Forex traders in the UK may find leverage useful to increase returns when trading in the currency market. We look at the best UK forex brokers with high leverage based on spread, forex trading platforms and features.
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Our list of the best low spread forex brokers is:
| Broker | Our Rating | Regulation | Standard EUR/USD Spread |
Standard GBP/USD Spread |
Standard AUD/USD Spread |
Raw EUR/USD Spread |
Raw GBP/USD Spread |
Raw AUD/USD Spread |
Commissions (USD Base) |
MetaTrader 4 | MetaTrader 5 | cTrader | Execution Speed | Minimum Deposit | Currency Pairs | Crypto CFDs | Retail Leverage | Prof. Leverage | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
9.33 |
FCA, ASIC CySEC, DFSA |
1.12 | 1.69 | 1.22 | 0.1 | 0.6 | 0.3 | $3.50 |
|
|
|
77ms | $0 | 62+ | 12+ | 30:1 | 500:1 |
|
|
6.67 |
ASIC, FCA, BaFin FINMA, NFA/CFTC, MAS CySEC, DFSA, FMA JFSA, BMA, FSCA |
1.13 | 1.66 | 1.01 | 0.16 | 0.59 | 0.29 | $6.00 |
|
|
|
174ms | $450 | 100+ | 12+ | 30:1 | 200:1 |
|
|
8.33 |
ASIC, FSCA CBI, KNF, CIRO ADGM, FSC-BVI |
- | - | - | - | - | - | - |
|
|
|
160ms | $100 | 55+ | 15+ | 30:1 | 400:1 |
|
|
7.28 |
FCA, CySEC, CIMA NFA/CFTC, CIRO, JFSA |
1.2 | 1.6 | 1.4 | - | - | - | $6.00 |
|
|
|
30 ms (May 2023) | $100 | 80+ | 8+ | 30:1 | 400:1 |
|
|
6 |
FCA, FSCA, CySEC FSCM, CMA, |
1.9 | 2 | 2 | 0.0 | 0.0 | 0.5 | $2.00 |
|
|
|
160ms | $500 | 63+ | - | 30:1 | 300:1 |
|
|
8.50 | FMA, FSA | 1.20 | 1.4 | 1.7 | 0.23 | 0.72 | 0.65 | $3.00 |
|
|
|
72ms | $0 | 64+ | 11+ | 500:1 | 500:1 |
|
|
8.50 |
ASIC, FSA CySEC |
0.62 | 0.83 | 0.77 | 0.02 | 0.23 | 0.17 | $3.50 |
|
|
|
134ms | $0 | 61+ | 18+ | 30:1 | 500:1 |
|
|
8.17 | ASIC, CySEC | 1.1 | 1.3 | 1.3 | 0.10 | 0.20 | 0.20 | $3.00 |
|
|
|
225ms | $100 | 63+ | 4+ | 30:1 | 500:1 |
|
Our compare forex brokers UK list focused on general traders, but some traders require higher leverage to execute their trading strategies. We compared the top FCA regulations and overseas brokers to show the options for UK traders looking for high-margin trading facilities.
Pepperstone Offers High Leverage, A Wide Range Of Trading Products, And Competitive Pricing
Founded in Melbourne in 2010, Pepperstone claims over 300,000 active clients and a total trade value of USD 8.9 billion annually. This makes it among the largest online brokers in the world. Forex traders, in particular, prefer Pepperstone for its breadth of product offerings – over 60 currency pairs – including major currency pairs, minor currency pairs, and exotics. They also offer a range of other asset classes to deal in CFDs: commodities, stocks, exchange-traded funds (ETFs), and indices.
Key Strengths
View Pepperstone ReviewVisit Pepperstone
Leverage Available
The FCA sets retail leverage for UK traders for retail traders, while professional leverage varies. Retail traders can access higher leverage only by using brokers regulated in another region.
| Forex Broker | Retail Leverage | Professional Leverage | Regulation |
|---|---|---|---|
| Pepperstone | 30:1 | 500:1 | United Kingdom (FCA) |
| IC Markets | 30:1 | 500:1 | United Kingdom (FCA) |
| Blackbull Markets | 500:1 | 500:1 | New Zealand (FMA) |
| Eightcap | 30:1 | 500:1 | United Kingdom (FCA) |
| Plus500 | 30:1 | 300:1 | United Kingdom (FCA) |
| FP Markets | 30:1 | 500:1 | United Kingdom (FCA) |
| CMC Markets | 30:1 | 500:1 | United Kingdom (FCA) |
| eToro | 30:1 | 400:1 | United Kingdom (FCA) |
| AvaTrade | 30:1 | 400:1 | United Kingdom (FCA) |
Pepperstone Trading Accounts
Pepperstone offers UK forex traders a choice of three accounts:
Given that all Pepperstone accounts offer competitive terms, your preferred trading platform or trading style may be the deciding factor when selecting your account type. For example, if you’re accustomed to MetaTrader and generally place long-term trades, then the Standard account likely best fits your needs.
You can also use Capitalise.ai with this account, a good option to automate your trading.
If your trading strategy requires Depth of Market (DoM) views and the sophisticated trading tools offered by cTrader or the advanced charting of TradingView, a Razor account may be your best bet. Likewise, scalpers and algorithmic traders may find a Razor MetaTrader account’s slightly higher commission costs worth it in exchange for access to the MetaTrader 4 or MetaTrader 5 trading platforms. Capitalise.ai is also available with a Razor MetaTrader account.
New traders can open a demo account, while those ready to go live have no requirement to make a minimum deposit. It is, however, recommended that you deposit at least USD 200 to meet the minimum margin requirements to open a position.
Funding methods include Visa and MasterCard Debit and Credit, PayPal, and bank transfers. An international transfer using a bank transfer will have a small fee and may have fees from the provider’s end. Other than that, Pepperstone doesn’t have any transfer costs.
Pepperstone Trading Products
When it comes to available trading products, Pepperstone offers UK retail investors an impressive selection of forex pairs. They also have a respectable collection of other asset classes for diversifying investment portfolios.
UK forex traders are spoiled for choice with Pepperstone: the broker offers 7 major pairs, 9 minor pairs, 17 exotics, and 30 cross pairs for a total of 62 currency pairs. For those interested in high-leverage trading (which we assume you are if you’re reading this), Pepperstone account holders can trade major pairs on margin at the maximum rate of 30:1 and minor pairs at 20:1.
When it comes to CFDs, Pepperstone’s available trading products include 25 commodities, 25 indices, 100+ ETFs sourced from 35 countries around the world, and more than 800 shares.
Pepperstone Trading Platforms
While the UK arm of Pepperstone may have a limited variety of trading platforms as its Australian parent, they remain a standout for a selection of trading platforms designed to provide all account holders with a quality trading experience, regardless of experience level.
All of Pepperstone’s trading platforms are available on Windows and Mac OS for desktop, iOS, and Android for mobile and tablets, as well as through the MT4 and MT5 web app, WebTrader.
As a starting point, Pepperstone account holders can select between cTrader and MetaTrader 4 or MetaTrader 5 (depending on account type).
If you opt for MetaTrader 4 or MetaTrader 5, you can access multiple integrations and add-ons designed to enhance almost any trading strategy. These include the Smart Trader suite of Tools, Expert Advisors (EAs), advanced charting, and technical indicators.
If Depth of Market and advanced charting matter most to you, Pepperstone offers the option of cTrader. If you have a Razer (cTrader) account, you can use the same login to access TradingView, where you can trade directly from charts. This platform is powered by cTrader though you don’t need to be using cTrader. You can use TradingView via your browser or their Windows desktop app.
Capitalise.ai is the latest addition to the portfolio of trading platforms Pepperstone offers. With this platform, you can automate your trading without knowing any code. Manual trading is also available should you prefer to use more traditional methods.
Pepperstone has also partnered with DupliTrade and Pelican to allow for social trading and copy trading.
Our Verdict On Pepperstone
Experienced forex traders searching for the best high-leverage forex broker in the United Kingdom cant miss Pepperstone. As explained, they offer the highest leverage available based on FCA regulation and with tight spreads, the fastest execution speed and the best choice of trading software was named the best 2023 UK forex trading platform.
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IG Is A High-Leverage Broker With A Wide Array Of Trading Products
For UK brokers searching for a home-grown success story with a global reputation, look no further than IG. Founded in the UK in 1974 as a spread betting business, IG has since expanded to become one of the largest online brokerages in the world, serving more than 290,000 active traders around the world with access to over 17,000 financial instruments.
Key Strengths:
View IG Markets ReviewVisit IG Markets
IG Trading Accounts
While the majority of IG’s UK customers will qualify for only a CFD account, the broker also offers a direct market access option for licensed professional traders:
Unlike other brokers we profiled, IG does charge a funding fee depending on your preferred method: 1% for Visa or PayPal and 0.5% for MasterCard credit card payments.
Both the CFD and DMA accounts require a minimum deposit of £ 250 to begin trading. However, novices can experiment with a demo account before going live to test features and explore the trading experience.
IG Trading Products
Simply put, IG tops the list of high-leverage UK forex brokers regarding available asset classes. Its forex offering alone exceeds 100 pairs and includes virtually every other trading instrument permitted by the FCA.
Account holders can choose from over 100 hard and soft commodities, as well as energies; more than 2,000 ETFs, 80 indices; 13,000 options and 13,000 stocks. IG allows for direct investing or trading in CFDs.
Pro traders also have access to 15 cryptocurrencies for direct investment.
IG Trading Platforms
Like its near-neighbour, Forex.com, IG has invested considerable resources in developing its own trading platforms, which the broker has optimised for web and mobile use, as well as a tablet option.
What are among the most popular features IG baked into its platform? Guaranteed stop-loss orders to mitigate risk, as well as partial fills and point-through execution for guaranteed pricing. The platform also boasts execution speeds of 0.014 ms, comparable to other major trading platforms.
For those who prefer third-party platforms, IG allows account holders to trade using MetaTrader 4, L2 Dealer, and ProRealtime. Advanced share traders will appreciate the direct market access option for shares afforded by L2 Dealer, while those who trade from charts may fare best with ProRealTime, which can operate as a standalone platform or as an integration.
Our Verdict On IG
With an impressive array of trading products and a truly global liquidity reach, it’s hard to find fault with this high-leverage broker. The allegiance to its own trading platforms at the expense of more forex-friendly options, however, edged it out of the top spot.
AvaTrade Offers Fixed Spread, No Commission Trades, And Powerful Risk Protection Tools
One of the oldest and best-known online brokerages catering to retail investors trading CFDs and forex, AvaTrade has almost two decades of experience. Based in Dublin, this AVA Group subsidiary has grown from a single office in 2006 to a multinational operation with a physical presence in four key jurisdictions, multiple Tier-1 licenses, and an impressive offering of financial instruments to trade.
Key Strengths:
View AvaTrade ReviewVisit AvaTrade
AvaTrade Trading Accounts
Among the UK forex brokers we reviewed, AvaTrade takes a novel approach: one account type to rule them all. You’ll use a Retail account unless you qualify as a Professional Trader per UK regulations.
Because AvaTrade acts as a market-maker, account holders pay no commission on trades regardless of size. That said, the broker will sit on the opposite side of some trades and the fixed minimum spread of 0.9 pips may not appeal to some active traders.
AvaTrade stands out from other high-leverage brokers regarding investor protection – an essential feature in exploring high-risk trading strategies. AvaProtect, a unique risk management tool, allows traders to “insure” specific trades for up to USD 1 million for a set period, during which the broker promises to reimburse any losses into the trading account. However, this tool is only available to account holders trading via the AvaTradeGO mobile app. Like all FCA-regulated brokers, AvaTrade offers negative balance protection.
You can open a demo account if you want to pilot AvaTrade before committing. It can go live after a minimum deposit of USD 100.
AvaTrade Trading Products
In keeping with its status as one of the best-regulated forex brokers, AvaTrade offers account holders access to a full range of financial instruments, from forex to CFDs to cryptocurrency.
AvaTrade’s available trading products range from 55 forex pairs, including major, minor, and exotic pairs; 59 ETFs, 44 options, and 33 indices. Following FCA regulations, leverage for major currency pairs is capped at 30:1 and 20:1 for minor pairs. AvaTrade also allows trading in 27 commodities.
AvaTrade account holders in the UK have the option to invest directly in over 16 cryptocurrencies and one cryptocurrency index. However, trading in crypto CFDs is prohibited under FCA regulations. You would need to view a forex broker comparison area outside of the UK if this is what you want to trade.
AvaTrade Trading Platforms
AvaTrade’s entire range of trading platforms can be accessed in multiple formats, including Windows/Mac OS for desktop, iOS/Android for mobile and tablets, and the MT4/MT5 WebTrader web app.
With the most trading platform options of any FCA-regulated UK forex broker we reviewed, AvaTrade has something for every trading style, experience level, or strategy. Along with the popular MetaTrader 4 and MetaTrader 5 platforms, AvaTrade account holders can access a comprehensive collection of apps and integrations, including AvaOptions for options trading and VPS hosting.
For social traders, AvaTrade includes a Zulutrade add-on, as well as its own AvaSocial tool and a Duplitrade integration for copy trading with MetaTrader 4.
Our Verdict On AvaTrade
AvaTrade’s combination of powerful risk protection tools, comprehensive educational resources, and easy-to-understand account structure make it an ideal choice for novice traders who want the option to explore high-leverage trading as their skills increase.
FOREX.com Has A DMA Account, Competitive Trading Fees, And Extensive Analysis Tools
While New Jersey-based FOREX.com has offered retail investment services to Americans since 2001, it’s a comparative newcomer to the international scene. This high-leverage forex broker received its FCA licence in 2009 and has been touting its “gold standard” trading experience to UK forex traders ever since.
Key Strengths:
View FOREX.com ReviewVisit FOREX.com
*Your capital is at risk ‘71% of retail CFD accounts lose money’
FOREX.com Trading Accounts
FOREX.com has two account options for UK traders, each geared towards a specific investor type.
For anyone interested in forex trading but still needs to get ready to go pro – or even live – FOREX.com has a demo account option.
FOREX.com Trading Products
UK forex traders can’t do much better than FOREX.com regarding currency pairs – the broker claims over 90 major, minor, and exotic combinations, all of which are available for spread betting.
In addition to its extensive forex offering, FOREX.com’s available financial instruments include more than 4,500 stocks, 17 indices, and a full range of hard and soft commodities – 26 total.
FOREX.com Trading Platforms
Be aware that a commitment to FOREX.com may entail a commitment to the broker’s proprietary trading platforms. While the option to trade using MetaTrader 4 exists, FOREX.com would much prefer you use its desktop, mobile, or web apps.
That said, FOREX.com does allow for integrations with multiple award-winning tools and integrations to ensure that account holders don’t want to analyse. Popular add-ons include TradingView for advanced charting, Trading Central, and Smart Signals.
Our Verdict On FOREX.com
While the broker may come off as slightly possessive with its limited trading platform options, it compensates with an awe-inspiring range of forex pairs. It is the only direct market access account of any high-leverage UK broker.
View FOREX.com ReviewVisit FOREX.com
*Your capital is at risk ‘71% of retail CFD accounts lose money’
FXTM Offers Great Educational And Market Research Tools
If you’re new to trading forex or trade mainly casually, FXTM may be the best broker for your needs. This forex and CFD broker is among the only ones we reviewed to offer micro accounts, a low minimum deposit, and a straightforward account setup process to make it easy to start trading.
Key Strengths:
In addition to the UK’s Financial Conduct Authority, this high-leverage forex broker also holds licenses from the Cyprus Securities and Exchange Commission (CySEC) and the Financial Conduct Authority of Mauritius.
FXTM Trading Accounts
FXTM clients can choose from between three different account types, all of which offer an ECN-like trading experience with straight-through processing (STP):
Similar to the Pepperstone reviewed above, FXTM matches specific trading platforms to account types. Micro account holders should be familiar with or prepared to learn MetaTrader 4. At the same time, those interested in trading stocks and stock CFDs will need access to MetaTrader 5 and an Advantage or Advantage Plus account.
All FXTM account types offer limited rebates depending on trading activity, negative balance protection (per FCA regulations), and automated trading. Advantage and Advantage Plus account holders can also scalp and hedge.
Beginning traders can test the waters with a free FXTM demo account. However, those interested in active trading will need to make a minimum deposit ranging from USD 10 to USD 500, depending on account type.
FXTM Trading Products
What FXTM may lack in variety when it comes to trading products, it makes up for in leverage. Unlike other UK forex brokers we reviewed, FXTM offers margin rates of 30:1 for major and minor forex pairs, and 20:1 for gold.
In addition to forex and precious metals, FXTM Advantage and Advantage Plus account holders can invest in 11 indices, 175 stocks, and three energy commodities.
This broker does not offer cryptocurrencies or crypto CFDs to UK customers, and those with Micro accounts are limited to trading forex and commodities.
FXTM Trading Platforms
FXTM prides itself on being a ‘client-centred’ broker and has gone to considerable trouble to ensure that customers can access the forex markets anytime, anywhere. In addition to the FXTM Trader mobile app, the broker offers account holders access to MetaTrader 4 and MetaTrader 5 via desktop, WebTrader, and tablet formats across iOS, Windows, and Android operating systems.
This top forex broker has taken a ‘don’t fix what’s not broken approach’ regarding platforms. Rather than developing a proprietary trading platform, FXTM focuses on providing traders access to the technical analysis, charting, and risk management tools they need via custom integrations. FTXM trading signals, for example, support social trading, with the FXTM Trading Toolbox offering access to more advanced charting options.
Our Verdict On FXTM
While more limited in scope than other FCA-regulated forex brokers, FXTM deserves a second look in our view for its high leverage and unique account types suited for casual or hobby traders.
Non-FCA-Regulated High-Leverage Forex Brokers
Be aware that British citizens can only trade forex via an FCA-regulated broker – no matter where they reside. (The previous section of this article includes comprehensive reviews of FCA-licensed brokers with high leverage that may fit your needs and trading budget.) If, however, you’re an international trader living in the UK, you can open an account with one of the below high-leverage brokers licensed by a regulator in another jurisdiction.
When signing up with the broker, you will want to sign with a broker (or a broker’s subsidiary) that uses a regulator with more relaxed leverage rules. Brokers (or their subsidiaries) based in countries such as Bahamas, Belize, Mauritius, Seychelles, Vanuatu, and even New Zealand and South Africa are examples of countries for you to consider since they have a financial regulator that allows high leverage. You will want to avoid brokers (and subsidiaries) based in countries like Australia, Singapore, the UAE, Canada, and all members of the European unions since leverage is limited for regulatory reasons (much like with the FCA).
Blackbull Markets Offers High Leverage Coupled With Fast Execution Speeds
Auckland-based BlackBull Markets has only been on the scene since 2014 and may not be as well known as other brokers we profiled. Still, its emphasis on innovation in trading technology coupled with high leverage makes it a compelling presence in the trading landscape. Ultra-fast execution speeds mean BlackBull’s 20,000 active clients enjoy an authentic ECN-style experience and ultra-high leverage – margins touch 500:1.
Key Strengths
View BlackBull Markets ReviewVisit BlackBull Markets
BlackBull Markets has two entities. One is based in New Zealand, which is regulated by the Financial Markets Authority (FMA) and the second is based in Seychelles. This entity holds a license from the Financial Services Authority (FSA) of Seychelles. When signing up with Blackbull Markets, you can choose either entity since both allow leverage up to 500:1.
BlackBull Markets Trading Accounts
Similar to other high-leverage forex brokers, BlackBull Markets offers a range of account types designed to suit a variety of trading needs:
BlackBull offers an Islamic or ‘swap-free’ trading account for British forex traders living in majority-Muslim countries.
All BlackBull Markets account types support scalping, hedging, and automated trading. Traders can also use stop loss and take profit order types to protect their investments and limit losses.
BlackBull Markets requires a USD 50.00 deposit to open an account and offers all forex traders an ECN-like, no-dealing desk trading experience, regardless of account type. Demo accounts are available on a 30-day basis, at which point traders can convert to a live account.
BlackBull Markets Trading Products
BlackBull Markets account holders have access to some of the highest leverage rates in the world: up to 500:1 for the 64 forex pairs on offer. Just note that the more equity you have in your trading account, the lower the maximum leverage available.
In addition to its major, minor, and exotic currency pairs, this high-leverage broker supports CFD trading in the commodities markets and stocks, shares, and indices. Cryptocurrencies, including Bitcoin, are available for direct investment and corresponding CFDs.
BlackBull Markets does not support spread betting but can accommodate scalping, hedging, and automated trading styles.
BlackBull Markets Trading Platforms
In keeping with its commitment to innovations in trading technologies, BlackBull Markets offers account holders multiple ways to trade. In addition to the BlackBull Shares mobile app, account holders can trade forex, CFDs, and shares with MetaTrader 4 and MetaTrader 5 via desktop, WebTrader web app, or mobile.
Social traders can choose between HokoCloud and ZuluTrade solutions and a MyFxBook integration for MetaTrader4 and MetaTrader 5. BlackBull Markets also offers VPS and API trading integrations for even faster execution speeds, regardless of platform.
Our Verdict On BlackBull Markets
For traders authorised to open an account with a non-FCA-regulated broker, BlackBull Markets offers an attractive combination of high leverage and fast execution speeds.
IC Markets Provides Higher Margin Limits And Affordable Pricing
Since its founding in 2007, Sydney-based IC Markets has grown to become one of the largest forex brokers in the world. IC Markets is a no-dealing desk broker offering commission-free, spread-only trading or commission-based pricing. This international high-leverage broker has access to deep liquidity, sourcing its prices from over 25 liquidity providers worldwide to provide traders with the best rates.
Key Strengths
View IC Markets ReviewVisit IC Markets
When signing up with IC Markets, to get leverage of up to 500:1, you will want to sign up with the broker’s subsidiary in Seychelles. The Financial Services Authority of Seychelles regulates this entity with License number: SD018.
IC Markets Trading Accounts
IC Markets clients have the option to select from three account types and two pricing structures, depending on their preferred trading platform:
While most brokers’ customer support teams cover only the Monday to Friday trading week, IC Markets’ account holders can access live assistance 24 hours a day, seven days a week. Since forex markets operate around the clock, on-demand help can sometimes mean the difference between large profits and huge losses. Traders can contact support personnel – all traders themselves – over live chat, email and by toll-free phone call.
New traders and those unfamiliar with IC Markets can get to know this high-leverage forex broker with a demo account. For anyone wishing to convert to a live account, a minimum deposit equivalent to USD 200 in a currency supported by IC Markets is recommended.
IC Markets Trading Products
As an international online broker catering to retail investors of all stripes, IC Markets can provide traders with a comprehensive selection of assets, financial instruments to invest in, and related CFDs.
In addition to 61 currency pairs, IC Markets account holders can trade commodities, indices, stocks, cryptocurrencies, and bonds (sometimes called treasuries).
One unique asset class not offered by other top forex brokers? IC Markets provides access to four futures, including ICE Dollar Index Futures, CBOE VIX Index Futures, Brent Crude Oil Futures, and WTI Crude Oil Futures.
IC Markets Trading Platforms
While IC Markets doesn’t (yet) offer account holders the option to trade via a home-grown platform, it does provide access to its preferred platforms – MetaTrader 4, MetaTrader 5, and cTrader – across all devices and operating systems.
Whether you trade on a desktop client terminal, the WebTrader web app, or your Android or iOS mobile, IC Markets has a solution.
In addition to MetaTrader 4 and MetaTrader 5, traders committed to a social trading or copy trading strategy can execute orders on ZuluTrade as a stand-alone platform. For those who prefer to trade on MetaTrader platforms, IC Markets offers MyFxBook and MetaTrader Signals integrations.
Other useful tools and integrations available to IC Markets account holders include Autochartist for advanced charting; VPS hosting; API trading; and multi-user account management.
Our Verdict On IC Markets
For beginners ready to transition to trading on margin or intermediate traders searching for higher margin limits, IC Markets provides a compelling blend of global reputation, solid customer support, and affordable pricing.
FP Markets Offers High Leverage And A Solid Collection Of Trading Products
While not the most sophisticated option, Australian broker FP Markets can claim competitive trading costs and a solid range of asset classes for trading, including major and minor currency pairs, and other financial instruments for CFD trading.
Key Strengths
View FP Markets ReviewVisit FP Markets
To get leverage higher than 30:1 (permitted by FCA), you must sign with the FP Markets entity based in Saint Vincent and the Grenadines.
FP Markets Trading Accounts
Like many of the best forex brokers, FP Markets provides account holders with two options. The Standard and Raw account types include ECN-style pricing via an STP trading environment and operate on a no-dealing desk model.
Standard account. This commission-free account requires traders to pay only spread fees for round-turn trades of a standard lot. Note, however, that variable spreads start at 1.0 pips.
Raw account. Variable spreads are tighter with the raw account – some currency pairs get as tight as 0.0 pips – but the broker charges a commission of £ 4.50 for round-turn trades of standard lots.
All FP Markets accounts operate on a no-dealing desk model with STP for fast execution speeds. Likewise, scalping, hedging, and automated trading styles are all permitted.
FP Markets allows traders still learning the ropes to practise executing orders or test a trading strategy via a demo account. To begin live trading with this high-leverage broker, demo account holders need only make a minimum deposit of £ 50.00.
FP Markets Trading Products
Though not as varied as other high-leverage forex brokers, FP Markets claims a solid collection of trading products.
Forex traders can choose from more than 60 currency pairs, ranging from major pairs like EUR/USD, AUD/USD, USD/GBP, and USD/CHF to minors and exotics. In addition to forex, FP Markets account holders can trade in CFD derivatives.
However, FP Markets does stand out for a strong stock CFD selection, including 46 ETFs and two bonds. (Note, however, that bond CFDs and ETF CFDs aren’t available.)
Finally, FP Markets account holders can trade 19 indices, four cryptocurrencies, four energy commodities, and two metals.
FP Markets Trading Platforms
If you’ve heard of it, you can probably trade on it with this broker. FP Markets goes more than the extra mile when it comes to available trading platforms, add-ons, and tools. Each and every one of the broker’s trading platform options comes in web, mobile app, and desktop formats, no matter what your operating system.
The broker’s home-grown mobile app, FP Markets Mobile, is a user favourite for its straightforward interface. Still, account holders can also trade on the popular MetaTrader 4 or MetaTrader 5 platforms.
Traders using a social or copy trading strategy can use MyFxBook integrations for MetaTrader and FP Markets’ social trading app, compatible with the broker’s proprietary mobile app.
Finally, account holders enjoy access to advanced trading tools like Autochartist, API trading, VPS hosting and a multi-account manager.
Margin trading, when traders borrow funds from the broker to increase the size of a trade, can lead to significant financial gains. By taking a temporary loan from the broker to purchase additional shares, traders can expand their buying power beyond their account balance, allowing even novice traders to generate big wins.
The Financial Conduct Authority (FCA), the UK’s financial regulator, limits the amount of leverage forex brokers can offer. Trading on the foreign exchange markets (forex) or in contracts for difference (CFDs) always carries a degree of risk due to high volatility, and this risk can be amplified when clients overextend their position with leverage. The same rules apply for UK spread betting trading platforms.
The maximum leverage brokers regulated by the FCA can offer retail traders are as follows:
In this guide, we compared forex brokers that were the most well-known, fully-licensed online brokers offering services to UK traders engaging in spread betting and CFD trading.
Unless otherwise noted, all of the British brokerages we discuss below allow retail traders access to the maximum leverage permitted by law. Those who qualify as Professional Traders per UK regulation have access to even higher amounts of leverage – up to 500:1 – but must first meet the qualification criteria set by the FCA.
Following FCA regulations, FCA-regulated brokers cannot allow retail account holders to trade in crypto CFDs. If you’re interested in trading cryptocurrency, you must qualify as a Professional Client.
Leverage In The UK Before Brexit
Before Brexit, the FCA was required to follow the rules set by The European Securities and Markets Authority (ESMA). ESMA is the autonomous body that ensures members of the European economic community (EEC) have the necessary regulations in place so that:
While all EEC members can set their own regulatory laws when it comes to financial markets, they must operate within the guidelines set by ESMA. For this reason, any broker regulated by one financial regulator within the EEC could legally offer their trading services to any country also within the EEC.
Since the 1st of August 2018, ESMA has implemented product intervention measures to better protect retail investors. At the time, the FCA, as a member of the EEC, was required to follow these changes. These changes applied to retail traders and included:
1. Leverage limits for retail traders when opening a position:
2. A standard margin close-out rule of 50% for retail traders
3. Negative balance protection
4. A ban on the incentives and inducements offered to trade CFDs; and
5. A standardised risk warning, including the percentage of losses on a CFD provider’s retail investor accounts.
While the FCA follows ESMA’s rules, they occasionally take things a step further. For example, cryptocurrency trading of CFDs for retail traders is banned.
Other members of the EEC that follow the rules set by ESMA include:
While ESMA rules only apply to EEC members, the Australian Securities and Investment Commission (ASIC); and Dubai Financial Services Authority (DFSA) also largely follow ESMA guidelines.
Leverage In The UK Post Brexit
Following Brexit, the FCA has (re)gained full control over how they manage UK’s financial market. While the FCA is no longer bound to the rule set by ESMA, at this time, they still largely follow the guidelines set by ESMA. For this reason, leverage remains the same as before Brexit.
The most notable change is that brokers with a regulatory licence within the EEC can no longer legally offer their trading brokerage services to UK residents unless they have an FCA licence too. The reverse is also true. Brokers providing services to traders in the European Union will need to be regulated by regulators that fall under the ESMA umbrella.
Leverage For Professional Traders
The product intervention rules set by ESMA are intended to protect retail traders since they often lack the knowledge to trade successfully and don’t have the funds and resources to recover when they lose.
For this reason, a separate category was set to allow traders with good reason to be exempt from product intervention orders by ESMA. Elective Professional Traders get the following benefits:
While leverage is increased, some other protections are lost. These include:
To qualify as an Elective Professional, you need to show you can satisfy 2 or 3 simple criteria.
Disclaimer
Trading on margin using large amounts of leverage carries a high level of risk. High volatility in the markets can lead to significant profits – and equally substantial losses. Trading with an FCA-regulated broker does not guarantee a successful trading experience. Still, it ensures that you can access controlled leverage and enjoy protection against fraud or market manipulation that can amplify losses.
