of the spreads applied to major currency pairs:
Interactive Brokers spreads on major currencies
| Currency pair | Spreads in pips |
| EUR/USD spread | 0.1 |
| GBP/USD spread | 1.5 |
| AUD/USD spread | 0.5 |
| USD/JPY spread | 100 |
| USD/CAD spread | 1 |
| CAD/CHF spread | 0.5 |
| XAU/USD spread | 900 |
| XAG/USD spread | 70 |
In addition to low spreads and margin rates, Interactive Brokers does not charge an inactivity fee, and you are entitled to one free withdrawal per month.
Finally, their trading platform, TWS (desktop version), is one of the best trading platforms with advanced features and a high degree of customisation. Moreover, they offer a web interface, IBKR GlobalTrader, and a mobile app that are also well-designed.
Interactive Brokers trading features
| Trading platforms | IB Trader Workstation (TWS), Client Portal (Web-based platform), IBKR Mobile and IBKR GlobalTrader (another mobile app). |
| Limit orders | Yes |
| Stop loss & take profit orders | Yes |
| Negative Balance Protection | No |
| Guaranteed stop loss | No |
We recommend you check out our comprehensive Interactive Brokers review.
2# XTB
XTB at a glance
XTB is a global CFD broker established in 2002 with more than 495,000 clients, and widely known for having an outstanding customer service team. It is headquartered in Poland and listed on the Warsaw stock exchange. It is regulated by several European authorities, including the Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CySEC), the Polish Financial Supervision Authority (KNF), and the National Securities Market Commission (CNMV) of Spain. Spreads are reasonably low, starting at 0.1 pips, and there are 48 currency pairs available for trading.
XTB spreads on major currencies
| Currency pair | Spreads in pips on standard account |
| EUR/USD spread | 0.9 |
| GBP/USD spread | 1.4 |
| AUD/USD spread | 1.3 |
| USD/JPY spread | 140 |
| USD/CAD spread | 1.8 |
| CAD/CHF spread | 2.2 |
| XAU/USD spread | 2,500 |
| XAG/USD spread | 250 |
The spread depends on the type of account that you choose and the market that you trade on.
XTB offers beginner and experienced traders a dynamic trading experience with its two trading platforms, xStation5 (desktop-based) and xStation (mobile), which have advanced charting tools and indicators. You can fund your account via bank wire transfer, credit or debit card, or Skrill, and there is no minimum amount to open an account.
XTB trading features
| Trading platforms | XTB Web Trade Platform, xStation 5 desktop trading platform, xStation Mobile application. |
| Limit orders | Yes |
| Stop loss & take profit orders | Yes |
| Negative Balance Protection | No |
| Guaranteed stop loss | No |
On the downside, XTB charges a £12 fee for withdrawals of less than £60. Still, they do not charge for withdrawals over that amount. Additionally, they charge a $10 monthly fee (or counter value) after 12 months of inactivity.
Read our XTB review for further insights.
3# IG
IG at a glance
IG is another broker included in our list of the best forex brokers in the UK. IG Group was founded in 1974, has its headquarters in London, and is listed on the London Stock Exchange. They give you access to trade more than 80 currency pairs and spreads start at 0.6 pips. It is perfect for both beginners and professional traders. For instance, the IG Academy offers free instructional resources that can help you advance your understanding of financial markets and trading abilities while also providing professional insights through their news and analysis section that keeps you updated on market-moving events.
IG spreads on major currencies
| Currency pair | Spreads in pips |
| EUR/USD spread | 0.6 |
| GBP/USD spread | 1.5 |
| AUD/USD spread | 0.9 |
| USD/JPY spread | 160 |
| USD/CAD spread | 2.1 |
| CAD/CHF spread | 2.5 |
| XAU/USD spread | 3,000 |
| XAG/USD spread | 200 |
The required minimum deposit is £250 if you fund your account by PayPal, a credit card, or a debit card, while there is no minimum deposit for bank transfers. You can trade Forex using the well-known MetaTrader 4 (MT4) trading platform or any of the other trading platforms that are tailored to each user’s trading requirements.
IG trading features
| Trading platforms | IG web trading platform, IG mobile trading app, IG progressive web app (PWA), ProRealTime (PRT), MetaTrader 4 (MT4), L2 Dealer. |
| Limit orders | Yes |
| Stop loss & take profit orders | Yes |
| Negative Balance Protection | Yes |
| Guaranteed stop loss | Yes |
IG does not charge any fees on deposits and withdrawals. Still, on the downside, they charge a £12 monthly inactivity fee if your account has been inactive for more than 2 years.
4# eToro
eToro at a glance
eToro has been well-known for its social trading platform since 2007, where you may copy the trades of other successful investors and discuss current market news with a reasonably large investor community of over 25 million users.
eToro trading fees are generally low and built into the spread, which starts at 1 pip on average and depends on trading hours and the currency pairs.
eToro spreads on major currencies
| Currency pair | Spreads in pips |
| EUR/USD spread | 1 |
| GBP/USD spread | 2 |
| AUD/USD spread | 1 |
| USD/JPY spread | 1,300 |
| USD/CAD spread | 1.5 |
| CAD/CHF spread | 4 |
| XAU/USD spread | 4,500 |
| XAG/USD spread | 500 |
The web platform is user-friendly for beginners and has an intuitive layout with many features that enhance your trading experience, such as one-click trading, limit orders, and advanced charting tools.
eToro trading features
| Trading platforms | eToro web-based trading platform
eToro mobile application |
| Limit orders | Yes |
| Stop loss & take profit orders | Yes |
| Negative Balance Protection | Yes |
| Guaranteed stop loss | No |
Although eToro is one of the best brokers for new forex traders, it might not be the best choice for day traders or professional traders. This is because some currency pairs have wider spreads compared to other brokers. Additionally, USD is the only account currency available, and withdrawal fees are a bit high if you plan to withdraw funds frequently ($5 per withdrawal).
Read our in-depth eToro review for a complete evaluation.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77% 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# CMC Markets
CMC Markets at a glance
CMC Markets (CMC) is a global CFD and Forex broker that was established in 1989 and is listed on the London stock exchange. It currently serves more than 300,000 clients globally and gives access to over 330 currency pairs.
CMC Markets spreads on major currencies
| Currency pair | Spreads in pips |
| EUR/USD spread | 0.7 |
| GBP/USD spread | 0.9 |
| AUD/USD spread | 0.7 |
| USD/JPY spread | 70 |
| USD/CAD spread | 1.3 |
| CAD/CHF spread | 1.4 |
| XAU/USD spread | 3,000 |
| XAG/USD spread | 250 |
CMC Markets has its own web platform and mobile app available in many languages, which are highly customisable to fit your needs. Alternatively, you can use the well-known MetaTrader 4 (MT4) as well.
CMC Markets trading features
| Trading platforms | Next Generation web-platform, MetaTrader 4 (MT4), and CMC Markets mobile application |
| Limit orders | Yes |
| Stop loss & take profit orders | Yes |
| Negative Balance Protection | Yes |
| Guaranteed stop loss | Yes |
It is an ideal broker if you want to reduce your fees, as it provides tight spreads and free deposits and withdrawals. Additionally, CMC Markets supports up to 10 account currencies, including GBP, and you can fund your account by credit or debit card, bank transfer, or PayPal. However, if your account has had no trading activity for 12 months, you will be charged a monthly inactivity fee of £10.
What Makes a Good Forex Broker?
Whether you are a beginner or an experienced trader, there are numerous characteristics and features that should be taken into account when choosing a good Forex broker. The following are a few of the most important factors to consider:
- Regulation: This is the most crucial factor because you need to make sure the business is legitimate before depositing your money. As a result, we advise you never to select a broker who is not regulated by a recognized authority.
- Commissions: Although spreads vary depending on the currency pair, good Forex brokers often provide tight spreads and have reasonable commissions.
- Deposit and withdrawal methods: A good broker will make it easy and convenient for users to deposit and withdraw funds by offering several methods, such as wire transfer, debit or credit card, or other electronic payment methods such as PayPal or Skrill.
The bottom line
It can be difficult and time-consuming to identify the best Forex brokers in the UK. It takes time to collect all the data and make the best decision for your needs due to the various parameters to be checked. However, our analysts performed this task and concluded their findings in this review of the “Best Forex Brokers in the UK,” summarized below:
Best Forex Brokers in the UK
| #1 | Interactive Brokers | Best for a wide range of currency pair offerings and advanced tools |
| #2 | XTB | Best for customer service. |
| #3 | IG | Best for educational and research materials |
| #4 | eToro | Best for social trading and copy trading features |
| #5 | CMC Markets | Best for low Forex fees and free deposits and withdrawals |
To find out which broker could be ideal for you, you can always use our “Help Me Choose” tool. You can also look at our comparison table for a detailed breakdown of the key features of various global brokers. And for additional details about the products and services each broker provides, you can read our reviews.
We hope this article saves you some time while researching the best Forex brokers in the UK. We advise you to conduct your own research to determine which online broker is best for you. Keep in mind that a demo account might be helpful to test the features and practice.
Other FAQs
Is Forex trading legal in the UK?
Yes, Forex trading is legal in the UK.
How to trade Forex in the UK?
First, you have to open an account with a Forex broker in order to get access to the Forex market. Then, you need to analyse the markets using fundamental or technical analysis, depending on your trading strategy. After that, you can place your trades in line with your analysis.
Is the Forex market regulated in the UK?
Yes, the Forex market is regulated in the UK. The Financial Conduct Authority (FCA) is the regulatory body responsible for overseeing Forex brokers in the UK.
Can I trade Forex in the UK with £100? Or £10?
Yes, you can trade Forex with amounts as low as £100 or even £10. We have listed in this article a few brokers that do not require any minimum amount to start trading. But the trade size will be small.
Toni is a Fintech Analyst with over 8 years of experience in the financial industry where he worked as a financial control analyst at a regional bank and later conducted independent investment research analysis.
