Forex trading is getting more popular each year, with the market regularly clearing trillions of dollars in daily trading volume. This unprecedented level of liquidity and global accessibility attracts both new and experienced traders who are looking to make a profit by predicting foreign exchange rate movements.
However, choosing the right broker can be a hassle, especially considering that there are hundreds of platforms to choose from.
In this article, we’ve narrowed down the selection to just a few platforms, which we believe are the best forex brokers available on the market right now.
List of the best forex brokers in 2024:
Plus500 – The best forex broker overall
CMC Markets – Streamlined forex trading platform
Interactive Brokers – The top choice for professional FX traders
AvaTrade – Advanced trading suite
OANDA – Enticing welcome bonus offering for new forex traders
IG – High leverage option for forex traders
eToro – The best choice for beginners
Examining the best forex brokers for 2024
In the paragraphs that follow, we are going to review the best brokers available to UK users who want to trade forex pairs. Keep in mind that the ranking doesn't necessarily mean that one trading platform is better than the other but rather that it reflects this author’s opinion on the subject.
1. Plus500 – The best forex broker overall
Plus500 is one of the newest forex trading platforms on the market, but that doesn’t mean it lacks features compared to more established counterparts – far from it, actually. It supports more than 60 forex pairs, which is similar to other top platforms, apart from a few outliers (like CMC Markets, for instance). The platform allows users to trade with a margin of up to 30x, which basically means that you can magnify your exposure to forex markets greatly (i.e., a $100 investment allows you to control up to $3,000 in notional value).
Plus500 boasts a rich selection of advanced trading tools, including Stop Loss, Stop Limit, and Guaranteed Stop, which can be very helpful when entering and exiting positions. In addition, the charting capabilities available on Plus500 allow users to easily analyze various indicators and engage in forex line trading with the tools needed. If you’re just starting out in forex, you’ll be happy to learn that the platform allows you to try out different strategies in the Demo mode without risking any real money. On top of forex, Plus500 supports crypto, commodities, stocks, and various other trading instruments.
Key features:
More than 60 forex pairs, including EUR/USD, GBP/USD, and other major pairs
Charting tools with popular indicators and signals (MACD, EMA, RSI, etc.)
Advanced trading orders for greater precision
Demo account mode for practice
Forex CFDs for international users, futures for US users
Founded 2008 Supported FX Pairs 60+ Leverage Up to 30x Minimum Deposit $100
Visit Plus500
*82% of retail CFD accounts lose money.
2. CMC Markets – Streamlined forex trading platform
CMC Markets is a prominent forex broker known for its extensive range of trading pairs and robust platform features. Offering access to over 300 forex pairs, it caters to a broad spectrum of traders, from those trading major currencies like EUR/USD and GBP/USD to more niche pairs. The platform's automatic pattern recognition tool is a valuable asset for technical analysis, providing traders with insights into market trends. Whether using the desktop platform or trading on the go via a mobile app, CMC Markets delivers a seamless experience across devices.
For experienced traders, CMC Markets stands out with its advanced order execution capabilities, including trailing and guaranteed stop losses, as well as partial closure orders. Its comprehensive charting tools further enhance market analysis, making it a strong choice for those seeking in-depth technical insights. CMC primarily offers contracts for difference (CFD)-based instruments, which aligns with its reputation as one of the top CFD trading platforms globally.
Key features:
Offers over 300 forex pairs, providing a wide range of trading options
Features advanced charting tools and automatic pattern recognition for technical analysis
Supports mobile trading with apps for iOS and Android
Provides advanced order execution, including trailing and guaranteed stop losses
Primarily offers CFD-based forex instruments
Founded 1989 Supported FX Pairs 330 Leverage Up to 30x Minimum Deposit $0
Visit CMC Markets
3. Interactive Brokers – The top choice for professional FX traders
Interactive Brokers is a globally recognized platform, offering access to a wide range of markets, including forex, stocks, futures, ETFs, and more. With over 100 available currency pairs and ultra-low spreads starting at 0.1 pips, it appeals to forex traders seeking competitive pricing. Its advanced suite of trading tools, such as the TWS ScaleTrader, allows for automated trading, making it suitable for both experienced and beginner traders who value algorithmic strategies. Interactive Brokers also provides real-time quotes from major forex dealers, further enhancing its appeal for those focusing on currency trading.
A standout feature is the FXTrader tool, designed specifically for forex traders. It offers a streamlined interface, real-time data, and a host of indicators that are useful for technical analysis and line trading. Additionally, the platform's reputation for professional-grade service was reinforced by its recognition as the best professional trading platform in 2023. Publicly traded under the ticker symbol IBKR, Interactive Brokers continues to be a reliable choice for traders globally.
Key features:
Access to over 100 currency pairs with low spreads starting at 0.1 pips
Offers advanced trading tools, including the TWS ScaleTrader for automated trading
Provides the FXTrader tool for a streamlined forex trading experience with real-time quotes and multiple indicators
Low trading fees and integration with algorithmic trading strategies
Publicly traded under the ticker symbol IBKR
Founded 1978 Supported FX Pairs 100+ Leverage Up to 30x Minimum Deposit $0
Visit Interactive Brokers
4. AvaTrade – Advanced trading suite
AvaTrade is a well-established forex trading platform known for its robust software offerings, catering to a wide range of trader preferences. While its starting spreads are slightly higher, beginning at 0.9 pips, the platform compensates with a comprehensive suite of tools and trading venues, including MetaTrader 4 (MT4), MetaTrader 5 (MT5), WebTrader, and AvaOptions. MT4 and MT5 remain the most popular choices for forex traders due to their advanced charting and analysis tools, while WebTrader offers a browser-based alternative, and AvaOptions caters to options traders specifically (check the list of best options brokers for more information).
Beyond its trading platforms, AvaTrade stands out for its educational resources, offering material that spans general trading principles and forex-specific strategies. The platform is regulated in nine jurisdictions, which adds to its global credibility and trustworthiness. Traders can also take advantage of a demo account to practice and refine strategies in a risk-free environment. Overall, AvaTrade offers a solid balance of functionality and learning support for both new and experienced traders alike.
Key features:
Supports multiple platforms, including MetaTrader 4 (MT4), MetaTrader 5 (MT5), WebTrader, and AvaOptions
Competitive spreads starting at 0.9 pips and leverage up to 30x
Rich educational resources, covering both general trading and forex-specific topics
Demo account for practicing strategies without real money risk
Regulated in nine jurisdictions, enhancing credibility and trust
Founded 2006 Supported FX Pairs 50+ Leverage Up to 30x Minimum Deposit $100
Visit AvaTrade
5. OANDA – Enticing welcome bonus offering for new forex traders
OANDA is a versatile forex broker known for offering higher leverage options, making it appealing to traders who are comfortable with more risk. With margin requirements as low as 2% on popular currency pairs like EUR/USD and USD/CAD, traders can leverage up to 50x on their positions. This flexibility can enhance potential returns, though it’s important to note that higher leverage also increases risk. OANDA integrates seamlessly with MetaTrader 4, a widely used platform among forex traders, offering advanced charting and analysis tools.
Additionally, OANDA's compatibility with TradingView enhances the platform’s appeal for those who prioritize in-depth market analysis. This integration allows traders to access TradingView’s powerful charting and strategy tools directly through the OANDA platform. With a solid range of educational resources and a reputation for competitive pricing, OANDA remains a reliable choice for both novice and experienced traders who value a balance of tools and risk management features.
Key features:
Offers high leverage, up to 50x (low margin requirements of 2% on popular forex pairs)
Seamless integration with MT4 and TradingView for advanced charting and analysis
Competitive pricing and transparent fee structure
Wide range of educational tools and resources for traders at all levels
Known for reliability and low-latency execution
Founded 1982 Supported FX Pairs 60+ Leverage Up to 50x Minimum Deposit $0
Visit OANDA
6. IG – High leverage option for forex traders
IG is a well-regarded forex broker that offers competitive spreads, starting as low as 0.6 pips, on major currency pairs like EUR/USD and GBP/USD. Traders benefit from flexible trading options, with the choice between over-the-counter (OTC) and direct market access (DMA) trading, each with its own fee structure and contract sizes. IG provides robust charting tools, advanced order types, and fast execution, making it suitable for traders looking for precision in their forex strategies. Additionally, ID offers leverage of up to 222x, which makes it one of the best forex brokers with high leverage available today.
The platform is available for trading 24/7, ensuring that forex traders can capitalize on global market movements at any time. IG also extends its services beyond forex, providing access to other markets such as stocks and commodities. With reliable customer support available throughout the week, IG is a versatile platform that serves both new and seasoned traders by offering essential tools and education for successful trading.
Key features:
Competitive spreads starting at 0.6 pips on major currency pairs
OTC and DMA trading options
Comprehensive trading tools, including advanced order types, robust charting, and fast execution.
Available for trading 24/7
Provides access to other markets beyond forex, such as stocks and commodities
Founded 1974 Supported FX Pairs 80+ Leverage Up to 30x (Up to 222x for professional traders) Minimum Deposit $0
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7. eToro – The best choice for beginners
eToro stands out as a pioneer in social trading, enabling users to share strategies and follow successful traders in real time. This social aspect is especially useful when trading forex, as currency movements are often influenced by global events. While eToro offers a smaller selection of 51 forex pairs compared to some competitors, it includes major options like USD, EUR, CNH, and GBP, which should be sufficient for most traders. The platform’s CopyTrader feature allows users to mirror the strategies of top traders, providing an invaluable tool for those looking to learn from more experienced investors.
The platform’s user-friendly interface makes it accessible for beginners, offering an intuitive design that simplifies the trading experience (much like Coinbase does for crypto trading, for instance). While eToro might not have the most advanced charting tools or order types, its ease of use and social trading features more than compensate for these limitations. With CopyPortfolios, users can also invest in managed collections of assets, which offers a diversified entry point into forex trading. For those new to forex, eToro presents a balanced mix of simplicity and educational value.
Key features:
Social trading features, including CopyTrader, allow users to replicate the strategies of successful traders.
User-friendly interface, designed to accommodate beginners
Access to 51 forex pairs, including major options like USD, GBP, and EUR.
CopyPortfolios feature offers a curated collection of managed assets for diversified investments
Strong focus on community engagement and learning from experienced traders
Founded 2007 Supported FX Pairs 50+ Leverage Up to 30x Minimum Deposit $50
Visit eToro
Your capital is at risk.
The bottom line
You can hardly go wrong with any forex broker on our list. All of the platforms we’ve included offer a large selection of trading pairs, are well-established, offer great customer service, and are available globally. Paired with services that provide forex signals, these brokers should provide you with the best entry into forex today.
It’s worth noting that there are other options to consider if you’re looking for higher leverage. There are unregulated forex brokers, which do have their advantages, however using them comes with risks that customers of regulated forex brokers don’t have to worry about.
For more information, you can check the following articles for the best forex platforms on a per-country basis:
Best Forex Brokers in Australia
Best Forex Brokers in Canada
Best Forex Brokers in the UK