Best Forex Brokers UK
Here you will find our best UK forex brokers list based on our findings from thousands of hours of extensive research, testing and in-depth analysis across the many forex brokers providing online trading services to forex traders in the UK and across the globe. We aim to make it quick and easy for users to identify the best forex brokers in the UK by having them all listed in one place.
To make it into our list of the best forex brokers UK, each broker must be authorised and regulated to accept forex traders in the UK.
In addition to this, the broker should have some educational resources to help traders improve their trading knowledge and skills, a range of useful trading tools, various account types, multiple account funding options and excellent customer support.
We have compiled a list of our best UK forex brokers below.
Top 5 Forex Brokers UK
ASIC, BVI, CBI, FFAJ, FSA, FSCA, IIROC
Min $100 Deposit
FCA, CFTC, NFA, BaFin, FINMA, ASIC, FMA, MAS, FSA, FSCA, DFSA, JFSA, METI, MAFF
Min $250 Deposit
ASIC, FCA, DFSA, SCB, CySEC, BaFin, CMA
Min $200 Deposit
ASIC, CySEC, IFSC, DFSA
Min $5 Deposit
We have chosen these as our best forex brokers in the UK as they are regulated and have passed our strict forex broker reviews with flying colours. We have awarded them a top broker rating for the online forex trading services that they provide to forex traders located in the UK and across the globe.
How did we choose our best forex brokers in the UK?
First and foremost, the Trading Brokers team checked that the forex broker was regulated and authorised to offer forex trading to UK traders. We then conducted hundreds of hours of detailed research and analysis into the brokers online trading services. From there, we were able to collate what we consider to be the most important information to consider when choosing a UK forex broker and allocated them an unbiased broker rating based on our findings. Some of the the things we considered when choosing our best forex brokers included:
- Regulation: A UK forex broker should be authorised and regulated to offer forex trading in the UK.
- Forex Trading Platforms: The forex broker should provide the best trading platforms that are suitable for traders of all experience levels and can be used across desktop, web and mobile devices.
- Forex Trading Instruments: There should be a good selection of major, minor and exotic forex currency pairs for trading online.
- Spreads: The forex brokers spreads should be competitive, the lower the better.
- Commission: The commission for entering/exiting positions should be competitive, the lower the better.
- Fees: Any other fees should also be competitive and made clear to the trader.
- Execution Speeds: Trades should have reliable and fast execution speeds, with minimal slippage.
- Liquidity Providers: The forex broker should have top liquidity providers (LPs) with deep liquidity pools so that they can offer competitive bid/ask prices and execution speeds.
- Forex Trading Tools: The more trading tools they provide to assist traders, the better. This can include tools for market analysis, trading signals, placing/managing orders, planning trades, etc.
- Forex Educational Resources: There should be a good selection of educational materials to help assist new traders to improve their trading skills and knowledge. This can include video tutorials, trading guides, webinars, etc.
- Forex Account Types: The forex broker should offer a variety of different account types suitable for varying client investment sizes and account requirements.
- Forex Account Funding Options: There should be a variety of convenient account deposit and withdrawal methods.
- Customer Support: The forex brokers customer support team should be prompt, polite and efficient in their responses to all clients general and technical questions.
UK forex broker regulation
Forex trading involves the buying and selling of currencies and is very popular in the United Kingdom. Due to the increasing popularity of forex trading, there are new forex brokers in the UK opening all the time. This can make it difficult to choose the best UK forex broker according to your individual requirements. We believe one of the most important factors to consider is that a forex broker providing services to clients in the UK is authorised and regulated to offer forex trading in the UK.
Financial Conduct Authority (FCA)
The Financial Conduct Authority (FCA) is an independent public body that regulates the financial services industry in the United Kingdom. Its role is to help protect consumers, keeping the industry stable, and promoting healthy competition between financial service providers.
The FCA was established from the Financial Services Act 2012 replacing the Financial Services Authority (FSA). Its purpose was to create a new regulatory framework for financial services, including forex brokers. The FCA is funded through charging fees to members of the financial services industry. It is, however, still accountable to the Treasury and to Parliament.
The FCA has the power to regulate how financial products are marketed and to set minimum standards and requirements on products that firms offer. They also have the power to investigate financial organisations and individuals. With the possibility of imposing bans on those who breach the regulations put in place to protect investors. The FCA is able to ban financial products for up to a year while considering an indefinite ban. Further, the FCA is able to freeze assets of individuals or organisations under investigation.
By trading online with a broker that is regulated by the FCA, there is also the benefit of protection under the Financial Services Compensation Scheme (FSCS). FCA regulated firms are required to become a member of the FSCS. The aim of this scheme is to offer the possibility of compensation to eligible clients if the broker runs into financial issues. The FSCS gives protection up to a maximum amount of £50,000. In the event of liquidation, those who qualify can receive up to 100% of their money for claims up to £30,000 and a maximum of 90% for claims above £50,000.
We believe that a forex broker who is authorised and regulated can give traders peace of mind that they are using a brokerage firm which must abide by strict rules and regulations put in place to protect them. It is worth noting that some non-UK forex brokers can still solicit clients located within the UK whilst UK forex brokers are also able to offer online trading services to clients located in some countries outside of the UK. In this instance, it would be a wise idea to make sure that they have the relevant regulation within the jurisdiction that they operate from.
Verifying the regulation of forex brokers in UK
If a forex broker has been licensed to operate in the United Kingdom (UK), they are given a registration number. This number can usually be found near the footer of a broker’s website where they state that they are regulated. You can then check on the regulators website if the registration number is valid and up to date. It has been known for some scam brokers to fake registration, some even going as far to clone another broker. When you lookup the registration number you should find details of the brokerage firm including their website, contact details and if they have had any cases brought against them or warnings.
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