Best UK Forex Brokers 2019 List
The best forex broker in the UK are regulated by the FCA (formally FSA) and offer low spreads, advanced features and customer service Below lists the ‘top 5’ UK forex brokers.
- Pepperstone – Best Overall UK Broker
- Swissquote – Best Range Of Financial Markets
- eToro – Best Social/Copy Trading
- IG – Best Range Of Forex Trading Platforms
- City Index – Ideal For Beginner Traders
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.
Best Forex Broker In UK = Pepperstone
Pepperstone trades is Pepperstone Limited in the UK and is regulated with Financial Conduct Authority license 684312 and ASIC. Pepperstone was considered the UK top forex broker based on their low trading fees, forex trading platforms and customer services. Each factor is discussed below and is designed solely for traders based in the United Kingdom.
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. That commission is £2.29 per lot for those who use MetaTrader and £3.50 for those who select the cTrader forex platform. This Pepperstone Razor account a shown below is recommended for advanced traders, algorithmic traders and scalpers.
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 at very high volumes. Ignoring this program and just looking at the standard commissions, below compares Pepperstone to similar UK ecn broker equivalent accounts.
|EUR/USD Spreads From||Commission||Minimum Deposit|
|London Capital Group||0.0||£2.35||£0|
It should be noted that are no deposit or withdrawal fees charged by Pepperstone. The only charges may be 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 such a low spread and commission account.
Pepperstone Offers The Leading Forex Trading Platforms
Pepperstone offers the best forex trading platforms that are now propriety to Pepperstone. 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 increasing choice when trading forex.
1) 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
2) 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
3) cTrader Trading Platform
- Inter-bank (London) direct access for automated fx trading
- Personalisation options across the interface and detachable charts
- Backtesting options for automated programs (marketplace and custom)
What makes Pepperstone standout against other UK forex brokers is their ECN broker like forex platform 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 60+ exchanges, over 150 financial service providers and over 40 buy/sell firms are located.
Smarter – PPI (Price Improvement Technology) gets 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 which is a survey sent to real forex traders annually.
The UK support offering customer service is based at:
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, the choice of the most popular forex trading platforms and fast execution speeds which is why we rated Pepperstone the best forex broker in the UK.
Range Of Financial Markets = Swissquote
There are two entities in Europe when it comes to Swissquote. The first is Swissquote Bank Ltd and as a Switzerland licenced bank, it has a range of financial instruments and markets. Swissquote Bank Ltd is not FCA regulated and rather is licenced by FINMA
Share trading, bonds, funds, ETFs and derivatives trading
Swissquote Bank offers traditional low fee stockbroking services in markets around the world. It also offers:
- Themes Trading
- Swiss DOTS
- Warrants & Derivate
- Options & Futures
Swissquote Ltd is FCA regulated and focuses more on trading CFD trading and forex markets than it’s European parent company.
Foreign Exchange Trading
Forex trading (also known as foreign exchange) is the core product of Swissquote Ltd with features including:
- Spreads from 0.6 pips
- No commissions on trading
- 30:1 leverage for retail traders
- 15 currencies to trade (including GBP, EUR, USD)
There are several account types with the prime account has the lowest spreads of the non-commission forex trading accounts offered but has a very high initial deposit of 5,000 Euros. On the plus-side, Swissquote is one of the few UK CFD brokers to offer negative balance protection. This means that a trader’s losses can’t exceed their deposit. This has been known to occur during extreme trading events with leverage leading to large losses which for some other brokers needs to be repaid.
Precious Metals and Commodities
Like forex markets above, precious metals can be traded against currency pairs. This includes Gold (XAU), Silver (XAG), Platinum (XPT) and Palladium (XPD). Commodities, on the other hand, are easily impacts by external factors from the global output, technology advances and economic development. Examples of crude oil include Crude Oil (#USOIL) (#UKOIL), Natural Gas (#NG) and Copper (#HGC). Both precious metals and commodities have higher spreads than foreign exchange trading and lower leverage.
Stock Indices And Bonds
As an indicator of an economy’s health, stock indices help traders benefit from broad movements in markets. Example of indices are the #SP500 which is the market-weighted top 500 US shares while the #NAS100 focuses on the top 100 technology and bio-technology shares from Amazon to Facebook. The #DE30 focuses on the top 30 shares on the Frankfurt Exchange while the #SMI focuses on the smaller Swiss market.
Bonds, on the other hand, are viewed historically as a risk management tool. Leverage helps magnify these relatively small movements which are primarily influenced by interest rate movements. Many traders based on this use bonds as part of their hedging strategy. The primary bonds are the US Treasure Bonds (US T-Bond), Gilts issued by the British government (UK Long Gilt) and the Bund which focuses on obligations (long-term) of the German government (German Bund)
Training Across All Markets
What makes Swissquote one of the best brokers is their education across their range of markets including online training (including videos), online seminars and offline training across Europe. Below shows an example of videos created by Swissquote to educate traders on forex markets. There are a number of local numbers outside of the UK if you are travelling such a Cyprus which the number is 800 96595.
View the completed Swissquote review to learn more about the CFDs online broker.
Social Trading = eToro
eToro is regulated by several authorities around the world including the:
- Financial Conduct Authority (FCA) 583263
- Cyprus Securities & Exchange Commission (CySEC) 109/10
- Australian Securities and Investments Commission (ASIC) 491139
Range Of Forex Trading Platforms = IG Markets
retail cfd accounts
retail investor accounts
Best Beginner Forex Brokers = 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 also a low minimum deposit of £100.
|UK Broker||EUR/USD Spreads From||Minimum Deposit||Max Professional Leverage|
|IG Markets Limited||0.6||£250||222:1|
|CMC Markets UK plc||0.7||£0||500:1|
|Admiral Markets UK Ltd||0.7||€100||500:1|
|OANDA Europe Limited||1.1||€0||100:1|
|eToro (UK) Ltd||3||$200||400:1|
City Index has the Financial Conduct Authority Licence 113942 and the parent company is Gain Capital which is regulated in 8 jurisdictions.
More About UK Regulation
All the forex brokers displayed on this United Kingdom page are locally regulated by the Financial Conduct Authority. 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
- Processing instantly withdrawal requests.
- Submitting to the FCA annual audited reports.
- Submitted periodic statements that show capital holdings ensuring capital ratios requirements are met.
- Meeting strict regulations for marketing and advertising their financial products
- Resolving customer complaints mutually and allowing any failed resolution to be arbitrated by the UK financial ombudsman.
The FCA has a compensation scheme to guarantee forex broker UK client funds. This is called the Financial Services Compensation Scheme (FSCS). The objective of the FSCS is to compensate CFDs traders when a broker has insolvency issues with protection up to £50,000. When a solvency issue occurs and liquidation occurs 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 make a claim a CFDs trader needs to make an insurance claim through the Financial Services Compensation Scheme website. Make sure 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’s strongly recommended to choose a regulated broker. It may also be worth keeping up-to-date with the regulator’s website as recently a CFD like FXTM lost it’s Financial Conduct Authority licence in the United Kingdom.
FAQs For UK Forex Brokers
What is the best forex broker in the UK?
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 Registration Number 684312.
What is the best forex broker for beginners?
Beginner forex traders should consider City Index which offers both spread betting and CFD trading. The forex broker offers extensive forex training for beginners, a unique forex platform that allows Web Trading, mobile trading via iOs/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.
Which forex broker has the best spreads?
The lowest spreads available is through the Pepperstone razor forex trading account. The average EUR/USD spreads are 0.0 to 0.3 pips with a commission of £4.59 round turn 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%.
What is the best forex trading platform?
The best forex trading platform is MetaTrader 4 which is also the most popular forex platform worldwide. While the platform isn’t the most visually appealing it does the fundamentals right. 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.
FCA Regulated Forex Broker List
Based on factors such as forex trading conditions, fees to customer service levels a list of recommended UK forex brokers regulated by the FCA was created. This was last updated in November 2019 and is regularly updated based on CFD providers that gain or lose FCA regulation. Many brokers such as OANDA, XTB and their platform Xstation were considered in this review but were didn’t make it to the broker review shortlist. They are though shown on the table below.
|UK Broker||Licence Number||Minimum Deposit||Max Retail Leverage||Max Professional Leverage||EUR/USD Spreads From||Trustpilot Broker Reviews|
|Pepperstone Limited||FCA 684312||£50||30:1||500:1||0.0||4.6/5 - 508 reviews|
|Swissquote Ltd||FCA 562170||€1000||30:1||400:1||1.0||2.6/5 - 10 reviews|
|eToro (UK) Ltd||FCA 583263||$200||30:1||400:1||3||2.3/5 - 1,670 reviews|
|IG Markets Limited||FCA 195355||£250||30:1||222:1||0.6||4/5 - 2,460 reviews|
|City Index||FCA 113942||£100||30:1||400:1||0.5||1.9/5 - 60 reviews|
|Abshire-Smith Global Ltd||FCA 590890||£500||30:1||200:1||0.8|
|Activtrades Plc||FCA 434413||£1000||30:1||400:1||0.5||4.6/5 - 572 reviews|
|Admiral Markets UK Ltd||FCA 595450||€100||30:1||500:1||0.7||3/5 - 9 reviews|
|ADS Securities London Limited||FCA 577453||£100||30:1||500:1||0.9|
|AxiTrader UK||FCA 509746||£0||30:1||30:1||0.2||3.8/5 - 9 reviews|
|City Credit Capital (UK) Ltd||FCA 232015||$500||30:1||100:1||3|
|CMC Markets UK plc||FCA 173730||£0||30:1||500:1||0.7||4.6/5 - 573 reviews|
|Darwinex||FCA 586466||€500||30:1||30:1||0.1||3.9/5 - 7 reviews|
|Delta Financial Markets Limited||FCA 534027||€10||30:1||200:1||0.6||2.6/5 - 6 reviews|
|Equiti Capital||FCA 528328||$500||50:1||500:1||0.4||3.3/5 - 3 reviews|
|ETX Capital||FCA 124721||£100||30:1||200:1||0.6||4.2/5 - 87 reviews|
|FCI Markets||FCA 616985||$1000||30:1||400:1||0.2|
|FOREX.com UK||FCA 113942||£50||30:1||200:1||0.8||2.8/5 - 17 reviews|
|Formax Prime Capital (UK) Limited||FCA 624225||£1000||30:1||200:1||0.2|
|FXCM Ltd||FCA 217689||£300||30:1||400:1||0.7||3.6/5 - 17 reviews|
|FXGiants||FCA 585561||$100||30:1||500:1||0.5||3.2/5 - 3 reviews|
|FXOpen UK||FCA 579202||€300||30:1||500:1||0.3||3.9/5 - 5 reviews|
|FxPro UK Limited||FCA 509956||£100||30:1||500:1||1.5||3.4/5 - 85 reviews|
|GKFX||FCA 501320||€100||30:1||400:1||0.6||2.8/5 - 3 reviews|
|Hantec Markets||FCA 502635||€1000||30:1||400:1||1.8||3.7/5 - 117 reviews|
|Hirose Financial UK Ltd||FCA 540244||£20||30:1||100:1||1.9|
|House of Borse Limited||FCA 631382||$5000||30:1||200:1||0.3|
|HYCM Ltd||FCA 186171||$100||30:1||200:1||1.8||2.9/5 - 21 reviews|
|ICM Capital Limited||FCA 520965||£200||30:1||200:1||1.3||2.6/5 - 4 reviews|
|Ikon Finance Limited||FCA 525113||$200||30:1||500:1||1.5|
|Interactive Brokers (UK) Ltd||FCA 208159||£0||33:1||33:1||0.2||3.9/5 - 197 reviews|
|InterTrader Limited||FCA 597312||£380||30:1||400:1||0.6||3.2/5 - 1 review|
|Kerford Investments (UK) Limited||FCA 193030||$1000||30:1||200:1||1.0|
|Key To Markets Limited||FCA 527809||€100||30:1||500:1||0.1|
|London Capital Group (LCG)||FCA 182110||£0||30:1||200:1||0.3||2.3/5 - 13 reviews|
|LMAX Limited||FCA 509778||$1000||30:1||100:1||0.3||3.9/5 - 3 reviews|
|OANDA Europe Limited||FCA 542574||€0||30:1||100:1||1.1||3/5 - 28 reviews|
|One Financial Markets||FCA 466201||£0||30:1||400:1||1.0|
|PhillipCapital UK||FCA 169760||£200||30:1||400:1||0.7|
|Plus500 UK||FCA 509909||£100||30:1||300:1||0.6||4.3/5 - 904 reviews|
|Price Markets UK||FCA 725804||$500||30:1||400:1||0.0|
|TeraFX UK||FCA 564741||$100||30:1||500:1||0.6|
|ThinkMarkets||FCA 629628||£0||30:1||500:1||0.4||2.9/5 - 28 reviews|
|Tickmill||FCA 717270||£100||30:1||500:1||0.1||4.5/5 - 116 reviews|
|Valbury Capital Limited||FCA 540418||$15000||30:1||100:1||0.3|
|Valutrades Limited||FCA 586541||£0||30:1||500:1||0.0|
|Vantage FX||FCA 590299||£200||30:1||500:1||0.0||3.7/5 - 7 reviews|
|XTB Limited||FCA 522157||£250||30:1||500:1||0.1||4.3/5 - 145 reviews|
CFDs + Spread Betting involves complex instruments which combined with leverage can lead to a high risk of a trader losing money rapidly. A high percentage of retail investor accounts depending on the forex broker lose money when engaging in CFDs. It’s critical to understand how CFDs, forex trading and spreads betting work. Make sure that you understand the risks of CFDs and spread bets and can afford to lose your money when trading.