| Updated: The following page evaluates the leading forex brokers that accept traders from the UK. We look closely at each broker’s platform availability, reliability, and regulatory standing to help retail traders make informed decisions.
Plus500 USThis content applies only to Plus500 US and clients from the United States. Trading futures involves the risk of loss.
eToro50% of retail investor accounts lose money
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
Global Prime74-89% of retail CFD accounts lose money
Pepperstone72.9% of retail investor accounts lose money
Vantage
XM Group72.82% of retail investor accounts lose money
IG67% of retail client accounts lose money when trading CFDs with this investment provider.Forex 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 av.spread | 0.97 av.spread | 1.83 av. spread | 1.84 av.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 Classic Account, $4.50 round turn on Zero Account |
| 8. Global Prime | $0 Standard Accounts; $7 round turn on Raw Accounts |
| 9. FP Markets | $0 Standard Account; $6 round turn on Pro Account |
| 10. XM Group | $0 Ultra Low Micro and Ultra Low Standard Accounts; $3.50 per side 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 MetaTrader4, MetaTrader5, cTrader, DupliTrade, Fusion+ Copy Trade, 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 VFSC)
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 Classic Account, $4.50 round turn on Zero Account Deposit Methods Visa, Mastercard, PayPal, Skrill, Neteller, Fasapay, Jeton Wallet, Perfect Money, Online Naira, Doku, Bitcoin, Ethereum, Litecoin, USDT, Tether, Ripple, bank wire, ZotaPay, VNPay, DuitNow, XPay, DragonPay, VAPay, FasaPay, AstroPay, PayID, Jetonbank, Sticpay, Interac, LuqaPay, Zotapay, 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 is currently one of the top destinations for traders all over the globe. While it is common for brokers to advertise low spreads, Fusion Markets was actually recognized by Brookerchooser, receiving the award “Lowest Spread Forex Broker” four years in a row.
In addition to offering traders tight spreads, Fusion Markets is committed to offering the best value for your trading, charging a significantly low commission of only $2.25 per lot per side ($4.50 round-turn). As you can see, cost-effectiveness is one of the main values of this top-shelf broker.
Safety is always a priority for Fusion Markets, with major regulatory bodies like the Australian Financial Services (license No. 385620), the Financial Services Authority of Seychelles (license No.SD096), and authorities in Vanuatu regulating the services provided by the broker. Under ASIC’s (Australian Securities & Investments Commission) regulation, the broker also offers negative balance protection to some of its clients.
With no minimum on deposits and a wide range of popular trading platforms like MetaTrader4, MetaTrader5, cTrader, and more, it is no surprise that Fusion Markets is one of the top choices of traders. Fusion Markets achieved an average score of 4.8 out of 5 on Trustpilot, with 4,215 happy customers giving the brand a 5-star rating.
Key Pros
- Offers some of the lowest spreads
- ASIC clients enjoy negative balance protection
- Supports popular trading platforms
- Offers two copy trading platforms
- Supports fiat and crypto payment solutions
Key Cons
- Does not offer investor protection
- Traders outside Australia have no negative balance protection
- Cannot set up an account in a minor currency
- Has no FCA license
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 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 watchdogs of Vanuatu and Australia, the broker facilitates trading with over 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 being executed within 10 milliseconds on average. The ASIC-regulated entity of the broker works with MT4 only, but those trading under the VFSC regulation will also have access to MT5 trading. Global Prime also plans to soon expand its range of supported platforms with TradingView.
These excellent trading conditions, coupled with a streamlined registration process, fee-free transactions to and from customer accounts, and round-the-clock support, have earned the broker a solid 4.7 score on Trustpilot. Still, there is scope for improvement as the company offers no cent and swap-free accounts for Islamic customers. The broker has no compensation scheme for client funds, either, which is yet another area Global Prime could improve in.
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 use more trading platforms
- A limited range of educational resources
- Does not offer Islamic or cent accounts
BlackBull Markets Broker Details Regulators FSA (Seychelles) (No. SD045), FMA (No. FSP403326) Min Deposit $0 (Standard)$0 (Prime)$20,000 (Institutional) Trading Platforms MetaTrader4, MetaTrader5, 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 Union Pay, 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 Union Pay, Boleto, Fasapay, Beeteller, AstroPay, Bitcoin, Litecoin, Bitcoin Cash, Tether, Ripple, Stellar, Chainlink, Ethereum, USD Coin Founded in 2014, BlackBull Markets takes the lead when it comes to tradable asset diversity, providing a choice from a whopping 26,000 financial instruments. The broker caters to forex traders with over 70 major, minor, and exotic currency pairs tradable via three types of ECN accounts (Standard, Prime, and Institutional). Commodities, shares, indices, and futures can also be traded at 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 what 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 incur above-average commissions per lot.
Customers with live accounts can top up their balance with cards, digital wallets, online banking gateways, bank transfers, and cryptocurrencies. While deposits come at no extra cost, the New Zealand-based broker charges a $5 processing fee on all withdrawals, regardless of the payment method used.
Key Pros
- Uses proprietary copy-trading platform
- Swap-free trading via ECN Standard and Prime accounts
- Multi-platform support
- Provides a 24/7 customer support service
- Great Education Hub for traders looking to hone their skills
Key Cons
- High commissions per lot on Prime and Institutional accounts
- Charges a $5 fee on withdrawals
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 $100 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 Debit Visa/Mastercard, Wire transfer, Apple Pay, Google Pay Withdrawal Methods Debit Visa/Mastercard, Wire transfer, Apple Pay, Google Pay Plus500 is a well-funded trading company with a spotless reputation that services 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, FCA, and CySEC. Its parent company, Plus500 Ltd, trades publicly on the Main Market of the London Stock Exchange, which only adds to the broker’s good reputation.
The broker specializes in providing CFD trading across multiple asset classes, offering a choice from over 2,800 financial instruments. Forex, indices, stocks, commodities, cryptocurrencies, options, and ETFs are all tradable as CFDs at Plus500. It ensures a clean trading experience with a robust platform flaunting a modern yet 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 levied on dormant accounts after three months of inactivity.
Key Pros
- Trades publicly on the London Stock Exchange
- Commission-free CFD trading with tight spreads
- Great selection of analytical tools and educational materials
- Easy and quick account opening
- Provides real-time quotes
Key Cons
- Charges administrative fees on inactive accounts
- The platform could use more customization features
IG Broker Details Regulators ASIC, FCA, DFSA, CFTC, FMA, FINMA, BaFin, MAS, JFSA, FSCA, BMA (Bermuda) Min Deposit $0 Trading Platforms MetaTrader4, 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 av.spread
USDJPY: 0.97 av.spread
EURGBP: 1.83 av. spread
GBPUSD: 1.84 av.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, Dubai, 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 dabble in options contracts, bonds, and spread betting. Interest rate trading is also available to IG customers.
The brokerage charges no commissions on forex trades, deriving its profits mostly from spreads. IG predominantly caters to customers looking to capitalize on price movements without purchasing underlying assets by offering them a broad range of CFDs. Forex traders have access to complex speculative instruments like turbo warrants, vanilla options, contracts for difference, and barrier options.
IG’s proprietary software does an excellent job at delivering seamless trading sessions, although clients can also connect third-party platforms like MT4 and ProRealTime to their IG accounts. Both platforms are suitable for algorithmic trading.
Moving funds to and from your live account is entirely free. Debit/credit cards, bank transfers, and PayPal are a few of the banking options IG works with at the moment. It should be noted that the availability of some methods depends on your country of residence. Bank transfers have no minimum threshold on deposits.
Key Pros
- Towering selection of over 17,000 tradable markets
- Listed on the FTSE 250 index
- Competitive pricing and low forex spreads
- No fees on deposits or withdrawals
- Demo accounts for risk-free forex trading practice
Key Cons
- Payment options are a bit limited
- Customer support is slow to respond during busy hours
eToro Broker Details Regulators FCA, CySEC, ASIC, MFSA, FSRA, FSA, FINRA/FinCEN, AMF, SEC, GFSC Min Deposit $50 or $100 based on country ($10 for the UK, $1 in the US) Trading Platforms eToro Investing, eToro App, TradingView, eToro CopyTrader, Proprietary 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 advanced leverage at Seychelles entity)
Index CFDs: 1:20 (1:100 advanced leverage at 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 like CySEC, ASIC, and FCA.
Additionally, the brokerage provides a varied range of tradable instruments, including 60+ currency pairs, more than 40 commodities, 30+ indices, and thousands of stocks. Cryptocurrency, ETF, and NTF trading is also possible via the platform.
Forex traders will benefit from spreads as low as a single pip on major pairs like 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 novice and versed traders. Another thing that distinguishes eToro from rival brokerages is its social and copy trading platform that leaves the competition in the dust with its superior features.
Key Pros
- Offers trading with over 6,000 instruments
- Ideal for social and copy trading
- No commissions on forex trades
- Effortless registration process
- Offers negative balance protection
Key Cons
- Withdrawals are subject to additional processing fees ($5)
- USD is the only base account currency
- Charges inactivity fees on dormant accounts ($10 per month)
FP Markets Broker Details Regulators ASIC, CySEC, FSA (Seychelles), FSCA, FSA (St. Vincent and the Grenadines), SCB (Bahamas), FSCM (Mauritius) Min Deposit $50 (AU$100) Trading Platforms MetaTrader4, MetaTrader5, 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); Up to 1:5 (Pro)Spread EURUSD: 1.17
USDJPY: 1.64
EURGBP: 1.40
GBPUSD: 1.43Forex Commission per Lot per Trade $0 Standard Account; $6 round turn on Pro Account Deposit Methods Visa, Mastercard, Neteller, Bank Transfer, Skill, 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 is a broker that joined the online trading scene in 2005, making it a well-experienced brand, offering great trading conditions for all of its clients. Traders from multiple markets will have the chance to trade a decent number of currency pairs as well as numerous CFDs. Some of the biggest perks FP Markets offers to traders include competitively low spreads, popular trading platforms, and a great selection of tools suitable for beginners.
To offer an equally smooth experience to different traders, FP Markets supports popular platforms like MetaTrader 4 and 5 as well as IRESS, TradingView, cTrader, and WebTrader. A dedicated mobile app will also offer Android and iOS users easy access to mobile trading platforms, enabling seamless trading on the go.
Tight spreads are also among the features that attract numerous traders to FP Markets, with pleased reviewers on Trustpilot giving the brand an average score of 4.9 out of 5. The average leverage ratio that FP Markets members can enjoy can reach up to 1:30 on certain products, including popular currency pairs. To ensure the safety of traders, the broker abides by the rules and guidelines imposed by major regulators in jurisdictions like Australia (License No. 286354) and Cyprus (License No. 371/18).
Key Pros
- Offers plenty of educational trading tools
- Broker with competitive spreads
- Allows easy trading on the go
- Regulated by reputable authorities
- Offers a decent number of currency pairs
Key Cons
- Supported trading platforms are a tad outdated
- Could expand its selection of products
- No negative balance and investor protection for clients under ASIC
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), Registrations for EU passporting: - BaFin, CNMV, MNB, CONSOB, ACPR, FIN-FSA (Finland), KNF, AFM, FI Min Deposit $5 Trading Platforms MetaTrader4, MetaTrader5, 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 Ultra Low Micro and Ultra Low Standard Accounts; $3.50 per side XM Zero Account Deposit Methods Visa, Mastercard. Skrill, Bank Transfer, Neteller, Apple Pay, Google Pay, UnionPay, Maestro Withdrawal Methods Visa, Mastercard, China Union Pay, Skrill, Neteller, Bank Transfer Since its inception in 2009, XM has attracted over 15 million customers, offering the best 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 of them. Operated by Trading Point of Financial Instruments Ltd, the broker is regulated by major authorities such as the CySEC, ASIC, and FSA. Through the CySEC license, XM holds registrations for outward passporting, allowing it to provide investment services across multiple EU countries, with the registrations including BaFIN, CNMV, MNB, CONSOB, and KNF, among others.
The brand supports the popular third-party platforms, MetaTrader 4 and MetaTrader 5, 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. As for the supported account types, the broker features Demo, Standard, Micro, Ultra Low, Zero, Shares, and Islamic accounts, whose availability may vary based on the entity. More than 1,400 financial instruments are available for trading across several asset classes, including Forex, Stock CFDs, Crypto, Commodities, and Indices, to mention a few.
No matter the account type you opt for, the least amount you are required to deposit into your XM account is $5, with the same limit also imposed on your withdrawals from XM. XM’s Invest Account is the sole exception, with a minimum deposit requirement of $10,000. Conveniently enough, the brand supports a variety of banking methods, with bank cards, e-wallets, and bank transfers being among the solutions one can use to handle their XM balance.
Key Pros
- Traders can choose from 2 third-party platforms
- Covers a great 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
- Trading platform’s design seems outdated
- Not listed on any stock exchange
- Charges an inactivity fee
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 Bahamas)
Index CFDs: 1:20 (1:200 Bahamas)
Cryptocurrency CFDs: 1:2 (1:20 Bahamas)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 over 23 years of experience that operates under the regulatory oversight of the FCA, FSC, SCB, CVM, and CMVM. The broking firm upholds high security and price transparency, offering tight spreads for over 1,100 trading symbols across six asset groups. Besides forex, retail customers can trade CFDs in shares, indices, commodities, ETFs, and bonds.
Traders can register sterling-denominated accounts that facilitate commission-free trading across all available markets. The broker provides maximum retail leverage of 1:30, but clients eligible for professional accounts benefit from higher ratios of 1:400. ActivTrades cares about the financial well-being of its customers, providing negative balance protection and increased funds insurance of up to $1 million.
In fact, ActivTrades was the first UK-licensed broker to start implementing excess FSCS insurance in 2013, offering compensation over the regular limit of $50,000 per retail client. Traders can replenish their live balance with cards, bank transfers, and popular e-wallets like PayPal. They can deposit any amount they wish, as the barrier to entry is $0. A 1.5% fee applies to deposits with UK-issued credit and debit cards.
Key Pros
- Holds an FCA license since 2009
- Safeguards all traders with negative balance protection
- Stores customer funds at first-tier banks like Barclays and Lloyd’s
- Supports free PayPal deposits and withdrawals
Key Cons
- Additional fees on deposits with cards
- Charges administrative fees after 50 weeks of inactivity
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.