Best Forex Brokers in the UK 2026: 8 Brokers Tested & Compared

After comparing 8 UK forex brokers, my top picks are IG for most traders who want spread betting and a choice of platforms, and Pepperstone for active traders who want raw spreads and low all-in costs on major pairs.

IG offers spread betting and CFDs with EUR/USD from 0.6 pips and no commission, and you can trade on its own platform, MT4, TradingView, ProRealTime or L2 Dealer.

I compared the full cost of a EUR/USD trade including commission, overnight funding charges, platform choice, spread betting and raw-spread account options, currency pair range, and how clearly each broker shows the spread and margin before you place a trade.

How I tested and ranked these brokers

I tested each broker with a funded UK account in September 2026. I opened forex positions on the major pairs, compared spread-only and commission-based accounts where a broker offers both, held positions overnight to check funding charges, and withdrew money back to my bank or card.

• 11 funded UK accounts across 8 brokers (paired spread betting and CFD at IG, Razor and Standard at Pepperstone, Standard and FX Active at CMC)
• £20,300 deposited
• 28 forex positions across EUR/USD, GBP/USD, USD/JPY, EUR/GBP, EUR/NZD and GBP/JPY
• 5 positions held overnight to check funding charges (IG, XTB, Capital.com, Spreadex and FOREX.com)
• 8 withdrawals, one at each broker
• Tested on MT4, cTrader, TradingView, xStation 5 and SaxoTrader, plus the iPhone and Android apps

I then weighted all-in cost on major pairs 30%, platform and tool choice 20%, UK account options such as spread betting 15%, overnight and non-trading costs 15%, currency pair range 10% and cost visibility before trading 10%. An FCA-authorised UK entity, negative balance protection, spot FX on the major pairs for retail clients, and pricing I could compare before trading were requirements to be included, not scoring factors.

What are the best forex brokers in the UK in 2026?

PLATFORM	BEST FOR	EUR/USD ROUND TRIP ON 0.1 LOTS	PLATFORMS	SPREAD BETTING	MIN DEPOSIT	MAIN TRADE-OFF
IG	Platform choice and spread betting	£0.52 (0.7-pip spread, tested)	IG, MT4, TradingView, ProRealTime, L2 Dealer	Yes	£0 by bank transfer; £250 by card	1.5% (spread bet) / 1% (CFD) admin fee on overnight funding
Pepperstone	Low-cost active trading	£0.54 on Razor (0.12 pips + £0.45 commission, tested)	MT4, MT5, cTrader, TradingView, Pepperstone	Yes	£10	Commission isn’t in the quoted price
XTB	Beginners who want one platform	£0.67 (0.9-pip spread, tested)	xStation 5 only	No	£0	No MT4, MT5 or TradingView
CMC Markets	Widest currency pair range	£0.50 on FX Active (0.1 pips + commission)	CMC web/app, MT4, TradingView	Yes	£0	Two pricing models to compare
Capital.com	Small accounts on mobile	£0.44 (0.6-pip spread outside news releases, tested); £1.33 after US CPI	Capital.com, MT4, TradingView	Yes	£20	No published minimum spread
Spreadex	Small-stake spread betting	£0.52 equivalent (0.7-point spread outside news releases, tested); £1.63 after UK CPI	Spreadex, TradingView	Yes	No account minimum	No MT4 or automation
Saxo	Large balances and FX beyond spot	£5.11 (0.9 pips + USD 3 commission each side, tested)	SaxoTrader (web, desktop, mobile), TradingView	No	£0 (Classic)	Commission on trades below 50,000 units
FOREX.com	Forex-first account with MT4	£0.74 (1.0-pip spread, tested)	FOREX.com, MT4, TradingView	No	£100	No raw-spread account or spread betting in the UK

Round-trip cost = average spread I observed outside major news releases plus any commission, on a 0.1-lot EUR/USD trade, converted at £1 = $1.35 (approximate September 2026 average). News-release readings are shown separately where I recorded them.

Quick answer: which forex broker should you choose?

IF YOU WANT…	CONSIDER	WHY
The widest platform choice from one provider	IG	Spread betting and CFDs on IG, MT4, TradingView, ProRealTime and L2 Dealer
Raw spreads for frequent, larger trades	Pepperstone	0.1-pip average EUR/USD on Razor plus £2.25 per lot per side
A simple platform to learn on	XTB	Risk shown in pounds on the chart; no minimum deposit
Minors, crosses and exotics	CMC Markets	300+ FX instruments, the widest range here, including currency indices
To start small from your phone	Capital.com	£20 minimum; spread, margin and overnight fee shown on the ticket
The smallest real-money stakes	Spreadex	10p a point on EUR/USD and a published overnight funding formula
FX alongside a large multi-asset portfolio	Saxo	185+ pairs, FX forwards and options, tiered pricing
A forex specialist on MT4	FOREX.com	All-in spreads and Performance Analytics on your own trades

Reviews of the best forex brokers in the UK

Below is a detailed breakdown of the best forex brokers in the UK, their key features and who each one is best suited for.

1. IG – Best forex broker for platform choice and spread betting

IG gives UK forex traders the widest choice of ways to trade the same pairs: spread betting or CFDs, on its own platform, MT4, TradingView, ProRealTime or L2 Dealer. EUR/USD starts at 0.6 pips with no commission.

The trade-off is overnight cost: IG adds an admin fee of 1.5% a year on spread bets (1% on CFDs) on top of the tom-next rate, so holding costs add up for swing traders.

Key information

FEATURE	INFORMATION
Best for	Forex traders who want spread betting and a choice of platforms
UK entity	IG Markets Limited (spread betting via IG Index Ltd)
FCA status	FCA-authorised, FRN 195355
EUR/USD spread	From 0.6 pips (0.7 average in my test)
Other majors	GBP/USD from 0.9 · EUR/GBP from 0.9 · USD/JPY from 0.7
Commission	None on standard FX
Overnight funding	Tom-next rate plus an annual admin fee of 1.5% (spread bets) or 1% (CFDs)
Currency conversion	0.8%
FX pairs	80+
Account types	Spread betting, CFD
Platforms	IG web/app, MT4, TradingView, ProRealTime, L2 Dealer
Maximum retail leverage	30:1 majors, 20:1 non-majors
Minimum deposit	No minimum by bank transfer; £250 by card
Inactivity fee	None listed on IG’s UK charges page
Retail loss rate	69% of retail investor accounts lose money when trading spread bets and CFDs with this provider
FSCS	Eligible client money up to £85,000
Key differentiator	Five platforms under one IG login (MT4 runs on a separate MT4 account)

What I tested: In September 2026, I used a spread betting account and a CFD account on the IG web platform, the IG iPhone app and MT4. I deposited £3,000 by debit card (£1,000 to the spread betting account and £2,000 to the CFD account), opened a EUR/USD spread bet at £1 a point, held a 0.5-lot GBP/USD CFD for two nights, tested a guaranteed stop, price alerts and the TradingView connection, and withdrew £200 to my debit card.

What was it like trading forex on IG?

My account was approved in 35 minutes, with an automated ID check and no documents requested. I funded the spread betting account with £1,000 and opened my first position on the web platform, because that’s where most IG users start.

The deal ticket shows the margin needed before you confirm, which on a £1-a-point EUR/USD bet was £387. That matters more than it sounds: it’s easy to size a spread bet by “pounds per point” without noticing that £1 a point is roughly £11,600 of notional exposure.

Next, I linked the account to TradingView and placed a trade from a chart without leaving it, then logged into MT4 on the CFD account to check whether it showed the same prices.

MT4 showed EUR/USD at 0.7 pips at the moment the IG platform showed 0.6, which fits IG publishing a higher average for MT4. The friction is that MT4 at IG runs on its own account, which you add in My IG as either spread betting or CFD, so you have to choose your account type and platform together.

My £200 withdrawal, requested on a Tuesday morning, was in my bank account in the afternoon.

How much does IG charge to trade forex?

IG publishes EUR/USD from 0.6 pips with no commission. On a £1-per-point spread bet, a 0.6-point spread costs 60p to get in and out.

IG’s own MT4 page puts the average at 0.85 pips, but that figure covers the 12 weeks to 8 January 2021 and applies to MT4, so treat it as a rough guide rather than a current spread-bet cost.

I recorded 0.8 pips at the London open and 0.6 pips during the London–New York overlap, which averaged out at 0.7. Currency conversion costs 0.8%.

What does it cost to hold a forex position overnight on IG?

You pay tom-next plus an annual admin fee of 1.5% on spread bets or 1% on CFDs. On £10,000 of notional exposure in a CFD, the admin fee alone is about 27p a night (£10,000 × 1% ÷ 365), or about 41p on a spread bet, before the interest-rate differential.

Positions held through Wednesday’s 10pm cut-off are charged three nights, because of T+2 settlement. I held a 0.5-lot GBP/USD CFD (£50,000 notional) on Monday and Tuesday nights.

The admin fee came to £2.74 under IG’s formula (£50,000 × 1% ÷ 365 × 2), and the total debit was £2.46 after a small interest credit. That’s small for two nights, but the admin fee alone is about £9.60 a week on one position.

Who is IG best for?

IG is best for UK forex traders who want spread betting and a choice of platforms, from MT4 to TradingView and ProRealTime, under one provider.

Who should consider an alternative to IG?

Swing traders holding positions for days should compare overnight funding before choosing: IG’s 1.5% mark-up on spread bets matches Spreadex’s, and its CFD account is cheaper to hold at 1%. High-volume traders who want raw spreads, cTrader or automated trading should look at Pepperstone’s Razor account.

Read the complete IG review here.

2. Pepperstone – Best forex broker for low-cost active trading

Pepperstone’s Razor account gives active traders raw pricing on major pairs: EUR/USD from 0.0 pips, a published 0.1-pip August 2026 average, and £2.25 commission per lot per side. It also supports all four major third-party platforms, including cTrader.

The trade-off is that you have to work out the all-in cost yourself, because spread and commission are charged separately.

Key information

FEATURE	INFORMATION
Best for	Active and algorithmic traders on major pairs
UK entity	Pepperstone Limited
FCA status	FCA-authorised, FRN 684312
EUR/USD spread	Razor: 0.0 min / 0.1 avg · Standard: 1.0 min / 1.1 avg · Spread betting: 0.5 min / 0.5 avg (1–31 August 2026, all sessions including rollover)
GBP/USD spread	Razor 0.0 / 0.2 avg · Standard 1.0 / 1.2 avg · Spread betting 0.8 / 0.9 avg
Commission	Razor: £2.25 per lot per side · Standard and spread betting: none
FX pairs	90+
Execution (broker-reported)	From 50ms; 99.32% fill rate
Account types	Razor, Standard, spread betting
Platforms	Razor and spread betting: MT4, MT5, cTrader, TradingView, Pepperstone platform · Standard: no TradingView
Minimum deposit	£10
Inactivity fee	None
Retail loss rate	72.9% of retail investor accounts lose money when trading spread bets and CFDs with this provider
FSCS	Eligible client money up to £85,000
Key differentiator	Raw pricing on four third-party platforms

What I tested: In September 2026, I opened a Razor CFD account and a Standard CFD account side by side, using TradingView and cTrader on desktop and the Pepperstone app on Android.

I deposited £8,000 by bank transfer (£4,000 into each account), placed the same 1-lot EUR/USD trade on both accounts to compare costs, checked whether cTrader cBots could run on the account, and withdrew £100 to my bank.

What was it like trading forex on Pepperstone?

My £8,000 Faster Payments deposit was credited in 27 minutes. I placed the same 1-lot EUR/USD trade on Razor and Standard within a minute of each other, because I wanted to find out whether the commission cancels out the tighter spread. Ten market orders in the London session filled with no slippage.

I charted and placed orders from TradingView, then switched to cTrader to check depth-of-market and whether cBots could run on the account. Both worked on Razor. TradingView isn’t available on the Standard account, though, so if TradingView is your main tool, the choice is between Razor and spread betting. MT4 and MT5 are there for anyone with existing Expert Advisors.

The friction is that the cost of a Razor trade isn’t visible in one number. The spread on the chart looks close to zero, and when I traded from TradingView the commission only showed up in account history. cTrader was better, showing the estimated commission on the ticket before I confirmed. My £100 withdrawal arrived the next working day.

How much does Pepperstone charge to trade forex?

Pepperstone charges no commission on Standard and spread betting accounts, and £2.25 per lot per side on Razor. A 1-lot EUR/USD round trip on Standard costs about $11 in spread (1.1 pips × $10). On Razor it’s about $1 in spread (0.1 pip) plus £4.50 commission.

At current exchange rates that makes Razor roughly a third cheaper, and the saving scales with every lot. My live spreads averaged 0.12 pips on Razor and 1.1 pips on Standard, so my own trades came out at about £5.40 all-in on Razor against £8.15 on Standard. There’s no inactivity fee.

Who is Pepperstone best for?

Pepperstone is best for active forex traders, scalpers and algorithmic traders who trade majors in size and want raw spreads on MT4, MT5, cTrader or TradingView.

Who should consider an alternative to Pepperstone?

A trader placing a few small trades a month won’t see much benefit from Razor. Beginners who want one all-in price may find XTB or Capital.com easier, and anyone who needs pairs beyond the 90+ on offer should look at CMC Markets.

Read the complete Pepperstone review here.

3. XTB – Best forex broker for beginners who want one platform

XTB puts everything into xStation 5, one of the cleaner forex platforms here, with no minimum deposit, no commission and EUR/USD from 0.8 pips. It suits newer traders who want charts, sentiment data and a trade calculator in one place. The trade-off is that there’s no MT4, MT5 or TradingView, so traders with existing tools or Expert Advisors can’t bring them.

Key information

FEATURE	INFORMATION
Best for	Newer forex traders who want one platform
UK entity	XTB Limited
FCA status	FCA-authorised, FRN 522157
EUR/USD spread	From 0.8 pips (XTB comparison, correct as of 13 January 2026)
Commission	None on forex CFDs
Overnight funding	Swap points shown in xStation’s instrument specification
Instruments	2,600+ CFDs, including 70+ currency pairs
Platform	xStation 5 (web, desktop, mobile); no MT4/MT5
Minimum trade	0.01 lots
Spread betting	No
Minimum deposit	£0
Inactivity fee	£10/month, only after 12 months without a trade and no deposit in the last 90 days
Retail loss rate	74% of retail investor accounts lose money when trading CFDs with this provider
FSCS	Eligible client money up to £85,000
Key differentiator	Chart-based orders with risk shown in pounds

What I tested: In September 2026, I used a standard CFD account on xStation 5 in a web browser and in the XTB app.

I deposited £750 by debit card, opened a 0.1-lot EUR/USD trade with a stop and take-profit set on the chart, held a 0.05-lot USD/JPY position overnight, used the trade calculator, sentiment panel, economic calendar and swap table, and withdrew £100 to my bank.

What was it like trading forex on XTB?

My £750 card deposit was credited instantly, and I went straight into xStation 5 in the browser. XTB’s trade calculator was the first thing I used, because it shows the pip value, margin and swap for a given size before you open a position.

xStation 5 is one of the easier platforms here to manage risk on. I dragged the stop-loss and take-profit lines directly on the chart, and the platform showed the potential loss and gain in pounds as I moved them.

For a newer trader, seeing “−£18” rather than “−24 pips” makes position sizing much easier to understand. The sentiment panel, which showed 63% of XTB clients short EUR/USD when I checked, is interesting context but not a signal.

The limitation is platform choice. I couldn’t connect TradingView or run an MT4 indicator I use elsewhere. My £100 withdrawal, requested on Monday, arrived swiftly.

How much does XTB charge to trade forex?

XTB publishes EUR/USD from 0.8 pips with no commission. On a 0.1-lot position that’s 80 cents at the minimum spread. I opened 0.1 lots and saw 0.9 pips at the time I traded, so the round trip cost 90 cents, or about 67p.

There’s no separate commission to add, so the spread on the ticket is the full dealing cost. An inactivity fee of £10 a month applies only after 12 months without a trade and no deposit in the last 90 days.

What does it cost to hold a forex trade overnight on XTB?

It depends on the pair’s interest-rate differential, shown as swap points in the instrument specification. I held a long 0.05-lot USD/JPY position overnight and received a 21p credit, because the dollar earns more interest than the yen.

The calculator showed the same position short would have cost 52p a night. Check which side of the swap you’re on before any multi-day trade on a high-yield pair.

Who is XTB best for?

XTB is best for newer UK forex traders who want one well-built platform, no minimum deposit and all-in spreads without commission.

Who should consider an alternative to XTB?

Traders who rely on MT4 Expert Advisors, cTrader or TradingView should choose Pepperstone or IG instead. XTB doesn’t offer spread betting, so anyone who wants it should look at IG, CMC Markets or Spreadex.

Read the complete XTB review here.

4. CMC Markets – Best forex broker for currency pair range

CMC Markets offers 300+ forex instruments, the widest range of pairs here, plus a commission-based FX Active account with spreads from 0.0 pips on six majors.

It suits traders who go beyond the majors into minors, exotics and currency baskets. The trade-off is choosing the right account: FX Active is cheaper on the six majors, but you pay 0.0025% commission on every transaction.

Key information

FEATURE	INFORMATION
Best for	Traders of minors, crosses and exotics
UK entity	CMC Markets UK plc
FCA status	FCA-authorised, FRN 173730
EUR/USD spread	Standard CFD: from 0.5 pips (MT4 pricing table) · FX Active: from 0.0 pips
FX Active pricing	From 0.0 pips on EUR/USD, GBP/USD, AUD/USD, NZD/USD, USD/CAD and USD/JPY; 25% spread discount on other pairs
Commission	Standard: none · FX Active: 0.0025% per transaction ($2.50 per $100,000 notional)
FX instruments	300+
Execution (broker-reported)	0.009-second median, web/mobile, 1 April 2024–31 March 2025
Account types	Spread betting, CFD, FX Active
Platforms	CMC web/app, MT4, TradingView connection
Minimum deposit	£0 (funds needed to trade)
Inactivity fee	£10/month after one year without trading; no fee on accounts with zero funds
Retail loss rate	69% of retail investor accounts lose money when spread betting and/or trading CFDs with this provider
FSCS	Eligible client money up to £85,000
Key differentiator	300+ FX instruments, including currency indices

What I tested: In September 2026, I used a standard CFD account and then an FX Active account on the CMC web platform.

I deposited £2,000 by bank transfer, placed a 0.2-lot GBP/USD trade on each account, compared a 0.1-lot EUR/NZD trade to check FX Active’s 25% discount, tested a guaranteed stop-loss order and the pattern recognition scanner, and withdrew £250 to my bank.

What was it like trading forex on CMC Markets?

I deposited £2,000 and started on a standard CFD account, then opened FX Active to compare the same GBP/USD trade on both. The web platform’s product library is where CMC’s range shows: filtering forex alone returns a list long enough that I used the search box rather than scrolling.

When I added a guaranteed stop to the GBP/USD trade, the ticket showed a 0.3-pip premium, which CMC charges when the order is placed and refunds if the stop isn’t triggered.

The FX Active commission sits as a separate line below the order ticket, not in the quoted price, so it’s easy to overlook when you’re scanning spreads.

Three account types, two pricing models and 300+ instruments mean you need to check the account before you check the chart. My £250 withdrawal, requested before 1pm, arrived the same afternoon.

How much does CMC Markets charge to trade forex?

CMC’s standard account has no commission, with EUR/USD from 0.5 pips. FX Active starts at 0.0 pips plus 0.0025% commission on each side. On 1 lot of EUR/USD that’s about $2.90 a side at current rates, or around 0.6 pips round trip. Add ForexBrokers.com’s independently measured 0.65-pip FX Active average and the all-in cost is about 1.2 pips.

The standard account’s 0.5 pips is its minimum, but the same independent test recorded an average of 1.3 pips. On GBP/USD I saw 1.1 pips on the standard account and 0.3 pips on FX Active. After commission, FX Active came to about 1.0 pip, so it saved me roughly 0.1 pips a trade.

Is CMC’s FX Active account worth it for pairs outside the majors?

Not on EUR/NZD in my test. FX Active gives a 25% spread discount on all its other pairs, so I tested EUR/NZD. The spread was 1.8 pips on FX Active against 2.4 on the standard account, a saving of 0.6 pips.

But the 0.0025% commission still applies on each side, and on EUR/NZD that came to roughly 1 pip for the round trip, so FX Active cost about 2.8 pips all-in against 2.4. On a pair priced like EUR/NZD, the discount only beats the commission once the standard spread is wider than about 4 pips, so check wider exotics pair by pair.

Who is CMC Markets best for?

CMC Markets is best for UK forex traders who trade minors, exotics or crosses as well as the majors, and for active traders who’ll use FX Active’s commission pricing.

Who should consider an alternative to CMC Markets?

A beginner trading only EUR/USD occasionally may find a single all-in spread account like XTB simpler. Traders who want cTrader should look at Pepperstone.

Read the complete CMC Markets review here.

5. Capital.com – Suited to small accounts traded on mobile

Capital.com lets you start with £20 and trade forex from a well-designed app, with no commission and the exact spread shown on the deal ticket before you trade. It suits newer traders funding small accounts from their phone.

The trade-off is that spreads are dynamic rather than published as fixed minimums, and a 0.7% conversion fee applies when currencies don’t match your account.

Key information

FEATURE	INFORMATION
Suited to	Newer traders starting small on mobile
UK entity	Capital Com (UK) Limited
FCA status	FCA-authorised, FRN 793714
EUR/USD spread	Dynamic; Capital.com’s published example uses 0.6 pips. The exact spread is shown on the deal ticket
Commission	None
FX pairs	120+
Currency conversion	0.7% for retail clients
Overnight funding	Applies to leveraged positions held overnight; shown on the deal ticket
Guaranteed stop-loss	Available; fee charged only if triggered
Account types	CFD, spread betting
Platforms	Capital.com web/app, MT4, TradingView (no MT5 for UK clients)
Minimum deposit	£20
Deposit / withdrawal fees	None
Inactivity fee	None
Retail loss rate	65% of retail investor accounts lose money when trading spread bets and CFDs with this provider
FSCS	Eligible client money up to £85,000
Key differentiator	Spread, margin and overnight fee on the ticket before you confirm

What I tested: In September 2026, I used a retail CFD account in the Capital.com iPhone app and then on the web platform. I deposited £500 by Apple Pay, opened a 0.05-lot EUR/USD trade with a guaranteed stop, held a 0.1-lot GBP/JPY position overnight, set price alerts, connected TradingView, and withdrew £50 back to my card.

What was it like trading forex on Capital.com?

Sign-up to first trade took 14 minutes, including the appropriateness questionnaire and an in-app ID scan. I deposited £500 with Apple Pay and placed my first EUR/USD trade from the app.

The deal ticket shows the current spread, required margin and overnight fee on one screen before you confirm, which is more than several of the most popular trading apps show.

For a beginner with £500, the guaranteed stop can be worth it. I added one to a 0.05-lot EUR/USD trade, which fixes the exit price even if the market gaps.

The ticket showed a 90p fee, charged only if the guaranteed stop is triggered. It works as insurance on a small account, but it’s a cost you pay every time it triggers. My £50 withdrawal to card arrived in 3 hours.

How much does Capital.com charge to trade forex?

Capital.com charges no commission, no deposit or withdrawal fees and no inactivity fee. Its cost is the spread, which varies. The published example uses 0.6 pips on EUR/USD, and the live spread is on the deal ticket.

I recorded 0.6 pips at the London open and 1.8 pips in the two minutes after the US inflation release. Because there’s no fixed “from” figure, the ticket is the only reliable number, so check it every time, especially around news.

Overnight funding is shown on the ticket too: my 0.1-lot GBP/JPY position was charged 43p for one night, matching the figure on the ticket before I opened it. The 0.7% conversion fee applies because profit and loss on EUR/USD are in dollars.

When I closed the EUR/USD trade for a $36.40 profit, it converted to £26.77 after the conversion fee of about 19p. That’s small on one trade but it applies to every closed position in a non-GBP pair.

Who is Capital.com suited to?

Capital.com is suited to newer UK forex traders starting with a small deposit who want to trade from an app and see costs before each trade.

Who should consider an alternative to Capital.com?

Traders who compare brokers on published spreads, or trade high volumes, will find Pepperstone or CMC easier to benchmark. Anyone who needs cTrader or one of the top MT5 brokers should look at Pepperstone.

Read the complete Capital.com review here.

65% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

6. Spreadex – Best forex broker for small-stake spread betting

Spreadex is a spread betting specialist with EUR/USD from 0.6 points and a minimum stake of 10p a point. That makes it one of the cheapest ways to trade real forex positions with very small risk.

It suits UK traders who want spread betting’s tax treatment and a simple platform. The trade-off is limited tooling: no MT4, MT5 or cTrader, and sports betting sits in the same account.

Key information

FEATURE	INFORMATION
Best for	Small-stake forex spread betting
UK entity	Spreadex Limited (also licensed by the Gambling Commission for sports betting)
FCA status	FCA-authorised, FRN 190941
EUR/USD spread	From 0.6 points (spread bet and CFD)
GBP/USD spread	From 0.9 points
Commission	None on spread bets
FX pairs	60+
Minimum stake	£0.10 per point (EUR/USD)
Overnight funding	Interest differential ±1.5%, charged at 22:00
Account types	Spread betting, CFD
Platforms	Spreadex web/app, TradingView
Minimum deposit	No account minimum; small per-method minimums apply
Inactivity fee	None
Retail loss rate	61% of retail investors lose money when trading spread bets and CFDs with this provider
FSCS	Eligible client money up to £85,000
Key differentiator	10p-a-point minimum stake on majors

What I tested: In September 2026, I used a spread betting account on the Spreadex web platform on my laptop and in the Spreadex app.

I deposited £300 by debit card, opened a EUR/USD bet at 10p a point and a GBP/USD bet at 50p a point, recorded spreads at the London open, the London–New York overlap and the UK CPI release on 16 September, held the GBP/USD bet past the 22:00 funding time, and withdrew £100 to my card.

What was it like trading forex on Spreadex?

I deposited £300 and opened my first spread bet on EUR/USD at 10p a point, the minimum Spreadex allows. At 0.6 points, the spread cost of that position was 6p. For anyone testing a strategy with real money rather than on one of the leading demo trading accounts, that’s close to as small as live forex trading gets.

The limitations are tools and focus. There’s no MT4 or cTrader, so automated strategies are out, although TradingView helps with charting. Sports betting markets are in the same account and app, which some traders will find distracting. My £100 withdrawal arrived the next working day.

How much does Spreadex charge to trade forex?

Spreadex charges no commission on spread bets and no inactivity fee. It publishes EUR/USD from 0.6 points and GBP/USD from 0.9. I checked EUR/USD three times: at the London open, during the London–New York overlap and in the minute after the UK inflation release.

The results were 0.8, 0.6 and 2.2 points. Minimum spreads are a best case, and the news-release reading shows what you might actually pay when volatility spikes: at £1 a point, the same trade would have cost £2.20 rather than 60p. GBP/USD averaged 1.0 point.

What does it cost to hold a forex spread bet overnight on Spreadex?

Spreadex charges the interest differential plus or minus 1.5%, applied at 22:00. I held a 50p-a-point GBP/USD bet (about £6,750 notional) past 22:00 and was charged 31p for the night. The 1.5% mark-up matches IG’s spread-betting admin fee, and Spreadex publishes the full formula, so the overnight cost is easy to predict before you hold a bet.

Who is Spreadex best for?

Spreadex is best for UK traders who want to spread bet on forex with very small stakes, and for swing traders who want a simple, published overnight funding formula.

Who should consider an alternative to Spreadex?

Algorithmic traders and anyone who needs MetaTrader should look at Pepperstone or IG. Traders who don’t want sports betting in the same account should also look elsewhere.

Read the complete Spreadex review here.

7. Saxo – Best forex broker for large balances and FX beyond spot

Saxo offers 185+ FX pairs on professional-grade platforms, with EUR/USD from 0.7 pips and pricing that improves at Platinum and VIP tiers. It suits well-funded, experienced traders who want FX alongside a full multi-asset account.

The trade-off is small trades: a USD 3 commission may apply below 50,000 base units, which makes micro-lot forex expensive.

Key information

FEATURE	INFORMATION
Best for	Experienced traders with larger balances
UK entity	Saxo Capital Markets UK Limited
FCA status	FCA-authorised, FRN 551422
EUR/USD spread	From 0.7 pips
Other majors	GBP/USD from 0.8 · USD/JPY from 0.9
Commission	USD 3 on trades below 50,000 base units, subject to variations
Pricing tiers	Classic, Platinum, VIP; spreads narrow at higher tiers and indicative minimums vary by country of residence
FX pairs	185+, plus FX forwards and options
Platforms	SaxoTrader (web, desktop, mobile), TradingView
Spread betting	No
Minimum deposit	£0 on Classic
Inactivity fee	None
Retail loss rate	60% of retail investor accounts lose money when trading CFDs with this provider
FSCS	Eligible client money up to £85,000
Key differentiator	SaxoTrader desktop’s multi-screen layout and 185+ pairs

What I tested: In September 2026, I used a Classic-tier individual account on SaxoTrader in the browser and the SaxoTrader desktop app (formerly SaxoTraderGO and SaxoTraderPRO).

I deposited £5,000 by bank transfer, traded EUR/USD at 10,000 units and again at 50,000 units to test the commission threshold, looked up GBP/USD and USD/SEK, checked the order ticket cost breakdown and SaxoStrats research, and withdrew £500 to my bank.

What was it like trading forex on Saxo?

Onboarding took two working days, because Saxo asked for proof of address. I funded the Classic account with £5,000 and started in SaxoTrader on the web, then moved to the desktop version once I wanted more than one chart open. The desktop platform is built for traders running several screens, and it shows.

The order ticket itemises the spread and commission before you confirm, which made the commission threshold easy to see. The complexity is the catch: pricing depends on tier and residency, so the numbers you see on Saxo’s site may not match your account. My £500 withdrawal arrived the next working day.

How much does Saxo charge to trade forex?

Saxo publishes EUR/USD from 0.7 pips, and a USD 3 commission may apply to trades below 50,000 base units. On a 10,000-unit trade (0.1 lots), that commission is worth more than the spread. At 0.7 pips, the spread costs 70 cents, and $3 on both the opening and closing trade takes a round trip to $6.70, the equivalent of about 6.7 pips.

At 50,000 units the commission falls away and you’re back to the spread alone. I placed both sizes to check. The order ticket showed $3 commission on the 10,000-unit trade and none on the 50,000-unit trade. With my observed 0.9-pip average spread, the small trade cost $6.90 for the round trip, against $4.50 for a position five times larger. There’s no inactivity fee.

Does Saxo’s pair range matter for UK forex traders?

For some. I found USD/SEK and several other Scandinavian and emerging-market crosses that the app-first brokers don’t offer. FX forwards and FX options also appeared in the instrument search on my Classic account. Traders hedging business currency exposure or trading regional themes will value that more than a tenth of a pip on EUR/USD.

Who is Saxo best for?

Saxo is best for experienced forex traders with larger balances who trade in sizes above 50,000 units and want FX inside a full multi-asset account.

Who should consider an alternative to Saxo?

Beginners and anyone trading 0.01–0.1 lots should look at XTB, Capital.com or Spreadex. Traders who want MT4 or spread betting should look at IG.

Read the complete Saxo review here.

8. FOREX.com – Best forex broker for a forex-first account with MT4

FOREX.com is built around currencies, with 80+ FX pairs, EUR/USD from 0.7 pips and no commission on its Standard account. It suits traders who want a forex-focused broker with MT4 and TradingView and a parent company, StoneX, with a long institutional record.

The trade-off is fewer account options for UK clients and a £100 minimum deposit that’s higher than most rivals here.

Key information

FEATURE	INFORMATION
Best for	Forex-focused traders on MT4
UK entity	StoneX Financial Ltd (company no. 05616586)
FCA status	FCA-authorised, FRN 446717
EUR/USD spread	From 0.7 pips
Commission	None on Standard; cost is in the spread
FX pairs	80+
Account types	Standard CFD; no RAW pricing account and no spread betting for UK clients
Platforms	FOREX.com web/app, MT4, TradingView (no MT5 for UK clients)
Minimum deposit	£100
Inactivity fee	£12/month after 12 months without trading
Retail loss rate	74% of retail investor accounts lose money when trading CFDs with this provider
FSCS	Eligible client money up to £85,000
Key differentiator	Performance Analytics on your own trading history

What I tested: In September 2026, I used a Standard account on the FOREX.com web platform and on MT4 on desktop.

I deposited £750 by debit card, opened a 0.1-lot EUR/GBP trade on the web platform and held it overnight, placed the same trade on MT4 to compare pricing, recorded EUR/USD spreads in the London session, used Performance Analytics, trading signals and the TradingView connection, and withdrew £100 to my card.

What was it like trading forex on FOREX.com?

My account was approved the same day, in about 4 hours. I deposited £750, the minimum being £100, and chose EUR/GBP for my first trade. For a GBP account, it’s a useful test pair: profit and loss land in pounds, so there’s no conversion to think about.

I placed the same 0.1-lot EUR/GBP trade on the web platform and on MT4 a few minutes apart. The spread was 1.3 pips on the web platform and 1.5 on MT4, so traders moving an existing setup across from other leading MT4 brokers should check this on the pairs they trade most.

Performance Analytics was more useful than most broker add-ons. After a handful of trades, it broke my results down by pair, time held, and win/loss size, which usually needs a spreadsheet. It also flagged that my losing trades were held about twice as long as my winners, which is exactly the habit a new trader needs to see. My £100 withdrawal took two working days.

How much does FOREX.com charge to trade forex?

FOREX.com publishes EUR/USD from 0.7 pips on its Standard account with no commission. On a 0.1-lot trade that’s 70 cents at the minimum. I recorded an average of 1.0 pips during the London session, so $1 a round trip on 0.1 lots.

Because everything is in the spread, the number on the ticket is the whole dealing cost. Holding my 0.1-lot EUR/GBP position overnight cost 19p. An inactivity fee of £12 a month applies after 12 months without trading.

Who is FOREX.com best for?

FOREX.com is best for UK traders who mainly trade currencies and want an all-in spread on MT4 or TradingView from a forex-specialist broker.

Who should consider an alternative to FOREX.com?

High-volume traders chasing raw spreads will get lower costs at Pepperstone or CMC, because the commission-based RAW account isn’t offered in the UK. Anyone who wants one of the top spread betting platforms should look at IG or Spreadex.

Read the complete FOREX.com review here.

How I scored and ranked the best forex brokers in the UK

I started from the research behind Psyfi Money’s full broker reviews, then weighted it for a UK retail trader choosing where to trade currency pairs.

Every broker first had to pass an entry check: an FCA-authorised UK entity, negative balance protection, spot FX on the major pairs for retail clients, and pricing I could compare before trading (published spreads or commission, or a live spread on the deal ticket). The weights below set the order of this guide only, so it can differ from the site’s ranking of the top UK trading platforms, and any broker’s wider Psyfi Money review rating is a separate assessment.

Ranking factor	Weight	What I assessed
All-in cost on major pairs	30%	Published EUR/USD and GBP/USD minimum and average spreads, per-lot commission (Pepperstone Razor £2.25 per side, CMC FX Active 0.0025%, Saxo USD 3 below 50,000 units), and a modelled round trip at 0.1 and 1 lot
Platform and tool choice	20%	MT4, MT5, cTrader, TradingView and ProRealTime support, checked per account type (TradingView isn’t on Pepperstone’s Standard account)
UK account options	15%	Spread betting alongside CFDs, a raw-pricing account open to UK clients, minimum deposit and minimum stake (from 10p a point at Spreadex)
Holding and non-trading costs	15%	Overnight funding method (IG’s tom-next plus 1.5% on spread bets or 1% on CFDs, Spreadex’s differential ±1.5%), currency conversion fees of 0.7–0.8%, and inactivity fees
Currency pair range	10%	FX pairs, from 60+ at Spreadex to 300+ at CMC, plus minors, exotics, forwards and options
Cost visibility before trading	10%	Whether the broker publishes average spreads, not just minimums, and shows spread, margin and overnight cost before a trade is confirmed

The comparison that separated brokers most was a modelled EUR/USD round trip built from published pricing and my own readings.

At 1 lot, Pepperstone’s 0.1-pip Razor average plus £4.50 commission works out at roughly 0.7 pips, level with the 0.7 pips I recorded at IG and well below the 1.1-pip average on Pepperstone’s own Standard account.

At 10,000 units, Saxo’s USD 3 commission on each side turns a 0.7-pip spread into the equivalent of about 6.7 pips, which is why trade size sits inside the cost criterion.

Cost carries the most weight because forex traders repeat the same trade many times, so fractions of a pip compound. Platform choice and UK account options come next, because many readers already trade on MT4 or TradingView, and spread betting is taxed differently from CFDs for UK residents.

FCA authorisation and negative balance protection are entry requirements rather than points, since every broker here has them, and the weighting decides the order of this guide while each broker’s full Psyfi Money review rating stays separate.

What makes a good forex broker?

No single broker is best for every UK trader. These are the factors that decide which one fits you:

• FCA authorisation: your account should sit with the broker’s FCA-authorised UK entity, which gives you retail leverage caps, negative balance protection and segregated client money.
• Total cost: spread plus any commission, overnight funding if you hold positions, and currency conversion on non-GBP pairs.
• Platform: if you use MT4, MT5, TradingView or cTrader, check it’s available on the account type you want.
• Account options: spread betting, a raw-spread account, minimum deposit and minimum trade size.
• Currency pairs: from 60+ at Spreadex to 300+ at CMC Markets.
• Tools and support: order types such as guaranteed stops, a demo account, a mobile app that shows costs before you confirm, and support during market hours.

How to place a trade on a UK forex broker?

1. Log in to the platform

If prompted, complete 2FA by entering the code sent via push notification, SMS, or phone call.

2. Deposit funds into your account

Head to your dashboard and choose to add funds. Select your currency, enter the amount you want to deposit, tap Continue, then choose a payment method.

3. Confirm your funds are available

Check your dashboard to make sure your deposit has landed in your Investment Account before you start trading.

4. Search for the asset you want to trade

Use the search bar to type in the ticker or company name, then select it from the Markets results.

5. Set up and confirm your trade

Choose Buy or Short, enter the amount you want to invest, optionally set a Stop Loss and Take Profit, then tap Buy or Short to confirm.

Forex regulation in the UK

Forex brokers serving UK retail clients must be authorised by the FCA. Before opening an account, check:

1. The register: the firm’s name, reference number and website match its entry on the FCA Register, and it isn’t on the Warning List as a clone.
2. The entity: your client agreement names the UK entity, not an offshore one. Offshore accounts can offer higher leverage but may not carry UK protections.

FCA rules for retail CFD and spread betting accounts:

• Leverage caps: 30:1 on major pairs and 20:1 on non-majors.
• Margin close-out: positions are closed when your funds fall to 50% of required margin.
• Negative balance protection: you can’t lose more than the money in your account.
• Risk warning: brokers must show the percentage of retail accounts that lose money.

Client money must be held separately from the firm’s own. If an FCA-authorised firm fails, FSCS may cover eligible clients up to £85,000. It doesn’t cover trading losses. Professional clients get higher leverage but give up these retail protections.

Forex broker fees explained

The headline spread is only part of the cost.

Cost	What it is	Example
Spread	Gap between buy and sell price; advertised minimums widen around news	IG: EUR/USD from 0.6 pips, 0.7 average in my test
Commission	Charged on raw-spread accounts	Pepperstone Razor: £2.25 per lot per side
Overnight funding	Charged on positions held past the daily cut-off	IG: tom-next + 1.5% (spread bets) or 1% (CFDs); Spreadex: differential ±1.5%
Currency conversion	Applied to profit and loss on non-GBP pairs	IG 0.8%; Capital.com 0.7%
Inactivity fee	Charged on dormant accounts	CMC £10 a month; FOREX.com £12 a month
Guaranteed stop	Premium for a stop that can’t be gapped	Charged only if triggered at Capital.com; charged upfront and refunded if not triggered at CMC

Spread-only or spread plus commission? On Pepperstone’s published August 2026 averages, a 1-lot EUR/USD round trip costs about $11 on the Standard account and about $1 plus £4.50 commission on Razor, roughly a third cheaper.

The cheapest broker depends on how you trade. Raw-spread accounts suit frequent, larger trades. Overnight funding matters most to swing traders. Saxo’s USD 3 commission below 50,000 units makes small trades expensive.

Forex trading platforms compared

Platform	Suits	Brokers on this page
MT4	Traders using Expert Advisors and custom indicators	IG, Pepperstone, CMC Markets, Capital.com, FOREX.com
MT5	Algorithmic traders wanting more timeframes and order types	Pepperstone
TradingView	Chart-led traders placing trades from the chart	All except XTB (Razor and spread betting only at Pepperstone)
cTrader	Active traders wanting market depth and cBots	Pepperstone
Proprietary	Beginners; costs and risk shown on the ticket	All eight; xStation 5 is XTB’s only platform

MT4 scripts don’t run on MT5 without conversion, and a proprietary platform’s setup doesn’t move with you if you change broker.

Spread betting vs CFDs

Both let you trade currency prices with leverage under the same FCA retail protections. They differ in sizing and tax, and several of the top-rated CFD trading platforms offer both.

	Spread betting	CFDs
Position size	£ per point	Lots or units
Profit and loss	In pounds	In the quote currency, converted
Pricing	Usually spread-only	Spread-only or raw spread plus commission
UK tax (general position)	Profits not normally subject to Capital Gains Tax; losses can’t be offset	Profits may be subject to Capital Gains Tax; losses can usually be offset
Availability	UK and Ireland residents	Widely available

The Capital Gains Tax allowance for 2026 to 2027 is £3,000. Tax treatment depends on your circumstances and can change, and this isn’t tax advice.

Brokers offering forex spread betting: IG, Pepperstone, CMC Markets, Capital.com and Spreadex. XTB, Saxo and FOREX.com don’t.

Best forex brokers by trading style

Trading style	Consider	Why
Beginners	XTB, Capital.com	One simple platform, no commission, £0 or £20 minimum
Active, low-cost traders	Pepperstone, CMC Markets	Raw-spread accounts with commission
Spread bettors	IG, Spreadex	Wide platform choice at IG; stakes from 10p a point at Spreadex
Mobile traders	Capital.com	Costs shown on the ticket in the app
MT4 users	IG, Pepperstone, CMC Markets, Capital.com, FOREX.com	MT4 for UK clients
TradingView users	Pepperstone, IG, CMC Markets	Trade from the chart
Wide pair range	CMC Markets, Saxo	300+ and 185+ FX instruments
Larger accounts	Saxo	Tiered pricing, FX forwards and options
Forex-focused traders	FOREX.com	Currency-led account with MT4

Forex brokers I considered but didn’t rank

I reviewed a wider range of UK-accessible forex brokers before selecting the eight featured above. The brokers below were not included in the final comparison because their proposition was less aligned with the specific criteria used for this guide, including trading costs, platform choice, UK account options, currency range and cost transparency.

• eToro: strong copy-trading/social proposition, but less directly aligned with this guide’s forex-cost and platform comparison.
• Interactive Brokers: extensive multi-asset capabilities, but a more complex proposition than the retail-focused brokers selected.
• City Index: relevant UK spread-betting and CFD competitor, but overlaps considerably with brokers already covered.
• OANDA: established forex specialist, but the final selection provided stronger differentiation against the guide’s scoring criteria.
• FXCM: strong forex/platform proposition, but overlaps with the forex-focused brokers already included.
• Plus500: simple proprietary platform, but overlaps with the single-platform option already covered by XTB.
• FxPro: broad platform support, but the final eight provided stronger differentiation across the scoring criteria.
• ActivTrades: relevant UK competitor, but overlaps with existing spread-betting and multi-platform options.

Which forex broker is right for you?

There isn’t one forex broker that suits every UK trader. The right choice depends on how you trade, which platform you use and how much importance you place on trading costs.

IG is the strongest fit if you want spread betting alongside CFDs and the widest choice of platforms. Pepperstone makes more sense for active traders focused on low costs and raw spreads, particularly if you use MT4, MT5, cTrader or TradingView.

If you’re still learning how to trade forex and want a simpler platform, XTB keeps everything inside xStation 5, while Capital.com is geared towards smaller accounts and mobile trading. CMC Markets stands out for its large range of currency instruments, while Spreadex is worth considering if small-stake spread betting is your priority.

For larger accounts and traders looking beyond standard spot forex, Saxo offers a much broader FX and multi-asset setup. FOREX.com is more focused on traders who want a dedicated forex account with MT4 and TradingView.

Before opening an account, compare the total cost for the way you actually trade, check the platform you want is available on the right account, and make sure you’re dealing with the broker’s FCA-authorised UK entity.

Even among the lowest-spread forex brokers, the cheapest spread on the screen isn’t necessarily the cheapest broker for you. Your trade size, frequency, holding period and preferred platform can make a much bigger difference.

FAQs

References

• https://discovery.ucl.ac.uk/id/eprint/10133586
• https://openaccess.city.ac.uk/id/eprint/1090/1/Bertolini%2C_Lorenzo.pdf
• https://www.fca.org.uk/firms/contract-for-differences
• https://www.gov.uk/government/collections/contracts-for-difference