Choosing the right Forex Broker can undoubtedly lead to better results. Accordingly, if you want to trade optimally, you’ll need to set up the best trading accounts while partnering up with the best platform in the UK.
However, to really bring out the best in your forex trading, the trading platform you choose should meet your needs and bring out the best of your trading style.
This in turn means that following the adage “your trading strategy, your rules”, setting up the best possible trading accounts in the UK might not a particularly straightforward process
Getting Started – FX Trading in the UK
The best online brokerage service in the UK will most likely be up to you to decide because it is your own personal finance that it’s at stake. Each trader has its own preferred style, strategy, asset class such as mutual funds, buying stocks, etc. This is why some brokers offerings will be valued higher than others and the best trading platform UK can vary so greatly.
With this in mind, you should remember that before starting to use your bank account to explore the forex market or to buy and sell stocks, you can take the time to open a demo account on each one of these.
Always prioritize trading only with regulated brokers rather than seeking only commission free trades. Remember always to only invest what you can afford whilst not draining any savings accounts.
Then only then you will know exactly what your trading options are and what exactly works best for you, leading you to having the best trading accounts in the UK.
As such, read on to find out what suits you best.
Top Forex Brokers in UK
1. IG
With over 45 years of experience, IG has become one of the most trusted names in the industry for multi-asset trading, be it forex, stock market trading, etc.
There are so many things to discover at IG, but the main point is simple: IG has investors at their core. They go above and beyond to improve each of their users’ trading experience, but also in terms of building a sound community and fostering a healthy, trading environment.
IG gives you access to more than 18,000 global markets while ensuring reliable execution. And with their team of global analysts, you’ll stay updated during your trading sessions as you’ll be getting dispatches off top-notch content to empower your trading decisions.
Moreover, their award-winning trading app is natively designed, meaning that, where you are, you can trade seamlessly on the go with no fuss.
In what concerns educational materials, IG has an its own IG Academy. Added to that, it offers seminars, webinars, and other types of financial events.
In fact, they even go the extra mile to really empower their users, giving them the space to share their knowledge, ideas, and strategies too.
IG Features
Regulation: FCA, CFTC, NFA, BaFin, FINMA, ASIC, FMA, MAS, FSA, FSCA, DFSA, JFSA, METI, MAFF
Leverage: 50:1
Minimum spreads: 0.8 pips
Minimum deposit: £250
Trading platforms on offer: MT4
Customer Support: By phone, email, social networks and/or live chat. Around the clock from 8 am Saturday to 10pm Friday (GMT). English.
Benefits: Educational portal, affiliate program
2. X-Trade Brokers
Whether you want to start trading or you’re only starting out, XTB has got your back.
X-Trade Brokers is an award-winning platform which vows to help traders, regardless of their experience, and at every given stage of their trading journey.
Its educational section features an incredible video library and trading academy courses which vary from basic, to intermediate, and the expert level.
For an online broker, XTB isn’t just for those who want to start investing. It boasts over 15 years of activity in the financial markets and a 495,000-customer base so you’ll find reasons to stick with them long term too for your brokerage account.
Moreover, with multilingual customer support, regardless of your background, you’re guaranteed to have a dedicated support team right there with you.
XTB Features
Regulation: FCA (FRN 522157)
Leverage: 30:1
Minimum spreads: 0.5 pips (standard accounts), 0.1 (pro accounts)
Minimum deposit: No minimum deposit required
Trading platforms on offer: MT4
Customer Support: Telephone support, dedicated account manager, live chat. 24/5
Benefits: Educational portal
3. Interactive Brokers
If you are a professional or heading into pro territory, Interactive Brokers might be your best option.
Interactive Brokers’ FXTrader was crafted with the purpose of optimizing your trading to the fullest and features specially designed tools to trade the currency markets.
Their interbank-quality spreads leave no trader indifferent as they allow trading the best bid/ask from multiple liquidity providers, all with incredibly low spreads.
Ranging from scale, OCA, limit if touched, and trailing stop limits, Interactive Brokers’ FX trader features over 20 order types for your favorite currency pair.
You will also be able to review the margin implications and order details before using Interactive Brokers’ instantaneous transmission will send out your orders with one click on the bid or the ask.
Interactive Brokers Features
Regulation: FCA (FRN 522157)
Leverage: 26:1 (400:1 for professional traders)
Minimum spreads: No spread. IB’s commission is based on monthly trade volume.
Minimum deposit: No minimum deposit required
Trading platforms on offer: TraderWorkstation (TWS) compatible with MT5
Customer Support: Telephone support, email, live chat. 24/5. English.
Benefits: Referral bonus, educational portal
4. Saxo Bank
Saxo Bank allows traders to trade forex with added flexibility on the spot or derivatives markets.
Buying and selling on of their 190 currency pairs is a seamless experience but Saxo Bank really takes it further beyond by having a Crypto FX feature in which you can gain exposure to crypto by trading them against some of the major currencies.
FX options and FX swaps are also on the table, meaning you can anticipate futures prices via maturities which range from a day to 12 months, but also speculate on FX prices as you hedge your exposure.
Saxo Bank bases its value proposition in 4 pillars:
· An award-winning platform in which you’ll be met with trade signals, innovative features aimed at risk management, and news feeds.
· Incredibly competitive FX spreads with competitive entry prices and low rates.
· Best-in-class execution on the back of tier-1 liquidity for higher fill-rates, less premature stop-outs, and no asymmetric slippage.
· 25 years of experience and expert service around the clock
As such, it comes as no surprise that over 850,000 customers can vouch for Saxo Bank.
Saxo Bank Features
Regulation: Fully regulated in 15 countries
Leverage: 50:1
Minimum spreads: 0.6 pips
Minimum deposit: £500
Trading platforms on offer: SaxoTraderGO
Customer Support: Telephone support, dedicated point of contact (relationship managers and sales traders). 24/5. English.
Benefits: Referral bonus, educational portal
5. CMC Markets
At CMC Markets it’s not just about forex traders but all types of traders out there.
They put the individual at the heart of what they do and aim to provide the ultimate trading experience, constantly improving the way their clients invest in financial markets.
CMC Markets’ efforts translated into being recognized with the #1 Platform Technology Award at ForexBrokers.com Awards 2021.
With over 12,000 financial instruments to trade on, CMC Markets vows to provide the tightest spreads irrespective of market volatility across their product range.
From forex to indices. From shares to commodities. You can trade CFDs on a wide range of global financial markets and you’re guaranteed to find whichever instrument better suit your needs.
With 300 forex instruments, 60 indices, 15 cryptocurrencies, 90 commodities, 30 treasuries, and 9000 shares and ETFs, you can really tell why CMC Markets is one of the UK’s highest rated trading platforms.
CMC Markets Features
Regulation: FCA (173730)
Leverage: 30:1
Minimum spreads: 0.6 pips
Minimum deposit: No minimum deposit required
Trading platforms on offer: MT4
Customer Support: Telephone support, 24/5. English.
Benefits: Referral bonus ($250 bonus* when they trade on a CFD account)
6. City Index
City Index’s mobile app really shines when trading on the go, but that’s not all they have to offer.
With over 99% of trades being executed in under a second and a 0.05 second average, City Index means speed.
In fact, their best execution policy ensures that if the price moves in your favor as the order is still being processed, City Index will execute the order at the better price.
City Index features a suite of award-winning trading platforms (Online Money Awards 2022), including an incredible mobile trading app (Professional Trader Awards 2021) which doesn’t compromise on performance.
With City Index UK traders will be met with access to both spread bets and CFDs.
They are part of StoneX Group, (NASDAQ: SNEX), a company with a proven track record in providing both retail and institutional clients with trading services.
City Index Features
Regulation: FCA (446717), ASIC, CySec, and MAS
Leverage: 30:1 (retail traders), 400:1 (professional traders)
Minimum spreads: 0,8 pips
Minimum deposit: £100
Trading platforms on offer: MT4
Customer Support: Round the clock from 10am Sunday to 5pm Friday
Benefits: Learning hub
7. Forex.com
Forex.com aims at giving investors the complete CFD trading experience.
To do so, it builds on 5 pillars.
Their award-winning mobile and web platforms: Forex.com builds platforms with the investor at their heart, which is why you’ll find some amazing features such as their Performance Analytics, TradingView charts, market commentary, Reuters news feeds, and so forth. Moreover, they deliver exclusive MT5 tools to their customers which you won’t be able to find anywhere else.
Tight Spreads: Forex.com prides themselves on their tight spreads and fully transparent, straightforward pricing, meaning that you will never be caught off guard.
Fast execution with 99.73% of trades being executed in less than 1 second.: reliable, lighting fast execution is something not many brokers can claim. Forex.com, however, takes pride in its execution speed and reliability. The company doesn’t outsource execution responsibility.
As such, not only are they fully accountable for every single trade, but you also get to save money in the process as they use price improvement technology to consistently ensure a better price.
Being fully regulated and a financially stable provider: Forex.com is a part of StoneX, a company which is listed on NASDAQ and boasts assets of nearly $11 billion. And in what concerns regulations, Forex.com is regulated in several different regions across the globe, which in turn means that their customers’ money secure as it is held in separate accounts in trustworthy, top-tier banks.
Unparalleled customer support: With Forex.com, you’ll be getting help from dedicated specialists whether it’s for setting up your account, getting you started, getting a personalized walkthrough, or simply to answer any other questions you might have.
You will always be on the loop as you can opt to get calls or emails regarding service enhancements or any other changes which might impact your account (regulatory, pricing, or margin). You can even subscribe to emails catered to helping improve your trades and your trading plan.
Forex.com Features
Regulation: Financial Conduct Authority (FCA)
Leverage: 50:1
Minimum spreads: 0,43 pips average
Minimum deposit: £100
Trading platforms on offer: MT4, MT5
Customer Support: 24h a day from 10am Sunday to 5pm Friday
Benefits: Educational section
8. eToro
At eToro, copy trading seems to be the name of the game as you can follow traders from over 140 countries.
EToro does not charge any additional fees for their copy trading service, meaning you’ll pay the exact same transaction fee as if you were trading on your own.
Passive investing is also a major feature as you can simply let your money do the work for you.
Many traders have started out with these two features and took the opportunity to learn how to trade on their own.
eToro is not just a forex broker, or a stock trading platform. It also features plenty of cryptocurrencies and, it seems to be getting a lot of traction especially amongst younger traders who are looking to buy shares and crypto as a way of diversifying their portfolios.
eToro Features
Regulation: Regulated by the FCA, covered by the FSCS
Leverage: 30:1 on major pairs, 20:1 on exotics
Minimum spreads: 1 pip
Minimum deposit: £10
Trading platforms on offer: Proprietary platform
Customer Support: Telephone and Live Chat. 24h a day from 10am Sunday to 5pm Friday
Benefits: 40 ready-made investment portfolios. All registered users have a US$100,000 (£80,000) demo account for free at their disposal.
Choosing the right Forex Broker can undoubtedly lead to better results. Accordingly, if you want to trade optimally, you’ll need to set up the best trading accounts while partnering up with the best platform in the UK.
However, to really bring out the best in your forex trading, the trading platform you choose should meet your needs and bring out the best of your trading style.
This in turn means that following the adage “your trading strategy, your rules”, setting up the best possible trading accounts in the UK might not a particularly straightforward process
Getting Started – FX Trading in the UK
The best online brokerage service in the UK will most likely be up to you to decide because it is your own personal finance that it’s at stake. Each trader has its own preferred style, strategy, asset class such as mutual funds, buying stocks, etc. This is why some brokers offerings will be valued higher than others and the best trading platform UK can vary so greatly.
With this in mind, you should remember that before starting to use your bank account to explore the forex market or to buy and sell stocks, you can take the time to open a demo account on each one of these.
Always prioritize trading only with regulated brokers rather than seeking only commission free trades. Remember always to only invest what you can afford whilst not draining any savings accounts.
Then only then you will know exactly what your trading options are and what exactly works best for you, leading you to having the best trading accounts in the UK.
As such, read on to find out what suits you best.
Top Forex Brokers in UK
1. IG
With over 45 years of experience, IG has become one of the most trusted names in the industry for multi-asset trading, be it forex, stock market trading, etc.
There are so many things to discover at IG, but the main point is simple: IG has investors at their core. They go above and beyond to improve each of their users’ trading experience, but also in terms of building a sound community and fostering a healthy, trading environment.
IG gives you access to more than 18,000 global markets while ensuring reliable execution. And with their team of global analysts, you’ll stay updated during your trading sessions as you’ll be getting dispatches off top-notch content to empower your trading decisions.
Moreover, their award-winning trading app is natively designed, meaning that, where you are, you can trade seamlessly on the go with no fuss.
In what concerns educational materials, IG has an its own IG Academy. Added to that, it offers seminars, webinars, and other types of financial events.
In fact, they even go the extra mile to really empower their users, giving them the space to share their knowledge, ideas, and strategies too.
IG Features
Regulation: FCA, CFTC, NFA, BaFin, FINMA, ASIC, FMA, MAS, FSA, FSCA, DFSA, JFSA, METI, MAFF
Leverage: 50:1
Minimum spreads: 0.8 pips
Minimum deposit: £250
Trading platforms on offer: MT4
Customer Support: By phone, email, social networks and/or live chat. Around the clock from 8 am Saturday to 10pm Friday (GMT). English.
Benefits: Educational portal, affiliate program
2. X-Trade Brokers
Whether you want to start trading or you’re only starting out, XTB has got your back.
X-Trade Brokers is an award-winning platform which vows to help traders, regardless of their experience, and at every given stage of their trading journey.
Its educational section features an incredible video library and trading academy courses which vary from basic, to intermediate, and the expert level.
For an online broker, XTB isn’t just for those who want to start investing. It boasts over 15 years of activity in the financial markets and a 495,000-customer base so you’ll find reasons to stick with them long term too for your brokerage account.
Moreover, with multilingual customer support, regardless of your background, you’re guaranteed to have a dedicated support team right there with you.
XTB Features
Regulation: FCA (FRN 522157)
Leverage: 30:1
Minimum spreads: 0.5 pips (standard accounts), 0.1 (pro accounts)
Minimum deposit: No minimum deposit required
Trading platforms on offer: MT4
Customer Support: Telephone support, dedicated account manager, live chat. 24/5
Benefits: Educational portal
3. Interactive Brokers
If you are a professional or heading into pro territory, Interactive Brokers might be your best option.
Interactive Brokers’ FXTrader was crafted with the purpose of optimizing your trading to the fullest and features specially designed tools to trade the currency markets.
Their interbank-quality spreads leave no trader indifferent as they allow trading the best bid/ask from multiple liquidity providers, all with incredibly low spreads.
Ranging from scale, OCA, limit if touched, and trailing stop limits, Interactive Brokers’ FX trader features over 20 order types for your favorite currency pair.
You will also be able to review the margin implications and order details before using Interactive Brokers’ instantaneous transmission will send out your orders with one click on the bid or the ask.
Interactive Brokers Features
Regulation: FCA (FRN 522157)
Leverage: 26:1 (400:1 for professional traders)
Minimum spreads: No spread. IB’s commission is based on monthly trade volume.
Minimum deposit: No minimum deposit required
Trading platforms on offer: TraderWorkstation (TWS) compatible with MT5
Customer Support: Telephone support, email, live chat. 24/5. English.
Benefits: Referral bonus, educational portal
4. Saxo Bank
Saxo Bank allows traders to trade forex with added flexibility on the spot or derivatives markets.
Buying and selling on of their 190 currency pairs is a seamless experience but Saxo Bank really takes it further beyond by having a Crypto FX feature in which you can gain exposure to crypto by trading them against some of the major currencies.
FX options and FX swaps are also on the table, meaning you can anticipate futures prices via maturities which range from a day to 12 months, but also speculate on FX prices as you hedge your exposure.
Saxo Bank bases its value proposition in 4 pillars:
· An award-winning platform in which you’ll be met with trade signals, innovative features aimed at risk management, and news feeds.
· Incredibly competitive FX spreads with competitive entry prices and low rates.
· Best-in-class execution on the back of tier-1 liquidity for higher fill-rates, less premature stop-outs, and no asymmetric slippage.
· 25 years of experience and expert service around the clock
As such, it comes as no surprise that over 850,000 customers can vouch for Saxo Bank.
Saxo Bank Features
Regulation: Fully regulated in 15 countries
Leverage: 50:1
Minimum spreads: 0.6 pips
Minimum deposit: £500
Trading platforms on offer: SaxoTraderGO
Customer Support: Telephone support, dedicated point of contact (relationship managers and sales traders). 24/5. English.
Benefits: Referral bonus, educational portal
5. CMC Markets
At CMC Markets it’s not just about forex traders but all types of traders out there.
They put the individual at the heart of what they do and aim to provide the ultimate trading experience, constantly improving the way their clients invest in financial markets.
CMC Markets’ efforts translated into being recognized with the #1 Platform Technology Award at ForexBrokers.com Awards 2021.
With over 12,000 financial instruments to trade on, CMC Markets vows to provide the tightest spreads irrespective of market volatility across their product range.
From forex to indices. From shares to commodities. You can trade CFDs on a wide range of global financial markets and you’re guaranteed to find whichever instrument better suit your needs.
With 300 forex instruments, 60 indices, 15 cryptocurrencies, 90 commodities, 30 treasuries, and 9000 shares and ETFs, you can really tell why CMC Markets is one of the UK’s highest rated trading platforms.
CMC Markets Features
Regulation: FCA (173730)
Leverage: 30:1
Minimum spreads: 0.6 pips
Minimum deposit: No minimum deposit required
Trading platforms on offer: MT4
Customer Support: Telephone support, 24/5. English.
Benefits: Referral bonus ($250 bonus* when they trade on a CFD account)
6. City Index
City Index’s mobile app really shines when trading on the go, but that’s not all they have to offer.
With over 99% of trades being executed in under a second and a 0.05 second average, City Index means speed.
In fact, their best execution policy ensures that if the price moves in your favor as the order is still being processed, City Index will execute the order at the better price.
City Index features a suite of award-winning trading platforms (Online Money Awards 2022), including an incredible mobile trading app (Professional Trader Awards 2021) which doesn’t compromise on performance.
With City Index UK traders will be met with access to both spread bets and CFDs.
They are part of StoneX Group, (NASDAQ: SNEX), a company with a proven track record in providing both retail and institutional clients with trading services.
City Index Features
Regulation: FCA (446717), ASIC, CySec, and MAS
Leverage: 30:1 (retail traders), 400:1 (professional traders)
Minimum spreads: 0,8 pips
Minimum deposit: £100
Trading platforms on offer: MT4
Customer Support: Round the clock from 10am Sunday to 5pm Friday
Benefits: Learning hub
7. Forex.com
Forex.com aims at giving investors the complete CFD trading experience.
To do so, it builds on 5 pillars.
Their award-winning mobile and web platforms: Forex.com builds platforms with the investor at their heart, which is why you’ll find some amazing features such as their Performance Analytics, TradingView charts, market commentary, Reuters news feeds, and so forth. Moreover, they deliver exclusive MT5 tools to their customers which you won’t be able to find anywhere else.
Tight Spreads: Forex.com prides themselves on their tight spreads and fully transparent, straightforward pricing, meaning that you will never be caught off guard.
Fast execution with 99.73% of trades being executed in less than 1 second.: reliable, lighting fast execution is something not many brokers can claim. Forex.com, however, takes pride in its execution speed and reliability. The company doesn’t outsource execution responsibility.
As such, not only are they fully accountable for every single trade, but you also get to save money in the process as they use price improvement technology to consistently ensure a better price.
Being fully regulated and a financially stable provider: Forex.com is a part of StoneX, a company which is listed on NASDAQ and boasts assets of nearly $11 billion. And in what concerns regulations, Forex.com is regulated in several different regions across the globe, which in turn means that their customers’ money secure as it is held in separate accounts in trustworthy, top-tier banks.
Unparalleled customer support: With Forex.com, you’ll be getting help from dedicated specialists whether it’s for setting up your account, getting you started, getting a personalized walkthrough, or simply to answer any other questions you might have.
You will always be on the loop as you can opt to get calls or emails regarding service enhancements or any other changes which might impact your account (regulatory, pricing, or margin). You can even subscribe to emails catered to helping improve your trades and your trading plan.
Forex.com Features
Regulation: Financial Conduct Authority (FCA)
Leverage: 50:1
Minimum spreads: 0,43 pips average
Minimum deposit: £100
Trading platforms on offer: MT4, MT5
Customer Support: 24h a day from 10am Sunday to 5pm Friday
Benefits: Educational section
8. eToro
At eToro, copy trading seems to be the name of the game as you can follow traders from over 140 countries.
EToro does not charge any additional fees for their copy trading service, meaning you’ll pay the exact same transaction fee as if you were trading on your own.
Passive investing is also a major feature as you can simply let your money do the work for you.
Many traders have started out with these two features and took the opportunity to learn how to trade on their own.
eToro is not just a forex broker, or a stock trading platform. It also features plenty of cryptocurrencies and, it seems to be getting a lot of traction especially amongst younger traders who are looking to buy shares and crypto as a way of diversifying their portfolios.
eToro Features
Regulation: Regulated by the FCA, covered by the FSCS
Leverage: 30:1 on major pairs, 20:1 on exotics
Minimum spreads: 1 pip
Minimum deposit: £10
Trading platforms on offer: Proprietary platform
Customer Support: Telephone and Live Chat. 24h a day from 10am Sunday to 5pm Friday
Benefits: 40 ready-made investment portfolios. All registered users have a US$100,000 (£80,000) demo account for free at their disposal.
