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Best forex brokers in the United Kingdom in 2023

Saxo Bank Logo
1st place
Saxo Bank
Fusion Markets Logo
2nd place
Fusion Markets
Visit broker
74-89% of retail CFD accounts lose money
Capital.com Logo
3rd place
Capital.com
Visit broker
87.41% of retail CFD accounts lose money

Top 5 forex brokers in the United Kingdom in 2023:

  1. Saxo Bank is the best forex broker in the United Kingdom in 2023. - Great trading platform. Outstanding research. Broad product portfolio.
  2. Fusion Markets - Low trading and non-trading fees. Fast and easy account opening. Great customer service.
  3. Capital.com - Low forex CFD fees and commission-free real stocks. Great account opening experience. Excellent email and chat support.
  4. IC Markets - Low forex fees. Easy and fast account opening. Free deposit and withdrawal. Offer standard accounts and raw spread accounts.
  5. 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:

Key features of the top forex brokers in the United Kingdom in 2023
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

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.

Saxo Bank Logo

#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

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Fusion Markets Logo

#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

Visit broker
74-89% of retail CFD accounts lose money

Capital.com Logo

#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

Visit broker
87.41% of retail CFD accounts lose money

IC Markets Logo

#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

Visit broker
74.32% of retail CFD accounts lose money

Tickmill Logo

#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

Visit broker
76% of retail CFD accounts lose money

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:

  1. 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.
  2. 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:

  1. Saxo Bank - Great trading platform. Outstanding research. Broad product portfolio.
  2. Fusion Markets - Low trading and non-trading fees. Fast and easy account opening. Great customer service.
  3. Capital.com - Low forex CFD fees and commission-free real stocks. Great account opening experience. Excellent email and chat support.
  4. IC Markets - Low forex fees. Easy and fast account opening. Free deposit and withdrawal. Offer standard accounts and raw spread accounts.
  5. 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.

Author of this article

Eszter Zalán

Author of this article

Eszter is a Brussels-based content editor and writer with over 15 years of experience in journalism. She thrives in researching complicated issues and explaining their essence in plain and clear language to guide you through the world of finance.

Eszter Zalán

Content Editor

Eszter is a Brussels-based content editor and writer with over 15 years of experience in journalism. She thrives in researching complicated issues and explaining their essence in plain and clear language to guide you through the world of finance.

Everything you find on BrokerChooser is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology

Visit Fusion Markets
74-89% of retail CFD accounts lose money
Visit Capital.com
87.41% of retail CFD accounts lose money
Visit IC Markets
74.32% of retail CFD accounts lose money
Visit Tickmill
76% of retail CFD accounts lose money

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