Biggest Forex Brokers in the UK

The United Kingdom is one of the most important global hubs for forex and CFD trading. London remains a central pillar of the international financial system, and the UK is home to some of the world’s most established and heavily regulated online brokers. For traders, a broker's client base can be a strong indicator of its reputation, reliability, and overall market presence.

But which are some of the biggest brokers in the UK?

In this article, we highlight some of the biggest forex and CFD brokers in the UK by number of clients, using the most recent publicly available data. We will particularly focus on firms with a significant UK presence under the regulation of the Financial Conduct Authority (FCA).

Be sure to read the disclaimer section below the rankings, which explains how client numbers are interpreted and why figures may differ between brokers.

Largest Brokers in the UK by Number of Clients

Below is a list of some of the biggest brokers operating in the UK today, ranked primarily by published client numbers:

• eToro - Over 38 million registered users worldwide. (Source: eToro Media Centre)
• Plus500 - Over 32 million registered customers (Source: Plus500’s Official Website - Homepage).
• XTB - Over 2 million clients worldwide. (Source: XTB Investor Relations)
• Pepperstone - 750,000+ traders globally. (Source: Pepperstone About Us page)
• IG - Over 320,000 active clients globally. (Source: IG Group plc Annual Report)
• Trading212 - Over 5 million lifetime funded accounts. (Source: Trading212 Official Website > About Us Page)
• Saxo Bank - Over 1.5 million clients Worldwide (Source: Saxo Official Website > Company Information)
• FxPro - Over 14.5 million clients worldwide (Source: FxPro Official Website > About Us Page)

Please note: The UK brokers listed above are part of larger global groups. The client numbers reflect their worldwide user base, as region-specific breakdowns are rarely published. However, all brokers listed here have a significant UK presence and are authorised by the Financial Conduct Authority (FCA).

Disclaimer About the Listings

This is not a definitive or exhaustive list of all major UK brokers. Many reputable brokers do not publicly disclose client numbers and therefore cannot be ranked by this metric alone. The figures referenced in this article are sourced from official broker websites, annual reports, and reputable financial disclosures, though publication dates may vary.

It is also essential to understand the difference between registered users, funded accounts, and active traders. Registered user figures may include dormant or demo accounts, while active traders represent a much smaller subset of actively participating clients. Each broker reports data differently, so figures should be viewed as indicative rather than absolute. Traders should always verify the most up-to-date information directly with the broker.

With that said, let’s take a closer look at some of the biggest forex brokers in the UK by number of clients and what they offer to traders.

Top Biggest Forex Brokers in the UK

eToro

Founded in 2007, eToro has grown into the largest retail trading platform accessible to UK traders, boasting over 38 million registered users globally. Its UK entity, eToro (UK) Ltd, is authorised and regulated by the FCA with the firm reference number 583263. On top of that, eToro operates under the supervision of several other financial organisations, including the CySEC in Cyprus, the ADGM’s (Abu Dhabi) FSRA, the ASIC in Australia, and the FSA in Seychelles, among others.

eToro’s flagship feature is CopyTrader, which allows users to automatically replicate the trades of other investors in real time. This functionality is built directly into eToro’s proprietary trading platform, available via web browser and mobile app.

Through eToro, UK traders gain access to over 7,000 financial instruments across a variety of asset classes. Particularly, the broker offers CFDs on forex, commodities, indices, stocks, ETFs, and cryptocurrencies. In addition, eToro allows users to invest in real stocks and cryptocurrencies (non-CFD). Forex spreads are competitive, with major pairs such as EUR/USD typically starting from 1.0 pips.

52% of retail investor accounts lose money when trading CFDs with this provider.

Plus500

Plus500 is one of the most widely recognised CFD brokers in the UK, with over 32 million registered users worldwide. Founded in 2008, the company has built a strong presence in the UK retail trading market. Its UK entity, Plus500UK Ltd, operates under the regulation of the FCA with the reference number 509909. Additionally, Plus500 is regulated by the CySEC, the ASIC, the MAS in Singapore, and the DFSA in the DIFC.

Plus500 operates on a proprietary trading platform which works seamlessly on desktop, web, and mobile devices. The broker offers access to thousands of financial instruments, including CFDs across forex, indices, commodities, shares, options, ETFs, and cryptocurrencies.

One of Plus500’s key strengths is its clear pricing model. Plus500 uses a floating spread model that varies by asset and market conditions. For instance, the EURUSD spread is currently around 0.9 pips. Importantly, the broker charges no commission fees.

80% of retail investor accounts lose money when trading CFDs with this provider.

XTB

Founded in 2002, XTB is one of the most established brokers that serves over 2 million clients worldwide, including a growing base of UK traders. In the UK, XTB is fully authorised and regulated by the FCA with the reference number 522157. Additionally, it holds regulatory licenses from the CySEC, the KNF in Poland, and the FSC in Belize. Further, XTB is a publicly traded company on the Warsaw Stock Exchange, which further enhances its credibility.

The broker is particularly well regarded for its proprietary xStation 5 platform. This platform combines advanced charting, fast execution, and an intuitive interface. UK traders using XTB can access more than 11,000 financial instruments. These include CFDs on forex, indices, stocks, commodities, and ETFs, alongside real stocks and ETFs. This allows investors to diversify their portfolios as they see fit.

The pricing model is straightforward, with a Standard account designed to cater to traders of all levels. The account features a spread from as low as 0.8 pips with no commission on forex pairs. The broker also offers extensive educational content, market analysis, and in-platform research tools.

69-80% of retail investor accounts lose money when trading CFDs with this provider.

Pepperstone

Pepperstone, founded in 2010, has grown into one of the most respected forex brokers available to UK traders. This broker has acquired a solid client base, with over 750,000 clients globally. It also boasts one of the largest daily trading volumes by any broker.

Pepperstone provides access to over 1,400 tradable instruments, allowing investors to invest in more than one market on the same account. Particularly, the broker offers CFDs on forex, indices, commodities, shares, ETFs, and cryptocurrencies. UK traders can choose from multiple trading platforms, including MetaTrader 4, MetaTrader 5, cTrader, TradingView, and the Pepperstone Trading Platform.

The broker offers two main account types, which include the Standard account and the Razor account. The Standard account features spreads from around 1.0 pip with no commission. In comparison, the Razor account offers raw spreads from 0.0 pips plus a small commission, which depends on the trading platform used.

MetaTrader 4 and 5 users pay a commission of $3.5, €2.60, or £2.25 per side per lot, depending on the account base currency. Those using TradingView and the Pepperstone trading platform are charged $3.50 per side per lot. Meanwhile, traders on cTrader enjoy a slightly lower commission of $3.00 per side per lot. For accounts with a base currency other than USD, TradingView, the Pepperstone Trading Platform, and cTrader commissions are converted at the spot exchange rate to the account currency.

From a regulatory standpoint, Pepperstone is fully authorised and regulated by the FCA in the UK with the reference number 684312. Additionally, it has regulatory oversight from the ASIC, the CySEC, the DFSA, the CMA in Kenya, and the SCB in the Bahamas, among others. This strong regulatory coverage, alongside the other features, has helped Pepperstone establish a solid reputation in the UK market.

73.7% of retail CFD accounts lose money

IG Markets

Founded in 1974, IG Markets is one of the oldest and most established brokers in the UK and in the world. Today, the broker serves over 320,000 clients worldwide. Despite having fewer clients than some newer platforms, IG consistently ranks among the largest brokers globally by trading volume.

IG offers access to more than 17,000 markets, including CFDs on forex, indices, commodities, shares, ETFs, and cryptocurrencies. UK traders can use a wide range of advanced platforms, including the IG Trading Platform, MetaTrader 4, ProRealTime, TradingView, and L2 Dealer. Forex spreads at IG are highly competitive, with major pairs like EUR/USD starting from 0.6 pips.

IG is headquartered in the UK and authorised by the Financial Conduct Authority with the reference number 195355. The broker also holds regulatory licenses from the BaFin in Germany, the ASIC, the CySEC, and the Bermuda Monetary Authority, among others.

70-74% of retail investor accounts lose money when trading CFDs with this provider.

Trading212

Trading212 has rapidly become one of the most popular brokers for UK investors, reporting over 5 million lifetime funded accounts globally. Its appeal lies in its intuitive mobile and web platform, which simplifies the investing and trading process. Trading 212’s UK entity, Trading 212 UK Ltd, operates under the regulation of the FCA with the reference number 609146. The broker is also under the regulation of the CySEC, the ASIC, and the BaFin.

Trading 212 offers access to a wide range of financial markets. UK traders can invest in real stocks and ETFs as well as trade CFDs on forex, indices, commodities, shares, and ETFs. The spreads on this broker are competitively low, with the EURUSD pair having an average spread of 1.4 pips. Better yet, investing in real stocks and ETFs is commission-free with Trading 212 (other fees might apply).

Saxo Bank

Saxo Bank is a well-known global trading and investment broker serving over 1.5 million clients worldwide. The broker has a strong presence in the UK through Saxo Capital Markets UK Ltd, which is authorised and regulated by the FCA with the reference number 551422. In addition to FCA regulation, Saxo Bank also has regulations by the Danish Financial Supervisory Authority (DFSA), the FINMA, the MAS in Singapore, and the ASIC.

UK traders using Saxo Bank can access one of the broadest selections of markets available from a single broker. In total, Saxo offers more than 71,000 tradable instruments, including CFDs on ETFs, forex, stocks, indices, bonds, commodities, and index options, along with real stocks and ETFs. The trading platforms available to use include SaxoTraderGO, SaxoTraderPro, ProRealTime, and TradingView.

Saxo Bank offers a transparent and competitive pricing structure with three main account tiers, which include the Classic, Platinum, and VIP accounts. Spreads on major currency pairs start from around 0.9 pips on the Classic account, from 0.8 pips on the Platinum account, and from as low as 0.7 pips on the VIP account.

FxPro

FxPro is a well-established global forex and CFD broker with a strong footprint in the UK, serving over 14.5 million clients worldwide. In the UK, FxPro operates through FxPro UK Limited, which has supervision from the FCA under reference number 509956. FxPro also operates under the regulation of the CySEC, the FSCA, and the SCB.

UK traders with FxPro gain access to a broad range of markets, including CFDs on forex, indices, futures, cryptocurrencies, and shares. This gives traders a broad range of opportunities to diversify their portfolios. Clients can trade using MetaTrader 4, MetaTrader 5, cTrader, TradingView, and the proprietary FxPro trading platform.

The broker provides four distinct trading account types, which include the Standard, Raw+, Elite, and cTrader accounts. The Standard account features spreads on major currency pairs starting from around 1.0 pips with no commission. On the other hand, the Raw+ account offers raw spreads from 0.0 pips, combined with a commission of up to $3.5 per side per lot.

Meanwhile, the Elite account also delivers spreads from 0.0 pips and a commission of up to $3.5 per side per lot, and comes with the added advantage of rebates on commissions. Finally, the cTrader account provides spreads from approximately 0.2 pips, with commissions charged at $35 per $1 million USD traded.

Final Comments

The UK remains one of the most competitive and highly regulated markets for forex and CFD trading in the world. Brokers operating under the FCA’s strict regulatory framework must meet high standards for client protection, capital adequacy, and transparency.

In this article, we have highlighted some of the biggest forex brokers in the UK by number of clients, including eToro, Plus500, XTB, Pepperstone, and IG, among others. These brokers stand out not only for their large user bases but also for their strong regulatory credentials, diverse product offerings, competitive pricing, and reliable trading platforms.

That said, size alone should not be the sole factor when choosing a broker. Regulatory protection is among the most crucial factors for traders to consider. Further, trading costs, platform quality, and available instruments are also important considerations. Always conduct your own research and select a broker that best aligns with your trading goals, experience level, and risk tolerance.