Best Forex Brokers In UK

FXCM Offers The Most Currency Pairs

With over 80 currency pairs and a range of CFDs, FXCM is an excellent option for UK investors’ wanting to start trading CFDs as well as major, minor and exotic currency pairs. In addition to an extensive selection of financial instruments covering Index, Share, Commodity, and currency asset classes, FXCM offers a Direct Market Access (DMA) account type where spreads are similar to an ECN or STP environment.

Key strengths of FXCM include:

1. Large range of forex pairs
2. Choice of trading platforms
3. Discounts for active traders

Account Types And Platforms

FXCM Account

FXCM offers a choice of 2 types of trading accounts. Most traders will use the FXCM Standard account however if you are a high-volume trader and have $25,000 to deposit then you might wish to consider the ActiveTrader account.

FXCM Standard Account

The FXCM is the trading account most traders with FXCM will use since there is no minimum deposit to sign up. Spreads are slightly wider than an ECN-style account but this is because there are no commission costs.

FXCM allows scalping and hedging and permits micro (0.01), mini (0.10) and standard lot trading (1.00). You can use any of the trading platforms on offer:

• Trading Station
• NinjaTrader
• MetaTrader 4
• ZuluTrade

All trading platforms support automation facilities and come with advanced backtesting capability.  Choose Trading Station, NinjaTrader or MetaTrader 4 if you want chart trading, choose ZuluTrader if you wish to copy trade. Another useful trading tool is Capitalise.ai. This tool allows you to create algorithms to automate your trading without any coding knowledge. This platform is free for all FXTM users however you will need to have a Trading Station account.

Active Trader Account

FXCM’s Active Trader Account means clients’ can trade at institutional-grade pricing with spreads as low as 0.2 pips on major forex pairs. This is possible as the broker price matches the best quotes top-tier liquidity providers offer. If you use the Trading Station platform, you will be able to see the depth of market (DoM) meaning you can view multiple levels of liquidity at each price point.

To use this account, you will need a minimum deposit of $25,000. Unlike the standard account, there are commission costs of $25 per 1 million traded if you trade 150 to 500M in a month.

 Final Verdict On FXCM

Those looking to trade not just forex majors but also exotic currency pairs and rare Contracts for Difference should choose FXCM based on the large range of forex and CFDs available with the online broker.

View FXCM Review >>Visit FXCM

*Your capital is at risk ‘67% of retail CFD accounts lose money

Plus500 Has The Top Mobile Forex Trading Platform

Plus500 is a market-maker forex broker that offers an intuitive trading platform with a range of useful risk management tools. When using this platform various asset classes are available for trade including Forex, Indices, Options, Shares, ETFs and Commodities.

Key Strengths Of Plus500 include:

1. Commission free trading
2. Large range of trading products
3. A Guaranteed Stop Loss Order

Plus500 Trading Accounts

Plus500 is a spread-only broker meaning they do not charge commission costs. When trading forex, commissions start from 0.6 for the EUR/USD currency pair.

To open an account, does not cost anything however there are margin requirements to open a trading position, this is normal with all brokers. Funding methods include Visa, Mastercard, Bank Transfer, PayPal and Skrill and there are no costs to make a deposit or withdrawal unless you make an international transfer.

One thing to note when trading with Plus500 does not allow scalping. Plus500 define scalping as entering and exiting your position within 2 minutes. Automated trading is also not permitted.

Plus500 Trading Platform

Plus500 has its own proprietary trading platform. This platform is available as a webtrader for browsers and an app for iPhone, iPad, smartwatches and Android devices.

While the screen for mobiles is smaller, the plus500 mobile app still has a fully functional trading environment that allows users to conduct in-depth analysis, manage accounts, and execute trades on over 2000 financial instruments.

One of the appeals of the Plus500 trading is its risk management tools.

Risk Management Tools

Plus500 comes with a number of useful risk management tools to help protect you against losses, of particular note is their Guaranteed Stop Loss Order.

Guaranteed Stop Loss Orders (GSLO):

For a small premium (by widening the spread) when you open your position, you can protect yourself from unexpected losses by using a GSLO. While a normal stop loss does not protect you from losses due to slippage, a GSLO ensures you will not lose more than you are prepared to.

Plus500 Trader Sentiment

Plus500’s traders’ sentiment feature allows clients to easily view traders’ sentiment for major currency pairs and financial instruments. This tool is helpful to those new to UK forex trading, as traders can gauge the portion of participants buying or selling in a specific market.

Price Alerts:

As well as different order types and sentiment features, Plus500 offers clients excellent alert tools. Price alerts will inform traders when financial instruments reach certain bid or ask prices, while the Change % alert notifies clients’ when a currency pair or a CFD experience an absolute price change reaching a pre-set level.

The Plus500 mobile app is highly regarded among forex traders based on broker reviews. On Google Play, the Plus500 mobile app has over 80,000 reviews with the app receiving a 4.2/5 rating, while the Apple app store also sees the mobile app receiving high praise at 4.2/5 stars from over 2000 reviews.

Plus500 offers an unlimited demo account, which unlike many UK forex companies the trial account offered has no time restrictions. A balance of virtual funds is provided to practise strategies, with full functionality of the mobile app available under a demo account.

Plus500 Products

Except for cryptos (which are banned for retail traders in the UK), Plus500 offers all the CFD products one should expect. Of particular note is the availability of nearly 100 ETFs and 300 options.

Final Verdict On Plus500

Plus500 is best for traders wanting access to a guaranteed stop loss or who want to be mobile when trading. The Plus500 mobile app seamlessly integrates with the web browser’s version allowing for easing switching between the app.

Visit Plus500>>

*Your capital is at risk ‘72% of retail CFD accounts lose money

eToro Is The Top UK CFD Broker For Social Trading

eToro UK Ltd is unique as a forex brokers in the UK with its focus on social trading. The broker earns its reputation as the best social broker for CFD trading with the following strengths:

1. Best social trading network in the industry
2. Excellent proprietary trading platforms
3. CopyTrader and Smart Portfolios platforms

The eToro Trading Accounts

eToro is a market maker, so only offers one type of trading account. This account is a zero commission trading account, in the case of CFDs, your costs will be the spreads and overnight fees which means there are no broker fees. You can also trade stocks and ETFs, these not only have no commission costs but also no overnight costs.

To open an account with eToro, you will need to make a minimum deposit of $50, which can be done using a range of funding methods such as Visa, MasterCard, PayPal and Neteller.

If you are of Islamic faith and wish to trade CFDs, then a swap-free account is available. You will need to make a minimum deposit of $1000 but unlike many brokers which widen the spread or change and administration fee, eToro does not divert swap fees to another type of charge.

1) Social Trading

eToro created CopyTrader which allows individuals to copy the best traders in the United Kingdom and around the world. When you choose a trader to follow, their trades get copied and inserted into your account. This can be then managed in a transparent and simple way. Below shows an example of the social investor’s section of the site. You can allocate a set proportion of your existing funds to copy the other trader’s portfolio. The individual you have copied also receives a small incentive from eToro for the more followers they receive.

It should be noted that copy trading is the most popular feature of eToro. They have over 3,000,000+ active traders worldwide, providing a plethora of choices when it comes to copying a portfolio. This is assisted through filters based on returns, the number of copiers and what markets they like to trade. Other options shown below are market portfolios, trader portfolios and partner portfolios, which combine traders, top performance assets or specific strategies.

2) Stockbroking

eToro offers UK residences with a zero commission stockbroking service. In addition to no commission costs, there are no management fees, rollover fees and brokerage fees, the only cost you pay is the ‘ask’ rate.  Shares are available for markets across the world from the UK, and Hong Kong to the USA and there are no limits on the amount you can trade which can be in bulk or in fractions. As a bonus, eToro also includes free stock analysis from a team of experts.

While there are no commissions, there are fees when it comes to trading shares with eToro. These include conversion fees for most UK residences as the eToro platform uses USD. This means transferring your GBP to eToro for share trading has some currency conversion charges. Additionally, there is a withdrawal fee which is USD 25. Again, this should be factored into the cost when comparing the top UK broker with other share trading services.

3) CFD Trading

If you’re more familiar with traditional CFD products, you can start trading with eToro across shares, commodities, currencies, indices and EFTs. Leverage for retail UK traders is up to 30:1 which is the maximum set by the FCA and the broker sets limits on margin calls. If you qualify for a professional account, this can be increased by up to 400:1 leading to a high-risk environment. If trading with either a retail or professional account trying the free demo account first before a high-risk live account is recommended.

Final Verdict On eToro

Individuals who want to copy the trades of selected forex traders and like being part of a social trading community should choose eToro. Just note the broker has higher brokerage in some categories with unique charges such as withdrawal fees. They are regulated by the FCA, MiFID, ASIC and CySEC.

Visit eToro >>

*Your capital is at risk ‘68% of retail CFD accounts lose money’

FxPro Has The Best Forex Broker UK Customer Support

Our best forex broker UK analysis found FxPro had one of the best range of markets including over 70 currency pairs with ultra-tight spreads in addition to Shares, Spot Metals, Spot Energies, Spot Indices, Shares and Futures.

FxPro clients gain access to institutional-grade pricing due to the brokers’ top-tier liquidity providers with No Dealing Desk (NDD) intervention. With NDD Execution and Equinix Data centres in Amsterdam and London, latency is low with the execution time averaging less than 11.06 ms.

Key Strengths In the FxPro offering include:

1. Choice of Variable and Fixed Spreads
2. Choice of 4 trading platforms
3. Specialist Spread Betting Platform

FxPro Trading Accounts

It is worthwhile making an effort to understand the types of accounts FxPro offer before signing up as there are differences between each account.

FxPro MT4 and MT5 is the standard account most traders will use. The main feature to be aware of is that you can choose between the MT4 and MT5 trading platforms. Should you select the MT4 platform, then you can have the option of MT4 Instant which means fixed spreads for 7  currency pairs instead of variable spreads. Regardless if you pick MT4 (fixed or variable) or MT5, this account has no commission costs.

FxPro cTrader means you will be using the cTrader trading platform. Unlike MT4 or MT5, you will pay commission costs and shares, cryptos and futures are not available.

The last account is the FxPro Platform, this account has the same products as MT5 and also has no commission costs.

FxPro Trading Platforms

In addition to MT4 and MT5 (which are available with many brokers on this list), FxPro also offers cTrader and their own platform called FxPro Trading Platform. This platform will appeal to traders wanting a few extra analysis features beyond what is found on the MetaTrader Platforms. This includes over 50 inbuilt indicators and charting tools and 6 chart types with 15 timeframes. The platform also gives you greater control of your funds. All FxPro products can be traded on this platform and there is a mobile and desktop versions.

Customer Support

Customer service is considered one of FxPro’s main advantages. The forex and CFD broker provides multilingual support with customer support agents available to help in over 17 languages 24 hours, 5 days a week.

Multilingual Customer Service:

FxPro offers clients extensive educational resources to assist with any trading or broker queries’ they may have. On the FxPro website, a library of videos is freely available with ‘How To’ instructions covering topics such as opening and funding an account as well as downloading fx platforms.

For those wanting to reach customer support agents directly, traders’ can request a callback when it suits them, or get instant assistance from FxPro representatives via Live Chat. Free call numbers are available for a range of countries, with clients also able to contact the broker via email. For those wanting to gain advice and information face-to-face, FxPro has offices in the UK, Cyprus, Monaco and the United Arab Emirates.

Final Verdict On FxPro

Traders who are looking for the most awarded broker (70+ UK and international awards) should choose FxPro with core strengths in their customer support, no dealing desk spreads and execution speeds.

Visit FxPro>>

*Your capital is at risk ‘73.76% of retail CFD accounts lose money’

CMC Markets Is One Of The Top Best Spread Betting Brokers

CMC Markets offers a wide product range, tight spreads, and automated execution for traders’ wanting to partake in spread betting. CMC clients’ can go long or short in trades within Forex, Index, Treasury and Commodity markets. Pricing is favourable as gains are subject to fewer taxes than other financial instruments, plus no commission fees as the broker is compensated through the spread.

Key Strengths Observed With CMC Markets Include:

1. Spread Betting With a Large Range Of Products
2. Commission Free Trading
3. Risk Management Tools

CMC Markets Trading Accounts

CMC Markets don’t charge a commission when trading forex and CFD products however there is a commission fee of 0.1%  when trading shares. Conditions are much the same when spread betting. Forex spreads start from 0.7 pips for major pairs which makes them relatively competitive.

Tax-Efficient Investments

Many UK residents prefer a spread betting broker as profits are tax-free. Profits made from spread betting platform trades are not subject to capital gains tax (CGT) in the United Kingdom, although traders should determine whether profits are subject to other taxes prior to entering high-risk positions. As well as avoiding CGT, spread betting investors are not required to pay stamp duty as they do not own the underlying asset. As spread betting is a tax-efficient investment, many traders prefer spread betting to buying and selling physical assets.

You can spread bet using all products CMC offer, so whether you prefer to bet using Forex, Indices or Commodities, there are no shortage of options.

CMC Markets Next Generation Trading Platform Has Good Risk Management Tools

In addition to MetaTrader 4, CMC Markets also have its own trading platform called Next Generation. This platform is for traders wanting extra analysis and risk management tools.

The Next Generation platform comes with 115 technical indicators, 70 charting patterns, 35 drawing tools plus 20 years of price history for backtesting. The platform also has a wealth of risk management tools

Different order types include:

• Guaranteed stop-loss orders (GSLOs)
• Partially close trades
• Boundary orders

Final Verdict On CMC Markets

Traders who want to try Spread Betting should consider CMC Markets due to their large range of products and the Next Generation Trading Platform.

View CMC Markets Review >>Visit CMC Markets>>

XTB Has The Most Advanced Demo Account

XTB is a forex and CFD exchange-listed firm that is regulated by the FCA and accepts UK residents. The broker provides comprehensive market access to a range of asset classes, including Forex, Indices, Stocks and ETFs.

Key Strengths of XTB:

1. Large Range Of Trading Products
2. Demo Account
3. Education Tools

XTB Trading Account

XTB (like many traders on this list) offers commission-free forex trading for their products however they do advertise a lower minimum spread than their competitors being just 0.35 pip for the EUR/USD. If you trade stocks or ETFs then you will pay a commission of 0.08%. XTB is a no-dealing desk broker which means they connect you with liquidity providers and are not your counterparty to your trades.

Demo Account

For those wanting to explore forex and CFD trading, or test sophisticated trading instruments and strategies, XTB’s free demo account is an excellent educational resource. Demo account users’ are given 4 weeks to practise trading and a virtual balance of ￡100,000.

Demo users gain access to an environment very similar to trading with real money without the high risk of losing capital. Over 1500 financial instruments are available to practise with, including Forex, Index, Commodity and Share CFDs.

Trading strategies can be tested on XTB’s proprietary platform, xStation, depending on a demo account users’ trading needs and preferences.

When you open an XTB demo account a trader can access the full range of financial instruments.

Educational Resources

As well as the benefits of a demo account for both beginner and advanced traders, XTB offers a range of educational resources to gain confidence. Our best forex broker UK comparison found the XTB website had the most videos explaining trading strategies, trading instruments and forex platforms as well as live webinars. Educational resources are separated into experience levels, ensuring there is useful information for all levels of experience by providing Basic, Intermediate, Expert and Premium content.

Once demo account users feel confident buying and selling financial instruments with real money, traders’ can choose between Standard, Pro and Islamic Account structures depending on preferences surrounding commission fees, minimum deposits, leverage, and swap fees.

Final Verdict For XTB?

If you are unfamiliar with forex and CFD markets or looking to trial different trading strategies in a risk-free environment, then XTB is recommended with an unlimited demo account available across a number of advanced platforms.

XTB Review >>Visit XTB >>

Our Best Forex Broker UK For Beginners Is City Index

City Index is the best UK forex broker for beginner forex traders based on their low spread only account. Below compares City Index to comparable spread only CFD brokers that don’t charge a commission on trades. Not only does City Index have the lowest spreads but they also require a low initial deposit of £100 to open a trading account.

The broker offers forex traders comprehensive forex training resources, suited to all levels of experience from beginner to advanced traders. This starts with an introduction to CFD markets and moves to advanced trading strategies. There are also webinars and videos to further enhance traders’ knowledge of forex markets.

City Index has the Financial Conduct Authority Licence 113942 and the parent company is Gain Capital which is regulated in 8 jurisdictions. They have an online forex platform that’s ideal to use for beginner forex traders with the option of micro accounts with an initial deposit requirement of $0.

What UK Trader Best Suits City Index?

City Index is designed for those new to currency trading with an easy-to-use forex platform, risk management tools and training. The broker is a good starting point for forex markets with low spreads.

City Index Review >>Visit City Index >>

Swissquote Is The Most Trusted Broker

If you are after a broker with access to deep liquidity and fast execution along with an appealing range of trading platforms then Swissquotes is one broker you can trust to deliver. Depending on your trading preferences, a range of account types is available to suit different personal needs.

Key Strengths

1. Fast execution speed and 100% fills
2. Award-winning trading platform
3. Large range of trading products

Swissquote Forex Account Types

With 3 account types for retail traders along with a professional account for eligible traders, Swissquote can offer attractive conditions for traders of all levels.

Two commission-free accounts are available, these are the Prime and Premium accounts. Prime has lower spreads which start from 0.6 pips (EUR/USD) but a higher minimum deposit to open the account. Prime has spread which starts from 1.3 pips but the deposit is comparatively lower being USD 1000.

If you are a retail trader and are after even lower spreads then there is the Elite account. While you do pay a commission of 2.5 EUR for each standard lot, spreads can be as low as 0.0 pips. The minimum deposit is quite a high amount being USD 10,000 but this goes toward your future trades anyway so this account is best for serious traders.

Maximum leverage when trading forex for these three accounts is 30:1 for major currency pairs and 20:1 for minor pairs. If you wish to trade with higher leverage there is the Professional account. You must first qualify with successful applicants given up to 400:1 leverage.

Swissquotes Strengths

One impressive aspect about Swissquotes is their average execution speed. Faster execution means less chance of slippage. With an average latency of just 9 ms, it is no surprise that 59% of trades have no slippage. More importantly, when slippage does occur, 21% of the time, price movements are favourable to traders.

The other notable statistic is the 100% fill ratio. A low fill ratio can mean that either the broker is rejecting trades because they are unfavourable or the broker cannot access the necessary liquidity to fulfil trades. Swissquote uses a hybrid market maker/no dealing desk model which means, that if they cannot use their own liquidity for your trades, they have sufficient connection with liquidity pools to honour your trade.

All up this means Swissquote can offer competitive spreads and the near-promise of your trades being completed in a fast time at the quoted price.

Swissquote Trading Platforms

Like any good broker, Swissquote allows offers a range of platforms to suit the needs of different traders. In the case of Swissquote, you can choose from the broker proprietary platform Advanced Trader, or the mainstream platforms – MetaTrader4 and MetaTrader5. All platforms are available for desktop (not Mac in the case of Advance Trader), web and mobile

MetaTrader 4 and MetaTrader 5 are both excellent options and a good reason to select Swissquote but Advanced Trader is superior if you have specific or complex trading needs.

Multiple order types are available that you won’t find on MetaTrader. These include One-Cancels-The-Other and IF-Done Order. And if charting is your thing, Advanced Trader integrates with TradingView meaning over 100 technical indicators, 65+ drawing tools, 11 chart types and 15-time frames.

Other features include automatic pattern detection, market research and Multi Account Manager should you need to manage other people’s accounts. Other features include AutoChartist and Trading Central.

Swissquote Trading Products

Over 70 currency pairs are available for forex CFD trading with Swissquote. This range place means they offer one of the larger ranges compared to most brokers. Most of these pairs are also available as options that can have a maturity period of 1 day to 1 year.

If you wish to trade metals, Swissquote offers precious metals like gold, silver, platinum and palladium. Gold spreads begin at 0.23 pips and along with silver, you can trade this against GBP, EUR, CHF and AUD in addition to the usual USD. Just note that trading lots differ when using Advanced Trader compare to MetaTrader. MetaTrader standard lots 1 lot are 1000 ounces (except for silver which is 5,000 ounces). Standard lots for all metals with Advanced Trader are 1 ounce.

Swissquote also offers shares, indices, energies and bonds are also available. Indices are available using spot or as forwards while commodities can be traded as forwards or synthetics. All bonds are available as forwards.

Final Verdict On SwissQuote

With exceptionally fast execution speed, an award-winning trading platform and an extensive array of range of financial instruments available to trade with, Swissquote is a safe choice as your broker.

View Swissquote Review >>Visit Swissquote >>

ThinkMarkets Has Forex Broker UK Trader Protection

All the brokers on this page are FCA regulated, which means:

• Clients’ funds are held in a segregated account
• £85,000 cover in the case of an insolvency
• Limited negative balance protection

For the past 5 years, ThinkMarkets offer additional protection up to £1,000,000 insurance on top of FCA regulation with Lloyds.

It should be noted that retail investor accounts have more FCA protection by default, as trading CFDs are complex instruments to those new to trading. Professional traders though have limited protection, which is why this extra level would appeal to higher volume experienced foreign exchange traders. ThinkMarkets has two online trading accounts including the standard account and ECN style ‘Thinkzero’ account with EUR/USD spreads from 0.1 pips.

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*Your capital is at risk ‘71.89% of retail CFD accounts lose money’

IG Broker UK Has A Good Trading Platform Range

IG Markets is a market maker that provides one of the largest range of CFD products of all brokers and usually with no commission costs.

Key Strengths of IG

1. One of the oldest and largest CFD brokers
2. Large range of trading platforms to choose from
3. DMA trading

There are 4 trading platform options.

• L2 Dealer
• ProRealTime
• MT4
• IG’s proprietary platform

IG Trading Accounts

Most IG clients will be using the IG CFD trading account. Choosing this trading account means you can access IG Markets’ entire range of trading instruments and except for share CFDs, you will not need to pay commission costs. Spreads for major forex pairs start from 0.6 pips making them one of the most competitive brokers on the market when it comes to no commission trading.

Should you want greater control of your trading, a DMA account is also available. DMA means Direct Market Access and is similar to ECN or STP trading, the difference is that you have complete visibility of the order books at the trading exchange.

To trade with DMA you will need to use either the IG trading platform or the L2 dealer. However, be aware that L2 Dealer allows you to trade with Forex and Shares while IG Trading Platform is limited to stocks only.

IG Markets allows you to choose from more trading platforms than many other brokers. Each trading platform is designed for different types of traders so IG is really catering for all types of clients.

IG Trading Platform is IG’s award-winning trading platform that allows you to trade all the trading instruments IG has to offer. With this platform, you get an exceptionally fast execution speed of 0.014 on average.

Unique features of this platform include guaranteed stop loss for protection in market volatility and DMA share trading. This platform is also available spread betting UK Platform.

This platform is available for desktop, tablet and mobile trading apps and via web browsers with mobile shortcuts for faster trading.

MetaTrader 4 is the best choice for trading with automation. MT4 allows you to use Expert Advisors which allow you to automate your trading. MT4 is good for CFD trading, especially forex, do not use this platform if you wish to trade shares.

ProRealTime is a web platform with advanced charting tools. If a technical analysis is important to you, then this platform can give you the edge you need.

L2 Dealer is IG Markets proprietary platform for DMA trading. If you are looking for visibility of the price order books and greater control of the spreads you pay, then DMA trading has the potential to lead to savings.

IG broker UK is only of the oldest brokers with 45 years of experience. They offer a variety of CFD trading and even interest rates and have VIP accounts for high-volume traders. Their FCA company number is 04008957.

Final Verdict On IG Markets

Individuals who want to trade with the largest foreign exchange broker and have the choice of forex platform with the ability to switch should consider IG.

Visit IG >>

Eightcap Has The Best STP/ECN Accounts

As a no-dealing desk broker, Eightcap has STP or ECN ‘like’ pricing. This means their price feeds are taken from a large pool of tier-1 liquidity providers and brought directly to you with no price interference.

With spreads being 0.0 pips around 50% of the time and averaging 0.02 to 0.10 pips for EUR/USD, Eightcap is one of the best brokers for low spread STP/ECN forex trading accounts.

Key Strengths With Eightcap

1. Competitive Spreads
2. Top Range Of Trading Platforms
3. Best Choice For Automations

Most Competitive Spreads With ECN-Like Pricing

Your spread cost is one of the most important factors to consider when choosing a broker given you pay a spread cost each time you open and close your trading position (per 100,000 lots).

As such, these costs can add up very quickly, especially if you are a high-volume trader, scalper or trade with high leverage, and for this reason, you want to pick a low-spread forex broker.

Eightcap is not only able to achieve such tight spreads, but it also does so at execution speeds of 30ms given its server’s location in the Equinix TY3 Data Centre in Tokyo. This means the servers are close to many tier-one providers within the Equinix Ecosystem for low latency and therefore faster pricing.

Brokers that connect you with liquidity providers with no dealing desk tend to have the lowest spread costs. For this reason, you pay commission costs which allow the broker to avoid widening their spread to recover their costs.

Given the spreads are 0.0 for EUR/USD around 50% of the time, and Eightcap’s commission costs match their main competitors, the broker’s spread costs are amongst the best in the industry.

Account Summary

Eightcap gives you two trading account options: Standard and Raw. Spreads for the Standard account start from 1.0 pip which doesn’t compare well with Pepperstone but the Raw account is excellent value and our recommended STP style account.

Raw Account

Eightcap’s ECN-style Raw Account has amongst the best spreads of all UK brokers.

Spreads for major currency pairs such as EUR/USD can be as low as 0.0 pips, by far Eightcap’s biggest selling point. Like the best no-dealing brokers, Eightcap uses STP technology to source the best quotes from top-tier liquidity providers with no mark-ups.

You will need to pay commission costs in addition to the spread which is GBP $2.25 (one-way) and $4.50 (round-turn) for each standard lot you trade. These commission costs are consistent with what many brokers charge.

As can be seen in the spread table below, Eightcap average spreads for many currency pairs are industry-leading. You can expect the EUR/USD to be 0.0 pips about 50% of the time.

ECN Broker Spreads	USD/JPY USD/CAD EUR/USD EUR/GBP AUD/USD AUD/JPY GBP/USD USD/JPY USD/SGD	USD/JPY USD/CAD EUR/USD EUR/GBP AUD/USD AUD/JPY GBP/USD USD/JPY USD/SGD	USD/JPY USD/CAD EUR/USD EUR/GBP AUD/USD AUD/JPY GBP/USD USD/JPY USD/SGD	USD/JPY USD/CAD EUR/USD EUR/GBP AUD/USD AUD/JPY GBP/USD USD/JPY USD/SGD	USD/JPY USD/CAD EUR/USD EUR/GBP AUD/USD AUD/JPY GBP/USD USD/JPY USD/SGD
	0.23	0.20	0.06	0.42	0.27
	0.26	0.47	0.17	0.40	0.24
	0.20	0.30	0.20	0.40	0.20
	0.50	0.60	0.30	0.50	0.50
	0.30	N/A	0.30	0.50	0.40
	0.20	0.83	0.44	0.40	0.42
	0.24	N/A	0.17	0.54	0.30
	0.30	0.70	0.20	0.50	0.40

Avg. spreads are taken from each broker's website and updated monthly. Last update on 01/11/2022

Products

As a Forex broker, Eightcap offers 40 major, minor and exotic foreign exchange markets to trade for UK traders. While light on in some markets, Eightcap does have a solid range of over 400 stocks you can trade, including 326 trading symbols.

You can also obtain leverage of up to 30:1 for retail, and up to 500:1 for professional accounts with Forex derivatives. A disclaimer: while high leverage does maximise your returns, you take on more exposure to market volatility so it is a high-risk investment.

Trading Platforms

Eightcap is a MetaTrader specialist so they only offer the MetaTrader 4 and MetaTrader 5 trading platforms. The good thing about using Eightcap is that they don’t place limitations on how you use MetaTrader. This means you can use it for automation, scalping, hedging and integrating with other 3rd part products.

For most traders, this is perfectly fine. MetaTrader 4 is the most popular trading platform in the world for good reason. If you wish to trade forex, you will find it has everything you need to trade successfully. MetaTrader 5 basically has everything MetaTrader 4 has but even more features and advanced trading tools, as indicated below.

Choose MetaTrader 4 if you wish to join the world’s largest trading community. You will find the MetaTrader 4 marketplace has thousands of free and paid indicators and automation expert advisors so you can optimise your trading experience.

The MetaTrader 5 marketplace is smaller than MetaTrader 4 but it is growing. You should still be able to find the indicators and automation expert advisors you need.

Where MetaTrader 5 has the advantage is that it is built for centralised trading meaning it can also offer Share trading. MetaTrader 5 also has 64-bit processing which means more powerful backtesting.

FX Blue Labs Products

To help you get started with MetaTrader, Eightcap include FX Blue Laps which is a suite of 28 widgets, trading expert advisors and charts. Trading apps include Alarm Manager, Correlation matrix and Trader, Mini and Trade Terminal and Stealth Orders. The indicator package includes charts such as Donchian, Chart-In-Chart and Renko Bar.

If you wish to automate your trading, you can integrate Capitalise.ai with MetaTrader. This tool allows you to create your own algorithms without knowing any code.

Eightcap has also recently announced a partnership with CryptoCrusher, a crypto enhancement trading tool and The Amazing Trader, a charting algorithmic platform for FX, indices, cryptos and metals with an in-built risk management tool. Please note that FCA regulations prohibit UK traders from cryptocurrency CFD trading.

Final Verdict On Eightcap

Eightcap is an excellent no-dealing desk broker. With competitive spreads and an excellent range of trading platforms and tools, Eightcap is a broker worth considering.

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