Best Forex Brokers in the UK for 2022, Top 10 UK Broker Reviews

As arguably one of the most active markets in the world, forex trading presents you with a glorious opportunity to add to your income. 

And since forex trading is mostly about speculation, you can make a windfall today only to suffer your biggest loss in a matter of hours, let alone days.

So if you’re looking to try out forex, you need to keep a few things in mind. 

First, you should never wager more than you’re willing to lose, and second, choosing a good forex broker is as good as being on a winning team. 

Don’t be fooled that there’s a perfect forex broker since, in truth, all forex agencies come with their unique pros and cons. 

In this article, we’ll take an in-depth look at some of the leading forex trading platforms, paying close attention to their features, pros, and cons. We’ll even show you how to get started on forex and increase your chances of making a kill, or at least avoiding massive losses. 

Let’s get straight to business!

Best UK Forex Brokers:

Make sure to use these services responsibly to avoid attracting heavy debt. Opinions expressed within the content are solely the authors. Does not constitute advice.

1. eToro – Best Forex Trading Platform in the UK

Pros

• Low risk as it is regulated in two tier-1 jurisdictions
• User-friendly web design
• Big on client education
• Advanced trading tools
• Superb for social or mirror trading
• Additional privileges for membership tiers

Cons 

• High non-trading fees 
• Some advanced features set only for top-tier members

eToro launched in 2007 with the sole aim of disrupting the trading industry. The plan was to reduce client dependency on traditional financial institutions and make trading accessible to everyone. 

In September 2007, eToro introduced its visual FX trading platform that allowed for online forex trading using graphic representations. 

As a market-maker broker, eToro lists a variable spread of 1 pip on the EUR/USD pair, which is higher than the average in the forex industry. However, traders mostly choose eToro for its social copy capabilities as opposed to its spreads. 

It’s also great that eToro provides additional details for beginner traders on the platform. You can get additional information about trading instruments and learn more about factors you should consider before investing or trading. 

Where eToro Stands Out

Innovation: Over the years, eToro has carved out a serious reputation as one of the best social investing platforms around. Users can copy other users’ trades, which allows both new and experienced users to benefit from the setup. 

International Presence: With over 20 million users spread out in 140 countries, eToro’s undoubtedly among the leading companies in the forex trading space. The giant recently allowed US clients access to ETFs and stocks– a move that showcases its global appeal. 

2. Plus 500 ( Your capital is at risk)– CFD Broker With Fast Trade Execution

Pros 

Cons 

• Not the best customer support 

Plus500 is an Israel-based company that is publicly traded on the London Stock Exchange (LSE). It operates through multiple subsidiaries across the Asia Pacific region and Europe.

In addition to having a subsidiary regulated by the Financial Conduct Authority (FCA), Plus500AU Pty Ltd also serves the Australian market with licence #417727 issued by ASIC, licence in New Zealand for NZ clients, FSP No. 486026; Plus500AU is also authorised as a Financial Services Provider # 47546 in South Africa. The broker specializes in contracts for difference (CFDs), which it delivers through web-based and electronic proprietary trading platforms.

Plus 500 gives clients access to a wide range of instruments, including stock indices, forex, individual shares, options, ETFs, commodities, individual shares, and cryptocurrencies (subject to regulation.)

What is arguably Plus 500’s major selling point is its easy-to-use interface that allows you to analyze charts, create watchlists, monitor and place trades. 

Why Plus 500 Stands Out

Webtrader: As Plus500’s proprietary trading platform, WebTrader is designed to give you a stable yet streamlined experience as you trade. WebTrader is accessible from multiple systems and devices, from Windows PCs to Macbooks, tablets, and smartphones. 

Trustworthiness: Plus 500 is a publicly-traded brand and is registered with a variety of respected regulators across the Asia-Pacific region and Europe.

3. IG – Best Low-Risk Trader Forex Brokers UK

Pros 

• Publicly traded (LON: IGG) 
• Ideal deposit and withdrawal options
• Rich educational resources
• Low non-trading fees

Cons

• Relatively high forex fees
• Account verification can take up to 3 days

If you’re looking to trade up to 80 different currency pairs, then IG might be just what you need. 

The highly trusted CFD broker launched in 1974 and is regulated by top-tier regulators like Financial Conduct Authority (UK markets) and even the Federal Financial Supervisory Authority (German market). 

In addition to being monitored by respected regulators, IG is listed on the London Stock Exchange (LON: IGG) and regularly discloses its financials. 

IG is also oversighted by the National Futures Association (NFA) and the Commodity Futures Trading Commission (CFTC), which allows the broker to accept US-based clients to trade forex. 

It’s also nice that IG offers a $10,000 demo account to help you learn the ins and outs of forex trading as you get started. 

Where IG Stands Out

Versatility: Besides its web-based trading platform, IG allows clients to use 3rd party platforms like ProRealTime and MT4. 

Supports Algorithmic Trading: IG is among the few top brokers that allow algorithmic trading. On IG, you can start algorithmic trading using ProRealTime and MT4. 

4. Interactive Brokers – Best For Advanced Forex Trading UK

Pros 

• Tight spreads (as narrow as 0.1 pip)
• Real-time quotes from the globe’s largest FX dealers
• Over 100 currency pairs available
• Professional-grade FX trading tools 
• Low commissions (no hidden markups or spreads)

Cons

• Relatively intimidating for first-timers 
• IBKR lite clients can’t access SmartRouter

Interactive Brokers boasts a neat lineup of trading products from forex to stocks, options, bonds, and funds across 33 countries. 

Perhaps even more impressive than its access (direct) to global exchanges, IBKR integrates modern tech into its operations. An example is the SmartRouting software that helps you search for the best firm stock combinations. 

Like most other top brokers, Interactive Brokers prioritizes client education through its dedicated online Traders Academy. Through the educational resources, you can learn a lot about markets, currencies, tools, and classes available on the trading platform. 

Where Interactive Brokers Stands Out

Advanced Tools: Not too many brokers boast advanced tools as Interactive Brokers. Some of the tools and calculators you can access on the platform include order quantity, margin, financing, interest, and options-related calculators. 

Superior Customer Support: With Interactive Brokers, you get toll-free phone support (24 hours a day/6 days a week). The broker also has a callback service that allows you to receive a call from support without losing your place in line if you can’t hold for long. 

Reliability: Interactive Brokers scores high when it comes to security and reliability. All client securities accounts registered on the broker are protected by the Securities Investor Protection Corporation (SIPC). 

5. Saxo Bank – Top UK Forex Trading Platform for Active FX Traders

Pros 

• Licensed in six tier-1 jurisdictions 
• Competitive 
• Over 40,000 tradable instruments
• Advanced FX trading tools 
• Superior user interface

Cons 

• Not open to US clients 
• Not ideal for beginner traders
• Instrument fee structures are a bit confusing

Saxo Bank is a great broker for active forex traders that are constantly analyzing the markets. Once you open a capital markets account with the bank, you’ll receive access to a wide range of offerings comprising investment and leveraged products. 

Some of the offerings you can access include forex, ETFs, shares, indices, options, commodities, forwards, bonds, and futures.

Saxo is regulated by the Financial Conduct Authority, one of the most reputable regulatory agencies in Europe. 

If you’re an active trader, then you understand the importance of using intuitive platforms. Saxo owns two user-friendly trading platforms, SaxoTraderGO (web-based) and SaxoTraderPRO (download), that boast superior updates over MT4 and other industry-standard platforms. 

Why Saxo Bank Stands Out 

Proprietary Interface: It’s impressive that Saxo Bank built its unique trading platforms with the trader in mind. SaxoTraderPRO is a Mac and Windows-compatible desktop interface that gives you advanced workspace management and multi-channel linking. 

Although SaxoTraderGo has limited customization compared to SaxoTraderPRO, it still boasts full-feature technical indicators and charting. 

Security: Saxo is licensed by several jurisdictions across the globe. It’s also commendable that Saxo is keen on separating corporate funds from client funds as per the FCA’s regulations. 

All Saxo clients also benefit from the negative balance protection (mandated by the European Securities and Markets Authority). 

6. XTB – Best UK Forex Broker for Cost Minimization

Pros 

• Among the lowest FX spreads
• Provides client accounts protection
• Big on customer service 
• Low risk

Cons 

• No guaranteed stop loss 
• Doesn’t serve US clients 
• High non-FX spread costs 

XTB is among the best options if you’re looking to trade forex at the lowest costs possible. The broker offers a maximum 30:1…