10 Best Futures Brokers in the UK for 2023

Futures trading is a lucrative financial instrument to diversify portfolios for both novice and experienced traders. However, to fully capitalize on this opportunity, selecting the best futures broker that aligns with your specific needs is a must.

In this guide, we’ll provide you with a list of the best futures brokers in the UK to invest with and what makes them so great to begin with. So, let’s get started!

Best Futures Brokers UK Reviewed & Compared 

Now, we’ll take a deeper look at these best brokers for futures trading in the UK and how they compare to each other to help you find the one that suits your needs the best.

1. Plus500 – Overall Best Futures Broker in the UK 

Plus500’s simple and easy-to-use interface that comes with guaranteed stop-loss orders, tight spreads, fast order execution, real-time quotes, and access to thousands of CFDs is what makes it the market-leading broker.

Recognized as the best futures trading platform UK, the FCA-regulated Plus500 is a publicly traded company listed on the London Stock Exchange (LSE). It offers a comprehensive product line of CFDs on many financial instruments, including forex, stock indices, individual shares, commodities, bonds, ETFs, options, and cryptocurrencies. 

Plus500 has three basic order types: market order, limit order, and stop order, alongside two account options—retail and professional. This reputable broker also offers a fully functional mobile app to trade on the go and supports a wide range of payment methods, including Apple Pay, Bank Transfer, PayPal, Skrill, and Credit/Debit Card.

When it comes to research and analysis tools and commentary, the platform offers articles, videos, and market insights in addition to economic and earnings calendars. It also has great charting tools, watchlists, and a news section, and provides a “Traders’ Sentiment” and a “Live Statistics” indicator.  

As for the fees, Plus500 charges no commission or withdrawal fee and has an industry average forex CFD fee. However, there is an inactivity fee, which you would only be charged if you don’t log in to the platform. The broker’s customer service meanwhile covers WhatsApp chat, email support, and live chat but no phone support. It also has a demo account for you to test the platform.

2. IG – Top UK Futures Broker with Comprehensive CFD Trading and Research Tools

A popular broker, IG offers a huge selection of CFD futures, including commodity, bond futures, and indices. Moreover, IG provides the option to trade real stocks, offers robo-advisory, and even has a demo account available. However, it’s important to note that while IG’s mobile app is easy to use and has a touch/face ID login, its in-house developed trading platform has no desktop version.

The IG trading platform features a progressive web app and is available on both iOS and Android devices. Catering to advanced traders, IG also provides access to ProRealTime and MetaTrader4 platforms with extensive customization options. 

IG’s charting tools are particularly good, with several drawing tools and technical indicators available in addition to the ability to trade directly from the chart, view open orders, add price alerts, display corporate events, and even save custom layouts for future quick access. In the educational context, you have the option to register for courses, participate in webinars, and view instructional videos.

What sets IG apart from its peers is its transparent pricing, with all costs clearly stated upfront. While opening an account is free of charge, there is a monthly inactive account charge of £12, but only if you haven’t used your account for two years or more. When it comes to customer support, it’s almost available 24/7, but it may not be as quick or responsive.

3. Interactive Brokers – Premier Futures Brokerage for Diverse Financial Services

This is a powerful futures trading platform for all kinds of traders that comes equipped with numerous features, encompassing a variety of order types and algorithms that assist traders in implementing diverse trading strategies.

Interactive Brokers is regulated by the FCA and is listed on the NASDAQ exchange under the ticker IBKR. Assets available on Interactive Brokers include equities, options, forex, futures, currencies, commodities, cryptocurrencies, bonds, and indices. Notably, Interactive Brokers’ desktop version, the Trader Workstation (TWS), is one of the best trading platforms with advanced features as well as a high degree of customisation.  

When it comes to trading tools, the platform offers ComboTrader, which enables traders to develop unique combination order strategies or select from various templates featuring predefined programs for executing futures trades. There’s also SpreadTrader, a single-screen command centre that assists traders in managing their futures positions with ease. 

The platform’s Index Arbitrage Meter, another valuable tool, gauges the spread between futures contracts and their corresponding spot prices, aiding traders in spotting opportunities and making trades.

The commission rates at IBKR vary depending on the exchange and the contract you’re trading. The platform, however, charges an inactivity fee on IBKR Pro accounts. Also, there’s a withdrawal fee once you have used one free withdrawal per month. 

4. SAXO – Trusted Futures Broker for Professional Traders With Broad Asset Selection

As one of the top futures brokers, Saxo is known for its user-friendly platform on both desktop and mobile devices, asset-specific analysis tools,  responsive charting, and advanced strategy backtesting. 

Saxo’s trading platforms, SaxoTraderPRO and SaxoTraderGO, are built with the end user in mind, providing major upgrades over the industry standard. The platform is fully licensed and regulated in 15 jurisdictions across Europe, Asia, and the Middle East. It has a wide range of equity, metals, bonds, and currencies to traders. 

Saxo offers competitive trading fees with commissions varying based on the contract as well as the tier of pricing. It has a three-tiered pricing structure (Classic, Platinum, and VIP), which depends on your trading volume, and the more you trade, the lower the commissions available.  

When it comes to advanced research and analysis tools, Saxo offers the Futures Spread Trading feature that allows you to simultaneously place orders to buy and sell multiple contracts. Then there’s the Depth Trader feature, which allows you to more effectively manage your trades by viewing all the pending buy and sell orders. Meanwhile, with the Time and Sales feature, you can monitor real-time futures prices and trade directly from the exchange.    

5. TradeStation – Renowned for Advanced Futures Trading Interfaces and Tools

TradeStation is a leading futures broker for offering an excellent trading platform loaded with customizable charting, advanced trading tools, and a premium real-time watchlist for professional trading experience.

Besides its web platform, you can also use its reliable and user-friendly mobile app to trade on the go. The broker also provides dedicated customer service via phone, email, and live chat to help manage any trading issues, but only on weekdays. The broker offers commission-free trading on equities, futures, and options, but forex and CFDs are not available. Trading fees are also low across the board. However, an inactivity fee is applicable. 

It further hosts various account types, including individual, IRA, joint, institutional, custodial, and entity accounts, which you can choose as per your trading needs and experience level.  

TradeStation offers a comprehensive suite of research and educational tools featuring a demo account, detailed fundamental data, high-quality news, a detailed FAQ section, and educational videos and articles. However, deposit and withdrawal functions are somewhat limited, with only bank transfers supported.

6. Degiro – Leading Low-Cost Futures Platform With Diverse Financial Instruments

If you’re looking for safe, easy, and cheap futures trading, you may want to explore Degiro, which features global investing, no hidden costs, and low fees. This platform offers inexpensive trading opportunities in ETFs, bonds, index funds, and more but does not offer CFDs and forex.  

Degiro’s bespoke trading terminal offers sophisticated features, including real-time market news, live streaming prices, multiple order types, plus customisable graphs and charts. Its basic but easy-to-use desktop and mobile trading platforms are suitable for those with little trading experience. 

In terms of costs, non-trading fees at Degiro are also low due to no inactivity, deposit, or withdrawal fees. But trading US options or futures carries a fee along with currency conversion.

As for its educational and support aspects, the research offering at Degiro is limited to a basic news feed, a few charting tools, and some fundamental data on stocks. Additionally, there is no desktop trading platform, and customer support is of mixed quality, available in many languages and offering phone support but lacking live chat or 24/7 availability.

7. MEXEM – Best Futures Broker for Superior Mobile Trading and Account Management

The Europe-based global broker, MEXEM, covers a vast range of markets and products: equities, ETFs, indices, options, futures, mutual funds, forex, and commodities. Its main platform for trading is the Trader Workstation (TWS) from Interactive Brokers, which is rather complex but allows for customisation.

MEXEM offers a demo account in addition to a multitude of great research tools on its sophisticated trading platforms. This includes fundamental data, news, forecasts, and trading ideas on various markets, along with advanced analytics from Trading Central. However, the broker doesn’t provide extensive educational materials and instead only provides tutorial videos and webinars.

While there are no fees for inactivity, deposits, account maintenance, or the first withdrawal each month, margin fees are high. Moreover, the only way to deposit and withdraw funds is through a bank transfer, the slowest and most expensive method. The customer service is of good quality, available via email, telephone, and live chat.

8. Optimus Futures – Excellent Futures Broker for Low Fees and Comprehensive Research Tools

This futures broker made it in this list for free professional-grade trading tools, micro futures, and deep discount commissions. 

Optimus Futures offers a wide selection of markets, focusing exclusively on futures and options on futures trading. However, it’s important to note that popular asset classes like real stocks or ETFs are not available on the platform.

This broker has one of the lowest fees among its competitors, and there is also no inactivity fee. But on the negative side, withdrawal fees are high due to support for wire transfers, ACH deposits, and physical checks but not credit/debit cards.

Optimus provides excellent research and educational tools that cater to the requirements of experienced traders. This includes advanced charting, a knowledge base, guides, trading lessons, a trading podcast, a community blog, a video library, webinars, an FAQ, automated trading, a remote desktop, and a demo account. Complementing these resources, customer service gives helpful and quick answers provided through a support forum, social media, email, and telephone. 

9. AMP Futures – Great Selection of Futures Trading Platforms with Low Costs

AMP Futures is known for cheap, fast, and reliable trading routes and data feeds, along with 24-hour customer service and trade desk support.

With more than 60 trading platforms, AMP Futures caters to advanced users. Its flagship platform, however, is only available as a desktop app with no mobile or web versions. Moreover, its product portfolio only covers futures and options on futures. Also, people may find its account opening process a bit complicated.

The research and analysis tools offered by the broker are quite extensive, with backtesting, the latest news and financial forecasts, a support forum, and charting tools with many indicators, along with high-quality educational materials, including videos and articles. 

As for fees, AMP Futures has low futures fees, and there is no deposit or inactivity fee, but wire withdrawal fees are quite high. Customer services, meanwhile, are provided via phone, email, live chat, and remote access of a technician to the client’s computer.

10. Tickmill – Preferred for Professional Futures Trading with High Leverage

This futures broker is on our list for catering to professional traders with competitive spreads, fast execution, and a wide range of deposit and withdrawal options.

Tickmill offers a wide range of popular markets, including CFDs, forex, bonds, indices, commodities, and on-exchange futures and options. Its web trading platform is provided by MetaTrader, which is highly customisable and has a clear fee report but lacks price alerts. Meanwhile, its mobile and desktop trading platform, offered by MetaTrader 4, is well-designed and user-friendly with a good search function.  

The platform has assembled a rather comprehensive suite of research and analysis tools, incorporating market news, auto-chartist, signal centre, a demo account, and trading masterclasses. Its educational content includes videos, articles, and webinars.

Tickmill supports many options for deposit and withdrawal, including bank transfers, credit/debit cards, and e-wallets, and they’re all free of charge. There is no inactivity fee either. Client support is also very good, available via phone, email, and chat, but only during working hours.

How We Ranked the Top UK Futures Trading Platforms

Choosing the correct broker is the most important decision, as it can significantly impact your futures trading success. However, with the plethora of brokers available in the market today, determining the right futures broker UK for you can be challenging. To assist in this process, we have created a list, taking the following factors into consideration:

Regulation

With so many options available today, it’s crucial that futures trading brokers UK are regulated by a reputable authority, like the Financial Conduct Authority (FCA). This ensures the broker is operating securely and that user funds are safe.

Order Types

When it comes to futures trading UK, there are many order types, each having a specific purpose. While market, limit, stop, and stop limit orders are offered by most basic platforms, a good platform will also allow you to place trailing stop orders and even give you the ability to place conditional orders.

Execution Speeds

Markets move fast, especially in trading futures UK, so it’s essential that a broker offers high execution speeds. This also helps in reducing slippage, ensuring you get the desired price. 

Fees and Commissions

The low commission makes for an attractive broker; however, it’s important to ensure that this advantage isn’t offset by spreads, trade fees, withdrawal fees, inactivity fees, or any hidden charges. Such charges can significantly eat into your profits. 

Minimum Deposit

While some brokers have zero deposit requirements, others may need you to deposit a minimum amount of cash just to open an account. In fact, in some cases, it can even go as high as £1,000, which is not a viable option for every trader.

Demo Account

Futures trading brokers with a demo account enable you to test the platform and confirm all the necessary elements that benefit your trading activity. This way, you can first sharpen your skills before jumping into the market.

Mobile App

A broker with a mobile app tends to offer the most modern and extra trading features. Moreover, it allows for a more streamlined trading experience. 

Risk Management Tools

Risk management involves strategically limiting your positions in the event of a loss. Brokers facilitate this process by providing tools such as stop loss, real-time risk monitoring, risk analytics, hedging tools, and account alerts, helping traders mitigate the damage of market downturns.

Educational Resources

For a beginner, educational resources can be immensely helpful in improving proficiency. A good futures platform has extensive educational tools, including courses, videos, tutorials, glossaries, webinars, and more.

Payment Methods

Not all payment methods are the same. E-Wallets and debit cards are pretty handy, while bank transfers tend to be safe. It is important to find a suitable option; otherwise, you may have to go through a currency exchange every time you want to make a deposit or withdrawal. 

Trading Community

A thriving and engaging trading community actually has a significant impact on the success of a broker as it enhances market liquidity and brings a variety of strategies to the platform. Moreover, traders share insights and analyses within the community, creating a supportive environment not only for novice but also experienced traders.

Reputation and Reviews

A broker boasting a lengthy history of success and a solid reputation within the industry can offer increased stability and security for your investments. So, when reviewing brokers, we make sure that customers have good things to say about them.  

Financial Stability

It is critical to look at the financial stability of a broker as it ensures that user funds are secure and that the platform is better equipped to implement robust risk management practices. Not to mention, regulatory authorities often require brokers to maintain a certain level of financial stability, and adhering to these standards shows the broker’s commitment to operating responsibly and ethically.

How do Futures Brokers Work?

First, let’s start with futures. It is an agreement to purchase or sell a certain security or commodity at an agreed-upon price at a predetermined “future” date. This means that the buyer is obligated to buy, or the seller is required to sell the underlying asset at the predetermined price, irrespective of the prevailing market price on the expiration date.

The value of futures hinges on the value of an underlying asset, like oil, for instance, in the case of crude oil futures. 

Being a leveraged financial instrument, this derivative financial product offers the potential for outsized gains or losses. Hence, they are considered to be an advanced trading instrument.

Numerous varieties of futures contracts are available for trading, encompassing stock index futures with underlying assets like the S&P 500 Index; commodity futures with commodities such as corn, wheat, crude oil, and natural gas as the underlying assets; precious metal futures for gold and silver; and currency futures, including the Euro and the British pound ones.

Futures contracts can be used by different kinds of financial players, including investors and speculators, in addition to companies that want to take physical delivery of the commodity or supply it.

On some futures trading broker platforms, future trading works by using CFDs or ‘contract for difference’ and spread betting, with the latter having fixed expiration dates while the former has none. What this means is that you don’t take ownership of the underlying asset and can take advantage of rising and falling markets by going long or short. 

To trade futures, you need a broker which acts as an intermediary between traders and the futures market. They provide services to individuals or institutions looking to participate in the futures market. 

The primary role of brokers involves linking buyers and sellers of futures contracts with a range of services at their disposal, including access to market data and trade execution. And in exchange for their services, brokers charge a commission.  

Futures brokers facilitate price discovery and provide liquidity, which plays a crucial role in the futures market. Besides making it easier for clients to buy and sell futures contracts, these platforms help clients navigate the complex futures market by providing additional services like research, market insights, trading tools, and risk management. 

Conclusion 

Futures trading is worth it for traders who enjoy speculating on the future price of a security, commodity, currency, or any other financial instrument. However, it is smart to first learn the basics of investing, understand the risk of high-leverage trades, and use demo accounts to get started.

Overall, using a futures broker to trade futures in the UK can be an exciting and profitable opportunity, but it is best to be approached with caution. With a solid understanding of the futures market and the right broker like Plus500, which is easy to use, has low fees, and offers broad asset selection along with advanced tools, you can have profitable futures trading.

References

• https://www.statista.com/topics/7536/financial-markets-in-the-uk/#editorsPicks
• https://markets.ft.com/data/equities/tearsheet/summary?s=LSEG:LSE
• https://www.fca.org.uk/news/warnings/regulated-broker
• https://www.cnbc.com/select/how-to-manage-risk-reward-when-you-invest/
• https://www.gov.uk/hmrc-internal-manuals/vat-finance-manual/vatfin6200

FAQs