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AuthorBy Jeffrey Cammack
Updated: May 5, 2022

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. The FCA’s licencing fees and operating capital requirements are much higher than other tier one regulators and it has a long-standing reputation for guaranteeing trader security. Brokers regulated by the FCA must have segregated bank accounts for client funds, a minimum of 1 million GBP in operating capital and instantaneous withdrawal processing. The FCA also provides a compensation scheme of up to 50,000 GBP to protect traders against broker-related matters.

To test these brokers, we signed up for a live account and verified their FCA license, platform selection, trading desk type, and minimum deposit requirements. Further testing focused on the trading conditions, the total cost of trading, withdrawal fee requirements and additional fee structures so traders can keep trading costs as low as possible. These are the best FCA-regulated brokers for 2022, according to our testing and our research.

The best FCA regulated Forex brokers for 2022

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Broker
Overall Rating
Official Site
FCA (UK) Regulated
FCA License
Min. Deposit
Max. Leverage (Forex)
Beginner Friendly
EUR/USD - Standard Spread
Cost of Trading
EUR/USD - Raw Spread
Total CFDs
Currency Pairs
Platforms
Compare
HotForex
4.49 /5
Read Review
Visit Broker >
Your capital is at risk
801701
ZAR 70
1000:1
Excellent
1.00 pips
USD 10
0.10 pips
1169
53
FXTM
4.33 /5
Read Review
Visit Broker >
Your capital is at risk
600475
USD 10
2000:1
Excellent
1.50 pips
USD 15
0.00 pips
791
62
XM
4.25 /5
Read Review
Visit Broker >
Your capital is at risk
705428
USD 5
888:1
Excellent
1.60 pips
USD 16
0.10 pips
1510
57
FxPro
4.29 /5
Read Review
Visit Broker >
Your capital is at risk
509956
USD 100
200:1
Excellent
1.40 pips
USD 14
0.40 pips
2181
70
FxProEdge
IG Markets
4.69 /5
Read Review
Visit Broker >
Your capital is at risk
195355
USD 0
200:1
Excellent
0.60 pips
USD 6
0.85 pips
19295
80
L2 Dealer
ProRealTime
Capital.com
4.68 /5
Read Review
Visit Broker >
Your capital is at risk
793714
USD 20
100:1
Excellent
0.60 pips
USD 6
0.60 pips
4284
137
Capital.com
Markets.com
4.49 /5
Read Review
Visit Broker >
Your capital is at risk
607305
ZAR 2500
300:1
Excellent
0.70 pips
USD 7
0.60 pips
2206
67
Pepperstone
4.61 /5
Read Review
Visit Broker >
Your capital is at risk
684312
USD 0
200:1
Excellent
0.77 pips
USD 7.70
0.09 pips
0
60
XTB
4.14 /5
Read Review
Visit Broker >
Your capital is at risk
522157
USD 5
500:1
Excellent
1.40 pips
USD 14
0.80 pips
4148
48
xStation5
Tickmill
4.48 /5
Read Review
Visit Broker >
Your capital is at risk
717270
USD 100
500:1
Excellent
0.00 pips
USD 4
0.10 pips
93
62

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. 


Hotforex – Best Analysis App

Established in 2010, Hotforex is an award-winning Forex and commodities broker based in London. In 2012 Hotforex revealed that it added the FCA (licence no. 801701) to its long list of credentials. Since then Hotforex has demonstrated its ability to comply with the rigorous standards set up by the FCA. Hotforex clients in South Africa will be trading under their local regulator, the FSCA, which means that all client money will be segregated at South African banks. While HotForex’s South African clients are not as well protected as their clients in the EU and the UK, the FCA oversight ensures adequate security.  Hotforex also stands out for its diverse range of financial instruments and the HF App – providing traders with access to their accounts and a variety of trading tools, news, and financial analysis.

Financial Instruments: Hotforex offers traders a wider and more diverse range of tradable assets than is typically found at other brokers, including various specialty CFDs. Trading is offered on 53 Forex pairs, alongside share CFDs, commodities, bonds, over 34 ETFs, and 950 stock DMAs, which are rarely seen at other brokers.  All assets are available on its three accounts, which have minimum deposits that start at 100 USD, and low trading fees compared to other similar brokers. The Zero Spread Account is particularly notable, with spreads that start at 0.1 pips on the EUR/USD in exchange for a round-turn commission of 6 USD.

HF App: The HF App, available on both Android and iOS, offers traders direct access to the myHF Area. It allows traders to withdraw, deposit, and transfer funds, create watchlists, offers advanced charting functionality, various trading calculators, and an Economic Calendar.  The HF App also offers Daily Market Analysis curated by its team of in-house experts, which provides frequent fundamental and technical analysis updates, video analysis, and special reports. 

Pros
  • Low minimum deposit
  • Tight spreads
  • Well regulated
  • Good range of accounts
Cons
  • Limited base currencies
AlertAccepts South African Clients. Average spread EUR/USD 1.00 pips on trading account with lowest minimum deposit. Max leverage 1000:1. Islamic account available. MT4 & MT5 platforms supported. HF Markets Group regulated by the FSCA, FCA, FSC, CySEC and the DFSA.

FXTM – Best Copy Trading Platform

Established in 2011, FXTM is headquartered in Cyprus and employs over 800 staff in 10 regional offices. In 2018 it received its FCA licence (registration no. 600475), allowing it to expand into the UK market. Although South African traders will be trading under FXTM’s Mauritius-based entity, the FCA regulation provides traders with confidence that FXTM will behave responsibly and transparently. A beginner-friendly broker, FXTM provides a powerful copy trading platform, FXTM Invest, to assist beginner traders who lack the knowledge and expertise in Forex trading. It also offers an excellent library of educational materials which provides a good overview of Forex trading.

FXTM Invest: FXTM Invest allows beginner traders or followers, to choose from a list of top-rated traders known as strategy providers. With a minimum deposit of 100 USD, followers can activate an investor account and copy the trades of various Strategy Providers. With FXTM Invest, followers receive a portion of the profits of successful trades and Strategy Providers earn extra money by generating profits for their followers. 

FXTM Education: FXTM’s educational materials are well-structured, comprehensive, and more useful for beginners than what is available at other similar brokers. It provides a good overview of Forex trading in its guides, tutorials, ebooks, videos, and articles. FXTM also hosts regular seminars and webinars run by professional traders in multiple languages. Note that in order to attend FXTM’s seminars, traders will have to open an account and deposit a minimum of 200 USD. Webinars are available for free, but require registration, and an archive of previous webinars is available on FXTM’s website. 

Pros
  • Good for beginners
  • Excellent education
  • Well regulated
  • Low minimum deposit
  • Copy trading accounts
Cons
  • Expensive withdrawals
AlertAccepts South African Clients. Average spread EUR/USD 1.50 pips on trading account with lowest minimum deposit. Max leverage 2000:1. Islamic account available. MT4 & MT5 platforms supported. FXTM is regulated by CySEC, FCA, FSCA, and the FSC.

XM – Best Education

Founded in Cyprus in 2009, XM is an FCA-regulated broker (licence no. 705428) with a regional office in the City of London. While traders will be onboarded through XM’s CySEC-regulated subsidiary, it is passported to the FCA, and as such complies with the strict regulatory requirements. XM also participates in a compensation scheme that covers losses up to 20,000 EUR in the event of the broker’s bankruptcy.  XM has expanded rapidly since its inception and now has over 5 million traders on its books from 192 countries, including South Africa. South Africans will be trading under XM’s Belize-based entity, regulated by the IFSC. Although the IFSC’s rules are not as strict as other international regulators, the FCA regulation provides traders with confidence that their funds will be safe and that they will be treated fairly. In addition to adhering to strict regulatory rules, XM offers a low-cost Zero Account with exceptionally tight spreads, but stands out for its high-quality educational materials and customer support.

XM Education: With over 20 multilingual market professionals, XM presents a diversified educational knowledge base to empower its clients with a competitive trading advantage. XM provides hourly webinars, Q&A sessions with trading experts, in addition to daily updates and briefings on movements that shape the global markets.  It also provides a comprehensive selection of educational videos and platform tutorials.  

Trading Fees: Available on both the MT4 and MT5 trading platforms, XM’s Zero Account offers some of the lowest trading fees in the industry.  With a minimum deposit of 100 USD, traders can access spreads that start at 0.1 pips on the EUR/USD in exchange for a round-turn commission of 7 USD.  XM also boasts a strict no requotes and no rejections policy, and 99.35% of all trading orders are executed in less than one second, which means that traders will usually receive the trading prices that are quoted. 

Pros
  • Well regulated
  • Excellent education
  • Free deposits and withdrawals
Cons
  • Dealing desk
  • Wide spreads on its entry-level accounts
AlertAccepts South African Clients. Average spread EUR/USD 1.60 pips on trading account with lowest minimum deposit. Max leverage 888:1. Islamic account available. MT4 & MT5 platforms supported. XM Group regulated by CySEC, ASIC, and the IFSC.

FXPro – Best Execution

Founded in Cyprus in 2006, FxPro has a regional HQ in London and has been regulated by the FCA since 2010 (). FxPro has expanded rapidly since its foundation and over the years 1.8 million client accounts have been opened across 173 countries worldwide, including South Africa. South African clients will, however, be trading under their local regulator, the FSCA, which means that all client money will be segregated at South African banks. The additional FCA oversight will give South African traders confidence that FxPro provides a safe and transparent trading environment. FxPro is also well-regarded for the number of trading platforms it offers, including MT4, MT5, cTrader, and its in-house trading platform, FxPro Edge. Additionally, FxPro provides some of the fastest execution speeds in the industry. 

Fast Execution: FxPro provides its clients with exceptionally fast trade execution, which means that orders are filled at close to the quoted price. Most 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.  Although FxPro provides fast execution, its trading fees are slightly higher than other brokers across all account options.  Minimum deposits start at 100 USD on all accounts, but trading costs vary between 12 USD to 18 USD on one lot of EUR/USD traded.

Trading Platforms: FxPro offers a broader range of trading platforms than other brokers, including MT4, MT5, cTrader, and FxPro’s in-house platform, FxPro Edge. MT4, MT5, cTrader are considered some of the best trading platforms in the industry, with advanced charting and automated trading capabilities. However, the benefit of trading on FxPro Edge is that it connects seamlessly to the FxPro App allowing traders to manage their funds and trade from the integrated platform. 

Pros
  • Well regulated
  • Great platform choice
  • Tight spreads
Cons
  • Limited education
AlertAccepts South African Clients. Average spread EUR/USD 1.40 pips on trading account with lowest minimum deposit. Max leverage 200:1. Islamic account available. MT4, MT5, cTrader and FxPro proprietary trading platform supported. FxPro Group is regulated by FCA, CySEC, FSCA, and the SCB.

IG Markets – Widest Range of Financial Instruments

Founded in 1974, in London, IG Markets is one of the best-regulated brokers in the world. With regulation from over 17 regulatory authorities, including the FCA (licence no. 195355), IG Markets is also publicly traded on the London Stock Exchange. In compliance with FCA regulation, IG Markets holds all client money in independent trust accounts at a range of credit-worthy high street banks such as Barclays and Lloyds. South Africans will be onboarded through their local regulator, the FSCA, which means that their funds will be segregated in local banks. However, the FCA oversight ensures that IG Markets will act reliably and transparently. IG Markets also offers a low-cost trading environment and one of the largest sets of financial instruments in the industry, with over 17,000 instruments available for trading.

Trading Fees: IG Markets offers one live account, available on three trading platforms. Trading fees vary depending on the platform chosen, but are generally lower than average, with spreads of 0.85 pips on the EUR/USD and no commissions for Forex trading.  Additionally, there are no minimum deposit requirements to open an account, except on the L2 Dealer platform, where traders are required to maintain a minimum account balance of 2000 USD.

Financial Instruments: IG Markets offers over 17,000 financial instruments to trade, a larger range than is found at other brokers. These include 13,000 share CFDs, 6000 ETFs, and 80 Forex pairs. IG Markets also offers weekend trading on major Forex pairs and 24 hour trading on Britain’s leading stock index, the UK 100. Both of these are unique services that are not available at other brokers.

Pros
  • Well regulated
  • Tight spreads
  • Great platform choice
  • Excellent education
  • Excellent market analysis
Cons
  • High minimum deposit
AlertAccepts South African Clients. Average spread EUR/USD 0.85 pips on trading account with lowest minimum deposit. Max leverage 200:1. Islamic account available. MT4, ProRealTime and L2 Dealer platforms supported. IG Markets Group is regulated by FCA, ASIC, and the FSCA.

Capital.com – Lowest Non-trading Fees

Founded in Cyprus in 2016, Capital.com quickly expanded into the UK market and received its FCA licence (registration no. 793714) in 2018. The licence bolsters Capital.com’s reputation as a reliable and transparent broker, but also allows Capital.com to offer spread betting to its British clients. Spread betting accounts are similar to CFD accounts, but traders don’t pay Capital Gains Tax or Stamp Duty on profits from spread betting in the UK. Although South Africans will be onboarded under Belarus-based entity, regulated by the NBRB, the FCA regulation ensures that South African traders will be well-protected. Capital.com is also popular for its low-cost trading environment, including low trading and non-trading fees, and it offers excellent, actionable market analysis materials.

Low Fees: Capital.com has a single trading account with no commission and very low costs compared to most other brokers, with spreads starting at 0.60 pips on the EUR/USD. The minimum deposit requirement on this account is also low, at 20 GBP, making it accessible to all traders. Additionally, Capital.com only charges swap fees on the leverage, not on the trading position’s entire value. Capital.com also does not charge fees or inactive accounts, and deposits and withdrawals are free, which is rare among CFD brokers.

Actionable Market Analysis: Capital.com’s Financial News and Features section provides exceptional value for beginner and experienced traders alike. The detailed and useful analysis of the markets is updated throughout the day and will give beginners a good understanding of what moves the financial markets and provides ideas for trading opportunities. Video analysis is also available on the Capital.com TV platform.

Pros
  • Tight spreads
  • Low minimum deposit
  • Excellent education
Cons
  • Limited account options
AlertAccepts SA Clients. Average spread EUR/USD 0.60 pips on trading account with lowest minimum deposit. Max leverage 100:1. Capital.com custom platform supported. Capital.com Group regulated by the FCA, ASIC, NBRB & CySEC. 75.26% of traders lose money with this provider.

Markets.com – Best Proprietary Platform

Established in 2008, Markets.com is one of the most highly regulated brokers in the industry. With regulation from five authorities, including the FCA (licence no. 607305), Markets.com is well-positioned to offer trading services to residents of the UK. Markets.com is also a subsidiary of Playtech Ltd, publicly listed on the London Stock Exchange. Markets.com’s FCA regulation enables it to provide spread betting, a service unique to UK residents. South African traders will be trading under Markets.com’s British Virgin Islands-based entity, regulated by the FSC. While the level of oversight provided by the FSC is not as strict as that of the FCA, South Africans can trade with confidence that the FCA oversight ensures that Markets.com provides a transparent trading environment. Markets.com offers one live account, available on three trading platforms, including MT4, MT5, and Marketsx, one of the best in-house platforms in the industry.

Marketsx: Marketsx is an award-winning trading platform known for its ease of use and excellent features. With a clean, intuitive design, the platform offers advanced charting, making it easier to spot trends and identify new trading opportunities. It also allows traders to add up to five types of indicators to the chart at once or compare up to eight instruments side-by-side. Additionally, the platform integrates with a number of trading tools, including signals, bloggers’ opinions, and market trends, among others.

Markets.com’s Trading Fees: Markets.com’s trading fees vary depending on trading platform choice.  The average cost of trading one lot of EUR/USD is 8 USD on the Marketsx platform and 6 USD on the MT4 and MT5 platforms, which is lower than other similar brokers. The minimum deposit is also reasonable, at 100 USD/EUR/GBP, putting it well within reach of most traders.

Pros
  • Well regulated
  • Tight spreads
  • Wide range of assets
  • Fast and free withdrawals
Cons
  • High minimum deposit
AlertAccepts South African Clients. Average spread EUR/USD 0.70 pips on trading account with lowest minimum deposit. Max leverage 300:1. Islamic account available. MT4, MT5 & Marketsx platforms supported. MarketsX is regulated by the FCA, CySEC, ASIC, and the BVI FSC.

Pepperstone – Lowest Cost ECN Account

Established in 2010 in Australia, Pepperstone entered the UK market in 2016. Pepperstone UK is regulated by the FCA (licence no. 684312) and all client funds are kept in segregated trust accounts at Barclays.  As of June 2020, Pepperstone’s UK office had almost 8,000 clients, drawn by Pepperstone’s low fees, it’s range of UK share CFDs, and choice of three popular trading platforms. South African clients will, however, be trading under Pepperstone’s Australian entity, regulated by ASIC, one of the most highly regarded regulators in the world, which in combination with the FCA regulation ensures a reliable and transparent trading environment.

Trading Platforms: Pepperstone offers support for three of the most popular trading platforms, including Metatrader 4 (MT4), Metatrader 5 (MT5), and cTrader. Although it was developed in 2002, MT4 is the most widely used cross-broker trading platform available. MT5, the newer version of MT4, has greater functionality and more advanced charting tools, while cTrader has a more intuitive design and is easier for beginners to operate, but offers most of the automated trading tools found on MT4 and MT5. 

Low Trading Fees: Pepperstone offers two simple account types with competitive trading fees.  The Standard Account has fees included in its variable spreads, which average at 0.09 pips on the EUR/USD, while the Razor Account offers raw spreads of 0.1 pips in exchange for a round-turn commission of 7 USD.  Overall, these are some of the lowest trading fees in the industry.

Pros
  • Well regulated
  • Tight spreads
  • Great platform choice
  • Wide range of assets
Cons
  • Limited market analysis
AlertAccepts South African Clients. Average spread EUR/USD 0.77 pips with 0.0 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 200:1. Islamic account available. MT4, MT5 & cTrader platforms supported. Pepperstone Group is regulated by the FCA, ASIC, and the DFSA.

XTB – Best Research and Market Analysis

XTB was founded in Poland in 2002 and gained an FCA licence (registration no. 522157) to expand its reach into the UK. With many years in the forex trading space, XTB now has a customer base of over 389,000 traders across the world, including South Africa. Although XTB has just received its South African FSCA licence, South Africans will be onboarded through its Belize-based entity, regulated by the IFSC, a less stringent regulator than that of the UK. However, the additional FCA oversight will ensure that South African funds are safe and provide a transparent trading environment. XTB also stands out for its in-house trading platform, xStation 5, and excellent market research, curated by its team of expert traders.

Market Research: XTB’s market research amenities are excellent compared to other brokers. Aside from an economic calendar that is intuitive and filterable, XTB offers an updated newsfeed with excellent search functionality. XTB’s market analysis tab also features a number of useful analytical tools, including market sentiment, top movers, a stock scanner, and heat maps. Each section is well-structured and provides a number of actionable trading ideas.   

xStation 5: Although trading platform choice is limited to xStation 5, it offers many of the same advanced trading features found on the more popular trading platforms such as MT4. However, xStation 5 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 South African Clients. Average spread EUR/USD 1.40 pips on the trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. xStation5 platform supported. XTB Group is regulated by CySEC, FCA, the DFSA, the FSCA, and the IFSC

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 South Africans 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
  • Wide range of assets
Cons
  • Limited base currencies
AlertAccepts South African Clients. Average spread EUR/USD 0.00 pips with 4 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 platform support. Tickmill is regulated by CySEC, FCA, FSCA, and the FSA-Seychelles.

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
Overall Rating
Min. Deposit
FCA License
Regulators
Platforms
Cost of Trading
EURUSD (Best)
GBPUSD (Best)
USDJPY (Best)
Trading Commission
No. of FX Pairs
Compare
IG Markets
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
Capital.com
4.68 /5
Read Review
USD 20
793714
FCA Regulated Brokers
CySEC Regulated Brokers
ASIC Regulated Forex Brokers
Capital.com
USD 6
0.60 pips
1.30 pips
0.80 pips
Fees Included in Spread
137
Pepperstone
4.61 /5
Read Review
USD 0
684312
ASIC Regulated Forex Brokers
CySEC Regulated Brokers
Bundesanstalt für Finanzdienstleistungsaufsicht
Capital Markets Authority
USD 7.70
0.09 pips
0.28 pips
0.14 pips
From 7 USD / lot - Razor Account
60
HotForex
4.49 /5
Read Review
ZAR 70
801701
FSCA Regulated Forex Brokers
CySEC Regulated Brokers
FCA Regulated Brokers
Financial Services Commission
USD 10
0.10 pips
0.50 pips
0.30 pips
6 USD / lot - Zero Account
53
Markets.com
4.49 /5
Read Review
ZAR 2500
607305
FCA Regulated Brokers
CySEC Regulated Brokers
ASIC Regulated Forex Brokers
British Virgin Islands Financial Services Commission
USD 7
0.60 pips
1.20 pips
0.70 pips
Fees Included in Spread
67
Tickmill
4.48 /5
Read Review
USD 100
717270
CySEC Regulated Brokers
FCA Regulated Brokers
Labuan Financial Services Authority
FSCA Regulated Forex Brokers
USD 4
0.10 pips
0.30 pips
0.10 pips
4 USD / lot
62
Admirals
4.34 /5
Read Review
USD 25
595450
ASIC Regulated Forex Brokers
CySEC Regulated Brokers
FCA Regulated Brokers
MT Supreme
USD 8
0.80 pips
0.60 pips
0.30 pips
1.8 - 3 USD per lot
50
Axi
4.34 /5
Read Review
USD 5
509746
FCA Regulated Brokers
ASIC Regulated Forex Brokers
Financial Markets Authority of New Zealand
Dubai Financial Services Authority
USD 10
0.00 pips
0.10 pips
0.10 pips
7 USD / lot - PRO account
70
FXTM
4.33 /5
Read Review
USD 10
600475
CySEC Regulated Brokers
FCA Regulated Brokers
FSCA Regulated Forex Brokers
Financial Services Commission
USD 15
0.00 pips
0.20 pips
0.00 pips
From 4 USD / ECN Accounts
62
FxPro
4.29 /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
Oanda
4.25 /5
Read Review
USD 0
7110087
FCA Regulated Brokers
ASIC Regulated Forex Brokers
Investment Industry Regulatory Organization of Canada
British Virgin Islands Financial Services Commission
USD 10
0.10 pips
0.10 pips
0.10 pips
4 USD / lot
45
Valutrades
4.25 /5
Read Review
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
74
FXCM
4.24 /5
Read Review
USD 50
217689
FCA Regulated Brokers
ASIC Regulated Forex Brokers
CySEC Regulated Brokers
Bermuda Monetary Authority
NinjaTrader
TradeStation
USD 13
0.20 pips
0.60 pips
0.30 pips
None
45
Fortrade
4.18 /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
ThinkMarkets
4.18 /5
Read Review
USD 0
629628
FCA Regulated Brokers
ASIC Regulated Forex Brokers
CySEC Regulated Brokers
Financial Services Agency
ThinkTrader
USD 12
0.00 pips
0.00 pips
0.00 pips
7 USD / lot - ThinkZero Account
46
XTB
4.14 /5
Read Review
USD 5
522157
CySEC Regulated Brokers
FCA Regulated Brokers
Dubai Financial Services Authority
International Financial Services Commission
xStation5
USD 14
0.80 pips
2.20 pips
1.40 pips
Fees Included in Spread
48
Plus500
4.09 /5
Read Review
ZAR 1500
509909
FCA Regulated Brokers
CySEC Regulated Brokers
ASIC Regulated Forex Brokers
Financial Markets Authority of New Zealand
Plus500
USD 8
0.80 pips
0 pips
0 pips
Fees Included in Spread
70
HYCM
4.08 /5
Read Review
USD 100
186171
CySEC Regulated Brokers
FCA Regulated Brokers
Dubai Financial Services Authority
Bundesanstalt für Finanzdienstleistungsaufsicht
USD 12
0.10 pips
0.40 pips
0.20 pips
8 USD / lot - Raw Account
70
ETX Capital
4.07 /5
Read Review
GBP 100
124721
FCA Regulated Brokers
FSCA Regulated Forex Brokers
CySEC Regulated Brokers
ETX
USD 6
1.01 pips
1.85 pips
1.35 pips
Fees Included in Spread
62
Trade Nation
4.05 /5
Read Review
USD 5
525164
FCA Regulated Brokers
ASIC Regulated Forex Brokers
FSCA Regulated Forex Brokers
Securities Commission of the Bahamas
Cloud Trade
USD 6
0.60 pips
0.80 pips
0.70 pips
Fees Included in Spread
33
Spreadex
3.86 /5
Read Review
USD 0
190941
FCA Regulated Brokers
Spreadex
USD 6
0.60 pips
0.90 pips
0.70 pips
Fees Included in Spread
60
IronFX
3.74 /5
Read Review
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
Swissquote
3.70 /5
Read Review
USD 1000
562170
FCA Regulated Brokers
Bundesanstalt für Finanzdienstleistungsaufsicht
Finansinspektionen
AdvancedTrader
USD 17
1.70 pips
2.00 pips
1.60 pips
Fees Included in Spread
130
Hantec Markets
3.69 /5
Read Review
USD 100
502635
ASIC Regulated Forex Brokers
Financial Services Agency
FCA Regulated Brokers
Financial Services Commission
USD 2
0.20 pips
0.50 pips
0.50 pips
Fees Included in Spread
45
Vantage FX
3.63 /5
Read Review
USD 200
590299
FCA Regulated Brokers
ASIC Regulated Forex Brokers
Cayman Islands Monetary Authority
Vanuatu
ProTrader
USD 10
0.00 pips
0.50 pips
0.40 pips
4 USD / lot - ECN Accounts
46
Darwinex
3.52 /5
Read Review
USD 500
586466
FCA Regulated Brokers
USD 7
0.20 pips
0.80 pips
0.40 pips
5 USD / lot
40
Trading 212
3.47 /5
Read Review
USD 10
609146
FCA Regulated Brokers
trading212
USD 24
2.40 pips
4.00 pips
2.80 pips
Fees Included in Spread
180
Trade.com
3.42 /5
Read Review
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

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 organizations 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: Over-leveraging, unpredictable market volatility, slippage arising from a lack of liquidity, inadequate trading knowledge or experience, and a lack of regulatory protection for clients.

Traders should not deposit any money that is not disposable. 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 from the FCA or from ASIC)

Our Methodology

Our State of the Market Report and Broker Directory are the result of extensive research on over 100 Forex brokers. The explicit goal of these resources is to help traders find the best Forex brokers – and steer them away from the worst ones – with the benefit of accurate and up-to-date information.

With over 150 data points on each broker and over 3000 hours of research and review writing, we believe we have succeeded in our goal.

In a world where trading conditions and customer support can vary based on where you live, our broker reviews focus on the local trader and give you information about these brokers from your perspective.

All research has been conducted by our in-house team of researchers and writers, gathering information from various company representatives, websites and by sifting through the fine print. Learn more about how we rank brokers

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Trading Forex and CFDs is not suitable for all investors and comes with a high risk of losing money rapidly due to leverage. 75-90% of retail investors lose money trading these products. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

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