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Best GBP-USD Forex Brokers of 2024

BrokerNotes.co

Written by BrokerNotes.co

March 14, 2024

Forex Trading: The GBP/USD Currency Pair

The GBP/USD is known as the “Pound dollar” by forex traders and is one of the majors. Both the US dollar (USD) and the British Pound (GBP) are popular currencies; having average daily over-the-counter (OTC) turnovers of US$4,438 billion and US$649 billion respectively for 2016. Of the two currencies, the USD is the more widely traded, accounting for as much as 88% of the OTC forex market (2016). It is second in trading volume among the major pairs to the EUR/USD.

The GBP accounted for 13% of this market during the same period. Considerable levels of trading between these two economies gives rise to the need to hedge against foreign exchange risks. The liquidity of the USD, and to a lesser extent, the GBP, also makes the pair an attractive trading pair for retail forex traders. The volatility of the currency pair over the last 10 weeks was approximately 1.01%, with the pair moving by 125.84 pips during the period.

The GBP/USD closed trading at 1.2291 on Friday, March 3rd, 2017 (Bloomberg), gaining 0.20% over the previous close of 1.2267.

Best Forex Brokers for Trading the GBP/USD

Here are the best forex brokers for trading the GBP/USD.

IG
star 9.9/10 Overall
Minimum Deposit£250.00
Tier-1 Licenses8
Tradeable Symbols (Total)19537

Year after year, IG has shown itself to be the best broker in the forex industry and a fantastic choice for forex traders. Highly trusted and regulated across the globe, IG delivers a wide variety of rich features, market research, and powerful trading tools. IG also offers seamless integration of trading signals into its web platform. Read full review

Apple iOS AppYes
Android AppNo
Proprietary PlatformYes
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)No
Interactive Brokers
star 9.9/10 Overall
Minimum Deposit$0
Tier-1 Licenses9
Tradeable Symbols (Total)8500

Interactive Brokers is a highly trusted broker regulated across the globe that delivers access to over 100 markets, including forex and CFDs. Its Trader Workstation (TWS) platform offers a variety of advanced trading tools for experienced traders, and IBKR's web-based platform is great for beginner forex traders. Read full review

Apple iOS AppYes
Android AppNo
Proprietary PlatformYes
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)No
MetaTrader 5 (MT5)No
Saxo
star 9.7/10 Overall
Minimum Deposit$0
Tier-1 Licenses7
Tradeable Symbols (Total)70000

Saxo is a highly trusted broker that operates multiple banks and is regulated across the globe. Saxo delivers an incredible cross-platform experience alongside powerful research and a vast selection of more than 60,000 symbols across multiple asset classes. It’s worth noting that minimum deposits at Saxo are steep. Read full review

Apple iOS AppYes
Android AppNo
Proprietary PlatformYes
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)No
MetaTrader 5 (MT5)No
CMC Markets
star 9.6/10 Overall
Minimum Deposit$0
Tier-1 Licenses5
Tradeable Symbols (Total)11925

CMC Markets is a highly trusted multi-asset broker regulated in multiple Tier-1 jurisdictions. CMC's powerful Next Generation trading platform for web and mobile delivers a huge selection of markets and a fantastic user experience. CMC Markets also ranks highly for its high-quality research and educational content. Read full review

Apple iOS AppYes
Android AppNo
Proprietary PlatformYes
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)No
FOREX.com
star 9.4/10 Overall
Minimum Deposit$100
Tier-1 Licenses7
Tradeable Symbols (Total)5500

FOREX.com is a highly trusted brand with a long history of offering forex in the U.S. and across the globe. FOREX.com offers its own flagship trading platforms for web and desktop, as well as the full MetaTrader suite. Though its pricing is higher than average, FOREX.com is a balanced choice for traders of all experience levels. Read full review

Apple iOS AppYes
Android AppNo
Proprietary PlatformYes
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)Yes
Charles Schwab
star 9.3/10 Overall
Minimum Deposit$0
Tier-1 Licenses5
Tradeable Symbols (Total)40000

Charles Schwab is a leader in platform technology and trusted by millions of investors globally with trillions in assets under its brands. Available exclusively to U.S. residents, Charles Schwab's forex offering consists of just over 70 currency pairs, along with powerful research and trading tools. Read full review

Apple iOS AppYes
Android AppNo
Proprietary PlatformYes
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)No
MetaTrader 5 (MT5)No
City Index
star 9.3/10 Overall
Minimum Deposit£100.00
Tier-1 Licenses7
Tradeable Symbols (Total)13500

City Index, part of StoneX Group, is an award-winning, highly trusted broker with a long history of offering forex and CFDs across its global offices. City Index delivers a well-designed mobile trading app and a powerful web platform, as well as a large range of tradeable markets (though pricing is just average). Read full review

Apple iOS AppYes
Android AppNo
Proprietary PlatformYes
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)No
XTB
star 9.1/10 Overall
Minimum Deposit$0 info
Tier-1 Licenses2
Tradeable Symbols (Total)6200

XTB is a highly trusted brand with a proprietary platform (xStation 5) that delivers a rich selection of trading tools. XTB also offers CFDs for a wide range of asset classes, including multiple cryptocurrencies. Beginners will appreciate XTB's excellent educational content and the hundreds of lessons that are available via its Trading Academy. Read full review

Apple iOS AppYes
Android AppNo
Proprietary PlatformYes
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)No
MetaTrader 5 (MT5)No
eToro
star 8.9/10 Overall
Minimum Deposit$50-$10,000
Tier-1 Licenses3
Tradeable Symbols (Total)5461

Best known for its copy trading platform suite, eToro is a highly trusted broker offering a large selection of cryptocurrency products, CFDs, shares, forex pairs, and a wide range of powerful trading tools. It’s worth noting that eToro is not a discount broker (though it offers zero-dollar commissions for U.S. stocks). Read full review

Apple iOS AppYes
Android AppNo
Proprietary PlatformYes
Desktop Platform (Windows)No
Web PlatformYes
MetaTrader 4 (MT4)No
MetaTrader 5 (MT5)No
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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 51% and 89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Fundamental Influences on the GBP/USD Currency Pair

As with most currency pairs, the economies of both the United States and Great Britain, have a significant, influence on the rate of exchange. With the economy of the United States expected to undergo major changes in 2017 and beyond with the new Trump administration, the pair is likewise expected to adjust in response to the prevailing economic conditions.

The interest rate policies of the US Federal government are also expected to impact the currency pair. Similarly, Brexit is still expected to affect the exchange rate between the pound and the dollar in 2017.

Major political events are known to impact currency rates of exchange. For example, during the week following the inauguration of President Trump in January 2017, the GBP/USD rate fell sharply following great uncertainty about the US economy. As the pound strengthened, the dollar dropped sharply.

More clarity on the fundamental impacts on the currency pair will be gained as the year progresses.

BrokerNotes.co 2024 Overall Rankings

To recap, here are our top forex brokers for 2024, sorted by Overall ranking.

Company Overall Rating Minimum Deposit Average Spread EUR/USD - Standard Trust Score Tradeable Symbols (Total) Read Review
IG logoIG
9.9 £250.00 0.98 info 99 19537 IG Review
Interactive Brokers logoInteractive Brokers
9.9 $0 0.63 info 99 8500 Interactive Brokers Review
Saxo logoSaxo
9.7 $0 1.1 info 99 70000 Saxo Review
CMC Markets logoCMC Markets
9.6 $0 0.61 info 99 11925 CMC Markets Review
FOREX.com logoFOREX.com
9.4 $100 1.4 info 99 5500 FOREX.com Review
Charles Schwab logoCharles Schwab
9.3 $0 1.25 info 99 40000 Charles Schwab Review
City Index logoCity Index
9.3 £100.00 1.4 info 99 13500 City Index Review
XTB logoXTB
9.1 $0 info 1.00 info 96 6200 XTB Group Review
eToro logoeToro
8.9 $50-$10,000 1 info 93 5461 eToro Review
Capital.com logoCapital.com
8.7 $20 info 0.67 info 87 3007 Capital.com Review
Swissquote logoSwissquote
8.7 $1000 N/A info 99 472 Swissquote Review
AvaTrade logoAvaTrade
8.7 $100 0.93 info 94 1260 AvaTrade Review
OANDA logoOANDA
8.6 $0 1.61 info 93 3928 info OANDA Review
Plus500 logoPlus500
8.6 €100 1.5 info 99 5500 info Plus500 Review
FXCM logoFXCM
8.6 Starts from $50 0.78 info 95 440 FXCM Review
Pepperstone logoPepperstone
8.5 $0 1.10 info 95 1726 Pepperstone Review
XM Group logoXM Group
8.5 $5 1.6 info 88 1394 XM Group Review
Admirals logoAdmirals
8.5 $100 0.8 info 93 8702 Admiral Markets Review
FP Markets logoFP Markets
8.3 $100 AUD 1.1 info 87 10000 FP Markets Review
Tickmill logoTickmill
8.2 $100 0.51 info 86 725 Tickmill Review
IC Markets logoIC Markets
8.2 $200 0.62 info 84 3583 IC Markets Review
FxPro logoFxPro
8.1 $100 1.51 info 90 2249 FxPro Review
Markets.com logoMarkets.com
8.1 $100 1.9 info 93 2179 Markets.com Review
FinecoBank logoFinecoBank
8.0 $0 N/A info 94 9770 Fineco Bank Review
BlackBull Markets logoBlackBull Markets
8.0 $0 0.76 info 78 26000 BlackBull Markets Review
Vantage logoVantage
8.0 $50 1.30 info 90 1000 Vantage Review
ThinkMarkets logoThinkMarkets
7.9 $50 info 1.1 info 92 4000 ThinkMarkets Review
HYCM (Henyep Capital Markets) logoHYCM (Henyep Capital Markets)
7.8 $20 1.2 info 86 1199 HYCM Review
HFM logoHFM
7.8 $0 1.2 info 86 500 HFM Review
DooPrime logoDooPrime
7.8 $100 N/A info 83 10000 DooPrime Review
Questrade logoQuestrade
7.8 $250 N/A 86 641
ActivTrades logoActivTrades
7.7 0 0.98 info 81 1267
Trading 212 logoTrading 212
7.7 €10 1.9 info 79 8025 Trading 212 Review
BDSwiss logoBDSwiss
7.7 $10-$5000 info 1.6 info 76 1081 BDSwiss Review
Trade Nation logoTrade Nation
7.7 $0 0.6 85 1000 Trade Nation Review
TMGM logoTMGM
7.6 $100 N/A info 83 12000 TMGM Review
Eightcap logoEightcap
7.6 $100 1.0 info 85 736 Eightcap Review
Moneta Markets logoMoneta Markets
7.5 $50 1.38 info 72 1016 Moneta Markets Review
Spreadex logoSpreadex
7.5 $0 0.81 info 71 10000 Spreadex Review
MultiBank logoMultiBank
7.5 $50 N/A 84 1042 MultiBank Review
Exness logoExness
7.4 $10 info N/A 81 227 Exness Review
ACY Securities logoACY Securities
7.4 $50 1.2 info 75 2200 ACY Securities Review
easyMarkets logoeasyMarkets
7.3 $50 0.8 info 80 230 easyMarkets Review
RoboForex logoRoboForex
7.3 $100 1.3 info 73 8400 Roboforex (RoboMarkets) Review
VT Markets logoVT Markets
7.3 $100 1.2 info 70 1000 VT Markets Review
Octa logoOcta
7.2 $25 0.9 info 70 277 OctaFX Review
IronFX logoIronFX
7.2 $50 1.2 83 340 IronFX Review
IFC Markets logoIFC Markets
7.2 $1 1.44 info 67 630 IFC Markets Review
Trade360 logoTrade360
7.2 $250 N/A info 76 1062 Trade360 Review
Axi logoAxi
7.1 $0 N/A info 82 175 Axitrader Review
TeleTrade logoTeleTrade
7.1 $100 N/A 71 500 Teletrade Review
iFOREX logoiFOREX
7.0 $100 N/A 75 750 iFOREX Review
FXOpen logoFXOpen
7 $100 N/A info 76 87 FXOpen Review
FXPrimus logoFXPrimus
7.0 $100 N/A info 71 140 FXPrimus Review
Xtrade logoXtrade
6.9 $250 N/A info 74 482 Xtrade Review
Forex4you logoForex4you
6.8 $0 N/A info 61 150 Forex4you Review
GBE brokers logoGBE brokers
6.8 $500 N/A info 71 500 GBE Brokers Review
Alpari logoAlpari
6.8 $20 N/A info 68 105 Alpari Review
TopFX logoTopFX
6.7 Depends on payment method 1.03 info 67 655 TopFX Review
Libertex (Forex Club) logoLibertex (Forex Club)
6.7 $10 N/A info 73 300 Libertex Review
LegacyFX logoLegacyFX
6.7 $500 N/A 67 425 LegacyFX Review
FXGT.com logoFXGT.com
6.6 $5 N/A 69 117 FXGT Review
ATFX logoATFX
6.5 $500 N/A info 85 150 ATFX Review

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BrokerNotes.co

BrokerNotes.co provides unbiased forex broker reviews and ratings to help traders and investors find the best broker for their needs. All content is researched, fact-checked, and edited by our research team and all ratings and rankings are based on the team’s in-depth product testing.

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