8 Best Forex Brokers in the UK for 2024 (2024)

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Written by Steven Hatzakis
Edited by Carolyn Kimball
Fact-checked by Dayana Yochim

January 19, 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.

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

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.

I'm Steven Hatzakis, a seasoned expert with over two decades of experience in the international forex markets. Having authored over 1,000 published articles about the online finance industry during my tenure as an Editor for Finance Magnates, I bring a wealth of knowledge and insight into the realm of online trading and brokerage services. As the Global Director of Research for ForexBrokers.com, I have played a pivotal role in conducting comprehensive reviews of online brokerages, ensuring that investors have access to accurate, unbiased, and independent information.

In the world of online trading, it's essential to rely on trustworthy sources for guidance, and StockBrokers.com has been at the forefront of providing reliable information for the past 14 years. We have assisted over 20 million visitors in researching and comparing brokers, collecting thousands of data points annually to publish extensive research. Our commitment to the highest ethical standards ensures that our editorial content is independent and unbiased, allowing investors to make informed decisions.

Now, let's delve into the concepts and information covered in the article you provided:

Regulation in the U.K.: The article emphasizes the importance of choosing a forex broker in the United Kingdom that is properly regulated by the Financial Conduct Authority (FCA). The FCA oversees and regulates forex brokers to ensure they meet specific standards, providing a layer of protection for retail clients, including compensation of up to £85,000 in the event of broker insolvency.
Risk in CFD Trading: The article highlights the risks associated with trading Contracts for Difference (CFDs), emphasizing that between 65% and 82% of retail investor accounts lose money when trading CFDs. This serves as a cautionary note to traders about the potential high risks involved.
Best U.K. Forex Brokers in 2022: The article lists the top forex brokers in the U.K. based on a 2022 Annual Review conducted by StockBrokers.com. The mentioned brokers include IG, Saxo Bank, CMC Markets, Interactive Brokers, City Index, XTB, FOREX.com, and eToro, each recognized for specific strengths.
Legal Status of Forex Trading in the U.K.: The article confirms that forex trading is legal in the U.K., provided it is offered by a properly authorized and regulated broker. This ensures protection against dealing with scam brokers and underscores the importance of using trusted brokers with valid regulatory status from the FCA.
Trading Platforms and Tools: The article provides insights into the best forex trading platform for beginners in the U.K., citing IG as a standout choice. The broker's education offerings, ease of use, and additional resources like IG Academy and DailyFX contribute to its recognition for beginners.
Trading with U.K. Brokers in the EU: The article explains that U.K. forex brokers regulated in the EU can accept EU clients through their EU entity. This information is crucial for traders residing outside the U.K., as passporting is no longer supported from the U.K. to the EU.
MetaTrader 4 Usage in the U.K.: The article confirms that several FCA-regulated forex brokers in the U.K. offer the MetaTrader platform suite, including MetaTrader 4 (MT4) and MetaTrader 5 (MT5). A list of brokers supporting MetaTrader is provided, highlighting the continued popularity of these platforms.

In conclusion, the article serves as a comprehensive guide for individuals seeking to engage in forex trading in the U.K., offering valuable insights into regulation, risk factors, top brokers, legal considerations, and platform options.