10 Best Forex Brokers for UK Investors Compared for 2024

All the brokers I’ve reviewed below are regulated by the UK’s financial watchdog, the Financial Conduct https://www.xcritical.com/ Authority (FCA). Whether you’re seeking security, user-friendliness, or low spreads, I’ve got you covered. FxScouts is committed to ensuring protection of all personal information that we hold, and to provide and to protect all such data. We recognize our obligations in updating and expanding this program to meet the requirements of GDPR. FxScouts is dedicated to safeguarding the personal information under our control and in maintaining a system that meets our obligations under the new regulations.

Best Forex Brokers in the the UK for 2024

Our Desktop PCs run Windows 11, and we use MacBook Pro laptops running macOS 12.5 to test trading on the go. We also test on mobile devices; for Apple, we test using the iPhone XS running iOS 16, and for Android we use the Samsung Galaxy S9+ and Samsung Galaxy S20 Ultra devices running Android turnkey fx OS 13. Blain Reinkensmeyer, head of research at StockBrokers.com, has been investing and trading for over 25 years.

How do I verify if a Forex broker is regulated in the UK?

This allows for speculative opportunities for trading one currency against another for professional traders and retail investors. In addition, Saxo has managed to successfully bridge the gap between beginners and experienced traders by providing dedicated platforms that match your level of experience. SaxoTraderGO is a beginner-friendly version that allows users to trade Forex in a user-friendly environment. SaxoTraderPRO is for more advanced traders who might benefit from the six screens available and algorithmic ordering.

Admiral Markets – Is it good for global investing?

The value of your investment may fall as well as rise and you may get back less than your initial investment. The forex market also benefits from leveraged trading, whereby investors can open a position on a larger portion of the forex market. Another example of a market influencer are economic developments such as data that reveals the economy is growing faster than predicted, which in turn could lead to the Bank of England increasing interest rates. Higher interest rates lead to a greater return on your money and therefore increase demand, boosting its value. This is how financial markets ebb and flow in line with economic, financial, and political news. Floating currencies are constantly moving up and down in value against other currencies.

IG – Advanced Charting Tools, Professional Grade, Best for Analysis

Customer support is another strong area for IC Markets, with responsive phone and email support. They also offer educational resources, including webinars and articles, which are particularly useful for beginners. In terms of tradable instruments, IC Markets offers a wide range, including forex, CFDs on stocks, commodities, indices, and cryptocurrencies. It offers low trading and non-trading fees, with no inactivity or withdrawal fees, making it an attractive option for cost-conscious traders. For active traders, the platform offers volume-based discounts, adding to its appeal for high-frequency traders.

• 75.3% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
• Focusing on these factors will help you choose a forex broker in the UK that aligns with your trading needs, ensures a secure environment, and provides a smooth and efficient trading experience.
• That said, we don’t recommend choosing a forex trading platform based solely on its fee structure.
• Due to leverage, the buying power is far greater than the minimum deposit, and therefore you should ensure you are aware of the minimum deposit and whether that is suitable for your trading requirements.
• Choose a broker that offers robust support through multiple channels, such as live chat, email, and phone.

While 24/7 support isn’t available, the existing channels effectively cater to client needs. However, it’s important to note that offerings like cash equities are region-specific. Established in 2002 and publicly traded, XTB’s credibility is further bolstered by regulation in multiple jurisdictions, including two Tier-1 and two Tier-2 regions. Its reach extends beyond the mainstream hubs of London and New York, encompassing 50+ worldwide markets.

We have provided the best UK forex brokers for various use cases, so you can quickly find the ones that match your preferences. It is not possible to say that one brokerage or another is the best forex broker in the UK. The best forex platform for one person’s needs is not necessarily the best broker for another trader. If your broker doesn’t provide 24-hour support, make sure their contact hours align with the times you normally trade.

Saxo Markets, the UK branch of the well-known European bank Saxo Bank, offers over 71,000 financial products in global markets, making it a strong choice in forex trading. 64% of retail investors lose money when trading spread bets and CFDs with this provider. Spreadex is a standout choice for forex trading in the UK, thanks to its user-friendly platform and a comprehensive range of services.

It has a register of firms that allows you to check that you are indeed using an FCA-regulated broker. The Authority warns that if a broker is not listed on its register, “it’s probably a scam”. However, traders looking for a broader range of financial instruments, or want to use other platforms than MT4 and MT5, may find it less appealing. Even though they are well-regulated by top-tier regulators like ASIC and the CBI of Ireland, Avatrade does not currently have a license from the UK’s FCA, which might put some traders off.

At the same time, the lack of a required minimum deposit enhances its accessibility for all traders. AvaTrade is suitable for traders of all levels, due to its low minimum deposit, responsive customer service and in-depth and well-structured education materials. It stands out for its tight spreads, innovative trading tools, and the proprietary AvaTradeGO app. Additionally, AvaTrade is notable for AvaProtect, a unique tool that allows traders to purchase loss protection for a certain amount of time. AvaProtect is also available on the award-winning AvaTradeGo app and integrates with AvaTrade’s social trading application, Avasocial.

A demo account offers an opportunity to get to grips with the platform before risking any of your own funds. Demo trading accounts will usually offer a sum of virtual money with which to trade. Platform costs and trading costs can start to erode away at your gains, and it is therefore important that the UK forex broker you are considering is competitive in this respect.

EToro stands out for its user-friendly interface and social trading features, making it an excellent choice for beginners. Spreadex caters to intermediate traders with its versatile and solid performance. AvaTrade offers access to popular MetaTrader platforms, providing a feature-rich trading environment.

FXPro offers access to more than 70 forex pairs on both the MetaTrader and cTrader platforms, with multiple account options. Spreads are often as low as 0.6 pips, and there is a low minimum deposit of just £100. Copied traders that use eToro are offered an incentive to continue making successful trades, turning a profit for themselves and, in turn, anyone copying their trades. Plus500 also offers a free demo account, so traders can test the platform completely risk-free.

Here, we’ve compiled answers to the most common questions traders have when choosing a Forex broker. Whether new to Forex trading or an experienced trader, this section provides clear and concise information to help you make informed decisions. From regulatory concerns to trading costs, find the answers you need to navigate the UK Forex broker industry. MetaTrader 4 and MetaTrader 5 are commonly recognized as the greatest Forex trading platforms in the UK because of their extensive features, easy-to-use interfaces, and powerful analysis tools. Eightcap could enhance its teaching offerings and research tools to provide comprehensive content for beginners and enhance the service provided to traders. CMC Markets offers a wide range of financial instruments globally, with its platform, Next Generation, renowned for its unique features, charting tools, and user-friendly design.

Most well-known third-party trading platforms such as MetaTrader 4 or 5 use such measures. Forex trading offers significant opportunities for profit, but it also carries substantial risks. Understanding the mechanisms of the forex market, developing a solid trading strategy, and utilizing risk management techniques are crucial for success. Yes, UK forex brokers regulated by the Financial Conduct Authority (FCA) are required to provide negative balance protection.

This is why it is important to do your own research before selecting a broker to ensure you are dealing with a reputable company. In addition to this, eToro is highly competitive when it comes to fees and range of currency pairs, with over 45 pairs available to choose from, all available from both the web and your mobile device. Copy Trading can help increase profitable trades by relying on the experience and knowledge of other traders. See my list of the best UK forex brokers below, where I give an overview of each FX broker, their pros, cons and fees. Forex brokers that are regulated by the FCA are prohibited from offering bonuses or similar incentives to traders. These regulations are designed to protect traders from potentially harmful incentives.

Furthermore, the platform offers real-time forex quotes, and you can set indicators to easily analyse charts. The platform also does a great job of onboarding users quickly, allowing them to trade shortly after landing on the homepage. Zero pip spread brokers in the UK are beneficial for high-volume traders like scalpers. These types of providers are typically ECN brokers like Pepperstone and Vantage. With this said, Pepperstone is a very good broker that was named our forex broker of the year and the FCA-regulated broker Eightcap was named the best overall broker. We recommend finding a trusted, regulated forex broker in the UK to ensure a secure and legitimate experience.