Looking for the top broker in the UK? Based on our hands-on analysis, we’ve identified 7 best options tailored to various trading needs. Practical tips from our experts are included.
*82% of retail CFD accounts lose money.
To carry out the activities in the United Kingdom, each forex broker has to be authorized by the Financial Conduct Authority (FCA) which regulates the financial services industry and protects consumers in the UK. Hence, all of our selections in this list are regulated by FCA.
Benefits of trading with an FCA-regulated broker include the reassurance that funds are segregated and that accounts have negative balance protection. Clients can also benefit from a compensation fund in the event of broker insolvency. The UK is one of the few countries that offer spread betting, which has significant tax benefits.
Our team of experts has identified each broker’s strengths and weaknesses using FXEmpire’s comprehensive methodology. Here’s how we test.
Now let’s dive into the selected brokers.
Founded in 1974, IG has nearly half a century of experience and is a highly reputable name in the financial sector. With its London headquarters and listing on the London Stock Exchange (LSE), IG exemplifies stability and security. The broker provides a diverse range of over 17,000 tradable instruments, including FX pairs, commodities, indices, share CFDs, ETFs, and cryptocurrencies.
UK clients can benefit from IG’s award-winning web platform and app which are feature-rich, easy to access, and simple to use. The broker also offers advanced platforms like L2 Dealer for Direct Market Access and market depth viewing, as well as MetaTrader 4 and ProRealTime, ideal for algorithmic traders seeking automated strategies.
Our live tests showed that IG’s trading fees are very competitive overall and better than the industry average. For example, we experienced spreads as low as 0.6 in EUR/USD. Available trading instruments include all the major asset classes including forex, stocks, indices, commodities, bonds, ETFs, and cryptocurrencies. Our hands-on tests of the trading platform showed it to be easy to access, simple to use, and packed with lots of tools and additional features such as guaranteed stop-loss orders.
Founded in 2010, IronFX provides access to forex, commodities, indices, stocks, and cryptocurrency markets. Multiple regulators, including the top-tier FCA and CySEC, regulate the Cyprus-based broker.
Cryptocurrency CFDs allow you to speculate on the price of a digital currency without owning it. IronFX offers CFD trading in 30 cryptocurrencies, including leaders such as Bitcoin, Ethereum, and Litecoin. Dogecoin, the favorite of Elon Musk, is also available.
Bitcoin and Ethereum can be traded against different currencies – for example, BTCUSD, BTCJPY, and ETHUSD, ETHEUR. Traders can go long or short (profit from rising and falling markets) and trade crypto with minimal deposits and low costs. We performed our live tests using the popular MetaTrader 4 platform.
*Note: UK traders will need a professional designation to trade CFDs on cryptocurrency.
Customer service is another strong point of this broker. Finally, multiple account types can help experienced traders keep their costs to a minimum, with progressively tighter spreads.
Plus500 is a powerhouse in the world of CFD trading and has left a mark with its drive toward innovation. The broker was founded in 2008 and now offers its services in over 50 countries worldwide. Plus500 is a large publicly-traded company listed on the London Stock Exchange and regulated by the top-tier FCA and CySEC.
Plus500 has invested heavily in its proprietary WebTrader platform, which has taken the ease of use to a new level. Like the US broker Robinhood, Plus500 has raised the bar in user experience with a super minimalist, and intuitive platform. For many, this is a major improvement on the dated look and feel of the widely used MetaTrader platform.
The Plus500 platform features unique tools that draw valuable data from its large client base: traders’ sentiment and their new +Insights section. Our tests showed that the platform is a boon for beginners and casual traders who prefer an intuitive yet feature-rich interface (*beginners have access to an unlimited demo account where they need to start their trading experience with Plus500).
FxPro has retail and institutional clients in over 170 countries and is regulated by multiple authorities globally, including the top-tier FCA and CySEC. The London-based brokerage giant provides access to trading in forex and CFDs on commodities, stocks, indices, futures, and cryptocurrencies.
FxPro was founded in 2006, making it a true veteran of the industry. With four available mobile apps, FxPro offers a strong range of options for beginners and advanced traders.
The FxPro Direct Mobile app stood out in our tests for its outstanding design, features, and ease of use. Available for iOS and Android, it allows users to trade, manage their accounts, deposit/withdraw funds, and contact live support on the go. Popular features such as one-click trading and trading from the chart are available. Traders can stay on top of key fundamental data with a built-in economic calendar.
FxPro Direct Mobile is available in 19 languages and users can set up 2-factor authentication for an extra layer of security.
London-based ActivTrades was founded in 2001 and now serves traders in over 170 countries across the globe. The multi-regulated broker offers trading in CFDs on forex, indices, commodities, shares, ETFs, bonds, and cryptocurrencies from a single log-in.
Advanced traders have a superb range of platforms to choose from: MetaTrader 4 and MetaTrader 5, cutting-edge TradingView, and the intuitive ActivTrader platform. Fast order execution speeds and tight spreads in popular instruments like gold help active traders maximize gains.
With over 1000 CFDs across 7 asset classes, ActivTrades offers a wealth of tradable instruments. Professional traders with large account balances can feel a sense of security as ActivTrades provides insurance on their funds for up to $1M. Reliable customer support and high-quality research and analysis materials round out a strong overall offering.
Established in 2014 and headquartered in New Zealand, BlackBull Markets offers an impressive instrument selection comprising more than 26,000 tradable assets across different markets. This includes currency pairs, commodities, share CFDs, indices, cryptocurrencies, and futures contracts.
I carried out my testing on BlackBull’s Standard account, featuring zero commissions and floating spreads from 0.8 pips. The account type has a low minimum deposit requirement of only $10. Based on my research, BlackBull charges low spreads on cryptocurrencies and indices, but high spreads on share CFDs.
BlackBull Markets impresses with its wide assortment of trading platforms and tools. The broker offers its proprietary BlackBull Trade, BlackBull CopyTrade, and BlackBull Shares. It also incorporates the standard suites of MetaTrader 4, MetaTrader 5, cTrader, TradingView, and ZuluTrade.
I clocked the broker’s average order execution speeds at around 75 milliseconds. For low-latency trading, its clients can utilize its free VPS or FIX API protocols, which can also be used for Direct Market Access (DMA) trading.
Swissquote is a leading bank offering various financial services, including forex and CFD brokerage. The Gland, Switzerland-based bank is listed on the SIX Swiss Exchange and its entities are regulated in multiple regions of the globe.
We rated Swissquote as best for beginners based on the strength of its platform, educational resources, and customer support. In our hands-on tests, we found Swissquote’s Advanced Trader Platform to be both user-friendly and feature-rich. Traders new to the markets can take advantage of impressive educational offerings, including detailed courses, live webinars, and downloadable ebooks. When we reached out to Swissquote via live chat, phone, and email we had a positive experience with customer support.
Swissquote also provides high-quality news and research by in-house analysts. Fresh reports and videos are published daily. Tradable instruments ranging from forex to commodities, indices, stock CFDs, and forex options round out a strong overall offering from this broker.
In this section, we cover the key points to consider when opening up a brokerage account in the UK.
First, you should check whether the broker is regulated by the UK Financial Conduct Authority. The FCA is widely viewed as upholding a gold standard for regulation. When working with an FCA-regulated broker, you can be confident that you have negative balance protection, that your funds will be segregated from company funds, and that there is a compensation fund to cover your losses in the event of broker insolvency.
The Financial Services Compensation Scheme (FSCS) covers up to £85,000 per eligible person, per broker. In the UK, traders also have the option of a professional account that grants them access to higher leverage and trading in cryptocurrency CFDs if they meet certain criteria.
The stringent requirements of the FCA can reassure UK traders. Brokers under the FCA’s jurisdiction must show a minimum of £1 million in operating capital, which increases along with the number of their clients. FCA-regulated brokers are also required to process all withdrawal requests instantaneously and submit yearly audited reports and periodic financial statements of capital holdings.
You can check if a broker is authorized by the Financial Conduct Authority (FCA) by going to the FCA Financial Services Register website and searching the broker’s name.
If a broker is not FCA regulated, they will often have a global entity where UK-based clients are directed. Global entities are typically regulated offshore and offer higher leverage but fewer account protections.
Check out our dedicated guide on Best FCA-regulated forex brokers.
Fees and the cost of trading via spreads, commissions, and swaps are also essential to understand. Fee schedules can be complex due to the different available account types.
Check with your broker about the inactivity fee and when it is applied to avoid any surprises. Swap fees can sometimes be viewed within the broker’s proprietary platform, and they can also be viewed in MetaTrader by right-clicking the instrument and selecting ‘specification’.
Explore Best forex brokers with lowest spreads.
As a CFD trader in the UK, it’s important to understand the range of available account types. The main account types are as follows:
The minimum account balance at CFD brokers is typically low, not more than a couple of hundred dollars, but there are some exceptions. Generally, this makes a low barrier to entry and allows those with limited funds to get started in the financial markets.
One of the reasons that traders are attracted to the forex and CFD markets is the high degree of available leverage. Leverage involves using borrowed funds to increase the size of your trading positions beyond what would be possible using only the cash in your account.
In the UK, retail CFD traders have access to leverage of 1:30. This means that with $1,000, you can trade $30,000 worth of positions in the market. Traders designated as professionals have access to even greater leverage.
For instance, in the case of Plus500, UK traders designated as professionals have access to leverage of up to 1:300. To qualify for a professional account, users must show a financial portfolio of over €500,000 and relevant financial experience. The FCA restriction of leverage to 1:30 for standard accounts is much lower than the maximum leverage at offshore brokers, which is typically 1:500.
When you consider that the maximum leverage for equities is typically 1:2, the available leverage of 1:30 for UK retail CFD traders is relatively high. Most seasoned trading professionals and money managers would consider using leverage of 1:500 as reckless and unnecessary.
Learn more Best forex brokers with high leverage.
Spread betting is popular among UK traders mainly due to its tax-free status. It is available at some, but not all, UK CFD brokers. In spread betting, a trader does not take any ownership of the underlying asset, whether it be shares, commodities, or currencies. Spread betters simply speculate on whether the market price of an asset will go up or down. Spread bets differ from most CFD trades in that they expire after a set period.
When spread betting, traders can easily trade both sides of the market (long and short) and potentially profit from rising and falling markets. In spread betting, there are no commissions charged, and the cost of entering and exiting trades is reflected in the spread. Like CFD trading, spread betting is leveraged, and speculators can manage their risk using stop-loss orders.
Profits from spread betting are free from stamp duty and capital gains tax because it is classed as a short-term bet rather than an investment. You can see if a broker offers spread betting by looking under the available markets section of their website.
Find our list of the Best spread betting brokers.
In selecting the best forex brokers for beginners, we used the results of our advanced proprietary methodology. All of the brokers listed were among the leaders in our tests.
FXEmpire has been reviewing brokers since 2010 and has pioneered the in-depth evaluation of CFD brokers. Our process has taken years to refine and involved hundreds of reviews. We’ve gone to a granular level – with over 250 data points in our analysis of each broker – so you can feel confident in selecting the right platform.
To provide the most comprehensive view, we break down the brokers according to nine different categories:
In our broker reviews, we explain complex areas like regulatory status so you can easily understand the safety of your funds and the benefits you are guaranteed.
Data is gathered through live testing, research, detailed questionnaires, and in-person broker demonstrations. An account is opened with each broker, focusing primarily on the services of one entity and testing using the most standard account type and platform. We conduct live tests of spreads and measure overnight swap fees and account-related costs.
Our side-by-side analysis reveals whether a broker is competitive in relation to the industry as a whole. Trading platforms take time to master, but we have already done the legwork for you and our evaluations highlight their important features and usability.
FXEmpire abides by strict guidelines for editorial integrity. Scoring is based on objective criteria and mostly measurable data, so our reviews cannot be swayed by individual preferences or biases. The review process is independent and follows a strict protocol. In addition, all facts are carefully checked and rechecked, as reviews are continually updated. Read more about our review process here.
For this guide, we selected forex brokers that accept clients from the UK and are regulated by the UK Financial Conduct Authority (FCA). We preferred brokers that offer a localized website, customer support, and trading platforms. We also confirmed whether the brokers provide special trading conditions for traders from the UK.
The team of forex and CFD analysts and editors at FXEmpire is composed of trading industry professionals and seasoned financial journalists. Our experts have been published on leading financial websites such as Investopedia and Forbes. In addition, they all have extensive trading experience.
Dan Blystone began his career in the trading industry in 1998 on the floor of the Chicago Mercantile Exchange. Later Dan gained insight into the forex industry during his time as a Series 3 licenced futures and forex broker. He also traded at a couple of different prop trading firms in Chicago. Dan is well-equipped to recommend the best forex brokers due to his extensive experience and understanding of the brokerage industry.
Jitan Solanki is a professional trader, market analyst, and educator. He day trades major currency and index markets and focuses on swing trading US equities and commodities. A qualified Market Technician, Jitan also works with trader education and brokerage companies on various projects. These include market analysis, live trading events, and broker reviews. As an experienced trader and educator, Jitan brings all his qualities in action when reviewing and recommending brokers.
Having been a retail trader since 2013, Plamen has gained an in-depth understanding of the challenges that novice traders face today. His expertise is swing trading and day trading with a heavy emphasis on psychological and fundamental analysis. Plamen’s favourite trading instruments include FX majors and gold. He earned a Bachelor's degree in Economics and International Relations. Plamen's broad experience has equipped him with the expertise to recommend the best forex brokers.
In more than 15 years of trading in the financial markets, Vladimir dealt with a wide range of brokers and financial instruments. His career as a day-trader at a proprietary trading firm goes back to 2007. Later, Vladimir turned to longer time frames and became an independent trader and analyst managing his own portfolio. Using his experience, he helps traders find the best broker in his reviews.
Dan Blystone began his career in the trading industry in 1998 on the floor of the Chicago Mercantile Exchange. Later Dan gained insight into the forex industry during his time as a Series 3 licenced futures and forex broker. He also traded at a couple of different prop trading firms in Chicago. Dan is well-equipped to recommend the best forex brokers due to his extensive experience and understanding of the brokerage industry.
At FXEmpire, we strive to provide unbiased, thorough and accurate broker reviews by industry experts to help our users make smarter financial decisions.