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Best UK Forex Brokers for 2023

Steven Hatzakis

Written by Steven Hatzakis
Edited by John Bringans
Fact-checked by Joey Shadeck

April 14, 2023 has been reviewing online forex brokers for over six years, and our reviews are the most cited in the industry. Each year, we collect thousands of data points and publish tens of thousands of words of research. Here's how we test.

Trading forex (currencies) in the United Kingdom (UK) is popular among residents. Before any fx broker can accept UK forex and CFD traders as clients, they must become authorised by the Financial Conduct Authority (FCA), which is the financial regulatory body in the UK. The FCA's website is We recommend UK residents also follow the FCA on twitter, @TheFCA.

Financial Conduct Authority (FCA) logo

The FCA was formed out of the Financial Services Act of 2012, effectively replacing its predecessor, the Financial Services Authority (FSA). For a historical breakdown, here's a link to Financial Conduct Authority webpage on Wikipedia.

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 UK Forex Brokers for 2023

To find the best forex brokers in the UK, we created a list of all FCA authorised brokers, then ranked brokers by their Overall ranking.

Here is our list of the top UK forex brokers.

  • IG - Best overall broker, most trusted
  • Saxo Bank
    - Best web-based trading platform
  • CMC Markets - Excellent overall, best platform technology
    - Excellent all-round offering
  • City Index - Excellent all-round offering
  • XTB - Great research and education
  • eToro - Best for copy and crypto trading

Best Forex Brokers UK Comparison

Compare UK authorised forex and CFDs brokers side by side using the forex broker comparison tool or the summary table below. This broker list is sorted by the firm's Overall ranking.

Company Accepts GB Residents Authorised or Regulated by the FCA Average Spread EUR/USD - Standard Minimum Deposit Overall Rating Visit Site
IG logoIG check check 0.86 £250.00 5/5 Stars
Saxo Bank logoSaxo Bank check check 0.9 €2,000 5/5 Stars Visit Site
CMC Markets logoCMC Markets check check 0.51 $0 5/5 Stars check check 1.0 $100 5/5 Stars Visit Site
City Index logoCity Index check check 1.0 £100.00 5/5 Stars
XTB logoXTB check check 1.07 $0 5/5 Stars
eToro logoeToro check check 1 $10-$10,000 4.5/5 Stars
Swissquote logoSwissquote check check N/A $1000 4.5/5 Stars
FXCM logoFXCM check check 1.38 Starts from $50 4.5/5 Stars
Plus500 logoPlus500 check check 0.8 €100 4.5/5 Stars check check 0.6 $20 4.5/5 Stars
Pepperstone logoPepperstone check check 0.77 $200 4.5/5 Stars
Admiral Markets logoAdmiral Markets check check 0.8 $100 4.5/5 Stars
Fineco Bank logoFineco Bank check check N/A $0 4/5 Stars
Tickmill logoTickmill check check 0.51 $100 4/5 Stars Visit Site
Vantage logoVantage check check 1.22 $50 4/5 Stars
HFM logoHFM check check 1.2 $5 4/5 Stars Visit Site
HYCM (Henyep) logoHYCM (Henyep) check check 0.6 $100 4/5 Stars Visit Site
Eightcap logoEightcap check check 1.0 $100 4/5 Stars Visit Site
Trade Nation logoTrade Nation check check 0.6 $0 4/5 Stars
AvaTrade logoAvaTrade check 0.92 $100 4.5/5 Stars Visit Site
FP Markets logoFP Markets check 1.2 $100 AUD 4.5/5 Stars Visit Site
IC Markets logoIC Markets check 0.62 $200 4.5/5 Stars Visit Site
BlackBull Markets logoBlackBull Markets check 0.827 $0 4/5 Stars Visit Site
FlowBank logoFlowBank check N/A $0.00 4/5 Stars Visit Site
MultiBank logoMultiBank check N/A $50 4/5 Stars
ACY Securities logoACY Securities check 1.2 $50 4/5 Stars Visit Site
easyMarkets logoeasyMarkets check 0.9 $100 4/5 Stars

Who are the most trusted forex brokers in the UK?

Some of the best forex brokers from around the world hold regulatory licenses with the FCA. We’ve tested over 60 of the best international brokers in the industry and conducted thorough research into each broker’s range of regulatory licenses to determine their individual Trust Scores. Of the brokers that are regulated by the FCA, we’ve selected the following brokers as the Top 5 most trusted forex brokers in the U.K. in 2023:

#1 - IG

99 Trust Score - Most trusted broker in 2023, Best Overall Broker in 2023

IG is fully regulated by the FCA and holds dozens of regulatory licenses from major regulatory agencies around the globe. IG is also publicly traded and well-capitalized, and we’ve consistently ranked it as one of the most trusted brokers in the industry. In fact, IG won the coveted top ranking for our Trust Score category for the 2023 Annual Awards. Check out our in-depth review of IG to learn more about why IG was our top-ranked forex broker in 2023.

Check out a gallery of screenshots from IG's trading platforms, taken by our research team during our product testing.

#2 - Swissquote

99 Trust Score - Great all-around forex broker, operates a Swiss bank

Swissquote is regulated by multiple Tier-1 regulators and also operates not one, but two banks – brokers that operate banks undergo considerable due diligence to ensure the bank will be viable and sustainable as a custodian and potential fiduciary. Swissquote also took the #1 spot for Best Banking Services in the 2023 Annual Awards. Read our full-length review of Swissquote to find out more.

Take a look at a gallery of screenshots from Swissquote's trading platforms, taken by our research team during our product testing.

#3 - Interactive Brokers

99 Trust Score - Publicly traded and well-capitalized, earned our top 2023 Annual Award for Offering of Investments

Founded in 1977, Interactive Brokers is publicly traded (NASDAQ: IBKR) and regulated in six Tier-1 jurisdictions. Interactive Brokers is well-capitalized with USD 373.8 billion of ending client equity and USD 10.01 billion of equity capital. Learn more by reading our full-length review of Interactive Brokers.

Here are some screenshots of Interactive Brokers' trading platforms, taken by our research team during our product testing.

#4 - Saxo Bank

99 Trust Score - Operates three banks, earned our top 2023 Annual Award for Platforms & Tools

Saxo Bank operates three fully regulated banks and is licensed in six Tier-1 jurisdictions across more than a dozen international jurisdictions. Saxo Bank holds over €85 billion in client assets and has been in operation for over thirty years. Check out our full-length review of Saxo Bank to learn more.

Browse a gallery of screenshots from Saxo Bank's trading platforms, taken by our research team during our product testing.

#5 - CMC Markets

99 Trust Score - Publicly traded, won our 2023 Annual Award for #1 Most Currency Pairs

CMC Markets is regulated by some of the most important global financial regulators, including five Tier-1 jurisdictions. CMC Markets is also publicly traded – to become publicly traded, brokers must make numerous public disclosures for compliance purposes. Read our full-length review of CMC Markets.

Check out some screenshots from CMC Market's trading platforms, taken by our research team during our product testing.

How can I trade forex in the U.K.?

First, select a trustworthy U.K. forex broker regulated by the Financial Conduct Authority (FCA). Our guide to the Best U.K. Forex Brokers is a great starting point for finding a U.K.-based forex broker.

Next, open and fund your new brokerage account, and fill out the order ticket to place a trade. Most online brokers offer demo accounts so you can practice with virtual currency and become familiar with how the trading platform works before funding your account with real money.

More details: Choosing an FCA-regulated broker will ensure that you are entitled to any applicable legal protections. To be FCA-regulated in the U.K., brokers must comply with a strict list of requirements.

currency_poundTrading in the U.K.

Looking to trade more than just forex in the U.K.? Our sister site,, can help you find the best U.K.-based brokers, trading platforms, and stock trading apps.

How to verify FCA Authorisation

To verify if a forex broker is licensed to operate in the United Kingdom (U.K.), the first step is to identify the register number from the disclosure text at the bottom of the broker's U.K. homepage. For example, here's the key disclosure text from IG's website:

Both IG Markets Ltd (Register number 195355) and IG Index Ltd (Register number 114059) are authorised and regulated by the Financial Conduct Authority."

Next, look up the firm on the FCA website to validate the register number is, in fact, legitimate. Here is the official FCA page for IG Markets Limited.

Why is the Financial Conduct Authority (FCA) important for forex traders in the UK?

The Financial Conduct Authority (FCA) regulates U.K.-based brokers that legally offer forex and other derivatives to retail and professional traders. According to the regulator’s official website, the FCA regulates the conduct of 50,000 firms across the U.K. and prudentially supervises 48,000 firms.

The FCA aims to enforce compliance and ensure that firms are following the rules and regulations set forth in the FCA handbook. In extraordinary circumstances, the FCA can take emergency action and prevent brokers from opening new trades for customers, or suspend (or even revoke) a broker’s license if there have been substantial compliance failures and/or violations.

Like any financial markets regulator, the FCA’s role is to protect investors (including forex traders) and to uphold market integrity within the U.K. forex trading industry. The FCA is a strict regulator with stringent rules and regulations, which has contributed to our ranking of the FCA as a Tier-1 regulatory agency. Learn more about regulators and our tiered ranking system by visiting our Trust Score page.

Is forex trading Legal in the UK?

Yes, forex trading is legal in the U.K. and regulated by the Financial Conduct Authority (FCA). The FCA requires that brokers obtain proper licensing and authorization in order to legally offer forex trading to clients.

FCA-regulated brokers: Per the FCA’s handbook, forex is a regulated activity. As such, brokers that handle customer deposits and arrange and/or deal in investments – whether acting as the principal or agent – must hold proper authorization from the FCA.

Deposit insurance: FCA-regulated forex brokers also provide certain compensation rights to retail customers in the extraordinary event of insolvency or bankruptcy. The UK’s Financial Services Compensation Scheme (FSCS) provides up to 85,000 GBP of protection per eligible person.

Professional clients: It’s important to note that U.K. clients that have been designated as professional traders do not receive any such protections from the FSCS.

Avoiding potential scams: Since forex trading requires that brokers obtain proper licenses with the FCA, you must be certain that your broker is FCA-regulated to avoid falling victim to a potential scam. Learn more by reading our guide to avoiding forex scams in 2023.

What is the best forex broker in the UK?

From among all brokers that we have reviewed that are regulated by the FCA, IG is the best forex broker in the UK in 2023. IG is fully regulated by the FCA and holds dozens of regulatory licenses from major regulatory agencies around the globe. IG is also publicly traded and well-capitalized, and we’ve consistently ranked it as one of the most trusted brokers in the industry. In fact, IG won the coveted top ranking for our Trust Score category for the 2023 Annual Awards.

IG offers a substantial range of markets, powerful trading platforms and mobile apps, an impressive array of high-quality market research, and excellent educational content for beginner traders and investors (beginner U.K. forex traders can check out our beginners guide to forex trading). Overall, IG is our top choice for U.K. residents in 2023.

Is MetaTrader 4 legal in the UK?

Yes, MetaTrader 4 is legal to use in the U.K. MetaTrader 4 (MT4) is a popular trading platform developed by MetaQuotes Software Corporation and offered by forex and CFD brokers all over the world.

While many of the brokers that offer MT4 are properly regulated (our MetaTrader Guide can help you choose a highly rated, well-regulated MetaTrader broker), potential scam brokers will sometimes offer MT4 without holding any valid regulatory licenses. This practice has attracted the attention of Apple, which had recently banned MetaTrader 4 and MetaTrader 5 from the Apple App Store in late 2022, although both apps were subsequently restored as of March, 2023. U.K. residents should always make sure to choose a forex broker that is FCA-regulated. This way, you will receive the strictest available regulatory protections and reduce your chances of falling victim to a scam broker.

What is the best MetaTrader broker in the UK?

Of the top forex brokers that hold a license from the FCA, Pepperstone is our top choice for U.K. traders who want to use MetaTrader. Pepperstone offers the full MetaTrader platform suite, including MetaTrader 4 (MT4) and MetaTrader 5 (MT5), and traders gain access to over 600 share CFDs and 60 forex pairs on Pepperstone’s MT5 offering (learn more about the newest, most up-to-date version of MetaTrader by checking out our popular MT5 Guide).

Pepperstone’s low trading costs available on its Razor account help to round out its overall offering, and cement its status as the best MetaTrader broker in the U.K. Learn more by reading our full-length review of Pepperstone.

Here are our top five picks for the best MetaTrader brokers in the U.K. in 2023:

  • Pepperstone- Large range of markets to trade on MT4
  • FXCM- Great for algorithmic trading on MT4
  • CMC Markets - Competitive spreads
  • Vantage- Well-balanced overall offering
  • Tickmill- Lowest trading costs on Pro account

Popular Forex Guides


At, our reviews of online forex brokers and their products and services are based on our collected data as well as the observations and qualified opinions of our expert researchers. Each year we publish tens of thousands of words of research and detailed forex guides, and we monitor dozens of international regulator agencies (read more about how we calculate Trust Score here).

Our research team conducts thorough testing on a wide range of features, products, services, and tools (collecting and validating thousands of data points in the process). We test all available trading platforms for each broker – whether they are proprietary or come from third-party providers – and evaluate them based on a host of data-driven variables.

We also take an in-depth look at each broker’s commissions and fees, such as bid/ask spreads – including the average spread data for some of the most popular forex currency pairs. We research other trading costs, such as inactivity or custody fees, minimum deposit requirements, VIP rebates and/or discounts, and a range of other important fee-based data points.

Some of the other important research categories that are factored into our testing include mobile trading accessibility and capability, availability of market research and educational content, and each broker’s overall Trust Score.

Read our full explanation and accounting of our research and testing process to learn more about how we test.

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.Read more on forex trading risks.

About the Editorial Team

Steven Hatzakis
Steven Hatzakis

Steven Hatzakis is the Global Director of Research for Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. A forex industry expert and an active fintech and crypto researcher, Steven advises blockchain companies at the board level and holds a Series III license in the U.S. as a Commodity Trading Advisor (CTA).

John Bringans
John Bringans

John Bringans is the Senior Editor of An experienced media professional, John has close to a decade of editorial experience with a background that includes key leadership roles at global newsroom outlets. He holds a Bachelor’s Degree in English Literature from San Francisco State University, and conducts research on forex and the financial services industry while assisting in the production of content.

Joey Shadeck
Joey Shadeck

Joey Shadeck is the Content Strategist and Research Analyst for He holds dual degrees in Finance and Marketing from Oakland University, and has been an active trader and investor for close to ten years. An industry veteran, Joey obtains and verifies data, conducts research, and analyzes and validates our content.

Reink Media Group is compensated if you access certain of the products or services offered by eToro USA LLC and/or eToro USA Securities Inc. Any testimonials contained in this communication may not be representative of the experience of other eToro customers and such testimonials are not guarantees of future performance or success.
Trading Leveraged Products such as Forex and Derivatives may not be suitable for all investors as they carry a high degree of risk to your capital. Please ensure that you fully understand the risks involved, taking into account your investments objectives and level of experience, before trading, and if necessary, seek independent advice. Please read the full Risk Disclosure.