Best Forex Brokers in 2024

The world markets are in flux. Interest rates are at new highs while geopolitical tension is impacting global confidence. 

The strength of the global economy still looks uncertain coming into 2024. The US dollar remains weak, and other major currencies — including the British pound — are struggling amid ongoing worldwide political tension.

Without a doubt, many opportunities are hidden during this time of significant change. In one way of thinking, an excellent transfer of wealth from one group to another is happening.

Investing in forex can bring highs and lows.

So, with that in mind, let’s look at the best forex brokers in the UK.

Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 51%(eToro) – 80% of retail investor accounts lose money when trading spread bets and/or CFDs with these providers. You should consider whether you understand how spread bets, CFDs and other products work , and whether you can afford to take the high risk of losing your money. Losses can exceed deposits on some products.

Provider	Score	Details
1. Plus500	★★★★★	Learn more
2. XTB	★★★★★	Learn more
3. Pepperstone	★★★★★	Learn more
4. eToro	★★★★★	Learn more
5. IG	★★★★★	Learn more
6. Interactive Brokers	★★★★★	Learn more
7. CMC Markets	★★★★★	Learn more
8. Forex.com	★★★★★	Learn more
9. FXCC	★★★★★	Learn more
10. Saxo Markets	★★★★★	Learn more
11. City Index	★★★★★	Learn more

At a Glance, the Pros and Cons of Forex

You may be able to take advantage of many opportunities in the forex markets (also called FX).

If you’re looking for a concise overview of the benefits and drawbacks of trading currencies, you are in the right section.

Pros

✅ Massive: Forex is the largest financial market in the world. The handling of currencies is the lifeblood of international trade. So there is an immense amount of liquidity: in other words, you can quickly buy and sell twenty-four-seven Monday to Friday.

✅ Variety: Depending on the platform you’re using and broker, eager to participate in various markets. For instance, exotic currency pairs will give you more access to emerging markets, which are booming.

✅ Invest small amounts: Expensive company stock could set you back hundreds of pounds or more. But the FX market doesn’t require large amounts as initial deposits. This is why hobbyists tend to trade forex

Cons

❌️ You can still lose a lot of money fast: If you treat the FX market like a game, you can quickly become addicted and lose a lot of cash. This can happen very quickly if you are not cautious.

❌️ Volatile: Some currency pairs are very volatile, leading to big up and down swings. This is an easy way to quickly bleed a lot of cash, particularly if you are not disciplined.

❌️ Sensitive to events: The modern world has scarcely seen more unstable times since the world wars, what with the COVID-19 pandemic followed by the Russia/Ukraine invasion and the Israel/Gaza war. Likewise, the volatility of currency pairs is very sensitive to times of strong uncertainty when there is less faith in cash and big changes in central banks, politics, and economics. Major central banks have raised interest rates in the past few years.

Best Forex Brokers in 2024

Each is available in the UK and fulfils requirements by British financial regulators, the Financial Conduct Authority (FCA) plus the Financial Services Compensation Scheme (FSCS).

Company	Min Deposit	FCA Regulated	Number of Forex Pairs	FSCS Protection
1. Plus500	£100	Yes	Over 60	Yes
2. XTB	No minimum	Yes	48	Yes
3. Pepperstone	No minimum	Yes	Over 90	Yes
4. eToro	$100	Yes	Over 40	Yes
5. IG	£0-£250	Yes	Over 80	Yes
6. Interactive Brokers	No minimum	Yes	Over 100	Products are only covered by the UK FSCS in limited circumstances
7. CMC Markets	No minimum	Yes	CFD prices on over 300 forex pairs	Yes
8. Forex.com	£100	Yes	Over 80	Yes
9. FXCC	No minimum	No	Over 70	No
10. Saxo Markets	No minimum	Yes	140	Yes
11. City Index	No minimum	Yes	Over 80	Yes

1. Plus500 — Best Forex Trading Platform

80% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

Some advanced trading tools include stop loss, stop limit, and guaranteed loss.

Now, these tools are ideal if you want to limit losses. We used them to lock in our profits when our security made an unfavourable move. For example, with the stop limit, we could add the limit to our trade to set a specific rate at which the position would close. This feature was available at no cost.

We used these tools alongside real-time forex quotes and found setting indicators when reading charts easy. 

There’s also the option to trade with leverage. If you need to extend your borrowing power with this platform, leverage ratios of up to 1:30 are available. 

Trading is possible with a minimum of £100, but with leverage, you can trade to get the effect of £3,000 in capital.

Market insights and news are available on this platform. For example, we could find out that forex markets moved in various directions during November. 

We liked the professional support we could receive from Plus500 when trading forex. We also found that our data and funds were protected and held in segregated bank accounts. The regulatory requirements accompanying this gave us the peace of mind that our funds were safe.

Verdict: Plus500 is a reliable trading platform for forex (through CFDs) traders that offers exceptional tools and leverage trading. As well as the main forex pairs, we found that Euros/Australian dollars, Australian dollars/US dollars, and US Dollars/Canadian dollars were available as pairs. The platform is easy to use and worth considering if you want to begin trading forex.

Pros

✔️ More than 60 forex (through CFDs) pairs available

✔️ Exceptional tools available

✔️ Secure accounts and regulated platform

Cons

❌ Could include more educational content in addition to its good offering

2. XTB — Low Fees Forex Broker

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77% 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.

XTB is more limited than some brokers, but our focus is forex. Your trading expectations will be met with a smooth and simple platform that simplifies the process. 

One of our favourite things about this particular broker is its customer service. It’s excellent, and you will always have the support you need at your fingertips. No matter your needs, you will be treated with kindness and respect every time. 

XTB uses the xStation 5 platform for trading purposes, which is perhaps why its trading platform is so great. XTB is publicly traded on the Warsaw Exchange, which gives you more insight into the stability and reputation of the company, as being a publicly listed company means more scrutiny.

The XTB trading fees are very low, and there is no minimum deposit.

This makes it a great choice for traders at every level. Beginners love it for that reason, but you also can grow with the app and venture into other asset territories if you want to. 

Verdict: As a beginner in the market, you can easily be well suited to this forex broker. XTB’s trading fees are very low, and the app has no minimum deposit. These are great qualities for beginners. It’s almost like this platform is geared towards beginners, but it’s also not a turn-off to experienced users in the market.

Pros

✔️ No minimum deposit

✔️ Low-class of trading fees

✔️ Great for beginners and growth

✔️ Publicly traded company

✔️ Awesome customer service

Cons

❌ A £10 monthly fee is charged after 12 months of inactivity

3. Pepperstone — Top Forex Broker With Competitive Rates

Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75.2% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.

Note that Pepperstone is not as user-friendly as other forex platforms. You need to get comfortable using its MetaTrader 4 or MetaTrader 5 platforms. These interfaces can let you carry out simple trading and run automation.

The cTrader Pepperstone trading platform is typically reserved for more seasoned, experienced traders who want deeper insights. 

You get access to over 90 currency pairings through Pepperstone, alongside cryptocurrency forex, indices and other types of CFDs.

Extra features include algorithmic trading.

There are a bunch of intelligent trading tools that you can pay for. Certain automated chart features scan the market to help beginners see certain entry points. 

Pepperstone even has limited social and copy trading. You can automatically mirror traders using the native capability in MT. The platform is customisable. While you will not get the same social features as other brokers, the capability is there to some degree.

However, we wouldn’t recommend this option if you don’t want to fiddle with technical browsers. On the other hand, if smooth copy-trading isn’t your objective, you get the advantage of competitive fees and customizability — including integration with MT4/MT5.

Verdict: Pepperstone is an interesting choice for people looking for a leading forex broker, particularly for those with some experience and who want sharper tools to gain insights. There is also access to a forex trading community where you can communicate with more experienced traders and peers.

Pros

✔️ Leading forex broker 

✔️ Some social trading

✔️ Commission-free and regulated 

✔️ Competitive rates

Cons

❌ Steeper learning curve

❌ Fewer social trading capabilities

4. eToro — Popular UK Forex Broker

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. {etoroCFDrisk}% 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.

This indicates that it is secure and compliant enough to operate as a reputable and reliable forex broker. Last we checked, we noticed there were over 30 million registered users globally.

As for the mobile and app user experience and interface, it’s tailor-made for beginners up to experienced traders.

You might find other platforms with many currency pairs available for trading, and arguably, a few research features are average. But starter traders will probably find eToro comprehensive enough.

All in all, eToro places a strong emphasis on educational resources. It offers a selection of short courses covering a broad selection of topics that beginners need to know.

These are pretty well organised. Find different video courses on making investments, trading, handling crypto, eToro’s interface, and more. The learning level ascends from beginner up to intermediate. You can filter these according to the topic; the format is quite diverse: blogs, videos, podcasts and webinars.

Please note: you have to use the eToro proprietary interface. So, this is not a good solution if you are more than a seasoned trader and want to integrate MetaTrader or cTrader.

Verdict: eToro is a regulated, popular option that ranks as one of the top forex brokers. Its USP is that it provides a streamlined way to carry out complex systems and strategies by connecting with and learning from experienced traders.

Pros

✔️ Simple forex trading tool

✔️ Social/copying trading 

✔️ Regulated 

✔️ Educational portal

Cons

❌ Investors may lose money if they copy someone's portfolio that does not perform well

5. IG — Best Forex Broker for BRICS Markets

Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.

So, we are seeing an increase in the value of precious metals and commodities such as oil, gas and agricultural exports. Farmland has already been invested in for quite some time by major entities. Britain is in a squeeze because it has low resources.

IG is regulated globally, including by the FCA in the UK. Users get access to more than 17,000 markets worldwide and exposure to many different currencies. IG is a useful forex broker for accessing emerging markets and exotic currency pairs alongside major currency pairs, some of which include EUR/USD and GBP/USD.

Like eToro, IG also has an educational academy. It covers all levels of traders but seems to go more in-depth than eToro. Courses are graded and structured. You can test your understanding of fundamentals via course quizzes and exercises.

A few last mentions: IG should work well with high-volume trading. They offer CFDs, which reportedly facilitate out-of-hours trading. There’s a pretty updated new section featuring market updates and in-house analyses.

Verdict: IG is a top-line forex broker if you want to competitively handle currencies in emerging forex markets as well as the typical forex markets. There is no minimum deposit if you want to make bank transfers, but a minimum deposit of £250 per transaction is required through PayPal or cards. While social trading isn’t as good as eToro, IG is an experienced platform offering good market access.

Pros

✔️ Popular forex broker 

✔️ Amplify your trades

✔️ Commission-free and regulated 

✔️ Deep exposure including emerging markets

Cons

❌ Social trading isn’t as good

❌ Less beginner-friendly

6. Interactive Brokers — Best Forex Broker With No Minimum Deposit

Investing in financial products involves taking risk. Your investments may increase or decrease in value, and losses may exceed the value of your original investment.

Interactive Brokers (IBKR) has several tier-one licence authorisations from regulators worldwide and is licensed to operate in several major countries.

This even includes China Hong Kong — where IBKR has a tier-one regulatory licence. In the UK, you will notice that the Financial Conduct Authority regulates it and it operates in North America and Australia, among others.

To help relatively new traders who are still getting to grips with using the forex, Interactive Brokers features a proprietary interface. This is perhaps why the company amalgamated many positive reviews on certain review sites. And its platform is accessible without installation.

Offerings reach the upper levels of advanced trading. Start with the basics, such as seeing charts, making watchlists and setting price alerts. Then, on the advanced side, charting lets you customise things — for instance, create up to 20 different types of orders. CFDs are also offered for currency pairs and cryptocurrencies, including bitcoin.

Verdict: All in all, Interactive Brokers is a regulated and respected forex broker that is fully operational in the UK. There is a low entry barrier because no minimum account deposit is required. But be careful, as this platform does enable CFDs, which can amplify your currency pairs but are also far more risky.

Pros

✔️ Leading forex broker

✔️ Magnify your trades

✔️ No minimum deposit 

✔️ Well-regulated

Cons

❌ Enables CFDs which are more risky

❌ Not quite beginner-friendly

7. CMC Markets — Award-Winning Forex Broker

Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 67% of retail investor accounts lose money when spread betting and/or 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.

There are also no deposit or withdrawal fees with CMC Markets, although there may be a charge for international bank transfers. Fees are on the lower side. The speed of trading is quick. And the account creation process is straightforward. You must submit a driver's licence or other personally identifying document to open an account and include bank account information.

Setting up is free and generally smooth.

Regarding trading options for forex, you get access to many different currencies through CMC Markets. Fund your account in British pounds (BGP), US dollars (USD) or Australian dollars (AUD). CMC Markets accepts all major card providers and some e-wallets like PayPal and Skrill.

You can do so on mobile or desktop when carrying out your trade. Either way, you can access different types of orders, such as limits, stops and trailing stop losses. More advanced types also exist.

Verdict: Get started without any minimum deposit. Through CMC Markets, you can access its demo account, get certain rebates if you are an active trader, use pattern recognition features that mirror social trading to some degree and access the educational resource to learn more about CFDs and forex.

Pros

✔️ Leading forex broker

✔️ Amplify your trades

✔️ Well-regulated 

✔️ No minimum deposit

Cons

❌ More complicated

❌ Less powerful friendly social trading

8. Forex.com — Popular International Forex Broker

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 68% 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.

Forex.com is a leading global currency trading platform that appeals to high-volume traders due to its fast execution services.

Forex and CFD trading brings with it a high level of risk. In the UK, you can implement the ‘negative balance protection’ feature to help protect you from losses.

Activating this means you will stop your account, theoretically, from going into the red. You can only lose as much as you have funded in your account. So, double-check that this feature is activated.

Forex.com says it has over 200,000 users. Together with solid regulatory licences, this makes it a respected FX trading company to consider. You can use over 70 indicators, 50 drawing tools and various alerts and notifications to help inform your investment decisions. Advanced orders are also offered.

In terms of access to reports and research, Forex.com is connected to Reuters. Offerings feature an economic diary, weekly webinar and an in-house research team that reportedly posts on a daily basis.

Verdict: This international forex broker gives its user “dealer execution” rights. This means that there is never a third party involved when you make a trade. You are at the stern. But it does have a minimum deposit amount of £100, unlike other forex brokers that don’t have minimum deposit amounts.

Pros

✔️ Regulated forex broker

✔️ Amplify your trades

✔️ Weekly webinars and reports

✔️ Specialised in forex

Cons

❌ Minimum deposit of £100

❌ Narrow selection of investment options

9. FXCC — Popular Forex Broker for Beginners

In our experience, this particular forex broker is too underrated. FXCC is one of the best when forex or CFDs are your priority. 

Of course, for anything outside of forex, you might be more limited in your capabilities, but it’s a dream in the field. The company has excellent customer service available five days a week. During those five days, the service operates 24 hours. They even have multilingual support, which is something more rare to find. 

The world of forex can be an intimidating place. On top of the forex trading abilities, you can help make informed decisions through FXCC’s analytics and charting capabilities.

The FXCC app is great whether you’re just beginning or working on growing your forex trading skills. You can stick with it long-term and likely won’t outgrow it as you learn and improve in the trading world. 

The pricing model at FXCC is transparent and easy to understand. The leverage opportunities are much higher than those of some platforms with 1:500 capabilities. You can even use the on-site margin calculator if you need it. 

If you’re looking for comprehensive, you will be pleased with FXCC as a forex broker.

Verdict: FXCC is great if you like the MT4 trading platform. Some of the more advanced users prefer other trading stations, but this is one of the market's most popular choices. If forex and CFDs are your primary preferences, you will love the simplicity and convenience of this mobile app. It’s a top choice for beginners or those with a more experienced forex-focused trading strategy.

Pros

✔️ Great for all experience levels

✔️ 1:500 leverage opportunities

✔️ MT4 trading platform

✔️ Wide variety of tools to use

✔️ User-friendly mobile app

Cons

❌ Mostly suited to forex, index, and some CFDs with limited capabilities outside of that

10. Saxo Markets — Popular Forex and CFDs Broker

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 64% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs, FX or any of other products work and whether you can afford to take the high risk of losing your money. Losses can exceed deposits on some products.

Saxo Markets has one of the best web-based platforms you’ll find. It’s intuitive but also simple to use at the same time. You really can’t beat it. 

Saxo has a ton of great research for its users. The research is especially beneficial for forex trading because you’re dipping into an industry that isn’t as popular or common. You will want those tools to make great choices with your trading needs.

This banking company offers a wide variety of access and assets.

We’re focusing on forex for this guide, but you can also access CFDs, stocks, and plenty of other global market assets through Saxo. You aren’t nearly as limited as you may be with other popular platforms. 

In the world of futures, there are more than 250 futures from 25 global exchanges, giving you an idea of how vast Saxo’s platform is in offerings. You can use this on any device that you like. While its primary platform is web-based, that doesn’t limit you to only web transactions. 

Verdict: We appreciate that Saxo Markets brings you various trading tools. The forex selection is extensive and enjoyable, and there is much more to offer for investors. This makes Saxo a reliable choice for both beginners and experienced users. Its reputation in the industry earns Saxo a top spot, and the quality is there.

Pros

✔️ Extensive selection of investments

✔️ Designed for forex and CFDs, with more to offer

✔️ Simple to use technology

✔️ Great reputation in the industry

✔️ One of the best platforms for research

Cons

❌ Small trade sizes incur a minimum ticket of $10 (for most currency pairs, a small trade is 50,000 units of the base currency)

11. City Index — Well-Known Forex Broker

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70% 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.

City Index is well known for having one of the best mobile apps available. You can access forex trading and any other assets you are interested in, all from the app. It’s incredibly user-friendly and very intuitive too. The research, trading platform, and asset details are at your fingertips. 

The research on this app is wide, with diversity in the mix. All too often, research is a bit one-sided, depending on the opinion of the company or the writer. But here, City Index makes a major effort to keep it neutral and bring you tons of research and data. It’s all backed by relative providers. 

We mentioned that you aren’t limited to forex here, but we want to point out that City Index has a large range of assets in the market. It’s extensive and could be overwhelming if you don’t train yourself how to sort through things and narrow them down.

GAIN Capital, a US-based provider of online trading services, backs City Index.

This tells us that City Index is a steady, reliable company — or at least part of the grouping of such a company. Reliability is a must in the forex and trading industry. 

Verdict: City Index is limited in some capacities, but there is no question that its trading platform is nice. It’s also reassuring to find a platform that is backed by a Fortune 500 group, giving you a solid background and position. The downside is having fewer deposit and withdrawal choices, but it’s not so broken down that you feel like you can’t do anything.

Pros

✔️ Huge range of market assets

✔️ Highly-rated mobile app

✔️ Intuitive and diverse research 

✔️ Backed by a Fortune 500 company group

✔️ Low minimum deposit for entry

Cons

❌ There are fewer deposit and withdrawal methods to choose from

❌ £50 minimum deposit

Best Forex Brokers — Buying Guide

This section could be useful if you want to learn more about the essential ways popular forex brokers work.

Why Does Forex Trading Exist?

Let’s have a short history lesson on forex.

First, the word “forex” etymologically means the exchange of fiat currencies. Fiat currencies or money are special kinds of currency. Rather than gold and silver coins, this kind of money isn’t secured by any physical commodity. Instead, it is simply issued by the government of a country.

So, what secures the value of our currency? We are facing this issue today, particularly with the collective West. There was enormous uncertainty related to the actual value of specific currencies, even though they were once constant and gained a lot of international trust. For instance, the British pound sterling is now slowly reaching parity with the American dollar. This outcome is the case even though it was once very strong.

The actual value of fiat money comes from from the forces of supply and demand related to a country and its stability. The more resources and trust backing up, the stronger that currency will be globally.

The Forex Exchange Market

The foreign exchange market is the place where currencies are traded.

Forex trading happens on digital exchanges that are available online. Other than for certain times on the weekend, traders continuously buy and sell currencies. The amount they’re willing to buy and sell for pushes up or brings down the value of a currency in real time. So, the foreign exchange market is the place where currencies are traded.

The forex market is very useful because it simplifies high-volume trading between countries internationally. People instantly know roughly what rate they will get when they have to convert from one currency to another, an aspect of importing and exporting goods.

For instance, an international currency may need to be swapped if you live in Downing Street, London; suppose you must purchase wine from Italy, Rome. Eventually, you will use your British pounds to pay the Italians for wine in Euros. Of course, Europe doesn’t want to trade with the Russians. 

This need to exchange currencies to support communication and business between different countries is also true if you are going on holiday in a foreign country. Suppose you want to visit France as a tourist. You cannot pay Parisians to visit the Eiffel Tower unless you pay in euros.

This happens according to the current currency exchange rate — every time you pay for bread and cheese using your debit card, your card provider facilitates converting your GBP into euros.

Forex Opening Hours

Forex market opening hours are unique because there is no marketplace where foreign exchange happens for currencies. Rather, international trading is facilitated electronically and over-the-counter (OTC).

Each transaction occurs using computer networks operated by traders globally rather than through a central exchange. In many ways, this was the original vision of cryptocurrency — a decentralised network of people buying and selling at will, without the management of a central bureaucracy.

This greatly explains why forex is the largest financial market on the planet. 

Trades occur across each time zone. At the end of one trading day in North/South America, trading reopened in London, UK, and then Hong Kong began its trading session. And so on. So, it matters what time of the day it is — because during specific times forex trading happens.

But the market isn’t open every day of the week. Forex is closed on Saturday and only partially open on Sunday. Other than Saturday and Sunday, the forex is open 24 hours daily. The nature of the forex is that it is intensely active and, in many ways, very volatile.

Our Verdict 

So we’ve been on an adventure — a great journey, listing some of the most popular forex brokers and explaining how they operate and how the forex markets work. But how do we summarise all of this?

The past couple of years have brought big economic movements, and interest rates are the highest they’ve been in years in countries such as the UK. Emerging nations are arranging themselves and forming alliances that disentangle themselves from globalisation. This chaos is absorbed into the forex market, so it may seem crazy.

So, make sure you are paying close attention to how you use your focus. Getting too embroiled in the mayhem of the forex can lead to more negative than positive consequences.

Consider how you want to use your time and how you can leverage money and savings. You must amplify the quality and meaning of that use of time.

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