Best Forex Brokers in the UK provide not just trading services, but a foundation of trust and expertise for both new and seasoned traders.
Wondering which forex brokers are the best in the UK for 2024? What should you look for when choosing a trustworthy broker? And which companies should you avoid due to a poor reputation? You'll find the answers to these questions, and more, right here. We've analyzed dozens of brokers based on key criteria to bring you a reliable ranking, designed to help you pick the right company – especially if you're just starting out in the world of trading.
To create an accurate and objective ranking of forex brokers, we focused on the key factors that matter most to traders, including:
We've also taken other factors into account on our site, though they weren’t included in the final ranking. The criteria mentioned above are crucial for most traders, while the following are particularly important for specific types of clients:
In total, our evaluation covers 12 criteria, 8 of which were used to create our objective ranking. After reading a comprehensive review of a specific broker, you’ll be in a much better position to decide whether opening an account with them is the right choice for you.
Choosing a forex broker can be quite a challenge, especially in the UK, where dozens of regulated companies offer a variety of trading conditions. It’s particularly tricky for beginners trying to select their first company. So, how do you go about finding a reliable forex broker in the UK?
What do traders generally expect from a broker?
Additionally, traders often have specific preferences – for example, certain trading instruments like stocks or metals, particular deposit and withdrawal methods, or leverage higher than 1:50. Newcomers may be looking for cent accounts that allow them to trade with real money but on a smaller scale. More seasoned traders tend to focus on a broker’s reputation, as they’re usually dealing with larger sums, making the security of their funds a top priority.
At this stage, your goal is to shortlist a few brokers for a deeper analysis (ideally, 3 to 5). So, where can you look and how should you pick companies for your list? A good starting point is our UK broker rankings, where you can choose a few candidates for further evaluation.
Our rankings provide key details about each broker, such as their founding year, regulatory licenses, account types, the range of trading instruments, minimum deposit, and more. This information can help guide your decision. If you’ve come across a particular broker elsewhere, that might also help you decide whether to add them to your shortlist.
After shortlisting 3-5 brokers, it's time to dive into a detailed review. The best place to start is by evaluating their reliability.
First, check how long the company has been in business. Generally, it’s safer to go with brokers that have been around for more than 10 years. However, age doesn’t always guarantee trustworthiness –established companies can still unexpectedly shut down and withhold client funds. On the flip side, newer brokers often offer better trading conditions as they seek to build their reputation and grow their client base.
Next, verify if the broker is regulated by the FCA (Financial Conduct Authority) – the primary forex regulator in the UK. It’s always best to visit the FCA’s website (https://register.fca.org.uk) and check the license yourself. Be cautious of fraudulent brokers who falsely claim FCA regulation. In some cases, a broker may no longer hold an active license but still display outdated information on their site.
Lastly, research the broker’s reputation. Look for information on trusted financial websites, rankings, and forum reviews. Pay attention to any negative feedback and see if there are recurring issues, such as delays in withdrawals or poor execution of orders.
Once you’ve assessed the broker's reliability and ruled out the less trustworthy ones, you can move on to the next step – evaluating their trading conditions.
Now, it’s time to figure out which broker offers the most suitable trading conditions for you. You can typically find all the necessary details on the broker's website without even needing to sign up:
Your goal is to pick brokers that meet your needs and offer the best trading conditions for your situation.
Another crucial aspect to consider is the financial conditions for deposits and withdrawals. Take a look at the available methods for funding your account and withdrawing money, while also paying attention to any fees and withdrawal timeframes.
It’s also worth checking reviews to see how quickly the broker processes withdrawals and whether there are frequent delays.
If you’re looking for additional tools, such as analytical materials, investment options, or an affiliate program, make sure to check if the broker provides these on their website. If they don't offer what you need, you may either exclude them from your list or decide to sacrifice some extras, especially if the brokers at this stage are already offering strong trading conditions.
Also, be wary of brokers promising high-yield investments with guaranteed monthly income. These are usually pyramid schemes, and keeping your money with such companies can be extremely risky. Also, steer clear of brokers that push consultants on you to help with trades.
We’ve already touched on this, but reading and analyzing client reviews can often be a key factor when choosing the best forex broker, especially in the UK, where there are plenty of reliable companies offering solid services.
It’s important to check reviews on independent financial websites and forex forums. Often, brokers will have official accounts on these sites, responding to complaints and queries directly.
You need to develop an eye for spotting genuine reviews versus biased ones. Biased reviews don’t necessarily mean fake ones (positive or negative, posted to tarnish competitors). Often, inexperienced traders blow their first deposit and then head to forums to leave negative comments, blaming the broker for their losses.
On the flip side, the web is full of paid-for positive reviews. These typically lack detail and rely on generic phrases like: “Been trading with this broker for five years, all good,” or “Had an account for 10 years, withdrawals always on time.”
In reality, after reading dozens or even hundreds of reviews across different brokers, you’ll likely become better at identifying real feedback from paid-for posts. Ultimately, it’s the genuine reviews that should help you form a solid impression of a broker and determine whether it’s worth opening an account with them or not.
We strongly recommend reaching out to the customer support team of the broker you've selected, either via email or phone, and having a conversation with them. This is a good opportunity to ask any questions you might have, including less obvious ones like:
Pay attention to how quickly they respond to your emails, how knowledgeable their answers are, and whether they treat you in a friendly and professional manner.
Why is this important? Because during trading, situations will arise when you need immediate assistance from your broker's team. If they’re slow to answer simple questions, imagine how long it might take when you need urgent help to resolve a more serious issue. Checking their support now can give you valuable insight into the quality of service you'll receive when it really matters.
Once you're satisfied with the reviews and customer support, it’s time to move forward with the final steps: registering with the broker, completing the verification process, and getting ready to trade. However, it’s best not to deposit a large amount right away. Instead, trade for a few days on a demo account first – most UK forex brokers offer this option.
Pay attention to order execution speed on the demo account. If it's particularly poor, this should raise a red flag, as real market execution is unlikely to be any better.
Once you've gained some experience on the demo account, you can move on to real trading. Make a deposit using a convenient method, but keep it small at first. Keep in mind that even at this stage (after registration and depositing funds), you are still in the process of evaluating your broker.
If anything significantly displeases you, you can always stop working with that broker and explore other options.
If you’re planning to trade with a large deposit, consider diversifying your funds across multiple brokers. While it may not be the most convenient approach for trading, it offers better protection for your money. Should something unforeseen happen, like the broker going bankrupt, a substantial portion of your funds will remain safe.
As you can see, finding and choosing the best forex broker in the UK is no easy task and can take several days to complete. However, by following these 7 steps, you’ll be able to select a trustworthy broker and safeguard your funds as much as possible.
Keep in mind that trading on the financial markets always carries risks, not only due to market volatility but also if you choose an unreliable broker. A dishonest broker may interfere with your ability to trade profitably or could even shut down, leaving clients without their funds.
If you’d rather skip the time-consuming process of researching brokers with good trading conditions, you can simply open an account with one of the following companies. We’ve thoroughly reviewed them across multiple criteria, and they currently rank among the top brokers in the UK:
Known for its low spreads and commission fees, Tickmill offers an excellent trading environment for both beginner and experienced traders. It’s regulated by the FCA and provides fast execution, making it a solid choice for scalping and other strategies.
FPMarkets provides competitive pricing, a wide range of tradable assets, and solid support for both MT4 and MT5 platforms. With tight spreads and no hidden fees, it's an attractive option for traders seeking transparency and reliability.
HFM is well-regarded for its variety of account types, including zero-spread accounts for advanced traders. With FCA regulation and an excellent track record in client safety and support, it’s a popular choice for traders looking for flexibility and low trading costs.
Let’s dive into how forex is regulated in the UK and cover some of the most important and frequently asked questions.
Yes, forex trading is completely legal in the UK. If you're a UK resident, you can sign up with a licensed forex broker (such as Tickmill), open an account, and start trading currencies.
The main regulatory body overseeing forex brokers in the UK is the FCA (Financial Conduct Authority).
The Financial Conduct Authority (FCA) is the key organization that regulates the forex market in the UK. When a broker is licensed by the FCA, they must follow strict rules, such as:
Most forex brokers will display information on their website claiming they’re regulated by the FCA, but it’s always smart to verify this yourself rather than just taking their word for it.
You can check a broker’s credentials on the official FCA website at https://register.fca.org.uk/s/, where you can search for any company currently or previously regulated by the FCA. This step is crucial when choosing a forex broker.
It’s not illegal to trade with a forex broker that isn’t FCA-licensed, but keep in mind that these brokers are often less trustworthy. We strongly recommend sticking with brokers regulated by the FCA to ensure a higher level of protection and reliability.
Yes, profits from forex trading are subject to Capital Gains Tax in the UK. This has been confirmed by an HMRC representative in a forum discussion here: https://community.hmrc.gov.uk.
Now, let's take a look at a few forex brokers that are considered unreliable and not recommended for trading. The main reason these companies are on the list is the lack of an FCA license.
Roboforex is a fairly popular broker that’s been around since 2009. It’s registered in Belize and holds a license from the Financial Services Commission (FSC), the primary regulator in that country.
Roboforex used to be part of the larger Robomarkets brand, which had offices in both Belize and Cyprus. While Robomarkets Ltd. (the Cyprus entity) is now regulated by CySEC, it previously held an FCA license but no longer has the right to operate legally in the UK.
Currently, Roboforex and Robomarkets are separate entities. It's worth noting that from 2025 onwards, Robomarkets will stop serving retail clients and shift its focus entirely to B2B services.
As for the offshore entity Roboforex, it offers a range of account types (including cent accounts), popular trading platforms like MT4 and MT5, as well as its own platform R Stocks Trader. Traders can access leverage up to 1:2000, various bonuses, copy trading, and more.
Alpari was once a popular forex broker and used to hold a license to operate in the UK. However, it is now registered in the Comoros Islands and does not serve clients in the UK, US, or EU.
In terms of trading conditions, Alpari allows its clients to trade on MetaTrader 4 and MetaTrader 5 platforms. Traders can choose between standard and ECN accounts, with flexible leverage up to 1:3000.
The Instaforex brand operates through two companies:
To wrap things up, we’d like to remind you that forex trading in the UK is completely legal, but it’s crucial to choose a trustworthy broker that’s fully regulated by the FCA, the UK’s primary financial watchdog. Always make sure to do your own due diligence by reviewing the company’s credentials and reading customer feedback.
We can confidently recommend some of the top forex brokers in the UK, including Tickmill, FP Markets, and HFM. These companies have been operating legally in the UK for years and offer some of the best trading conditions for their clients.