Best forex brokers UK: FCA-authorised firms, spread betting and real costs

The best forex brokers UK residents can choose from must pass the register check first. We ranked these firms on three things: FCA authorisation, total cost on EUR/USD and the choice of account type. Each one offers spread betting, CFDs or both, and each has a UK entity behind it.

Use the filters to sort by a single measure. Sponsored links open the broker's own site, so check that the firm named in the footer matches the entry on the register.

#BrokerMinimumEUR/USD costMax leverageLicences

1

IG

listed company backing

MinimumGBP 1

EUR/USD0.82 pips

ASICJFSAMAS+8

Visit site

2

CMC Markets

no minimum deposit, TradingView

MinimumUSD 0

EUR/USD1.15 pips

FCAASICCIRO+3

Visit site

3

Pepperstone

small deposits, cTrader

MinimumUSD 10

EUR/USD0.8 pips

SCBASICFCA+4

Visit siteFull review

4

Saxo

no minimum deposit, TradingView

MinimumUSD 0

EUR/USD1 pips

ASICSFCJFSA+5

Visit site

5

XTB

no minimum deposit, swap-free accounts

MinimumUSD 0

EUR/USD1.06 pips

FCACySEC

Visit site

6

Plus500

listed company backing

MinimumEUR 50

EUR/USD1.3 pips

FCAASICJFSA+4

Visit site

7

Capital.com

small deposits, TradingView

MinimumUSD 20

EUR/USD0.7 pips

ASICFCAEU+1

Visit site

8

FOREX.com

listed company backing

MinimumUSD 100

EUR/USD1.13 pips

ASICMASFCA+4

Visit site

The table puts entry cost and trading cost in one view. Multiply any EUR/USD figure by USD 10 to get the cost of a standard lot, so 0.8 pips comes to USD 8, about £6 today.

Among the best forex brokers UK clients can open today, a figure from an all-in account already includes commission. A spread-only figure carries no separate charge, so the two compare directly.

Retail leverage in the UK stops at 30:1 on majors, so the leverage column on any international page will overstate what a UK client receives.

Broker	Minimum	EUR/USD cost	Leverage	Licences
IG	GBP 1	0.82 pips all-in		ASIC, JFSA, MAS, FINMA
CMC Markets	USD 0	1.15 pips all-in		FCA, ASIC, CIRO, MAS
Pepperstone	USD 10	0.8 pips all-in		SCB, ASIC, FCA, CySEC
Saxo	USD 0	1 pips avg		ASIC, SFC, JFSA, MAS
XTB	USD 0	1.06 pips avg		FCA, CySEC
Plus500	EUR 50	1.3 pips all-in		FCA, ASIC, JFSA, CIRO
Capital.com	USD 20	0.7 pips avg		ASIC, FCA, EU, CMA-AE
FOREX.com	USD 100	1.13 pips all-in		ASIC, MAS, FCA, CIRO

Only firms authorised and regulated by the FCA may offer forex and CFD trading to UK residents. The FCA register is free, and it shows the legal company name, the firm reference number and the permissions held.

Search the company name from the broker's footer. Pepperstone Limited appears under 684312 and Capital Com (UK) Ltd under 793714, for example. A brand name with no matching legal entity is the warning sign to act on.

A firm can also hold an FCA permission and still route you to an offshore arm at sign-up. Read the name on your client agreement, because that company decides which protections apply to you.

Broker	United Kingdom licence	Other licences
IG	FCA	ASIC, JFSA, MAS, FINMA
CMC Markets	FCA	ASIC, CIRO, MAS, FMA
Pepperstone	FCA 684312	SCB, ASIC, CySEC, DFSA
Saxo	FCA	ASIC, SFC, JFSA, MAS
XTB	FCA	CySEC
Plus500	FCA	ASIC, JFSA, CIRO, FMA
Capital.com	FCA 793714	ASIC, EU, CMA-AE
FOREX.com	FCA	ASIC, MAS, CIRO, JFSA

These notes give one strong reason to choose each broker and one reason to hesitate. Every firm below holds an FCA authorisation, so the choice comes down to cost, platform and product.

IG

MinimumGBP 1

IG is the deepest all-round choice in the UK, with a London-listed parent and 8 Tier-1 licences. Its spread-only EUR/USD averages 0.91 pips, and the Forex Direct account comes to about 0.82 pips all-in. Spread betting, MT4, MT5 and its own platform all sit under one login, and the listed minimum is GBP 1.

Visit IG

CMC Markets

MinimumUSD 0

CMC Markets lists more currency pairs than any other broker here, and its FX Active account costs about 1.15 pips all-in. The web platform is excellent for chart work. Choose it for range and research, since Pepperstone and IG both cost less per lot on EUR/USD.

Visit CMC Markets

Pepperstone

MinimumUSD 10

Pepperstone holds FCA reference 684312, and its Razor account costs about 0.8 pips all-in. MT4, MT5, cTrader and TradingView make it the widest platform choice on our ranking. Research runs thinner than at IG, so pair it with your own news source.

Visit Pepperstone

Saxo

MinimumUSD 0

Saxo operates as a licensed bank with 7 Tier-1 licences, and its SaxoTraderGO platform suits traders who run forex beside shares and bonds. Spreads average about 1.0 pips. The account feels built for larger balances, so a GBP 500 starter will use only a fraction of what it offers.

Visit Saxo

XTB

MinimumUSD 0

XTB is publicly traded and started in 2002, with spreads near 1.06 pips and no listed minimum. The xStation 5 platform explains its features in context, which makes it a strong pick for a first UK account. Advanced users will miss MetaTrader here.

Visit XTB

Plus500

MinimumEUR 50

Plus500 keeps things simple, with one in-house platform, 7 Tier-1 licences and a free demo. Costs run through the spread at about 1.3 pips on EUR/USD. MetaTrader fans and system traders should look elsewhere, because the platform has no third-party add-ons.

Visit Plus500

Capital.com

MinimumUSD 20

Capital.com is the cheapest spread-only option here at about 0.7 pips, with FCA reference 793714 and a USD 20 listed minimum. It offers spread betting to UK residents. Published reviews also note insurance above USD 20,000 and up to USD 1,000,000, so read the terms on your entity.

Visit Capital.com

FOREX.com

MinimumUSD 100

FOREX.com has traded since 1999 and sits under StoneX Group, a NASDAQ-listed parent. Spreads average about 1.0 pips, and MT4 and MT5 both run alongside its own app. Its Trading Academy is a real asset for learners, and the USD 100 minimum sits higher than most of our ranking.

Visit FOREX.com

Spread betting is the feature that sets the UK apart, because only residents can use it. Gains from spread betting are free of capital gains tax and stamp duty under current UK rules, and that treatment rests on your own circumstances.

The best forex brokers UK traders compare for this feature are IG and Capital.com, and both offer it here. Published guides also list City Index and CMC Markets as spread betting providers, and each sets its own minimum stake per point.

A CFD or a spot forex position works differently. UK residents must report worldwide income, and any gain from those products goes on your return. Ask a tax adviser before you pick an account for tax reasons, since the product terms and your wider income both shape the result.

Retail clients at an FCA firm get three protections worth knowing. Client money stays segregated from company funds, negative balance protection stops losses at your deposit, and the FSCS covers up to GBP 85,000 per eligible person if an authorised firm fails.

Those rules come with limits. Leverage stops at 30:1 on the main pairs and 20:1 on minors, with lower caps on commodities and indices, and crypto derivatives are banned for retail clients.

Clients who opt up to professional status gain higher leverage and lose FSCS protection. A GBP 1,000 account at 30:1 still controls GBP 30,000 of EUR/USD, which is plenty for almost anyone starting out.

Fusion Markets and Interactive Brokers post lower raw figures worldwide, but the UK shortlist starts with Capital.com at about 0.7 pips and Pepperstone Razor at about 0.8 pips all-in. IG's Forex Direct follows at about 0.82 pips.

On one standard lot, the 0.5 pip gap between Capital.com and Plus500 is worth USD 5, about £4 today. Ten lots a month turns that into USD 50.

Overnight financing can matter more than spread on a swing trade. Check the long and short swap for your pair inside the platform, and test a holding period on a demo before you commit real money.

Most firms here list a low floor: GBP 1 at IG, USD 0 at CMC Markets, Saxo and XTB, and USD 10 at Pepperstone. A workable starting balance sits higher than those floors.

Take GBP 500 and a 1% risk rule. You can lose GBP 5 per trade, so a 25-pip stop on EUR/USD fits about 0.02 lots, since one pip on 0.01 lots is worth roughly USD 0.10.

Use our lot size calculator before each trade. Add money only once a demo and a small live account both show a repeatable result. Keep your funding in pounds where you can, because a 0.5% conversion charge on GBP 500 costs GBP 2.50 before your first trade opens.

London is the centre of the global currency market, and UK traders get the most liquid hours in normal working time. The overlap with New York runs 13:00–17:00 London time, when EUR/USD and GBP/USD spreads sit at their tightest.

British data lands at 7:00 am, ahead of the main London open, and US figures follow at 1:30 pm. Both moments can widen spreads for a minute or two, so avoid placing market orders right on the release. The Tokyo session gives you quieter conditions early in the day, which suit a learner testing a plan on small size.

UK onboarding is quick, and the FCA's appropriateness rules add a short knowledge test to the usual steps. Allow an hour for the forms and a day for document checks.

1. Pick a firm from the ranking and find it on the FCA register.
2. Choose spread betting, CFDs or both, and note the entity on your agreement.
3. Upload photo ID and a recent proof of address.
4. Answer the appropriateness questions honestly, including your trading experience.
5. Fund by debit card or bank transfer in pounds to avoid a conversion charge.
6. Set a stop on your first trade, and size it with a 1% risk limit.

Traders outside Britain can compare the same firms on our global forex broker ranking.