20 Best UK Forex Brokers

 

The world of currency exchange intimidates and intrigues people, and becoming familiar with all the new terminology, concepts, trading interfaces, training courses and research dashboards may be overwhelming for some new traders.

We all agree that this environment has its challenges and one can expect that there should be some aid; toolsets and programs to tame this tiger. The good news is that there are plenty of nifty tricks and tools at your disposal!

They operate from brokerages that have set the trend for many global Forex traders over the past decades and they have tamed this Forex Tiger to such an extent that any novice trader can start their journey of trading in currencies and take this Tiger for a walk.

Forex markets are volatile and unpredictable, so it is important to be very selective about choosing a brokerage that aligns with your trading goals. 

This article will give you an overview of some of the 20 Best UK Forex Brokers and give insight into how some of the most successful brokerages structure their product offering and prices. 

 

Alpari 

 

 

Alpari started in 1999 and is recognized as a well-regulated, global provider of currency exchange trading solutions to amateur and experienced traders alike, providing trading opportunities for over 2 million users.

Alpari has successfully created a secure, user-friendly trading environment with advanced trading tools and innovative platforms that welcome all types of traders and keeps them updated with the latest financial news. 

Dummy accounts are available for both novice and seasoned traders to experiment with Social trading and Strategy Manager services, which work in your favour.

Strategy Manager is a fantastic program where traders can gain increases by sharing their trades and having others make use of it, bagging a part of their profits.

 

Alpari Pros and cons

✔️Pros	❌Cons
Wide range of products available	Research tools are inadequate
Platform functionality of a Strategy Manager	Educational resources are lacking

 

Alpari Fees and Commissions

Features	Prices
Minimum starting deposit	$100
Average spread EUR / USD, active	0.82
Average spread EUR / USD, standard	0.92
Discount for VIP and active traders	Yes

 

AvaTrade

 

AvaTrade was established in 2006 and since then it has grown popular as a Forex trading and CFD broker, serving over 200,000 customers who engage in more than 2 million trades each month.

They have a multi-offering trading platform with lower trading costs and easy withdrawal and deposit processes. 

AvaTrade also provides online instruction material, training videos and activities on learning how to trade successfully in Forex markets.

Many traders express how enjoyable and delightful the transacting experience is with AvaTrade and the support from their multilingual live customer services team.

 

AvaTrade Pros and cons

✔️Pros	❌Cons
Account registration is user-friendly	Research materials are inefficient
Withdrawal and deposit fees waived	Telephonic support is mediocre
Great training material	Not many products to choose from

 

AvaTrade Fees and Commissions

Features	Prices
Minimum starting deposit	$100
Average spread EUR / USD, active	0.62
Average spread EUR / USD, standard	0.92
Discount for VIP and active traders	Yes

 

City Index

 

 

Started in 1985, City Index offers innovative portfolio management services to its customers. They operate under the supervision of GAIN Capital Holdings, which is a trusted company that provides global Forex trading solutions.

It is simple and easy to register your account with City Index and their training and research tools exceed the expectations of many traders.

Although there have been complaints of slow reaction times on their e-mail queries, their telephonic support suffices for the lack of e-mail support.

 

City Index Pros and cons

✔️Pros	❌Cons
Trading fees are low	Small product scope
Account registration is easy	Incompetent desktop platform
Research tools are great

 

City Index Fees and Commissions

Features	Prices
Minimum starting deposit	£50.00
Average spread EUR / USD, active	0.80
Average spread EUR / USD, standard	0.80
Discount for VIP and active traders	Yes

 

CMC Markets 

 

This matured brokerage has been serving its loyal traders since 1989. Since then, CMC Markets has been offering a versatile platform and an abundance of research applications and tools.

The account creation process has a downside, however, as the confirmation process is complex. On the bright side, they charge no compulsory initiation deposit.

Customer technical support is on standby 24/7 and the helpdesk is sufficient. They offer support services via e-mail, telephone or live chat and promises their users a great experience.   

 

CMC Markets Pros and cons

✔️Pros	❌Cons
Extensive product range	Withdrawals are delayed
All trading tools on a single platform	Customer support is slow
Excellent training material

 

CMC Markets Fees and Commissions

Features	Prices
Minimum starting deposit	$0
Average spread EUR / USD, active	0.81
Average spread EUR / USD, standard	0.81
Discount for VIP and active traders	Yes

 

easyMarkets

 

The Easy Markets platform was launch over 20 years ago, particularly accommodating new traders who seek knowledge, understanding and trading opportunities.

They value their traders in training to such an extent that they customized their original currency exchange platform to cater to the needs of novice traders.

Their product offering may seem limited, but their training resources and research tools are adequate and can be used to introduce any new Forex traders to the market.

On a positive note, their customer support services are excellent, despite minor delays. Easy Markets charge minimal costs for trading on their platform. 

 

easyMarkets Pros and cons

✔️Pros	❌Cons
No commission is charged	Forex accounts have limited options
Affordable trading and forex costs

 

easyMarkets Fees and Commissions

Features	Prices
Minimum starting deposit	$100
Average spread EUR / USD, active	0.90
Average spread EUR / USD, standard	0.90
Discount for VIP and active traders	Yes

 

eToro

 

 

eToro was founded in 2007 and they coined the invention of Social Trading. They envision a revolution in the way people handle transactions and our traditional money management systems. 

Opening an account is relatively quick and users can dive right into the markets and start trading once this process is completed.

While Etoro’s research and educational tools need improvement, their customer support makes up for it with exceptional assistance. They can be reached via a web ticketing framework and live talk, ensuring that help can be accessed using modern-day tools in our busy lifestyles.

Sadly customer support is unavailable after office hours.

 

eToro Pros and cons

✔️Pros	❌Cons
Accounts are easy to register	Expensive trading fees
Positive trading experience	Lengthy withdrawal process

 

eToro Fees and Commissions

Features	Prices
Minimum starting deposit	$200
Average spread EUR / USD, active	N/A
Average spread EUR / USD, standard	3
Discount for VIP and active traders	Yes

 

ETX Capital 

 

Since 1965, ETX Capital has consistently been awarded numerous awards and distinctions and their code of conduct makes them a credible brokerage.

ETX Capital offers its customers unfailing quality and security. Unfortunately, there are flaws in the design of their platform interfaces, and research tools seem outdated, giving their contenders an easy advantage.

Their user registration process is fast and uncomplicated, with a customer technical support team that is responsive and well trained.

 

ETX Capital Pros and cons

✔️Pros	❌Cons
Variety of trading options	Costly forex fees
Simple account registration	Lack of research tools
Great training material

 

ETX Capital Fees and Commissions

Features	Prices
Minimum starting deposit	$100.00
Average spread EUR / USD, active	0.81
Average spread EUR / USD, standard	0.81
Discount for VIP and active traders	No

 

Forex.com

 

Forex.com has provided traders with a convenient, user-friendly trading experience in all stages of the customer journey.

Opening an account is simple but the method of confirmation may result in the process taking longer than average.  

Comprehensive resources and educational tools are on offer. However, it does contain discrepancies concerning the relevance of the content provided.

Although there are no e-mail or other customer technical support channels currently available, their telephonic assistance is responsive and their responses to queries are helpful. 

 

FOREX.com Pros and cons

✔️Pros	❌Cons
Affordable trading fees	Not a user-friendly desktop platform
Great research functionality	Lack of products and features
Hassle-free account creation

 

FOREX.com Fees and Commissions

Features	Prices
Minimum starting deposit	$50.00
Average spread EUR / USD, active	0.70
Average spread EUR / USD, standard	1.00
Discount for VIP and active traders	Yes

 

FP Markets

 

 

The FP Markets platform emerged into the currency exchange economy in 2005. It is regarded as one of the safest brokerages in the Forex market and they offer trading opportunities with over 50 currency pairs, 16 global indices and popular commodities.

Showcasing an authentic method to manage trades and displaying an appealing pricing structure, FP Markets is the desired option for both novice and experienced traders.

Transactions are processed within seconds of initiation and their multi-lingual customer support team is available around the clock.

 

FP Markets Pros and cons

✔️Pros	❌Cons
Reliable customer support team	A small variety of products available
Accounts registration is easy	Some withdrawals carry costs
Dormant accounts not penalized	Web platforms need a revamp
Fast transactions times	Lack of risk management options

 

FP Markets Fees and Commissions

Features	Prices
Minimum Initial deposit to start trading	$100
Average spread EUR / USD, active	N/A
Average spread EUR / USD, standard	1.19
Discount for VIP and active traders	N/A

 

FXCM

 

 

FXCM was founded in 1999 and has positioned itself in a favourable spot with amateur traders, as they are dedicated to offering a tailor-made educational platform for new traders. 

It is simple and easy to register a new account, but the confirmation process method may result in longer than average waiting times.

Although FXCM houses a mobile and web platform, both are somewhat inferior and in need of development.

Dedicated customer care ensuring customers’ needs and queries are responded to immediately and with minimal impact. This is done via live chat, email or telephone.

 

FXCM Pros and cons

✔️Pros	❌Cons
Excellent research platform	The product range is limited
More than sufficient training material	Platform appears underdeveloped
Creating an account is easy

 

FXCM Fees and Commissions

Features	Prices
Minimum starting deposit	£300
Average spread EUR / USD, active	0.70
Average spread EUR / USD, standard	1.30
Discount for VIP and active traders	Yes

 

FXTM

 

 

FXTM has over 2,000,000 registered users and a staff force of over 800 persons to support their user base., placing them amongst the top 5 most trusted brokers in the UK Forex world.

They are regarded as a safe option because they operate under the top-tiered financial conduct authorities in the UK e.g. UK FCA.

This brokerage is most definitely an option to consider if you enter the trading platform for the first time, as they offer great training material and research options.

Considering all this, they are also a good choice for the well-oiled traders who would normally trade on the “MetaData 4” and other platforms.

Their account opening process is easy and straightforward. Customers have the option to interact via their web-based or mobile platforms, but the latter is the favorite option.

Although they offer customer technical support only during business hours, their service is highly rated by their user base.

 

FXTM Pros and cons

✔️Pros	❌Cons
Excellent customer support team	Expensive withdrawal fees
Opening an account is straightforward	Dormant accounts penalized
Educational resources available for beginners	Low product offering

 

FXTM Fees and Commissions

Features	Prices
Minimum starting deposit	$100
Average spread EUR / USD, active	1.00
Average spread EUR / USD, standard	0.80
Discount for VIP and active traders	Yes

 

GO Markets

 

GO Markets is ideal for novice and expert traders, providing outstanding offerings, which integrate substantial tools for research and training.

They offer both superior mobile and web platforms, and the reduced Forex trading fees are why so many traders flock to GO Markets.

Opening an account is simple for user convenience and transactions are processed at high speeds.

The key component of what makes many users enjoy their trading experience is their client services, which are available through social media, the web, email and phone.

 

GO Markets Pros and cons

✔️Pros	❌Cons
Forex trading fees are affordable	3 Months dormant result in penalties
Customer support is on par

 

GO Markets Fees and Commissions

Features	Prices
Minimum starting deposit	$200
Average spread EUR / USD, active	N/A
Average spread EUR / USD, standard	1.20
Discount for VIP and active traders	Based on special conditions

 

IG

 

 

IG has gained significant popularity in the Forex industry, with a well-developed, customer-focused platform that makes trading comfortable and convenient for all types of traders.

They provide their clients with an exceptional trading experience, along with the IG web-based application offering traders an interactive educational library, risk management services and alert tools.

Account creation may seem tedious, but this improves the security of the trader’s wallets and profile information. New traders can experiment with demo accounts and there is an entire community platform where users can interact with one another.

IG offers 24/7 customer support services and their credibility is reinforced by 45 years of experience in providing trading solutions in over 15 000 Forex markets.

 

IG Pros and cons

✔️Pros	❌Cons
State of the art web-based platform	Lack of product options
Sufficient training resources	Telephonic support is sub-standard
Trading fees are affordable

 

IG Fees and Commissions

Features	Prices
Minimum starting deposit	£250
Average spread EUR / USD, active	0.36
Average spread EUR / USD, standard	0.70
Discount for VIP and active traders	Yes

 

Oanda

    

Founded in 1996 in America, Oanda quickly caught the attention of Forex enthusiasts for being a successful and trustworthy broker.

Oanda offers impressive research and training tools and educational materials, but accessing the .content takes time because of the vast library of resources. 

Their account registration process is simple but they require additional ID confirmation before you can start trading.

Slow response times may be expected from client support but resolution and feedback are satisfactory, despite the delays.

 

Oanda Pros and cons

✔️Pros	❌Cons
Fees are low	High withdrawal costs
Account creation is easy	Customer support is delayed
Top-class web-based platform

 

Oanda Fees and Commissions

Features	Prices
Minimum starting deposit	$0
Average spread EUR / USD, active	1.40
Average spread EUR / USD, standard	1.40
Discount for VIP and active traders	Yes

 

Pepperstone

 

 

Pepperstone was started in 2010. They provide multiple platforms along with premium offerings that cater to specific trading goals.

Unfortunately, some traders may seek opportunities elsewhere because a minimum deposit is required to open an account. 

Pepperstone offers both mobile and web platforms and their information and research material will provide you with substantial trading knowledge and functionality. 

They have an educational library that is easy to navigate, with an overflowing reservoir of courses and categorized learning material.

They have received numerous rewards since inception and their support structure deals with the specific needs of Forex traders.

 

Pepperstone Pros and cons

✔️Pros	❌Cons
Great customer service Simple withdrawal and deposit process	Product scope is limited Research material is lacking
Low trading cost

 

Pepperstone Fees and Commissions

Features	Prices
Minimum starting deposit	$200
Average spread EUR / USD, active	0.86
Average spread EUR / USD, standard	1.13
Discount for VIP and active traders	Yes

 

Plus500

 

 

Plus500 was founded in 2008 and is based in Australia. They specialize in providing CFD trading opportunities and also have an impressive product offering of trading instruments available.

Their hassle-free trading experience is a big plus for their users as they host outstanding web-based and mobile platforms with risk management tools, economic calendars, alerts and trading guides.

They have over 5 sponsorships currently and have partnered with companies from around the globe to improve the trading experience for their users.

Their customer technical support team operates 24/7 via the web, Whatsapp and e-mail channels. Their services are highly rated, but they do not offer assistance via telephone.

 

Plus500 Pros and cons

✔️Pros	❌Cons
Positive trading experience	Research tools are inadequate
Great educational resources	Unreliable telephonic support
Full-time customer support

 

Plus500 Fees and Commissions

Features	Prices
Minimum starting deposit	€100
Average spread EUR / USD, active	N/A
Average spread EUR / USD, standard	0.60
Discount for VIP and active traders	No

 

Saxo Bank

 

Saxo bank was one of the very first Forex brokerages to trade on a web-based exchange. They have served as an access point to global currency markets since 1996 and have received many prestigious awards. 

Starting the journey with Saxo Bank is quite costly as their minimum deposit amount is quite high and may be a deterrent to potential traders. 

The user registration process is straightforward but the confirmation of identity is time-consuming.

The customer technical support is not available 24/7, but they do offer exceptional and reliable service via telephone and e-mail.

 

Saxo Bank Pros and cons

✔️Pros	❌Cons
Great trading platform	The minimum deposit is extremely high
Functional research options	Customer support hours limited
Large product scope

 

Saxo Bank Fees and Commissions

Features	Prices
Minimum starting deposit	$10,000
Average spread EUR / USD, active	0.60
Average spread EUR / USD, standard	0.60
Discount for VIP and active traders	Yes

 

Swissquote

 

Swissquote is a good option for traders who have no issue paying a premium for a membership with multiple-dimensional benefits, ranging from banking and credit applications to trading in the Forex exchange markets and having access to a plethora of educational resources.  

Their account creation process is fully digitalized and their web-based and mobile exchange platforms leave traders feeling accomplished.

While their research tools and options are limited, their training material is great and platforms are multi-lingual.

Swissquote’s customer technical support team is reliable and they offer support using live chat, e-mail and telephone.

 

Swissquote Pros and cons

✔️Pros	❌Cons
Inactive accounts not penalized	High starting deposit
Multiple markets options	Expensive trading cost
Research tools are reliable

 

Swissquote Fees and Commissions

Features	Prices
Minimum starting deposit	$1,000.00
Average spread EUR / USD, active	N/A
Average spread EUR / USD, standard	N/A
Discount for VIP and active traders	No

 

XM 

 

 

Since its establishment in 2009, XM has grown their customer base to an astonishing 3,000,000 traders! They brand themselves as an industry leader as they received the City of Wealth Management Awards in 2020, naming them the best Forex Service Provider. 

They trade using top-of-the-range technology that runs super-fast, with 99% of their transactions being executed in under one second and that with not even one reject or re-quote.

XM has high credibility in the forex arena and they attract both amateur and experienced traders with their wide selection of marketing and training resources. 

The new user registration duration is completed within seconds and customer technical support can effectively resolve queries and provide assistance.

 

XM Pros and cons

✔️Pros	❌Cons
Simple and quick account creation	The product offering is limited
Withdrawal fees waived	Trading fees are expensive
Excellent training material	Inactive accounts are penalized

 

XM Fees and Commissions

Features	Prices
Minimum starting deposit	$5 – $100
Average spread EUR / USD, active	0.80
Average spread EUR / USD, standard	1.60
Discount for VIP and active traders	No

 

XTB

 

This trusted brokerage was founded in 2002. XTB is branded as a multi-asset broker, offering excellent training material and research tools to supply novice traders with critical knowledge about currency exchange markets and tools. 

User registration is straightforward and they do not require a minimum deposit to start trading.

The customer technical support service is satisfactory and their response and resolution processes are dependable. They focus mainly on e-mail support. 

 

XTB Pros and cons

✔️Pros	❌Cons
Low trading fees	Email customer support is incompetent
Withdrawals and deposits are flexible	Limited product offering
Account creation is hassle-free

 

XTB Fees and Commissions

Features	Prices
Minimum starting deposit	$0
Average spread EUR / USD, active	0.78
Average spread EUR / USD, standard	0.78
Discount for VIP and active traders	Yes

 

Conclusion

We hope that this list of the 20 Best UK Forex Brokers will help you choose the right broker. If you are new to trading, remember to make sure that the broker you choose offers demo accounts and provides educational material to help you learn the basics.