It is estimated that 1 in every 164 adults in the UK is a forex trader. But the figure of 280,000 British forex traders could well be much higher than that.

The UK, then, is very much a hotspot for forex trading. Indeed, the UK’s forex-dealing population is well ahead of any other European nation and second only to the US. Clearly, people in the UK are rather enamored by forex as a means of earning more cash in a generally low wage economy.

The good news for Brits is that there are plenty of forex brokers out there willing to do business with them. However, not all online forex brokers are equal. For people resident in the UK, the number one priority for selecting a broker is ensuring they are appropriately authorized and regulated by the Financial Conduct Authority. The FCA is the UK’s financial regulator and oversees financial services – including forex – that operate in the UK.

See the list of the best Forex Brokers in the UK: 

Broker:Review:Regulation:Spreads:Assets:Advantages:Open Account:
1. Tickmill
Tickmill logo
5 out of 5 stars (5 / 5)
➜ Read the review
FCA, CySEC, FSAStarting 0.0 pips + $ 2.0 commission per 1 lot84+
(60+ currency pairs)
+ VIP conditions
+ Fast execution
+ Personal service
+ IBU13836682 5% rebate code
Live trading from $ 100

75% of private investor accounts lose when trading CFDs

2. FXCM
FXCM logo
5 out of 5 stars (5 / 5)
➜ Read the review
FCA, AFSL, FSCAStarting 0.2 pips variable200+
(50+ currency pairs)
+ NDD/ECN Broker
+ High liquidity
+ Institutional service
+ NinjaTrader
Live trading from $ 50

74% – 89% of private investor accounts lose when trading CFDs

3. Admiral Markets
Admiral Markets logo
5 out of 5 stars (5 / 5)
➜ Read the review
FCA, ASIC, CySEC, EFSAStarting 0.0 pips variable + $ 3.0 commission per 1 lot3,000+
(40+ currency pairs)
+ Multi-regulated
+ Huge variety
+ Special offers
+ DMA access
Live trading from $ 100

81% of private investor accounts lose when trading CFDs

4. Etoro
Etoro logo
5 out of 5 stars (5 / 5)
➜ Read the review
FCA, CySEC, ASICStarting 1.0 pips variable, no commissions2,000+
(50+ currency pairs)
+ Best platform
+ Social Trading
+ Cryptocurrencies
+ PayPal
Live trading from $ 100

71% of private investor accounts lose when trading CFDs

5. Plus500
Plus500 logo
4.7 out of 5 stars (4.7 / 5)
➜ Read the review
FCA, CySEC, ASICVariable spreads from the market2,000+
(50+ currency pairs)
+ Support 24/7
+ PayPal
+ Cryptocurrencies CFDs
+Guranteed stops
Live trading from $ 100

76.4% of retail CFD accounts lose money

What is the best Forex Broker in the United Kingdom?

There are hundreds of forex brokers online vying for your business, though. However, to simplify matters, we have sifted through them to arrive at five that we consider are the best for the UK. Crucially, they are all FCA-regulated. But more than that, they offer exemplary services, excellent trading conditions, and platforms that are easy to use and intuitive. Precisely the ingredients you need to make forex trading the experience you would hope for. We, therefore, commend the following brokers to you.

FCA regulation in the UK

FCA regulation in the UK

5 Best Forex Brokers in UK:

  1. Tickmill – Broker-built for forex trades (best conditions)
  2. FXCM – Long established UK-based forex broker
  3. Admiral Markets – The best education
  4. Plus500 – Best for news trading
  5. eToro – Social trading winner

1. Tickmill

Official website of the forex broker Tickmill in the UK

Official website of the forex broker Tickmill in the UK

This online broker is an award winner that’s regulated in the UK and multiple other jurisdictions. You are sure to find its name cropping up in any review of forex brokers recommended for the UK.

Undoubtedly, the reason for this is that traders built Tickmill for traders. The team behind Tickmill is highly experienced, having successfully traded on all the major currency markets from the USA to Asia, stretching as far back as the 1980s.

The result is a very tasty package for both experienced forex traders and complete beginners, comprising excellent trading conditions, ultra-fast execution speeds, security, and all trading strategies. And it is well supported by multilingual customer support.

In 2020 alone, they captured five prestigious industry award wins, including Best Trading Experience in the Forex Broker Awards, Best Forex Education Provider in the Global Brands Magazine, and Most Reliable Broker in the Online Personal Wealth Awards.

In terms of forex, they offer spreads from 0.0 pips and leverage of up to 1:30 for retail customers. Pro traders can access leverage of up to 1:300. Due to the overlap of the money markets, you can trade forex 24/5 should you so wish. However, one downside to Tickmill is the limited number of platforms available; the choice is between MetaTrader 4 and WebTrader. That said, they compensate by allowing all types of strategies, having negative balance protection, no requotes, and copy trading on MetaTrader 4 accounts via Myfxbook.

Tickmill offers three account types: Pro Account, Classic Account, and VIP Account.

All but the VIP Account require a minimum $100 deposit (the VIP requires a $50,000 minimum balance. Only 0.0 pips are available on the Pro and VIP accounts; the classic starts at 1.6 pips, which is on the high side compared to other brokers, but there’s zero commission payable. So it would be best to check the Tickmill account comparison page before making a definitive decision.

Benefits of Tickmill for UK traders:

  • FCA-regulated
  • Zero commission accounts
  • Spreads from 0.0 pips (ultra-low commissions)
  • Impressive educational resources
  • Free access to autochartist
  • Trade over 60 currency pairs
  • MetaTrader 4
  • Personal support
  • Fast execution and no slippage

(Note: Get 5% spread rebate with the code: IBU13836682)

(Risk Warning: 75% of retail trading accounts lose money)

2. FXCM

Official website of the forex broker FXCM in UK

Official website of the forex broker FXCM in UK

FXCM is a national treasure in the UK, being one of the longest established firms in the country. It’s FCA-regulated, authorized in multiple jurisdictions, and seems to have been around forever. Its longevity is a great indicator of its health and experience. These two traits are absolutely vital in a forex broker.

According to FXCM, their three core values are customer first, integrity, and agility. All laudable aims, for sure. But how does this measure up in the real world?

Pretty well as it happens. FXCM appears in virtually all top ten reviews of forex brokers for their performance, trading conditions, and ease of use. So it’s not just us being cheerleaders.

FXCM promises, and they deliver. Two things that don’t necessarily follow one another in today’s world. However, FXCM is a refreshing departure in that regard.

With 20 years of business under their belt, FXCM knows how to keep customers and has long since ironed out any kinks. Their background has given FXCM the depth and breadth of knowledge to grow into a significant global player. They have offices worldwide, including Gresham Street in the historic center of the City of London and Israel, Canada, Hong Kong, South Africa, and Australia.

Their customer support is excellent. It’s available 24/5 via live chat, email, and freephone 0800 1456477 in the UK.

While FXCM is noted for its educational resources and demo accounts, they should do a website rethink. There’s a prominent button to open an account, but the actual detail of the account specifications is buried deeper in the site. So you may want to go directly to the accounts page first before handing over your details.

Benefits of FXCM for UK traders: 

  • FCA-regulated
  • Demo accounts
  • Spreads from 0.2 pips (no commissions)
  • More than 50% of currency pairs
  • Good training materials
  • Choice of MetaTrader 4, TradingStation, NinjaTrader and WebTrader
  • Allows copy trading via ZuluTrade
  • High liquidity and fast execution

(Risk Warning: 74% – 89% of retail trading accounts lose money)

3. Admiral Markets

Official website of the forex broker Admiral Markets in the UK

Official website of the forex broker Admiral Markets in the UK

Admiral Markets have been navigating the forex waters since 2001, almost as long as FXCM. By now, then, they know a thing or two about customer service and offering clients the best possible trading experience. Not only are they regulated by the UK’s Financial Conduct Authority, but Admiral Markets also come under the scrutiny of the regulators in Estonia, Cyprus, Australia, and the European Union.

From that perspective, Admiral Markets is a trustworthy and respectable organization. But what more are they bringing to the party?

One of their most significant assets is their flexibility. You can make deposits into your accounts in most currencies, which are then converted into GBP, USD, EUR, CHF, or other applicable fiat currencies. The use of the word ‘accounts’ was deliberate as you can hold multiple accounts in various currencies simultaneously. This gives you the option to transfer funding between accounts via Admiral Markets’ handy internal transfer system. You will find it located in the Trader’s Room, a dashboard where you can carry out a host of account management actions.

As forex is a lifelong learning journey for experienced traders as well as newbies, Admiral Markets has an impressive suite of educational tools on board. So, no matter how experienced you are, there’s a way to make better-informed forex trading decisions. Admiral Markets are quite committed to their educational programs, which include webinars and seminars. They also publish forex education books and brochures in several languages. So Admiral Markets’ ever-expanding range of learning tools gets an A grade from us.

Their five account types are based around MetaTrader 4 and 5, each of which can receive deposits in EUR, USD, GBP, CHF, BGN, CZK, HRK, HUF, PLN, and RON.

Benefits of Admiral Markets for UK trader:

  • FCA-regulated
  • Easy to navigate website
  • Trade over 40 currency pairs
  • Excellent educational resources for beginners
  • MetaTrader 4/5
  • Spreads from 0.0 pips
  • Commissions from $ 3 per one traded lot
  • Different account types
  • Trade with as little as 1 EUR

(Risk Warning: 81% of retail trading account lose money)

4. Plus500

Official website of the forex broker Plus500 in the UK

Official website of the forex broker Plus500 in the UK

Headquartered in Israel, but with an entity regulated in the UK by the Financial Conduct Authority, Plus500 has been on the scene for a long time now.

It’s an intuitive platform that even beginners will be able to navigate around in short order.

Unlike some others in the forex brokerage space, Plus500 is very transparent about what they do with their clients’ money. As well as the standard segregation of client funds into a separate bank account as per FCA rules, Plus500 is a no dealing desk, meaning they don’t take speculative positions or trade against their clients.

They also state they don’t use client funds for hedging or pass them through to hedging counterparties. Plus500 further states they have no exposure to corporate or sovereign debt and do not invest retail client funds. Some of this information you would be hard-pressed to find from other forex brokers.

They are transparent, then. But are Plus500 any good?

Well, yes, they are as it happens.

Plus500 is an excellent choice for beginners. They have advanced tools in place to minimize losses and lock in profit. The platform is easy to use, and Plus500 has expended time, energy, and thought into developing their educational resources. However, what is on offer is lacking. It’s dubious whether there’s enough to get your teeth into if you have not been involved in some trading before.

Complete novices, then, would be wise to open a demo account first to learn the platform and study up on forex trading before risking any of their cash. They always come highly rated in any best forex brokers in the UK surveys. And ours is no exception.

If you are ready for a switch of platform or wish to venture into forex trading for the first time, Plus500 is definitely worth investigating further. We have no hesitation about recommending Plus500. There are very few downsides involved for UK forex traders.

Overall, Plus500 is considered very safe but could do more on the educational side if that is an issue for you.

Benefits of Plus500 for traders in the UK:

  • FCA-regulated
  • Transparent
  • Trade more than 60 currency pairs
  • Minimum $100 deposit
  • Leverage of 1:30 available
  • Support 24/7
  • Guaranteed stop losses
  • Variable spreads
  • User-friendly platform

(Risk Warning: 76.4% of retail investor accounts lose money)

5. Etoro

Official website of the forex broker Etoro in the UK

Official website of the forex broker Etoro in the UK

They may not be the cheapest on price, but if your sole objective is to get a slice of the copy trading action, Etoro is the place to go.

Etoro is now the undisputed king of the hill when it comes to social trading networks. It has grown into the by-word for this kind of forex trading. Though you can trade stocks, commodities, and cryptocurrencies, eToro is probably best known for its forex dominance.

In a relatively short time-frame, it has grown into one of the megafauna of online trading. And as far as copy trading is concerned is the apex predator.

But is it all hype?

No, its millions of users strongly suggest otherwise. However, if your prime goal is not accessing their dominance in auto-trading, then you may wish to consider one of our other top 5 brokers for the UK.

For anyone else, including forex beginners, eToro is the destination of choice. eToro’s trademarked CopyTrader is the platform’s most popular feature by far. It allows users to see what moves experienced and successful traders are making in real-time and copy their trading automatically. No intervention by the user is required. You set it up, select the trader’s profile you like, and follow him or her. It’s that simple.

According to eToro, their top 50 most copied traders in 2019 managed an annual profit of 29.1%. It’s easy to see why eToro has had such an impact on the market with returns like these. So their claims of being a game-changer are not without merit. Best of all, you get to use CopyTrader for no extra charge.

As eToro likes to point out, it’s more than just a copy trading platform. There’s social networking too with other investors and traders. It’s a community where you can connect with others, share experiences, ideas, and forex strategies.

Benefits of eToro for UK traders:

  • FCA-regulated
  • The go-to for copy trading
  • Really user-friendly site
  • Network with other forex traders
  • A minimum deposit of $200
  • More than 2,000 markets
  • 50 currency pairs+
  • Spreads from 1.0 pips without commissions

(Risk Warning: 71% of retail trading accounts lose money)

Is it legal to trade forex in the UK?

Yes, forex trading is legal in the UK. It is overseen in the UK by the Financial Conduct Authority, which is a tier-one financial regulation authority. Being licensed by the FCA is a highly prized authorization for forex brokers. You check out their website here. They have a page, too, on how to avoid forex scams.

Why is it essential to have an FCA-regulated broker?

FCA licensing means the forex broker has agreed to meet a high level of fairness, transparency and has measures in place to protect your money. Among these measures are:

  • A segregated bank account to hold client funds.
  • Instant processing of withdrawals.
  • Having at least £1m of operating capital.
  • Submitting periodic financial statements and annual audits to the FCA.
  • Joining the FCA’s client compensation scheme to protect client money if the broker goes bust.

If a broker isn’t regulated, there’s little to stop them from disappearing with your money.

You can check a firm’s FCA status here: https://register.fca.org.uk.

How has Brexit affected forex?

The UK narrowly averted the shock of a no-deal scenario at the end of 2020. Markets responded with a short-lived rally of the GBP, which made gains against the dollar. However, it is too soon to know how the GBP will fare against the EUR/USD and more generally in the long term, given its new relationship with the European Union. Most commentators believe leaving the EU bloc with a ‘bare bones’ deal will have a negative effect on the UK economy.

The big omission from the Brexit deal was the UK’s large and influential finance sector. At the time of writing, Brussels has yet to decide whether the UK should have access to the EU’s financial market. Talks between the UK and EU could take months.

However, it’s clear that the EU wishes to reduce its reliance on the City of London for financial services. Instead, they want to see more euro-centric trading in Paris, Frankfurt, Amsterdam, and other financial centers. What access is agreed upon is likely to be much diminished.

The uncertainty has already seen UK-based banks shift more than £1 trillion of assets and many thousands of jobs to the EU to avoid disruption. Add in England’s dismal COVID-19 response, compared to the other three nations, and the economic picture looks even murkier.

Final conclusion on the best Forex Brokers in the UK

The forex trading landscape in the UK is burgeoning. Today, an estimated 1 in 164 adults in the UK are trading forex. This puts the UK way in front of any of their European neighbors for forex traders per capita. In fact, the UK is second only to the US in being a major force in the industry.

We rightly suspect the estimated figure of 280,000 forex traders is on the low side. The real number of UK traders could be much higher, especially with the advent of social copying trading.

There’s plainly no lack of forex brokers out there to help. But the prime criteria for any UK-based forex fan is to ensure any broker they use is regulated by the UK’s Financial Conduct Authority. To this end, our review has narrowed down the field to a list of just five that we believe offer the best services if you reside in the UK. They are a good mix and cover the needs of both forex newbies and experienced traders alike as well as social network trading.

It’s a review that covers all the bases. We are sure you will find the UK forex broker that’s perfect for you and your trading ambition