Intro and winners
- Saxo Bank is the best forex broker in the United Kingdom in 2023 - Massive number of currency pairs. Low withdrawal fee. High-quality charting.
- Fusion Markets - One of the lowest commissions on the market. Wide range of currencies. Low withdrawal fee.
- Capital.com - Low forex fees. Wide range of currencies. Superb account opening process.
- IC Markets - Low FX commission and tight spreads. Wide range of currencies. Low withdrawal fee.
- Tickmill - Low FX commission and tight spread. Rich selection of currency pairs. Low withdrawal fee.
- CMC Markets - Immense number of currency pairs. Low withdrawal fee. FX spreads are competitive.
- Axi - Low FX commission. Wide selection of currency pairs. AI-based analytical tool called PsyQuation.
- GO Markets - Low FX commission and tight spreads. Low withdrawal fee. Low minimum deposit.
- ActivTrades - Competitive FX spreads. Low withdrawal fee. No minimum deposit.
- Pepperstone - Low FX commission and tight spreads. Low withdrawal fee. excellent account opening.
Best forex brokers
Overview of the best forex brokers in the United Kingdom Africa
Here is our score sheet including the minimum deposit you need to make at the top forex brokers in the UK:
| Broker | FX commission per lot | Minimum deposit |
|---|---|---|
| Saxo Bank | No commission is charged | $2,000 The minimum account balance is £500 in the UK, while $2,000-10,000 in other countries and zero for Danish and Norwegian clients. |
| Fusion Markets | $2.25 commission per lot per trade | $0 No minimum account balance |
| Capital.com | No commission is charged | $20 $20 minimum deposit for credit/debit cards and Apple Pay, and $250 minimum required for bank transfer |
| IC Markets | $3.50 commission per lot per trade | $200 $200 minimum deposit is required for MT4/MT5/CTrader accounts |
| Tickmill | $2.00 commission per lot per trade | $100 $100 minimum deposit |
| CMC Markets | No commission is charged | $0 No minimum deposit |
| Axi | $3.50 commission per lot per trade | $0 No minimum account balance for Standard and Pro accounts |
| GO Markets | $3.00 commission per lot per trade | $107 There is no minimum deposit |
| ActivTrades | No commission is charged | $0 There is no minimum deposit |
| Pepperstone | $3.50 commission per lot per trade | $0 No minimum account balance required |
Popularity of the best forex brokers in the United Kingdom
Interested in what others think? Here's how many people chose these brokers at BrokerChooser in the last 6 months.
Best forex brokers
Fee comparison of the best UK forex brokers
See the spreads charged by these online brokers for the most popular currency pairs.
| Broker | EURUSD spread | GBPUSD spread |
|---|---|---|
| Saxo Bank | 0.8 Spreads were captured on May 24, 2023 | 1.2 Spreads were captured on May 24, 2023 |
| Fusion Markets | 0.0 Spreads were captured on May 24, 2023 | 0.1 Spreads were captured on May 24, 2023 |
| Capital.com | 0.6 Spreads were captured on May 24, 2023 | 1.3 Spreads were captured on May 24, 2023 |
| IC Markets | 0.0 Spreads were captured on May 24, 2023 | 0.1 Spreads were captured on May 24, 2023 |
| Tickmill | 0.1 Spreads were captured on May 24, 2023 | 0.3 Spreads were captured on May 24, 2023 |
| CMC Markets | 0.7 Spreads were captured on May 24, 2023 | 0.9 Spreads were captured on May 24, 2023 |
| Axi | 0.2 Spreads were captured on May 24, 2023 | 0.4 Spreads were captured on May 24, 2023 |
| GO Markets | 0.2 Spreads were captured on May 24, 2023 | 0.4 Spreads were captured on May 24, 2023 |
| ActivTrades | 0.8 Spreads were captured on May 24, 2023 | 1.0 Spreads were captured on May 24, 2023 |
| Pepperstone | 0.1 Spreads were captured on May 24, 2023 | 0.2 Spreads were captured on May 24, 2023 |
Best forex brokers
Non-trading fees at the best UK online forex brokers
| Broker | Account fee | Inactivity fee |
|---|---|---|
| Saxo Bank | No account fee | In the UK, £25 after one quarter of inactivity. SIPP and ISA accounts are exempt from this fee. In non-UK countries, up to $150 after 6 months of inactivity |
| Fusion Markets | No account fee | No inactivity fee |
| Capital.com | No account fee | No inactivity fee |
| IC Markets | No account fee | No inactivity fee |
| Tickmill | No account fee | No inactivity fee |
| CMC Markets | No account fee | £10 monthly fee after 12 months of inactivity |
| Axi | No account fee | $10 per month after one year of inactivity |
| GO Markets | No account fee. | No inactivity fee |
| ActivTrades | No account fee | If the account is not used for over 1 year and there is a remaining balance, a fee of £10 per month will be charged |
| Pepperstone | No account fee | No inactivity fee |
Best forex brokers
Currency pair selection offered by the top online UK forex brokers
| Broker | Currency pairs (#) | Select... |
|---|---|---|
| Saxo Bank | 190 | |
| Fusion Markets | 90 | |
| Capital.com | 138 | |
| IC Markets | 61 | |
| Tickmill | 62 | |
| CMC Markets | 338 | |
| Axi | 76 | |
| GO Markets | 49 | |
| ActivTrades | 49 | |
| Pepperstone | 62 |
Brokers
Currency
Best forex brokers
Forex broker fees in the UK
Forex brokers can charge commissions, spreads and financing fees.
When it comes to commissions, there are two different fee structures forex brokers normally use:
- All currency trading fees are included in the spread except the financing rate. Basically, think of it as the broker giving you a wider spread than it gets from the forex market.
- You get the market spread, but you pay a commission based on the traded amount. This model is usually used by ECN brokers.
The second version is more transparent, but this doesn't always mean it's more expensive.
When you trade forex on leverage and hold your position overnight, a fee will be charged. This is called the financing cost. Financing costs change daily, and can add up if you hold your positions for a longer period.
If you don't know how forex trading works, take a look at our forex education articles.
Best forex brokers
Is forex trading legal in the UK?
Foreign exchange trading is legal in the UK provided that it is offered by a broker that is authorized and regulated by the Financial Conduct Authority (FCA), the financial regulatory body of the UK, which will protect you from having to deal with a scam broker. Before a broker can accept UK forex and CFD traders as clients, they must be authorized by the FCA. You can look up if your broker is registered with the FCA by entering the registration number of the broker in question (you will find it at the bottom of the broker's website) on the FCA website.
Are my funds safe with forex brokers in the UK?
In 2019, the FCA introduced measures to protect retail investors, including negative balance protection.
The measures mean that you cannot lose more funds than you have on your account. The funds in the account mean funds specifically dedicated to the restricted speculative investments, which includes cash in the account and any unrealized net profits from open positions. However, it does not include funds and other assets in your account that are not dedicated to trading in the restricted speculative investments.
Can I trade with a UK forex broker if I live in the EU?
After Brexit, the UK's exit from the EU, it is not a given that UK forex brokers can take on European clients. UK forex brokers that are also regulated in the EU can accept you as an EU client through their European entity, provided they have one. If you reside in Europe, your broker will need to be regulated by a national regulator from an EU member country.
And now, let's see the top forex brokers for UK residents one by one, starting with the winner, Saxo Bank.
#1 Best forex broker
Saxo Bank
Recommended for investors and traders looking for a great trading platform and solid research
| Saxo Bank snapshot | |
|---|---|
| Minimum deposit | $2,000 |
| Mobile app score | 5.0 stars |
| Inactivity fee | Yes |
| Currency pairs | 190 |
| Deposit methods | Bank transfer, Credit/debit cards |
| Withdrawal fee | $0 |
| Read review | For a detailed analysis of Saxo Bank services, check out our review for 2023 |
#2 Best forex broker
Fusion Markets
Recommended for forex traders looking for low fees and a chance to use the metatrader 4 platform
| Fusion Markets snapshot | |
|---|---|
| Minimum deposit | $0 |
| Mobile app score | 3.8 stars |
| Inactivity fee | No |
| Currency pairs | 90 |
| Deposit methods | Bank transfer, Credit/debit cards, PayPal, Skrill, AstroPay, Neteller, dragonpay, Jeton, eZeeWallet, Sticpay, Perfect Money, fasapay, Binancepay,Interac, Pay Retailers, X-Pay, LuqaPay, PayOp, Zotapay, Payid, Mifinity |
| Withdrawal fee | $0 |
| Read review | For a detailed analysis of Fusion Markets services, check out our review for 2023 |
#3 Best forex broker
Capital.com
Recommended for investors and cfd traders looking for a great trading platform and excellent customer service
| Capital.com snapshot | |
|---|---|
| Minimum deposit | $20 |
| Mobile app score | 4.9 stars |
| Inactivity fee | No |
| Currency pairs | 138 |
| Deposit methods | Bank transfer, Credit/debit cards, Apple Pay, PayPal |
| Withdrawal fee | $0 |
| Read review | For a detailed analysis of Capital.com services, check out our review for 2023 |
#4 Best forex broker
IC Markets
Recommended for forex and cfd traders who value easy account opening and free deposit/withdrawal options
| IC Markets snapshot | |
|---|---|
| Minimum deposit | $200 |
| Mobile app score | 3.8 stars |
| Inactivity fee | No |
| Currency pairs | 61 |
| Deposit methods | Bank transfer, Credit/debit cards, PayPal, Skrill, Neteller, Visa Direct, SafeCharge, Transact365, eCommPay, CardPay, Bpay, FasaPay, Poli, RapidPay, Klarna |
| Withdrawal fee | $0 |
| Read review | For a detailed analysis of IC Markets services, check out our review for 2023 |
#5 Best forex broker
Tickmill
Recommended for forex traders looking for low fees who are familiar with the metatrader 4 platform
| Tickmill snapshot | |
|---|---|
| Minimum deposit | $100 |
| Mobile app score | 3.8 stars |
| Inactivity fee | No |
| Currency pairs | 62 |
| Deposit methods | Bank transfer, Credit/debit cards, Neteller, Skrill, dotpay, Paysafecard, Sofort, Rapid by Skrill, PayPal |
| Withdrawal fee | $0 |
| Read review | For a detailed analysis of Tickmill services, check out our review for 2023 |
#6 Best forex broker
CMC Markets
Recommended for forex and cfd traders looking for an advanced trading platform with many research tools
| CMC Markets snapshot | |
|---|---|
| Minimum deposit | $0 |
| Mobile app score | 5.0 stars |
| Inactivity fee | Yes |
| Currency pairs | 338 |
| Deposit methods | Bank transfer, Credit/debit cards, PayPal |
| Withdrawal fee | $0 |
| Read review | For a detailed analysis of CMC Markets services, check out our review for 2023 |
#7 Best forex broker
Axi
Recommended for forex traders familiar with the metatrader 4 platform
| Axi snapshot | |
|---|---|
| Minimum deposit | $0 |
| Mobile app score | 3.8 stars |
| Inactivity fee | Yes |
| Currency pairs | 76 |
| Deposit methods | Bank transfer, Credit/debit cards, Neteller, Skrill, Sofort, GiroPay, iDeal, Polish Internet Banking, Global Collect, China Unioin Pay |
| Withdrawal fee | $0 |
| Read review | For a detailed analysis of Axi services, check out our review for 2023 |
#8 Best forex broker
GO Markets
Recommended for forex traders who like the metatrader platform
| GO Markets snapshot | |
|---|---|
| Minimum deposit | $107 |
| Mobile app score | 3.8 stars |
| Inactivity fee | No |
| Currency pairs | 49 |
| Deposit methods | Bank transfer, Credit/debit cards, Skrill, Neteller, DotPay, Nuvei, fasapay |
| Withdrawal fee | $0 |
| Read review | For a detailed analysis of GO Markets services, check out our review for 2023 |
#9 Best forex broker
ActivTrades
Recommended for forex and cfd traders looking for low fees and great deposit/withdrawal conditions
| ActivTrades snapshot | |
|---|---|
| Minimum deposit | $0 |
| Mobile app score | 3.9 stars |
| Inactivity fee | Yes |
| Currency pairs | 49 |
| Deposit methods | Bank transfer, Credit/debit cards, Neteller, Skrill, AstroPay, Sofort |
| Withdrawal fee | $0 |
| Read review | For a detailed analysis of ActivTrades services, check out our review for 2023 |
#10 Best forex broker
Pepperstone
Recommended for forex traders looking for great account opening and customer service
| Pepperstone snapshot | |
|---|---|
| Minimum deposit | $0 |
| Mobile app score | 3.8 stars |
| Inactivity fee | No |
| Currency pairs | 62 |
| Deposit methods | Bank transfer, Credit/debit cards, POLi, BPay, PayPal, Neteller, Skrill, Union Pay |
| Withdrawal fee | $0 |
| Read review | For a detailed analysis of Pepperstone services, check out our review for 2023 |
Best forex brokers
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Best forex brokers
How did BrokerChooser select the best FX brokers in the UK?
- We checked whether the broker is regulated by a trusted regulator,
- Compared fees (including spreads, withdrawal fee, commission),
- Compared the number of currency pairs,
- Checked minimum deposit requirements,
- Opened an account and tested the platform (charting, features, usability, customer service).
Best forex brokers
FAQ
Is forex trading legal in the UK?
Forex trading is fully legal in the United Kingdom. Brokers that provide forex trading must be authorized and regulated by the country's financial regulator, the Financial Conduct Authority (FCA). The brokers will provide their FCA registration number on their website. Retail investors trading forex in the UK are entitled to negative balance protection, which means that they will be protected in case the balance on their trading account dips into negative territory.
Which forex broker can I use in UK?
The best forex brokers in the UK in 2023:
- Saxo Bank - Great trading platform. Outstanding research. Broad product portfolio.
- Fusion Markets - Low trading and non-trading fees. Fast and easy account opening. Great customer service.
- Capital.com - Low forex CFD fees. Great account opening experience. Excellent email and chat support.
- IC Markets - Low forex fees. Easy and fast account opening. Free deposit and withdrawal. Offers standard and raw spread accounts.
- Tickmill - Low forex fees. Fast and easy account opening. Free deposit and withdrawal.
- CMC Markets - Low forex fees. Great web and mobile platforms. Advanced research and educational tools.
- Axi - Low forex fees. No withdrawal/deposit fees. Fully digital account opening.
- GO Markets - Low forex fees. Fast account opening. Great educational tools.
- ActivTrades - Low trading fees. Excellent account opening. Free deposit and withdrawal.
- Pepperstone - Fast and fully digital account opening. Great customer service. Seamless and free deposit and withdrawal.
Save yourself hours of research and check out our broker recommendation tool that will give you a tailor-made list of the best forex brokers available to you.
Are forex gains taxable in the UK?
The taxation of forex trading in the UK is complex. If you are a speculator/gambler (i.e. you trade sporadically and have other source(s) of income), the gains from your forex trades will not be taxed. If you are an investor (i.e. forex trading is your main source of income), you are liable to taxation on the basis of either income, capital gains or corporate tax. We recommend you consult a tax advisor for detailed guidance.
Spread betting is free from the capital gains tax. If you trade forex CFDs, you will be liable to pay a capital gains tax after your profits.
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