Intro and winners
Top 5 forex brokers in the United Kingdom in 2023:
- Saxo Bank is the best forex broker in the United Kingdom in 2023. - 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 and commission-free real stocks. Great account opening experience. Excellent email and chat support.
- IC Markets - Low forex fees. Easy and fast account opening. Free deposit and withdrawal. Offer standard accounts and raw spread accounts.
- Tickmill - Low forex fees. Fast and easy account opening. Free deposit and withdrawal.
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).
Here is our score sheet including the minimum deposit you need to make at the top forex brokers in the UK:
Broker | FX Commissions per lot | Minimum deposit | Time to activate account | Credit/debit card deposit |
---|---|---|---|---|
Saxo Bank | No commission is charged | $2,000 | 1 day | Yes |
Fusion Markets | $2.25 commission per lot per trade | $0 | 1 day | Yes |
Capital.com | No commission is charged | $20 | 1 day | Yes |
IC Markets | $3.50 commission per lot per trade | $200 | 1 day | Yes |
Tickmill | $2.00 commission per lot per trade | $100 | 1 day | Yes |
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.
Saxo Bank | Fusion Markets | Capital.com | IC Markets | Tickmill | |
---|---|---|---|---|---|
EURUSD spread | 0.7 | 0.0 | 0.6 | 0.0 | 0.2 |
GBPUSD spread | 0.8 | 0.2 | 1.3 | 0.0 | 0.5 |
AUDUSD spread | 0.6 | 0.0 | 0.6 | 0.0 | 0.1 |
EURCHF spread | 1.4 | 0.6 | 2.3 | 0.0 | 0.9 |
EURGBP spread | 1.2 | 0.3 | 1.5 | 0.0 | 0.4 |
Best forex brokers
Non-trading fees at the best UK online forex brokers
Saxo Bank | Fusion Markets | Capital.com | IC Markets | Tickmill | |
---|---|---|---|---|---|
Account fee | No | No | No | No | No |
Inactivity fee | Yes | No | No | No | No |
Withdrawal fee | $0 | $0 | $0 | $0 | $0 |
Best forex brokers
Currency pair selection offered by the top online UK forex brokers
Saxo Bank | Fusion Markets | Capital.com | IC Markets | Tickmill | |
---|---|---|---|---|---|
Currency pairs (#) | 190 | 85 | 138 | 61 | 62 |
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.
Best forex brokers
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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 | 85 |
Deposit methods | Bank transfer, Credit/debit cards, Neteller, PerfectMoney, Jaton, PayPal, 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, Neteller, Skrill, UnionPay, Bpay, FasaPay, POLI, Rapidpay, Klarna, Bitcoin wallet |
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 |
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.
Still unsure? Use our broker finder tool to pick the best broker tailored to your investment needs.
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 and commission-free real stocks. Great account opening experience. Excellent email and chat support.
- IC Markets - Low forex fees. Easy and fast account opening. Free deposit and withdrawal. Offer standard accounts and raw spread accounts.
- Tickmill - Low forex fees. Fast and easy account opening. 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.