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.

AuthorAuthor: Jeffrey CammackPublished: Oct 14, 2019
EditorEditor: Alison HeyerdahlUpdated: Dec 8, 2023

Last Updated On Dec 8, 2023

Jeffrey Cammack

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 2024, 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 2024

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Broker
Broker Score
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
FxPro
4.39 /5
Read Review
Visit Broker >
71.58% of retail CFD accounts lose money
509956USD 10030:1Excellent1.40 pipsUSD 140.40 pips224170MT4, MT5, cTrader, FxProEdge
XTB
4.39 /5
Read Review
Visit Broker >
78% of retail CFD accounts lose money
522157USD 030:1Excellent0.70 pipsUSD 70.70 pips521157xStation5
HFM (HotForex)
4.53 /5
Read Review
Visit Broker >
72.90% of retail CFD accounts lose money
801701USD 02000:1Excellent1.00 pipsUSD 100.10 pips123053MT4, MT5, HFM Trading App
IronFX
3.64 /5
Read Review
Visit Broker >
75.35% of retail CFD accounts lose money
585561USD 501000:1Standard2.20 pipsUSD 220.00 pips28583MT4
Admirals
4.28 /5
Read Review
Visit Broker >
76% of retail CFD accounts lose money
595450USD 2530:1Excellent0.80 pipsUSD 80.10 pips399682MT4, MT5, MT Supreme
IG
4.69 /5
Read Review
Visit Broker >
71% of retail CFD accounts lose money
195355USD 030:1Excellent0.60 pipsUSD 60.85 pips1929580MT4, L2 Dealer, ProRealTime
Tickmill
4.58 /5
Read Review
Visit Broker >
71% of retail CFD accounts lose money
717270USD 10030:1Excellent0.00 pipsUSD 60.10 pips20962MT4, MT5
Axi
4.44 /5
Read Review
Visit Broker >
75.6% of retail CFD accounts lose money
509746USD 0500:1Excellent1.00 pipsUSD 100.00 pips18870MT4
Eightcap
4.53 /5
Read Review
Visit Broker >
N/A of retail CFD accounts lose money
921296AUD 100500:1Excellent1.00 pipsUSD 100.06 pips84655MT4, MT5, TradingView

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. 


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FXPro – Best Execution

Broker Score
4.394.39 / 5
🏦  Min. DepositUSD 100
🛡️  Regulated By
💵  Trading Cost 
USD 14
⚖️  Max. Leverage30:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

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. 

Pros
  • Well regulated
  • Great platform choice
  • Tight spreads
Cons
  • Limited education
AlertAccepts 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 DFSA

XTB – Best Proprietary Platform

Broker Score
4.394.39 / 5
🏦  Min. DepositUSD 0
🛡️  Regulated By
💵  Trading Cost 
USD 7
⚖️  Max. Leverage30:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

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.  

Pros
  • Well regulated
  • Tight spreads
  • Low minimum deposit
  • Good for beginners
Cons
  • Limited platform choice
AlertAccepts 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 IFSC

HFM (Formerly known as Hotforex) – Best Analysis App

Broker Score
4.534.53 / 5
🏦  Min. DepositUSD 0
🛡️  Regulated By
💵  Trading Cost 
USD 10
⚖️  Max. Leverage2000:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

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. 

Pros
  • Low minimum deposit
  • Tight spreads
  • Well regulated
  • Good range of accounts
Cons
  • Limited base currencies
AlertAccepts 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

Broker Score
3.643.64 / 5
🏦  Min. DepositUSD 50
🛡️  Regulated By
💵  Trading Cost 
USD 22
⚖️  Max. Leverage1000:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

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. 

Pros
  • Well regulated
  • Tight spreads
  • Wide range of assets
Cons
  • Expensive withdrawals
AlertAccepts 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

Broker Score
4.284.28 / 5
🏦  Min. DepositUSD 25
🛡️  Regulated By
💵  Trading Cost 
USD 8
⚖️  Max. Leverage30:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

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. 

Pros
  • Well regulated
  • Excellent education
  • Wide range of assets
Cons
  • Expensive withdrawals
AlertAccepts 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

Broker Score
4.584.58 / 5
🏦  Min. DepositUSD 100
🛡️  Regulated By
💵  Trading Cost 
USD 6
⚖️  Max. Leverage30:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

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.

Pros
  • Tight spreads
  • Well regulated
  • Fast and free withdrawals
Cons
  • Limited base currencies
AlertAccepts Filipino Clients. Average spread EUR/USD 0.00 pips with 6 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

Broker Score
4.444.44 / 5
🏦  Min. DepositUSD 0
🛡️  Regulated By
💵  Trading Cost 
USD 10
⚖️  Max. Leverage500:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

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.

Pros
  • Low minimum deposit
  • Tight spreads
  • Innovative trading tools
Cons
  • MT4 only
  • Limited range of assets
AlertAccepts 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

Broker Score
4.534.53 / 5
🏦  Min. DepositAUD 100
🛡️  Regulated By
💵  Trading Cost 
USD 10
⚖️  Max. Leverage500:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

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.

Pros
  • Great platform choice
  • Excellent education
Cons
  • Limited demo account
  • No swap-free account option
AlertAccepts 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.

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Broker Score
Min. Deposit
FCA License
Regulators
Platforms
Cost of Trading
EURUSD (Best)
GBPUSD (Best)
USDJPY (Best)
Trading Commission
No. of FX Pairs
Compare
Official Site
4.69 /5
Read Review
USD 0
195355
ASIC Regulated Forex Brokers
Bundesanstalt für Finanzdienstleistungsaufsicht
Dubai Financial Services Authority
Commodity Futures Trading Association
L2 Dealer
ProRealTime
USD 6
0.85 pips
1.40 pips
0.94 pips
Fees Included in Spread
80
Visit Broker >
71% of retail CFD accounts lose money
4.68 /5
Read Review
USD 100
607305
FCA Regulated Brokers
CySEC Regulated Brokers
ASIC Regulated Forex Brokers
British Virgin Islands Financial Services Commission
markets.com
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
4.62 /5
Read Review
USD 100
113942
FCA Regulated Brokers
ASIC Regulated Forex Brokers
CySEC Regulated Brokers
Cayman Islands Monetary Authority
FOREX.com Web Trader
TradingView
USD 7
0.70 pips
1.10 pips
1.40 pips
Fees Included in Spread
91
Visit Broker >
68%Hello Chrisof retail CFD accounts lose money
4.61 /5
Read Review
USD 0
684312
ASIC Regulated Forex Brokers
CySEC Regulated Brokers
Bundesanstalt für Finanzdienstleistungsaufsicht
Capital Markets Authority
TradingView
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
4.58 /5
Read Review
USD 100
717270
CySEC Regulated Brokers
FCA Regulated Brokers
FSCA Regulated Forex Brokers
Dubai Financial Services Authority
USD 6
0.10 pips
0.30 pips
0.10 pips
6 USD/lot
62
Visit Broker >
71% of retail CFD accounts lose money
4.53 /5
Read Review
AUD 100
921296
ASIC Regulated Forex Brokers
Securities Commission of the Bahamas
FCA Regulated Brokers
CySEC Regulated Brokers
TradingView
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
4.53 /5
Read Review
USD 0
801701
CySEC Regulated Brokers
FCA Regulated Brokers
Dubai Financial Services Authority
Financial Services Commission
HFM Trading App
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
4.45 /5
Read Review
USD 0
801701
CySEC Regulated Brokers
FCA Regulated Brokers
Dubai Financial Services Authority
Financial Services Commission
USD 6
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
4.44 /5
Read Review
USD 0
509746
FCA Regulated Brokers
CySEC Regulated Brokers
ASIC Regulated Forex Brokers
Dubai Financial Services Authority
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
4.43 /5
Read Review
USD 0
629628
FCA Regulated Brokers
ASIC Regulated Forex Brokers
CySEC Regulated Brokers
Financial Services Agency
ThinkTrader
USD 11
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
4.39 /5
Read Review
USD 100
509956
FCA Regulated Brokers
CySEC Regulated Brokers
FSCA Regulated Forex Brokers
Dubai Financial Services Authority
FxProEdge
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
4.39 /5
Read Review
USD 0
522157
CySEC Regulated Brokers
FCA Regulated Brokers
Dubai Financial Services Authority
International Financial Services Commission
xStation5
USD 7
0.70 pips
2.20 pips
1.40 pips
Fees Included in Spread
57
Visit Broker >
78% of retail CFD accounts lose money
4.37 /5
Read Review
USD 10
600475
FCA Regulated Brokers
FSCA Regulated Forex Brokers
Financial Services Commission
Capital Markets Authority
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
4.35 /5
Read Review
USD 50
590299
FCA Regulated Brokers
FSCA Regulated Forex Brokers
ASIC Regulated Forex Brokers
Cayman Islands Monetary Authority
ProTrader
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
4.30 /5
Read Review
ZAR 1000
525164
FSCA Regulated Forex Brokers
ASIC Regulated Forex Brokers
FCA Regulated Brokers
Securities Commission of the Bahamas
Cloud Trade
USD 6
0.60 pips
0.80 pips
1.00 pips
Fees Included in Spread
32
Visit Broker >
of retail CFD accounts lose money
4.28 /5
Read Review
USD 25
595450
ASIC Regulated Forex Brokers
CySEC Regulated Brokers
FCA Regulated Brokers
FSCA Regulated Forex Brokers
MT Supreme
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
4.28 /5
Read Review
USD 100
609970
FCA Regulated Brokers
ASIC Regulated Forex Brokers
Investment Industry Regulatory Organization of Canada
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
4.28 /5
Read Review
USD 50
217689
FCA Regulated Brokers
ASIC Regulated Forex Brokers
CySEC Regulated Brokers
Financial Services Authority – St. Vincent & the Grenadines
TradeStation
USD 13
1.30 pips
0.60 pips
0.30 pips
None
45
Visit Broker >
67% of retail CFD accounts lose money
4.26 /5
Read Review
USD 0
190941
FCA Regulated Brokers
Spreadex
TradingView
USD 6
0.60 pips
0.90 pips
0.70 pips
Fees Included in Spread
69
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64% of retail CFD accounts lose money
4.25 /5
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USD 0
7110087
FCA Regulated Brokers
ASIC Regulated Forex Brokers
Investment Industry Regulatory Organization of Canada
British Virgin Islands Financial Services Commission
USD 10
0.20 pips
0.20 pips
0.20 pips
4 USD / lot
45
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73.5% of retail CFD accounts lose money
4.25 /5
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USD 5
586541
FCA Regulated Brokers
The Seychelles Financial Services Authority
USD 7
0.10 pips
0.40 pips
0.10 pips
6 USD / Lot
80
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62% of retail CFD accounts lose money
4.12 /5
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USD 100
186171
CySEC Regulated Brokers
Dubai Financial Services Authority
Bundesanstalt für Finanzdienstleistungsaufsicht
Cayman Islands Monetary Authority
USD 12
0.10 pips
0.40 pips
0.20 pips
8 USD / lot - Raw Account
70
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74% of retail CFD accounts lose money
4.03 /5
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GBP 1
501057
Securities Commission of the Bahamas
FCA Regulated Brokers
Financial Services Commission
FSCA Regulated Forex Brokers
USD 8
0.20 pips
0.40 pips
0.40 pips
6 USD / lot - ECN Account
49
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83.14% of retail CFD accounts lose money
4.00 /5
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USD 1000
562170
FCA Regulated Brokers
Bundesanstalt für Finanzdienstleistungsaufsicht
Finansinspektionen
Dubai Financial Services Authority
AdvancedTrader
USD 13
1.30 pips
2.00 pips
1.60 pips
Fees Included in Spread
84
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79% of retail CFD accounts lose money
3.64 /5
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USD 50
585561
CySEC Regulated Brokers
FCA Regulated Brokers
ASIC Regulated Forex Brokers
FSCA Regulated Forex Brokers
USD 22
0.00 pips
0.00 pips
0.00 pips
On select STP/ECN Accounts
83
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75.35% of retail CFD accounts lose money
3.61 /5
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USD 0
FCA Regulated Brokers
Financial Services Commission
Finansinspektionen
Financial Services Authority – St. Vincent & the Grenadines
USD 13
1.30 pips
1.80 pips
1.30 pips
7 USD / lot - Zero Account
48
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N/A of retail CFD accounts lose money
3.57 /5
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USD 10
609146
FCA Regulated Brokers
trading212
USD 24
2.40 pips
4.00 pips
2.80 pips
Fees Included in Spread
180
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76% of retail CFD accounts lose money
3.52 /5
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USD 500
586466
FCA Regulated Brokers
CySEC Regulated Brokers
USD 7
0.20 pips
0.80 pips
0.40 pips
5 USD / lot
42
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76% of retail CFD accounts lose money
3.52 /5
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USD 100
738538
CySEC Regulated Brokers
FCA Regulated Brokers
FSCA Regulated Forex Brokers
Sirix
USD 19
3.00 pips
3.00 pips
3.00 pips
Fees Included in Spread
55
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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.

 

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