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Best Forex Brokers United Kingdom 2023

BrokerNotes.co

Written by BrokerNotes.co

April 24, 2023

The UK Financial Market

The UK's principal stock market is the London Stock Exchange, which was founded in 1571, making it one of the world's oldest stock exchanges. Since 2007, the London Stock Exchange has been part of the London Stock Exchange Group, which also owns the Italian Borsa Italiana, the Russell Indexes, FTSE International, Exactpro and MilleniumT, in addition to controlling stakes in clearing house company LCH and fixed income broker MTS.

The LSE ranked as the world's seventh largest exchange by market capitalization, according to the World Federation of Exchanges. The main stock index for UK stocks is the Financial Times Stock Exchange 100 or FTSE 100 index that is composed of the top 100 stocks of blue-chip companies with the highest capitalisation listed on the London Stock Exchange. In addition to the FTSE 100 index, the exchange also lists the FTSE 250, FTSE 350, FTSE Small Cap and FTSE All-Share Indexes.

Forex traders will generally recognize the UK pound sterling (GBP) as the United Kingdom's national currency. The GBP ranks 4th among the most popular currencies held by central banks as reserves worldwide, making up roughly 0.044% of total central bank reserves in Q4 2018, according to the International Monetary Fund (IMF).

The pound sterling was ranked fourth by the Bank for International Settlements (BIS) among the currencies that were most actively traded in April 2016. Turnover in GBP/USD and the sterling crosses made up roughly 12.8% of the forex market's overall daily turnover in April 2016, which rose from an 11.8% share seen in April 2013.

In the UK, financial regulation for online contract for difference (CFD) and forex brokers is performed by the UK's Financial Conduct Authority (FCA). Financial service and investment firms, online brokers and payment companies all require authorisation from the FCA before beginning to solicit clients.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 65% and 82% 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.

Best Online Brokers for United Kingdom

  • IG
    - 9.9/10 Overall
  • FOREX.com
    - 9.3/10 Overall
  • City Index - 9.2/10 Overall
  • XTB - 9/10 Overall
  • eToro - 8.8/10 Overall
  • Swissquote - 8.7/10 Overall
  • FXCM
    - 8.5/10 Overall
  • Plus500 - 8.5/10 Overall
  • Pepperstone - 8.4/10 Overall
  • Admiral Markets - 8.3/10 Overall
  • Tickmill - 8.0/10 Overall
  • HFM - 7.8/10 Overall
  • HYCM (Henyep) - 7.7/10 Overall
  • Eightcap - 7.6/10 Overall
  • ThinkMarkets - 7.4/10 Overall

Overall Rating

9.9 / 10

Minimum Deposit

£250.00

Trust Score Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust. close

Regulationexpand_moreexpand_less
Year Founded1974
Publicly Traded (Listed)Yes
BankYes
Tier-1 Licenses7
Tier-2 Licenses2
Cost & Fundingexpand_moreexpand_less
Average Spread EUR/USD - Standard0.86
All-in Cost EUR/USD - Active0.5957
PayPal (Deposit/Withdraw)Yes
Skrill (Deposit/Withdraw)No
Visa/Mastercard (Credit/Debit)Yes
Trading Platformsexpand_moreexpand_less
Virtual Trading (Demo)Yes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)No
Proprietary PlatformYes
Social Trading / Copy TradingYes
Charting - Indicators / Studies (Total)33

Overall Rating

9.3 / 10

Minimum Deposit

$100

Trust Score Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust. close

Regulationexpand_moreexpand_less
Year Founded1999
Publicly Traded (Listed)Yes
BankNo
Tier-1 Licenses4
Tier-2 Licenses2
Cost & Fundingexpand_moreexpand_less
Average Spread EUR/USD - Standard1.0
All-in Cost EUR/USD - Active1.0
PayPal (Deposit/Withdraw)Yes
Skrill (Deposit/Withdraw)No
Visa/Mastercard (Credit/Debit)Yes
Trading Platformsexpand_moreexpand_less
Virtual Trading (Demo)Yes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)Yes
Proprietary PlatformYes
Social Trading / Copy TradingNo
Charting - Indicators / Studies (Total)203

Overall Rating

9.2 / 10

Minimum Deposit

£100.00

Trust Score Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust. close

Regulationexpand_moreexpand_less
Year Founded1983
Publicly Traded (Listed)Yes
BankNo
Tier-1 Licenses3
Tier-2 Licenses2
Cost & Fundingexpand_moreexpand_less
Average Spread EUR/USD - Standard1.0
All-in Cost EUR/USD - Active1.0
PayPal (Deposit/Withdraw)Yes
Skrill (Deposit/Withdraw)No
Visa/Mastercard (Credit/Debit)Yes
Trading Platformsexpand_moreexpand_less
Virtual Trading (Demo)Yes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)No
Proprietary PlatformYes
Social Trading / Copy TradingYes
Charting - Indicators / Studies (Total)88

Overall Rating

9 / 10

Minimum Deposit

$0

Trust Score Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust. close

Regulationexpand_moreexpand_less
Year Founded2002
Publicly Traded (Listed)Yes
BankNo
Tier-1 Licenses1
Tier-2 Licenses3
Cost & Fundingexpand_moreexpand_less
Average Spread EUR/USD - Standard1.07
All-in Cost EUR/USD - Active1.04
PayPal (Deposit/Withdraw)Yes
Skrill (Deposit/Withdraw)Yes
Visa/Mastercard (Credit/Debit)Yes
Trading Platformsexpand_moreexpand_less
Virtual Trading (Demo)Yes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)No
Proprietary PlatformYes
Social Trading / Copy TradingYes
Charting - Indicators / Studies (Total)39

Overall Rating

8.8 / 10

Minimum Deposit

$10-$10,000

Trust Score Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust. close

Regulationexpand_moreexpand_less
Year Founded2007
Publicly Traded (Listed)No
BankNo
Tier-1 Licenses2
Tier-2 Licenses1
Cost & Fundingexpand_moreexpand_less
Average Spread EUR/USD - Standard1
All-in Cost EUR/USD - ActiveN/A
PayPal (Deposit/Withdraw)Yes
Skrill (Deposit/Withdraw)Yes
Visa/Mastercard (Credit/Debit)Yes
Trading Platformsexpand_moreexpand_less
Virtual Trading (Demo)Yes
MetaTrader 4 (MT4)No
MetaTrader 5 (MT5)No
Proprietary PlatformYes
Social Trading / Copy TradingYes
Charting - Indicators / Studies (Total)66

Overall Rating

8.7 / 10

Minimum Deposit

$1000

Trust Score Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust. close

Regulationexpand_moreexpand_less
Year Founded1996
Publicly Traded (Listed)Yes
BankYes
Tier-1 Licenses4
Tier-2 Licenses1
Cost & Fundingexpand_moreexpand_less
Average Spread EUR/USD - StandardN/A
All-in Cost EUR/USD - ActiveN/A
PayPal (Deposit/Withdraw)Yes
Skrill (Deposit/Withdraw)Yes
Visa/Mastercard (Credit/Debit)Yes
Trading Platformsexpand_moreexpand_less
Virtual Trading (Demo)Yes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)Yes
Proprietary PlatformYes
Social Trading / Copy TradingYes
Charting - Indicators / Studies (Total)49

Overall Rating

8.5 / 10

Minimum Deposit

Starts from $50

Trust Score Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust. close

Regulationexpand_moreexpand_less
Year Founded1999
Publicly Traded (Listed)Yes
BankNo
Tier-1 Licenses3
Tier-2 Licenses3
Cost & Fundingexpand_moreexpand_less
Average Spread EUR/USD - Standard1.38
All-in Cost EUR/USD - Active1.38
PayPal (Deposit/Withdraw)Yes
Skrill (Deposit/Withdraw)Yes
Visa/Mastercard (Credit/Debit)Yes
Trading Platformsexpand_moreexpand_less
Virtual Trading (Demo)Yes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)No
Proprietary PlatformYes
Social Trading / Copy TradingYes
Charting - Indicators / Studies (Total)59

Overall Rating

8.5 / 10

Minimum Deposit

€100

Trust Score Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust. close

Regulationexpand_moreexpand_less
Year Founded2008
Publicly Traded (Listed)Yes
BankNo
Tier-1 Licenses4
Tier-2 Licenses4
Cost & Fundingexpand_moreexpand_less
Average Spread EUR/USD - Standard0.8
All-in Cost EUR/USD - ActiveN/A
PayPal (Deposit/Withdraw)Yes
Skrill (Deposit/Withdraw)No
Visa/Mastercard (Credit/Debit)Yes
Trading Platformsexpand_moreexpand_less
Virtual Trading (Demo)Yes
MetaTrader 4 (MT4)No
MetaTrader 5 (MT5)No
Proprietary PlatformYes
Social Trading / Copy TradingNo
Charting - Indicators / Studies (Total)110

Overall Rating

8.4 / 10

Minimum Deposit

$200

Trust Score Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust. close

Regulationexpand_moreexpand_less
Year Founded2010
Publicly Traded (Listed)No
BankNo
Tier-1 Licenses2
Tier-2 Licenses2
Cost & Fundingexpand_moreexpand_less
Average Spread EUR/USD - Standard0.77
All-in Cost EUR/USD - Active0.87
PayPal (Deposit/Withdraw)Yes
Skrill (Deposit/Withdraw)Yes
Visa/Mastercard (Credit/Debit)Yes
Trading Platformsexpand_moreexpand_less
Virtual Trading (Demo)Yes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)Yes
Proprietary PlatformNo
Social Trading / Copy TradingYes
Charting - Indicators / Studies (Total)15

Trading in the United Kingdom

If you are looking for a broker to trade forex and CFDs online through, you will want to select a well-regulated broker with a good reputation with current and past clients, since you may be entrusting them with a significant initial margin deposit to start trading.

UK online brokers usually have several different types of trading accounts for traders. These include:

  • Live forex trading accounts: Forex trading involves exchanging one national currency for another and then managing the resulting position as exchange rates fluctuate. One currency will typically gain or lose value relative to the other in a given currency pair that then yields profits or losses on the position. The foreign exchange market remains the largest and most liquid financial market worldwide with a daily turnover amounting to $5.1 trillion each day in April of 2016, according to the BIS that provides data on such things. The popularity of forex trading grew greatly when online trading started to become available to retail traders, although some countries, including the UK, have hampered the ability of such traders to participate since they tend to lose money by restricting leverage ratios.
  • Live CFD trading accounts: CFDs consist of derivatives that have their value determined by that of an underlying asset. Such assets can include currency pairs, commodities, stocks, stock indices and other financial instruments. When traders made CFD transactions, they generally do so to speculate on the future direction of the relevant underlying assets.
  • Spread betting accounts: Spread betting consists of a derivative market speculation strategy where traders do not own the underlying asset that they are betting on but just speculate on whether it will go up or down based on prices shown by a broker. An underlying asset suitable for spread betting could be a forex currency pair, equity, index or a commodity.
  • Demo trading accounts: Demo accounts are funded using virtual money, so traders can use them to practice their trading skills, test out a new trading strategy or see if a broker's platform and trading services fulfil their requirements. More information about opening demo accounts.
  • Islamic trading accounts: Islamic accounts suit traders who want to operate in an account conforming to Sharia law. For more information about trading using an Islamic account click here.

With respect to other tradable assets, the LSE provides execution services in stocks, bonds, retail bonds, ETFs, derivatives, exchange-traded commodities, Gilt-edged and debt securities, global depository receipts (GDRs), and structured products. Transactions on the LSE are generally done in British Pounds (GBP).

Furthermore, the LSE has been at the forefront of exchange trading technology since 1997, when the exchange automated trading for the FTSE 100 stocks. Currently, the exchange offers several electronic trading platforms for its different asset classes.

Other considerations for trading in the UK are its tax laws. While gambling is legal in the UK and proceeds are generally not subject to capital gains tax, profits from stock transactions are taxed at the rate of 18% after a GBP 12,000 deduction (GBP 6,000 for trusts), rising as high as 28% for people with larger incomes.

Opportunities of Trading in the UK

The UK is a major trading power internationally and ranks as the fifth largest economy worldwide, according to the World Bank Group, with a GDP of $2,622,434 million in 2017. Britain has also traditionally benefited by offering high quality infrastructure in an English-speaking business centre geographically adjacent to the European Union with few trade barriers.

The country also has a regulatory and legal structure favourable for businesses, while the UK' well-educated workforce remains an asset. Furthermore, according to export.gov, the UK offers various business opportunities including:

  • Highly sophisticated market
  • Good demand for services and products that improve productivity
  • Excellent platform for marketing to Europe
  • b commitment to low carbon targets
  • Very mature financial markets
  • Legal financial market betting

The UK ranked 9th overall on the World Bank's list of countries when it comes to ease of doing business. The country was also quite b with respect to starting a business and protecting minority investors, ranking 19th and 15th respectively. The UK remains a major market for U.S. exports of services and goods, as well as a key destination for foreign direct investment from the United States.

Challenges of Trading in the UK

The UK's largest individual nation trading partner is the United States, which means that economic pressures in the United States can have an effect on UK markets. Nevertheless, the EU multi-nation trading bloc also trades significantly with the UK, which makes the uncertainty reflected from the Brexit negotiations have an effect on both the Pound Sterling and the FTSE 100.

Since June 23rd of 2016, financial markets in the UK and the pound sterling have been notably affected by the results of the Brexit referendum held that day. The referendum involved having the British people decide whether to remain in or leave the European Union. The leave vote won with 51.9% of the vote, with 48.1% voting to remain in the EU. This result was based on a turnout of 71.8% or roughly 30 million British voters.

Cancelling Brexit altogether would require a change in British law, which no major parties presently support, although UK Members of Parliament have already rejected proposed withdrawal agreements three times. Brexit was originally scheduled to occur on March 29th, 2019, but the UK's EU exit time has since been postponed until 23:00 hrs GMT on October 31st, 2019.

Some traders may be concerned about the high market volatility the successful Brexit vote has brought to UK markets. They may also doubt the ability of UK financial institutions to compete as effectively in a post-Brexit Europe.

The Brexit negotiations have also had an effect on the valuations of both the pound sterling and the euro. The Bank of England (BOE) has adopted measures in GBP its monetary policy to deal with Brexit and has activated a swap line with the European Central Bank in the event that a "no-deal" Brexit occurs.

In addition to the geopolitical challenges traders face when dealing in UK markets, London remains one of the most expensive cities in the world to do business in. Transportation, restaurants, property prices and the general cost of living are significantly higher than in other major European cities, so those hoping to do business there will have to budget for extra costs.

Summary

Overall, traders and businesses should find the United Kingdom a safe and sophisticated country to operate in. The UK has a long history of financial market activity, and the FCA provides b and competent oversight to financial firms and brokers

If a UK-based trader is looking for a broker to trade through, they will first want to check that the broker is FCA regulated and segregates clients' funds from its own, unless they want to take the extra risk of dealing with a foreign broker. Any competent broker should also offer an appropriate set of asset classes, a quality trading platform with sufficient features, and a secure place to make an initial margin deposit.

BrokerNotes.co 2023 Overall Rankings

To recap, here are our top forex brokers for 2023, sorted by Overall ranking.

Company Accepts GB Residents Overall Rating Minimum Deposit Average Spread EUR/USD - Standard Trust Score Tradeable Symbols (Total) Read Review Visit Site
IG logoIG check 9.9 £250.00 0.86 99 19537 IG Review Visit Site
Saxo Bank logoSaxo Bank check 9.7 €2,000 0.9 99 60000 Saxo Bank Review
Interactive Brokers logoInteractive Brokers check 9.7 $0 0.6 99 8500 Interactive Brokers Review
CMC Markets logoCMC Markets check 9.6 $0 0.51 99 12377 CMC Markets Review
TD Ameritrade logoTD Ameritrade check 9.5 $0 1.25 99 0 TD Ameritrade Review
FOREX.com logoFOREX.com check 9.3 $100 1.0 99 5500 FOREX.com Review Visit Site
City Index logoCity Index check 9.2 £100.00 1.0 99 13500 City Index Review
XTB logoXTB check 9 $0 1.07 95 12000 XTB Group Review
eToro logoeToro check 8.8 $10-$10,000 1 93 3458 eToro Review
Swissquote logoSwissquote check 8.7 $1000 N/A 99 466 Swissquote Review
AvaTrade logoAvaTrade check 8.6 $100 0.92 93 1260 AvaTrade Review
FXCM logoFXCM check 8.5 Starts from $50 1.38 96 440 FXCM Review Visit Site
Plus500 logoPlus500 check 8.5 €100 0.8 98 2800 Plus500 Review
Capital.com logoCapital.com check 8.4 $20 0.65 85 3152 Capital.com Review
XM Group logoXM Group check 8.4 $5 1.6 90 1429 XM Group Review
Pepperstone logoPepperstone check 8.4 $200 0.77 93 2342 Pepperstone Review
OANDA logoOANDA check 8.4 $0 1.26 92 124 OANDA Review
Admiral Markets logoAdmiral Markets check 8.3 $100 0.8 88 6942 Admiral Markets Review
FP Markets logoFP Markets check 8.3 $100 AUD 1.2 86 10000 FP Markets Review
IC Markets logoIC Markets check 8.2 $200 0.62 86 3583 IC Markets Review
Markets.com logoMarkets.com check 8.2 $100 1.9 98 2179 Markets.com Review
FxPro logoFxPro check 8.1 $100 1.51 90 2249 FxPro Review
Tickmill logoTickmill check 8.0 $100 0.51 82 725 Tickmill Review
Fineco Bank logoFineco Bank check 8.0 $0 N/A 92 126 Fineco Bank Review
BlackBull Markets logoBlackBull Markets check 7.9 $0 0.827 74 26000 BlackBull Markets Review
DooPrime logoDooPrime check 7.8 $100 N/A 84 10000 DooPrime Review
Vantage logoVantage check 7.8 $50 1.30 89 1000 Vantage Review
BDSwiss logoBDSwiss check 7.8 $100-$5000 1.6 83 1081 BDSwiss Review
TMGM logoTMGM check 7.8 $100 0.96 79 12000 TMGM Review
HFM logoHFM check 7.8 $0 1.2 85 3500 HFM Review
FlowBank logoFlowBank check 7.7 $0.00 N/A 77 408600 FlowBank Review
HYCM (Henyep) logoHYCM (Henyep) check 7.7 $100 0.6 86 362 HYCM Review
Trading 212 logoTrading 212 check 7.6 EUR 10 N/A 77 1785 Trading 212 Review
Eightcap logoEightcap check 7.6 $100 1.0 87 736 Eightcap Review
Trade Nation logoTrade Nation check 7.5 $0 0.6 83 601 Trade Nation Review
Moneta Markets logoMoneta Markets check 7.5 $50 1.27 71 965 Moneta Markets Review
ThinkMarkets logoThinkMarkets check 7.4 $250.00 N/A 86 1674 ThinkMarkets Review
VT Markets logoVT Markets check 7.4 $200 1.2 71 168 VT Markets Review
ACY Securities logoACY Securities check 7.4 $50 1.2 75 1600 ACY Securities Review
easyMarkets logoeasyMarkets check 7.3 $100 0.9 84 199 a href="/reviews/easymarkets">easyMarkets Review
RoboForex (RoboMarkets) logoRoboForex (RoboMarkets) check 7.3 $100 1.4 69 12000 Roboforex (RoboMarkets) Review
IronFX logoIronFX check 7.2 $50 1.2 84 340 IronFX Review
Exness logoExness check 7.2 $1 0.9 74 112 Exness Review
Spreadex logoSpreadex check 7.2 $0 N/A 70 2000 Spreadex Review
Trade360 logoTrade360 check 7.1 $250 N/A 75 1062 Trade360 Review
AxiTrader logoAxiTrader check 7.1 0 N/A 83 175 Axitrader Review
GKFX logoGKFX check 7.1 $0 N/A 66 354 GKFX Review
Vestle logoVestle check 7.1 -1 N/A 79 750 Vestle Review
OctaFX logoOctaFX check 7 $25 0.9 69 229 OctaFX Review
FXOpen logoFXOpen check 7 $100 N/A 80 87 FXOpen Review
TeleTrade logoTeleTrade check 7 $100 N/A 67 500 Teletrade Review
FXPrimus logoFXPrimus check 6.9 $100 N/A 69 140 FXPrimus Review
Forex4you logoForex4you check 6.9 $0 N/A 62 150 Forex4you Review
LegacyFX logoLegacyFX check 6.9 $500 N/A 66 425 LegacyFX Review
GBE brokers logoGBE brokers check 6.8 $500 N/A 69 500 GBE Brokers Review
Alpari logoAlpari check 6.8 $20 N/A 67 105 Alpari Review
TopFX logoTopFX check 6.7 Depends on payment method N/A 67 655 TopFX Review
Libertex (Forex Club) logoLibertex (Forex Club) check 6.7 $10 N/A 72 300 Libertex Review
ATFX logoATFX check 6.6 $500 N/A 70 150 ATFX Review
UFX logoUFX check 6.6 $100 3 67 619 UFX Review
Xtrade logoXtrade check 6.5 $250 N/A 80 142 Xtrade Review
Tradeo logoTradeo check 6.4 $200 N/A 67 256 Tradeo Review

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Forex Risk Disclaimer

There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. Learn more about foreign exchange risk.

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