For over a decade, FxScouts has been reviewing forex brokers and provided in-depth analyses. Our extensive research and unique testing methodology ensures that all broker reviews are accurate and fair with hundreds of thousands of data points generated annually. Since 2012, we’ve tested over 180 brokers across global and Asian markets. Our team of professionals are frequently cited in global and regional media, shaping market conversations and trends.
-
Best Forex Brokers
Our top-rated Forex brokers
-
Brokers for Beginners
Start trading here
-
ECN Brokers
Trade with Direct Market Access
-
Forex Demo Accounts
Learn to trade with no risk
-
Lowest Spread Brokers
Raw spreads & low commissions
-
Islamic Account Brokers
Best accounts for Muslim traders
-
Market Maker Brokers
Fixed spreads & instant execution
-
MetaTrader 4 Brokers
Top MT4 brokers in Philippines
-
MetaTrader 5 Brokers
Top MT5 brokers in Philippines
-
cTrader Brokers
Top cTrader brokers in Philippines
-
All Trading Platforms
Find a platform that works for you
-
Copytrading Brokers
Copy professional traders
-
Forex Trading Apps
Trade on the go from your phone
75-90% of retail traders lose money trading Forex and CFDs. You should consider whether you understand how CFDs and leveraged trading work and if you can afford the high risk of losing your money. We may receive compensation when you click on links to products we review. Please read our advertising disclosure. By using this website you agree to our Terms of Service.
Last Updated On Dec 8, 2023
The Financial Conduct Authority (FCA) is the UK’s financial regulator and is renowned as the most stringent regulator of Forex brokers in the world and has a reputation for guaranteeing trader security. All FCA-regulated brokers must segregate client funds, provide negative balance protection, process withdrawals instantaneously, and provide compensation of up to 50,000 GBP to protect traders against broker-related matters.
The FCA-regulated brokers below have low trading costs and a good reputation, but each has unique features making them suitable for different types of traders.
These are the best FCA-regulated brokers for 2023, according to our testing and our research.
- FxPro - Best Execution
- XTB - Best Proprietary Platform
- HFM - Best Analysis App
- IronFX - ECN Broker with the Most FX Pairs
- Admirals - Best MetaTrader Platform Support
- IG - Best Education
- Tickmill - Lowest Commission STP/ECN Broker
- Axi - Best MT4 Customisation
- Eightcap - FCA regulated broker with 100 cryptos to trade
The best FCA regulated Forex brokers for 2023
Scroll for more details
Broker | Overall Rating | Official Site | FCA (UK) Regulated | FCA License | Min. Deposit | Max. Leverage | Beginner Friendly | EUR/USD - Standard Spread | Cost of Trading | EUR/USD - Raw Spread | Total CFDs | Currency Pairs | Platforms | Website Language: English | Support Language: English | Compare |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
 | 4.29 /5 Read Review | Visit Broker > 71.58% of retail CFD accounts lose money | Yes | 509956 | USD 100 | 30:1 | Excellent | 1.40 pips | USD 14 | 0.40 pips | 2241 | 70 | MT4, MT5, cTrader, FxProEdge | Yes | Yes | |
 | 4.29 /5 Read Review | Visit Broker > 82% of retail CFD accounts lose money | Yes | 522157 | USD 0 | 30:1 | Excellent | 0.70 pips | USD 7 | 0.70 pips | 5211 | 57 | xStation5 | Yes | Yes | |
 | 4.43 /5 Read Review | Visit Broker > 72.90% of retail CFD accounts lose money | Yes | 801701 | USD 0 | 2000:1 | Excellent | 1.00 pips | USD 10 | 0.10 pips | 1230 | 53 | MT4, MT5 | Yes | Yes | |
 | 3.54 /5 Read Review | Visit Broker > 75.35% of retail CFD accounts lose money | Yes | 585561 | USD 50 | 1000:1 | Standard | 2.20 pips | USD 22 | 0.00 pips | 285 | 83 | MT4 | Yes | Yes | |
 | 4.18 /5 Read Review | Visit Broker > 76% of retail CFD accounts lose money | Yes | 595450 | USD 25 | 30:1 | Excellent | 0.80 pips | USD 8 | 0.10 pips | 3996 | 82 | MT4, MT5, MT Supreme | Yes | Yes | |
 | 4.69 /5 Read Review | Visit Broker > 68% of retail CFD accounts lose money | Yes | 195355 | USD 0 | 30:1 | Excellent | 0.60 pips | USD 6 | 0.85 pips | 19295 | 80 | MT4, L2 Dealer, ProRealTime | Yes | Yes | |
 | 4.48 /5 Read Review | Visit Broker > 70% of retail CFD accounts lose money | Yes | 717270 | USD 100 | 30:1 | Excellent | 0.00 pips | USD 4 | 0.10 pips | 209 | 62 | MT4, MT5 | Yes | Yes | |
 | 4.34 /5 Read Review | Visit Broker > 75.6% of retail CFD accounts lose money | Yes | 509746 | USD 0 | 500:1 | Excellent | 1.00 pips | USD 10 | 0.00 pips | 188 | 70 | MT4 | Yes | Yes | |
 | 4.43 /5 Read Review | Visit Broker > N/A of retail CFD accounts lose money | Yes | 921296 | AUD 100 | 500:1 | Excellent | 1.00 pips | USD 10 | 0.06 pips | 846 | 55 | MT4, MT5, TradingView | Yes | Yes |
How to compare FCA regulated brokers
FCA is one of the most respected financial regulatory agencies in the world. They are a very traditional but well-funded organization, making regulatory changes and issuing warnings to protect would-be traders and maintain fairness in the CFD industry. All FCA-regulated brokers can be considered safe due to the strict regulatory environment in which they operate, and most of them are very strong all-round. But it is essential to look at the detail of each broker to find out what differentiates them from each other. When comparing FCA regulated brokers consider:
Regulation: While your broker is FCA regulated, your trading account may not be. It is increasingly common for FCA regulated brokers to onboard UK residents onto a different license where trading conditions, like leverage, can be increased without the FCA oversight. While this is not fundamentally bad, a trader should know their trading account is regulated and that FCA will not enforce their regulations in overseas territories. If you value the regulatory oversight of the FCA, don’t trade that for adjusted trading conditions.
Platform choice: Traders have a wide range of industry platforms to choose from, each with pros and cons. When comparing brokers, always consider the platform options, as unique features or a wide variety of platforms could change your trading experience.
Trading costs: Every broker will charge for their services, but each will have different pricing models and costs. While ECN brokers will charge a smaller spread combined with a commission based on volume, market maker brokers will charge a wider spread. We compare brokers by looking at what 1 lot of EURUSD costs to trade and would encourage traders to do the same in comparing costs.
MetaTrader 4 is still the industry standard, but many brokers offer MetaTrader 5 and their proprietary platforms. ECN/STP brokers will often support cTrader as it is built specifically for market execution and only allows for minimal broker interference.
Minimum Deposit: The minimum deposit could change by account type, with higher minimum deposits often linked to better conditions. Always consider the minimum deposit specific to the account type you may open.
Deposit and Withdrawal Methods: Most brokers accept credit cards and bank transfer payment, and many accept online payments through Skrill and Neteller, and some will also accept Bitcoin. Always check the withdrawal fees before making a deposit.
FXPro – Best Execution
FxPro is a respected FCA-regulated broker with no dealing desk intervention. Most client trades are filled in under 14 milliseconds, with 80.48% of market orders executed at the requested price while 9.6% of clients receive a better price, or positive slippage. All trades are executed at Equinix Data centres in LD4 London, and trading servers are connected with Tier 1 banks that provide liquidity via its proprietary aggregator, Quotix.
Traders can choose between four different platforms – MT4, MT5, cTrader, and the FxPro platform, and there is an account type associated with each platform. The minimum deposit is 100 USD on all accounts, and traders can access leverage of up to 200:1. While spreads are relatively wide on its MT4 and MT5 accounts compared to other brokers at 1.61 pips (EUR/USD), spreads tighten significantly on its cTrader Account averaging at 0.31 pips in exchange for a commission of 4.5 USD per trade.
Accepts Filipino Clients. Average spread EUR/USD 1.40 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5, cTrader and FxPro proprietary trading platform supported. FxPro Group is regulated by FCA, CySEC, FSCA, and the DFSAXTB – Best Proprietary Platform
Overall Rating
4.29 / 5
4.29 / 5| 🏦 Min. Deposit | USD 0 |
| 🛡️ Regulated By | CySEC, FCA, DFSA, FSC |
| 💵 Trading Cost | USD 7 |
| ⚖️ Max. Leverage | 30:1 |
| 💹 Copy Trading | Yes |
| 🖥️ Platforms | xStation5 |
| 💱 Instruments | Commodities, Cryptocurrencies, Stock CFDs, ETFs, Forex, Indices, Shares |
XTB is an FCA-regulated STP broker offering trading on a single live market execution account with no minimum deposit requirements, leverage of up to 500:1, and a choice of over 1500 instruments. Following a recent decision to move away from MT4, XTB now only provides trading on its award-winning proprietary platform – xStation 5.
xStation5 offers many of the same advanced trading features found on MT4, but it introduces XTB sentiment data directly into the platform, allowing traders to view the percentage of clients trading long and short, and on which instruments. It also offers powerful charting tools, one-click trading, real-time performance statistics, and a trader’s calculator. In addition, XTB’s mobile application connects seamlessly to the xStation 5 desktop version.
Accepts Filipino Clients. Average spread EUR/USD 0.70 pips on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 & xStation platforms supported. XTB Group is regulated by CySEC, FCA and the IFSCHFM (Formerly known as Hotforex) – Best Analysis App
HFM is an ECN/STP broker regulated by multiple authorities including the FCA. It offers full support for both the MT4 and MT5 trading platforms in addition to a number of trading tools, including Autochartist, VPS Hosting Services, and its proprietary HF App. The HF App allows traders to deposit and withdraw funds, apply technical indicators, copy trades, and create watchlists.
Additionally it features several analysis tools, including Daily Market Analysis from its expert analysts, Trading Positions, a unique market indicator providing information on how traders are reacting to currency and commodity movements, and a Traders’ Board, with information on currency movers and volumes traded. Other useful tools include a Live Quotes feature, Trading Calculators, and an Economic Calendar.
Accepts Filipino Clients. Average spread EUR/USD 1.00 pips on trading account with lowest minimum deposit. Max leverage 2000:1. Islamic account available. MT4 & MT5 platforms supported. HF Markets Group regulated by the FSCA, FCA, FSC, CySEC and the DFSA.IronFX – ECN Broker with the Most FX Pairs
Overall Rating3.54 / 5
3.54 / 5| 🏦 Min. Deposit | USD 50 |
| 🛡️ Regulated By | CySEC, FCA, ASIC, FSCA |
| 💵 Trading Cost | USD 22 |
| ⚖️ Max. Leverage | 1000:1 |
| 💹 Copy Trading | Yes |
| 🖥️ Platforms | MT4 |
| 💱 Instruments | Commodities, Stock CFDs, Forex, Futures, Indices, Metals |
IronFX is an FCA-regulated ECN broker offering trading on multiple assets, including commodities, metals, indices, futures, shares, and over 80 Forex pairs. It also offers a variety of account and execution choices, allowing traders to decide on the spread/commission structure that best suits their strategy.
Minimum deposits start at 50 USD on its commission-free Standard Account, but spreads are extremely wide, at 2.2 pips on the EUR/USD. Spreads tighten significantly on the Live Zero Fixed Spread Account, down to 0 pips in exchange for a high commission of 18 USD round turn per trade. Traders can access leverage of up to 1000:1 on the instant execution accounts, and up to 200:1 on the market execution accounts. All accounts have access to IronFx’s wide range of currency pairs.
Accepts Filipino Clients. Average spread EUR/USD 0.00 pips on trading account with lowest minimum deposit. Max leverage 1000:1. Islamic account available. Only MT4 platform supported. IronFX is regulated by CySEC, FCA, ASIC, and the FSCA.Admirals – Best MetaTrader Platform Support
An FCA-regulated STP broker, Admirals is renowned for its wide range of tradeable instruments and excellent MetaTrader platform support. Admirals offers five live trading accounts on both the Metatrader 4 and Metatrader 5 platforms. It also created a customised plug-in, the MetaTrader Supreme Edition, which provides insights from a third-party provider, Trading Central, including pattern recognition and technical analysis directly to the platforms. MetaTrader Supreme also features the Global Opinion toolset, which harnesses the power of news sentiment on a global scale, by detecting subtle, but significant changes in the undercurrents of the financial markets.
Admiral Markets offers both MT4 and MT5 market execution accounts suitable for beginners and more experienced traders, with minimum deposit requirements of 100 USD on all accounts, tight spreads starting at 0.5 pips on the EUR/USD, and charges a low commission of 1.8 – 3 USD per lot traded.
Accepts Filipino Clients. Average spread EUR/USD 0.80 pips with 0.0 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5 & MT4 Supreme Edition platforms supported. Admirals is regulated by ASIC, CySEC, and the FCA.Tickmill – Lowest Commission STP/ECN Broker
Established in 2014 and headquartered in London, Tickmill has seen extraordinary growth since its foundation, with over 110,000 traders on its books and an average monthly trading volume of over 120 billion USD. Tickmill acquired its FCA licence (registration no. 717270) in 2016, and to date, its UK office has attracted over 38,000 clients. While Filipino traders will be trading under Tickmill’s Seychelles-based entity, the additional FCA oversight will ensure that Tickmill provides a safe and reliable trading environment. Traders will also be attracted by its low commission accounts and low non-trading fees.
Low Commission Accounts: Tickmill offers three live accounts on both the MT4 and Mt5 platforms. While its commission-free entry-level account features higher trading fees than other brokers, with spreads that start at 1.6 pips on the EUR/USD, traders will be interested in the Pro and VIP accounts, which offer spreads of 0 pips and commissions of 4 USD and 2 USD (round turn), respectively. However, in order to open a VIP account, traders will have to maintain an account balance of 50,000 USD.
Non-trading Fees: Unlike other brokers that charge fees on almost all transactions, Tickmill’s non-trading fees are low. No fees are charged for deposits or withdrawals, and Tickmill does not charge fees on inactive accounts. Tickmill also has a Zero Fee policy and will reimburse traders for any third-party fees charged up to 100 USD on deposits of over 5,000 USD.
Accepts Filipino Clients. Average spread EUR/USD 0.00 pips with 4 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 and MT5 platforms supported. Tickmill is regulated by CySEC, FCA, FSCA, and the FSA-Seychelles.Axi – Best MT4 Customisation
Overall Rating4.34 / 5
4.34 / 5| 🏦 Min. Deposit | USD 0 |
| 🛡️ Regulated By | FCA, ASIC, FMA, DFSA |
| 💵 Trading Cost | USD 10 |
| ⚖️ Max. Leverage | 500:1 |
| 💹 Copy Trading | Yes |
| 🖥️ Platforms | MT4 |
| 💱 Instruments | Commodities, Cryptocurrencies, Stock CFDs, Forex, Indices, Metals, WTIs |
Originally from Australia, Axi opened its UK branch and acquired an FCA licence (registration no. 509746) in 2012. In 2020, Axi became a sponsor of Manchester City and launched the Axi Select programme, which provides talented retail traders with funding to become professional traders. Although Filipino traders will be trading under Axi’s Seychelles-based entity, the FCA regulation ensures that the broker provides a reliable and fair trading environment. Axi only supports the MetaTrader 4 (MT4) trading platform but provides lots of tools and plugins to make the platform more powerful.
MT4 Customisation: Although trading platform support is limited to MT4, Axi offers many tools and plugins that can be added to the trading platform to make it more powerful. Traders who maintain an account balance of more than 1000 USD can access the MT4 NexGen plugin, which includes an advanced sentiment indicator, a correlation trader, a more intuitive terminal window, and an automated trade journal. Traders also have free access to PsyQuation, an advanced data analytics plugin that analyses your trading style, identifies mistakes, and helps you avoid making similar mistakes again.
Axi Select: Axi Select provides a means for talented traders to gain the capital funding required to become professional traders. For retail traders that demonstrate potential, Axi provides all the tools, education, and financial backing to progress in the Forex trading space. Axi allocates up to 500,000 AUD per qualified trader and allows traders to earn a 20% performance fee once they meet certain program criteria.
Accepts Filipino Clients. Average spread EUR/USD 1.00 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & MT5 platforms supported. Axi Group is regulated by the FCA, ASIC and the DFSA.Eightcap – FCA-regulated broker with 100 cryptos to trade
Eightcap stands out for traders in the Philippines due to its robust FCA regulation, ensuring a safe trading environment. The broker offers a vast range of CFD trading options, from over 55 currency pairs to 100 cryptocurrency pairs. With support for the MT4, MT5, and TradingView platforms, traders get access to advanced charting and algorithmic trading.
Eightcap offers three accounts, all with a minimum deposit of 100 USD. Its Standard and TradingView accounts are commission-free with spreads starting at 1 pip (EUR/USD), while its Raw Account has a spread starting at 0,1 pip (EUR/USD) in exchange for a low commission of only 7 USD (round turn). We were also pleased with Eightcap’s diverse funding methods which are fast and free and that customer support is available 24/5 in 10 languages via email.phone, and live chat.
Accepts Filipino clients. Average spread EUR/USD 1.00 pips with 0.0 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & MT5 platforms supported. Eightcap Markets is regulated by ASIC, the FCA, CySEC, and the SCB.Why Trade with an FCA Regulated Forex Broker?
There are few genuinely strong regulators in the world; the Australian Securities and Investments Commission is one, the Cyprus Securities and Exchange Commission is another, and the UK’s Financial Conduct Authority (FCA) is probably the leading member of this group.
London, and the UK in general, is recognised globally for being a strong, reputable financial centre and so it stands to reason that the UK’s financial regulator also has a reputation for reliability and strength.
The FCA oversees all British firms and individuals offering financial services and applies one of the world’s strictest regulatory environments. This is also the case for Forex brokers operating in the country, with the FCA being very active in enforcing compliance with the rules and regulations governing CFD products and consumer protection.
The FCA has a long-standing reputation for guaranteeing trader security and dealing harshly with bad brokers. We will talk about the FCA’s broader role in ensuring a safe environment in more detail below, but first, let’s look at the current benefits of trading with an FCA regulated broker.
The FCA’s Role In Forex Trading
FCA-regulated Forex brokers are governed by rules that enhanced trust through enforcing market discipline, and adjust provider behaviour to prevent harm from happening to customers, and assisting when things go wrong.
The FCA’s role in Forex trading is to oversee the activities of the Forex brokers, to ensure compliance with rules that are designed to protect end-users and the overall economy.
A Forex broker that is regulated by the FCA is required to consider the interest of their customers and treat them fairly. Also, the FCA requires that information is shared with customers in a way that is easy to understand, fair and not misleading.
The mission of the FCA.
The Financial Conduct Authority (FCA) is the UK’s financial regulatory organisation. It replaced the Financial Services Authority in 2012, which had been compromised during the financial crash when it was revealed that flaws in the organisation had led to poor regulation. The FCA is more powerful and consumer-focused than the FSA was, which is good news for Forex traders as they are very well protected under the new regime.
The mission of the FCA is to regulate financial services through a framework of directives, and enforcement mechanisms. The board of the FCA reports to the Financial Services Ombudsman who can bring information to the attention of parliament, and the industry through a series of publications.
What consumers can expect from the FCA
In principle, a consumer should expect to get protection from the regulation and the enforcement of rules of the FCA. The framework is designed to help protect those who may have a lesser understanding of the financial markets, from those who have a better understanding of them.
This protection includes helping Forex brokers set up rules for how to handle complaints and correct any issues.
The FCA’s main purpose beyond the regulation of financial organisations is to provide customers with reliable information. Their website maintains a warning list, which is a list of organisations that are potentially seeking to defraud customers, as well as provide information on the regulated entities and the products they offer.
The customer centre is available weekdays from 8 am to 6 pm, and half-day Saturday from 9 am to 1 pm, which gives potential traders access to knowledgable financial specialists who can help answer questions, or take note of a complaint or report a scam.
All FCA Regulated Brokers
These are all the FCA regulated brokers we have reviewed. They are ordered by overall score, placing the best ranked broker at the top of the list.
Scroll for more details
Broker
Min. Deposit
FCA License
Cost of Trading
EURUSD (Best)
GBPUSD (Best)
USDJPY (Best)
Trading Commission
No. of FX Pairs
Compare
Official Site
USD 0
195355
USD 6
0.85 pips
1.40 pips
0.94 pips
Fees Included in Spread
80
Visit Broker >
68% of retail CFD accounts lose money
USD 100
607305
USD 7
0.60 pips
1.20 pips
0.70 pips
Fees Included in Spread
56
Visit Broker >
70.3% of retail CFD accounts lose money
USD 0
684312
USD 10
0.17 pips
0.59 pips
0.26 pips
From 7 USD / lot - Razor Account
100
Visit Broker >
89%74- of retail CFD accounts lose money
USD 100
717270
USD 4
0.10 pips
0.30 pips
0.10 pips
4 USD / lot
62
Visit Broker >
70% of retail CFD accounts lose money
AUD 100
921296
USD 10
0.06 pips
0.73 pips
0.23 pips
7 USD / lot
55
Visit Broker >
N/A of retail CFD accounts lose money
USD 0
801701
USD 10
0.10 pips
0.50 pips
0.30 pips
6 USD / lot - Zero Account
53
Visit Broker >
72.90% of retail CFD accounts lose money
USD 50
590299
USD 6
0.00 pips
0.50 pips
0.40 pips
6 USD / lot - ECN Account
46
Visit Broker >
of retail CFD accounts lose money
USD 0
509746
USD 10
0.00 pips
0.10 pips
0.10 pips
7 USD / lot - PRO account
70
Visit Broker >
75.6% of retail CFD accounts lose money
ZAR 1000
525164
USD 6
0.60 pips
0.80 pips
1.00 pips
Fees Included in Spread
32
Visit Broker >
of retail CFD accounts lose money
USD 100
509956
USD 14
0.40 pips
1.00 pips
0.60 pips
9 USD / lot
70
Visit Broker >
71.58% of retail CFD accounts lose money
USD 0
522157
USD 7
0.70 pips
2.20 pips
1.40 pips
Fees Included in Spread
57
Visit Broker >
82% of retail CFD accounts lose money
USD 10
600475
USD 15
0.00 pips
0.20 pips
0.00 pips
From 4 USD / ECN Accounts
62
Visit Broker >
81% of retail CFD accounts lose money
USD 100
801701
USD 8
1.30 pips
1.80 pips
1.90 pips
6 USD / lot - ZERO Spread Account
53
Visit Broker >
72.83% of retail CFD accounts lose money
USD 0
7110087
USD 10
0.20 pips
0.20 pips
0.20 pips
4 USD / lot
45
Visit Broker >
73.5% of retail CFD accounts lose money
USD 5
586541
USD 7
0.10 pips
0.40 pips
0.10 pips
6 USD / Lot
80
Visit Broker >
62% of retail CFD accounts lose money
USD 25
595450
USD 8
0.10 pips
0.60 pips
0.30 pips
1.8 - 3 USD per lot
82
Visit Broker >
76% of retail CFD accounts lose money
USD 100
609970
USD 20
2.00 pips
2.00 pips
2.00 pips
Fees Included in Spread
50
Visit Broker >
74% of retail CFD accounts lose money
USD 50
217689
USD 13
1.30 pips
0.60 pips
0.30 pips
None
45
Visit Broker >
67% of retail CFD accounts lose money
USD 0
629628
USD 12
0.00 pips
0.00 pips
0.00 pips
7 USD / lot - ThinkZero Account
46
Visit Broker >
71.89% of retail CFD accounts lose money
GBP 1
501057
USD 8
0.20 pips
0.40 pips
0.40 pips
6 USD / lot - ECN Account
49
Visit Broker >
83.14% of retail CFD accounts lose money
USD 100
186171
USD 12
0.10 pips
0.40 pips
0.20 pips
8 USD / lot - Raw Account
70
Visit Broker >
74% of retail CFD accounts lose money
USD 1000
562170
USD 13
1.30 pips
2.00 pips
1.60 pips
Fees Included in Spread
84
Visit Broker >
79% of retail CFD accounts lose money
USD 0
190941
USD 6
0.60 pips
0.90 pips
0.70 pips
Fees Included in Spread
60
Visit Broker >
63% of retail CFD accounts lose money
USD 0
USD 13
1.30 pips
1.80 pips
1.30 pips
7 USD / lot - Zero Account
48
Visit Broker >
N/A of retail CFD accounts lose money
USD 50
585561
USD 22
0.00 pips
0.00 pips
0.00 pips
On select STP/ECN Accounts
83
Visit Broker >
75.35% of retail CFD accounts lose money
USD 500
586466
USD 7
0.20 pips
0.80 pips
0.40 pips
5 USD / lot
42
Visit Broker >
76% of retail CFD accounts lose money
USD 10
609146
USD 24
2.40 pips
4.00 pips
2.80 pips
Fees Included in Spread
180
Visit Broker >
76% of retail CFD accounts lose money
USD 100
738538
USD 19
3.00 pips
3.00 pips
3.00 pips
Fees Included in Spread
55
Visit Broker >
71.36% of retail CFD accounts lose money
Key achievements of the FCA
The FCA achievements taking into consideration their short history are significant. Since 2013, when the FCA started regulating the UK financial industry, London has become more acknowledged as a major global financial centre.
Before the FCA being set up, there was no mechanism in the UK to keep the retail investor safe from companies that promoted complicated financial products that have a high-risk financial impact on the consumer.
The immediate achievement of the FCA the development of the requirements for financial organisations designed to protect the consumer, and a set of policies to help those who have already been harmed get easy access to a remedy.
The FCA is also transforming attitudes of the companies and those who work in the financial sector in the UK. This change has meant for fairer products, marketing tactics, and the development of a more customer-centric approach.
In changing the way companies operate internally and how they work with clients to remedy issues they create, the FCA has accomplishment has made the financial sector in the UK and the companies that are regulated by it, much safer for the average retail Forex trader.
The history of the FCA
Commenced in December 2012 with the passing of the Financial Services Act of 2012, the FCA was founded in April 2013 to replace the Financial Services Authority (FSA) that had been in place since 2001.
The FSA acted in an arbitrator role and had a broader mandate to oversee the entire financial system. When the FCA was created, it became responsible for the policing of the UK financial activities and the banking system. At the same time that the FCA was founded, sister agencies of the Bank of England’s Financial Policy Committee and the Prudential Regulation Authority which take responsibility for other financial sectors.
The global reputation of the FCA
The FCA is internationally recognised as one of the most trusted and objective regulatory services. It is a traditional organisation, and the framework which governs was created in 2013 to manage the current-day marketplace. This activity has indirectly impacted many millions of UK households and has set a standard for other similar organisations worldwide.
FCA Structure
The FCA board is responsible for the overall framework implementation – which includes oversight of 6 committees which report into it, and the appointment of the Chief Executive to execute on the strategy set by the board.
The committee structure gives insights into the risks the FCA sees in the market, and how they work together in a system of self-regulation and gradual adaptation to prevent against new threats.
Risk & Strategy Committee evaluates the risks that are posed by the financial organisations on the market and are tasked to find strategies to mitigate those risks from being passed on to the consumers.
The Audit Committee monitors the effectiveness of the policies and the strategies used by the FCA.
The Regulatory Decisions Committee is the committee that takes actions against organisations that violate the rules. This committee acts on tips from the public and information from the investigators on the audit committee.
The Oversight Committee then works with the board of the FCA to manage their relationship with the parliamentary appointed Financial Services Ombudsman who is the UK’s official expert in sorting out problems with financial services. This relationship is valuable as this brings information to the government so that laws can be written, and government oversight is present.
Remuneration Committee is a committee that oversees a transparent process for how executives at the FCA are paid. This process ensures fair treatment of all staff and also respects that the FCA is a publicly funded organisation.
Similar to the Remuneration Committee, the Nominations Committee, acts as an internal mechanism to ensure the integrity of skills on the board so that the mandate of the FCA continues to be acted on effectively.
These committees, working with and feeding off each other, create a robust self-regulated system of rule-setting, auditing, enforcement and accountability to the people of the UK.
Summary
The FCA is a highly-valuable protective component of the UK financial services system that has been put in place to protect consumers with little financial knowledge from organisations with more knowledge selling them complex and risky financial products.
Any organisation that is regulated by the FCA is mandated to treat the customer fairly, and in the absence of a customer directive, make the decision that best suits the interest of the customer.
An FCA-regulated organisation takes responsibility for the accuracy and transparency of the information they promote and maintain discipline in their internal processes that are designed to protect themselves and their clients.
A Forex broker that is regulated by the FCA will expect their advice and support to be available in helping set up internal processes to protect and remedy issues that should arise in their business.
Overall, an FCA-regulated broker can be trusted to protect your funds, never communicate misleadingly, and has the client’s best interest in mind when doing business selling clients financial products and services.
Forex Risk Disclaimer
Trading Forex and CFDs is not suitable for all investors as it carries a high degree of risk to your capital: 75-90% of retail investors lose money trading these products. Forex and CFD transactions involve high risk due to the following factors: Leverage, market volatility, slippage arising from a lack of liquidity, inadequate trading knowledge or experience, and a lack of regulatory protection. Traders should not deposit any money that is not considered disposable income. Regardless of how much research you have done or how confident you are in your trade, there is always a substantial risk of loss. (Learn more about these risks from the UK’s regulator, the FCA, or the Australian regulator, ASIC).
Our Rating & Review Methodology
Our State of the Market Report and Directory of CFD Brokers to Avoid are the result of extensive research on over 180 Forex brokers. These resources help traders find the best Forex brokers – and steer them away from the worst ones. These resources have been compiled using over 200 data points on each broker and over 3000 hours of research. Our team conducts all research independently: Testing brokers, gathering information from broker representatives and sifting through legal documents. Learn more about how we rank brokers.
Editorial Team
Chris Cammack
Head of Content
Chris joined the company in 2019 after ten years experience in research, editorial and design for political and financial publications. His background has given him a deep knowledge of international financial markets and the geopolitics that affects them. Chris has a keen eye for editing and a voracious appetite for financial and political current affairs. He ensures that our content across all sites meets the standards of quality and transparency that our readers expect.
Alison Heyerdahl
Senior Financial Writer
Alison joined the team as a writer in 2021. She has a medical degree with a focus on physiotherapy and a bachelor’s in psychology. However, her interest in forex trading and her love for writing led her to switch careers, and she now has over eight years experience in research and content development. She has tested and reviewed 100+ brokers and has a great understanding of the Forex trading world.
Ida Hermansen
Financial Writer
Ida joined our team as a financial writer in 2023. She has a degree in Digital Marketing and a background in content writing and SEO. In addition to her marketing and writing skills, Ida also has an interest in cryptocurrencies and blockchain networks. Her interest in crypto trading led to a wider fascination with Forex technical analysis and price movement. She continues to develop her skills and knowledge in Forex trading and keeps a close eye on which Forex brokers offer the best trading environments for new traders.
