Best Forex Broker UK : Beginners guide to top Forex Trading Platform (2020)

As Forex traders, we are like gladiators trying to emerge victorious in the global arena of the financial markets. The quality of support and training we receive in our Forex journey can be crucial to successfully create a sustainable income source. Forex brokers come into play at this very specific point. A broker is more than just a trading platform; it also serves as a coach which equips us with the necessary tools, skills, and information.

How to Find the Best Forex Broker in the UK?

There are several qualities we should consider when finding the best Forex broker in the UK:

  • Regulation: Compliance to laws and regulations (e.g., MiFID II); supervision by the Financial Conduct Authority (FCA) in the UK.
  • Security: Client funds must be kept segregated bank accounts and personal and financial data must be protected with latest encryption technologies.
  • Trading Platform: Must be user-friendly, fully equipped with technical tools and more innovations, and accessible from desktop, mobile (via apps), and browser.
  • Resources: Educational materials on Forex trading, technical tools for market analyses, market research articles are valuable to us and shows the broker’s investment into traders.
  • Fees

Now that we learned the dimensions we should investigate when we are evaluating brokers, let’s go on and review the 10 best Forex brokers in the United Kingdom.

The Best Forex Brokers UK for beginners and pros

Broker

FCA regulated

Min. deposit

Open account

IG 🏆

5/5

YES✔️

£250.00

eToro 🥈

4/5

YES✔️

$200

Admiral

4/5

YES✔️

€100

XM

YES✔️

$5-100

Forex.com

YES✔️

$50.00

CMC Markets

YES✔️

0$

IC Markets

NO❌

$200

XTB

YES✔️

$0.00

Plus 500

YES✔️

€100

FBS

NO❌

$1


Table of Contents

Best Forex Broker UK #1 – IG: Trade over 17,000 markets

Founded in 1974, IG is one of the long-standing Forex trading platform in and offers spread betting and CFD trading in 17,000 different markets to more than 178,000 traders and has 16 offices spread to 5 continents. IG is regulated by the FCA. Clients’ funds are kept in segregated client bank accounts in top-tier banks and separate from the company’s funds. Furthermore, IG employs industry-standard 256-bit SSL encryption technology to ensure data security on the website and trading platform.

Broker Offerings

Bonuses and Promotions

IG does not offer any bonus or promotions.

Asset Range

Currency Pairs, Commodities, Stocks, Indices, Cryptocurrencies, Bonds, Options, Interest Rates, Weekend Trading, Digital 100s, IPO Grey Markets, Sectors, Knock-outs Trading

Forex Trading Platform Review

Mobile trading App

IG has its own proprietary mobile trading platform which offers superfast order execution, advanced technical charts, personalised trading alerts, trading signals, and deposit & withdrawal options. The desktop platform features live news and analysis feeds and IG TV channel as well. IG also offers MetaTrader 4, ProRealTime and L2 Dealer trading platforms for Professional traders who are looking for specialised systems.

Deposit/Withdrawal Options

Credit and Debit Card.

Customer Service

In compliance with MiFID II regulation, IG classifies clients either as a Retail Trader or a Professional Trader. Trading conditions and protection measures are provided accordingly. Every client is assigned a dedicated account manager, who maintains the communication between the trader and the company. Along with a comprehensive Help Centre, IG has an award-winning customer support team which is available from Saturday 08:00 to Friday 22:00. IG offers a wide range of resources for the traders to develop themselves: £10,000 demo account, academy with webinars and podcasts, and a community of 60,000 traders discussing financial markets.

Best Forex Broker UK #2 – eToro: Leader of Social Trading revolution

In 2007, eToro disrupted the Fintech industry with eToro trading platforms. In 2010, they launched the world’s first social trading platform, OpenBook, featuring CopyTrader innovation. 2016 was the year they raised the bar even higher with CopyPortfolios product which allowed traders to copy the entire portfolios of the best traders and let the portfolio trade for them. eToro has offices, offers services, and is regulated in the United Kingdom, European Union, United States of America, and Australia. All financial transactions are encrypted with SSL technology. Traders’ funds are treated in compliance with CySEC regulations and kept in segregated accounts.

Broker Offerings

Bonuses and Promotions

  • Zero Commission on Stock Longs: eToro doesn’t apply markups, ticketing, or management fees when trading non-leveraged Buy positions in stocks.
  • eToro Club: The 5-tier elite membership of eToro offers personalised account management, reduced fees, access to exclusive analysis and signal services, eToro debit card, and invitation to special events by the company.

Asset Range

Currency Pairs, Commodities, Stocks, Indices, ETFs, Cryptocurrencies

Forex Trading Platform Review

Mobile trading App

Trading platforms are among eToro’s strongest suits. Aside from regular features, eToro’s platforms includes their innovative Social Trading features, sentiment analysis tools, and market research feeds. eToro mobile trading platform allows us to enjoy the desktop experience on mobile with an intuitive user interface and CryptoPortfolios. However, eToro mobile app have very limited drawing and analysis options.

Deposit/Withdrawal Options

Credit and Debit Card, PayPal, Neteller, Skrill, Rapid Transfer, Klarna/Sofort, Wire Transfer, Online Banking, UnionPay

Customer Service

eToro classifies clients as Retail or Professional. Each class is further divided into tiers with slightly different trading conditions. Help Centre outlines the FAQ in detail and contains customer support features such as phone and chat. Non-registered visitors can use the Ticket system to contact eToro. However, eToro states that their average response time is 7 days. Education is a serious area of eToro. They have complete written and video guides for Fintech industry, Forex trading, and Social Trading. They also publish podcasts by eToro seniors who host industry experts to discuss the markets.

Best Forex Broker UK #3 – Admiral Markets: Licensed partner of DAX

Admiral Markets is celebrating their 19th year in the Forex markets with a licensed DAX partnership Zero Commission trading on US stocks. Unlike the previous two, Admiral Markets more focused on trader education and have an incredibly rich selection of training materials. They are regulated by FCA in the UK, and by CySEC (EU) and ASIC (Australia). Client funds are kept in segregated accounts, and legally protected against broker or bank insolvency with Financial Services Compensation Scheme (FSCS) and Deposit Guarantee Schemes (DGS).

Broker Offerings

Bonuses and Promotions

  • Zero Commission US Stocks: Over 2000 American stock CFDs are traded with no commission, up to 5:1 leverage, and dividend earnings on Long positions.
  • Lowest DAX Index spreads: With direct partnerships, DAX index CFD can be traded around the clock, with no commission and 0.8 pips spread.
  • Islamic Account: Interest-free account with unchanged trading conditions.

Asset Range

Currency Pairs, Commodities, Stocks, Indices, ETFs, Bonds, Cryptocurrencies

Forex Trading Platform Review

Mobile trading App

Admiral Markets offers famous MetaTrader 4 and MetaTrader 5 desktop and mobile trading platforms. MT4 and MT5 are reputable trading platforms, which all traders are familiar with, and incorporate a wide range of technical analysis tools. Aside from the built-in indicators and expert advisors, uploading custom technical indicators and integrating automated trading systems is also available.

Deposit/Withdrawal Options

Credit and Debit Cards, Bank Transfer, Klarna, Skrill, and Neteller

Customer Service

Admiral Markets traders are classified either as Retail or Professional, each with its own benefits. Retail clients enjoy negative balance protection, while Professional clients have higher leverage. Eligible Retail clients can also apply to become Professional if they satisfy the Admiral Markets Pro conditions. Customer support is provided via support form, e-mail or phone. There is also an FAQ section for commonly asked questions. During our examination, we did not see a Chat feature for easy communication. Trader education programs include a large library of articles, tutorials, books and videos. They also conduct webinars on topics ranging from trading basics to interviews with professional traders.

Best Forex Broker UK #4 – XM : Starting from zero spreads

XM is well-known for spreading their trader-centric approach to the Forex industry. They continuously arrange meetings with trader groups in different locations in the world, and XM management visited more than 120 countries to meet traders in-person. Their efforts were recognised by UK Investors in People organisation. XM group is regulated by CySEC and ASIC, and they are FCA-registered to operate in the UK. Banking activities are conducted with Barclays, and client funds are held in segregated bank accounts. Furthermore, XM is a member of Investor Compensation Fund to protect client funds in case of insolvency.

Broker Offerings

Bonus and Promotions

  • Welcome Bonus: Up to $5,000 and eligibility to enter XM Loyalty Program
  • Loyalty Program: Automatically earning XM points through trading to earn exclusive seasonal bonuses
  • Zero Account: Professional trading account with spreads as low as 0, and leverage up to 888:1

Asset Range

Currency Pairs, Stocks, Commodities, Equity Indices, Precious Metals, Energies, Shares.

Forex Trading Platform Review

Mobile trading App

XM takes full advantage of MetaTrader platforms by offering MT4 and MT5 for desktop as well as iOS and Android mobile devices. The platforms can be downloaded directly from XM website.

Deposit/Withdrawal Options

Credit and Debit Cards, e-Wallets, and local or global bank wire transfers.

Customer Service

With more than 2.5 million traders around the world, XM is known for its excellent and award-winning customer service. XM clients can contact the customer support team easily via live chat, phone, or e-mail. The customer support team offers 24/5 services in 25 languages. XM has a comprehensive research and education centre which offers a wide range of quality materials: market news & ideas, technical analysis by XM experts and summarised price trends, and live webinars.

Best Forex Broker UK #5 – Forex.com: Choose your own trading conditions

Forex.com is operating since 2001, and is a brand of GAIN Capital, a NYSE-traded online trading services provider based in the U.S. The strong foundations translate into high-level of price transparency and execution consistency. Forex.com traders can choose to trade with traditional spreads, or tight spreads and commissions, or direct market access. The company is regulated by FCA in the UK, and client funds are kept in segregated client accounts in top-tier banks, ensured by obligations of GAIN capital.

Broker Offerings

Bonus and Promotions

  • Direct Market Access: DMA account holders can trade with deep liquidity and rebates.
  • Tight Spreads: Gold trading starts from $0.11 spread in DMA account
  • Active Trader VIP Program: up to 15% rebate, 1-on-1 Market Strategist support, reimbursement on bank wire transfer costs

Asset Range

Currency Pairs, Commodities, Stocks, Indices, Cryptocurrencies

Forex Trading Platform Review

Mobile trading App

Forex.com has its own proprietary trading platform which can be used on desktop, browser or mobile devices. Forex.com mobile trading app incorporates all features of desktop platform and gives access to TradingView charting and analysis tools like overlaying multiple asset charts. MetaTrader 5 for desktop and mobile are also available.

Deposit/Withdrawal Options

Credit and Debit Cards, Wire Transfer

Customer Service

The customer service team offers support 24/6 via e-mail and live chat features. An FAQ section is also available with comprehensive information like service updates and trading hours. VIP Active Trader program members can benefit from 1-on-1 training with a licensed Market Strategist. Forex.com also offers beginner, intermediate, and advanced level Trading Courses; guides on Forex themes like risk management; training tools like live webinars and video library.

Best Forex Broker UK #6 – CMC Markets: Over 9,000 Stock CFDs

With 3 decades of experience, CMC Markets won numerous awards for service, technology and innovation. They offer more than 9,000 financial assets only in Stocks & ETFs category with lightning-speed order executions. CMC Markets is regulated by FCA in the UK and secure traders’ funds by holding them in separate bank accounts than company funds. CMC is also a member of Financial Services Compensation Scheme (FSCS) to protect clients against insolvency.

Broker Offerings

Bonus and Promotions

  • CFD Rebates: Professional traders in CMC can earn rebates based on trading volume.
  • Guaranteed Stop Loss Order (GSLO): GSLOs can be placed with a small premium.
  • Tight Spreads: Regardless of volatility, EUR/USD starts from 0.7 pips, key indices from 1 point, and Gold from 0.3 points.

Asset Range

Currency Pairs, Commodities, Stocks, Indices, ETFs, Cryptocurrencies, Bonds

Forex Trading Platform Review

Mobile trading App

CMC Markets’ own trading platform, Next Generation, is accessible from desktop and iOS or Android mobile devices. With Standard or Advanced viewing options, traders can see the markets in detail with comprehensive mobile charts and benefit from unique tools like mobile alerts, mobile analysis tools, Reuters news and analyst insights.

Deposit/Withdrawal Options

Credit and Debit Cards, Wire Transfers.

Customer Service

CMC Markets traders are classified as Retail or Professional clients, in compliance with MiFID II. Retail clients benefit stronger protection, while Professional clients can take advantage of flexible trading conditions. Clients Services team in CMC offers 24-hour support, and every client has a dedicated account manager. CMC’s services include morning updates and weekly market analysis, guides on CFD trading and spread betting, and video library.

Best Forex Broker UK #7 – IC Markets: Raw spreads from 0.0 pips

IC Markets is an Australian broker with over 60,000 traders, and the world’s largest FX CFD broker by Forex volume according to 2019 Intelligence Report by Finance Magnates. The company is mainly regulated by ASIC in Australia but doesn’t have FCA license in the UK.

Broker Offerings

Bonus and Promotions

  • Raw Spreads: Spreads really go as low as 0.0 and kept tight with proprietary liquidity
  • Advanced Strategies: High volume trading, scalping, and trading robots are permitted

Asset Range

Currency Pairs, Commodities, Stocks, Indices, Bonds, Cryptocurrencies, Futures

Forex Trading Platform Review

Mobile trading App

IC Markets take full advantage of MetaTrader 4, MetaTrader 5, and cTrader trading platforms for desktop and mobile. Using an iOS or an Android device, traders can monitor the live prices of the assets offered by IC markets, conduct technical analysis and manage their positions on the go.

Deposit/Withdrawal Options

Credit and Debit Cards, Wire Transfer, Skrill, Neteller

Customer Service

Within MiFID II framework, clients are classified as either Retail traders, with more protection but stricter trading conditions, or Professional traders, with less protection but flexible trading conditions. IC Markets’ Help Centre contains FAQ as well as Forex calculators and Economic Calendar. The support team can be contacted via e-mail, live chat, or call-back request. Aside from a demo account, IC Markets also offers a comprehensive education section with Getting Started courses, video tutorials, and Web TV for live analysis.

Best Forex Broker UK #8 – XTB : Globally regulated

In over 15 years of experience, XTB won numerous awards for excellent service. Their offices are spread in more than 10 countries in Europe, and the company is publicly traded in the Warsaw Stock Exchange since 2016. XTB is regulated by CySEC in the EU and FCA in the UK. Financial Services Compensation Scheme (FSCS) with up to £85,000 protection against broker insolvency is also available.

Broker Offerings

Bonus and Promotions

XTB does not offer any bonus or promotions.

Asset Range

Currency Pairs, Commodities, Stocks, Indices, ETFs, Cryptocurrencies

Forex Trading Platform Review

Mobile trading App

XTB traders can use either the company’s own platform, xStation Mobile or MT4. The mobile trading app of XTB brings together more than 1,500 CFDs, built-in risk management tools, horizontal chart viewing, and access to market sentiments.

Deposit/Withdrawal Options

Credit and Debit Cards, Wire Transfers, PayPal, Skrill.

Customer Service

XTB Customer Support team provides services 24/5 via live chat, e-mail, or phone. Clients who reside in a location where an XTB office exists can also visit the local premises. XTB complies with MiFID II regulation, meaning the traders are classified as Retail or Professional. Retail clients who satisfy Professional class criteria can also be recategorized. XTB Trading Academy contains guides on how to use xStation and MT4 trading platforms as well as introductory materials for Forex, CFD trading, and fundamental analysis.

Best Forex Broker UK #9 – Plus500: Main Sponsor of Atletico Madrid

Plus500’s reputation expanded beyond financial markets when they became the main sponsor of Atletico de Madrid football club. As the #1 UK Broker in terms of number of clients, they are publicly traded in the London Stock Exchange and a constituent of FTSE 250 index. Plus500 is regulated by FCA and holds the funds of 200,000+ active traders in segregated bank accounts, separating them from company funds.

Broker Offerings

Bonus and Promotions

  • Guaranteed Stop Loss Order (GSLO): Plus500 offers GSLOs at a slightly higher spread.
  • Alerts: Traders can receive custom price alerts via e-mail, SMS, and push notifications in real time for free.

Asset Range

Currency Pairs, Commodities, Stocks, Indices

Forex Trading Platform Review

Mobile trading App

Plus500 trading platform features an intuitive interface, live chat with support, and quick switch between Demo and Real accounts. It can be used on desktop and web browsers as well as iOS, Android, and Windows Phone mobile devices. MetaTrader or other independent platforms are not available.

Deposit/Withdrawal Options

Credit and Debit Cards, Wire Transfer, PayPal, Skrill, iDeal, BPay, Klarna, giropay, Trustly, Przelewy, MultiBanco, MyBank

Customer Service

Plus500 customer support team provides 24/7 service in 32 languages via e-mail. We did not find any phone or live chat information on their website. As a MiFID II-compliant broker, traders are classified as Retail or Professional. Negative balance protection and FSCS are offered in both account types, but Professional accounts have higher leverage options. The education materials of the company are severely limited as they cover either very basic or very advanced topics.

Best Forex Broker UK #10 – FBS: Official Trading Partner of FC Barcelona

FBS offers a wide range of bonuses and promotions, making it quite attractive to join. However, they do not hold an FCA license and do not accept customers residing in the UK. They regularly organise events and seminars and have over 14 million traders and 370,000 partners around the world.

Broker Offerings

Bonus and Promotions

  • 100% Deposit Bonus: Unlimited, credited upon request
  • Trade 100 Bonus: Real $100 funds without deposit to start trading.
  • Cashback: 15 USD rebate per lot
  • 3000:1 Leverage: Available for Standard and Zero Spread accounts
  • Loyalty Program: Earn points by trading and exchange for gifts

Asset Range

Currency Pairs, Commodities, Stocks, Indices

Forex Trading Platform Review

Mobile trading App

FBS Trader desktop and mobile is similar to MetaTrader 4 platforms, containing all the advanced features but presenting them in a simplified fashion. Account transactions can be done directly on the mobile platform.

Deposit/Withdrawal Options

Credit and Debit Cards, Neteller, Stic Pay, Skrill, Perfect Money, bitwallet, Local exchanges

Customer Service

FBS traders can reach the customer support team by live chat and e-mail or submit a call back request through the website. FBS is not compliant with MiFID II, allowing them to offer a wide range of account types with leverage up to 3000:1. The company regularly publishes market news and analysis, and have a strong education section with a wide range of materials including articles, e-books, videos, and webinars.

Read our other guides :

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Risk disclaimer - Forex trading involves risk of loss. It is not suitable for all investors.