The Best UK CFD and Forex Brokers
We compare the best UK CFD and forex brokers, so you don’t have to
Forex and CFD brokers are responsible for facilitating trades on the foreign exchange market, essentially by providing a platform through which traders can buy and sell a wide range of currency pairs.Forex is the largest financial market in the world; as such there are many brokers operating in this field. Figuring out which one is right for you is a confusing but vital process, since your choice of broker can be influential to your success; choosing the wrong one could be financially devastating.
Safest Forex Brokers in the UK
- FXCC: Top UK broker for all your forex needs
- IFC Markets: Ideal for day traders chasing market moves
- Fpmarkets: High leverage trading at its finest
- BlackBull Markets: Premier choice for ECN trading in the UK
- Fusion Markets: Perfect for forex beginners
- Avatrade: Fast withdrawals when you need them
- EasyMarkets: Best UK scalpers' go-to platform
- Fortrade: Get started with a $50 welcome bonus
Key Considerations When Choosing a Forex or CFD Broker
A broker that suits one trader is not necessarily right for another, and it’s important to conduct thorough research to find the right one for you.Considerations should be relevant to your personal circumstances, but here are a few key points that you’ll need to keep in mind:
Are They Regulated?
You’re entrusting them with monetary funds and personal information, and will want a guarantee that both are protected.You’ll also want confidence in your chosen broker’s reputation and credentials; essentially ensuring that they’re not likely to go out of business, or worse, scam you out of profits.The best forex and CFD brokers in the UK will be regulated by the Financial Conduct Authority (FCA). This means they are obliged to operate to the highest standards with fairness and transparency. Regulation information should be clearly visible on a broker’s website and its FCA registration number listed.
What Are Their Trading Costs?
The next thing to consider when choosing a forex or CFD broker is cost. While some work on commission, most make money through spreads. The spread is the difference between the buy and sell price on a currency pair and, depending on the type of trader you are, can have a significant impact on your performance.Look at the average spreads each broker offers to find one that works best for you.In addition to spread, you’ll also need to consider the minimum deposit required and any other fees the broker may apply, such as rollover costs (a charge to hold an open position overnight), interest rates and withdrawal charges.Be sure to read the small print of each broker's service agreement to avoid unexpected costs. Also remember that the cheapest option is not always the best. Look for value for money rather than lowest cost.
What Trading Platforms Do They Use?
The trading platforms offered by a forex or CFD broker are extremely important, since it’s through them that you’ll conduct all trading activity.You’ll want a platform that’s intuitive, easy to navigate, suitable for your level of experience and that comes with a range of useful features to help inform the best trading decisions.Many of the best forex or CFD brokers in the UK offer the popular MetaTrader 4 (MT4) platform as well as their own platforms, most of which you can try out before making any commitment with a free demo account.
Do They Offer Good Customer Service?
A broker doesn’t provide you with a one-off service. They support you throughout your trading career, so it’s vital they provide good customer care.A good broker should be easily contactable, handle problems efficiently and offer trustworthy trading guidance. Check out customer reviews of each potential broker on your list to see how they stack up.When considering customer service, also keep in mind the level of support each broker offers through educational tools and resources. The best forex or CFD brokers want you to turn a good profit and will often provide video tutorials, articles and webinars, most of which are free to access for account holders.
Do They Fit With Your Trading Style?
The type of trader you are will have a significant influence on the best broker for you, so be sure to assess how well their offer fits with your trading style.If you’re a scalper, opening and closing trades to accumulate small profits several times a day, you’ll need a broker that offers tight spreads and does not insist on a minimum time frame between entering and exiting the market.If your strategy is focused on the carry trade, where you intend to hold positions over time to profit from interest rate differentials, you’ll want to look at a broker’s rollover pricing and swap rates.In addition to the above, you should also keep in mind things like:
The types of accounts on offer
The range of currency pairs available for trade
Ultimately, choosing a good forex or CFD broker comes down to thorough research. The following list of the best forex or CFD brokers in the UK should give you a good starting point.
10 Best Forex and CFD Brokers in the UK
There are numerous brokers available and we would always recommend that you conduct your own thorough research and due diligence before making your own personal choice.Although we have listed several brokers below, it should be noted that this is through online research, not personal experience. We are not financial advisors and any information provided throughout this article is for educational purposes only.
1. CMC Markets
Recommended for: Range of currency pairsEstablished in 1989, CMC Markets was one of the first UK brokers to provide online forex trading.It offers over 300 forex pairs, with spreads as low as 0.7 on majors, including EUR/USD and USD/JPY, and leverage up to 30:1 on many major pairings.Its award-winning proprietary platform, Next Generation, is available on both web and mobile, offering an intuitive interface suitable for users of all experience levels. MT4 is also available.There is no charge to open an account and no minimum deposit required to start trading, making CMC one of the most accessible of the best forex brokers in the UK.
2. City Index
Recommended for: Competitive spreadsA well-established and highly regarded UK forex broker, acquired by parent company GAIN Capital in 2014.It currently offers 84 currency pairs across major, minor and exotics, with spreads on many majors standing around 0.8 when trading through its proprietary platform. You’ll need to deposit a minimum of £100 to start trading.City Index provides several platforms, with its Web Trader and Advantage Apps aimed at beginner or casual traders, and MT4 and its own AT Pro platform for more experienced users.
Recommended for: Transparency of pricingForex.com is the second of our brokers in the UK to be owned by parent company GAIN Capital.Although some spreads, such as 1.0 on EUR/USD, are higher than the market average, they offer competitive spreads on many other major pairs and have a very transparent pricing structure for all associated fees.According to Forexcanada, Forex.com offers over 80 currency pairs and requires a minimum deposit of £50 to open an account.Experienced traders can access the desktop-based Advanced Trading, with its Web Trading platform available to the less experienced, along with the Forex.com mobile app. MT4 is also available on desktop, web and mobile.
Recommended for: High volume tradingAnother well-established broker, FXCM has served forex traders since 1999.It offers a comparatively low range of currency pairs, with just 39 available, and its spreads are a little above the market average. However, for those looking to trade often and at high volume, its Active Trader account provides very competitive pricing.FXCM also offers multiple trading platforms, including MT4, NinjaTrader, ZuluTrade and its proprietary platform, Trading Station.Leverage is available up to 30:1 on many major pairs, and a minimum deposit of £300 is required for standard accounts. The Active Trader account requires a minimum deposit of £25,000.
Recommended for: Trading with MetaTraderCompared to others in our brokers list, FxPro is a relative newcomer, having launched in 2006.With around 70 currency pairs on offer, and several accounts available with differing spreads and commission rates, it is perhaps not the best option for first-time traders.However, if you have experience and an established trading style, FxPro is a good choice.It is one of two brokers on our list to currently offer the full MetaTrader suite, with MT4 and MetaTrader 5 (MT5) available. It also offers cTrader and its own platform, FxPro Edge.FxPro recommends a minimum deposit of £500, though you can start trading with just £100.
Recommended for: Social copy tradingFounded in 2010, Pepperstone has been quick to adapt to the social copy trading trend, providing plenty of tools for traders to share and mimic trading styles.With over 60 currency pairs, it offers two account types:
Standard – The Standard account comes with market average spreads and zero commission
Razor – This account operates on a commission basis but with exceptionally low spreads
Pepperstone does not have its own platform but offers the complete MT4, MT5 and cTrader solutions, as well as supporting ZuluTrade, Myfxbook and MetaTrader Signals for copy trading.There is no minimum deposit required but Pepperstone recommends a minimum of £500.
Recommended for: Experienced tradersNext on our list of CFD brokers in the UK is Plus500.Please note that an easy to use service does not make trading simple. It still requires knowledge and experience.You’ll find over 60 CFD currency pairs with competitive spreads, no commission and maximum leverage of up to 1:30.Although MetaTrader and cTrader are not available, Plus500’s own platform is very user-friendly. It comes with a range of intuitive risk management features and is available on web and mobile.Plus500 requires a minimum deposit of £100 if using a credit or debit card, and £500 if using bank transfer.Plus500UK Ltd is authorized & regulated by the FCA (#509909).Plus500CY Ltd authorized & regulated by CySEC (#250/14)84% 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. Scalping is not allowed on the Plus500 platform.