Best Forex Brokers In UK 2020 Comparison

The best forex brokers in the UK are regulated by the Financial Conduct Authority (FCA) offering the leading forex trading platforms from MetaTrader 4 to cTrader, low CFDs spreads from 0.0 pips on EUR/USD currency pairs and a range of financial services from currency, ETFs to cryptocurrencies.

View The UK forex brokers below based on fees, features and more.

By Justin Grossbard / Updated: Monday, February 17th, 2020

UK Forex Brokers

Best UK Forex Brokers 2020

Top 10 Forex Brokers In The UK

The 2020 best UK forex broker with FCA regulation by forex trading category are:

  • Pepperstone – Overall Best UK Forex Broker
  • CMC Markets – Best Spread Betting Broker
  • FxPro – Award-Winning Customer Support
  • Plus500 – Best CFD Mobile Trading Platform
  • eToro – Best Copy + Social Trading Broker
  • IG – Best Range Of Forex Trading Platforms
  • City Index – Ideal For Beginner Forex Traders
  • Swissquote – Best No Commission Account
  • XTB – Most Advanced Demo Account
  • Forex.com – Most Currency Pairs

Broker Reviewed

Pepperstone
Swissquote
eToro
IG
City Index
Our Rating
9.17
7.67
7.17
6.67
6.83
71.4% of retail CFD accounts lose money
79% of retail CFD accounts lose money
62% of retail CFD accounts lose money
75% of retail CFD accounts lose money
72% of retail CFD accounts lose money

Regulations and Licenses

Feature
Pepperstone
Swissquote
eToro
IG
City Index
FCA (UK)

Brokerage

Feature
Pepperstone
Swissquote
eToro
IG
City Index
No Commission Account Spreads From (EUR/USD):
1.0
1.1
(Prime)
3.0
0.6
0.5
Commission Account Spreads From (EUR/USD):
0.0
Commission (per 100k traded side trip)
GBP £2.295 Side Trip (MetaTrader)
Minimum Deposit
GBP £200
USD $1000 (Standard) / $10,000 (Premium) / $50,000 (Prime)
USD $200
Volume Commission Rebates
Has Islamic Account
No Inactivity Fees
Funding Methods
3
3
6
4
6
No Deposit/Withdrawal Fees

Markets and Instruments

Feature
Pepperstone
Swissquote
eToro
IG
City Index
Forex Currency Pairs CFDs
61+
138+
47+
80+
84+
Cryptocurrency CFDs
5+
98+
5+
5+
Index CFDs
14+
26+
13+
34+
21+
Share CFDs
60+
2000+
12000+
4500+
Commodities CFD
15+
12+
12+
38+
29+
Stockbroking
N/A
2000+
Retail Maximum Leverage
30:1
30:1
30:1
30:1
20:1
Professional Maximum Leverage
500:1
400:1
400:1
200:1
400:1

Trading Platforms + Tools

Feature
Pepperstone
Swissquote
eToro
IG
City Index
MetaTrader 4 (MT4)
MetaTrader 5 (MT5)
cTrader
Proprietary Platform
Automatic / Robot Trading
MetaTrader 4 only
MT4 only
Social + Copy Trading
Standard Stop Loss
Guaranteed Stop Loss Order
Guaranteed Negative Balance Protection
Demo Account
Unique Feature 1
Commission rebates for active traders
Has the lowest spread only account
CopyTrader functionality for automated trading
Guaranteed stop loss orders
Best for beginners
Unique Feature 2
Award Winning Customer Support
Negative balance protection
Social trading interface across CFDs

Overall

Best Forex Broker In UK = Pepperstone

YouTube video

Pepperstone Limited trades in the UK under FCA license 684312 and has:

  • Low forex and CFD trading fees
  • ECN-like spreads through a Razor Account type
  • The choice of Metatrader 4 + 5 and cTrader forex platform
  • Strong customer service

Pepperstone Has Best Lowest Spreads + Commission Account

There are two accounts offered by Pepperstone with the award-winning razor account having the lowest fees. This is achieved by combining spreads in-line with an ECN broker from 0.0 pips for the EUR/USD plus a commission. Commission fees are £2.29 per lot for those who use MetaTrader and £3.50 for those who select the cTrader forex platform. The Pepperstone Razor account shown below is recommended for advanced traders, algorithmic traders and scalpers.

Pepperstone UK Trading Accounts

To further reduce costs there is an Active Trader program which for high volume traders can reduce commission by 15%. This can be even higher when trading forex in large volumes. Below compares Pepperstone to similar UK ECN broker equivalent accounts ignoring the Active Trader program and purely looking at the standard commissions.

 EUR/USD Spreads FromCommissionMinimum Deposit
Pepperstone0.0£2.29£200
London Capital Group0.0£2.35£0
Valutrades0£2.35£50
ThinkMarkets0.0£2.50£500
AxiTrader0.0£2.74$200 USD
Vantage0.0£2.74£268
Price Markets0.2£2.74£391
Tera Fx0.2£2.74£100
XTB0.1£3.00£250
Forex.com0.4£4.64£50

It should be noted that are no deposit or withdrawal fees charged by Pepperstone, including when transfer are made via credit card. The only charges may be from financial institutions, such as banks, for the movement of funds. The minimum deposit is £200 to open a forex trading account which is low for an ECN-type spread account.

Review Of Pepperstone
REGULATED BY
  • asic
  • fca

Pepperstone

Pepperstone is an award-winning FX online broker that offer low spreads with ultra-fast execution speeds. The broker 'Standard account' has spreads from 1 pip with no commissions and a 'Razor account' with spreads from 0.0 EUR/USD and commission of £4.59 with MetaTrader and £7.00 for cTrader platform. Users have a wide choice of CFD, hedging, scalping and expert advisors.

MIN. AMOUNT
GBP £200
MIN. SPREADS
0.0 pips (Razor)
MAX. LEVERAGE
1:30 Retail / 500:1 Pro
OUR BROKER RATING
9.17
  • Account Types
    Standard, Razor (MT4/MT5), Razor (cTrader),
  • Commission (per 100k side trip)
    From GBP$2.295
  • Trade Sizes
    Mini-lots, Micro-lots, Standard-lots
  • Trading Instruments
    Commodities, Gold, Silver, Metals, Oil, Equity Indices, Cryptocurrency, Shares CFD, Currency Index
  • Trading Platforms
    MetaTrader 4, MetaTrader 5, cTrader
  • Deposit Methods
    Visa, MasterCard, Bank Transfer
  • Funding Costs
    $0 (except bank wire GBP£15 min withdrawal £80)
  • UK Regulation
    FCA 684312
  • Customer Support
    24/5- Live chat, Phone, eMail
  • Education
    Available
  • Risk Management
    Standard risk features
  • Bonus Offers
    Refer a Friend, Active Trader Rebates
  • Trustpilot Reviews
    4.6 - ‎512 reviews
details

Pepperstone Offers The Leading Forex Trading Platforms

Pepperstone offers the best forex trading platforms that are considered the gold standards for forex trading around the globe. As these popular forex platforms are offered by a number of other top forex brokers in the UK it makes it easier to switch brokers if required. It also means there are more participants in marketplaces for elements such as trading programs when trading forex.

MT4 Trading Platform Logo1) MetaTrader 4 Trading Platforms

MetaTrader 4 (MT4) is globally the most popular forex trading platform based on its:

  • Easy to use interface
  • Fast execution speed
  • Expert Advisor automated trading
  • MQL4 coding language
  • Smart Trader add-ons
  • Single currency backtesting

MT5 Trading Platform Logo2) MetaTrader 5 Trading Platform

MetaTrader 5 (MT5) focuses on traders looking for a range of market (not just forex) offering:

  • Increased technical (33) and analytical indicators (44)
  • The ability to trade Share CFDs
  • Advanced charting in real-time and live news feeds
  • MQL5 coding language (simpler than MQL4)
  • Smart Trader add-ons
  • Multi-currency backtesting

cTrader Forex Trading Platform Logo3) cTrader Trading Platform

  • Inter-bank (London) direct market access for automated fx trading
  • Comprehensive customisation across the interface and detachable charts
  • Backtesting options for automated programs (marketplace and custom)

Pepperstone Equinix

A benefit of Pepperstone compared to other UK forex brokers is their ECN-like environment including ultra-fast execution speeds. Most forex orders are executed below ~30ms*, ideal for automated or high volume traders. This is achieved through EDGE which for MT4 is:

Faster – 10x latency reduction and 12x improvement in execution speed thanks to optical fibre connections to the New York interbank servers. Pepperstone also uses the Equinix servers next to Wall Street where over 60 exchanges, 150 financial service providers and 40 buy/sell firms are located.

Smarter – PPI (Price Improvement Technology) allows for optimal prices by routing to market hot-spots. This is displayed in the forex platform showing liquidity and the market order book.

Tighter – Improved interbank connectivity plus dark pool liquidity means tighter spreads starting at 0.0 for the EUR/USD currency pairing.

Pepperstone Has Award-Winning Customer Support

Pepperstone is one of the most awarded UK forex brokers when it comes to customer support. This includes the “best forex trading support” at the UK Forex Awards and “best forex trading support – Europe” at the Global Forex Awards. They also multi-award winners with Investment Trends, a survey sent to real forex traders annually.

Pepperstone UK Awards

The UK support offering customer service is based at:

Pepperstone Limited
70 Gracechurch St
London, UNITED KINGDOM EC3V 0HR

Customer service for forex traders is offered from this office and their satellite offices include:

  • Phone Support
  • Live Chat
  • E-mail Support

Overall, the combination of outstanding customer support, low trading costs, a choice of popular forex trading platforms and fast execution speeds is why we rated Pepperstone the best forex broker in the UK.

Open a demo account >>Visit Pepperstone >>


Our Rating

The overall rating is based on review by our experts

9.17
Spreads
10 / 10
Leverage
10 / 10
Trading Platform
10 / 10
Risk Management
7 / 10
Range of Markets
8 / 10
Customer Service
10 / 10

FAQs For UK Forex Brokers

The best forex broker in the UK is Pepperstone based on their low fees including spreads from 0.0 pips, £2.29 commissions (£4.59 round turn) which can be further reduced through the active trader program, choice of MetaTrader 4, MetaTrader 5 or cTrader forex trading platform and award-winning customer service. Pepperstone has local offices in London, United Kingdom and trades in the UK as Pepperstone Limited under Financial Conduct Authority (FCA) Registration Number 684312.

Beginner forex traders should consider City Index as the broker offers both spread betting and CFD trading. The forex broker provides extensive forex training for beginners, a unique forex platform that allows web trading, mobile trading via iOs and Android Apps or a desktop platform that can be downloaded and the option to trade indices, shares, forex and crypto. City Index in the United Kingdom trades as GAIN Capital UK Limited with local offices in London with FCA registration number 113942.

The lowest spreads available are through a Pepperstone Razor forex trading account. Average spreads on the currency pair EUR/USD are 0.0 to 0.3 pips with a commission of £4.59 round turn per 100k traded. To further reduce trading costs, Pepperstone offers an Active Trader program for monthly trading above 200 lots with rebates on commissions starting from 15%.

The best forex trading platform and the most popular worldwide is MetaTrader 4. While the platform isn’t the most visually appealing, it provides all the fundamentals required for a beginner to advanced forex and CFD traders. This includes a fast execution speed, ease of use and extensive automated trading feature and marketplace. Other leading forex platforms include MetaTrader 5 and cTrader.

More About UK Regulation

Every forex broker in the UK recommended on this page is listed on the Financial Conduct Authority FCA register. This was called the Financial Services Authority (FSA) prior to 2013 after which the Banking Reform Act reformed the authority. You can view the full list of FCA regulated brokers at the bottom of this page. The authority is independently formed by the government and funded by membership fees. Forex brokers are required to hold a minimum of £1 million in operating capital in the UK by the FCA. This increases based on a formula aligned to the number of traders an fx broker has. Other requirements include:

  • Segregating clients accounts from brokers so they can’t use it for operational expenditures
  • Instantly processing withdrawal requests.
  • Submitting annual audited reports to the FCA.
  • Submitting periodic statements showing capital holdings to ensure capital ratios requirements are met.
  • Complying with strict regulations surrounding marketing materials that advertise the brokers’ financial products
  • Resolving customer complaints and allowing any failed resolutions to be arbitrated by the UK Financial Ombudsman.

FSCSThe FCA has a compensation scheme to guarantee forex broker UK client funds are protected. This is called the Financial Services Compensation Scheme (FSCS). The objective of the FSCS is to compensate CFD traders when a broker comes into insolvency issues, offering protection up to £50,000. When insolvency and liquidation issues occur the FSCS provides CFDs traders with:

  • 100% of funds back up to £30,000
  • Up to 90% of funds back for amounts between £30,000 to £50,000

To submit a claim a CFD trader is required to make an insurance claim through the Financial Services Compensation Scheme website. Traders’ should ensure the firm is listed on the FSCS website as compensation is only available when the body deems the broker’s assets are frozen or it’s in liquidation.

To avoid a scam broker it is strongly recommended that UK residents choose an FCA regulated broker. It may also be worth keeping up-to-date with the regulator’s website as brokers’ can have their Financial Conduct Authority license revoked, this recently occurred in the UK with FXTM losing their FCA license.

FCA Forex Brokers

FCA Regulated Forex Broker List

Based on factors such as forex trading conditions, fees and customer service, a list of recommended UK forex brokers regulated by the FCA has been created.  This was last revised in January 2020 and is regularly updated based on CFD providers that gain or lose FCA licenses. Many brokers such as OANDA, XTB and their platform Xstation were considered in this review and may be featured on our other UK comparison page. They are shown in the table below.

UK BrokerLicence NumberMinimum DepositMax Retail LeverageMax Professional LeverageEUR/USD Spreads FromTrustpilot Broker Reviews
Pepperstone LimitedFCA 684312£5030:1500:10.04.6/5 - 508 reviews
Swissquote LtdFCA 562170€100030:1400:11.02.6/5 - ‎10 reviews
eToro (UK) LtdFCA 583263$20030:1400:132.3/5 - ‎1,670 reviews
IG Markets LimitedFCA 195355£25030:1222:10.64/5 - ‎2,460 reviews
City IndexFCA 113942£10030:1400:10.51.9/5 - ‎60 reviews
Abshire-Smith Global LtdFCA 590890£50030:1200:10.8
Activtrades PlcFCA 434413£100030:1400:10.54.6/5 - ‎572 reviews
Admiral Markets UK LtdFCA 595450€10030:1500:10.73/5 - ‎9 reviews
ADS Securities London Limited
FCA 577453£10030:1500:10.9
AxiTrader UK
FCA 509746£030:130:10.23.8/5 - ‎9 reviews
City Credit Capital (UK) LtdFCA 232015$50030:1100:13
CMC Markets UK plc
FCA 173730£030:1500:10.74.6/5 - ‎573 reviews
DarwinexFCA 586466€50030:130:10.13.9/5 - ‎7 reviews
Delta Financial Markets LimitedFCA 534027€1030:1200:10.62.6/5 - ‎6 reviews
Equiti CapitalFCA 528328$50050:1500:10.43.3/5 - 3 reviews
ETX CapitalFCA 124721£10030:1200:10.64.2/5 - ‎87 reviews
FCI MarketsFCA 616985$100030:1400:10.2
FOREX.com UKFCA 113942£5030:1200:10.82.8/5 - ‎17 reviews
Formax Prime Capital (UK) LimitedFCA 624225£100030:1200:10.2
FXCM LtdFCA 217689‎£30030:1400:10.73.6/5 - ‎17 reviews
FXGiantsFCA 585561$10030:1500:10.53.2/5 - ‎3 reviews
FXOpen UKFCA 579202€30030:1500:10.33.9/5 - ‎5 reviews
FxPro UK LimitedFCA 509956£10030:1500:11.53.4/5 - ‎85 reviews
GKFXFCA 501320€10030:1400:10.62.8/5 - ‎3 reviews
Hantec MarketsFCA 502635€100030:1400:11.83.7/5 - ‎117 reviews
Hirose Financial UK LtdFCA 540244£2030:1100:11.9
House of Borse LimitedFCA 631382$500030:1200:10.3
HYCM LtdFCA 186171$10030:1200:11.82.9/5 - ‎21 reviews
ICM Capital LimitedFCA 520965£20030:1200:11.32.6/5 - ‎4 reviews
Ikon Finance LimitedFCA 525113$20030:1500:11.5
Interactive Brokers (UK) LtdFCA 208159£033:133:10.23.9/5 - ‎197 reviews
InterTrader LimitedFCA 597312£38030:1400:10.63.2/5 - ‎1 review
Kerford Investments (UK) LimitedFCA 193030$100030:1200:11.0
Key To Markets LimitedFCA 527809€10030:1500:10.1
London Capital Group (LCG)FCA 182110£030:1200:10.32.3/5 - ‎13 reviews
LMAX LimitedFCA 509778$100030:1100:10.33.9/5 - ‎3 reviews
OANDA Europe LimitedFCA 542574€030:1100:11.13/5 - ‎28 reviews
One Financial MarketsFCA 466201£030:1400:11.0
OneTradeFCA 537787£50030:1100:10.1
PhillipCapital UKFCA 169760£20030:1400:10.7
Plus500 UKFCA 509909£10030:1300:10.64.3/5 - ‎904 reviews
Price Markets UKFCA 725804$50030:1400:10.0
SVSFXFCA 220929$10030:1400:11.0
TempleFXFCA 447281£5030:1500:11.1
TeraFX UKFCA 564741$10030:1500:10.6
ThinkMarketsFCA 629628£030:1500:10.42.9/5 - ‎28 reviews
TickmillFCA 717270£10030:1500:10.14.5/5 - ‎116 reviews
Valbury Capital LimitedFCA 540418$1500030:1100:10.3
Valutrades LimitedFCA 586541£030:1500:10.0
Vantage FXFCA 590299£20030:1500:10.03.7/5 - ‎7 reviews
VARIANSEFCA 802012£50030:1400:10.0
XTB LimitedFCA 522157£25030:1500:10.14.3/5 - ‎145 reviews

CFD and Spread Betting involve complex instruments and volatile markets. When combined with leverage, this can create a high-risk trading environment where clients’ can lose money quickly. A high percentage of retail investor accounts lose money when engaging in CFD trading, although risk varies with brokers’. It’s critical to understand how CFDs, forex trading and spreads betting work prior to entering highly leveraged, high-risk positions. Make sure that you understand the risks of CFDs and spread bets and can afford to lose your money when trading.

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