Best UK Forex Brokers of 2024

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.

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.

Plus500

General Info

• Min Deposit: $100
• Max Leverage: 30:1
• Platforms: Plus500 app, Webtrader
• Inactivity Fee: Yes

Average Spread

• EURUSD: 1.3
• USDJPY: 1.7
• GBPUSD: 2.0
• GOLD: 0.3

XTB

General Info

• Min Deposit: $0
• Max Leverage: 500:1
• Platforms: xStation 5, MT4
• Inactivity Fee: No

Average Spread

• EURUSD: 0.9
• USDJPY: 1.5
• GBPUSD: 1.5
• GOLD: 0.3

ActivTrades

General Info

• Min Deposit: $10
• Max Leverage: 200:1
• Platforms: MT4/5, TVC, ActivTrader
• Inactivity Fee: Yes

Average Spread

• EURUSD: 1.5
• USDJPY: 1.7
• GBPUSD: 1.6
• GOLD: 0.4

IG

General Info

• Min Deposit: $450
• Max Leverage: 30:1
• Platforms: MT4, IG app, Webtrader
• Inactivity Fee: Yes

Average Spread

• EURUSD: 0.7
• USDJPY: 1.1
• GBPUSD: 1.0
• GOLD: 0.4

FxPro

General Info

• Min Deposit: $100
• Max Leverage: 30:1
• Platforms: FxPro App, MT4, MT5, cTrader
• Inactivity Fee: Yes

Average Spread

• EURUSD: 1.2
• USDJPY: 1.3
• GBPUSD: 1.5
• GOLD: 0.23

Capital.com

General Info

• Min Deposit: $20
• Max Leverage: 30:1
• Platforms: Capital.com App, Webtrader, MT4, TVC
• Inactivity Fee: Yes

Average Spread

• EURUSD: 0.6
• USDJPY: 1
• GBPUSD: 1.3
• GOLD: 0.5

Markets.com

General Info

• Min Deposit: $100
• Max Leverage: 30:1
• Platforms: Markets.com App, Webtrader, MT4, MT5
• Inactivity Fee: Yes

Average Spread

• EURUSD: 0.6
• USDJPY: 1
• GBPUSD: 1.5
• GOLD: 0.3

How can I trade forex in the U.K.?

First, select a trustworthy U.K. forex broker regulated by the Financial Conduct Authority (FCA). 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 strict list of requirements.

How to verify FCA Authorisation

To verify if a forex broker is licensed to operate in the United Kingdom (U.K.), the first step is to identify the register number from the disclosure text at the bottom of the broker’s U.K. 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.

Why is the Financial Conduct Authority (FCA) important for forex traders in the UK?

The Financial Conduct Authority (FCA) regulates U.K.-based brokers that legally offer forex and other derivatives to retail and professional traders. According to the regulator’s official website, the FCA regulates the conduct of 50,000 firms across the U.K. and prudentially supervises 48,000 firms.

The FCA aims to enforce compliance and ensure that firms are following the rules and regulations set forth in the FCA handbook. In extraordinary circumstances, the FCA can take emergency action and prevent brokers from opening new trades for customers, or suspend (or even revoke) a broker’s license if there have been substantial compliance failures and/or violations.

Is forex trading legal in the UK?

Yes, forex trading is legal in the U.K. and regulated by the Financial Conduct Authority (FCA). The FCA requires that brokers obtain proper licensing and authorization in order to legally offer forex trading to clients.

FCA-regulated brokers: Per the FCA’s handbook, forex is a regulated activity. As such, brokers that handle customer deposits and arrange and/or deal in investments – whether acting as the principal or agent – must hold proper authorization from the FCA.

Deposit insurance: FCA-regulated forex brokers also provide certain compensation rights to retail customers in the extraordinary event of insolvency or bankruptcy. The UK’s Financial Services Compensation Scheme (FSCS) provides up to 85,000 GBP of protection per eligible person.

Professional clients: It’s important to note that U.K. clients that have been designated as professional traders do not receive any such protections from the FSCS.