10 Best UK Forex Brokers (January 2023)

Do not invest more money than you can afford to lose.

As the leading FX trading hub in 2023, the UK sees trillions of pounds worth of value exchanged each day. The country is home to some of the best brokers in the world, so this hardly comes as a surprise. With so much competition, it could be rather difficult to stay up to date with which firm is best for your trading experience. To help you choose, we have picked the leading UK Forex brokers in January 2023. We have listed them below, giving a brief outline of what makes them stand out:

1. XM

XM is a leading brokerage, which offers access to an excellent service for its UK clients. It is well geared towards serving both beginner and experienced traders, with tight spreads reaching as low as 0 pips, low entry costs and a free VPS service. Most brokers which offer access to VPS take a monthly payment for it – which is not the case with XM. VPS is useful for trading without needing to worry about any downtimes – so it is a perfect tool for more experienced traders to make the most of their higher capital.

2. HFM

The second broker in our list, HFM is tightly regulated across several jurisdictions and has great trading conditions. However, what makes the firm unique is the mobile platform it has available. These days, there are a lot of leading brokers who have their own proprietary software. Trading on it, though, is usually limited. This is not the case with HFM – the accounts on the platform are fully compatible with Metatrader 5. You can place trades with all the tools of the MT5 platform from your PC and then track your orders on the go via the app.

3. FBS

FBS is an innovative broker which tries to stay ahead of the curve. And for its 10 year career, it has managed to do just that. The company has one of the lowest entry costs to the markets, combined with one of the lowest spreads. It also offers access to a different tier of account for trading crypto, for a similarly low fee. Do note the crypto market is quite volatile and is not tightly regulated by the FCA as of the time of writing. A good way to avoid the many dangers of trading on it is to deal with a legitimate broker you can trust – one like FBS.

4. FXTM

FXTM is a highly decorated broker, which is praised by industry and its traders alike. The company provides access to a very competitive ECN account. This costs £500 to open, which is about as much as what is charged in the industry. What makes it stand out is that it has spreads from zero pips and a very low commission. This is between $0.4 to $2 per traded lot, or 100 000 units of currency. Commissions with other firms are much higher, and can reach up to several times what FXTM charges. If you are interested in trading with the firm, you can also open a much cheaper micro account with higher spreads and no commission, of course.

5. FP Markets

One of the few brokers which offer access to copy trading in the UK is called FP Markets. For the unaware, Copy trading is a service, using which, clients can track a certain top performing trader and mimic their positions in real time. It is very useful to clients who might not have an intimate knowledge of how the markets work. What makes this particular broker able to provide one of the best copy trading services in general is the fact it is fully transparent about the persons you can copy. Their trading history is visible to all, and you can easily see what profits and losses they have made.

6. FXCM

FXCM offers access to spread betting. This is a unique service, which is very popular within the United Kingdom. Using it, traders can speculate how the spread of a given asset is going to change – and profit from that. What makes this different than CFDs is the fact the UK does not charge capital gains tax on spread betting, as it does on other derivatives. No stamp duty is charged either. Of course, leverage can be used to open larger positions with both CFDs and spread betting. Finally, there is no commission on this kind of trading charged by the broker.

 7. eToro

The next broker we would like to bring to your attention is called eToro. This company offers access to a rather unique service for UK traders. Normally, its minimum deposit is at least $50, but clients from Britain can open their accounts for just $10. This is quite generous, as micro accounts which cost as much usually come with certain restrictions on the trades they can place. These are usually limits on the lot size of such accounts. eToro does no such thing. On the other hand, the only platform it has available is a WebTrader, which might be off-putting to habitual Metatrader users.

8. Forex.com

Forex.com can be a good choice of broker for clients who wish to use the Metatrader 4 platform. The broker has access to a special set of tools available for it – there are, for instance nine additional custom indicators that can be utilized by the trader. In addition to that, Forex.com offers access to analytical tools which help you track the performance of your account in real time. There is the ability to also make use of a wide range of trading signals. This extension of what MT4 can do, combined with the company’s excellent trading conditions, means it is well worth checking out.

9. Pepperstone

Pepperstone is a broker which started out in Australia, but has long since branched to the United Kingdom, as well as several other large markets. What makes the company stand out is the fact it offers access to the cTrader platform. Developed to be the closest competitor to the industry leader Metatrader 5, cTrader is compatible with most of the EAs developed for the other platform. There is also a set of analytical tools that can rival the ones available on MT5. All in all, this software is worth checking out if you are an experienced trader, as it could be a better fit for your needs.

10. Trading212

Trading 212 is a broker focused on providing its clients with excellent CFD and investment services. The company offers access to accounts which can be used to purchase stocks from all over the world. When it comes to CFD trading, though, it is also highly competitive. What is interesting about this particular broker is that it has access to a proprietary trading platform instead of the industry standard Metatrader 4 or MT5. The software has a clean interface and some useful tools, but the lack of more mainstream platforms might be off-putting to some. Still, if you are not scared of trying a new way to trade, this could be the broker for you.