5 Best UK Forex Brokers List for 2022

Updated Jan 06 2022

5 Best UK Forex Brokers List for 2022

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

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 Authorized” 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 basically meant that they could be registered anywhere and still provide their services in the UK as an “Authorized” institution but that did not make them regulated and licensed by the FCA, just authorized. 

Here is our list of the 5 best UK Forex brokers for the year 2022:

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.

Pepperstone -  Best for Low commissions and professional traders

 

Pepperstone Logo

 

Pepperstone is an Australian broker founded in 2010 with a multi-regulatory framework consisting of 7 financial licenses all over the world (Germany, UK, Australia, United Arab Emirates, Cyprus, Bahamas and Kenya). Their specialty was crafting an unparalleled account offering when it comes to spreads and commissions when compared to similar competitors.

Key data
Total Asset Offering Over 1600 CFDs from which 60 are currency pairs
EUR/USD Spread Depending on the account type:
  • Dynamic from 0 to 0.6 Pips on their standard account
  • From 0 pips on their Razor account
Commissions No commissions in their standard account and $7 per lot round turn in their Razor account
Minimum Deposit $200
Financial Regulators BaFin, FCA, ASIC, ADGM, CySec, SCB, CMA (Kenya)
Trading Platforms MetaTrader 4, MetaTrader 5 and cTrader

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.

The Good The Bad
  • Great regulatory framework consisting of 7 financial licenses
  • Low latency and fast execution for trades
  • Industry-leading spreads from 0 pips on their Razor account
  • All assets are CFDs and no ability to purchase real stocks (a negative point for stock traders)
  • Their research and analysis tools for forex traders are not platform integrated

In conclusion:

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 are many better choices out there.

XTB  -  Best web platform for Fx traders

 

XTB Logo

 

XTB is an international Polish broker founded in 2002 specialized in CFD trading. One of the greatest selling points of XTB is their regulatory framework and being a publicly traded company in the WSE.

Key data
Total Asset Offering 2100+ assets from which 57 are currency pairs
EUR/USD Spread Dynamic from 0 to 0.8 Pips
Commissions None on forex, on stocks yes
Minimum Deposit None
Financial Regulators CySec, FCA, CNMV, KNF.
Trading Platforms Metatrader 4, MetaTrader 5 and their own proprietary platform xStation 5.

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.

The Good The Bad
  • Low forex and stocks spreads (without any dependency to the account type)
  • Professional trading platform with customisable layouts according to each trader’s preferences
  • All assets are CFDs and no ability to purchase real stocks (a negative point for stock traders)
  • High commissions for stock traders

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.

Capital.com -  Most currency pairs offered

 

Capital.com Logo

 

Capital.com is a global broker founded in 2016 which specialises in CFD trading and offers more than 4000+ tradable assets. Their aim was to democratise trading by making it accessible through a user friendly interface accompanied by an assisting AI to help traders identify their behavioural patterns.

Key data
Total Asset Offering 4000+ assets from which 140 are currency pairs
EUR/USD Spread Dynamic - From 0.8 Pips
Commissions No commissions
Minimum Deposit $, €, £ - 20
Financial Regulators CySec, FCA, ASIC, NBRB.
Trading Platforms MetaTrader 4, MetaTrader 5, TradingView and their own proprietary platform.

Despite being a young challenger brand founded in 2016, Capital.com is 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.

The Good The Bad
  • Beginner friendly platform
  • Great asset variety and comprehensive currency pairs offering
  • Direct integration with TradingView
  • Lack of advanced research and analysis tools
  • The majority of assets are CFDs
  • No multi-charting capabilities in their proprietary platform
  • Spreads are above average when compared to leading competitors

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.

Oanda -  Most trusted financial regulators and no minimum deposit

 

Oanda Logo

 

Oanda is a global CFD broker founded in the U.S in the year 1996 that specialises exclusively in FX Trading while providing currency rates for major institutions as well.

Key data
Total Asset Offering 104 from which 68 are currency pairs
EUR/USD Spread Dynamic from 0 to 0.8 Pips
Commissions None
Minimum Deposit None
Financial Regulators FINRA, FCA, ASIC, MAS, IIROC, FFAJ.
Trading Platforms MetaTrader 4, MetaTrader 5 and their own proprietary platform.

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.

The Good The Bad
  • Outstanding regulatory framework comprised of the best licenses from all over the world
  • Easy to use and friendly platforms made for beginners all the way up to professionals
  • Competitive spreads and low minimum trade size
  • Extremely limited asset offering
  • All assets are CFDs

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.

eToro -  Best for copy trading and social trading

 

eToro Logo

 

eToro is an international broker that specialises in copy and social trading on CFDs and real stocks or ETFs. While etoro’s pricing is definitely not one of the best ones out there, it definitely offers a great option for new traders looking to engage with the FX markets while copying other professional traders.

Key data
Total Asset Offering 2500+ from which 47 are currency pairs
EUR/USD Spread 1 Pip
Commissions None
Minimum Deposit $50
Financial Regulators CySec, FCA, ASIC, FSAS.
Trading Platforms Their own proprietary trading platform.

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

The Good The Bad
  • Great social and copy trading native capabilities
  • Native language translation to get to know traders from all over the world
  • Offers real stocks and ETFs
  • Copy trading statistics are not open enough (we can’t see balances or specific positions)
  • Order placement controls are not advanced enough

eToro definitely proves a greate choice for beginners interested in profiting from the financial markets without 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.

In conclusion, there is no such thing as the best broker for everything. Every broker is different and it's up to us as traders to choose the best one to fit our needs.

Good luck!

Author

Stefano Treviso

Featured Brokers

1

Pepperstone

74-89% of retail CFD accounts lose money

2

eToro

68% of retail CFD accounts lose money

3

Capital.com

75.26% of retail CFD accounts lose money. Trading on margin is high risk and is not suitable for everyone.

4

SquaredFinancial

63.2% of retail CFD accounts lose money.

5

Plus500

72% of retail CFD accounts lose money

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