Forex Brokers

Finding the best UK forex brokers in 2022 can be challenging. In our list of top forex brokers for UK traders, we do a comparison of key platform features, from low ECN spreads and high leverage to the best MT4 mobile trading apps. We also explain how to separate the regulated forex brokers from the online scams.

UK Forex Brokers

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Found 76 Brokers
Pepperstone offers spreads from 0.0 pips on the Razor account and has 60+ pairs available to trade. Lots start at 0.01.
GBPUSD Spread
0 pips (Via Razor)
EURUSD Spread
0 pips (Via Razor)
GBPEUR Spread
0 pips (Via Razor)
Total Assets
60+
FCA Regulated
Yes
MT4 Integration
Yes
Trade with spreads as low as 0.0 pips and $0 commission. Up to 1:500 leverage available
GBPUSD Spread
1.0 pip average
EURUSD Spread
0.2 pips average
GBPEUR Spread
0.5 pips average
Total Assets
70+
FCA Regulated
No
MT4 Integration
Yes
Reliable and affordable trading since 2009. Join over 400,000 others trading on 300+ CFD products. Trade Forex CFDs from 0.0 spreads on our RAW account through TradingView, MT4 or MT5. Vantage is ASIC regulated and client funds are segregated. Open an account in under 5 minutes.
GBPUSD Spread
0.0 via ECN
EURUSD Spread
0.0 via ECN
GBPEUR Spread
0.0 via ECN
Total Assets
120+
FCA Regulated
Yes
MT4 Integration
Yes
Trade Forex on 0.0 pip spreads with one of the world's leading forex brokers - IC Markets. Great choice for serious traders. ASIC regulated.
GBPUSD Spread
0.5 pips
EURUSD Spread
0.1 pips
GBPEUR Spread
0.5 pips
Total Assets
56+
FCA Regulated
No
MT4 Integration
Yes
Avatrade offer 50+ currency pairs and their spreads are some of the best among any broker. They are regulated across 5 continents.
GBPUSD Spread
1.0 var
EURUSD Spread
0.7 var
GBPEUR Spread
1.7 var
Total Assets
40+
FCA Regulated
No
MT4 Integration
Yes
Forex.com are a leading forex broker. Offering the largest range of currency pairs (80+) and some of the tightest spreads in the industry.
GBPUSD Spread
1.0 Var
EURUSD Spread
0.7 Var
GBPEUR Spread
0.7 Var
Total Assets
80+
FCA Regulated
Yes
MT4 Integration
Yes
Trade on 40+ of major, minor & exotic pairs with an award winning platform. Zero commission, free education and low spreads.
GBPUSD Spread
1.0 but 0.0 on Raw Account
EURUSD Spread
1.0 but 0.0 on Raw Account
GBPEUR Spread
1.0 but 0.0 on Raw Account
Total Assets
40
FCA Regulated
No
MT4 Integration
Yes
Trade on close to 20 currency pairs, including crypto pairs. 'Covest' and follow experienced traders.
GBPUSD Spread
Variable
EURUSD Spread
Variable
GBPEUR Spread
Variable
Total Assets
18
FCA Regulated
No
MT4 Integration
No
XM.com deliver ultra low spreads across a huge range of Forex markets. Flexible lot sizes, and Micro and XM Zero accounts accommodate every level of trader.
GBPUSD Spread
2.1 pips (var)
EURUSD Spread
1.6 pips (var)
GBPEUR Spread
2 pips (var)
Total Assets
55+
FCA Regulated
No
MT4 Integration
Yes
Axi is a global online FX and CFD trading company, trusted by 60,000+ ambitious customers in 100+ countries around the world.
GBPUSD Spread
0.1-0.3 pips (Floating)
EURUSD Spread
0-0.2 pips (Floating)
GBPEUR Spread
0.1-0.3 pips (Floating)
Total Assets
80+
FCA Regulated
Yes
MT4 Integration
Yes
Capital.com offer a long list of forex CFD pairs for trading. All have competitive spreads. The firm also ensures negative balance protection.
GBPUSD Spread
1.3 pips (var)
EURUSD Spread
0.8 pips (var)
GBPEUR Spread
1.5 pips (var)
Total Assets
150+
FCA Regulated
Yes
MT4 Integration
Yes
Trade currencies, including pairs with the USD
GBPUSD Spread
1.6 pips
EURUSD Spread
1.3 pips
GBPEUR Spread
1.6 pips
Total Assets
50+
FCA Regulated
No
MT4 Integration
No
67 major, minor and exotic FX pairs
GBPUSD Spread
1.3 pips (var)
EURUSD Spread
0.70 pips (var)
GBPEUR Spread
1 pip var
Total Assets
67
FCA Regulated
Yes
MT4 Integration
Yes
Forex trading is offered on 55 pairs, with spreads from just 0.8 pips on the Exclusive account
GBPUSD Spread
0.3 pips
EURUSD Spread
0.15 pip
GBPEUR Spread
0.4 pips
Total Assets
55
FCA Regulated
No
MT4 Integration
Yes
IG offer spread betting, CFD and Forex trading across a range of markets. They are FCA regulated, boast a great trading app and have a 40 year track record of excellence.
GBPUSD Spread
0.9 pips
EURUSD Spread
0.6 pips
GBPEUR Spread
2 pips
Total Assets
90+
FCA Regulated
Yes
MT4 Integration
Yes
Multi-Award winning broker. Specialising in Forex but also offering stocks and tight spreads on CFDs and Spread betting across a huge range of markets.
GBPUSD Spread
2.39 pips (Ave)
EURUSD Spread
1.58 pips (Ave)
GBPEUR Spread
1.74 pips (Ave)
Total Assets
430+
FCA Regulated
Yes
MT4 Integration
Yes
eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs.
GBPUSD Spread
2 pips
EURUSD Spread
1 pips
GBPEUR Spread
1.5 pips
Total Assets
50+
FCA Regulated
Yes
MT4 Integration
No
Trade major and minor currency pairs with competitive leverage rates
GBPUSD Spread
Floating
EURUSD Spread
Floating
GBPEUR Spread
Floating
Total Assets
25+
FCA Regulated
No
MT4 Integration
No
TMGM supports forex trading on all three of its platforms with competitive spreads and VPS hosting services
GBPUSD Spread
1.4
EURUSD Spread
0.3
GBPEUR Spread
0.2
Total Assets
50+
FCA Regulated
No
MT4 Integration
Yes
Anzo Capital supports over 40 major, minor and exotic currency pairs with both STP and ECN execution models.
GBPUSD Spread
0.3 pips
EURUSD Spread
0.0 pips
GBPEUR Spread
0.3 pips
Total Assets
45
FCA Regulated
No
MT4 Integration
Yes
Rockfort Markets offers competitive pricing on a wide range of major, minor and exotic currency pairs through MT4 and TWS.
GBPUSD Spread
0.6
EURUSD Spread
0.6
GBPEUR Spread
0.6
Total Assets
50
FCA Regulated
No
MT4 Integration
Yes
Exinity Trader Pro supports major, minor and exotic forex trading on MT4 and MT5 platforms.
GBPUSD Spread
0.5
EURUSD Spread
0
GBPEUR Spread
0.5
Total Assets
19
FCA Regulated
Yes
MT4 Integration
Yes
Pacific Union offers 30+ currency pairs, including majors such as EUR/USD and USD/JPY
GBPUSD Spread
From 0.5 pips
EURUSD Spread
From 0.2 pips
GBPEUR Spread
From 0.4 pips
Total Assets
200+
FCA Regulated
No
MT4 Integration
Yes
AdroFX clients can trade more than 60 major, minor and exotic forex pairs.
GBPUSD Spread
From 0.5
EURUSD Spread
From 0.4
GBPEUR Spread
From 1.5
Total Assets
60+
FCA Regulated
No
MT4 Integration
Yes
Start trading on dozens of currencies at RoboMarkets with powerful analysis tools and pattern recognition technology.
GBPUSD Spread
2.0
EURUSD Spread
1.4
GBPEUR Spread
1.6
Total Assets
35+
FCA Regulated
No
MT4 Integration
Yes
Trade on 40+ major and minor currencies with up to 1:30 leverage.
GBPUSD Spread
1.2
EURUSD Spread
0.6
GBPEUR Spread
1.2
Total Assets
40
FCA Regulated
Yes
MT4 Integration
Yes
Ultra tight spreads from 0.1 pips are available on major, minor and exotic forex pairs.
GBPUSD Spread
From 0.1
EURUSD Spread
From 0.1
GBPEUR Spread
From 0.1
Total Assets
25+
FCA Regulated
No
MT4 Integration
Yes
Global Prime offers online trading on a long list of major, minor and exotics currencies.
GBPUSD Spread
0.64
EURUSD Spread
0.1
GBPEUR Spread
0.8
Total Assets
48
FCA Regulated
No
MT4 Integration
Yes
Trade Nation offers trading on 30+ online currencies.
GBPUSD Spread
From 0.6
EURUSD Spread
From 0.6
GBPEUR Spread
From 0.6
Total Assets
33
FCA Regulated
Yes
MT4 Integration
Yes
Trade on the foreign exchange market with 1:30 leverage.
GBPUSD Spread
2.3
EURUSD Spread
0.9
GBPEUR Spread
1.4
Total Assets
50+
FCA Regulated
Yes
MT4 Integration
Yes
Use digital options to take straightforward buy and sell positions on a range of currencies.
GBPUSD Spread
N/A
EURUSD Spread
N/A
GBPEUR Spread
N/A
Total Assets
27
FCA Regulated
No
MT4 Integration
No
Speculate on key currency pairings, including with the USD
GBPUSD Spread
From 0.0
EURUSD Spread
From 0.0
GBPEUR Spread
From 0.0
Total Assets
50+
FCA Regulated
No
MT4 Integration
Yes
Trade on the foreign exchange market with up to 1:400 leverage.
GBPUSD Spread
0.8
EURUSD Spread
0.5
GBPEUR Spread
0.8
Total Assets
50+
FCA Regulated
Yes
MT4 Integration
Yes
BlackBull Markets offers leveraged FX trading.
GBPUSD Spread
0.8
EURUSD Spread
0.2
GBPEUR Spread
Not provided
Total Assets
60+
FCA Regulated
No
MT4 Integration
Yes
Trade on FX pairs with 1:500 leverage.
GBPUSD Spread
0.1 - 1.8
EURUSD Spread
0.1 - 1.2
GBPEUR Spread
0.5 - 1.7
Total Assets
71
FCA Regulated
No
MT4 Integration
Yes
Trade FX with high leverage levels.
GBPUSD Spread
2
EURUSD Spread
1.4
GBPEUR Spread
1.6
Total Assets
40+
FCA Regulated
No
MT4 Integration
Yes
Trade a long list of forex pairs with leverage.
GBPUSD Spread
Floating from 0
EURUSD Spread
Floating from 0
GBPEUR Spread
Floating from 0
Total Assets
50+
FCA Regulated
No
MT4 Integration
Yes
Trade with leverage on a suite of online currencies.
GBPUSD Spread
1.3
EURUSD Spread
1.3
GBPEUR Spread
1.5
Total Assets
75+
FCA Regulated
Yes
MT4 Integration
Yes
Trade currency pairs with tight spreads and 1:500 leverage.
GBPUSD Spread
1.2
EURUSD Spread
0.9
GBPEUR Spread
0.9
Total Assets
60
FCA Regulated
No
MT4 Integration
Yes
Trade with leverage on the FX market.
GBPUSD Spread
1.3
EURUSD Spread
0.7
GBPEUR Spread
1.4
Total Assets
55
FCA Regulated
No
MT4 Integration
Yes
Trade on close to 50 majors, minors, crosses and exotics
GBPUSD Spread
From 0.1
EURUSD Spread
From 0.1
GBPEUR Spread
From 0.1
Total Assets
45
FCA Regulated
Yes
MT4 Integration
Yes
Trade 36 forex pairs, including the US Dollar and Euro.
GBPUSD Spread
98 - 107
EURUSD Spread
80 - 88
GBPEUR Spread
131.09 - 123.6
Total Assets
36
FCA Regulated
No
MT4 Integration
Yes
Take positions on the foreign exchange market with leveraged trading products.
GBPUSD Spread
1.1
EURUSD Spread
0.6
GBPEUR Spread
2.3
Total Assets
50+
FCA Regulated
No
MT4 Integration
Yes
Trade a breadth of forex pairs with up to 1:30 leverage.
GBPUSD Spread
2
EURUSD Spread
2
GBPEUR Spread
3
Total Assets
60+
FCA Regulated
Yes
MT4 Integration
Yes
Trade on dozens of forex pairs with low spreads.
GBPUSD Spread
0.49
EURUSD Spread
0.09
GBPEUR Spread
0.61
Total Assets
60+
FCA Regulated
No
MT4 Integration
Yes
IronFX offers trading in major currency pairs, plus minors and exotic pairs
GBPUSD Spread
0.8
EURUSD Spread
0.7
GBPEUR Spread
0.7
Total Assets
83
FCA Regulated
No
MT4 Integration
Yes
50 currency pairs are available, including majors, minors, and exotics
GBPUSD Spread
1
EURUSD Spread
0.6
GBPEUR Spread
1
Total Assets
50
FCA Regulated
Yes
MT4 Integration
Yes
Forex trading is available on major, minor and exotic currency pairs
GBPUSD Spread
0.90
EURUSD Spread
0.58
GBPEUR Spread
0.90
Total Assets
18
FCA Regulated
No
MT4 Integration
No
Trade 33 forex pairs with spreads from 0.0 with the 'Zero' account. Prices quoted to 5 decimals places, and leverage up to 1:1000
GBPUSD Spread
From 0.4
EURUSD Spread
From 0.0
GBPEUR Spread
From 0.2
Total Assets
33
FCA Regulated
No
MT4 Integration
Yes
Trade on the FX market with flexible leverage and dynamic market spreads.
GBPUSD Spread
From 0.4 + $4 per round
EURUSD Spread
From 0.1 + $4 per round
GBPEUR Spread
From 0.4 + $4 per round
Total Assets
40+
FCA Regulated
Yes
MT4 Integration
Yes
Trade major, minor & emerging forex pairs with 1:30 leverage.
GBPUSD Spread
0.2
EURUSD Spread
0.2
GBPEUR Spread
0.5
Total Assets
50+
FCA Regulated
Yes
MT4 Integration
Yes
Trade forex pairs with tight spreads.
GBPUSD Spread
0.4
EURUSD Spread
0.2
GBPEUR Spread
0.3
Total Assets
34+
FCA Regulated
Yes
MT4 Integration
Yes
Trade on 300+ currencies with tight spreads.
GBPUSD Spread
0.5
EURUSD Spread
0.2
GBPEUR Spread
0.7
Total Assets
300
FCA Regulated
Yes
MT4 Integration
Yes
Dukascopy offers FX trading on over 60 currency pairs
GBPUSD Spread
1
EURUSD Spread
0.3
GBPEUR Spread
0.9
Total Assets
63
FCA Regulated
No
MT4 Integration
Yes
Trade with leverage on dozens of popular currencies.
GBPUSD Spread
0.0 - 1.5
EURUSD Spread
0.0 - 1.2
GBPEUR Spread
0 - 1.4
Total Assets
50+
FCA Regulated
No
MT4 Integration
Yes
A regulated bank, Saxobank offer Equities and Forex trading on 40,000+ markets via the SaxoTrader Pro and SaxoTrader Go platforms
GBPUSD Spread
0.7 (varies by region)
EURUSD Spread
0.2 (varies by region)
GBPEUR Spread
0.6 (varies by region)
Total Assets
40+
FCA Regulated
Yes
MT4 Integration
No
Trade on over 60 currency pairs.
GBPUSD Spread
0.9 pips
EURUSD Spread
0.6 pips
GBPEUR Spread
0.9 pips
Total Assets
60+
FCA Regulated
Yes
MT4 Integration
No
Established spread betting, forex and CFD broker with over 30 years in the business. Regulated around the globe.
GBPUSD Spread
0.8
EURUSD Spread
0.5
GBPEUR Spread
0.8
Total Assets
FCA Regulated
Yes
MT4 Integration
Yes
Trading available on 46 major, minor, and exotic currency pairs
GBPUSD Spread
0.3 (ThinkZero) Variable
EURUSD Spread
0.0 (ThinkZero) Variable
GBPEUR Spread
0.0 (ThinkZero) Variable
Total Assets
46
FCA Regulated
Yes
MT4 Integration
Yes
CMC Markets is headquartered in London and listed on the LSE (FCA Regulated). It offers competitive spreads on a global range of assets via its Next Generation platform.
GBPUSD Spread
0.9
EURUSD Spread
0.7
GBPEUR Spread
1.1
Total Assets
300+
FCA Regulated
Yes
MT4 Integration
Yes
FXTM offer forex trading on a huge range of currency pairs. Spreads can be as low as 0.1 with the ECN account types.
GBPUSD Spread
0.3 (var)
EURUSD Spread
0.1 (var)
GBPEUR Spread
0.2 (var)
Total Assets
50+
FCA Regulated
No
MT4 Integration
Yes
Trade FX pairs with tight spreads & leverage.
GBPUSD Spread
1.5
EURUSD Spread
1.6
GBPEUR Spread
1.5
Total Assets
40+
FCA Regulated
Yes
MT4 Integration
No
easyMarkets.com - Simply Honest. Trade CFDs on Forex, Commodities, Indices, Shares & Cryptos With a Top Rated Forex Broker
GBPUSD Spread
1.3 var (MT5)
EURUSD Spread
0.9 (MT4)
GBPEUR Spread
1.5 (MT4)
Total Assets
81+
FCA Regulated
No
MT4 Integration
Yes
Trade over 70 pairs and keep trading costs to a minimum, with tight spreads or the lowest commissions with Fusion
GBPUSD Spread
0.64 (Ave)
EURUSD Spread
0.12 (Ave)
GBPEUR Spread
0.62 (Ave)
Total Assets
70+
FCA Regulated
No
MT4 Integration
Yes
Alpari International offer forex over a huge range of pairs including Major, minor and exotic pairs. All with competitive spreads and laddered leverage.
GBPUSD Spread
0.7 (var)
EURUSD Spread
0.4 (var)
GBPEUR Spread
0.6 (var)
Total Assets
50+
FCA Regulated
No
MT4 Integration
Yes
Fondex offers trading opportunities on 80 currency pairs, including majors.
GBPUSD Spread
0.71
EURUSD Spread
0.28
GBPEUR Spread
0.7
Total Assets
80+
FCA Regulated
No
MT4 Integration
No
Skilling offer Standard and Premium accounts offering competitive leverage and spreads across a large range of major, minor and exotic forex pairs.
GBPUSD Spread
0.7 pips
EURUSD Spread
0.4 pips
GBPEUR Spread
1.1 pips
Total Assets
73
FCA Regulated
No
MT4 Integration
Yes
XTB is one of the largest stock exchange-listed FX & CFD brokers in the world, offering access to over 2000 instruments on their trading platforms.
GBPUSD Spread
0.1 pip
EURUSD Spread
0.2 pips var
GBPEUR Spread
0.1 pips
Total Assets
50+
FCA Regulated
Yes
MT4 Integration
No
You can trade forex on BinaryCent with leverage up to 1:100
GBPUSD Spread
Floating
EURUSD Spread
Floating
GBPEUR Spread
Floating
Total Assets
25+
FCA Regulated
No
MT4 Integration
No
Videforex offers leveraged trading on major, minor and exotic currency pairs.
GBPUSD Spread
Floating from 0.1 pips
EURUSD Spread
Floating from 0.1 pips
GBPEUR Spread
Floating from 0.1 pips
Total Assets
35
FCA Regulated
No
MT4 Integration
No
FXCM are an FCA regulated, London based broker. Companies under the FXCM umbrella are also regulated in Australia and South Africa.
GBPUSD Spread
0.5 pips var*
EURUSD Spread
0.2 pips var*
GBPEUR Spread
0.5 pips var*
Total Assets
40
FCA Regulated
Yes
MT4 Integration
Yes
Clients can speculate on an extensive list of currencies, dependant on the supporting broker.
GBPUSD Spread
Broker dependent
EURUSD Spread
Broker dependent
GBPEUR Spread
Broker dependent
Total Assets
500+
FCA Regulated
No
MT4 Integration
Yes
IB Boast a huge market share of global trading. With a minimum deposit of $10,000 however, they remain an option for larger traders only.
GBPUSD Spread
Commission (.20 pts x trade value)
EURUSD Spread
Commission (.20 pts x trade value)
GBPEUR Spread
Commission (.20 pts x trade value)
Total Assets
70+
FCA Regulated
Yes
MT4 Integration
No
Trading 212 Offer a truly mobile trading experience. With tight spreads and a huge range of markets, they offer a dynamic and detailed trading environment. Recent customer care issues have severely damaged the reputation of the brand.
GBPUSD Spread
2 pips
EURUSD Spread
1.2 pips
GBPEUR Spread
1.2 pips
Total Assets
200+
FCA Regulated
Yes
MT4 Integration
No
Offering a range of accounts, including ECN, InstaForex can reduce average spreads to just 0.1 pips. The range of pairs offered is also among the largest of any broker.
GBPUSD Spread
Av. Floating 0.6
EURUSD Spread
Av. Floating 0.2
GBPEUR Spread
Av. Floating 0.5
Total Assets
1000+
FCA Regulated
No
MT4 Integration
Yes
Trade majors, minors, & exotic currency pairs
GBPUSD Spread
0.2 pips
EURUSD Spread
0.6 pips
GBPEUR Spread
0.2 pips
Total Assets
17
FCA Regulated
No
MT4 Integration
Yes

Of course, what is a good forex broker or platform also varies depending on individual needs, for example, access to major currency pairs, low minimum account deposits, or sign up bonuses for beginners. Even some of the best forex brokers in the world won’t be suitable for everyone. With that said, good forex brokers share similar features, and here we explain what those are so you can open an account with a forex broker that’s right for you.

For a detailed breakdown of individual providers, see our list of broker-specific reviews. Some established names you may already recognise, but new firms are constantly emerging, both in the UK and globally, offering enticing new account features and promos.

How To Find The Best Forex Broker

There are two key reasons why finding a good forex broker is important:

  • Competitive trading conditions – forex is the largest financial market in the world with over $6.6 trillion traded daily. As a result, brands are constantly competing for your business, offering competitive spreads, flexible leverage, greater analysis tools and powerful trading platforms, such as MetaTrader 4 (MT4) and MetaTrader 5 (MT5).
  • Trader safety – transparency is key when determining how safe your funds will be. This ultimately refers to regulation, reputation and security, all of which will be covered later. Numerous trading scams are operating in the market today, so you must find a reliable forex broker that you can trust.

We’ve put together a guide with the key factors to consider below. These should help you determine what your priorities are when looking for the best forex broker to open an account with.

Forex Trading Platforms

As your gateway into the forex market, the platform offered will have a huge impact on your trading experience. Trading platforms vary in style, usability and additional features offered. The number of charts, order types, drawing tools and automated trading features can help ensure your forex trading strategy is successful.

Many of the best forex brokers today use MetaTrader 4 (MT4) and MetaTrader 5 (MT5). But whilst MetaTrader is a reliable choice, it may not be the best choice for you. There is a range of other good platforms out there, such as cTrader, as well as social and copy trading platforms such as ZuluTrade and DupliTrade.

MetaTrader 5 Platform

Mobile Apps

Traders who wish to monitor the markets whilst on the move should also consider the best forex brokers for mobile trading. Mobile apps allow you to manage your money, open positions and keep up with the financial markets from your iOS or Android smart device.

Some of the best forex brokers using MetaTrader also provide the user-friendly mobile application. Other top forex brokers also offer their own proprietary app.

MT4 Mobile App

Trade Execution

There are several operating models that the best forex brokers in the UK use. These models determine how customer orders are executed. The key models are Dealing Desk, No Dealing Desk (NDD), Electronic Communication Network (ECN) and Straight Through Processing (STP).

Dealing Desk brokers (also known as market makers) will fill both the buy and sell orders and will often sit on the other side of a client’s trade. Market makers therefore control prices and often set fixed spreads.

Conversely, No Dealing Desk (NDD) brokers do not pass orders on to a dealing desk and therefore provide direct access to the interbank market. NDD brokers typically offer variable spreads and can be subdivided into ECN and STP models:

  • Electronic Communication Network (ECN) – ECN brokers offer Depth of Market, where client orders can interact with the other participants in the network (such as banks and hedge funds).
  • Straight Through Processing (STP) – STP brokers route orders directly to liquidity providers, with each quoting its own bid and ask prices.

Trading Costs

Another key consideration should be the spreads and fees that the forex broker charges. These are the costs of trading and vary among online providers.

Spreads & Commission

The spread is the difference in the bid and ask price of a currency pair, which is how the broker makes money. Forex spreads can be fixed or variable and are usually presented as 4-digit or 5-digit pricing. A commission is usually charged on a per volume basis and typically varies depending on the account type.

The best forex brokers often provide spread or commission calculators so you can easily establish the cost of trading before you execute positions.

cTrader Commission Calculator

Choosing forex brokers with the lowest spreads does not necessarily guarantee you the best deal, as low spreads might be compensated elsewhere. Conversely, choosing a no commission forex broker is likely to mean higher spreads. Some ECN brokers may also offer attractive zero spread accounts, but these aren’t the best for everyone as there will often be costs elsewhere.

In fact, the main pricing structures that brokers typically use will either involve charging the spread only (with commissions rolled into the spread) or charging a lower spread with the commission on top.

Identifying the most cost-effective option for each broker will require some comparison. You can quickly compare the best forex brokers’ spreads using our individual reviews.

Additional Fees

As well as forex trading spreads, some of the best forex brokers charge additional fees that can impact returns:

  • Swaps & rollover fees – A swap is interest that is either charged or paid to you when you hold a position overnight. It is best to gain a fair understanding of forex swap rates with your broker, as they are subject to change depending on market volatility.
  • Payment fees – Each forex broker will have their own funding policies that determine how accounts can be funded, as well as any charges levied on deposits and withdrawals. Make sure to find out what fees are charged, as these can have a significant impact on your overall trading costs.
  • Inactivity fees – Some brokers charge a monthly inactivity fee on accounts that have had no trading activity for a certain period. Again, the size of this fee will vary between the best forex brokers, so make sure you check this before you open an account.

Getting to know all the different costs can be overwhelming. A good thing to do is to note down any fees from brokers’ websites or see our breakdowns in individual brand reviews. The best forex brokers will be transparent with their costs and some even publish a comprehensive PDF with contract specifications.

If basic pricing details are not readily available on a forex broker’s website, and the customer support team is reluctant to provide details, then this is a red flag and may indicate a possible scam.

Leverage & Margin

Leverage allows you to put down a small amount of cash in order to take larger positions. The margin is how much money is required to open the leveraged position.

Whilst leveraged forex trading can lead to potential profits, it can also amplify losses. This has proven harmful when trading with unregulated forex brokers and high leverage ratios. Some brokerages even offer leverage rates as high as 1:3000.

It is for this reason that some legislators have capped retail leverage at 1:30 on major forex pairs. This is the maximum rate offered if you choose an FCA-regulated broker. Professional traders can leverage up to 1:500.

The best forex brokers usually provide a straightforward margin calculator on their website.

XM Forex Margin Calculator

Note, if you wish to compare the best forex brokers with higher leverage, there are plenty of resources online.

Trading Accounts

Account types vary from broker to broker and differ depending on various factors, including spreads, pricing and access to additional tools. The best combination of factors will therefore largely depend on a trader’s level of experience.

Many of the best forex brokers are now offering cent accounts for beginners, as well as trading in micro lots with micro accounts. Zero spread or ECN forex brokers provide direct access to other market participants and typically charge a premium commission.

XM Forex Trading Accounts

PAMM brokers offer investor accounts that allow you to allocate funds to other traders’ accounts. Halal or Islamic accounts are also provided by some of the best forex brokers and have no swap or rollover interest fees, complying with Sharia law.

Most of the best forex brokers also offer a risk-free demo account which allows both beginners and experts to test out the service and place virtual trades in the trading platforms. Clients can then open a live, real-money trading account when they’re ready.

Forex Products

Beginners may want to start trading with stable and liquid pairs such as the EUR/USD and EUR/JPY. Putting these at the top of your list will help you choose good FX brokers with low spreads for these pairs. You may even find top forex brokers offering zero pip spreads on some majors.

IG Group Major Forex Pairs

For the best trading experience, you should also look for currency exchange brokers in the UK that offer a variety of other instruments to trade in the forex market. Top brokers usually offer a mix of major, minor and exotic currency pairs on spot contracts, as well as other day trading assets such as binary options or futures. Brokers that allow you to trade cryptocurrency pairs, stock market instruments or indices, such as NASDAQ, are also popular.

Deposits & Withdrawals

The best forex brokers are those accepting and offering a range of deposit and withdrawal methods, including debit cards, bank wire transfers, e-wallets, PayPal, WebMoney, Sofort, plus mobile money. Making a deposit will be the first thing you do once you open an account, so it’s important that your broker facilitates prompt and hassle-free payments. The best forex brokers also cover any processing fees so your trading capital and profits are unaffected.

Note, the best forex brokers offer close to instant deposits and process withdrawals within several working days.

Minimum Deposits

Traders usually need to pay an initial deposit when they open an account. Some top forex brokers offer a low minimum deposit (typically under £100) and some even offer no minimum payment. For beginners in particular, a low minimum account deposit can be appealing.

Customer Support

The importance of customer support can easily be overlooked, but should you encounter any urgent issues with your account or trading platform, it’s important you can get help quickly.

The best forex brokers provide good quality customer support through live chat services and 24-hour telephone hotlines, which are the best options for immediate response times. Many UK-based forex brokers have customer support offices in locations like London.

Additional Tools

Any additional tools and features offered by forex brokers are a bonus, as these can often be tailored to beginners and experts alike. Educational resources are particularly important to new traders who need to understand the basics of forex trading. Access to tutorials, webinars, economic calendars, financial news feeds or forex calculators, for example, can help to boost efficiency and enrich trading knowledge. The best forex brokers also offer more comprehensive tools for experienced traders, such as a VPS or custom add-ons to support automated trading.

FXGrow economic calendar

It’s also worth considering trading styles or strategies that you might want to implement. For example, you could check out the best forex brokers that allow hedging and scalping.

Security At The Best Forex Brokers

The level of security provided by the best forex brokers is high, helping to ensure your funds and personal information are kept safe. If the broker uses a proprietary trading platform, they should be transparent around any measures they have in place, such as Secure Sockets Layer (SSL) encryption, two-factor authentication (2FA), or one-time passwords (OTP). Most well-known third-party trading platforms such as MetaTrader 4 or 5 use such measures.

MetaTrader One-Time Password

The best forex brokers should also have fraud prevention measures in place, which will verify a new client’s identity upon registration. Traders should be cautious of forex brokers that don’t need verification at the registration stage, as this could be a sign of a scam.

The best forex brokers in several jurisdictions, including the UK, are required to use Know Your Customer (KYC) procedures. KYC is part of the wider Anti-Money Laundering (AML) financial policy and consists of several protective features, such as requesting two forms of identification from each customer.

Customer Reviews

The reputation and success of a top forex broker can easily be gleaned by the volume of daily trades executed. For example, some of the best forex brokers by transaction volume over the last few years have included popular names such as eToroFXProIG, Oanda and HotForex.

Another way to get an idea of a broker’s reputation is by checking out customer feedback online, as these provide insight into other traders’ experiences. Many of the best forex brokers received a good ranking in 2022 for this reason. Bear in mind, though, that traders are more likely to post a review and a poor rating if they have had a bad experience.

In addition, there are professional best forex broker reviews and ranking tables online which can help with your comparison. Again, these shouldn’t be the basis for your decision and should not take precedence over the other key considerations.

It’s also worth checking out any community forums or social media pages that the broker offers. Being active on social media can be a good indicator of how much they value the modern customer experience. Some of the best forex brokers are on Instagram and other popular channels, such as Facebook and Twitter.

Promotions

The best forex brokers for traders in England are prohibited from offering  incentivised promotions. These regulations are designed to protect traders from harmful incentives that promise an attractive boost on the condition of a hefty deposit or unreasonable trading terms.

If you do want to find promotions, be aware that these  firms are unlikely to be licensed by a top regulator, such as the FCA.

Final Word On The Best Forex Brokers

There are multiple factors to take into account when looking for the best forex brokers in the UK. Whilst we can provide insights and recommendations, the decision is ultimately down to individual requirements. So whether you’re looking for the best forex brokers with low spreads, for small accounts, or for MT4, the first step in your comparison should be listing your top priorities. From there, you can check out our individual brand reviews or our ranking list of the best forex brokers of 2022.