Forex Brokers in the UK

There are plenty of reputable UK forex brokers, but there are a few that we wouldn’t recommend. Read on for our UK forex broker review and for how to check that they are fully regulated and trustworthy. You can also check out our table of recommended forex brokers in the UK.

The UK Forex Markets

The City of London in the UK has long been a major financial centre and home to various forex brokerage headquarters and other financial institutions. Companies providing financial products and services in the UK must be licensed and regulated by the Financial Conduct Authority (FCA), a strict and well-regarded regulatory body.

UK-based brokers generally have access to worldwide markets and provide trading in a wide range of currency pairs, often alongside other assets. CFD trading and spread betting are both legal in the UK, so a range of options is available to UK forex traders. The national currency of the UK is the pound (GBP), and factors that affect the pound’s price are similar to those that affect other major currencies, including political events, interest rates and the health of the UK economy.

It is fair to say that the GBP has faced challenging times due to Brexit and other political events in the UK. It is worth noting, however, that many UK forex brokers allow your account to be funded with a choice of base currencies, including USD and EUR.

Who Regulates Forex Trading in the UK?

Any financial firm headquartered in the UK must be licensed and regulated by the FCA (Financial Conduct Authority), which usually applies to firms that just have an office or a presence in the country. The FCA has a variety of powers, including the authority to oversee all activity linked to the marketing of various financial products. It can also place requirements on financial products and set minimum standards that all industry participants have to observe.

The FCA sets rules regarding what forex brokers can offer, such as the level of leverage, and can investigate organisations, companies, and individuals providing financial services in the UK. It can also instruct operators to cease all promotional activity concerning a particular product or product class and even ban a financial product, temporarily or permanently.

The FCA has not been without controversy and has been criticised in the past by various branches of the UK’s financial industry, mainly due to a lack of concern and inadequate response to various scandals. Overall, however, it is considered a reliable and trustworthy body.

UK regulations concerning forex brokers mean that a broker’s activities will be monitored, and non-compliance with local and international rules and regulations will be sanctioned. You can ensure that a UK forex broker is legitimate by checking that it is listed as a licensed brokerage on the FCA website. Complaints and issues with UK forex brokers can be reported to the FCA.

The Best Forex Brokers in the UK

If you are looking for a UK forex broker, here are some of our recommendations of the best forex brokers in the UK.

Broker	Features	Min Deposit	EURUSD Spread
Between 74-89 % of retail investor accounts lose money when trading CFDs US Clients: No Regulated : Yes	FCA, CySEC, DFSA, BaFIN, SCB, CMA & ASIC Authorized and Regulated 24 Hour Support Negative Balance Protection	$200	NDD 0.09 / Standard 0.69	Sign Up Between 74-89 % of retail investor accounts lose money when trading CFDs Open Demo Account Read Pepperstone Review
Your capital is at risk US Clients: No Regulated : Yes	– Flexible leverage up to 500:1 – Multi award-winning New Zealand broker – Institutional-grade spreads from 0.1 pips	$200	From 0.1	Sign Up Open Demo Account Read BlackBull Review
Your capital is at risk US Clients: No Regulated : Yes	– 40% New Member Bonus – MIFID, ASIC, FSA & FSCA regulated – Free Online Trading Coach	$100	Fixed	Sign Up Europe* CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 79% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Open Demo Account Read AvaTrade Review
* 82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money US Clients: No Regulated : Yes	FCA (FRN 509909), ASIC, FMA, and FSCA Regulated. Multi Asset Trading Platform. No Time Frame For Demo Accounts. The provider offers CFD trading only Only the demo account and educational resources are suitable for beginners.	100GBP/AUD/EUR/USD	variable	Sign Up * 82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money Open Demo Account Read Plus500 Review
Your capital is at risk US Clients: No Regulated : Yes	CySEC, IFSC, ASIC Regulated MT4, MT5, WebTrader platform $50% and 20% deposit bonus up to $5,000(t&c apply) *Cleints registered under the EU regulated entity of the Group are not eligible for the bonus.	$5	From 0.0 pips	Sign Up Open Demo Account Read XM Group Review
51% of retail CFD accounts lose money US Clients: No Regulated : Yes	Social Trading Platform FCA & CySEC Regulated Minimum Deposit $50 (varying across region) Demo Account Copy Trading 2000+ Instruments	$50 (varying by Country)	from 1	Sign Up *Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more Open Demo Account Read eToro Review
Your capital is at risk US Clients: No Regulated : Yes	– CySEC, FCA, FSCA, SCB Regulated – MetaTrader4 , MetaTrader5, cTrader, FxPro SuperTrader – 15+ Years in business – 90+ International Awards	$100		Sign Up Open Demo Account Read FxPro Review