| Updated: July 25, 2024Finding a reliable and adequately regulated broker is essential if you are looking to trade forex and other financial instruments in the UK. To help you make the right pick, we present you with a list of the best brokers catering to British traders. All brokers recommended below are authorized by the UK’s Financial Conduct Authority (FCA) and adhere to the strict regulatory standards laid down by the watchdog. Our top picks prioritize security, fairness, and transparency to deliver a superior trading experience tailored specifically to the needs of British customers.
Pepperstone75.5% of retail investor accounts lose money
CMC Markets71% of retail investor accounts lose money
eToro51% of retail investor accounts lose money
Admirals73% of retail investor accounts lose money
Saxo Bank65% of retail investor accounts lose money
XTB80% of retail investor accounts lose money
Swissquote61% of retail investor accounts lose money
Tickmill70% of retail investor accounts lose money
Vantage FX
Iron FX67.62% of retail investor accounts lose moneyComprehensive Comparison of the Top 10 FCA Regulated Forex Brokers
| FCA Forex Broker | Trading Platforms | Max Leverage | Trust Pilot Rating | License № |
|---|---|---|---|---|
| 1. Pepperstone | TradingView, MT5, MT4, cTrader | 30:1 (Retail)500:1 (Professional) | 4.5 ⭐ | 684312 |
| 2. CMC Markets | CMC Markets’ Next Generation, MetaTrader 4 | 30:1 (Retail)500:1 (Professional) | 4.2 ⭐ | 173730 |
| 3. eToro | eToro Investing, eToro App, TradingView, eToro CopyTrader | 30:1 (Retail)400:1 (Professional) | 4.2 ⭐ | 583263 |
| 4. Admirals | MT4, MT5, WebTrader, MT Supreme Edition, StereoTrader | 30:1 (Retail)500:1 (Professional) | 4.1 ⭐ | 595450 |
| 5. Saxo Bank | SaxoTraderGO, SaxoTraderPRO, TradingView | 30:1 (Retail)66:1 (Professional) | 3.7 ⭐ | 207519 |
| 6. XTB | xStation 5, xStation Mobile | 30:1 (Retail)200:1 (Professional) | 3.7 ⭐ | 522157 |
| 7. Swissquote | CFXD, MetaTrader 4, MetaTrader5 | 20:1 (Retail)400:1 (Professional) | 3.6 ⭐ | 562170 |
| 8. Tickmill | MT4, MT5, WebTrader, ZuluTrade | 30:1 (Retail)500:1 (Professional) | 3.4 ⭐ | 717270 |
| 9. Vantage FX | MetaTrader 4, MetaTrader 5, ProTrader, TradingView, Copy Trading | 30:1 (Retail)500:1 (Professional) | 3.4 ⭐ | 590299 |
| 10. Iron FX | MetaTrader 4, WebTrader, VPS, PMAM, TradeCopier, Mobile App | 30:1 (Retail)500:1 (Professional) | N/A ⭐ | 585561 |
Best Brokers Regulated by FCA
- 1. Admirals
Admirals (formerly Admiral Markets) secured the first spot on our list thanks to its spotless regulatory track record, accurate pricing, and commitment to client security. The company acquired regulatory approval in 2013 and operates in the UK under registration number 595450. The FCA-licensed entity has registered offices in London’s Aldgate Tower on Leman Street.
British customers of Admirals can trade in over 8,000 financial instruments, including forex, commodities, stocks, indices, exchange-traded funds, and bonds. Retail traders will benefit from negative balance protection and have their funds stored in segregated accounts in accordance with FCA requirements. The broker participates in the UK Financial Services Compensation Scheme, offering compensation of up to £85,000 per customer in the unlikely event of insolvency.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. - 2. Swissquote
Our second pick, Swissquote, has plenty to offer to British customers who value security, fair pricing, and regulatory compliance. The broker serves clients from the country with an FCA license numbered 562170 and has set up local offices on New Broad Street in the heart of London’s financial district. Previously licensed by the now-defunct Financial Services Authority, Swissquote acquired an FCA license in 2013, shortly after the creation of the new regulatory body.
Swissquote inspires confidence by offering a secure trading ecosystem and negative balance protection. A subsidiary of the well-known Swissquote Bank, the broker provides deep liquidity and superior order execution on hundreds of forex pairs, stocks, cryptocurrencies, and mutual funds. The company trades publicly on Switzerland’s principal stock exchange, further consolidating its excellent reputation.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 61% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. - 3. Tickmill
Tickmill is a Seychelles-based online broker catering to over 130,000 customers from more than 90 countries. The company expanded its global footprint in 2016 when it gained authorization from the FCA. It currently operates in the UK under registration number 717270 and has registered offices in the City of London on the historic Old Jewry Street.
The broker adheres to the rigorous standards of the British financial regulator with full client fund segregation, capital adequacy, negative balance protection, and transparent pricing. It boasts an average trading volume exceeding $142 billion per month. Tickmill customers are entitled to a maximum compensation of £85,000 per person as the broker partakes in the Financial Services Compensation Scheme (FSCS).
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70% of retail investor accounts lose money when trading CFDs with Tickmill Europe Ltd. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. - 4. Vantage FX
Established in 2009, Vantage is a trusted multi-asset online broker that specializes in offering contracts for difference on currency pairs, stocks, indices, and commodities. The company’s UK entity serves British customers with an FCA license (number 590299) and has head offices located on Old Broad Street, the former home of the London Stock Exchange. The broker boasts a clean track record and has not committed any regulatory violations at the time of publication.
Vantage is committed to providing a secure forex trading ecosystem, allowing customers to trade with confidence in over 1,000 financial instruments. The company partners with the prestigious Lloyd’s of London and offers a guaranteed fund compensation of up to £1 million. The broker provides negative balance protection and superior customer support available around the clock.
- 5. Pepperstone
Founded in 2010, Pepperstone is trusted by more than 300,000 clients from over 160 countries. The company obtained regulatory approval from the FCA in 2016 (license number 684312) after purchasing the retail forex broker 123FX from British entrepreneur Mohammed Tayeb. Pepperstone enjoys an excellent reputation as a well-capitalized and compliant firm with registered offices in London (Gracechurch Street), Melbourne, Dusseldorf, and Limassol.
British customers who register with Pepperstone will benefit from seamless order processing, competitive pricing, and top-of-the-book liquidity. Clients have access to over 1,200 tradable instruments, ranging from forex and commodities to indices and shares. Traders at Pepperstone can have their peace of mind as the broker segregates their funds with top-tier banks.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75.5% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. - 6. CMC Markets
CMC Markets is an industry-leading online broker fully regulated in the UK under registration number 173730. The company has additionally received authorization from the FCA to provide spread betting services to British customers, which it does with a separate license (170627). The headquarters of the UK-facing entity of CMC Markets are located in the City of London on Houndsditch Street.
As a fully compliant broker, CMC Markets stores client funds in segregated accounts at major British banks like Barclays, NatWest, and Lloyds. The broker is an official member of the Financial Services Compensation Scheme (FSCS), offering guaranteed protection of up to £85,000 per eligible retail client. Its parent company, the CMC Group, is listed on the London Stock Exchange where it trades publicly as part of the FTSE 250 index.
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% of retail investor accounts lose money when spread betting and/or trading CFDs with this provider. You should consider whether you understand how spread bets and CFDs work and whether you can afford to take the high risk of losing your money. - 7. Saxo Bank
Saxo Bank is a reputable online brokerage that has been doing business with customers for over three decades. It appears in the FCA licensee register under registration number 551422 and has offices in London’s Canary Wharf. The company’s UK-licensed outfit handles over £70 billion in client assets and facilitates trading in over 70,000 financial instruments, including forex options, futures, and contracts for difference.
As an FCA-authorized broking firm, Saxo participates in the FSCS investor compensation scheme and adheres to the strict client fund segregation requirements of the British financial regulator. The brokerage enables retail customers to leverage their positions at maximum rates of 30:1. It safeguards client accounts from slipping into the red zone with negative balance protection.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 65% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs, FX or any of our other products work and whether you can afford to take the high risk of losing your money. - 8. XTB
XTB is an FCA-licensed and regulated online broker that provides low-cost trading and investment services under registration number 522157. The broker receives heaps of praise from British traders as it offers ultra-tight spreads for over 5,700 financial instruments, including currency pairs, exchange-traded funds, indices, shares, and commodities.
The broking firm demonstrates continued commitment to clients’ safety, offering negative balance protection, automatic stop-outs on losing leveraged positions, and investor compensation of up to £85,000 per person. Prioritizing transparency, XTB publishes information about its cash reserves and profits for each quarter of operation. The broker keeps client funds in segregated accounts at first-tier banks in line with FCA requirements.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 80% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. - 9. eToro
Launched in 2007, eToro is a standout option for Brits looking to engage in copy trading. The broker carries out online trading services in the UK under registration number 583263. British customers registered with the eToro platform can trade over 5,000 financial instruments, including stocks, forex pairs, crypto assets, and commodities.
As a fully compliant broker, eToro stores customer funds in segregated accounts and upholds high cyber security standards as required by the FCA. Clients will additionally benefit from investment insurance and negative balance protection, with the option of using maximum leverage of up to 1:30. The broker takes all necessary steps to ensure the best possible results for British customers, including offering accurate and up-to-date price quotes and delivering lightning-fast order execution.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 51% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. - 10. Iron FX
IronFX is a trusted multi-asset broker catering to over one million customers from more than 180 countries, including the UK. The company serves Brits under the stern regulatory gaze of the FCA (585561). Brits who register with IronFX gain access to over 200 markets tradable at razor-sharp spreads from zero pips. IronFX has adopted the latest technologies to deliver real-time order execution, security, and transparent pricing.
The award-winning broking firm provides a laudable customer-oriented support service via live chat and email. British customers can conveniently fund their live trading accounts via credit/debit cards, bank wire transfers, and popular e-wallets like Skrill and Neteller. While IronFX is unlikely to fail to meet its financial obligations, clients can feel safe knowing they are eligible for investor compensation of up to £85,000 per eligible customer.
Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 67.62% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Financial Conduct Authority (FCA) in Brief
The Financial Conduct Authority (FCA) was created after the passage of the Financial Services Act 2012, effectively replacing the now-defunct Financial Services Authority (FSA). The regulatory body presently oversees the operations of over 50,000 businesses in the financial sector, such as broking firms, banks, credit unions, and mutual societies. The watchdog has multiple regulatory responsibilities, including granting authorization to approved brokerages and maintaining the stability of the local financial markets.
The FCA maintains some of the world’s highest standards in consumer protection, ensuring Brits can invest with confidence in a fair and secure environment. British traders can conveniently verify the regulatory status of their brokers in the FCA’s official register of authorized firms. The regulator also flags unauthorized brokers and clone firms on its website, effectively minimizing the risk of Brits falling victim to forex scams and fraud.
Requirements for Obtaining FCA Broker License
Online brokers must obtain authorization from the FCA to legally provide their services to British customers. Interested firms can apply for dealer (market maker), intermediary (STP), or limited broker licenses. Dealer licenses are granted to market-making brokers operating their own dealing desks to provide price quotes. Intermediary licenses are issued to firms relying on third-party liquidity providers to match their clients’ orders.
Limited broker licenses are issued to companies dealing with the sales and marketing of relevant products without holding client funds. Dealer and intermediary licenses enable approved broking firms to legally provide contracts for difference in currency pairs, stocks, indices, and commodities to retail and professional clients from the UK. UK-licensed brokers are prohibited from offering CFDs and spread betting on cryptocurrencies, however.
Companies applying for authorization must meet minimum capital requirements of £75,000 for limited licenses, £150,000 for intermediary licenses, and £750,000 for market-maker licenses. This ensures the approved companies have sufficient financial resources to safely do business with British customers. Another requirement stipulates that applicants must have a physical presence in the country, i.e. they must set up offices in the UK. The chief executive officers and directors of the firms must be UK residents as well.
Key management personnel must possess sufficient experience and expertise in the financial sector. Additionally, the companies should provide the regulator with comprehensive business plans outlining their risk management strategies and future revenue estimates. They must also outline their anti-money laundering (AML) and know your customer (KYC) policies in great detail.
Staff members should have clean criminal records for a company to gain approval from the FCA. Candidates must submit all relevant application documents in English. Documents in foreign languages should be translated by sword translators. The FCA normally requires between six and twelve months to assess the license applications. Delays usually occur when applications are incomplete and some of the required documents are missing.
To summarize, financial service providers will need to meet the following requirements in order to obtain an FCA license:
- Application fees: Whenever applicants are ready to submit their documents to Companies House, they are required to pay a small registration fee, which costs around £10.
- Minimum capital requirements: The minimum share capital requirement for brokers operating as market makers is £750,000. Brokers applying for limited licenses or intermediary licenses are required to report share capital of at least £75,000 or £150,000, respectively.
- Application assessment timeframe: Depending on the type of license entities apply for as well as their level of preparedness, the FCA license application process may take between six months and a year.
- Physical presence required: In order to be eligible to receive an FCA license, broker companies must be registered in the UK and have an office located within the country. It is also necessary that a local director represents the entity that applies for a permit to operate in the UK.
- Key employees: The company applying for an FCA license is required to hire competent professionals for key positions such as managers, directors, etc. These employees must be highly qualified and should be approved by the regulator.
- Corporate tax rates: Forex companies operating under FCA licenses are subject to a corporation tax of 17%. Meanwhile, there is also a standard 20% VAT rate that should be considered by forex brokers that intend to operate in the UK.
- Client funds segregation: Forex brokers licensed by FCA are required to keep clients’ funds and the company’s funds in segregated bank accounts, ensuring additional protection during unfortunate events like the company potentially going bankrupt.
- Investor protection scheme: All forex brokers operating under an FCA license are required to participate in the mandatory Financial Service Compensation Scheme (FSCS) that applies to financial service providers operating in the UK. If brokers are incapable of fulfilling their financial obligations towards their customers, British traders are eligible for a compensation of up to £85,000 per individual.
- Other requirements: A detailed business plan is also among the important documents applicants must prepare whenever they are submitting their FCA license applications. It is also mandatory for the company to open a corporate bank account so it can run its business and deposit its initial capital required for the license application.
Client Funds Protection at FCA-Regulated Brokers
The FCA has some of the most rigorous requirements for consumer protection in the world. All locally licensed brokerages must adhere to strict client funds segregation policies and store their customers’ money in separate accounts at tier-1 banks like Barclays and Lloyds. The measure prevents brokers from misusing the capital of their clients and ensures everyone gets their money back if a company is forced into liquidation.
All FCA-authorized forex brokers must participate in the country’s statutory Financial Services Compensation Scheme (FSCS). The UK has one of the highest levels of investor compensation in the world. British retail traders can claim reimbursement of up to £85,000 per person if their brokers cannot fulfill their financial obligations for one reason or another.
Professional traders waive their right to investor compensation. Last but not least, British customers with margin accounts cannot lose more than their available balance as all FCA-compliant brokers offer negative balance protection.
FAQs about FCA-Regulated Brokers
FCA-authorized brokers offer maximum leverage of 1:30 for forex majors, 1:20 for other currency pairs, gold, and major indices, 1:10 for non-major indices and other commodities, and 1:5 for stocks.
All brokers regulated by the FCA require retail customers to maintain a minimum margin of 50% on a per-account basis. If your balance drops below this threshold, your broker will automatically liquidate your losing CFD positions to prevent further losses.
British traders are not legally prosecuted for doing business with offshore brokers regulated in other jurisdictions. Nevertheless, we recommend you still opt for FCA-authorized broking firms as this will give you legal recourse in case something goes wrong.
Most FCA-compliant broking firms implement popular third-party platforms like MetaTrader 4 (MT4), MetaTrader 5 (MT5), cTrading, and TradingView. With that said, some brokers develop proprietary trading platforms that may take some time getting used to.
It all depends on where you trade – some brokers offer better conditions than others. Spreads at our recommended brokers commonly start from zero pips, with no commissions in place for forex trades.
You might also be interested in exploring forex brokers regulated by other institutions
- CySEC (Cyprus) Regulated Forex Brokers
- IFSC (Belize) Regulated Forex Brokers
- FSA (Seychelles) Regulated Forex Brokers
- VFSC (Vanuatu) Regulated Forex Brokers
- ASIC (Australia) Regulated Forex Brokers
| Top 30 FCA-Regulated Forex Brokers Ranked by Trustpilot Score | ||||
|---|---|---|---|---|
| Broker | License Number | Trading Platforms | Max Leverage (Retail) | Trustpilot Score |
| Valutrades | 586541 | MT4, MT5 | 30:1 | 4.8 / 5 |
| Markets.com | 481853 | Markets.com (Proprietary), MT4, MT5 | 30:1 | 4.7 / 5 |
| Forex.com | 446717 | MT4, TradingView | 30:1 | 4.7 / 5 |
| Trading 212 | 609146 | Web Trading Platform (Proprietary) | 30:1 | 4.6 / 5 |
| Trade Nation | 525164 | TN Trader (Proprietary), MT4 | 30:1 | 4.5 / 5 |
| Spreadex | 190941 | Web Trading Platform (Proprietary), TradingView | 30:1 | 4.5 / 5 |
| CWG Markets | 785129 | MT4, MT5 | 30:1 | 4.5 / 5 |
| HF Markets | 801701 | HFM Platform (Proprietary), MT4, MT5 | 30:1 | 4.4 / 5 |
| Land FX | 709866 | MT4 | 30:1 | 4.4 / 5 |
| ActivTrades | 434413 | ActivTrader (Proprietary), TradingView, MT4, MT5 | 30:1 | 4.4 / 5 |
| Eightcap | 921296 | TradingView, MT4, MT5 | 30:1 | 4.3 / 5 |
| ThinkMarkets | 629628 | MT4, MT5, ThinkTrader, ThinkPortal | 30:1 | 4.3 / 5 |
| Hantec Markets | 502635 | MT4 | 30:1 | 4.3 / 5 |
| City Index | 446717 | MT4, TradingView, Web Trader | 30:1 | 4.2 / 5 |
| Capital.com | 793714 | Capital.com (Proprietary), MT4 | 30:1 | 4.2 / 5 |
| FXCM | 217689 | Trading Station, MT4, ZuluTrade, Capitalise AI, TradingView Pro | 30:1 | 4.2 / 5 |
| FXOpen | 579202 | MT4, MT5, TickTrader, TradingView | 30:1 | 4.2 / 5 |
| Plus500 | 509909 | Plus500 (Proprietary) | 30:1 | 4.1 / 5 |
| IG | 944492 | ProRealTime, MT4, L2 Dealer, IG’s Web Trading and Mobile Platforms (Proprietary) | 30:1 | 4.1 / 5 |
| Darwinex | 586466 | MT4, MT5, Proprietary Trading Platform | 30:1 | 4.1 / 5 |
| Oanda | 542574 | TradingView, MT4, Oanda Trade Web (Proprietary) | 30:1 | 3.9 / 5 |
| FxPro | 509956 | FX Pro Trading Platform (Proprietary) | 30:1 | 3.7 / 5 |
| Capital Index | 709693 | MT4 | 30:1 | 3.7 / 5 |
| Fineco Bank | 222329 | FinecoX (Proprietary) | 30:1 | 3.9 / 5 |
| Axi | 466201 | MT4 | 30:1 | 3.4 / 5 |
| Interactive Brokers | 208159 | IBKR (Proprietary) | 30:1 | 3.4 / 5 |
| HYCM | 186171 | MT4, HYCM Trader (Proprietary), MT5 | 30:1 | 3.4 / 5 |
| FXTM | 777911 | MT4 and MT5 | 30:1 | 3.4 / 5 |
| Blackwell Global | 687576 | MT5 | 30:1 | 2.8 / 5 |
| Charles Schwab | 225116 | Thinkorswim (Proprietary) | 30:1 | 1.6 / 5 |