Thadeus Geodfrey and finance are inseparable. He is a versatile expert with a strong cryptocurrency and market analysis background. Thadeus provides a unique blend of technical and strategic insights as a seasoned financial writer. His overarching probe and attention to detail inspire the InvestingGuide community. He guides you through the continuously evolving market landscape to build solid investments or make successful trades.
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Are you interested in trading forex but are worried about your buying power? I have fantastic news that will put your mind at ease. As a UK trader with a limited budget, you can use leverage of up to 30:1 to access larger positions and higher potential payouts. And that is if you’re a retail trader; if you’re a professional, your leverage options go as high as 500:1.
Leverage trading is allowed by the UK’s financial watchdog, the Financial Conduct Authority (FCA). The same authority set the leverage options I’ve mentioned. If you’re interested in leverage trading, I recommend using reputable and reliable high-leverage forex brokers, like the ones I’ve reviewed below.
List of the Best High Leverage Forex Brokers
- eToro – Best for Social Traders
- Saxo – Best for Investment Aficionados
- FP Markets – Best for Advanced Traders
- Pepperstone – Bestfor Beginners
- XTB – Best for Investors
In This Guide
Compare Brokers Table
The first item is a comprehensive comparison table I’ve prepared to help you gauge what the best high-leverage forex brokers in the UK offer as early as possible. It’ll help you compare all recommended service providers based on a selection of factors, from licensing and regulation to trading software and money insurance.
| High Leverage Forex Broker | Licence & Regulation | Support Service | Software | Payment Method | Demo Account | Money Insurance |
|---|---|---|---|---|---|---|
| eToro | FCA, CySEC, FSCA, ASIC, ADGM, SEC | 24/5 | eToro investing platform and app, Multi-asset platform, Social Trading, Copy Trader, Smart Portfolios | Credit/debit cards, Bank transfer, Klarna, PayPal, Skrill, Neteller | Yes | Yes |
| Saxo | FCA, ASIC, DFSA, MAS, JFSA, SFC, FINMA | 24/5 | SaxoTraderGo, SaxoTraderPRO, SaxoInvestor | Bank/wire transfer, credit/debit cards | Yes | Yes |
| FP Markets | FSCA, ASIC, CySEC | 24/7 | MT4, MT5, TradingView, cTrader, WebTrader, Mobile App, Copy trading | Credit/debit cards, Neteller, Skrill, Bank transfer, Google Pay, Apple Pay | Yes | No |
| Pepperstone | FCA, ASIC, DFSA, CySEC, SCB, BaFin | 24/7 | Pepperstone Trading Platform, MT4, MT5, TradingView, cTrader | Credit/debit cards, PayPal, Skrill, Neteller, Flutterwave | Yes | Yes |
| XTB | MiFID, FSCA, ASIC, CySEC, FSA, FCA | 24/5 | xStation 5, xStation Mobile | Neteller, Credit/debit cards, Bank transfer, Skrill, PayPal | Yes | Yes |
Fees & Commissions
| High Leverage Forex Broker | Minimum Deposit Requirement | Commission & Spreads | Deposits & Withdrawals | Inactivity Fee |
|---|---|---|---|---|
| eToro | £50 | From 1 pip | Free | £10 |
| Saxo | £0 | From 3 pips | Free | £0 |
| FP Markets | £100 | From 0 pips | Free | £0 |
| Pepperstone | £0 | From 0 pips | Free | £0 |
| XTB | £0 | From 0.1 pips | Free | £10 |
Platforms Reviews
The service providers that have made it to my list are undeniably better than their peers. They are regulated and licensed by different world-recognized authorities, with the FCA at the forefront. Their users also enjoy competitive fees, intuitive trading features, good support, and many other outstanding perks.
That said, each forex broker is unique and different from its counterparts. That is why I can’t put all of them in one basket, say they are all exceptional, and leave it at that. I must explore what makes each broker outstanding and highlight some shortcomings you should be aware of. Let’s get down to it.
1. eToro – Best for Social Traders
Social trading offers newbies the opportunity to learn from experienced forex traders. It also allows skilled individuals to up their knowledge with tips from their peers. Furthermore, both newbies and pros can use social trading to copy the most profitable forex traders, save time, and optimise profitability.
With the perks of social trading in mind, after testing hundreds of brokers, I’ve ranked eToro (FCA reference number 583263) the best for social traders in the UK. This service provider gives social trading enthusiasts a chance to refine their understanding of forex trading and gain invaluable insights from a thriving community consisting of over 30 million registered users. Plus, while interacting with it, I had the opportunity to copy top traders.
Join eToro’s community and enhance potential profits by copying the most successful eToro users. You’ll save time and avoid detrimental mistakes, especially if you’re a beginner. I highly encourage newbies and seasoned pros struggling with emotional trading to try out this service provider’s social and copy trading features.
I also recommend eToro because it offers an exquisite selection of assets. Sign up today and get your hands on over 7,000 tradeable assets, including 40+ FX pairs and thousands of CFDs. You can also invest in cryptocurrencies and stocks with this multi-regulated service provider.
eToro
✔5000+ financial instruments
✔Cost-free deposits
Pros & Cons
Fees
Trading Assets
Pros
- Vast community with 30 million+ investors for social trading
- Beginners and novices can copy professionals
- 7,000+ financial instruments
- Investing in stocks and crypto is possible
- Wide selection of educational materials
- Up to 400:1 leverage
Cons
- £10 inactivity fee
- No third-party software hosted
If there’s anything that can eat away at your profit margins, it’s unnecessary costs. Thankfully, eToro fees UK are reasonable and pocket-friendly. We acquired a new account without paying a single cent, which was quite a relief. We also noticed that you can enjoy free deposits by using USD. That said, eToro supports many other currencies, including GBP, EUR, and RMB.
You will incur conversion fees if you use any currency other than USD. And if you use any currency that eToro doesn’t support, you must pay conversion fees to your payment provider. The exact conversion fees you may incur at any moment will depend on various factors, including your preferred currency and payment method.
Please note that eToro subjects each withdrawal request to a £5 fee. The platform uses this money to pay expenses arising from international money transfers. Most importantly, you can’t withdraw less than £30 from the eToro trading platform.
While depositing money into our account, we noticed that eToro has strict minimum deposit requirements. Britons using this platform have to deposit at least £100 the first time. Afterwards, you can fund your account with as little as £10, depending on your preferred payment method.
Commission-wise, eToro is very friendly to people who trade ETFs or invest in real stocks since the broker charges 0% for these assets. On the other hand, if you buy or sell crypto on this platform, expect to pay a 1% fee. CFD trading also attracts variable spreads depending on the involved instruments. For instance, the spreads for currencies and commodities start from 1 pip and 2 pips, respectively.
Not to forget, eToro charges a £10 monthly inactivity fee that kicks in after 12 months of dormancy.
2. Saxo – Best for Investment Aficionados
Saxo (FCA reference number 207519) is a forex broker like no other. While evaluating it, I discovered it offers users access to 180+ forex pairs, which is an incredible feat compared to its peers. This broker has every conceivable forex instrument, from majors like GBP/USD and EUR/USD to minors like GBP/JPY and exotics like GBP/ZAR. Users can trade these assets and earn decent amounts courtesy of flexible leverages of up to 1:100.
When it comes to diversifying your trading portfolio, I guarantee you won’t have any issues while using Saxo. This company has provided a bevy of leveraged tradable instruments besides FX pairs, including futures, commodities, and listed options. Its users can also diversify with over 8,600 CFDs on commodities, single stocks, bonds, etc.
The other element that makes Saxo unique in my books is its investment offerings. This broker allows its customers to invest their hard-earned money in over 23,000 stocks from companies like Alibaba, Softbank, and Meta. 7,400+ ETFs from diverse sectors, including healthcare, tech, and environment, are also available. Not to forget, Saxo users can diversify their portfolios with 5,200+ bonds and 6,000+ funds.
Saxo doesn’t exclusively cater to individual traders. The company is also dedicated to providing indispensable products and services to institutional clients like family offices and fund managers. With this exceptional service provider, such entities can invest in over 71,000 financial instruments.
Saxo
✔No minimum deposit requirement
✔Low commissions for all asset classes
Pros & Cons
Fees
Trading Assets
Pros
- No minimum deposit requirement
- 8,600+ tradable assets
- 71,000+ investment products like stocks
- Competitive forex spreads from 0.4 pips
- Unique offerings for institutional clients
- No inactivity fees
Cons
- Doesn’t host third-party trading platforms
- Higher spreads than its peers
Saxo is one of the brokers in the UK with transparent fee structures. While analysing its trading and no-trading charges, we noted that the broker has no hidden charges. This makes it easier for users to plan and budget for their activities without worrying about extra charges once fully invested.
Additionally, we find Saxo affordable since it charges low commissions, starting at $1 on US stocks, ETFs, and futures. For traders interested in options and government bonds, Saxo charges low fees, starting at $0.75 and $0.05%, respectively.
When it comes to Saxo’s minimum deposit requirement, the broker has none. This means that any trader, whether new or budget-conscious, can create a trading account with the broker and start exploring the financial space. However, expect to incur a currency conversion fee, especially when you trade using a different currency from your account’s base denomination. The good news is this fee doesn’t apply to marginal collateral and can never exceed +/- 0.25%.
Financing charges for positions left overnight are also applicable at Saxo. For investors, expect to incur annual custody fees if your account holds stock, bond, or ETF/ETC positions. The exact fee will vary depending on your account. Our analysis showed that you will pay up to 0.15% for the classic account, 0.12% for the platinum account, and 0.09% for VIP accounts.
Lastly, Saxo charges fees for additional services besides those mentioned above. For instance, it imposes a $50 fee for online report requests. Plus, transactions are free, and there is no inactivity fee should your account stay idle for some time.
3. FP Markets – Best for Advanced Traders
A favorite for millions of global traders, FP Markets is the best high-leverage forex broker for Brits with advanced trading skills. If you’ve been in the scene for a long time and have faith in your capabilities, sign up with this service provider and get access to unmatched leverage of up to 500:1.
FP Markets is also one of my favorites because it offers diverse, robust trading platforms ideal for advanced traders. These range from proprietary solutions like WebTrader and the FP Markets mobile app to cTrader, TradingView, and MT4/5. These platforms come with powerful technical analysis, charting, and algorithmic trading tools tailored to the needs of advanced traders.
Furthermore, this allows advanced traders to choose their preferred Forex trading accounts based on a variety of perks and features. I started with a Standard account, and enjoyed unique benefits like 0 commission and competitive spreads from 1 pip. I also tested the available Razor account option, whose spreads start from 0 pips, but the commission per lot is £3 per side. Your choice will depend on your trading goals and preferences.
Asset-wise, FP Markets is quite competitive. While gauging this broker, I had the opportunity to trade over 70 currency pairs, including sought-after options like GBP/USD, USD/CHF, and USD/JPY. I also got the chance to hedge against devastating losses by diversifying with CFDS on assets like shares, commodities, and digital currencies.
FP Markets
✔10,000+ tradeable financial instruments
✔Free deposits and withdrawals
Pros & Cons
Fees
Trading Assets
Pros
- Hosts robust platforms like cTrader and TradingView
- Iress and Islamic accounts are available
- Offers social and signal trading functionalities
- Thousands of tradable instruments, including 70+ forex pairs
- No initial minimum deposit requirement
- 24/7 multilingual support
Cons
- A scarcity of courses and other training material
- £10 monthly inactivity fee
Before going any further, note that the FP Markets minimum deposit is £100. You can’t fund your account with anything less than the mandated amount. Also, as a trader, expect to cover stipulated FP Markets fees and commissions. Let’s expound on that.
FP Markets has different trading and non-trading fees. However, the costs you will likely incur depend on where you are from. Take London as an example. If you’re from this city, you’ll incur a 0.10% commission per side while trading equity CFDs. You’ll also have to pay a £60 monthly fee if you use Iress Trader or ViewPoint.
But here’s the good news. You won’t incur additional costs while depositing or withdrawing money from your FP Markets trading account. Moreover, unlike many other brokers, this service provider doesn’t have inactivity fees for dormant accounts.
Please visit FP Market’s official site for a comprehensive overview of all fees and commissions.
4. Pepperstone – Best for Beginners
My top-tier pick for beginners is Pepperstone (FCA reference number 684312); here’s why. This broker has multiple ultra-user-friendly platforms that I came across. They range from the Pepperstone mobile app to MT4 and cTrader. They offer intuitive, clutter-free layouts that are perfect for newbies without compromising on power and performance.
The orders I placed with Pepperstone were executed within a fraction of a second. That is a good thing because it guarantees that your trades will be executed promptly and your returns won’t be undermined by high slippage. Speaking of trades, this broker offers you 70+ FX securities, including GBP pairs like GBP/USD and GBP/CAD.
Plus, Pepperstone has provided the resources you need to trade like a pro and avoid crashing and burning at take-off. The broker’s website is full of educational materials, from video courses, podcasts, and webinars to eBooks and video tutorials. Go through them, then judge your readiness to trade live with a funded demo account.
When you transition to live trading, you’ll enjoy super-low spreads, something I experienced firsthand. With a raw account, your spreads will start from an impressive 0 pips where numerous securities are involved, including major currency pairs.
Pepperstone
✔24/7 customer support
✔No inactivity fees
Pros & Cons
Fees
Trading Assets
Pros
- Beginner-friendly platforms, including MT4 and cTrader
- Diverse educational tools and materials
- Tight spreads from 0 pips
- No minimum deposit requirement
- £0 inactivity fee
- Robust risk management tools like TradeMedic
Cons
- Limited asset collection compared to its peers
- High spreads on Standard accounts
After evaluating Pepperstone, we opened a trading account for conducting extensive tests. The process was quick and easy.
But what impressed us most was the Pepperstone minimum deposit requirement. This platform has no minimum deposit, which makes it ideal for low-budget and high-budget traders. If you are a beginner, joining this broker is advisable since you can start with a low amount and increase your stakes with time. To top it off, Pepperstone supports free deposits and withdrawals. This broker allows you to use diverse payment methods for free, from Visa debit and credit cards to PayPal and domestic bank transfers.
When it comes to spreads and commissions, Pepperstone is very cost-friendly. You can open a Razor account with this broker and enjoy 20 commission-free trades. Pepperstone’s Standard accounts also have zero commissions. On the other hand, spreads start from as low as 0.0 pips for forex pairs like EUR/USD and 0.5 for commodities like XAUUSD.
Finally, unlike most of its peers, Pepperstone charges zero inactivity fees. However, any positions you hold overnight with this platform are subject to swap rates. Visit Pepperstone’s pricing page for a detailed account of how this broker calculated swap rates for different financial instruments.
5. XTB – Best High-Leverage Forex Broker for Investors
If, like me, you like to diversify with real assets while trading forex and other markets, XTB (FCA reference number 522157) should be your go-to high-leverage broker. The first thing you can do with it is trade over 70 currency pairs, whose spreads start from a competitive 0.1 pips. Nothing should deter you from taking that first step, including a limited budget; XTB has no minimum funding requirement.
While trading forex with this exceptional broker, you can diversify with real stocks and ETFs. I discovered over 3,000 stocks from a variety of companies while testing this service provider, from Apple and Amazon to 888 Holding PLC and Associated British Foods PLC. I also had the opportunity to invest in 1,300+ ETFs such as EUNL.DE, IS3N.DE, and VUAA.DE.
My experience investing with XTB was smooth and seamless because not only did I have access to a wide variety of assets, but I was also able to spend as little as £10. If your capital is somewhat limited, you can simply invest in fractional shares as opposed to whole stocks.
And supposing you’re a fan of ETFs, this broker allows you to set up automated payments with Auto Invest. This feature systematically invests your funds in ETFs of your choosing. To activate it, all you have to do is specify the amount you want to invest, preferred periods, and the deposit method you wish to use. Auto Invest will take care of the rest as you focus on other ventures.
XTB
✔5,700+ financial instruments
✔No minimum deposit requirement
Pros & Cons
Fees
Trading Assets
Pros
- No minimum funding requirement
- 70+ FX pairs, and 2300+ additional CFDs
- 4,300+ real stocks, 1,300+ ETFs
- Tax-free ISA savings available
- Uninvested funds earn interest
Cons
- £10 monthly inactivity fee
- Fees for withdrawals below £50
XTB is a cost-effective trading platform. We used a live account to assess its fees and commissions. The first applaudable aspect we noticed is setting up an account with this broker is quick and easy. Furthermore, there’s no set XTB minimum deposit requirement, and the platform supports free transactions. When it comes to withdrawals, transactions above £50 are free.
That aside, we noticed various mandates on the XTB UK trading platform during our exploration. For starters, this entity has a £10 minimum order requirement for shares from companies like the Associated British Food PLC. Additionally, it requires users to cover a 0.5% conversion fee while trading with anything besides the base currency.
Not to forget, XTB charges different spreads for different instruments and requires traders who hold open positions to cover swap costs.
How to Choose the Best High Leverage Broker
Here’s an overview of factors that will help you find the best UK forex brokers with high leverage. Consider them every time you search for a reliable service provider. That is crucial in protecting yourself from brokers who might be using high leverage and other perks to hide significant issues like poor support, frequent security breaches, and unfair practices.
Licensing and Regulation
Online Reputation
Fees and Charges
Asset Collection
Trading Platforms
Customer Support
I consider regulators as guardian angels who watch over your forex trading escapades and ensure you are protected accordingly. Check every high-leverage broker’s adherence to regulations set by the FCA and other respected regulators. Don’t open an account or trade with an unregulated company under any circumstances because, among many other complications, you might lose your hard-earned money.
Many people have traded forex before you and engaged with the high leverage forex brokers you are about to interact with, yours truly included. Use their experiences to vet the reliability of the most promising service provider. The reviews these traders have published on Trustpilot, Google Play, and the App Store will help you to that end.
High fees and hidden costs are akin to hidden icebergs that have the potential to hurt your trading journey in the long run. To avoid this problem, look for a high-leverage forex broker with transparent and competitive fees. While checking that, start with the minimum deposit requirements, spreads/commissions, and transaction charges.
Your chances of hitting gold will highly depend on the financial products you have access to. Since you are primarily interested in forex trading, the first thing to do is look for a high-leverage broker with as many FX assets as possible, including your favorite currency pairs. I also recommend choosing a broker whose treasure chest contains other assets, like stocks and commodities, for diversification purposes.
Your chosen high-leverage broker should offer platforms that have the resources you need to navigate the forex market smoothly. Check the list of hosted and proprietary platforms before signing up. Also, I recommend testing each platform individually in demo mode before committing, especially where proprietary software is involved.
The waters of online trading are unpredictable. While navigating them, you will encounter numerous problems and challenges. You’ll need knowledgeable and responsive support technicians to help you address some of the issues you’ll encounter along the way. That is why I urge you to test each high-leverage broker’s support team before registering a new account.
How to Start with a High Leverage Broker
After identifying the best broker with high leverage, opening a new account follows. Here’s what I usually do at this stage:
Step 1: Go to your broker’s official site
Step 2: Register
Step 3: Complete account verification
Step 4: Fund your account
Step 5: Trade and invest
Your quest should start on your chosen broker’s official website. You’ll find every crumb of information regarding crucial aspects like provided services, fees, and platform features there. The site will also offer you access to links to sign up or download the right apps. Don’t sign up via any other avenue to avoid falling prey to malicious entities and exposing your data and money to theft.
You can register via your broker’s online platform or dedicated app. Either way, you’ll need to fill out the provided form with essential details about your personal identity, financial background, location, etc. Providing accurate details is indispensable because any suspicious or inaccurate information will nullify your account application.
The broker will need certain documents for verification purposes, like copies of your ID and utility bill statements. Such documents play a vital role in backing the information you’ve provided, especially concerning your identity and location. Due to FCA regulations, the best brokers can’t allow you to trade without verifying your identity and address.
Has your account been approved? It’s time to add some funds that will act as your forex trading capital. The rule of thumb here is to top up the account with money you’re comfortable losing. You can use any supported funding method, including standard options like bank transfer and credit/debit cards.
With everything set up and a funded account at your disposal, it’s time to dive in. Choose your favorite forex pairs and implement your preferred trading strategies. Keep a close eye on the market, adjust your positions, and protect yourself against untold losses with proper risk management. If you encounter losses, don’t give up; learn from your mistakes and come back better and stronger.
How We Test
I’m a part of the larger InvestingGuide team. We take our work with utmost seriousness. Before recommending brokers like the ones on this guide, our team spends days or weeks researching and gauging different service providers. We test each and every potential brand thoroughly, while focusing on crucial aspects like performance, security, and reliability.
A defined list of factors guides our testing process. After concluding each test, we rate the broker involved and go to the next one. Finally, we pick companies with the highest overall rating and recommend them to you, our beloved reader. Complicated and exhaustive as this task may seem, we never take any shortcuts; this is what we do, and we love the entire challenge.
Final Thoughts
In the UK, people lose millions of pounds every year to scams involving forex investments. I know you value your hard-earned money, that is why I’ve introduced you to credible and trustworthy brokers with high leverage. Trade with them. Avoid suspicious forex “gurus” and “companies” that offer to trade on your behalf while guaranteeing fixed profits by all means. There are NO guaranteed returns in forex, so anyone who promises you this incredible boon is a liar and likely a fraud.
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Definitely worth considering as I explore my options!
High leverage sounds tempting, but it cuts both ways. One wrong move, and your account is gone. Always manage risk, no matter how "exciting" it seems.