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Author: Samuel Lowes
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Samuel Lowes

British Forex Trading Guide

Forex trading by individuals first became popular in the UK in the late nineties. As technology advanced, so made the demand for Forex trading. With the foreign exchange being one of the most important, most liquid markets in the world, it wasn't long before more and more brokers emerged and the upward trend continued.

Of course, as the market grew, so did the choice of Forex brokers. While many of them offered a robust and reliable platform on which to trade, there were also the emergence of those that were not so trustworthy. Never the less, choosing the right broker opens up a whole host of benefits to enhance your trading experience.

When choosing a Forex broker, how do you ascertain the good guys from the bad? How do you know who is going to make your trading experience the best it can be? Our mission is to provide you with a comprehensive list of brokers, along with recommendations and reviews. Our breakdown of brokers and trading regulation requirements will help you to reach an informed decision.

Top Rated Forex Sites

Vantage FX Logo
Bonus Up-to $2000 Pairs 80+
Min. Trade $1 *Payout % 92.76%
Over 80+ pairs to trade now
Established, with ASIC licensing
Added benefits for prolific traders
Social and copy trading available
Customer support office hours only
Website navigation not the best
Deposit Methods
Bitcoin PayPal MasterCard Neteller
116 traded at this site today
Read Review
Bonus Up-to $1600 Pairs 80+
Min. Trade $1 *Payout % 91.48%
Over 80+ pairs to trade now
Big focus on advanced platform
Multiple and free demo accounts
Access to strategy manager for all
Limited choice of funding methods
Min. balance must be maintained
Deposit Methods
AMEX Klarna PaySafeCard Skrill
75 traded at this site today
Read Review
Very Good
Bonus Up-to $1000 Pairs 35+
Min. Trade $1 *Payout % 89.72%
Over 35+ pairs to trade now
Dual licensing with FCA and ASIC
Four great platforms available
Free research and analysis tools
High minimum deposit required
Few ways to deposit & withdraw
Deposit Methods
Klarna PayPal PaySafeCard Skrill
32 traded at this site today
Read Review
Alpari Logo
Very Good
Bonus Up-to $1000 Pairs 60+
Min. Trade $1 *Payout % 89.56%
Over 60+ pairs to trade now
MT5 platform adapted for Forex
Low minimum deposit of just $20
Welcomes robot trading methods
Confusing trader login process
No overnight support available
Deposit Methods
PayPal PaySafeCard MasterCard Skrill
20 traded at this site today
Read Review
BDSwiss Logo
Very Good
Bonus Up-to $1000 Pairs 60+
Min. Trade $1 *Payout % 87.32%
Over 60+ pairs to trade now
Great reputation with CySEC licence
Advanced & bespoke MT4 platform
Customer support in 20+ languages
Only 2 account options available
Lack of diversity for pro traders
Deposit Methods
AMEX Klarna PayPal Skrill
11 traded at this site today
Read Review
Risk Warning / Ad Disclosure

Risk Warning: The products offered by the companies listed on this website carry a high level of risk and can result in the loss of all your funds. You should never risk money that you cannot afford to lose.

Ad Disclosure: Some of the links that you will find on this website are advertisements for which we do receive financial gain for referring new customers.

Forex Sites in UK

United Kingdom

There are many things to consider when choosing the right UK Forex broker. Not only are you looking for those that are licensed and regulated to offer Forex trading in the UK, but you are also looking at the various benefits of each platform and which ones best suit your requirements. These benefits will include:

Welcome Bonuses And Deals

With so many brokers offering their services to UK residents, the welcome bonus goes a long way to encouraging you to sign up to an account. There are a few different types of bonuses offered but in the main will either be a no deposit or a deposit bonus. As the names suggest, no deposit means that you can open an account and receive the bonus without depositing any funds. A deposit bonus requires an initial deposit and then is usually between 25%-100% of the funds deposited.

The Demo Account

A demo account is exactly as the name describes. It gives you the chance to try the platform without risking any of your funds. While you are not trading on the live platform, the simulated version allows you to make virtual trades with virtual funds. Once you have opened an account, you usually have a limited time to use the virtual funds.

Mobile App Trading

For many now, it is essential to be able to trade on the go. Gone are the days of having to be glued to a desktop computer. Now, as long as you have a mobile device and internet connection, you can trade wherever you are. Many brokers offer either a mobile app, available for iOS or Android or a mobile-friendly website.

Customer Service

A good Forex broker needs to be able to answer your questions and queries promptly. By being accessible, this invokes your trust. You should be looking for visibility when choosing a UK broker. Do they have contact numbers, email addresses, registered address, a Facebook page and a live chat assistant?

Broker Fees And Tax

Todays Top Traders
Trader Broker Pair Profit

Earnings in the UK are subject to income tax above a certain level. Now Forex trading, unlike CFD, is subject to income tax however any losses can be used to claim tax relief. If you are unsure as to how income tax applies to your Forex earnings, then you should consult an accountant and get professional advice.

If Forex is a second income and takes you into the higher income bracket, then you will be liable to pay tax at a higher level. For those who are subject to income tax, you will need to self-assess. This can be done either in paper format or online and has to be done at the end of the financial year.

The fees that you are likely to encounter from Forex trading include those that you have to pay on winning trades plus a few others:

  • Commission fees - Payable and deducted at source on every winning trade
  • Withdrawal fees - Some brokers will charge every time you request a withdrawal
  • Credit card/electronic wallet fees - Often charged as a transaction fee, especially if trading abroad
  • Currency conversion - Your bank will often charge a currency conversion fee if you are converting from one currency to another

To keep the expenses to a minimum, consider the cheapest method of funding your account. As withdrawn funds will be sent back to the source of deposit, work out which will cost less. Also, the fewer withdrawals you make, the less you are likely to pay in fees. Some brokers will charge a fee every time you request a withdrawal.

British Licencing

Trading in the UK is perfectly legal and above board. It is also legal for foreign brokers to advertise their services to UK residents. Brokers must be licensed by the FCA (Financial Conduct Authority) if they wish to trade in the UK, but other EU licensing and regulation also indicate a well-regulated broker. Some of the licenses to look out for are CySEC (Cyprus) BiFAN (Germany), and all brokers trading in the EU must adhere to EU standards; MiFID.

Most reputable, international brokers will have several licenses to allow them to trade in various countries. This is another indication that the broker is trustworthy and not a scam. There are some unregulated brokers, but often they are waiting for a license. We only recommend those brokers that we are happy to put our name against but if you are unsure, carrying out further research should help to put your mind at rest.

Forex trading by individuals first became popular in the UK in the late nineties.

How we Recommend Brokers

We recommend UK Forex brokers based on extensive research and evidence that is gathered by our team of professionals. Our team consists of both trading experts and financial wizards who know the markets inside out. They know precisely what makes a good broker and how to find them.

Our team test each broker, putting them through their paces so that they can bring you the very best. From testing the mobile trading experience to examining the payouts, they are looking for several things. Is there a varied range of assets to choose from? Do they offer good welcome deals and incentives, and what is their customer service like?

Once they have carried out their research, they put together a comprehensive overview of each broker so that you can make your choice based on factual information. In addition to providing extensive broker reviews, they also look at the trading requirements for each country. To further enhance your trading experience, we look at the various tools available.

These include automated trading software or robots. We also offer trading guides to enable you to hone your trading skills and become a better all-around trader. We only put our name to brokers that we are confident will deliver you the best trading experience. All you need to do is then choose the best one for you and start trading with confidence.

Our Review Rating System (More Info)

10% 10% 10% 15% 15% 20% 20% Pie Core
  • Account Types
  • Banking & Payouts
  • Bonuses & Promotions
  • Mobile Trading
  • Trade Types
  • Special Features
  • Customer Support
Expert Reviews

Frequently Asked Questions


Is Forex trading in the UK legal and safe?

Forex trading in the UK is perfectly legal and safe if you choose the right broker. The UK market is regulated by the FCA (Financial Conduct Authority), and most brokers also have MiFID regulation.

Do I need to pay fees and taxes on my profits?

If you are earning above the threshold for income tax then yes, you will need to pay income tax on your profits. Losses can be offset, but you need to ensure that you are declaring your earnings.

Can I test brokers before trading with real money?

The best way to test a broker is to use their demo platform. Most brokers will offer a demo account which is a virtual platform that simulates the live platform.

Is it easy to make deposits and withdrawals?

It is easy to make deposits and withdrawals. Most brokers accept credit cards, debit cards and electronic wallets. Withdrawals can take a few days to process, and you may be charged a fee.

Can I trade using my mobile or tablet device?

As long as the Forex broker offers a mobile-friendly trading experience, then you can trade using a mobile device. They will either provide an app or a mobile responsive website.

Meet The Author
Samuel Lowes
Samuel Lowes
Fund Manager

Contributing to the website since 2012 we are one of many consultancy projects Samuel works on. With 38 years of experience in finance, insurance and foreign exchange his combined knowledge makes him an effective operator.

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