Brokers

5 Best UK Forex Brokers List for 2023

By Stefano Treviso, Updated on: Sep 29 2023.

In reality, there’s no such thing as an ultimate broker for everything. There are several choices a trader can make that come with pros and cons. Our ranking is designed to provide you the best value on each broker so you can decide which one meets your needs best.

Here are our 5 best UK Forex brokers for the year 2023:

All the brokers considered for this ranking are regulated and licensed by the FCA (UK’s Financial Conduct Authority). While it is true that you can register with many global brokers out there, we understand the peace of mind that it brings to know that if something goes wrong, you can issue a local complaint to your financial regulator.

One very important point to note is that many brokers claim to be “FCA Authorised” but that’s far away from the truth. Most of these brokers operated thanks to the previous arrangements made by the EU where services could be passported everywhere for all members. This means that they could be registered anywhere and still provide their services in the UK as an “Authorised” institution but that does not make them regulated or licensed by the FCA, just authorized.

Each one of them was carefully analysed using our proprietary methodology and also assigned a TTBTrust score (our proprietary safety scoring system) before being ranked using our comparison tool.

The below ranking will show you what each one of them does best yet remember, we don’t believe in a best overall choice, each one of them serves very specific purposes and it’s up to you as a trader to find the right one for your needs.

1. Oanda -  Most trusted financial regulators and no minimum deposit

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78.3% of retail CFD accounts lose money.

Oanda is an international Forex broker founded in 1996 with headquarters in the United States. Oanda specialises exclusively in currency trading solutions for all trader levels. Their greatest selling points are their strong regulatory framework and robust proprietary platforms.

Oanda’s biggest selling points are their strong regulatory framework consisting of only high tier licenses from the world’s top ranked financial institutions, having no minimum deposit and very easy to use trading platforms.

Oanda is a great choice for traders from all over the world as they accept pretty much every country out there. Their blazing fast platform accompanied by tight spreads and a strong regulatory framework are definitely an appealing choice for traders looking to enter the currency markets as there is no minimum deposit and a low minimum trade size of a single unit of any currency.

2. Pepperstone -  Best for Low commissions and professional traders

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74-89% of retail CFD accounts lose money.

Pepperstone is an Australian broker founded in 2010 with the aim of providing a professional trading experience with low fees and tight spreads. Currently Pepperstone counts with 7 financial licenses and operates in almost every country around the world.

What Pepperstone saw is an opportunity to partner with the best trading platform providers out there to create a smooth experience where users did not depend on their own proprietary platform but rather use very famous and well-known ones accompanied by an efficient client management area and a great account offering.

If you are a professional trader that needs very low commissions accompanied by tight spreads, Pepperstone is a great choice for you. In conclusion:

• If you are a trader looking for low costs accompanied by cTrader or MetaTrader 4 or 5. Pepperstone is also a great choice.

As a Forex trader, Pepperstone is definitely a great choice thanks to their platform offering and low commissions. On the negative side, if you’re looking for other asset classes then there can be better suited choices.

3. Capital.com -  Most currency pairs offered

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83.45% of retail CFD accounts lose money.

Capital.com is a global broker founded in 2016 that specialises in CFDs trading with an offering of more than 4,000 different assets along with several trading platforms (TradingView, MT4, MT5 and their own).

Despite being a young challenger brand founded in 2016, Capital.com became a global broker providing one of the best platform varieties out there accompanied by 140 currency pairs and occasional zero spread promotions which makes them a very attractive choice for traders looking for variety.

Capital.com definitely qualifies as a great overall choice for traders that don’t find appealing having multiple brokerage accounts as they provide CFDs and real stocks or ETFs accompanied by an amazing platform variety.

For professional high volume traders, when comparing Capital.com to other choices, they’ll find themselves short of their true needs such as commissions oriented towards high volume traders, but for beginners and intermediate traders looking for an all-in-one solution, Capital.com is definitely a great choice.

4. eToro -  Best for copy trading and social trading

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74% of retail CFD accounts lose money.

eToro is an international broker specialised in social and copy trading that offers real stocks and cryptocurrencies along with CFDs on several asset classes.

eToro provides a clever framework for their users to select amongst their best traders basing themselves on past statistics and percentage measures of profitability.

eToro definitely proves a greate choice for beginners, avoiding assuming the risk themselves of making wrong choices and passing it to other more professional traders available on their network.

While it is true that other copy trading platforms exist out there such as integrations for MetaTrader 4 or 5, eToro managed to streamline and simplify the process by providing an all-in-one solution for copy trading with a few clicks.

74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

Copy Trading does not amount to investment advice. The value of your investments may go up or down. Your capital is at risk.

Cryptoassets are highly volatile and unregulated in the UK. No consumer protection. Tax on profits may apply. 

5. XTB  -  Best web platform for Fx traders

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79% of retail CFD accounts lose money.

XTB is an international broker specialised in CFD trading and low cost forex spreads.

XTB’s main advantage is really their own proprietary trading platform which has a great professional look and feeling accompanied by a simplistic approach with customisable layouts and easy order placement (especially for FX traders).

Being able to configure multiple charts along with an economic calendar, financial news and custom watchlists is definitely a great deal of value for any trader.

XTB is a great choice for all types of FX traders regardless of their trading volume as they do not make any distinction between account types when it comes to commissions or spreads.