Naylyan NazifovaNaylyan Nazifova is a Financial Research and Platform Testing Analyst at BestBrokers.com, where she reviews and tests online brokers across forex, stocks, investing and personal finance. Her experience in online trading content and broker analysis helps readers understand how platforms perform in practice, including their trading tools, fees, ease of use and suitability for different types of investors.
| Expert Editor 
Matthew Levy, CFA
Matthew Levy, CFA, is a Senior Research Analyst at BestBrokers.com with experience in financial services, securities analysis, portfolio management, and trading. His work supports the broker testing process through detailed research, clear financial analysis, and a strong understanding of what traders and investors expect from reliable online trading platforms. 
| Updated: On this page we review the leading forex brokers that accept traders from the UK, with a clear focus on the factors that matter most when choosing a trading platform. We assess each broker’s platform availability, reliability, and regulatory standing, while also considering pricing, account features, and overall ease of use. The aim is to give retail traders a clearer picture of which brokers in the UK offer a secure, well-rounded trading environment and are best suited to their individual needs.
Fusion Markets74-89% of retail's CFD accounts lose money
FP Markets73.33% of retail investor accounts lose money
BlackBull MarketsTrading leveraged products is risky
Pepperstone73.7% of retail investor accounts lose money
VantageTrading leveraged products is risky
Global Prime74-89% of retail CFD accounts lose money
IG67% of retail client accounts lose money when trading CFDs with this investment provider.
XM Group72.82% of retail investor accounts lose money
Plus500 USThis content applies only to Plus500 US and clients from the United States. Trading futures involves the risk of loss.
eToro52% of retail investor accounts lose moneyForex Brokers Accepting UK Traders Ranked by Trustpilot Score
| Forex Broker | Trustpilot Reviews | |
|---|---|---|
| 1. FP Markets | 9,422 | 4.9 ⭐ |
| 2. Fusion Markets | 4,873 | 4.8 ⭐ |
| 3. BlackBull Markets | 2,681 | 4.8 ⭐ |
| 4. Global Prime | 341 | 4.7 ⭐ |
| 5. Spreadex | 168 | 4.3 ⭐ |
| 6. eToro | 29,171 | 4.2 ⭐ |
| 7. Plus500 | 17,312 | 4.2 ⭐ |
| 8. easyMarkets | 1,735 | 4.0 ⭐ |
| 9. IG | 8,324 | 3.9 ⭐ |
| 10. XM Group | 2,787 | 2.7 ⭐ |
Forex Brokers Ranked by Spread Commission
| Forex Broker | EURUSD | USDJPY | EURGBP | GBPUSD |
|---|---|---|---|---|
| 1. Fusion Markets | 0.90 avg (Classic) | 1.04 avg. (Classic) | 1.03 avg. (Classic) | 1.04 avg. (Classic) |
| 2. Global Prime | 1.00 avg (Standard) | 1.20 avg (Standard) | 1.16 avg (Standard) | 1.18 avg (Standard) |
| 3. IG | 0.86 avg. spread | 0.97 avg. spread | 1.83 avg. spread | 1.84 avg. spread |
| 4. BlackBull Markets | 0.8 | 0.8 | 1.4 | 0.8 |
| 5. Spreadex | from 0.6 | from 0.7 | from 0.9 | from 0.9 |
| 6. easyMarkets | 0.7 | 1.2 | 1.0 | 1.3 |
| 7. XM Group | 0.8 (min) | 0.8 (min) | 1.7 (min) | 0.8 (min) |
| 8. eToro | 1.0 | 1.0 | 1.5 | 2.0 |
| 9. FP Markets | 1.17 | 1.64 | 1.40 | 1.43 |
| 10. Plus500 | 0.9 | 2.0 | 1.5 | 1.5 |
Forex Brokers Ranked by Commission per Lot
| Forex Broker | Commission per lot |
|---|---|
| 1. Plus500 | $0 |
| 2. IG | $0 |
| 3. eToro | $1 or $2 (stocks only) |
| 4. easyMarkets | $0 |
| 5. BlackBull Markets | $0 (Standard); $6 per lot (Prime); $4 per lot (Institutional) |
| 6. Spreadex | $0 |
| 7. Fusion Markets | $0 on Classic accounts; $4.50 per round turn on ZERO accounts |
| 8. Global Prime | $0 on Standard accounts; $7 round-turn on Raw accounts |
| 9. FP Markets | Standard account: $0; Raw account: $6 round-turn per lot |
| 10. XM Group | $0 for Ultra Low Micro and Ultra Low Standard accounts; $3.50 per side for the XM Zero Account |
Important Note: In the UK, forex brokers must be authorized and regulated by the Financial Conduct Authority (FCA). Each licensee is required to ensure that client funds are segregated from the broker’s own money. Additionally, brokers are required to provide negative balance protection to retail traders, and adhere to specific leverage and reporting standards. Further information and the Financial Services Register can be accessed via the official website, https://www.fca.org.uk/ and the @TheFCA account on X (formerly Twitter).
Top 10 FX Brokers in UK
Fusion Markets Broker Details Regulators ASIC, FSA (Seychelles), VFSC (Vanuatu) Min Deposit $0 Trading Platforms MetaTrader 4, MetaTrader 5, cTrader, DupliTrade, Fusion+ Copy Trading, TradingView Trustpilot Rating 4.8 out of 4,873 reviews Number of CFD Forex Pairs to Trade 90+ Leverage Forex & Metals CFDs: 1:30 (1:500 for forex and metals via the VFSC entity)
Index CFDs: 1:5
Cryptocurrency CFDs: 1:2 (ASIC), 1:10 (FSA, VFSC)Spread EURUSD: 0.90 avg (Classic)
USDJPY: 1.04 avg. (Classic)
EURGBP: 1.03 avg. (Classic)
GBPUSD: 1.04 avg. (Classic)Forex Commission per Lot per Trade $0 on Classic accounts; $4.50 per round turn on ZERO accounts Deposit Methods Visa, Mastercard, PayPal, Skrill, Neteller, FasaPay, Jeton Wallet, Perfect Money, OnlineNaira, DOKU, Bitcoin, Ethereum, Litecoin, USDT, Tether, Ripple, Bank Wire, ZotaPay, VNPAY, DuitNow, XPay, Dragonpay, VAPay, AstroPay, PayID, JetonBank, STICPAY, Interac, LuqaPay, MiFinity Withdrawal Methods Visa, Mastercard, Bank Wire, Skrill, Neteller, Bitcoin, Ethereum, Litecoin, Tether, Ripple, MiFinity, Interac, PayPal, AstroPay, Jetonbank, Dragonpay Founded by Australian trading experts, Fusion Markets was launched in 2017 and has become a popular choice for traders around the world. Although many brokers advertise low spreads, Fusion Markets has been recognized by BrokerChooser, receiving the “Lowest Spread Forex Broker” award for four consecutive years.
In addition to tight spreads, Fusion Markets offers strong value for traders, charging a low commission of only $2.25 per lot per side ($4.50 per round turn). Cost-effectiveness is one of the broker’s main strengths.
Fusion Markets is regulated by the Australian Securities and Investments Commission (ASIC; AFSL No. 385620), the Financial Services Authority of Seychelles (License No. SD096), and the Vanuatu Financial Services Commission (VFSC). Under ASIC regulation, the broker also offers negative balance protection for eligible clients.
With no minimum deposit requirement and a wide range of popular trading platforms, including MetaTrader 4, MetaTrader 5, cTrader, and TradingView, Fusion Markets remains an attractive option for traders. The broker has an average rating of 4.8 out of 5 on Trustpilot, based on 4,873 reviews.
Key Pros
- Offers some of the lowest spreads
- ASIC clients have negative balance protection
- Supports popular trading platforms
- Offers two copy trading platforms
- Supports fiat and crypto payment methods
Key Cons
- Does not offer investor protection
- Traders outside Australia do not have negative balance protection.
- Accounts cannot be set up in minor currencies.
- Does not have an FCA license
- 2. FP Markets
Overall Score 4.37/5READ REVIEWTRADE NOW 73.33% of retail investor accounts lose moneyFP Markets Broker Details Regulators ASIC, CySEC, FSA (Seychelles), FSCA, FSA (St. Vincent and the Grenadines), SCB (Bahamas), FSC (Mauritius) Min Deposit $50 (AU$100) Trading Platforms MetaTrader 4, MetaTrader 5, WebTrader, IRESS, cTrader, TradingView Trustpilot Rating 4.9 out of 9,422 reviews Number of CFD Forex Pairs to Trade 70+ Leverage Forex & Metals CFDs: 1:30
Index CFDs: 1:20
Cryptocurrency CFDs: Up to 1:2 (retail clients); up to 1:5 (professional clients)Spread EURUSD: 1.17
USDJPY: 1.64
EURGBP: 1.40
GBPUSD: 1.43Forex Commission per Lot per Trade Standard account: $0; Raw account: $6 round-turn per lot Deposit Methods Visa, Mastercard, Neteller, Bank Transfer, Skrill, SticPay, FasaPay, Virtual Pay, Perfect Money, PagSmile, Dragonpay, Crypto, Apple Pay, Google Pay, Online Banking, Broker-to-Broker, PayPal, XPay, Rapyd Withdrawal Methods Visa, Mastercard, Bank Wire, Neteller, Skrill, PayTrust88, PayPal FP Markets entered the online trading market in 2005, making it a well-established broker with favorable trading conditions for its clients. Traders across multiple markets can trade a wide range of currency pairs as well as numerous CFDs. Some of FP Markets’ biggest advantages include competitive spreads, popular trading platforms, and a strong selection of tools suitable for beginners.
To deliver a smooth experience for different types of traders, FP Markets supports popular platforms, including MetaTrader 4, MetaTrader 5, IRESS, TradingView, cTrader, and WebTrader. Dedicated mobile apps also give Android and iOS users easy access to trading on the go.
Tight spreads are among the features that attract many traders to FP Markets. Reviewers on Trustpilot give the brand an average score of 4.9 out of 5. The maximum leverage available to retail FP Markets clients is 1:30 for certain products, including popular currency pairs. To help protect traders, the broker follows the rules and guidelines set by major regulators in jurisdictions such as Australia (License No. 286354) and Cyprus (License No. 371/18).
Key Pros
- Offers a good selection of educational tools for traders
- Competitive spreads
- Easy mobile trading
- Regulated by reputable authorities
- Offers a wide range of currency pairs
Key Cons
- Some supported trading platforms feel outdated.
- Could expand its product selection
- No investor compensation protection for clients under ASIC regulation
BlackBull Markets Broker Details Regulators FSA (Seychelles, No. SD045), FMA (No. FSP403326) Min Deposit $0 (Standard)$0 (Prime)$20,000 (Institutional) Trading Platforms MetaTrader 4, MetaTrader 5, TradingView, cTrader, MT WebTrader, BlackBull Shares, BlackBull CopyTrader, BlackBull Trade, BlackBull Invest, ZuluTrade Trustpilot Rating 4.8 out of 2,681 reviews Number of CFD Forex Pairs to Trade 70+ Leverage Forex & Metals CFDs: 1:500
Index CFDs: 1:500
Cryptocurrency CFDs: 1:500Spread EURUSD: 0.8
USDJPY: 0.8
EURGBP: 1.4
GBPUSD: 0.8Forex Commission per Lot per Trade $0 (Standard); $6 per lot (Prime); $4 per lot (Institutional) Deposit Methods Visa, Mastercard, Neteller, Airtm, Skrill, bank transfer, HexoPay, American Express, POLi, Payment Asia, Help2Pay, FXPay, FasaPay, China UnionPay, Boleto, AstroPay, Beeteller, Bitcoin, Ethereum, Tether, Ripple, Litecoin, Bitcoin Cash, Chainlink, USD Coin, Stellar Withdrawal Methods Visa, Mastercard, bank transfer, Airtm, Skrill, Neteller, American Express, POLi, HexoPay, Payment Asia, Help2Pay, FXPay, China UnionPay, Boleto, FasaPay, Beeteller, AstroPay, Bitcoin, Litecoin, Bitcoin Cash, Tether, Ripple, Stellar, Chainlink, Ethereum, USD Coin Founded in 2014, BlackBull Markets stands out for its tradable asset diversity, offering a selection of more than 26,000 financial instruments. The broker caters to forex traders with more than 70 major, minor, and exotic currency pairs that can be traded via three types of ECN accounts: Standard, Prime, and Institutional. Commodities, shares, indices, and futures can also be traded with BlackBull Markets.
The broker is licensed by the FSA (Seychelles) and the FMA, and it offers relatively reasonable trading conditions, although the exact trading costs largely depend on the type of live account you open. Customers looking to trade commission-free can do so via ECN Standard accounts, where spreads generally start from 0.8 pips and there are no minimum deposit requirements. ECN Prime and ECN Institutional accounts are suitable for seasoned and high-volume traders. Both account types charge above-average commissions per lot.
Customers with live accounts can top up their balances with payment cards, digital wallets, online banking gateways, bank transfers, and cryptocurrencies. Deposits come at no extra cost, but the New Zealand-based broker charges a $5 processing fee on all withdrawals, regardless of the payment method used.
Key Pros
- Uses a proprietary copy-trading platform
- Swap-free trading via ECN Standard and ECN Prime accounts
- Multi-platform support
- Provides 24/7 customer support
- Strong education hub for traders looking to hone their skills
Key Cons
- High commissions per lot on Prime and Institutional accounts
- Charges a $5 withdrawal fee
Global Prime Broker Details Regulators ASIC (No. 385620), VFSC (No. 40256) Min Deposit $0 Trading Platforms MT4, MT4 WebTrader, MT4 Android, MT4 iOS; for VFSC clients: MT4, MT5 (Desktop, WebTrader, Mobile), and GP Copy Trustpilot Rating 4.7 out of 341 reviews Number of CFD Forex Pairs to Trade 59 Leverage Forex & Metals CFDs: 1:500 (1:30 for ASIC entity)
Index CFDs: 1:100 (1:20 for ASIC entity)
Cryptocurrency CFDs: Up to 1:2 (ASIC); up to 1:5 (Pro and VFSC)Spread EURUSD: 1.00 avg (Standard)
USDJPY: 1.20 avg (Standard)
EURGBP: 1.16 avg (Standard)
GBPUSD: 1.18 avg (Standard)Forex Commission per Lot per Trade $0 on Standard accounts; $7 round-turn on Raw accounts Deposit Methods Visa, Mastercard, PayPal, Skrill, Neteller, Gate8, Dragonpay, FasaPay, VNPay, Pagsmile, BPAY, POLi, AstroPay, Bank Transfer, Interac, Perfect Money, PayID, Jeton, MiFinity, XPay, Crypto Withdrawal Methods Mastercard, Visa, Local Bank Transfer, Bank Wire Transfer, Skrill, Neteller, AstroPay, PayPal, Dragonpay, Perfect Money, Jeton, Interac, Cryptocurrencies
Global Prime is a reliable brokerage that has been providing low-cost trading services since 2010. Regulated by the financial authorities in Vanuatu and Australia, the broker provides access to more than 150 financial instruments, including indices, bonds, commodities, cryptocurrencies, and more than 50 currency pairs.
Major-pair spreads on Raw accounts start at zero pips, with most orders executed within 10 milliseconds on average. The broker’s ASIC-regulated entity supports MT4 only, while clients trading under VFSC regulation also have access to MT5. Global Prime also plans to expand its range of supported platforms with TradingView soon.
These excellent trading conditions, coupled with a streamlined registration process, fee-free deposits and withdrawals, and round-the-clock support, have earned the broker a solid 4.7 rating on Trustpilot. Still, there is room for improvement, as the company does not offer cent or Islamic accounts. The broker has no compensation scheme for client funds, either, which is another area where Global Prime could improve.
Key Pros
- Overseen by a top-tier financial regulator (ASIC)
- No fees on deposits and withdrawals
- Low fees for FX trading
- Streamlined sign-up process
- A broad range of currency pairs
Key Cons
- Could offer more trading platforms
- Limited range of educational resources
- Does not offer Islamic or cent accounts
ActivTrades Broker Details Regulators FCA (UK), CMVM (Portugal), CVM (Brazil), SCB (Bahamas), FSC (Mauritius) Min Deposit $0 Trading Platforms ActivTrader, TradingView, MT4, MT5 Trustpilot Rating 3.9 out of 1,251 reviews Number of CFD Forex Pairs to Trade 56 Leverage Forex & Metals CFDs: 1:30 (1:400 under the Bahamas entity)
Index CFDs: 1:20 (1:200 under the Bahamas entity)
Cryptocurrency CFDs: 1:2 (1:20 under the Bahamas entity)Spread EURUSD: 0.50
USDJPY: 0.50
EURGBP: 0.80
GBPUSD: 0.80Forex Commission per Lot per Trade $0 Deposit Methods Visa, Mastercard, PayPal, Apple Pay, Google Pay, Skrill, Neteller, Bank Transfer, Cryptocurrencies Withdrawal Methods Visa, Mastercard, PayPal, Skrill, Neteller, Bank Transfer, Cryptocurrencies ActivTrades is a well-established broker with more than 23 years of experience and operates under the regulatory oversight of the FCA, FSC, SCB, CVM, and CMVM. The broker maintains strong security standards and price transparency, offering tight spreads on more than 1,100 trading symbols across six asset groups. Besides forex, retail customers can trade CFDs on shares, indices, commodities, ETFs, and bonds.
Traders can open sterling-denominated accounts that support commission-free trading across all available markets. The broker provides maximum retail leverage of 1:30, while clients eligible for professional accounts can access leverage of up to 1:400. ActivTrades supports customer financial protection by providing negative balance protection and enhanced client funds insurance of up to $1 million.
ActivTrades was the first UK-licensed broker to introduce excess FSCS insurance in 2013, offering compensation above the regular limit of $50,000 per retail client. Traders can fund their live accounts with cards, bank transfers, and popular e-wallets such as PayPal. There is no minimum deposit requirement. A 1.5% fee applies to deposits with UK-issued credit and debit cards.
Key Pros
- Has held an FCA license since 2009
- Safeguards all traders with negative balance protection
- Stores client funds at top-tier banks such as Barclays and Lloyd’s
- Supports free PayPal deposits and withdrawals
Key Cons
- Additional fees apply to card deposits
- Charges administrative fees after 50 weeks of inactivity
IG Broker Details Regulators ASIC, FCA, DFSA, CFTC, FMA, FINMA, BaFin, MAS, JFSA, FSCA, BMA (Bermuda) Min Deposit $0 Trading Platforms MetaTrader 4, L2 Dealer, ProRealTime, IG proprietary software, TradingView Trustpilot Rating 3.9 out of 8,324 reviews Number of CFD Forex Pairs to Trade 90+ Leverage Forex & Metals CFDs: 1:30
Index CFDs: 1:20
Cryptocurrency CFDs: 1:2Spread EURUSD: 0.86 avg. spread
USDJPY: 0.97 avg. spread
EURGBP: 1.83 avg. spread
GBPUSD: 1.84 avg. spreadForex Commission per Lot per Trade $0 Deposit Methods Visa, Mastercard, Bank Transfer, Wire Transfer, Visa Electron, Discover, PayPal, Apple Pay, BPAY Withdrawal Methods Visa, Visa Electron, Mastercard, Discover, Bank Transfer IG is a trusted online broker regulated in multiple jurisdictions, including Australia, Singapore, the UAE, the UK, and the US. It provides low-cost trading in thousands of financial markets, ranging from forex and commodities to cryptocurrencies, shares, bonds, and indices. Seasoned traders can also access options contracts, spread betting, and interest rate markets.
The brokerage charges no commissions on forex trades and derives most of its revenue from spreads. IG offers a broad range of CFDs for customers who want to capitalize on price movements without purchasing underlying assets. Forex traders have access to complex speculative instruments such as turbo warrants, vanilla options, contracts for difference, and barrier options.
IG’s proprietary software provides a smooth trading experience, and clients can also connect third-party platforms like MT4 and ProRealTime to their IG accounts. Both platforms are suitable for algorithmic trading.
Funding options include debit/credit cards, bank transfers, and PayPal. The availability of some methods depends on your country of residence, and some withdrawal methods may incur fees. Bank transfers have no minimum deposit threshold.
Key Pros
- Extensive selection of over 17,000 tradable markets
- Listed on the FTSE 250 index
- Competitive pricing and low forex spreads
- No fees on most deposits or withdrawals
- Demo accounts for risk-free forex trading practice
Key Cons
- Limited payment options
- Customer support can be slow to respond during busy hours
easyMarkets Broker Details Regulators CySEC (license no. 079/07), ASIC (license no. 246566), FSA (license no. SD056), FSCA (54018), and FSC (license no. SIBA/L/20/1135) Min Deposit $25 Trading Platforms easyMarkets Web/Mobile, MetaTrader 4, MetaTrader 5, TradingView Trustpilot Rating 4.0 out of 1,735 reviews Number of CFD Forex Pairs to Trade 95+ Leverage Forex & Metals CFDs: 1:30
Index CFDs: 1:20
Cryptocurrency CFDs: 1:2Spread EURUSD: 0.7
USDJPY: 1.2
EURGBP: 1.0
GBPUSD: 1.3Forex Commission per Lot per Trade $0 Deposit Methods Visa, Mastercard, JCB, Amex, Skrill, Neteller, Fasapay, Sofort, iDEAL, Web Money, BPay, Bank Transfer Withdrawal Methods Visa, Mastercard, JCB, Amex, Skrill, Neteller, Fasapay, Sofort, iDEAL, Web Money, BPay, Bank Transfer Starting in 2001, nowadays, easyMarkets is one of the top brokers that cater to the preferences of a wide range of traders, with several licenses authorizing the brand to operate in multiple markets. To ensure traders’ safety, the broker is regulated by authorities like CySEC (license no. 079/07), ASIC (license no. 246566), FSA (license no. SD056), FSCA (license no. 54018), and FSC (license no. SIBA/L/20/1135).
Being among the pioneers in online trading, easyMarkets was the first one to introduce advanced tools like dealCancellation, Freeze Rate, and Inside Viewer. As for the platforms available to members of the broker, first, we would like to highlight the easyMarkets platform, which boasts a simple design and a selection of advanced trading tools that will appeal to experienced traders. Meanwhile, there is also the alternative to use platforms like MetaTrader 4 and 5 as well as TradingView. Mobile trading is also very accessible thanks to the dedicated easyMarkets app available to both Android and iOS users.
Competitive spreads and low fees are also among the features that make easyMarkets a preferable destination for a large number of traders. The company enjoys an average score of 4.0 out of 5 on Truspilot’s review platform, further cementing the broker’s reputation. Going live requires a minimum deposit of only $25, with the broker supporting a wide selection of deposit methods.
Key Pros
- Offers tight spreads and low fees
- Supports trading of over 90 currency pairs
- Regulated by several reputable authorities
- Supports a wide range of payment methods
- Offers a proprietary platform
Key Cons
- Number of supported products is somewhat limited
- Does not offer a copy trading platform
- Traders from certain countries may have access to fewer payment methods
XM Group Broker Details Regulators CySEC (license no. 120/10), FSC Belize (license no. 8557558), FSC of Mauritius (GB23202700), FSA Seychelles (SD190), DFSA (ref. no. F003484), FSCA (49976), SCA (20200000322), CMA (233), EU passporting registrations: BaFin, CNMV, MNB, CONSOB, ACPR, FIN-FSA (Finland), KNF, AFM, FI Min Deposit $5 Trading Platforms MetaTrader 4, MetaTrader 5, MT4 WebTrader, MT5 WebTrader, MT4 MultiTerminal, XM App Trustpilot Rating 2.7 out of 2,787 reviews Number of CFD Forex Pairs to Trade 50+ Leverage Forex & Metals CFDs: 1:30
Index CFDs: 1:20
Cryptocurrency CFDs: 1:2Spread EURUSD: 0.8 (min)
USDJPY: 0.8 (min)
EURGBP: 1.7 (min)
GBPUSD: 0.8 (min)Forex Commission per Lot per Trade $0 for Ultra Low Micro and Ultra Low Standard accounts; $3.50 per side for the XM Zero Account Deposit Methods Visa, Mastercard, Skrill, Bank Transfer, Neteller, Apple Pay, Google Pay, UnionPay, Maestro Withdrawal Methods Visa, Mastercard, China UnionPay, Skrill, Neteller, Bank Transfer Since its inception in 2009, XM has attracted over 15 million customers by offering a competitive trading experience for online traders. There are several reasons why so many people trust XM, with tight spreads and cost-effective pricing being just a few. Operated by Trading Point of Financial Instruments Ltd, the broker is regulated by major authorities such as CySEC, ASIC, and the FSA. Under its CySEC license, XM holds outward passporting registrations, allowing it to provide investment services across multiple EU countries. These registrations include BaFIN, CNMV, MNB, CONSOB, and KNF, among others.
The brand supports the popular third-party platforms MetaTrader 4 and MetaTrader 5, which are available for web, desktop, and mobile devices. The award-winning XM App, available on the App Store and Google Play, offers seamless access to the financial markets for mobile traders. In terms of supported account types, the broker offers Demo, Standard, Micro, Ultra Low, Zero, Shares, and Islamic accounts, with availability varying by entity. More than 1,400 financial instruments are available for trading across several asset classes, including forex, stock CFDs, cryptocurrencies, commodities, and indices, among others.
For most account types, the minimum amount you are required to deposit into your XM account is $5, with the same minimum also applying to withdrawals. XM’s Invest Account is the sole exception, with a minimum deposit requirement of $10,000. Additionally, the brand supports a variety of banking methods, including bank cards, e-wallets, and bank transfers for deposits and withdrawals.
Key Pros
- Traders can choose from two third-party platforms
- Covers a large number of currency pairs
- Regulated by major authorities
- Offers smooth trading on the go
- Supports different account types with tight spreads and low fees.
Key Cons
- The trading platform's design seems outdated
- Not listed on any stock exchange
- Charges an inactivity fee
Plus500 Broker Details Regulators FSA (No.4.1-1/18), FCA (No. FRN 509909), CySEC (No.250/14), FMA (No.47546), SFSA (No. SD039), MAS (No. CMS100648), DFSA (No. F005651), ASIC (No. 417727), BaFin registration, SCB (SIA-F250) Min Deposit $10 Trading Platforms Proprietary desktop and mobile platforms Trustpilot Rating 4.2 out of 17,312 reviews Number of CFD Forex Pairs to Trade 60+ Leverage Forex & Metals CFDs: 1:30
Index CFDs: 1:20
Cryptocurrency CFDs: 1:2Spread EURUSD: 0.9
USDJPY: 2.0
EURGBP: 1.5
GBPUSD: 1.5Forex Commission per Lot per Trade $0 Deposit Methods Visa/Mastercard debit cards, wire transfers, Apple Pay, and Google Pay Withdrawal Methods Visa/Mastercard debit cards, wire transfers, Apple Pay, and Google Pay Plus500 is a well-established trading company with a strong reputation that serves over 25 million customers across 50 countries. This market-leading brokerage is regulated by some of the strictest financial watchdogs in the world, including ASIC, the FCA, and CySEC. Its parent company, Plus500 Ltd, is publicly traded on the Main Market of the London Stock Exchange, which adds to the broker’s reputation.
The broker specializes in CFD trading across multiple asset classes, offering a choice of over 2,800 financial instruments. Forex, indices, stocks, commodities, cryptocurrencies, options, and ETFs are all tradable as CFDs at Plus500. It offers a streamlined trading experience through a robust platform with a modern, highly intuitive design.
Plus500 caters to traders with tight spreads and charges no additional commissions on forex trades. Customers can fund their live trading accounts via cards, bank transfers, and several popular e-wallets, with minimum deposits starting at $100. Deposits and withdrawals are free, but administrative fees are charged on dormant accounts after three months of inactivity.
Key Pros
- Publicly traded on the London Stock Exchange
- Commission-free CFD trading with tight spreads
- Great selection of analytical tools and educational materials
- Quick and easy account opening
- Provides real-time quotes
Key Cons
- Charges administrative fees on inactive accounts
- The platform could offer more customization features
eToro Broker Details Regulators FCA, CySEC, ASIC, MFSA, FSRA, FSA, FINRA/FinCEN, AMF, SEC, GFSC Min Deposit $50 or $100, depending on the country ($10 in the UK, $1 in the US) Trading Platforms eToro Investing, eToro App, TradingView, eToro CopyTrader, proprietary platform Trustpilot Rating 4.2 out of 29,171 reviews Number of CFD Forex Pairs to Trade 60+ Leverage Forex & Metals CFDs: 1:30 (1:400 leverage available at the Seychelles entity)
Index CFDs: 1:20 (1:100 leverage available through the Seychelles entity)
Cryptocurrency CFDs: 1:2 (CySEC, ASIC), 1:5 (Seychelles)Spread EURUSD: 1.0
USDJPY: 1.0
EURGBP: 1.5
GBPUSD: 2.0Forex Commission per Lot per Trade $1 or $2 (stocks only) Deposit Methods eToro Money, Visa, Mastercard, Neteller, PayPal, Skrill, iDEAL, Klarna, Bank Transfer, Trustly, Przelewy24 Withdrawal Methods PayPal, Skrill, Visa, Mastercard, Neteller, Trustly, bank transfer Launched in 2007, eToro is home to a global investment community of more than 30 million customers. The company operates with licenses from tier-one financial regulators such as CySEC, ASIC, and the FCA.
Additionally, the brokerage provides a diverse range of tradable instruments, including 60+ currency pairs, more than 40 commodities, 30+ indices, and thousands of stocks. The platform also supports cryptocurrency, ETF, and NFT trading.
Forex traders can benefit from spreads as low as a single pip on major pairs such as the EUR/USD. Unlike many rival brokers, eToro charges no commissions on currency trades. All costs and fees are built into the spreads instead.
The broker’s proprietary platform is well-designed and user-friendly enough to accommodate both novice and experienced traders. Another feature that distinguishes eToro from rival brokerages is its feature-rich social and copy-trading platform.
Key Pros
- Offers trading in over 6,000 instruments
- Ideal for social and copy trading
- No commissions on forex trades
- Straightforward registration process
- Offers negative balance protection
Key Cons
- Withdrawals are subject to an additional $5 processing fee.
- USD is the only base account currency.
- Charges an inactivity fee on dormant accounts ($10 per month)
Is Forex Trading Legal in the UK?
The United Kingdom maintains a legal and structured framework for retail forex trading. The Financial Conduct Authority (FCA) serves as the primary regulatory body overseeing forex brokers to ensure compliance with established standards. It is responsible for issuing licences, monitoring brokers’ conduct, enforcing regulatory standards, and taking action when necessary.
Brokers cannot legally offer their services to UK customers without an FCA-issued license. That is why traders, whether experienced or new to the market, should always make sure any broker they use is fully regulated.
It is also worth noting that forex trading may be taxed, depending on the circumstances. Spread betting can be tax-free under certain conditions. CFD forex trading, on the other hand, is generally subject to the CGT regime. However, UK traders should note that there is an annual exempt amount for capital gains and that they can offset net losses against other capital gains.
Financial Conduct Authority (FCA) Regulation Info
The Financial Conduct Authority oversees the wider UK financial sector. According to the latest data, around 42,000 businesses that provide financial services to UK clients are regulated by the FCA. Its roots go back to 2013, when it succeeded the now-defunct Financial Services Authority (FSA). Nikhil Rathi is the current FCA’s Chief Executive, a position he has held since 2020, while Ashley Alder serves as Chair of the FCA Board.
Since its inception, the FCA has implemented various strategies to protect retail customers, primarily through the issuance of regulatory warnings regarding unlicensed firms. The regulator maintains two flagship educational campaigns to ensure financial awareness and safety. The first, ScamSmart, focuses on educating consumers about scams, investment fraud, and similar risks. The campaign features a Warning List, where users can search for unauthorized firms. The second, InvestSmart, is aimed at active investors and focuses on responsible risk-taking.
Obtaining an FCA license is a lengthy process that begins with the business submitting an application and paying the relevant fee. The assessment can take several months, depending on the firm in question. The regulator has also stressed that authorisation can take up to 12 months. Eligible businesses must comply with FCA regulations both during the application process and after approval.
How Can I Verify FCA Authorisation?
Traders should consult the regulator’s Financial Services Register to verify if a forex broker is legitimately authorized by the FCA. Licensed forex brokers typically display their FRN (Firm Reference Number) in the footer of their homepage, so you can copy that number and enter it into the designated field on the FCA’s website. This number can be cross-referenced on the FCA’s official database to confirm the firm’s regulatory standing.
Be sure to watch for the “No longer authorized” warning, as the FCA has revoked brokers’ licences in the past. If a broker does not hold a currently valid licence, it is best to avoid them. The same applies to brokers that do not appear in the FCA’s database at all.
Some firms listed as “no longer authorized” in the register may have voluntarily withdrawn from the UK market and surrendered their licences. If you suspect that a broker is targeting British customers without the proper approval, you can also check the FCA’s database of unauthorized firms.
Are My Funds Safe with Forex Brokers in the UK?
Licensed forex firms must implement specific safeguards to help protect client funds. First and foremost, client capital must be kept in segregated accounts with regulated financial institutions. Reputable brokers also put measures in place to protect those funds from creditors if the firm enters liquidation.
In addition to segregation, the FCA’s Financial Services Compensation Scheme (FSCS) provides a secondary layer of protection. It may compensate eligible clients by up to £85,000 if money is lost due to a broker’s liquidation. These protections apply to brokers that are authorized by the FCA, highlighting the importance of following the steps above and ensuring your broker is legitimate and properly regulated.
Note that FSCS protection typically applies to CFD accounts held with FCA-authorized investment firms. Spread betting accounts may not always qualify for FSCS compensation, so it is worth checking how your broker classifies the account. Traders should examine their broker’s Terms and Conditions to confirm the specific classification of their account and the corresponding level of indemnity.
Do UK Brokers Provide Negative Balance Protection?
As established, all forex brokers that target UK clients must be authorized by the Financial Conduct Authority. That means they are required to comply with a range of regulatory standards.
One of those requirements is negative balance protection for retail clients. In other words, as long as you use an FCA-authorized broker, you should be able to benefit from this safeguard.
If you are unfamiliar with negative balance protection, it is a measure that prevents your balance from falling below zero. So, even if you suffer substantial losses, you will not be able to lose more money than you have deposited into your account.
For professional trading clients, however, negative balance protection is not always available, and this can vary from one broker to another.
Do You Pay Tax on Forex Trading in the UK?
In the UK, tax liability for forex trading is determined by the specific financial instrument and the individual’s broader financial circumstances. One common route is spread betting, which can be exempt from capital gains tax and stamp duty. This is because traders do not actually own the underlying asset, and the activity is generally treated as gambling under UK rules.
Moreover, trading must be a mere side hustle as opposed to your main source of income for it to be tax-free. Spread betting may also involve taxation if the individual in question is trading on behalf of a limited company, and the UK’s corporation tax applies in such situations.
Profits derived from Contracts for Difference (CFDs) are subject to Capital Gains Tax, as the HMRC views these instruments as chargeable investment assets. For 2025/2026 tax years, traders are entitled to an Annual Exempt Amount of £3,000, and tax applies to the portion of the gain above this threshold. On the plus side, CFD losses may be used to offset gains in some cases, which is not an advantage available with tax-free spread betting. The rates of CGT are determined by the trader’s Income Tax band, applying at 18% for basic rate taxpayers and 24% for those in the higher rate bands.
How Does the Available Leverage of UK FCA-Regulated Brokers Compare to the Leverage at Brokers Regulated Offshore?
If you use an FCA-authorized broker as a retail trader, your trading will be subject to strict leverage limits. For major currency pairs, the leverage has a 1:30 limit, while minor pairs’ leverage is capped at 1:20.
Higher leverage can be appealing because it can magnify potential profits. However, it also magnifies losses to the same degree. With leveraged trading, you are effectively using funds borrowed from your broker, which is why the risks rise so quickly. That risk is a key reason the FCA enforces leverage caps of 1:30 and 1:20 for retail traders.
The FCA is not alone in taking this approach. The Australian Securities & Investments Commission (ASIC) applies the same limits. Brokers regulated in Cyprus, across much of Europe, and in Germany are also generally required to follow similar restrictions. Other regulators are somewhat more flexible. The Polish Financial Supervision Authority, for example, allows leverage of up to 1:100 for experienced retail traders, while the US Securities and Exchange Commission permits up to 1:50.
Professional UK traders, meanwhile, may be able to access leverage of up to 1:500 in forex, which is far higher than the limits available to retail clients.
What Do You Need to Qualify as a Professional Trader in the UK?
To qualify for a professional account with a UK-facing forex broker, you typically need to meet at least two of the following criteria:
- You have carried out ten substantial transactions per quarter over the previous four quarters.
- You have a large investment portfolio. Under FCA guidelines, this generally means a portfolio worth over £500,000.
- You have at least one year of professional experience working in the financial sector in a relevant role.
Do keep in mind that, depending on the broker, becoming a professional client may mean giving up certain protections that apply to retail traders. The most important example is that you may no longer be eligible for negative balance protection, so it is essential to review your broker’s professional trader terms carefully.
What Trading Platforms Are Available to UK Traders?
Forex traders in the UK have access to an impressive range of platforms, although availability will vary from broker to broker. MetaTrader 4 and MetaTrader 5 remain industry staples, while newer options such as cTrader and NinjaTrader are also growing in popularity. Some brokers have also developed their own proprietary platforms, though many still give clients the choice of using MT4, MT5, or another well-known platform. Several brokers also support TradingView integration, allowing traders to place orders directly from TradingView charts.
If portability is a concern, there is little to worry about. Whichever platform you choose, it will typically be available for desktop use and for trading on the go.
Below you can find some useful references with links to organisations that monitor the forex market in the UK.