5 Best UK Forex Brokers List for 2022

Updated May 10 2022

5 Best UK Forex Brokers List for 2022

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 2022:

Broker Reason
Pepperstone Best for Low commissions and professional traders
XTB Best web platform for Fx traders
Capital.com
Most currency pairs offered and friendliest mobile platform
eToro Best for copy trading and social trading
Oanda Most trusted financial regulators and no minimum deposit

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 means that they could be registered anywhere and still provide their services in the UK as an “Authorized” 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. 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.

Key data
Currency Pairs60
EUR/USD SpreadDynamic - From 0 to 0.77 Pips
Commissions
  • For Standard account : All fees included in the spread
  • For Razor account: From $7 per Lot round turn
Minimum Deposit$200
Financial Regulators
  • BaFin (Germany)
  • FCA (UK)
  • ASIC (Australia)
  • DFSA (United Arab Emirates)
  • CySec (Cyprus)
  • SCB (Bahamas)
  • CMA (Kenya)
MT4Yes
MT5Yes
cTraderYes
TradingViewYes
Proprietary PlatformNo

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 GoodThe Bad
  • Well regulated on several jurisdictions
  • Low latency, fast execution under 30ms
  • Competitive spreads and low commissions from 0.0 pips on their Razor account
  • Avaliable asset offering is not that comprehensive
  • No ability to purchase real stocks or cryptocurrencies, only CFDs

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

2. 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.

Key data
Currency Pairs57
EUR/USD SpreadDynamic - From 0 to 0.8 Pips
CommissionsFor Stocks and ETFs / 0.08% - $8 Minimum commission
Minimum Deposit$, €, £ - 0
Financial Regulators
  • CySec (Cyprus)
  • FCA (UK)
  • CMNV (Spain)
  • UKNF (Poland)
MT4Yes
MT5No
cTraderNo
TradingViewNo
Proprietary PlatformYes

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 GoodThe Bad
  • Low forex & stock spreads
  • Professional platform with customisable layouts
  • No ability to remove or customise leverage
  • High commissions on stocks & ETFs
  • All instruments are CFDs, you can't buy underlying assets (real stocks or cryptocurrencies)

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.

3. Capital.com -  Most currency pairs offered

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83.45% of retail CFD accounts lose money. Trading on margin is high risk and is not suitable for everyone.

Capital.com is a global broker specialising in CFD Trading with an offering of more than 4000+ assets.

Key data
Currency Pairs140
EUR/USD SpreadDynamic - From 0.8 Pips
CommissionsNo
Minimum Deposit$, €, £ - 20
Financial Regulators
  • CySec (Cyprus)
  • FCA (UK)
  • ASIC (Australia)
  • NBRB (Belarus)
MT4Yes
MT5No
cTraderNo
TradingViewYes
Proprietary PlatformYes

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 GoodThe Bad
  • Beginner friendly platforms
  • Customisable or removable leverage (Not available in Australia)
  • Integration with TradingView
  • Lack of advanced research and analysis tools
  • No multi-charting capabilities on their propietary web platform
  • Trailing-stop order not available

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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68% 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.

Key data
Currency Pairs47
EUR/USD SpreadDynamic - From 1 Pip
CommissionsNo
Minimum DepositFrom $5 to $200
Financial Regulators
  • CySec (Cyprus)
  • FCA (UK)
  • ASIC (Australia)
  • FSAS (Seychelles)
MT4No
MT5No
cTraderNo
TradingViewNo
Proprietary PlatformYes

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 GoodThe Bad
  • Social and Copy trading capabilities
  • Trading real shares and cryptocurrencies
  • Copy Trading statistics are not clear enough
  • Lack of advanced order placement controls

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.

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

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74-89% 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.

Key data
Currency Pairs68
EUR/USD SpreadDynamic - From 0.8 Pips
Commissions

No, but they do charge currency conversion fees. If your account base currency is GBP and you trade the EUR/USD pair, you'll be paying a conversion fee.

Minimum Deposit$, €, £, - 0.
Financial Regulators
  • CFTC (U.S)
  • NFA (U.S)
  • ASIC (Australia)
  • FCA (UK)
  • MAS (Singapore)
  • IIROC (Canada)
  • FFAJ (Japan)
  • BVI (British Virgin Islands)
MT4Yes
MT5Yes
cTraderNo
TradingViewYes
Proprietary PlatformYes

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 GoodThe Bad
  • High trustworthiness, regulated by the best regulators in the world
  • Fast, simple and professional trading platforms
  • Competitive spreads in their currency pairs
  • Extremely limited offering of assets (104)
  • No ability to purchase real stocks or cryptocurrencies, only 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.

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

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