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IG vs Pepperstone
An established all-rounder against a low-cost execution specialist for active UK traders.
Spread betting: both; MetaTrader 5: both; TradingView: both
Compare FCA-regulated forex brokers in the UK, side by side
CompareForexUK compares forex and CFD brokers for UK traders, two at a time. Each comparison sets the brokers side by side on spreads, fees, platforms, spread betting and client protections, using the same criteria every time.
17 head-to-head comparisons and 12 broker reviews, every broker checked on the FCA Register. Looking for a ranked list? See the best forex brokers UK.
Reviewed by Filip Barzut, Founder & Editor and Phillip Ashdown, Senior Forex Analyst. Last updated . How we review
Compare two brokers
Choose two brokers to read their side-by-side comparison. Most read this month:
We may receive payment from brokers featured on this site, which can affect which brokers appear and where. Affiliate disclosure
Forex broker comparison chart
Find a broker on the left and read across. A filled square links to that comparison; an empty one means we have not published it yet.
| Broker | IG | Pepperstone | CMC Markets | Plus500 | XTB | eToro | FxPro | FOREX.com | Spreadex |
|---|---|---|---|---|---|---|---|---|---|
| IG | IG vs Pepperstone | IG vs CMC Markets | Plus500 vs IG | IG vs XTB | IG vs eToro | FxPro vs IG | IG vs FOREX.com | Spreadex vs IG | |
| Pepperstone | CMC Markets vs Pepperstone | Plus500 vs Pepperstone | Pepperstone vs XTB | Not yet compared | FxPro vs Pepperstone | Pepperstone vs FOREX.com | Not yet compared | ||
| CMC Markets | CMC Markets vs Plus500 | CMC Markets vs XTB | Not yet compared | Not yet compared | Not yet compared | Not yet compared | |||
| Plus500 | Plus500 vs XTB | eToro vs Plus500 | Not yet compared | Not yet compared | Not yet compared | ||||
| XTB | Not yet compared | Not yet compared | Not yet compared | Not yet compared | |||||
| eToro | Not yet compared | Not yet compared | Not yet compared | ||||||
| FxPro | Not yet compared | Not yet compared | |||||||
| FOREX.com | Not yet compared | ||||||||
| Spreadex |
Find a forex broker comparison
Search by broker name, or filter by what you need from a broker.
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IG vs CMC Markets
IG's platform range against CMC Markets' 330+ forex pairs and Next Generation platform.
Spread betting: both; MetaTrader 5: IG only; TradingView: IG only
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CMC Markets vs Pepperstone
CMC's Next Generation platform against Pepperstone's raw-spread Razor account.
Spread betting: both; MetaTrader 5: Pepperstone only; TradingView: Pepperstone only
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FxPro vs IG
An active-trader specialist against the UK's longest-established forex provider.
Spread betting: both; MetaTrader 5: both; TradingView: IG only
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Plus500 vs IG
A single-app platform against IG's multi-platform range.
Spread betting: IG only; MetaTrader 5: IG only; TradingView: IG only
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Pepperstone vs XTB
Multi-platform choice against xStation 5 and built-in education.
Spread betting: Pepperstone only; MetaTrader 5: Pepperstone only; TradingView: Pepperstone only
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FxPro vs Pepperstone
FxPro's Limited Risk Account against Pepperstone's Razor pricing.
Spread betting: both; MetaTrader 5: both; TradingView: Pepperstone only
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Pepperstone vs FOREX.com
Razor pricing and cTrader against FOREX.com's no-rollover policy on intraday trades.
Spread betting: Pepperstone only; MetaTrader 5: Pepperstone only; TradingView: both
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CMC Markets vs XTB
A wide forex range against XTB's xStation 5 platform.
Spread betting: CMC Markets only
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Plus500 vs XTB
A single-platform approach against xStation 5 and XTB's Trading Academy.
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IG vs eToro
IG's platform breadth and spread betting against eToro's CopyTrader.
Spread betting: IG only; MetaTrader 5: IG only; TradingView: IG only
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eToro vs Plus500
eToro's CopyTrader and multi-asset range against Plus500's CFD platform.
Copy trading: eToro only
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CMC Markets vs Plus500
Spread betting and guaranteed stops against Plus500's single CFD platform.
Spread betting: CMC Markets only
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IG vs FOREX.com
Spread betting and seven platforms against FOREX.com's CFD offer.
Spread betting: IG only; MetaTrader 5: IG only; TradingView: both
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IG vs XTB
Spread betting and seven platforms against xStation 5 and interest on uninvested cash.
Spread betting: IG only; MetaTrader 5: IG only; TradingView: IG only
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Plus500 vs Pepperstone
A single CFD platform against Pepperstone's Razor pricing and cTrader.
Spread betting: Pepperstone only; MetaTrader 5: Pepperstone only; TradingView: Pepperstone only
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Spreadex vs IG
Spreadex's funding charge and no inactivity fee against IG's seven platforms.
Spread betting: both; MetaTrader 5: IG only; TradingView: both
FCA-regulated forex brokers we review
Every broker below is authorised by the Financial Conduct Authority. Check the firm reference number (FRN) on the FCA Register before you open an account, and make sure the account is with the broker's UK entity.
| Broker | Our rating | FCA FRN | Minimum deposit | Comparisons | Review | Broker website |
|---|---|---|---|---|---|---|
| IG |
4.9/5 | 195355 | £0 | 8 | Read IG review | Visit IG |
| IG: 70% of retail investor accounts lose money when trading CFDs or Spread Bets with this provider. You should consider whether you can afford to take the high risk of losing your money. | ||||||
| Pepperstone |
4.9/5 | 684312 | £10 | 6 | Read Pepperstone review | Visit Pepperstone |
| Pepperstone: 73.6% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. | ||||||
| Plus500 |
4.8/5 | 509909 | £50 | 5 | Read Plus500 review | Visit Plus500 |
| Plus500: 82% 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. | ||||||
| XTB |
4.8/5 | 522157 | £0 | 4 | Read XTB review | Visit XTB |
| XTB: 74% 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. | ||||||
| FxPro |
4.8/5 | 509956 | $100 | 2 | Read FxPro review | Visit FxPro |
| FxPro: 72.87% of retail investor accounts lose money when trading CFDs and Spread Betting with this provider. | ||||||
 Capital.com |
4.8/5 | 793714 | £20 | None yet | Read Capital.com review | Visit Capital.com |
| Capital.com: 65% of retail investor accounts lose money when trading spread bets and CFDs with this provider. | ||||||
 Eightcap |
4.7/5 | 921296 | $100 | None yet | Read Eightcap review | Visit Eightcap |
| Eightcap: 75% of retail investor accounts lose money when trading CFDs with this provider. | ||||||
| Spreadex |
4.7/5 | 190941 | £5 | 1 | Read Spreadex review | Visit Spreadex |
| Spreadex: 61% of retail investor accounts lose money when trading spread bets and CFDs with this provider. *Tax laws are subject to change and depend on individual circumstances. Tax law may differ in a jurisdiction other than the UK. | ||||||
 Tickmill |
4.7/5 | 717270 | £100 | None yet | Read Tickmill review | Visit Tickmill |
| Tickmill: 68% of retail investor accounts lose money when trading CFDs with Tickmill UK Ltd. | ||||||
 ActivTrades |
4.6/5 | 434413 | £0 | None yet | Read ActivTrades review | Visit ActivTrades |
| ActivTrades: 69% of retail investor accounts lose money when trading CFDs with this provider. | ||||||
| CMC Markets |
4.5/5 | 173730 | £0 | 4 | Read CMC Markets review | Visit CMC Markets |
| CMC Markets: 69% of retail investor accounts lose money when spread betting and/or trading CFDs with this provider. | ||||||
 Trade Nation |
4.4/5 | 525164 | £0 | None yet | Read Trade Nation review | Visit Trade Nation |
| Trade Nation: 73.8% of retail investor accounts lose money when trading CFDs with this provider. | ||||||
Full Risk Disclosures
IG: Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.
Capital.com: Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 65% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work and whether you can afford to take the high risk of losing your money.
What should you compare between forex brokers?
Compare regulation, total trading costs, platforms and products together, because a broker can lead on one and trail on another. The differences that matter are often small on paper: a fraction of a pip on EUR/USD, a commission on one account type, or a platform you already use. Over hundreds of trades they add up.
- Regulation: the UK entity you would open an account with is authorised by the FCA.
- Trading costs: typical spreads, any commission, overnight funding and non-trading fees.
- Platforms: MetaTrader 4 or 5, cTrader, TradingView or the broker's own platform.
- Products: spread betting as well as CFDs, and the range of forex pairs and other markets.
- Account terms: minimum deposit, account types, and how you pay in and withdraw.
Our step-by-step guide on how to compare forex brokers walks through each of these in detail.
How do you choose a forex broker as a beginner?
If you are new to forex, three questions narrow the field quickly.
- What do you want to trade? Most UK brokers cover the major currency pairs. If you also want indices, shares or commodities, or want to spread bet rather than trade CFDs, check each broker's market range and products before you open an account.
- Which platform suits you? A broker's own app is usually the simplest place to start. MetaTrader, cTrader and TradingView offer more tools, but take longer to learn. Open a free demo account, which most brokers offer, and try the platform with virtual money first.
- How much will you deposit? Minimum deposits at the brokers we review range from nothing to around £100, so the minimum rarely rules a broker out. What matters more is trading only with money you can afford to lose, using small position sizes while you learn.
Our ranking of the best forex brokers for beginners compares demo accounts, education and ease of use, and Plus500 vs IG is a good first comparison to read.
Why use an FCA-regulated forex broker?
An FCA-regulated broker has to follow rules designed to protect retail traders, and you have routes to complain and claim compensation if something goes wrong. Offshore and unregulated firms are not bound by those rules, and UK traders can have little recourse in a dispute.
These are the FCA rules that apply to every retail CFD and spread betting account:
| Rule | What it means for you |
|---|---|
| Leverage limits | Up to 30:1 on major currency pairs, falling to 2:1 for the most volatile markets. Our position size calculator helps you size a trade. |
| Margin close-out | The broker must close positions when your funds fall to 50% of the margin needed to keep them open. |
| Negative balance protection | You cannot lose more than the money in your account. |
| No trading incentives | Brokers cannot offer bonuses or other inducements to trade. |
| Standard risk warning | Every broker shows the percentage of its retail accounts that lose money. |
| Client money segregation | Your money is held separately from the broker's own funds. |
| FSCS cover | If the firm fails, eligible investment claims are covered up to £85,000 per person, per firm. |
Regulation protects your money from the firm, not from trading losses. Our FCA regulation guide explains each protection in more detail, and the broker table above lists the FCA reference number for every broker we review.
FCA margin calculator
See how much margin a trade needs under the FCA's leverage limits for retail clients, and the level at which your broker must start closing positions.
| Market | Maximum leverage | Minimum margin |
|---|---|---|
| Major currency pairs (e.g. EUR/USD, GBP/USD) | 30:1 | 3.33% |
| Other currency pairs (e.g. EUR/TRY) | 20:1 | 5% |
| Gold | 20:1 | 5% |
| Major stock indices (e.g. FTSE 100) | 20:1 | 5% |
| Other commodities and indices (e.g. oil) | 10:1 | 10% |
| Individual shares | 5:1 | 20% |
Example: a £10,000 position in EUR/USD at the maximum 30:1 leverage needs £333.33 of margin. If your account equity falls to £166.67, 50% of that margin, the broker must start closing positions.
Margin shown is the minimum the FCA allows for retail clients; brokers can ask for more. Cryptocurrency CFDs are not available to UK retail clients. Leverage magnifies losses as well as gains. For lot sizes and pip values, use our position size calculator.
How much does forex trading cost?
The main cost on most trades is the spread, the gap between the buy and sell price. Brokers price it in one of two ways. Standard accounts build the cost into a wider spread with no separate commission. Raw-spread accounts offer much tighter spreads and add a commission per lot. The example below shows how the two can compare on one standard lot of EUR/USD.
| One standard lot, EUR/USD | Standard account | Raw-spread account |
|---|---|---|
| Spread | 1.0 pip | 0.1 pip |
| Commission | None | About 0.6 pip, round turn |
| All-in cost | 1.0 pip | About 0.7 pip |
Raw-spread pricing tends to suit active traders; standard pricing is simpler for occasional trading. Positions held overnight also pay a funding or swap charge, and some brokers add inactivity, withdrawal or currency conversion fees. Our guide to forex spreads explains how spread costs add up, and our pip value calculator turns pips into pounds.
Which forex trading platform should you choose?
MetaTrader 4 is the most widely supported forex trading platform among UK brokers. MetaTrader 5 adds more markets and order types, cTrader suits traders who want depth-of-market pricing and automated strategies, and TradingView is popular for charting. Brokers' own platforms range from feature-rich to deliberately simple.
If you already know the platform you want, filter the comparisons above by MetaTrader 5, cTrader or TradingView. For MetaTrader and cTrader, start with FxPro vs Pepperstone; for TradingView, Spreadex vs IG; for a simple single app, Plus500 vs XTB.
Spread betting or CFDs?
Both let you trade on forex prices with leverage. The main difference for UK residents is tax: spread betting profits are generally free from Capital Gains Tax and stamp duty, while CFD profits may be subject to Capital Gains Tax. Tax treatment depends on your circumstances and can change. Not every broker offers spread betting, and each comparison says which do. Read more in spread betting vs CFDs, or see the best spread betting brokers.
Which comparison should you start with?
There is no single best broker for every trader. Start with the comparisons that match what matters most to you:
- Keeping costs low as an active trader: IG vs Pepperstone, CMC Markets vs Pepperstone and Pepperstone vs FOREX.com.
- Starting out: Plus500 vs IG, Plus500 vs XTB and the best forex brokers for beginners.
- Spread betting: Spreadex vs IG, CMC Markets vs Plus500 and the best spread betting brokers.
- MetaTrader or cTrader: FxPro vs Pepperstone and FxPro vs IG.
- Copy trading: IG vs eToro and eToro vs Plus500.
If you would rather start from a ranked shortlist, see the best forex brokers in the UK.
Prefer a ranked list?
Our best-for guides rank FCA-regulated brokers for a specific type of trader, with who each broker suits and who it may not.
- Best forex brokers UK: The overall ranking
- Best for spread betting: UK spread betting brokers
- Best for beginners: Demo accounts and education
How we rank and review brokers
Every broker is assessed against the same criteria, so comparisons are like for like. We review ratings periodically and update them when a broker's regulation, fees or service change. Our how we review page sets out the full process and rating scale, and you can read about the team on our about page.
Regulation first
Every broker is checked against the FCA Register, and each comparison links to the firm's entry.
The full cost of trading
We look beyond headline spreads to commissions, overnight funding and non-trading fees.
Platforms and products
We set out the platforms, account types and products each broker offers UK retail clients.
Transparency and protections
We check how clearly fees and terms are disclosed, and confirm client money and balance protections.
Who reviews our comparisons
Every comparison and review on CompareForexUK follows the same review process, so brokers are judged on the same criteria. You can read more about the team on our about page.
Phillip Ashdown
Senior Forex Analyst. 18+ years financial services; Ex-Barclays, Ex-Lloyds.
Phillip Ashdown brings over 18 years of financial services experience to his forex broker reviews, including senior roles at Barclays and Lloyds. He specialises in FCA regulation, consumer protection, and the fine print that matters most, helping UK traders understand what's really behind a broker's marketing claims.
Filip Barzut
Founder & Editor. 15+ years digital marketing; Founder, CompareForexUK.
Filip Barzut founded CompareForexUK in 2026 and leads editorial across the site. With 15+ years in digital marketing and consumer education, Filip focuses on how to evaluate brokers clearly and explain regulation, pricing, and features in plain English for UK traders.
Forex broker comparison FAQs
Which UK forex broker is the best?
There is no single best broker for every trader. The right choice depends on how often you trade, the platform you want and whether you need spread betting. Our best forex brokers UK ranking covers the brokers we review overall, with separate rankings for beginners and spread betting. The comparisons on this page show how any two of them differ.
What are the top forex brokers in the UK?
We review 12 FCA-regulated brokers, listed in the broker table above with their FCA reference numbers and our ratings. For our ordered shortlist and who each broker suits, see the best forex brokers UK page, or browse every broker review.
How do I compare forex brokers?
Start with regulation, then compare total trading costs, platforms, products and account terms together rather than one at a time. Our head-to-head comparisons set these out for each pair of brokers, and our guide on how to compare forex brokers covers each factor in depth. If you would rather start from a shortlist, see the best forex brokers UK.
Are all the brokers on CompareForexUK regulated by the FCA?
Yes. We only compare brokers whose UK entity is authorised by the Financial Conduct Authority. That means segregated client money, negative balance protection for retail accounts, and Financial Services Compensation Scheme cover for eligible investment claims of up to £85,000 per person, per firm. Our guide to FCA regulation explains each protection.
How do I check if a broker is FCA authorised?
Search for the firm by name or firm reference number on the FCA Register. It shows whether the firm is currently authorised, what it may do and any restrictions. Make sure the entity you open an account with is the UK one. The reference number for every broker we review is in the broker table above.
How can I tell if a forex broker is legitimate?
Check the firm on the FCA Register and make sure the website, phone number and email you are dealing with match the details listed there. Scammers sometimes copy the name of a genuine firm, so also check the FCA Warning List of unauthorised and clone firms. Warning signs include promises of guaranteed returns, pressure to deposit quickly and offers of trading bonuses, which FCA-regulated brokers are not allowed to give retail clients. Every broker in our broker table is FCA authorised, with its reference number shown.
Which app is best for forex trading in the UK?
It depends on how you trade. Brokers' own apps are usually the easiest to start with, while MetaTrader, cTrader and TradingView apps suit traders who want more charting tools or automated strategies. Most brokers let you try their app on a free demo account first. Our comparisons set out the platforms and apps each broker offers: Plus500 vs XTB compares two single-app brokers, and IG vs Pepperstone compares two brokers with a wide platform choice.
Do you pay tax on forex trading in the UK?
It depends on how you trade. Profits from spread betting are generally free from Capital Gains Tax and stamp duty for UK residents, while profits from CFDs may be subject to Capital Gains Tax. Tax treatment depends on your individual circumstances and can change, so check HMRC guidance or speak to a tax adviser. Our guide to spread betting vs CFDs explains the difference.
Can I lose more than I deposit?
Not on a retail account with an FCA-regulated broker. Negative balance protection is required for retail clients, so if a sharp market move takes your account below zero, the broker absorbs the difference. Professional accounts may not have the same protection. See our FCA regulation guide for the other retail protections, and use our position size calculator to size trades to the risk you can afford.
Which forex broker is cheapest for UK traders?
There is no single cheapest broker; it depends on your trading style. Raw-spread accounts tend to cost less for active, high-volume traders, while standard accounts can be simpler and competitive for occasional traders. Comparing the two brokers you are considering on their all-in cost is the most reliable approach; IG vs Pepperstone and CMC Markets vs Pepperstone are good examples. Our guide to forex spreads explains how costs add up.
Do all brokers offer spread betting?
No. Brokers such as IG, CMC Markets, Pepperstone and Spreadex offer spread betting alongside CFDs, while Plus500, XTB and eToro do not. Each comparison states whether both brokers offer it, and the best spread betting brokers page ranks the providers.
Do you earn money from the brokers you compare?
We may receive payment from some brokers when readers open an account. These commercial relationships can affect which brokers appear on the site and where. See our affiliate disclosure and how we review brokers.
Risk warning
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. The majority of retail investor accounts lose money when trading spread bets and CFDs. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money. Broker-specific loss rates are shown next to each broker link and on each comparison and review.