If you are from the UK and want to choose the best broker for you, here are the top 10 forex brokers in the United Kingdom for your recommendation.

best broker united kingdom

Basically, forex trading can be conducted anywhere in the world. One of the factors that can sometimes limit forex trading is regulation. Brokers must have regulations to operate.

In the United Kingdom, the regulatory body overseeing the operations of forex brokers is the Financial Conduct Authority (FCA). When it comes to regulation, you should make it a priority when choosing the best forex brokers for your trading needs.

Additionally, it's advisable to select a forex broker that offers ideal trading conditions. For example, the availability to use pound sterling (GBP) as the account's base currency, responsive customer support, competitive trading conditions, and the presence of a local office.

So, here is a list of the best forex brokers for UK clients:

  1. HF Markets: meets all the criteria for the best broker in the UK.
  2. Admirals: holds multiple global regulations including FCA.
  3. Pepperstone: recommended for beginner traders in the UK.
  4. ThinkMarkets: no minimum deposit with the most responsive customer support.
  5. FXOpen: offers floating spreads starting from 0.0 pips.
  6. IG Markets: the spread starts from 0.6 pips for trading EUR/USD.
  7. Vantage Markets: offers free forex VPS hosting.
  8. FXTM: has a zero spread and zero commission account.
  9. OANDA: allows transactions with a minimum position size of 0.00001 lots and no minimum deposit.
  10. Interactive Brokers: offers trading services for clients since 1977.

Read more to find out the reasons why these brokers are recommended for UK clients.

 

Things to Consider When Choosing a Broker in the UK

Choosing the best forex broker is certainly based on several factors. Here are the things you can use as guidelines when selecting a broker for UK clients.

  1. Regulated by FCA
    The FCA is an independent regulatory authority tasked with ensuring the integrity and transparency of all forms of financial activities in the UK. Forex brokers and other financial firms operating in the UK must obtain authorization from the FCA to conduct their business legally. If your forex broker is not regulated by the FCA, then you should be cautious of the risks of scams and other forms of financial misconduct.

  2. Using GBP as the Base Currency
    Although GBP is a global base currency, there are some brokers that only allow USD as the base currency for trading accounts. This can be a bit inconvenient because you have to convert your GBP to USD first. There might be brokers that do this conversion automatically, but you'll likely have to pay conversion fees. Therefore, choose a broker that allows you to set your base currency to GBP.

  3. Responsive Customer Support
    Customer support is a crucial aspect. The presence of customer support is intended to assist you when you encounter issues related to trading. Therefore, choose a forex broker whose customer support can address all your concerns, understand your circumstances, communicate clearly, and respond promptly. Additionally, make sure that the broker's live chat feature is staffed by real agents or people, not bots.

  4. Competitive Trading Conditions
    You trade to make a profit, so choose a broker that offers excellent trading conditions concerning its platform, spreads, commissions, and deposits. A fast and responsive platform will ensure your orders are executed smoothly. Competitive spreads and commissions will help minimize your trading expenses. A broker with low deposits will also be advantageous for you.

  5. Have Local Offices in the UK
    While not mandatory, the presence of a local office for a broker in the UK would be an added advantage. This is because a broker with a physical office that you can see creates an impression of trustworthiness. Furthermore, with the existence of a physical office, you can visit it at any time if you encounter problems that cannot be resolved virtually.

 

Best Forex Brokers in the UK

Based on the criteria mentioned above, we have compiled a list of the best forex brokers that either fully or nearly meet all of the criteria mentioned above.

 

1. HF Markets

  • Regulated by FCA: Reference number 801701
  • Using GBP as the account's base currency: Yes
  • Customer support: Live chat, email, phone call
  • Competitive trading conditions: Yes
  • Local office in the UK: Yes

The first recommended forex broker for UK clients is HFM or HF Markets. This broker has been in operation since 2010 with headquarters located in several countries such as Kenya, Cyprus, UAE, Seychelles, Mauritius, Saint Vincent and Grenadines, Nigeria, South Africa, and the United Kingdom.

HF Markets, which is regulated by the FCA, operates under the name HF Market UK Ltd. Their UK office is located at Bloomsbury Building, 10 Bloomsbury Way, London WC1A 2SL.

HF Markets is a globally award-winning broker that offers top-class trading conditions. There is no minimum deposit required to start trading with HF Markets using either a zero or premium account.

They offer low spreads starting from 0.0 pips and commissions starting from just $3. You can set your base currency to GBP when creating your first live trading account with HF Markets.

In terms of customer service, HF Markets has responsive customer support. Their live chat is answered by agents within minutes, and they handle inquiries, complaints, and issues effectively.

🌐 Website
www.hfm.com
Leverage
1:2000
💼 Regulation
💲 Min Deposit
$
Year Established
2010

Bonus offers
Trading contests
Free education
Personal manager
Trading by telephone
PAMM
Segregated accounts
Managed accounts
Affiliate program
Islamic accounts available
Compensation scheme
Negative balance protection
VPS
Copy trading
FasaPay
Neteller
Skrill
WebMoney
Wire transfer

HF Markets is an award-winning forex and commodities broker. Established since 2010, the company provides trading services and facilities to both retail and institutional clients. For more than 9 years in business, HF Markets has around 1,500,000 live accounts opened and 200 employees globally.

Based on its services, HF Markets can be regarded as middle-class category. Clients do not need to prepare a big deposit for joining to trade with this broker. Also, there are various account types, trading software, and tools to facilitate individuals and institutional customers to trade forex and CFD online.

HF Markets is a registered brand name of HF Markets (Europe). Based on the location, the company is regulated by various financial regulators. Here are the details:

  • HF Markets (SV) Ltd, registered in St. Vincent & the Grenadine as an International Business Company with the registration number 22747 IBC 2015.
  • HF Markets (Europe), authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC) with Licence Number 183/12.
  • HF Markets SA (PTY), is authorized and regulated as a Financial Service Provider (FSP) by the Financial Sector Conduct Authority (FSCA) in South Africa, under license number 46632.
  • HF Markets (Seychelles), incorporated under the laws of the Republic of Seychelles with registration number 8419176-1, regulated by the Seychelles Financial Services Authority (FSA) under Securities Dealer Licence number SD015.
  • HF Markets (DIFC) Ltd, authorized and regulated by the Dubai Financial Services Authority (DFSA) under license number F004885.
  • HF Markets (UK) Ltd, authorized and regulated by the Financial Conduct Authority (FCA) under firm reference number 801701.

If traders have more experienced, knowledgeable, and sophisticated trading environment, they can join to become Professional Clients, who can manage and assess their own risks. For that reason, these kinds of clients are granted access to more favorable rates but afforded lesser regulatory protections than retail clients.

Trading with HF Markets can enable traders to access a variety of trading instruments like CFDs on Forex, Cryptocurrencies, spot metals (gold, silver, and others), energies (oil and gas), commodities (such as coffee, copper, and sugar), indices, bonds, and popular shares such as Google, Apple, and Facebook.

HF Markets offers some of the tightest spreads in the market, starting from 0 pips in Zero Account. This broker quote major foreign exchange currency pairs to five decimal places. Therefore, traders have the opportunity to get more accurate pricing and the best possible spreads.

HF Markets receives numerous highly prestigious titles, including the huge honor of being ed to join the ranks of the World Finance Top 100 Global Companies. Others are Best Client Funds Security Global by Global Brands Magazine, Best Global Forex Copy Trading Platform by Global Forex Awards 2019, Fastest Growing Forex Broker Mena 2019 by International Business Magazine, and many more.

After opening an account in HF Markets, traders will obtain various forex trading platforms to accommodate all of their trading demands. Whether traders like to trade on desktop or prefer to trade on-the-go, they can use MetaTrader 4 on desktop (terminal, multi-terminal, and web terminal) and phone (iPhone, iPad, and Android).

Clients' funds are held in segregated accounts. Only major banks are used by Markets because they believe that successful traders have to give their full attention to their trading rather than worrying about the safety of their funds.

Traders do not need to worry about transaction fees when depositing and withdrawing. Transaction fees are not charged, and diversity of payment methods enable them to choose between Wire Transfer, Bank Card, and online payments (Neteller, iDeal, Sofort Banking, and Skrill). HF Markets ensures that traders make fast transactions 24/5 during the standard hours.

Traders can earn extra income by joining the affiliate program offered by Markets. Clients who join this program will get some advantages, such as 60% of Net Spreads based on the volume traded by sub-clients, up to $15 per a lot of net revenue, and many more. More information about HF Markets can be obtained on their official website which is supported in 27 languages.

From the review above, it can be concluded that HF Markets is one of the award-winning forex and commodities brokers. There are various account types traders can choose in HF Markets, and the broker itself becomes a favorite among traders for its low spreads. This condition is very suitable for traders with limited funds and a desire to get more opportunities to gain maximum profit.

 

2. Admirals

  • Regulated by FCA: Reference number 595450
  • Using GBP as the account's base currency: Yes
  • Customer support: Live chat, email, phone call
  • Competitive trading conditions: Yes
  • Local office in the UK: Yes

Next, there's Admirals, which is also recommended for UK clients. This broker has been in operation for more than two decades. In addition to being regulated by the FCA, it also holds licenses from ASIC, CySEC, FSA, FSCA, IIROC, and the Jordan Securities Commission.

In the UK, you can find Admirals' headquarters on the 37th Floor, One Canada Square, Canary Wharf, London, E14 5AB.

As for their trading conditions, Admirals offers a minimum deposit of $1 on the . The spreads are variable with commissions ranging from $1.8 to $3 for forex and metal instruments.

If you encounter any difficulties, Admirals has responsive customer support that can assist you directly through agents, not bots.

🌐 Website
admiralmarkets.com
Leverage
1:500
💼 Regulation
💲 Min Deposit
$1
Year Established
2001

Bonus offers
Trading contests
Free education
Trading by telephone
PAMM
MAM
Segregated accounts
Affiliate program
Islamic accounts available
Compensation scheme
Negative balance protection
Swap
Low spread eur/usd
VPS
Copy Trading
Neteller
PayPal
Skrill
Wire transfer

 

3. Pepperstone

  • Regulated by FCA: Reference number 684312
  • Using GBP as the account's base currency: Yes
  • Customer support: Email and phone call
  • Competitive trading conditions: Yes
  • Local office in the UK: Yes

Pepperstone UK has been regulated by the FCA since its inception in 2010. Pepperstone has a local office at 70 Gracechurch Street, London EC3V 0HR.

Over a decade of serving clients, Pepperstone is known as a beginner-friendly broker. Pepperstone offers three types of accounts: Standard, Razor, and Razor cTrader. The spread on Razor accounts is raw, while the standard accounts have variable spreads and no commission.

The offered leverage is at 1:30 for retail clients and 1:500 for professionals. You can also set your base currency for trading accounts in GBP when opening your account.

Pepperstone's customer support is highly responsive. You can directly request assistance from an agent if the bot cannot meet your needs. Within minutes, an agent will promptly receive your request and respond. If you prefer not to communicate through live chat, you can choose the option via WhatsApp.

🌐 Website
pepperstone.com
Leverage
1:400
💼 Regulation
💲 Min Deposit
$0
Year Established
2010

Free education
Trading by telephone
PAMM
MAM
Segregated accounts
Affiliate program
Islamic accounts available
Compensation scheme
Negative balance protection
Low spread eur/usd
VPS
Trading via API
Copy trading
Webinar
PayPal
Wire transfer
Neteller
Skrill

Pepperstone was founded in 2010 by a team of experienced traders with a shared commitment to improve the world of online trading. Based in Melbourne, Australia, they grew to become one of the largest forex brokers in the world. If traders want to find a broker that provides low spreads, fast execution, and award-winning support, then the answer is Pepperstone.

Pepperstone has a strong legality guarantee because it has been licensed by the Australian regulator ASIC and FCA. Traders' funds can be deposited in segregated accounts at top Australian banks, one of which is the National Australia Bank (NAB). Therefore, the safety of funds is not a concern if a trader chooses to open an account in Pepperstone.

They succeeded in collaborating with 23 top banks to bring Bid to investors instantly via optical fiber. This allows all orders to be executed 100 percent automatically with low latency up to 0.05 milliseconds, without dealing desk intervention and requotes, as well as with super low trading costs.

Trusted by over 73,000 traders around the world, Pepperstone processes an average of USD12.55 billion of trading volumes every day. Because of that, they have many awards such as:

  • The Best Global Forex ECN Broker 2019 and Best Forex Trading Support-Europe
  • Best Australian Broker and Best Trading Platform 2018 by Compareforexbrokers.com
  • Best Forex ECN Broker, Best Forex Trading Support, and Best Forex Trading Conditions by UK Forex Awards 2018

With the many rewards gained, Pepperstone hopes to attract more and more traders from all over the world. The rising performance of Pepperstone is not only due to the super-tight spreads and fast execution that it provides, but also because many traders are interested in trading with deposits in currencies other than US Dollars.

For this reason, Pepperstone is one of the most market-responsive brokers because it is willing to accept deposits in 10 currencies, which include AUD, USD, EUR, CAD, GBP, CHF, JPY, NZD, SGD, and HKD.

Trading in Pepperstone would allow traders to choose between 11 trading platforms: MT4 for desktop, MT4 Mac, MT4 iPhone, MT4 Android, MT4 iPad/Tablet, MT5, WebTrader, cTrader WebTrader, cTrader cAlgo, and cTrader Mobile. The choice of trading platforms may seem confusing to novice traders, but actually, it is very useful because it has fast execution.

When trading forex, traders can enjoy raw spreads from 0.0 pips on Razor accounts, over 61 currency pairs, and commission-free account funding on a wide range of deposit options. In addition to currency pairs, Pepperstone provides many types of trading instruments, including CFDs for indices and shares, commodities, and cryptocurrencies.

Instruments in commodity trading are pretty much diversified. Not only metal, gold, and silver, but traders can also trade with soft commodities such as cotton, sugar, coffee, cocoa, and orange juice. Pepperstone also provides trading on energy (oil and gas).

There are two types of accounts provided by Pepperstone, namely Razor accounts, and Standard accounts. If you area beginner, it is recommended to choose a Standard account with an average EUR/USD spread of 1.0-1.3 pips and free commission.

Those with particular trading styles such as scalpers and algorithmic traders may enjoy the lower cost setup traditionally seen in a Razor account, with a commission from AUD7 round turn of 100k traded. You can start trading with a minimum lot of 0.01 (micro) and 1:400 leverage.

As a Pepperstone client, a trader can fund and withdraw with alternative methods including Visa, Mastercard, POLi internet banking, bank transfer, BPay, PayPal, Neteller, Skrill, and Union Pay.

If you are new to trading or looking to practice your trading strategies in a risk-free environment, you can create Demo Account in Pepperstone. But if you are an experienced trader or prefer to learn by doing, Pepperstone provides a Live Account that allows you to trade with live executions and pricing.

Traders can also follow and copy strategies from popular traders using third-party services while learning how to improve their trading abilities. Pepperstone has partnered with a range of social trading platforms that traders can choose from, such as Myfxbook, ZuluTrade, Mirror Trader, MetaTrader signals, and Duplitrade.

 

4. ThinkMarkets

  • Regulated by FCA: Reference number 629628
  • Using GBP as the account's base currency: Yes
  • Customer support: Live chat, Messenger, X, Telegram, Line
  • Competitive trading conditions: Yes
  • Local office in the UK: Yes

ThinkMarkets is an experienced broker that has been in operation since 2010. The address of ThinkMarkets' UK headquarters is Hana, 70 St Mary Axe, London EC3A 8BE.

This broker offers excellent customer service because its live chat is active. You are also provided with alternative communication options besides live chat, including Line, Messenger, Telegram, or Twitter. The agents who respond are solution-oriented and provide quick responses.

ThinkMarkets offers two types of accounts: standard and ThinkZero. The minimum opening balance is $0.00, allowing you to open the account and explore it before you start trading.

The leverage offered is 1:30 and 1:500 for professional clients. Regarding trading costs, variable spreads apply, and the commission is $3.50.

Leverage
1:500
💼 Regulation
💲 Min Deposit
$0
Year Established
2010

Free education
Personal manager
PAMM
MAM
Segregated accounts
Affiliate program
Islamic accounts available
Compensation scheme
Negative balance protection
VPS
Trading via API
Copy trading
Webinar
Neteller
PayPal
Skrill
Wire transfer

As a multi-asset online brokerage, ThinkMarkets present a wide range of trading assets starting from Forex to Precious Metals, Commodities, Indices, Shares, and Cryptocurrencies. The Australian-based broker is established in 2010 and has since opened additional headquarters in London and regional offices throughout Asia-Pacific, Middle East, North Africa, Europe, and South America.

Along with its history operation, ThinkMarkets has been awarded and recognized many times in various aspects. Most recently, they won the Best Value Broker in Asia at the 2020 Global Forex Awards.

Average FX spreads for traders opening an account in ThinkMarkets start from 1.2 pips for the standard account, while ThinkZero provides the best trading experience with 0.1 pips spread. Still, traders may need to consider that ThinkZero applies commission from $3.5 per side for every 1000,000 trading volumes.

As a global online brokerage, ThinkMarkets operates under various financial regulatory institutions. For example, ThinkMarkets Australia is managed by TF Global Markets (Aust) Limited and is licensed by the Australian Financial Services as well as the Australian Securities and Investment Commission (ASIC) with ABN: 69158361561. ThinkMarkets UK is registered under the Financial Conduct Authority (FCA) by the company name of TF Global Markets (UK) Limited (number: 09042646).

ThinkMarkets consistently try to improve their trading environments with various advanced products. Automatic trading fans are provided with free VPS Hosting, while passionate traders who'd like to experience beyond MetaQuote platforms can try ThinkMarkets' proprietary platform called ThinkTrader.

The trading platform is available on 3 different interfaces specifically designed for Web Desktop, Tablet, and Mobile displays. Furthermore, customized tools such as 80+ drawing tools and more than 125 indicators for technical analysis accessible even through Mobile screens would certainly provide a brand new trading on-the-go experience.

As far as market updates go, trading in ThinkMarkets would be accompanied with news from FX Wire Pro that is known for its strict policy toward upholding objective journalism and delivering critical, trusted information in real-time. Information segments covered by FX Wire Pro include Economic Commentary, Technical-level Reports, Currency and Commodities, Central Bank Bulletins, Energies and metals, together with Event-driven Flashes.

For payment methods, ThinkMarkets offer the gateway via bank transfer, credit card (Visa and MasterCard), Skrill, Neteller, POLi internet banking, BPay, and Bitcoin wallet.

All in all, it is safe to say that for a company that started business since 2010, ThinkMarkets is an accomplished broker in terms of legal standing and innovation in trading technology. As an additional safety assurance for traders, this broker underlines its commitment to provide a $1 million insurance protection program which is made possible by ThinkMarkets' insurance policy with Lloyd's of London that protects clients' funds for up to $1 million in the unlikely event of insolvency.

 

5. FXOpen

  • Regulated by FCA: Reference number 579202
  • Using GBP as the account's base currency: Yes
  • Customer support: Live chat and email
  • Competitive trading conditions: Yes
  • Local office in the UK: Yes

The next broker you can consider is FXOpen. In addition to being regulated by the FCA, this broker also holds licenses from ASIC and CySEC. FXOpen has been in operation for since 2003. You can find FXOpen's headquarters at 80 Coleman St, London EC2R 5BJ.

One significant advantage of FXOpen is its lightning-fast customer support. The live chat feature even has a 2-minute timer, indicating that your questions will be answered in less than that time.

In terms of trading facilities, FXOpen offers two types of accounts: STP and ECN. The minimum deposit for each account is $300, and there is a floating spread starting from 0.0 pips.

Specifically for ECN accounts, there is a commission starting from $1.50 that you need to pay. The maximum leverage for UK traders is 1:30. Besides, GBP currency is available to be the base currency for all types of accounts.

For deposits and withdrawals, there are many methods you can utilize, including local banks.

🌐 Website
fxopen.com
Leverage
1:500
💼 Regulation
💲 Min Deposit
$1
Year Established
2003

Bonuses
PAMM
Trading contests
Segregated accounts
VPS
Compensation scheme
Negative balance protection
Low spread eur/usd
Islamic account
Personal manager
Affiliate program
Copy Trading
Wire transfer
FasaPay
WebMoney

FXOpen started its operation as an online trading provider for retail clients since 2005. The company was founded by a group of traders with a mission to provide services that refer to the interests of traders. FXOpen claimed to be one of the firsts to offer ECN trading via MetaTrader 4 (MT4). With FXOpen's unique proprietary price aggregating technology, their clients can benefit from the industry's most competitive spreads (from 0 pips) and low trading commissions.

In 2006, FXOpen also became the first broker to offer a micro account and a swap-free account. After that, they continue to be the pioneers of several new and high-tech services, including the first Crypto account that can provide trading facilities on 24 Cryptocurrency pairs such as Bitcoin, Litecoin, and Ethereum.

Furthermore, the company provides One Click Trading and Level 2 MT4 plug-ins, enabling traders to place trades with just one click of the mouse. Traders do not need to worry about trading security at FXOpen. They have registered in Nevis, the UK FCA, and ASIC Australia.

A variety of trading accounts are provided such as STP, Micro, ECN, and free unlimited demo accounts. The minimum deposit for each account depends on the account type; USD1 in Micro Account, USD10 in STP and Crypto Accounts, and USD100 in ECN Accounts. As for leverage, FXOpen offers up to 1:3 (for Crypto Accounts), and up to 1:500 (for Micro, STP, and ECN Accounts).

Besides, traders can enhance their trading capabilities with Myfxbook and Zulutrade automated trading systems. Both of these services allow anyone to copy the transactions of experienced traders. Thus, traders can replicate the results of professional traders' strategies.

The FXOpen PAMM Service allows copying trades from a Master account to one or more than one Follower account and automates the distribution of profits and losses. The Master operates personal capital through a PAMM account, and his trading strategy is replicated to the Follower's capital. The owner of the Follower account can view and analyze the performance of the PAMM account with the help of advanced analytics. There are 3 PAMM accounts in FXOpen, namely STP, ECN, and Crypto PAMM.

On ECN accounts, traders will get direct price quotes from leading liquidity providers, including Dresdner, SG Paris, Standard Chartered, Barclays Capital, Bank of America, CRNX, JP Morgan, Morgan Stanley, Deutsche Bank AG, RBS, CITI, and UBS. This is one of the reasons why FXOpen's ECN account has become a trader favorite.

After seeing the various advantages offered by FXOpen, traders can easily register an account, simply by filling out the form in the registration menu on the FXOpen website. Traders will be asked to verify documents in advance if the trader will make a deposit or withdrawal of funds. Based on traders' experience and information since FXOpen was founded, there have not been any major complaints about payments (depositing or withdrawing funds) from clients.

Once registered with the FXOpen broker, traders also have the opportunity to get other benefits. One example is the FXOpen cashback program for the first 90 days from registration as a new client. The minimum cashback is USD5 and the maximum is USD1,000.

Furthermore, free VPS is available for ECN, STP, and Crypto account holders. Traders can use FXOpen VPS without any fees for 1 month if they can maintain equity of USD5,000 at the end of the month or trade with a trading volume of USD10,000,000 per month. The advantages of VPS on FXOpen are excellent accessibility, flexibility, and speed.

Trading on FXOpen is made easier because traders can add insight into trading by entering contests. FXOpen Broker offers weekly and monthly trading contests on demo accounts through the ForexCup.com site. Traders can join competitions that are free of charge to hone their skills. If a trader wants a bigger challenge, there is also a trading contest on a real account.

The company also offers Forex partnership programs to traders, Forex brokers, and website owners who publish information about fiat and crypto-currency trading. There are 3 types of partnership levels, including Forex IB (Forex Agent) that attracts new clients to FXOpen using a referral (affiliate) link, Forex Rebate, and individual partnership conditions.

In Conclusion, FXOpen is a well-rounded forex brokerage for traders with a desire to try various trading instruments, a trading environment in ECN account, low minimum deposits, the best cryptocurrency trading condition, as well as interesting trading features like PAMM and demo contests.

 

6. IG Markets

  • Regulated by FCA: Reference number 195355
  • Using GBP as the account's base currency: Yes
  • Customer support: Live chat, email, phone call, WhatsApp
  • Competitive trading conditions: Yes
  • Local office in the UK: Yes

Next, there's IG Markets, a forex broker that has been in operation since 1974. Besides being regulated by the FCA, this broker also holds licenses from the CFTC and ASIC. In the UK, you can find the headquarters of IG Markets at Cannon, Bridge House, 25 Dowgate Hill, London EC4R 2YA.

Forex trading based on CFDs at IG Markets offers a spread of 0.6 pips for major currency pairs like EUR/USD. Meanwhile, you only need to deposit $1 to start trading with IG Markets. Trading accounts are also available in GBP as the base currency.

Customer support at IG Markets on their website is handled directly by agents. Initially, bots may be the first to respond, but after you input 1-2 queries, the bot will automatically transfer you to one of the available agents.

🌐 Website
www.ig.com
Leverage
1:50
💼 Regulation
💲 Min Deposit
$0
Year Established
1974

Accepts US traders
Free education
Wire transfer

IG Markets is an online trading provider with decades of experience in the financial market. Founded in 1974, the world-leading company has gathered more than 178,000 clients worldwide with over 16,000 markets reached as of 2019. IG Markets is authorized and regulated by the Australian Securities and Investment Commission (ASIC). It is also important to note that being established in 1974 makes IG Markets one of the forefront online CFD brokers. Their service has expanded to 15 countries across five continents.

Aside from famous for its reliable experience, IG Markets is also known for its truly broad range of trading instruments. In fact, the broker has long been regarded as one of the most accomplished companies in offering the most trading assets to clients. The wide choice of instruments includes forex pairs, 26 indices, over 12,000 shares, hard and soft commodities, cryptocurrencies, as well as other markets such as bonds, rates, and options.

Forex trading in IG Markets is provided in two ways: CFD and DMA (Direct). Here are the conditions for each type of trading:

Forex CFD

  • Minimum spread: 0.6 pips
  • Commission: None
  • Platforms: Web, mobile apps, MT4, ProRealTime, L2 Dealer, terminals and APIs
  • Trading size: Contracts
  • Demo account: Yes

Forex DMA

  • Minimum spread: No details
  • Commission: from $10 per $1 million traded
  • Platforms: Web, mobiles apps, L2 Dealer, terminals, and APIs
  • Trading size: Lots
  • Demo account: No

Both ways of trading are available for all clients. However, DMA does not enable trading in MetaTrader 4. Clients are also not allowed to trade in a demo account for virtual trading. It is essentially a type of trading reserved for experienced traders with high necessity for the best pricing in the market, as DMA offers market depth from a range of exchanges (including full market depth from the LSE).

Trading platforms in IG Markets are accessible via web, mobile app, and desktop. They are offered with 2 main varieties: Core Platforms and Specialist Platforms. The core platform is meant for all types of trading with the add-ons of DMA, ProRealTime access, and Forex Direct. Meanwhile, Specialist Platforms consist of L2 Dealer, ProRealTime, and MetaTrader 4.

The first two platforms charge fees that include minimum $2000 balance and monthly fees for shares data and level 2 prices (for L2 Dealer), as well as platform fees amounting to $40 per month and monthly fee for shares data (for ProRealTime).

IG Markets does not require a minimum balance to open an account. It also provides a swap-free account that frees clients for any interest, rollover, or swap charges on overnight positions. Yet, All costs and charges are built into the spread. This account suits well with long-term traders who need to keep their positions open for days or even weeks.

For beginners, IG Markets builds an IG Academy that gives interactive education and online trading courses. This way, clients can get a grip on the financial markets with the essentials of trading provided in infographics, video explainers, and end-of-course quizzes. Even better, the IG Academy is already integrated into its mobile app so clients can always learn about financial markets in much more efficient ways.

In conclusion, IG Markets is a client-friendly broker with more than 40 years of experience to back up its credibility. Their efforts and commitments to provide the best varieties of trading platforms are proven in the unique Core and Specialist Platforms.

Traders with little experience can apply to Forex CFD account in either Core Platforms or MetaTrader 4, while professionals can achieve the best experience in the financial market with IG Market's DMA trading and L2 Dealer or ProRealTime platforms.

 

7. Vantage Markets

  • Regulated by FCA: Reference number 777911
  • Using GBP as the account's base currency: Yes
  • Customer support: Live chat and Telegram
  • Competitive trading conditions: Yes
  • Local office in the UK: Yes

Vantage Markets is an FCA-regulated broker that also holds licenses from ASIC, VFSC, and CIMA. Vantage Markets' office in the UK is located at 7 Bell Yard, London WC2A 2JR.

Established in 2009, this broker offers three types of accounts: Standard STP, Raw ECN, and Pro ECN. All account types offer a minimum deposit of $50, except for Pro ECN, which requires a minimum deposit of $10,000.

For the base currency, you can choose GBP for all accounts. There are also options for AUD, SGD, CAD, and PLN, which are quite rare.

Unfortunately, Vantage's customer support is handled by a bot, making it less solution-oriented and potentially challenging for clients encountering issues that require quick responses.

Leverage
1:500
💼 Regulation
💲 Min Deposit
$200
Year Established
2009

Islamic accounts available
PAMM
MAM
Social Trading
Non-expiring demo
Negative Balance Protection
Segregated accounts
Regulatory Deposit Insurance
Trading via API
Compensation scheme
Low spread eur/usd
VPS
Personal manager
Affiliate program
Education
Copy trading
webinar
Neteller
Skrill
Fasapay

Vantage Markets was founded in 2009 in Australia. It is the brand name of the Vantage International Group which is regulated by the Cayman Islands Monetary Authority (CIMA). Before it is known as Vantage Markets as today, they used to be MXT Global in 2009 and Vantage Markets Pty LTD in 2015. The Vantage Group also operates other companies such as Vantage Global Prime, which is regulated by the Australian Securities and Investments Commission (ASIC) and the Financial Conduct Authority (FCA).

According to the broker's website, Vantage Markets adds further protection to clients by segregating client funds and holding their funds with Australia's National Australia Bank (NAB). NAB is one of the 4 largest financial institutions in Australia as well as the Top 20 safest banks in the world. Thus, clients don't need to worry about saving their funds at Vantage Markets.

With Vantage Markets, traders will experience super-fast trade execution, as well as interbank grade and RAW ECN spreads. When combined, these elements offer clients a true institutional trading experience, across a wide range of trading instruments. They also offer services designed for both beginners and professionals with access to Forex ECN trading, as well as CFD trading on Indices, Commodities, and U.S & Hong Kong Shares. Those instruments are available to trade on MetaTrader 4, MetaTrader 5, MetaTrader WebTrader, CHARTS by TradingView, Mobile Apps, either for Mac, PC, iOS, or Android. There are also social trading platforms such as MyFXbook and Zulutrade.

By registering in Vantage Markets, traders will have access to an impressive range of educational materials and research tools including MT4 SmartTrader Tools, a wide variety of promotional trading offers and rebate programs, as well as access to accounts with up to 500:1 leverage.  However, the leverage for ASIC and FCA clients is 30:1, and normally no promotion for AU and UK clients because of the compliance policy.

Vantage Markets provides research in the form of technical and fundamental analysis on its blog from in-house staff as well as guest writers. There is also an economic calendar powered by MQL5 from MetaQuotes. For clients who deposit at least $1,000, Vantage Markets offers a suite of plugins for MT4 branded as MT4 SmartTrader Tools, developed by FX Blue LLP.

As an authorized representative of Vantage Global Prime, the broker caters to retail traders under the Vantage Markets brand and offers access to the following instruments:

  • 44 currency pairs, which are the most liquid global forex market currencies.
  • 16 most liquid Indices from across the globe, including the S&P 500, DAX, FTSE, DJ30, and more.
  • 16 commodities, either soft commodities or precious metals.
  • 5 indices futures such as DJ30ft, DAX4ft, and NAS100ft.
  • 600+ US, UK, and HK shares from large companies, such as Apple, Google, Coca-Cola, and big corporations listed on the Hong Kong Stock Exchange.

Clients can open accounts in Vantage Markets and deposit funds in 8 base currencies: USD, GBP, CAD, AUD, EUR, SGD, NZD, HKD, and JPY. They also provide clients with convenient deposit and withdrawal methods through local and international bank transfers, credit/debit cards, and e-payment.

Overall, Vantage Markets is valued to be proper for retail traders with small deposits who like the max leverage thresholds. In terms of pricing, the broker's commission-based Raw ECN account is the clear choice for cost-sensitive traders as it features a lower all-in cost compared to its Standard account offering.

 

8. FXTM

  • Regulated by FCA: Reference number 777911
  • Using GBP as the account's base currency: Yes
  • Customer support: Email and phone call
  • Competitive trading conditions: Yes
  • Local office in the UK: Yes

FXTM is a broker that comes highly recommended because it is regulated by the FCA and has its headquarters located at 1 St Katharine's Way, London E1W 1UN.

FXTM trading accounts also support GBP as the base currency. Deposits and withdrawals through local banks are also allowed. The minimum deposit is $50 for a micro account.

There are a total of three account types offered by FXTM: micro, advantage, and advantage plus. For the advantage account, spreads start from 0.0 pips, but there is an average commission of $0.40 - $2 based on volume. For micro and advantage plus accounts, zero commissions apply, with spreads starting from 1.5 pips.

Furthermore, FXTM does not have a live chat feature on its website. You need to fill out a form first to send it to FXTM's email support.

🌐 Website
www.forextime.com
Leverage
1:2000
💼 Regulation
💲 Min Deposit
$10
Year Established
2011

Bonuses
Personal manager
Trading contests
Segregated accounts
Free education
Trading by phone
Compensation scheme
Low spread eur/usd
VPS
Affiliate program
Copy trading
Webinar
WebMoney
Skrill
Wire transfer
Neteller
QIWI
FasaPay

FXTM was initially launched in 2011 with a unique vision to provide unparalleled superior trading conditions. Opening an account in FXTM would also bring about access to advanced education and sophisticated trading tools in the forex industry.

Now, FXTM is registered under the Financial Conduct Authority of the UK with the number 600475. The company is also regulated by the Cyprus Securities and Exchange Commission with CIF license number 185/12, and is licensed by the Financial Sector Conduct Authority (FSCA) of South Africa, with FSP No. 46614

FXTM has 1 million registered accounts with more traders joining every day. The company continually tries to improve their performance and have got many awards such as Best Trading Experience 2019 by World Finance Awards, Best Online Forex Trading Company Nigeria 2018 by International Finance Awards, Reputable Investor Education Forex Broker Award 2018 by Hexun.com, Forex Brand Of The Year China 2018 by Fxeye.Com, and many more.

As a responsible broker, they determine leverage (expressed as a ratio of transaction size relative to trader's buying power) according to the trader's level of knowledge and experience in trading, which is evaluated by the Appropriateness Assessment. The company also enables trading with leverage up to 1:1000.

As for spreads, FXTM offers low spreads starting from 0.1 pip, so traders can withdraw profits at the start of trading. The company, which has headquarters in several countries, uses No Dealing Desk (NDD) technology and partners with credible liquidity providers to provide the best bid and ask prices.

For beginners, there is an automatic trading facility called algorithmic trading provided. When trading in FXTM, traders can develop their trading strategy or adopt other traders' strategies. Furthermore, the strategy is applied to automated trading systems, such as Expert Advisors. The purpose of this system is traders do not have to worry about losing opportunities while not observing the market so that profits can still be earned.

Three types of ECN accounts use the MT4 and MT5 trading platforms. There are also mobile and Tablet Apps trading platforms. Aside of providing many account variants, FXTM goes above and beyond to ensure that their client receives excellent support that they deserve, making their trading experience optimal and user-friendly.

FXTM also provides a diverse range of products. In addition to over 50 currency pairs, they provide gold, silver, CFD on commodity futures (oil), CFD on ETFs, and indices.

Education about the basic concepts of the forex industry is also accessible in this broker. Traders can read all the concepts provided in the form of e-books, video tutorials, articles, webinars, and forex seminars. There are 17 languages provided on the FXTM website to make it easier for traders to learn about forex.

Traders are also given various choices for payment methods, including Credit Cards (Visa, Mastercard, Maestro) and E-Wallet (Neteller, Skrill, Western Union). For withdrawing funds, traders are not charged a fee with a length of 2 hours to 2 days. Traders can live chat to ask further questions and contact the admin via email. There is also a question and answer page about forex trading on FXTM.

 

9. OANDA

  • Regulated by FCA: Reference number 542574
  • Using GBP as the account's base currency: Yes
  • Customer support: Email
  • Competitive trading conditions: Yes
  • Local office in the UK: Yes

OANDA is a global veteran broker that has been operating since 1996. OANDA holds multiple regulations from global regulators. Apart from FCA, OANDA is also regulated by CFTC/NFA, FSA (Japan), FSC (BVI), Kanto Local Finance Bureau (Japan), MFSA, MAS, and ASIC.

You can find OANDA UK's office at Dashwood House, 69 Old Broad Street, London EC2M 1QS.

There are two types of trading accounts provided by OANDA for UK clients, namely the standard and professional accounts. What's unique about OANDA is that it allows transactions with a minimum position size of 0.00001 lots and no minimum deposit.

However, the offered leverage is limited to 1:20, slightly below the maximum leverage allowed by the FCA, which is 1:30.

Unfortunately, the payment methods used for deposits and withdrawals at OANDA are limited to wire transfers and credit/debit cards only. E-payment is not offered as an option.

Another drawback of OANDA is the absence of live customer support.

🌐 Website
www.oanda.com
Leverage
1:20
💼 Regulation
💲 Min Deposit
$0
Year Established
1996

Islamic Accounts available
US traders are welcome
Negative balance protection
Segregated accounts
Compensation scheme
VPS Affiliate program
Trading via API
Education
Webinar
Swap
Wire transfer
Skrill
Neteller

Traders looking for brokers with accurate precision, OANDA can be an option. That is because OANDA is a broker that provides quotes with 5-digit accuracy and active price movements that follow market developments. Order execution speed is also faster in this broker.

It provides benefits for novice traders, as they can trade with smaller volumes using the calculation system based on currency value, unlike other brokers adopting the lot system.

Founded in 1996, OANDA was built by Dr. Michael Stumm who is a lecturer in Computer Engineering at the University of Toronto, Canada, along with his colleague, Dr. Richard Olsen of The Olsen Ltd., which is one of the leading econometric research institutes. They have a head office in San Francisco, United States.

OANDA branch offices can be found everywhere. Some of these offices are located in the United Kingdom, Singapore, Japan, and Canada. With this number of offices spread, OANDA has increasingly attracted the attention of clients worldwide.

OANDA's company is registered under several well-known jurisdictions in financial trading. They are regulated by CFTC and NFA in the US, FCA in the UK, ASIC in Australia, and many others. Traders do not need to worry anymore about security when trading in OANDA. However, these advantages make trading rules at OANDA more stringent compared to other brokers.

For example, OANDA only allows maximum leverage of 1:20, because the rules in the US and Japan do not allow leverage above that. Besides, the registration procedure is more complex due to various additional requirements that are not submitted by other forex brokers. On top of that, hedging is not allowed in one trading account as the client must open an additional account to hedge.

Nevertheless, OANDA is known for being a leading broker with many advantages offered. OANDA faces increased market risk during periods of price volatility, such as economic and political news announcements. When market spreads increase or decrease, their pricing engine widens or narrows spreads accordingly. That way, traders can get the latest conditions from price movements in the market more quickly.

Prices move very fast in the market. Especially when news releases have a large impact on market volatility. This condition is often exploited by brokers to take advantage of clients with Requotes. However, traders do not need to worry about additional costs when trading with OANDA.

The company never withdraws Requotes so traders can get maximum profit. When traders are unavailable to monitor open positions, they can set take profit orders to lock in profits and Stop Loss orders to help protect against further losses.

As an experienced and well-known online forex broker, OANDA is committed to maintain an efficient trading environment that reduces latency and provid tools to help clients manage the degree of acceptable slippage.

With a fast & reliable trading platform by OANDA, clients' trades are executed in 0.012 seconds. This suits traders who choose brokers based on execution speed.

Because of this exceptional execution service, it is not surprising that OANDA won many awards, including the winner of the world's Best Retail FX Platform at the prestigious e-FX awards. The broker is also voted number 1 for Consistency of filling trades at quoted prices, Execution speed, and Reliability of platforms.

There is no minimum deposit or minimum balance required to open an OANDA account. Deposit and withdrawal can be done easily. OANDA provides a variety of payment method facilities, including Paypal, Wire Transfer, Credit Card, and Debit. Traders can adjust it to the region where they live.

OANDA provides more than 100 trading instruments, including 71 currency pairs, 16 indices, 8 commodities (Brent Crude Oil, Copper, Corn, Natural Gas, Soybeans, Sugar, etc.), 6 Bonds, and 23 Metals.

The fxTrade and MetaTrader platform are available at OANDA. These platforms can be used for Desktop and Mobile. Another plus is they have an OANDA Technical Analysis that exists in collaboration with a technical analysis provider called Autochartist.

With these platforms, clients can monitor price movements easier and automatically recognize patterns created on charts, as well as receive alerts when the awaited patterns appear. Access to this technology can be enjoyed free of charge.

In conclusion, OANDA is an ideal broker for traders in need of fast execution backed by many years of experience. The company is also a good alternative for those looking for a well-regulated broker with flexible trading and deposit conditions.

 

10. Interactive Brokers UK

  • Regulated by FCA: Reference number 208159
  • Using GBP as the account's base currency: Yes
  • Customer support: Email, phone call, chat room
  • Competitive trading conditions: No
  • Local office in the UK: Yes

Interactive Brokers is an experienced broker with over 40 years of operation and is based at 20 Fenchurch Street, Floor 12, London EC3M 3BY. Besides the UK, this broker also has headquarters in the United States, Australia, Singapore, Ireland, and Hungary.

Interactive Brokers UK uses GBP as the base currency for trading accounts. However, the payment methods for deposits and withdrawals are limited to bank transfers only.

The Interactive Brokers website does not support features like live chat or email, which can be challenging for clients.

Unfortunately, Interactive Brokers UK doesn't allow forex trading if your position is in the UK and you want to trade within the UK. You can trade forex if you are trading in a global position. Alternatively, you would need to use a VPN with an IP address from an accepted country.

Leverage
1:100
💼 Regulation
💲 Min Deposit
$10000
Year Established
1977

Segregated accounts
Managed accounts
Free education
Wire transfer

Interactive Brokers is a direct market access broker that provides execution, clearance, settlement, and prime brokerage for customers. Since it was found 41 years ago by Thomas Peterffy, the company has grown internally to become one of the premier securities firms with over $7 billion in equity capital.

First acknowledged as a popular broker for advanced traders, Interactive Brokers launched a second tier of service called IBKR Lite for more casual investors in 2019.

The IBKR Lite provides services on over 125 market destinations worldwide and gives direct access (online) trade execution and clearing services, both to institutional and professional traders for a wide variety of traded products including stocks, options, futures, forex, fixed income, and funds worldwide. Interactive Brokers Group and its affiliates execute over 859,000 trades per day.

Headquartered in Greenwich, Connecticut, Interactive Brokers has over 1,400 employees in the USA, Switzerland, Canada, Hong Kong, UK, Australia, Hungary, Russia, Japan, India, China, and Estonia companies. IBKR is regulated by the Securities and Exchange Commission (SEC), the Financial Industry Regulatory Authority (FINRA), the Financial Conduct Authority (FCA), and is registered in the New York Stoch Exchange (NYSE).

Interactive Brokers offers a wide range of product-centered tools like the OptionTrader and Probability Lab for simplified single and complex multi-leg option trading; FXTrader for forex trading, Mutual Fund/ETF Replicator for helping traders find a lower cost on ETF alternatives, also fixed-income screeners for corporate and agency bonds. Overall, trading with Interactive Brokers would be provided with the most useful and updated tools to maximize trading and investing goals.

As a popular and regulated broker in the US, Interactive Brokers has won some awards. Recently, they were awarded by the Barrons as the 2019 Best Online Broker, which is categorized as the best broker for mobile, international, and frequent traders. Besides, they also won an award as Top Performing Broker by the Preqin Service Providers, and Best Overall Broker by Investopedia (Best for Low Costs, Best for International Trading, Best for Options Trading, Best for Day Trading, and Best for Penny Stocks). The awards are not only achieved during 2019. Since 2005, Interactive Brokers has won lots of awards regarding its best services for clients.

To optimize clients' trading speed and efficiency, Interactive Brokers provides some powerful suites of trading platforms. Below is the list:

  • Client Portal
    A one-stop destination to check quotes and place trades, see account balances, Profit and Loss, as well as key performance metrics, funding, and reporting.
  • Desktop TWS
    A flagship platform designed for active traders and investors who trade multiple products and require power and flexibility. Opening an account in Interactive Brokers and using this platform allows traders to utilize the most advanced algorithms and trading tools, as well as a library of tools and asset-based trading layouts for optimum customization.
  • IBKR TWS for Mobile
    The IBKR TWS for Mobile is made for traders who want to easily trade and monitor their IBKR account on-the-go from either iOS or Android device (tablet or smartphone).
  • IBoT
    IBoT is a robot for finding information and placing orders using clients' own words. IBot is available on TWS for Desktop, IBKR Mobile, and Client Portal.
  • IBKR WebTrader
    IBKR WebTrader is made for traders and investors who prefer a simplified interface.
  • IBKR APIs or IBKR Pro
    This trading platform is provided especially for traders and investors who want to write their trading software or automated trading programs; third-party software users.

Overall, Interactive Brokers has always been a great choice for those who want to find out a credible and regulated broker for trading. Offering lots of trading platforms, Interactive Brokers has committed to provide their best services for both novices and professionals, since it is suited to every clients' needs.

 

Conclusion

Based on the description above, it is evident that HF Markets, Admirals, and Pepperstone emerge as the top three best forex brokers for UK clients.

This is because all three brokers meet all the necessary criteria, ranging from regulation, trading conditions, to services for clients.

What's important is to ensure that you choose the broker that best suits your circumstances. If you're torn between the top three brokers, you can reconsider based on the trading conditions they offer.

If you're aiming for low spreads, then HF Markets could be your choice. If you want to deposit as little as possible, then Admirals offers a lower minimum deposit compared to HF Markets.

However, if you prioritize the platform, then you can opt for Pepperstone.

 

The criteria for selecting a forex broker in each country differ depending on the conditions and regulations specific to that country. Read here to find out the most favored countries to live in as a forex trader.