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Best UK Forex Brokers for 2022

Written by Steven Hatzakis
Edited by John Bringans
Fact Checked by Joey Shadeck

Published January 10, 2022
Last modified August 17, 2022
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 79% of retail CFD accounts lose money You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

The ForexBrokers.com annual forex broker review (six years running) is the most cited in the industry. With over 50,000 words of research across the site, we spend hundreds of hours testing forex brokers each year. Here's how we test.

Trading forex (currencies) in the United Kingdom (UK) is popular among residents. Before any fx broker can accept UK forex and CFD traders as clients, they must become authorised by the Financial Conduct Authority (FCA), which is the financial regulatory body in the UK. The FCA's website is FCA.org.uk. We recommend UK residents also follow the FCA on twitter, @TheFCA.

Financial Conduct Authority (FCA) logo

The FCA was formed out of the Financial Services Act of 2012, effectively replacing its predecessor, the Financial Services Authority (FSA). For a historical breakdown, here's a link to Financial Conduct Authority webpage on Wikipedia.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 65% and 82% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Best UK Forex Brokers for 2021

ForexBrokers.com 2022 Review

To find the best forex brokers in the UK, we created a list of all FCA authorised brokers, then ranked brokers by their Overall ranking. Here is our list of the top UK forex brokers.

  • IG - Best overall broker, most trusted
  • Saxo Bank - Best web-based trading platform
  • CMC Markets - Excellent overall, best platform technology
  • Interactive Brokers - Great overall, best for professionals
  • FOREX.com - Excellent all-round offering
  • XTB - Great research and education
  • City Index - Excellent all-round offering

Best Forex Brokers UK Comparison

Compare UK authorised forex and CFDs brokers side by side using the forex broker comparison tool or the summary table below. This broker list is sorted by the firm's ForexBrokers.com Overall ranking.

Accepts GB Residents Authorised or Regulated by the FCA Average Spread EUR/USD - Standard Minimum Initial Deposit Overall Rating Visit Site
IG check check 0.828 (September 2021) £250.00 starstarstarstarstar Visit Site
Saxo Bank check check 0.8 (August 2020) $2,000 starstarstarstarstar
CMC Markets check check 0.73 (August 2021) $0 starstarstarstarstar
Interactive Brokers check check 0.6 (From 09/25/21 - 10/02/21) $0 starstarstarstarstar Visit Site
FOREX.com check check 1.1 (US August 2021) $100 starstarstarstarstar Visit Site
XTB check check 0.9 (Q3 2021) $0 starstarstarstarstar
City Index check check 1.1 (August 2021) £100.00 starstarstarstarstar
eToro check check 1 (August 2021) $10-$200 starstarstarstarstar
FXCM check check 1.4 (Q2 2020) Starts from $50 starstarstarstarstar
Plus500 check check 0.6 (as of Aug 2018) €100 starstarstarstarstar
Capital.com check check 0.6 (July 2021) $20 starstarstarstarstar
Pepperstone check check 0.77 (November 2021) $200 starstarstarstarstar
Tickmill check check 0.27 (September 2021) $100 starstarstarstarstar
HYCM (Henyep) check check 0.6 (Sept 2021) $100 starstarstarstarstar
HFM check check 1.2 (August 2021) $5 starstarstarstarstar
AvaTrade check 0.91 (Aug 2020) $100 starstarstarstarstar
IC Markets check 0.62 (August 2021) $200 starstarstarstarstar
FP Markets check 1.2 (September 2021) $100 AUD starstarstarstarstar
BlackBull Markets check 0.845 (October, 2021) $50 starstarstarstarstar
ACY Securities check 1.2 (Sept 2021) $50 starstarstarstarstar
VT Markets check 1.2 (September 2021) $200 starstarstarstarstar

Check out our sister site, UK.StockBrokers.com, for a detailed rundown on the very best trading platforms available for traders in the UK, and for a breakdown of the top mobile apps for UK stock trading.

How to Verify FCA Authorisation

To identify if a forex broker is licensed to operate in the United Kingdom (UK), the first step is to identify the register number from the disclosure text at the bottom of the broker's UK homepage. For example, here's the key disclosure text from IG's website:

Both IG Markets Ltd (Register number 195355) and IG Index Ltd (Register number 114059) are authorised and regulated by the Financial Conduct Authority."

Next, look up the firm on the FCA website to validate the register number is, in fact, legitimate. Here is the official FCA page for IG Markets Limited.

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Methodology

For our 2022 Forex Broker Review we assessed, rated, and ranked 39 international forex brokers over a three-month time period resulting in over 50,000 words of published research.

Each broker was graded on 113 different variables, including our proprietary Trust Score algorithm. This innovative scoring system ranks the level of trustworthiness for each broker based on factors such as licenses, regulation and corporate structure. Read more about Trust Score here.

As part of our annual review process, all brokers had the opportunity to provide updates and key milestones and complete an in-depth data profile, which we hand-checked for accuracy.

Ultimately, our rigorous data validation process yields an error rate of less than .1% each year, providing site visitors with quality data they can trust. Learn more about how we test.

Forex Risk Disclaimer

There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses.Read more on forex trading risks.

About the Author

Steven Hatzakis

Steven Hatzakis is the Global Director of Research for ForexBrokers.com. Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. Steven is an active fintech and crypto industry researcher and advises blockchain companies at the board level. Over the past 20 years, Steven has held numerous positions within the international forex markets, from writing to consulting to serving as a registered commodity futures representative.


John Bringans

John is the Editor of ForexBrokers.com and BrokerNotes.co. An experienced media professional, John brings over six years of experience in key leadership roles at newsroom outlets. He holds a Bachelor’s Degree in English Literature from San Francisco State University, and has a fast growing knowledge base of the financial services industry. John helps ensure that articles are accurate, clear, and concise, while assisting the research and editorial teams in the production of content across Reink Media Group domains.


Joey Shadeck

Joey is the Content Strategist and Research Analyst at BrokerNotes.co. He has nearly ten years of experience in the finance industry, and he uses his expertise to obtain and verify data, conduct research, and analyze and validate our content. He has been an active trader and investor for close to ten years, and holds dual degrees in Finance and Marketing from Oakland University.


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