Best UK Forex Brokers of 2024
Trading Forex in the UK
Trading forex (currencies) is a popular activity among residents of the United Kingdom (UK). Before any forex broker can accept UK traders, they must be authorized by the Financial Conduct Authority (FCA), the UK's financial regulatory body. For more information, visit the FCA's website at FCA.org.uk and follow them on Twitter @TheFCA.
The FCA was established by the Financial Services Act of 2012, replacing the Financial Services Authority (FSA). For more historical context, you can visit the Financial Conduct Authority page on Wikipedia.
Note: CFDs are complex instruments with a high risk of losing money rapidly due to leverage. Between 74% and 89% of retail investor accounts lose money when trading CFDs. Ensure you understand how CFDs work and consider whether you can afford the high risk of losing your money.
Best UK Forex Brokers for 2024
To identify the best forex brokers in the UK, we compiled a list of all FCA-authorized brokers and ranked them based on their overall performance.
Here is our list of the top UK forex brokers:
Who Are the Most Trusted Forex Brokers in the UK?
Some of the top forex brokers worldwide are licensed by the FCA. We've tested over 60 leading international brokers and conducted thorough research into their regulatory licenses to determine their individual Trust Scores. Based on our findings, here are the Top 6 most trusted forex brokers in the UK for 2024:
1. AVAtrade – Best Overall Forex Broker in UK
Rating: 4,9/5⭐⭐⭐⭐⭐
☑️BEST FOR: Low Fixed Spreads
☑️LEVEL: Average & advanced
☑️FX PAIRS: 55 forex & 44 options
☑️MAX LEVERAGE: 1:400
71% of retail CFD accounts lose money
AVAtrade is renowned as the top forex broker in the UK, offering low fixed spreads of 0.6 pips on most forex pairs. Traders can access a wide range of currencies, including 55 forex CFDs and 44 forex options.
Trading Platform and Integrations
AVAtrade’s trading platform features an intuitive dashboard and supports numerous third-party integrations such as MT4, MT5, TradingView, DupliTrade, Zulutrade, and Capitalise.ai. The platform also allows for the implementation of Expert Advisors, trading bot scripts, and APIs for automated trading.
AVAtrade Spreads
AVAtrade Account Types
All account types have demo and Islamic options available.
AVAtrade Forex Pairs
AVAtrade provides access to over 800 CFDs, including 55 forex currency pairs (major, minor, and exotic) and 44 forex options.
AVAtrade Trading Platforms
AVAtrade offers five trading platforms:
The platforms offer a wide range of trading tools such as trading calculators, AvaProtect, fundamental and technical analysis tools, and advanced order types. They support various trading styles, including short selling, scalping, swing, and automated trading.
Additional Trading Platforms
Customer Service
AVAtrade provides 24/7 customer service via email, live chat, phone, and WhatsApp in both English and Arabic.
Key Features for Forex Traders
✅ Number of forex pairs: 55 forex pairs (CFDs) and 44 forex options.
✅ Average spread: 0.6 pips (EUR/USD).
✅ Trading platforms: Proprietary, MT4, MT5, TradingView, Zulutrade, DupliTrade.
✅ Maximum leverage: 1:400.
✅ Regulators: ASIC, CySEC, FCA, FRSA.
✅ Islamic swap-free account: Yes.
✅ Micro lot trading: Yes.
✅ Recommended experience level: Average to advanced.
✅ Supported trading strategies: Automated trading, short selling, scalping.
✅ Nominated: Recommended trading platforms for forex trading in UAE.
2. eToro – Best Forex Broker For Beginners
Rating: 4,9/5⭐⭐⭐⭐⭐
☑️BEST FOR: Social & Copy Trading
☑️LEVEL: Beginner
☑️FX PAIRS: 49 major, minor, exotic
☑️MAX LEVERAGE: 1:20
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
Founded in 2007, eToro is an investment company offering access to 49 major forex currency pairs as CFDs. They provide competitive pricing with low fixed spreads of 0.9 pips on EUR/USD and variable commissions.
User-Friendly Trading Platform
eToro’s trading platform features an easy-to-use interface, making it ideal for beginners. It includes a variety of tools for novice traders, such as simple buy/sell options, copy trading, and risk management tools. The platform is accessible via web (WebTrader) and mobile apps (Android and iOS).
eToro Spreads and Fees
eToro Account Types
eToro offers two types of forex accounts: Retail and Professional.
Both account types include free demo and Islamic (swap-free) options.
Deposits and Withdrawals
Deposits and withdrawals are free and can be made via wire transfer, credit card, or e-wallets (PayPal, Neteller, or Skrill).
Assets
eToro provides access to 49 forex currency pairs, covering major, minor, and exotic pairs. All assets are available as real assets and as CFDs.
eToro Platforms
eToro features two trading platforms: a web-based platform (WebTrader) and an intuitive mobile app. However, the platform lacks common trading tools like technical indicators, complex order types, and Expert Advisors, which might be a drawback for advanced forex traders seeking customization options.
Customer Service
eToro’s support team is responsive and available via email, live chat, or phone.
Key Features for Forex Traders
✅ Number of Forex Pairs: 49 forex pairs (CFDs)
✅ Average Spread (EUR/USD): 0.9 pips
✅ Trading Platforms: Proprietary WebTrader and CopyTrader
✅ Maximum Leverage: 1:20
✅ Regulators: FCA, ASIC, CySEC
✅ Islamic Swap-Free Account: Yes
✅ Micro Lot Trading: No
✅ Recommended Experience Level: Beginner
✅ Supported Trading Strategies: Social/copy trading
3. Multibank – Best Forex Trading Broker
Rating: 4,8/5⭐⭐⭐⭐⭐
☑️BEST FOR: Forex Trading Broker
☑️LEVEL: Intermediate
☑️FX PAIRS: 55
☑️MAX LEVERAGE: 500:1
✅✅✅READ REVIEW✅✅✅
74-89% of retail CFD accounts lose money
Founded in 2005, MultiBank is a Dubai-based multi-asset broker that allows users to trade CFDs on metals, shares, indices, commodities, cryptocurrencies, and forex pairs. Their range of trading platforms includes MetaTrader 4 and 5, as well as their proprietary MultiBank-Plus and Social Trading platforms, accessible via web, desktop, and mobile apps.
MultiBank Spreads and Commissions
MultiBank Account Types
MultiBank offers three different account types: Standard, Pro, and ECN. All accounts allow trading with up to 500:1 leverage, support social trading, have demo variants, and provide 24/7 technical support.
MultiBank Assets
Users can trade over 20,000 financial instruments, including 55 forex currency pairs.
MultiBank Platforms
MultiBank offers several trading platforms:
Research and Education
MultiBank provides a range of research and education tools, including explainer video courses, a free forex VPS, and an economic calendar. These resources make MultiBank a strong choice for beginner and data-driven traders. The free forex VPS is particularly beneficial for algorithmic and high-frequency traders.
Key Features for Forex Traders:
✅ Number of Forex Pairs: 55 forex pairs (CFDs)
✅ Average Spread (EUR/USD): 0.0 pips (ECN accounts)
✅ Trading Platforms: Proprietary MultiBank-Plus, MT4, MT5, Social Trading Platform
✅ Maximum Leverage: 500:1
✅ Regulators: ASIC, CySEC, FCA, FRSA
✅ Islamic Swap-Free Account: Yes
✅ Micro Lot Trading: Yes
✅ Recommended Experience Level: Average to advanced
✅ Supported Trading Strategies: Automated trading, short selling, scalping, swing trading
MultiBank offers a robust platform suite and comprehensive support, making it suitable for both beginner and experienced traders.
4. Plus500 – Best Web Trading Platform
Rating: 4,8/5⭐⭐⭐⭐⭐
☑️BEST FOR: Browser-based forex trading
☑️LEVELS: Intermediate
☑️FX PAIRS: 66
☑️MAX LEVERAGE: 30:1 retail, 500:1 professional
✅✅✅READ REVIEW✅✅✅
CFD Service. Regulated by the DFSA. Trading carries risk.
CFDs are complex instruments with a high risk of losing money quickly due to leverage. 82% of retail investor accounts lose money when trading CFDs with this provider. Ensure you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Plus500 Overview
Plus500, founded in 2008 and listed on the London Stock Exchange, is a globally operating multi-asset broker. It allows users to trade CFDs on stocks, indices, ETFs, commodities, cryptocurrencies, and 66 forex pairs, and to invest in over 2,000 international stocks.
User-Friendly Trading Platforms
Plus500 offers proprietary browser-based trading platforms and apps designed for beginner to intermediate traders and investors.
Plus500 Spreads and Commissions
Plus500 Account Types
Plus500 offers four account types, three of which are available to UAE traders and investors:
An Islamic swap-free account is also available upon request for traders who wish to comply with Sharia law.
Plus500 Assets
Plus500 allows users to trade 66 major, minor, and exotic forex pairs, over 2,000 CFDs and stocks, and more than 250 futures on crypto, metals, forex, interest rates, equity indices, and commodities.
Recommended by LinkedIn
Plus500 Platforms
Plus500’s trading platforms include its proprietary desktop CFD, Invest, and Futures platforms, as well as two mobile trading apps (Plus500 CFD and Plus500 Futures). Plus500 does not support MetaTrader 4, 5, TradingView, cTrader, or other third-party trading platforms. Additionally, Plus500 does not support the use of Expert Advisors for algorithmic trading, nor does it offer social or copy trading features.
Plus500 Research and Education
Plus500 provides research and education tools through webinars, in-depth market analysis, an economic calendar, and explainer videos. However, the broker does not offer trading signals, personal training, or access to a live trading room.
Key Features
✅ Forex Pairs: 66 major, minor, and exotic pairs
✅ CFDs and Stocks: Over 2,000
✅ Spreads (EUR/USD): 0.8 pips
✅ Platforms: Proprietary desktop and mobile platforms
✅ Leverage: Up to 500:1 for professional accounts
✅ Regulation: FCA, ASIC, CySEC
✅ Islamic Swap-Free Account: Yes
✅ Supported Strategies: Day trading, swing trading
Customer Support
Plus500 provides customer support via email, live chat, and phone.
5. Pepperstone – Top Forex CFD Broker (Best Forex Trading App in UK)
Rating: 4,9/5⭐⭐⭐⭐⭐
☑️BEST FOR: Forex CFDs
☑️LEVEL: Average & advanced
☑️FX PAIRS: 60 major, minor, exotic
☑️MAX LEVERAGE: 1:400
✅✅✅READ REVIEW✅✅✅
74-89% of retail CFD accounts lose money
Pepperstone is a highly regarded forex CFD broker licensed by the DFSA, offering access to over 60 forex pairs and 700+ different CFDs. They provide 0.0 spreads on most forex pairs and charge a fixed commission of $3.50, with a high liquidity fill rate of 99.72%.
Trading Platforms
Pepperstone offers several trading platforms, including MetaTrader 4, MetaTrader 5, TradingView, and cTrader. Users can also integrate various third-party add-ons like Capitalise.ai, AutoChartist, cTrader Automation, and VPS hosting. The interface is user-friendly for both beginners and advanced traders.
Spreads and Commissions
Account Types
Pepperstone offers two forex account types:
Both accounts include a free demo option and allow trading with up to 1:30 leverage. Pepperstone does not charge deposit or withdrawal fees.
Currency Pairs and Instruments
Pepperstone provides access to 1,200 instruments, including over 60 forex currency pairs. All assets are available as real assets and as CFDs.
Trading Tools and Features
Pepperstone offers a variety of trading tools:
Customer Service
Pepperstone’s customer support is available 24/7 in English and Arabic, reachable via email, live chat, and phone.
Key Features for Forex Traders
✅ Number of Forex Pairs: 60+ forex pairs and 700+ different CFDs.
✅ Average Spread (EUR/USD): 0.0 pips.
✅ Trading Platforms: MetaTrader 4, MetaTrader 5, TradingView, cTrader.
✅ Maximum Leverage: 1:400.
✅ Regulators: FCA, FSA, ASIC, CySEC.
✅ Islamic Swap-Free Account: Yes.
✅ Micro Lot Trading: Yes.
✅ Recommended Experience Level: Average to experienced traders.
✅ Supported Trading Strategies: Day trading, algorithmic trading, swing trading, scalping.
✅ Nominated: Best CFD trading platforms in UAE.
Pepperstone is a versatile and reliable broker, suitable for both novice and experienced traders, offering robust tools and excellent customer support.
6. Saxo Bank – Leading Forex Broker for Professional Traders
Rating: 4,9/5⭐⭐⭐⭐⭐
☑️BEST FOR: High Volume Trading
☑️LEVEL: Advanced
☑️FX PAIRS: 200 spot, 125 forwards
☑️MAX LEVERAGE: 1:500
✅✅✅READ REVIEW✅✅✅
69% of retail investor accounts lose money when trading CFDs with this provider.
Founded in 1992, Saxo Bank is a Danish investment bank offering the largest selection of forex pairs, with access to 200 currencies. They charge average spreads of 0.7 pips on EUR/USD, with high liquidity provided through a 99.01% fill rate.
Advanced Trading Tools
Saxo Bank’s trading platform features a variety of advanced tools, including enhanced trading tickets, extensive charting tools, options chains, and both fundamental and technical analysis tools. Users can integrate third-party applications such as MultiCharts, TradingView, Updata, and Dynamic Trend.
Spreads and Commissions
Saxo Bank’s spreads vary based on account type:
Account Types
Saxo Bank offers several account types:
All account types include access to an Islamic account option. The minimum deposit to open a live account is $2,000, with deposits and withdrawals available via credit cards and bank wire transfers.
Availability of Assets
Saxo Bank provides access to 60,000 financial instruments, including 200 forex spot pairs and 125 forwards, making it a top choice for forex availability.
Saxo Bank is renowned for its extensive selection of forex pairs, advanced trading tools, and robust platform integrations, making it ideal for both novice and experienced traders.
Saxo Bank Platforms
Saxo Bank offers two proprietary trading platforms: SaxoTraderGO and SaxoTraderPRO. Both platforms support integration with third-party extensions like MultiCharts, TradingView, Updata, and Dynamic Trend. Additionally, Saxo Bank’s Fix and Open APIs enable algorithmic traders to deploy Expert Advisors and other automated trading software.
Customer Service
Saxo Bank provides customer service via phone, email, and live chat in English, Arabic, and over 20 other languages. VIP clients enjoy access to personal expert meetups, exclusive events, and 1:1 strategy advice.
Key Features for Forex Traders
✅ Number of Forex Currency Pairs: 200 forex spot pairs and 125 forwards
✅ Average Spread (EUR/USD): 0.7 pips
✅ Trading Platforms: Proprietary platforms, MultiCharts, TradingView, Updata, Dynamic Trend
✅ Maximum Leverage: 1:500
✅ Regulators: ASIC, SFC, JFSA, MAS, FINMA, FCA
✅ Islamic Swap-Free Account: Yes
✅ Micro Lot Trading: Yes
✅ Recommended Experience Level: Advanced traders
✅ Supported Trading Strategies: Day trading, scalping, high volume trading
How Can I Trade Forex in the U.K.?
To trade forex in the U.K., follow these steps:
Why Choose an FCA-Regulated Broker?
Choosing an FCA-regulated broker ensures you are entitled to any applicable legal protections. To be regulated by the FCA in the U.K., brokers must comply with strict requirements.
How to Verify FCA Authorization
Importance of the Financial Conduct Authority (FCA) for Forex Traders
The FCA regulates U.K.-based brokers that legally offer forex and other derivatives to retail and professional traders. According to the FCA’s official website, it regulates the conduct of 50,000 firms across the U.K. and prudentially supervises 48,000 firms.
The FCA enforces compliance and ensures firms follow the rules and regulations set forth in the FCA handbook. In extraordinary circumstances, the FCA can take emergency action, prevent brokers from opening new trades for customers, or suspend/revoke a broker’s license for substantial compliance failures and/or violations.
The FCA aims to protect investors (including forex traders) and uphold market integrity within the U.K. forex trading industry. As a strict regulator with stringent rules, the FCA is considered a Tier-1 regulatory agency. Learn more about regulators and our tiered ranking system by visiting our Trust Score page.
Is Forex Trading Legal in the UK?
Yes, forex trading is legal in the UK and is regulated by the Financial Conduct Authority (FCA). The FCA requires brokers to obtain proper licensing and authorization to offer forex trading to clients.
FCA-Regulated Brokers
According to the FCA’s handbook, forex trading is a regulated activity. Brokers handling customer deposits and arranging or dealing in investments, whether as a principal or agent, must be authorized by the FCA.
Deposit Insurance
FCA-regulated forex brokers provide certain compensation rights to retail customers in the event of insolvency or bankruptcy. The UK’s Financial Services Compensation Scheme (FSCS) offers protection up to £85,000 per eligible person.
Professional Clients
U.K. clients designated as professional traders do not receive FSCS protections.
Avoiding Potential Scams
Since forex trading requires brokers to be licensed by the FCA, ensure your broker is FCA-regulated to avoid scams. Learn more in our guide to avoiding forex scams in 2024.
What is the Best Forex Broker in the UK?
Among the FCA-regulated brokers we reviewed, IG is the best forex broker in the UK for 2024. IG is fully regulated by the FCA, holds numerous regulatory licenses worldwide, and is publicly traded and well-capitalized. IG consistently ranks as one of the most trusted brokers and won the top ranking in our Trust Score category for our 2024 Annual Awards.
IG offers a wide range of markets, powerful trading platforms and mobile apps, high-quality market research, and excellent educational content for beginners. Overall, IG is our top choice for U.K. residents in 2024.
What is the Best Share Dealing Broker in the UK?
IG is also the best share dealing broker in the UK for 2024. Regulated by the FCA, IG provides a superior share dealing experience with competitive UK commission rates and no commissions on U.S. stocks for semi-frequent traders. IG offers powerful trading tools, user-friendly mobile apps, exceptional educational resources, and some of the lowest share dealing rates for brokers offering ISA accounts.
Do You Pay Tax on Forex Trading in the U.K.?
Yes, U.K. residents must report their worldwide income, including gains from forex trading. However, there is an exception if you are trading forex via spread betting, which is tax-free for U.K. residents. Regular forex trading gains are not exempt and are subject to taxation. Forex trades do not incur the U.K.’s stamp duty tax, which applies to share trading.
There is a small tax exemption of up to £1,000 provided by HM Revenue and Customs (HMRC). If your capital gains from trading do not exceed £1,000 in a calendar year, you may not need to pay taxes on that income, though you may need to register for self-assessment with HMRC.
Note: Claiming this exemption may prevent you from claiming other, potentially more valuable exemptions (such as capital allowances). It’s always prudent to consult a tax advisor, as individual financial circumstances and applicable tax elections can vary.
Is Copy Trading Legal in the U.K.?
Yes, copy trading is legal in the U.K. It can only be offered by platform providers regulated by the Financial Conduct Authority (FCA). The FCA’s guidance on copy trading aligns with the EU’s MiFID. The FCA oversees regulated brokers, upholds market integrity, and protects consumers by enforcing regulations and compliance among market participants.
Is MetaTrader 4 Legal in the UK?
Yes, MetaTrader 4 (MT4) is legal to use in the UK. Developed by MetaQuotes Software Corporation, MT4 is a widely-used trading platform offered by forex and CFD brokers globally.
While many brokers offering MT4 are properly regulated, some scam brokers may offer MT4 without valid regulatory licenses. This issue led to a temporary ban of MetaTrader 4 and MetaTrader 5 in the Apple App Store in 2022, but both apps were restored by March 2023.
Note: U.K. residents should always choose a forex broker that is FCA-regulated to ensure the highest level of regulatory protection and minimize the risk of dealing with a scam broker.
What is the Best MetaTrader Broker in the UK?
Among the top FCA-regulated forex brokers, Pepperstone is our top choice for U.K. traders who want to use MetaTrader. Pepperstone offers the full MetaTrader suite, including MetaTrader 4 (MT4) and MetaTrader 5 (MT5). Traders can access over 600 share CFDs and 60 forex pairs on Pepperstone’s MT5 platform. Learn more about the latest version of MetaTrader in our MT5 Guide.
Conclusion
Finding the ideal broker in the UK can be challenging and time-consuming, as it requires collecting and evaluating a lot of relevant information.
This guide simplifies the process by comparing and evaluating the top choices for different types of traders and trading goals. Our analysis of the best forex brokers in the UK is summarized in the table below.
✅BROKER✅AVG. SPREAD (EUR/USD)✅NR. OF FOREX PAIRS✅MIN. DEPOSIT✅BEST FOR✅
AVAtrade - 0.9 pip • 59 • $100 • Low fix spreads
eToro - 0.9 pip • 49 • $200 • Beginners
Multibank - 0.0 pip • 55 • $50 • Trading Tools
Plus500 - 0.8 pip • 66 • $100 • Mobile Trading
Pepperstone - 0.6 pip • 138CFDs • $20 • Forex CFDs and app
Saxo Bank - 0.9 pip • 300 • $2,000 • Advanced traders
eToro is a multi-asset investment platform. The value of your investments may go up or down. Leveraged and speculative product. Not suitable for all investors. You should consider whether you can afford to take the high risk of losing your money. Capital is at risk. Past performance is not an indication of future results. Trading history presented is less than 5 complete years and may not suffice as basis for investment decision. Copy Trading does not amount to investment advice. The value of your investments may go up or down. Your capital is at risk. Crypto assets are unregulated& highly speculative. No consumer protection. Capital at risk.eToro USA LLC does not offer CFDs and makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared by our partner utilizing publicly available non-entity specific information about eToro.