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Written by Steven Hatzakis
Edited by Carolyn Kimball
Fact-checked by Dayana Yochim
February 05, 2024
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London accounts for more foreign exchange, or forex, trading volume than anywhere else in the world, so it’s no surprise you may be seeking a broker in the United Kingdom to open a forex trading account. This guide ranks the all-around top U.K. forex trading platforms for beginners, intermediate and even advanced traders.
Before choosing any U.K. forex broker you must first ensure it is properly regulated in the U.K. The U.K. financial markets regulator is the Financial Conduct Authority, or FCA, which requires that forex brokers be properly authorized and regulated by it to carry out forex brokerage operations domestically and even to overseas clients. So it’s crucial to verify your broker’s registration number on the FCA website register.
One benefit of dealing with a regulated broker in the U.K. is that as a retail client, you are eligible for up to £85,000 in compensation in the extraordinary event of your broker’s insolvency, thanks to the Financial Services Compensation Scheme, or FSCS.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 65% and 82% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Best U.K. Forex Brokers
We tested more than 27 of the most regulated brokers globally in our 2022 Annual Review. Based on our analysis, these are the the best forex brokers in the U.K.:
- IG - Best overall broker 2022, most trusted
- Saxo Bank - Best for research, trusted global brand
- CMC Markets - Best web platform, most currency pairs
- Interactive Brokers - Great for professionals, institutions
- City Index - Excellent all-around offering
- XTB - Best customer service, great trading platform
- FOREX.com - Great all-around offering
- eToro - Best overall platform for copy trading
Other U.K. forex brokers
These brokers are also regulated by the FCA: FXCM, Plus500, Pepperstone, Tickmill, FxPro, Vantage FX, HYCM and Eightcap.
If you are resident of the United States, Canada, or Australia, read our full international trading guides below. Similarly, if you are looking for an international forex broker, we have a separate tool for choosing a broker through our sister site, ForexBrokers.com.
- Best Online Brokers US
- Best Online Brokers Canada
- Best Online Brokers Australia
euro_symbol Forex in Canada
Looking for a forex broker across the pond? See our guide to Best Forex Brokers in Canada for 2024best forex brokers in Canada.
What is the best forex trading platform for beginners in the U.K.?
IG stands out for beginners in the U.K. The broker is a leader when it comes to education, thanks to the ease of use across its flagship platform. Beginners also benefit from IG Academy, a dedicated mobile app with educational resources; content from DailyFX, a blog-style news site; and access to IG Community, a social network resembling an advanced forum.
Is forex trading legal in the U.K.?
Yes, forex trading is legal in the U.K. provided that it is offered by a broker that is properly authorized and regulated by the FCA — a requirement that will also protect you from dealing with a scam broker. That’s why it is critical to only use a trusted forex broker that holds a valid regulatory status with the FCA.
When checking a broker that holds a valid license in the U.K. on the FCA website, you can see the type of clients that it can work with (such as retail or professional) and the types of investments the broker can provide, such as:
- Contract for differences
- Rights to or interests in investments (Contractually Based Investments)
- Rights to or interests in investments (Security)
- Rolling spot forex contract
- Shares
- Spread Bet
Can I trade with a U.K. forex broker if I reside in the EU?
TU.K. forex brokers that are also regulated in the EU can accept you as an EU client through their EU entity.
Since the U.K. has left the European Union, passporting is no longer supported from the U.K. (except to Gibraltar). Therefore, If you reside outside of the U.K., your broker may also need to be regulated in your country of residence.
To check which brokers accept clients from your country of residence, use our forex brokers international search tool.
Can you use MetaTrader 4 in the U.K.?
Yes, there are numerous FCA-regulated forex brokers in the U.K. that offer the MetaTrader platform suite, including MetaTrader 4 (MT4) and MetaTrader 5 (MT5) for desktop, web and mobile. Compare MetaTrader brokers
For example, you can use MT4 with any of the following U.K. brokers: IG, Saxo Bank, CMC Markets, City Index, XTB, FOREX.com, Swissquote, FXCM, Pepperstone, Tickmill, FxPro, Vantage FX, HYCM, Eightcap and XM Group, all of which hold regulatory status with the FCA either directly or through their parent company. Some of these brokers also offer MetaTrader 5.
Best U.K. Forex Brokers Recap
To recap, here are the best U.K. forex brokers in 2024. Read our full review of each broker on our sister site, ForexBrokers.com.
- IG - Read review on ForexBrokers.com
- Saxo Bank - Read review on ForexBrokers.com
- CMC Markets - Read review on ForexBrokers.com
- Interactive Brokers - Read review on ForexBrokers.com
- City Index - Read review on ForexBrokers.com
- XTB - Read review on ForexBrokers.com
- FOREX.com - Read review on ForexBrokers.com
- eToro - Read review on ForexBrokers.com
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About the Editorial Team
Steven Hatzakis
Steven Hatzakis is the Global Director of Research for ForexBrokers.com. Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. Steven is an active fintech and crypto industry researcher and advises blockchain companies at the board level. Over the past 20 years, Steven has held numerous positions within the international forex markets, from writing to consulting to serving as a registered commodity futures representative.
Carolyn Kimball
Carolyn Kimball is managing editor for Reink Media and the lead editor for the StockBrokers.com Annual Review. Carolyn has more than 20 years of writing and editing experience at major media outlets including NerdWallet, the Los Angeles Times and the San Jose Mercury News. She specializes in coverage of personal financial products and services, wielding her editing skills to clarify complex (some might say befuddling) topics to help consumers make informed decisions about their money.
Dayana Yochim
Dayana Yochim is a Senior Writer/Editor at Reink Media Group who has written about personal finance and investing for more than 20 years. Her work has appeared in outlets including HerMoney.com, NerdWallet and the Motley Fool, and has been syndicated nationally. Dayana has also been a guest expert on "Today" and Good Morning America.
Securities trading offered by eToro USA Securities, Inc. (“the BD”), member of FINRA and SIPC. Cryptocurrency offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk, and content is provided for educational purposes only, does not imply a recommendation, and is not a guarantee of future performance. StockBrokers.com is not an affiliate and may be compensated if you access certain products or services offered by the MSB and/or the BD.
