We give an overview of the best forex and CFD brokers available to retail investors in the UK. Beginning with our favourite, we’ll add more brokers to this page until it represents a comprehensive marketplace review.
Risk warning: Forex trading can be a high risk investment activity
As we explain in our beginners guide to forex trading, forex trading can be a high risk investing activity, which may only be suitable for sophisticated investors.
Currencies tend to move in only small increments on a daily basis. Forex brokers often provide CFDs, margin trading or trading on leverage to allow traders to amplify returns from their currency exposure.
This increases the volatility of the investment, relative to the traders capital, and could increase the risk of a total loss of capital (or in some cases, a loss greater than initial capital).
CFD providers report that between 50% and 90% of accounts lose money when trading CFDs with a providers. You will help support Financial Expert remain free to all users, by using the referral links below, as the site will receive a commission for users who sign up through these links (at no additional cost to users).
The best forex / CFD broker
A great choice for efficient forex trading
NSBroker is a forex broker offering an array of investment opportunities to forex traders. NSBroker offers Contracts for Difference (CFDs) on stock indexes and commodity markets, plus a forex trading offering.
Trading platform: NSBroker allows clients to trade using the MT4 trading platform to all clients, regardless of size. These are ubiquitous and popular platforms used by forex day traders and professionals.
Fees: Trading commissions and spreads vary by market. Commission on FX trades are $8 per lot (100,000 units of currency), therefore a $1,000 trade attracts only $0.08 commission! Zero withdrawal or funding fees apply when using bank transfers.
Best for: Retail traders looking for FX positions of 1,000 currency units or greater.
Minimum initial deposit: £500 / $500
Regulation: NSBroker is the trading name of NSFX Ltd, a forex broker registered and authorised by the Malta Financial Services Authority. You can read NSFX's Ltd authorisation here. As of the date of writing, the firm was authorised for 'any investment service' provide financial services
Low trading fees
Trading forex can carry a high risk of loss
A great choice for trading Forex CFDs
Plus500 is a massive UK-based CFD provider with a broad forex offering. Plus500 offers CFD trading on over 60 forex pairs, with up to 30:1 leverage. At 30:1 leverage, a £500 deposit could be used to take a £15,000 trading position on a currency pair.
Trading platform: Plus500 trading is done via its own trading platform.
Fees: Plus500 charges no commission on CFD trades. Spreads vary by market. Other fees apply such as fees for overnight funding, currency conversion, guaranteed stop orders and an inactivity fee after 3 months with no account login. Please visit the Plus500 website for more information.
Best for: CFD traders.
Minimum initial deposit: £100 (although this varies depending on payment method)
Regulation: Plus500UK Ltd is authorised and regulated by the Financial Conduct Authority (FRN 509909)
Low trading fees
72% 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
A platform which values small and large account sizes alike
Join a nation of traders at Trade Nation, the Contracts for Difference (CFD) trading provider which specialises in forex and stock indices.
Trading platform: Trade Nation makes trading very simple with its own proprietary trading platform which you can access on a web browser or on your mobile. Trade Nation also supports the MT4 trading platform for any clients who prefer to trade using this popular desktop software.
Fees: You'll find that Trade Nation has opted for simple, fixed spreads on each of its markets. This means that traders aren't penalised for placing smaller trades, and they know exactly what their spread cost will be for each trade in advance. These spreads don't fluctuate based on market conditions. Examples of the low spreads on offer are 0.8 for GBP/USD and 0.6 for EUR/USD. Trade Nation has made 'fairer trading' a central theme in the customer experience.
Best for: Retail traders looking for the flexibility of making smaller or larger trades.
Minimum initial deposit: £10
Regulation: Trade Nation is the trading name of Finsa Europe Ltd, a UK financial services company authorised and regulated by the Financial Conduct Authority under firm reference number 525164.
Low trading fees
Trading forex can carry a high risk of loss. 57.1% of retail investor accounts lose money when trading CFDs with this provider
Find out more about trading forex
If you’re interested in learning more about trading forex, either through day trading or swing trading, consider the following sources:
The best forex trading books – in this article we pick our 5 favourite forex books written with beginners in mind. Successfully trading forex is difficult, like with any financial market, therefore it pays to educate yourself and learn from the mistakes of others before you begin.
How to trade forex for beginners – this is our flagship forex article which seeks to explain how the forex market works, and how traders leverage price movements to seek a positive return.
Thanks for visiting our guide to the best forex brokers for UK retail investors. Please let us know if you have any broker suggestions in the comment section below.