Who are the best forex brokers in the UK?
Verdict
- Pepperstone is the best forex broker for most UK traders. It offers 93 currency pairs as CFDs, publishes Razor averages of 0.1 pips on EUR/USD and 0.2 on GBP/USD, and lets you trade on MT4, MT5, cTrader and TradingView.
- Capital.com is our second choice. It is FCA-authorised, accepts deposits from £20 and sells guaranteed stops, but it publishes live FX spreads only.
- For specific needs, CMC Markets (FX Active from 0.0 pips plus 0.0025%), IG (from 0.6 points) and Tickmill UK (raw from 0.0 plus $3 a side) publish competitive 'from' pricing.
- UK retail leverage on major currency pairs is capped at 1:30 at every FCA broker.
For a forex trader, 'best' comes down to a few things: the cost on the pairs you trade, the platform you run them on, and whether the company holding your money is properly regulated. Here is how Pepperstone and the other FCA-authorised firms compare on those points.
Pepperstone leads our UK forex list
Pepperstone Limited (FCA 684312) offers 93 FX pairs as CFDs and 91 as spread bets, according to its March 2025 account table. It is built for FX traders in a few ways. Razor pricing passes on raw spreads plus commission. cTrader has the lowest commission, at $3.00 per lot per side on FX. MT4 and MT5 add Smart Trader Tools such as a correlation matrix and a trade terminal. You can also run C# bots with cTrader Automate or expert advisors on MetaTrader.
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Pepperstone's prices on the pairs UK traders watch
Averages are what Pepperstone says it typically charged. Minimums come from its UK pricing page. Razor adds commission of £2.25 per lot per side in a GBP account ($3.50 in USD, or $3.00 on cTrader).
| Pair | Razor average | Standard average | UK minimum: Razor / Standard / spread bet |
|---|---|---|---|
| EUR/USD | 0.1 | 1.1 | 0 / 1 / 0.5 |
| GBP/USD | 0.2 | 1.2 | 0 / 1 / 0.8 |
| USD/JPY | 0.3 | 1.3 | Not published |
The rest of the UK shortlist
- Capital.com (FCA 793714) is our second choice. It offers CFDs and spread betting, guaranteed stops, MT4, MT5 and TradingView, and a £20 minimum. Its FX spreads are shown live only.
- CMC Markets (FCA 173730) offers FX Active pricing from 0.0 pips on EUR/USD plus 0.0025% commission per side, or a standard account from 0.5 pips. Its platforms are Next Generation, its app and MT4.
- IG (IG Markets Ltd, FCA 195355) quotes EUR/USD from 0.6 points with no commission, offers guaranteed stops, and supports a wide platform list including ProRealTime and L2 Dealer.
- Tickmill UK (FCA 717270) has a Raw account from 0.0 pips plus $3 per lot per side. That figure applies to the account as a whole, not to EUR/USD specifically.
- OANDA (FCA 542574) offers UK spread betting and guaranteed stops, for traders who want both.
What every UK forex account has in common
FCA rules set the same leverage ceiling everywhere: up to 1:30 on major pairs for retail clients. Pepperstone and Capital.com both publish negative balance protection for retail accounts. For the other firms above, our data doesn't confirm it, so check before you open an account. The differences that are left are price, platforms and order types. That's where Pepperstone's mix of raw pricing and four third-party platforms puts it ahead, and where Capital.com's guaranteed stops are its main advantage.
Sources
How many currency pairs can I trade with Pepperstone in the UK?
Pepperstone's March 2025 table lists 93 FX pairs as CFDs and 91 as spread bets. Its markets page says 90+.
Which platform is cheapest for forex at Pepperstone?
cTrader, at $3.00 per lot per side on FX in a USD account. MT5 and TradingView are $3.50 per side, and MT4 charges $7 per lot when the position opens.
Can I hold a forex account in pounds?
Yes. Pepperstone's UK accounts can use GBP, USD, EUR or CHF as the base currency.
Leveraged forex trading through CFDs or spread bets is high risk, and you can lose money quickly. 73.6% of retail investor accounts lose money when trading spread bets and CFDs with Pepperstone Limited. Consider whether you can afford the risk. This page is information, not investment advice.