Best UK Forex Brokers for 2022
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.
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 2022
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.
- Saxo Bank - Best web-based trading platform
- CMC Markets - Excellent overall, best platform technology
- XTB - Great research and education
- City Index - Excellent all-round offering
Best Forex Brokers UK Comparison
|Company||Accepts GB Residents||Authorised or Regulated by the FCA||Average Spread EUR/USD - Standard||Minimum Initial Deposit||Overall Rating||Visit Site|
|IG||0.86 (September 2022)||£250.00||
|Saxo Bank||0.9 (September 2022)||€2,000|
|CMC Markets||0.51 (August 2022)||$0|
|Interactive Brokers||0.6 (Aug 2022)||$0||
|FOREX.com||1.0 (July 2022)||$100||
|XTB||1.07 (Q3 2022)||$0|
|City Index||1.0 (July 2022)||£100.00|
|eToro||1 (August 2021)||$10-$10,000|
|Plus500||0.6 (as of Aug 2018)||€100|
|FXCM||1.38 (Q2 2022)||Starts from $50|
|Admiral Markets||0.8 (July 2021)||$100|
|Capital.com||0.6 (July 2021)||$20|
|Pepperstone||0.77 (September 2022)||$200|
|Tickmill||0.51 (August 2022)||$100|
|HYCM (Henyep)||0.6 (Sept 2021)||$100|
|HFM||1.2 (August 2021)||$5|
|Vantage||1.22 (August 2021)||$50|
|Eightcap||1.0 (Aug 2022)||$100|
|AvaTrade||0.91 (Aug 2020)||$100|
|FP Markets||1.2 (August 2022)||$100 AUD|
|IC Markets||0.62 (August 2021)||$200|
|BlackBull Markets||0.827 (August 2022)||$0|
|ACY Securities||1.2 (Sept 2021)||$50|
|easyMarkets||0.9 (as of Mar 2020)||$100|
How can I trade forex in the U.K.?
First, select a trustworthy U.K. forex broker regulated by the Financial Conduct Authority (FCA). Our guide to the Best U.K. Forex Brokers is a great starting point for finding a U.K.-based forex broker.
Next, open and fund your new brokerage account, and fill out the order ticket to place a trade. Most online brokers offer demo accounts so you can practice with virtual currency and become familiar with how the trading platform works before funding your account with real money.
More details: Choosing an FCA-regulated broker will ensure that you are entitled to any applicable legal protections. To be FCA-regulated in the U.K., brokers must comply with a strictlist of requirements.
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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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.