5 Best Forex Brokers in the UK for 2024

The British pound is one of the most traded currencies in the foreign exchange market, which is, in turn, one of the most actively traded areas of the financial world in general. With over $6 trillion in daily trading volume, the forex market offers the highest degree of liquidity out of any market and can be accessed 24/7, 7 days a week.

In order to take advantage of investment opportunities in forex, you’ll have to rely on a reputable and reliable forex broker. Yet, navigating the landscape to find the ideal forex broker can prove challenging, particularly for beginners venturing into FX trading without prior experience.

To address this problem, we’ve examined the best forex trading platforms available in the UK to help you decide which is best for you.

The 5 best forex brokers in the UK: Examining top FX trading platforms for 2024 

In the paragraphs that follow, we are going to review the best brokers available to UK users who want to trade forex pairs. Keep in mind that the ranking doesn’t necessarily mean that one trading platform is better than the other but rather that it reflects this author’s opinion on the subject.

1. CMC Markets – The best forex broker for UK users overall

CMC Markets boasts the most extensive selection of forex trading pairs tailored for UK users, providing access to over 300 options. These encompass a variety of sought-after currency pairs like GBP/USD, GPB/EUR, and GBP/AUD. A standout feature is the platform’s automatic pattern recognition scanner, an invaluable tool for forex line trading. For traders seeking flexibility, the majority of CMC’s functionalities are conveniently accessible through a mobile app compatible with both iOS and Android devices.

Moreover, CMC caters to seasoned traders with a suite of advanced features, including sophisticated order execution capabilities encompassing trailing and guaranteed stop losses, partial closure orders, and more. The platform also integrates advanced charting tools that prove indispensable in analyzing the foreign exchange markets. Notably, CMC Markets offers contracts for difference-based forex instruments, aligning with its reputation as one of the leading CFD trading platforms in the industry.

Key features: 

• Supports 330 FX trading pairs
• Industry-leading execution times
• Regulated by the FCA, CFA, ASIC, and LSE
• Advanced charting tools, order types, and risk management tools

Visit CMC Markets

2. Interactive Brokers – Top choice for professionals

Interactive Brokers is one of the leading trading platforms in the industry, offering access to various markets and trading instruments, including stocks, futures, CFDs, and more. Spreads on forex pairs start at 0.1 points at IBKR, which is among the lowest out of all forex brokers. There are over 100 currency pairs available for users from the United Kingdom, with all the common GBP pairs available.

The platform features a suite of advanced trading tools, which will be mostly appreciated by veteran traders but can certainly be appreciated by beginner investors as well. The platform earned a reward for being the best professional trading in 2023 by ForexBrokers. The TWS ScaleTrader is one of the platform’s key features, allowing traders to trade forex and other markets automatically. It is worth noting that Interactive Brokers is publicly traded, changing hands on the stock exchange under the ticker symbol IBKR. 

Key features: 

• 100+ foreign currency pairs supported
• Offers 4.83% APY on uninvested balances above $10,000
• A plethora of charting tools and execution orders
• ScaleTrader algoortitm

Visit Interactive Brokers

3. IG – High leverage platform for forex traders

IG stands as an excellent option for forex enthusiasts in the United Kingdom. With spreads starting at just 0.6 points, the platform presents competitive market entries for pairs like USD/GBP and EUR/GBP. Traders have the flexibility to engage in over-the-counter (OTC) and direct market access (DMA) trading, each with distinct fee structures and contract sizes. It is worth noting that beginners can get up to speed on the basics of trading and forex markets through IG Academy, which is a great repository of free trading courses and webinars.

Mirroring its counterparts, IG provides traders with essential tools and information instrumental for forex success, encompassing advanced order options, robust charting tools, and swift execution times. The platform operates ceaselessly, available for trading 24/7, with customer support accessible from 8 AM to 6 PM during weekdays. Notably, IG extends access beyond forex, spanning into markets like stocks and commodities.

Key features:

• Fast execution times
• High liquidity and a wide range of FX pairs
• Over 200x leverage for professional traders
• Available via mobile app

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4. AvaTrade – The best forex trading software in the industry

AvaTrade is a formidable forex trading platform, despite offering comparatively wider starting spreads than some rivals. This minor drawback is more than compensated for by its unparalleled software-based trading experience. The platform caters to diverse trading preferences, offering MetaTrader 4 (MT4), MetaTrader 5 (MT5), WebTrader, and AvaOptions. MT4 and MT5 are widely regarded as the go-to platforms for forex traders, while WebTrader operates seamlessly within your web browser, and AvaOptions is tailored specifically for options trading.

AvaTrade’s prowess extends beyond mere software capabilities. The platform is a treasure trove of educational resources, covering both general trading principles and forex-specific topics. Once you are ready to put your freshly acquired knowledge to the test, AvaTrade allows you to trade with a virtual portfolio thanks to the Demo account feature, which means that you can devise various trading strategies without risking any real money.

Key features: 

• Leading software solutions for forex traders
• Demo account
• The winner of the “Most Trusted Broker” award by International Investor
• Tax-free spread betting

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5. eToro – The leading social trading platform

eToro is the leading trading platform when it comes to social trading features, which include a focus on community engagement. One of the most enticing social trading features is the CopyTrader feature, which allows users to copy the trading strategies of successful traders on the platform. Before copying the strategy, you can check its owner’s portfolio performance over different time periods, which allows you to examine whether the strategy is worth pursuing.

Another aspect of the eToro platform worth pointing out is its ease of use, which is probably one of the most important things for beginner investors. eToro might lack some of the features offered by its competitors when it comes to order variety and charting tools but makes up for it with a streamlined UI that is easily accessible even to the most inexperienced traders

Key features: 

• Variety of social trading features
• Supports all major currencies
• Regulated by the FCA
• Demo account

Visit eToro

FAQs

Is forex trading legal in the UK?

Yes, forex trading is legal in the UK. The foreign exchange market operates globally, and individuals in the UK can participate in forex trading through authorized brokers and platforms. However, it’s advised to trade through regulated and reputable brokers authorized by the FCA to ensure compliance with the necessary regulations and to protect against potential fraud or malpractice.

For full disclosure, there are unregulated forex brokers as well. They don’t offer the same user protections as their regulated counterparts, but they do typically offer a lot higher leverage.

What is the best forex broker in the UK?

The best forex broker in the UK is CMC Markets, thanks to its easy-to-use interface, a large selection of FX pairs, advanced charting tools, and industry-leading execution times.

Can I trade forex with £100?

Yes, you can trade forex with a £100 deposit. In fact, there are several forex brokers – including CMC Markets, Interactive Brokers, AvaTrade, IG, and eToro – that offer accounts with a minimum deposit of £100 or even less.

The bottom line

Whether you are just starting out in forex or a veteran trader with years of experience, the brokers listed in this article should provide you with plenty of opportunities to pursue forex investing. Overall, CMC Markets seems like the best option for most traders, primarily because of its large selection of currency pairs and advanced trading features. However, other platforms featured in this piece should be more than adequate for most investors, especially if you are only interested in trading GBP currency pairs.

If you want to expand your forex trading prowess by learning to spot the most common trading chart patterns, check out our Candlestick Patterns Cheatsheet.