Best UK Forex Broker Compared in 2021

Founded in 2008, Plus 500 has gradually morphed into one of the largest online CFD brokerages in the UK. Plus 500UK LTD is authorized and regulated by the Finacial Conduct Authority in addition to being listed and publicly traded on the LSE.

We like Plus 500 because, firstly, their platform hosts a huge selection of share CFD pairs, all of which can be bought and sold 24/7. Their platform appeals to experienced traders looking for a mix of affordability and access to a huge resource of technical tools. Additionally, the user interface for their proprietary platform is super user-friendly, and you can customize it to meet your individual requirements.

It is also notable that Plus 500 does not charge any commissions to trade forex, only variable but competitive spreads. To start trading with the Plus 500 platform, you need a minimum deposit of just £100, and you'll also have the option of applying leverage to certain trades.

Plus 500 is available as a web browser trader or mobile app that you can download to both Android and iOS devices.

Capital.com is a highly advanced broker that takes pride in the competitiveness of its trading fees and the sophistication of its trading platform. The broker doesn’t charge trade commissions, and though the bid-ask spread for the over 100+ currency pairs supported here is variable, it is also highly competitive. Capital.com accounts are also hosted on the highly intuitive and AI-powered proprietary platform.

It has some of the fastest order execution speeds, a decongested and easy to use interface, hosts numerous technical indicators, features advanced trading and charting tools, and provides traders with real-time updates market data and financial news. For instance, you can sort pairs based on the most volatile, most trader, top gainers, and top losers. Capital.com accounts are also hosted on the highly intuitive and AI-powered proprietary trading platform.

On their website, Forex.com describes itself as the world’s largest meta trader broker. Here, forex traders have access 90+ currency pairs and thousands of other financial securities like spot metals and crypto. The broker doesn’t charge trading commissions for forex trades and also maintains some of the most competitive bid-ask spreads.

Registering and verifying a forex trading account with the broker is also easy and straightforward. The minimum initial deposit is £50 with the minimum trading set at £1. Retail traders get access to leverage of up to 1:30, some of the most advanced technical indicators, trading and management tools. And though it is biased towards experienced traders, the broker provides them a demo account where they can horn their skills.

FinmaxFX accounts will only be traded on the highly advanced MetaTrader 5 platform (web trader and mobile app). But this is not the only thing setting FinmaxFX apart. FinmaxFX also advances some of the most attractive leverages and has integrated the most valuable risk measures.

Here, forex traders don’t just get access to commission-free currency trades but are also free to apply leverages of up to 1:200. The spreads are attractively low and the broker accounts are hosted on one of the most updated platforms.

Registering a forex trading account with FinmaxFX is relatively easy and only requires a minimum initial deposit of $100. You get to interact with some of the most advanced indicators, 250+ trade and market analysis tools, weekly educational webinars, and premium management measures and negative balance protection.

FXCM, also known as Forex Capital Market, was established in 1999 and is one of the pioneers in the Forex CFD trading niche. It has a solid reputation for its transparent fees, fast order execution speeds, and competitive trading fees. The broker is highly regulated by several tier-one financial authorities like Financial Conduct Authority in the UK, ASIC in Australis, America’s CFTC, and CySEC in Cyprus.

Registering and verifying a forex trading account with the broker is easy. And the account is accessible via two of the most sophisticated trading platforms; FXCM’s proprietary platform – TradeStation – and the all popular MT4.

The broker platforms feature hundreds of advanced trading and market analysis tools, give you real access to the forex market data, updated economic calendar, critical market news, and a demo account to practice and perfect your strategy. FXCM does not charge trade commissions or deposit or withdrawal processing fees.

AvaTrade is arguably one of the most versatile forex brokerages on this list. Account registration and verification is straightforward, and you only need a £100 initial deposit. Their accounts are accessible on three different trading platforms, their proprietary AvaOptions, the conventional MT4 trader, and the social platform – DupliTrade.

In addition to the 50+ currency pairs traded on the platform, AvaTrade also supports hundreds of other tradable financial instruments like stock and cryptocurrency CFDs.

There are no trading commission, free withdrawal requests/deposit fees, and forex spreads are highly competitive. AvaTrade clients also interact with some of the most sophisticated trading/market analysis and risk management tools. They also have access to leverages of up to 1:400. Plus, there are no restrictions on hedging and scalping trading strategies or the use of expert advisors.

IG is a UK broker that was launched way back in 1974. As such, it is one of the most trusted platforms in the market, with more than 195,000 clients under its belt. IG also holds a plethora of trading licenses from multiple jurisdictions, including that of the Financial Conduct Authority. With 80 currency pairs listed at the broker, IG doesn't have the most extensive forex department in the arena.

However, it more than makes up for this in other ways. For example, IG offers the much sought-after MT4 platform, which comes jam-packed with advanced charting tools. We also like the research and education department at the platform. This includes daily expert analysis from DailyFX, as well as user-friendly guides on key trading principles.

Mobile trading is getting more and more popular in the UK forex space. At the forefront of this is Markets.com, which now offers one of the most intuitive mobile trading departments in the industry. Launched in 1999, it has a global presence, with thousands of assets under its belt.

This includes dozens of pairs from the major, minor, and exotic markets. You can open an account in less than a few minutes, and minimum deposits are set at £100. Moreover, the platform allows you to make deposits with debit/credit cards, although it can take 24 hours for the funds to be processed.

One of the main drawbacks of using an established broker like Markets.com is that its fees are a bit expensive. It is also somewhat difficult to know exactly what you are paying, not least because fees are based on the account type that you hold. Finally, Markets.com is heavily regulated, and its parent company Playtech is listed on the London Stock Exchange (LSE).

Launched in 1989, CMC Markets is a UK broker with a long-standing reputation in the financial sphere. Among many other jurisdictions, the platform is fully regulated by the Financial Conduct Authority.

The overarching advantage of choosing CMC Markets as your go-to broker is that it offers some of the lowest fees in the space. For example, some of the major currency pairs come with a spread of just 0.7 pips. The platform is also competitively priced if you plan to keep your positions open overnight.

If you're an experienced trader that likes to employ sophisticated trading strategies, CMC Markets offers heaps of technical indicators. This also includes a good number of drawing tools and chart types, as well as a fully customizable trading screen. Although phone support is only available on a 24/5 basis, we really like the 30-second average waiting time for live chat.

Oanda broker has one of the most comprehensive and feature-rich platform. It is easy to use and highly customizable. The broker features 10+ charting options and numerous technical indicators/trading tools. It also features a range of educational and training resources, hosts weekly live webinars online, and offers a demo account. In addition to these is their full-service mobile trading app that mirrors the desktop and web-trading platforms. These make it suitable for both beginner and expert forex traders.

The Forex CFD specialist features two types of accounts; the standard account has no minimum initial deposit while a commercial forex trading account requires a minimum deposit of £20,000. Oanda charges a commission and spreads on each forex trade initiated here, both of which are variable but highly competitive. It also has one of the most responsive customer support that’s available via email address, social media networks, live chat, and on the phone.

Saxo Capital is another UK broker that has an excellent reputation. Launched in 1992, the platform holds a range of regulatory licenses. You will need to deposit at least £1,500 to get started with the broker, although this shouldn't be a problem is you're a seasoned trader. If trading on leverage is your thing, Saxo Capital offers fully-fledged margin accounts. Just make sure that you understand the risks of margin trading.

We also like Saxo Capital because of its involvement in other areas of the financial markets. This includes stocks and shares, indices, and options. Finally, the Saxo Capital trading arena also comes with a number of technical analysis tools.

If you're looking for a highly established trading platform that is home to heaps of liquidity, you might want to check out Interactive Brokers. Launched way back in 1977, the parent company is now listed on the NASDAQ stock exchange, and it holds multiple regulatory licenses. This includes the UK's Financial Conduct Authority (FCA). In terms of the forex department itself, you can trade over 100 currency pairs.

This covers major, minor, and exotic pairs, and the platform is operational 24 hours per day. Interactive Brokers also offers a fully-fledged trading platform that can be accessed via your web browser, desktop computer, or mobile phone. Trading fees will depend on the type of account you have.

With that said, if you're trading less than $100,000 per month, or you haven't paid at least $10 in monthly commissions, you will need to make up the difference. As such, Interactive Brokers is best suited to those of you that are looking to trade large volumes.