The Six Best Forex Brokers In The UK
Everything You Need To Know About Trading Forex In The UK.
Your forex trading success depends on how well you can catch those ever-slippery pips and your broker choice, among other factors. So, you shouldn’t just trade forex through the first broker that comes your way. There are many important things to consider when choosing a forex broker.
But with hundreds of brokers, we assume you don’t have the time to vet and test each broker. Fortunately, you don’t have to, especially if you’re in the UK. We’ve done that part for you, and we’ve come up with a list of the six best forex brokers in the UK.
You’re welcome 😉
First off, any broker that claims to be one of the best in the UK must first be regulated by the Financial Conduct Authority (FCA), the regulatory body in the UK that monitors brokers and all forex activities in the region. Without this license, the broker has no grounds for operation in the region. As a result, all the best forex brokers on this list are FCA-regulated or are at least licensed to operate in the United Kingdom.
Having said that, here’s a table of our list of the best forex brokers in the UK and how they compare.
|Broker||Best For||Number of Currency Pairs||Average Spreads|
|Minimum Deposit||GBP Account|
|AvaTrade||Overall Best||50+ pairs||0.9 pips||100 GBP||Yes|
|Axi||For Impressive Trading Tools||80+ pairs||1.2 pips||0 GBP||Yes|
|Eightcap||For Its Ease of Use||40+ pairs||1.2 pips||100 GBP||Yes|
|Blackbull Markets||For beginner and intermediate forex traders||30+ pairs||1.5 pips||0 GBP||Yes|
|Admiral Markets||The Everyday Retail Trader||40+ pairs||0.7 pips||100 GBP||Yes|
|eToro||Copy Traders||49+ pairs||1 pip||10 USD||Yes|
AvaTrade has many good things going for them. But one of their standout features is how they are very well invested in their trading platforms. And when brokers invest as much as AvaTrade has in their trading tools, they become the darlings of professional forex brokers.
In addition to the MetaTrader platforms, AvaTrade also offers proprietary mobile and web trading platforms, each with its standout features. With the mobile app, for instance, you can easily catch market trends and monitor what’s going on in your watchlists. And on the web trader, you can access your most important forex trading tools on the go without having to install anything.
However, the trading tool that you could say is AvaTrade’s trick up their sleeve is their MT4 add-on, Guardian Angel. Guardian Angel gives you crucial feedback on your trades. And with this information, you can adjust your trading decisions and reduce your risks.
- Great trading tools with a wide choice of trading platforms
- Free deposit and withdrawal fees
- Excellent and professional customer support available in 14 languages
- Regulated in many regions
- A large number of tradeable instruments are available
- Islamic (swap-free) accounts are available
- Inactivity fees are pretty expensive
- The site interface could be more simplified for users
Axi started in 2007 but it has since extended its tentacles to over 100 countries, gathering fans and traders in tens of thousands in the process. While the broker must have deployed a lot of tactics to keep its client-base happy, perhaps its strongest tactics have something to do with its trading tools.
Just like most top forex brokers, there’s always that one feature or tool that is the feather in their caps. And for Axi, that feather is its PsyQuation.
PsyQuation is a tool that uses the latest machine learning and artificial technology to analyze your trading history and point out your potential mistakes. Axi says this tool “works like your own private trading coach,” and rightly so.
This feature can come in handy for intermediate forex traders who aren’t entirely new to forex trading but still find themselves making silly trading mistakes. PsyQuation may just be your robot coach.
- No minimum deposit fees
- Impressive trading tools
- Low forex trading fees
- 24/5 customer service
- Limited research tools
Eightcap is another forex broker that has done enough to stake its claims among the best forex brokers in the UK. And perhaps, its most significant strength is in how it simply offers you some of the best forex services while avoiding over-sophistication.
Eightcap offers very low spreads across its 40+ currency pairs. Deposit options include credit cards, bank wire, crypto, and a horde of digital options, all with zero deposit fees. And as for the withdrawal options, the broker maintains the same standards.
- No deposits fees
- No withdrawal fees
- High leverage of up to 1:500 available
- Many deposit options
- No inactivity fees
- Not a lot of educational materials
- Less platform choices available
There are two ways to be outstanding. One way is to do something nobody has done before. The other way is to do what everyone else does, but only more exceptionally.
Blackbull’s inclusion on this list is not necessarily because it has one specific feature that makes it outstanding.
Blackbull takes the second route to being outstanding.
Blackbull doesn’t have a proprietary trading platform but relies on some of the best third-party trading platforms for its services. The broker allows their clients to trade through MT4, MT5, and TradingView.
The minimum deposit on the broker’s standard ECN account is zero, and this account comes with zero commissions and spreads starting from 0.8 pips. However, we found the average EURUSD spread on this broker to be 1.5 pips.
Blackbull Markets also has many trading instrument options for traders who want to take their trading stories outside the forex chapter to share trading, indices, commodities, precious metals, and more.
- No minimum deposits
- No inactivity fees
- Remarkable educational tools
- Limited trading instruments
Admiral Markets is just perfect for the everyday retail trader. You may not get a service that’s out of this world, but you won’t be disappointed either.
Admiral Markets boasts of some of the lowest spreads across all currency pairs when compared to its pairs. Already, the basic account has spreads starting from 0.6 pips, but you can also opt for a zero-spread account.
Though without a proprietary trading platform, the broker offers MT4 and MT5, which are just enough to get the job done. If you want to do some complex technical analysis, though, you might be forced to another trading platform.
Especially for traders from the UK, the broker offers a GBP trading account, making Admiral Markets one of the best forex brokers in the UK for the everyday retail trader. And with a minimum deposit of 100 GBP, you can access the broker’s 40+ currency pairs.
- Generally low spreads.
- Offers a zero-spread account.
- Good and easy to use withdrawal system
- Great for absolute beginners.
- Only 40 currency pairs to choose from
- Re-quotes with prices have occurred more frequently than perhaps other brokers would have
If you’re a beginner who hasn’t figured out how to trade forex, eToro offers a great platform where you may still earn from forex without the skill. Thanks to copy trading.
If eToro just stopped at allowing you to copy the trades of top forex traders, it probably wouldn’t be on this list. But as you would expect, eToro takes things a little further by providing some intuitive features that make copy trading easy for you and the trader being copied.
An example is the Copy Stop Loss (CSL) feature, which allows you to automatically stop copying a trader after you’ve had an unrealized loss of 40%. That figure is the default, but you can set yours to be anything from 5% to 95%.
If you also want to pause a copy, eToro also makes that as easy as clicking the “pause copy” button.
These well-thought-out copy trading features make eToro one of the best forex brokers in the UK.
- eToro is optimized for copy trading.
- The proprietary platform is relatively easy to use.
- A minimum deposit of $10 makes it easy for beginners to test the waters.
- Advanced Copy Trading.
- A minimum withdrawal of £23 with a withdrawal fee of £5.
This section contains how the best forex brokers in the UK on our list fare when pitted against one another on certain factors.
Deposits and Withdrawal Options
|AvaTrade||Axi||Eightcap||Blackbull Markets||Admiral Markets||eToro|
|Minimum Deposit||£100||£0||£100||£0||£100||10 USD|
|Bank Wire Funding||Yes||Yes||Yes||Yes||Yes||Yes|
|China Union Pay Funding||No||No||Yes||Yes||No||No|
|Deposit Fees||Free||Free on bank transfers alone.||Free||Free||Free||Free|
|Inactivity Fees||50 GBP tri-monthly||10 GBP monthly||Free||Free||10 EUR monthly||10 USD monthly|
What You Need To Know About Trading Forex In The UK
It’s not enough to know the best forex brokers in the UK, although we’re sure that knowledge would serve you right. However, you need to know some other things about forex trading in the UK.
This section sheds more light on them.
What Makes A Good UK Forex Broker?
This is hard to answer because there are brokers on our list that wouldn’t even be in the top 10 of other reviewers and vice versa (Of course, we’re always right. Don’t listen to them).
It’s much easier to mention things that make a terrible broker, though. High fees? Bad. Overly wide spreads? Very bad. Hidden commissions that are not clearly stated on their websites? Run!
But if we were cornered in the alley with a magic wand pointed at us and nowhere to run, we would say these are what make a good forex broker:
- Licenses from reputable regulatory bodies, such as the FCA.
- Low commissions and spreads.
- Usable trading platforms.
- Fast trade executions.
Is Forex Trading Legal in the United Kingdom?
Forex trading is legal in the United Kingdom. In fact, the UK has a regulatory body that caters to matters like these. It is the Financial Conduct Authority (FCA).
Do Forex Traders Pay Tax In the UK?
Traders who only trade forex as a side gig are likely exempt from tax. But traders who handle forex as an investment, business, or their primary source of income will have to pay tax. If you are ever unsure it’s always best to speak to an accountant.
Which Broker Is The Best For Forex In The UK?
The best forex brokers in the United Kingdom (UK) are
We found these to be the best after extensive research and information gathering from users who used them.
However, don’t get too carried away by statistics and reviews. A forex broker is “the best” if you like it and it does what you need it to do. After all, we like what we like, even if there aren’t always logical reasons to back them up.