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Best FCA Regulated Forex Brokers

BrokerNotes.co

Written by BrokerNotes.co
Fact-checked by Steven Hatzakis
Fact-checked by Joey Shadeck
Edited by John Bringans

September 15, 2023

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A member of our editorial team used a proprietary blend of Generative AI technologies to assist in the creation of the content on this page. All information contained herein has been fact-checked by our lead writer in conjunction with our research team, and thoroughly edited by our editorial staff. Learn more about our generative AI policies, our editorial principles, and our testing methodologies.

The Financial Conduct Authority (FCA) is an independent body that oversees and regulates 58,000 U.K. financial services firms and serves as the prudential regulator for more than 18,000 financial service firms. When traders use a U.K. broker regulated by the FCA, they can expect to be protected against a range of fraud types and financial crimes. Brokers regulated by the FCA are obligated to hold a minimum of regulatory capital. Additionally, the FCA's Financial Services Compensation Scheme (FSCS) protects eligible clients against a firm or broker's insolvency up to £50,000.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74% and 89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Best FCA-Regulated Forex Brokers

Here are the best FCA-regulated forex brokers.

  • IG
    - 9.9/10 Overall
  • FOREX.com
    - 9.3/10 Overall
  • City Index - 9.2/10 Overall
  • XTB - 9/10 Overall
  • eToro - 8.8/10 Overall
  • Swissquote - 8.7/10 Overall
  • FXCM
    - 8.5/10 Overall
  • Plus500 - 8.5/10 Overall
  • Pepperstone - 8.4/10 Overall
IG
9.9/10 Overall
Minimum Deposit£250.00
Tier-1 Licenses8
Tradeable Symbols (Total)19537

Year after year, IG has shown itself to be the best broker in the forex industry and a fantastic choice for forex traders. Highly trusted and regulated across the globe, IG delivers a wide variety of rich features, market research, and powerful trading tools. Fans of copy trading will appreciate IG’s seamless integration of trading signals into its web platform.

Apple iOS AppYes
Android AppNo
Proprietary PlatformYes
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)No
Visit Site

Join 239,000+ traders worldwide.

(Trading forex carries a high level of risk.)

FOREX.com
9.3/10 Overall
Minimum Deposit$100
Tier-1 Licenses7
Tradeable Symbols (Total)5500

FOREX.com is a highly trusted brand with a long history of offering forex in the U.S. and across the globe. FOREX.com offers its own flagship trading platforms for web and desktop, as well as the full MetaTrader suite. Though its pricing is higher than average, FOREX.com is a balanced choice for traders of all experience levels.

Apple iOS AppYes
Android AppNo
Proprietary PlatformYes
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)Yes
Visit Site

A Global Market Leader!

(Trading forex carries a high level of risk.)

City Index
9.2/10 Overall
Minimum Deposit£100.00
Tier-1 Licenses7
Tradeable Symbols (Total)13500

City Index, part of StoneX Group, is an award-winning, highly trusted broker with a long history of offering forex and CFDs across its global offices. City Index delivers a well-designed mobile trading app and a powerful web platform, as well as a large range of tradeable markets (though pricing is just average).

Apple iOS AppYes
Android AppNo
Proprietary PlatformYes
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)No
XTB
9/10 Overall
Minimum Deposit$0
Tier-1 Licenses2
Tradeable Symbols (Total)6010

XTB is a highly trusted brand with a proprietary platform (xStation 5) that delivers a rich selection of trading tools. XTB also offers CFDs for a wide range of asset classes, including multiple cryptocurrencies. Beginners will appreciate XTB's excellent educational content and the hundreds of lessons that are available via its Trading Academy.

Apple iOS AppYes
Android AppNo
Proprietary PlatformYes
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)No
eToro
8.8/10 Overall
Minimum Deposit$10-$10,000
Tier-1 Licenses3
Tradeable Symbols (Total)3479

Best known for its copy trading platform suite, eToro is a highly trusted broker offering a large selection of cryptocurrency products, CFDs, shares, forex pairs, and a wide range of powerful trading tools. It’s worth noting that eToro is not a discount broker (though it offers zero-dollar commissions for U.S. stocks).

Apple iOS AppYes
Android AppNo
Proprietary PlatformYes
Desktop Platform (Windows)No
Web PlatformYes
MetaTrader 4 (MT4)No
MetaTrader 5 (MT5)No
Swissquote
8.7/10 Overall
Minimum Deposit$1000
Tier-1 Licenses5
Tradeable Symbols (Total)472

Swissquote delivers a balanced offering of easy-to-use proprietary trading platforms and popular third-party platforms like MetaTrader and TradingView. Swissquote also offers a staggering 3 million financial products. It’s worth noting that Swissquote's pricing is more expensive than what you'd find with low-cost forex brokers.

Apple iOS AppYes
Android AppNo
Proprietary PlatformYes
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)Yes
FXCM
8.5/10 Overall
Minimum DepositStarts from $50
Tier-1 Licenses4
Tradeable Symbols (Total)440

FXCM is a highly trusted brand that offers multiple trading platforms for algorithmic trading and social copy trading, along with a proprietary platform suite and access to MetaTrader 4. FXCM is great for beginners due to its wide range of educational content. It's worth noting that pricing at FXCM is just average.

Apple iOS AppYes
Android AppNo
Proprietary PlatformYes
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)No
Visit Site

$0.00 Commissions and Low Spreads.

(71% of retail CFD accounts lose money)

Plus500
8.5/10 Overall
Minimum Deposit€100
Tier-1 Licenses6
Tradeable Symbols (Total)2800

Plus500 is a highly-trusted broker that delivers share trading via the Plus500 Invest platform and a good selection of CFDs via the broker’s separate Plus500 CFD platform. Though Plus500 doesn’t offer MetaTrader, we found its proprietary trading platform to be intuitive and easy to use. Plus500 is still a great choice for less demanding traders.

Apple iOS AppYes
Android AppNo
Proprietary PlatformYes
Desktop Platform (Windows)No
Web PlatformYes
MetaTrader 4 (MT4)No
MetaTrader 5 (MT5)No
Pepperstone
8.4/10 Overall
Minimum Deposit$200
Tier-1 Licenses3
Tradeable Symbols (Total)2342

Pepperstone is a highly trusted broker that offers a growing number of tradeable markets and support for third-party platforms such as TradingView, cTrader, a variety of copy trading platforms, and the MetaTrader suite. Traders at Pepperstone also gain access to high-quality research content in both written and video format.

Apple iOS AppYes
Android AppNo
Proprietary PlatformNo
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)Yes

FCA-Regulated broker comparison

Check out our data-powered comparison table to see how the top FCA-regulated forex brokers stack up against each other:

Company Accepts GB Residents Overall Rating United Kingdom (U.K.) (FCA Authorised) Minimum Deposit Tradeable Symbols (Total) Visit Site
IG logoIG check 9.9 Yes £250.00 19537 Visit Site
FOREX.com logoFOREX.com check 9.3 Yes $100 5500 Visit Site
City Index logoCity Index check 9.2 Yes £100.00 13500
XTB logoXTB check 9 Yes $0 6010
eToro logoeToro check 8.8 Yes $10-$10,000 3479
Swissquote logoSwissquote check 8.7 Yes $1000 472
FXCM logoFXCM check 8.5 Yes Starts from $50 440 Visit Site

Want to compare two specific brokers? Check out our data-driven compare tool.

What is the best FCA-regulated forex broker that offers a demo account?

IG is our pick for the best FCA-regulated forex broker. Year after year, IG has shown itself to be the best broker in the forex industry. Highly trusted and regulated in a staggering eight Tier-1 jurisdictions, IG holds a Trust Score rating of 99. Though IG does offer MetaTrader 4, IG’s proprietary web-based trading platform steals the show with its wide variety of rich features, market research, and powerful trading tools. Fans of social copy trading will appreciate IG’s seamless integration of trading signals into its web platform. IG has won countless Annual Awards from our sister site, ForexBrokers.com, and is a fantastic choice for forex traders of all experience levels.

IG Trading Platform Screenshots

The benefits of trading with an FCA regulated broker

The primary mission of the U.K.'s Financial Conduct Authority (FCA), akin to other regulators of financial markets, is safeguarding investors and traders and maintaining the integrity of the U.K.'s financial markets. Recognized for its rigorous and comprehensive rules, the FCA has earned a reputation as a top-tier regulatory body. The FCA is also the governing body responsible for overseeing brokers within the country who legally provide forex and various other derivatives to both retail and expert traders. Here are some of the benefits of trading with FCA-regulated brokers:

  • Client fund protection: FCA regulations require brokers to segregate client funds from their own operational funds, providing an extra layer of security for traders. In the event of a broker's insolvency, client funds are protected and can be returned to investors. View FCA requirements.
  • Regular audits: All FCA-regulated brokers undergo periodic audits to ensure compliance with established regulations.
  • Fair dispute resolution: If there's a dispute between a trader and an FCA-regulated broker, traders have the option to approach the Financial Ombudsman Service (FOS) for an unbiased resolution.
  • Strict leverage caps: The FCA imposes standardized leverage limits on various financial instruments for retail clients, mitigating excessive risk exposure.

currency_poundBenefits of FCA regulation

Trading with an FCA-regulated broker provides benefits such as client fund protection, transparent pricing and execution practices, and adherence to professional conduct standards.

The risks of trading with unregulated brokers

Trading with unregulated brokers can expose investors to a range of risks and potential financial losses. It is essential to be aware of the warning signs associated with scam brokers and understand the dangers of engaging with them. Here are some of the risks of trading with unregulated brokers:

  • Potential scams: Unregulated brokers may engage in deceptive tactics and/or misleading advertising to attract unsuspecting traders. They may promise unrealistic returns or offer excessively high leverage options without disclosing associated risks adequately. Scams can lead to substantial financial losses.
  • Lack of oversight: Regulated brokers are subject to regular monitoring by financial authorities and must comply with industry standards and ethical practices. Unregulated brokers operate outside this framework, making it difficult for investors to seek recourse or recover lost funds.
  • Lack of fund safety: Unregulated brokers aren't obligated to hold client funds in segregated accounts. This could lead to misuse of client funds for the broker's operational or other activities.
  • Fraudulent practices: Without regulatory oversight, brokers can engage in deceptive and manipulative practices such as price manipulation, order slippage, and stop-hunting.
  • Withholding profits: Some unregulated brokers might delay or refuse withdrawal requests, making it difficult or impossible for traders to access their profits.

warningAlways choose a regulated broker

Trading with unregulated brokers can be incredibly risky. Unregulated brokers lack oversight, transparency, and accountability.

How to identify an FCA-regulated broker

To identify an FCA-regulated broker you can perform an FCA license check by visiting the official FCA website and using their registration number lookup tool. This will allow you to verify if a broker is indeed authorized and regulated by the FCA. The same license number should also be featured on the broker's website, either at the bottom of the website, or listed in a dedicated regulation page.

BrokerNotes.co 2023 Overall Rankings

To recap, here are our top forex brokers for 2023, sorted by Overall ranking.

Company Accepts GB Residents Overall Rating Minimum Deposit Average Spread EUR/USD - Standard Trust Score Tradeable Symbols (Total) Read Review Visit Site
IG logoIG check 9.9 £250.00 0.86 99 19537 IG Review Visit Site
Saxo Bank logoSaxo Bank check 9.7 €2,000 0.9 99 70000 Saxo Bank Review
Interactive Brokers logoInteractive Brokers check 9.7 $0 0.6 99 8500 Interactive Brokers Review
CMC Markets logoCMC Markets check 9.6 $0 0.51 99 12074 CMC Markets Review
TD Ameritrade logoTD Ameritrade check 9.5 $0 1.25 99 0 TD Ameritrade Review
FOREX.com logoFOREX.com check 9.3 $100 1.4 99 5500 FOREX.com Review Visit Site
City Index logoCity Index check 9.2 £100.00 1.4 99 13500 City Index Review
XTB logoXTB check 9 $0 1.07 96 6010 XTB Group Review
eToro logoeToro check 8.8 $10-$10,000 1 90 3479 eToro Review
Swissquote logoSwissquote check 8.7 $1000 N/A 99 472 Swissquote Review
AvaTrade logoAvaTrade check 8.6 $100 0.92 94 1260 AvaTrade Review
FXCM logoFXCM check 8.5 Starts from $50 1.38 95 440 FXCM Review Visit Site
Plus500 logoPlus500 check 8.5 €100 0.8 (August 2021) 99 2800 Plus500 Review
Capital.com logoCapital.com check 8.4 $20 0.65 87 3119 Capital.com Review
XM Group logoXM Group check 8.4 $5 1.6 88 1429 XM Group Review
Pepperstone logoPepperstone check 8.4 $200 0.77 95 2342 Pepperstone Review
OANDA logoOANDA check 8.4 $0 1.26 93 124 OANDA Review
Admiral Markets logoAdmiral Markets check 8.3 $100 0.8 93 6942 Admiral Markets Review
FP Markets logoFP Markets check 8.3 $100 AUD 1.2 87 10000 FP Markets Review
IC Markets logoIC Markets check 8.2 $200 0.62 84 3583 IC Markets Review
Markets.com logoMarkets.com check 8.2 $100 1.9 96 2179 Markets.com Review
FxPro logoFxPro check 8.1 $100 1.51 90 2249 FxPro Review
Tickmill logoTickmill check 8.0 $100 0.51 83 725 Tickmill Review
Fineco Bank logoFineco Bank check 8.0 $0 N/A 95 126 Fineco Bank Review
BlackBull Markets logoBlackBull Markets check 7.9 $0 0.827 77 26000 BlackBull Markets Review
DooPrime logoDooPrime check 7.8 $100 N/A 83 10000 DooPrime Review
Vantage logoVantage check 7.8 $50 1.30 90 1000 Vantage Review
BDSwiss logoBDSwiss check 7.8 $100-$5000 1.6 81 1081 BDSwiss Review
HFM logoHFM check 7.8 $0 1.2 86 3500 HFM Review
FlowBank logoFlowBank check 7.7 $0 N/A 80 408600 FlowBank Review
HYCM (Henyep Capital Markets) logoHYCM (Henyep Capital Markets) check 7.7 $20 0.6 88 1199 HYCM Review
Trading 212 logoTrading 212 check 7.6 €10 N/A 77 1785 Trading 212 Review
ThinkMarkets logoThinkMarkets check 7.6 $0 N/A 88 4000 ThinkMarkets Review
Eightcap logoEightcap check 7.6 $100 1.0 85 736 Eightcap Review
Trade Nation logoTrade Nation check 7.5 $0 0.6 83 601 Trade Nation Review
Moneta Markets logoMoneta Markets check 7.5 $50 1.27 72 1016 Moneta Markets Review
VT Markets logoVT Markets check 7.4 $100 1.2 70 1000 VT Markets Review
TMGM logoTMGM check 7.8 $100 0.96 83 12000 TMGM Review
ACY Securities logoACY Securities check 7.4 $50 1.2 75 1600 ACY Securities Review
easyMarkets logoeasyMarkets check 7.3 $50 0.9 80 199 easyMarkets Review
RoboForex (RoboMarkets) logoRoboForex (RoboMarkets) check 7.3 $100 1.4 71 12000 Roboforex (RoboMarkets) Review
IronFX logoIronFX check 7.2 $50 1.2 84 340 IronFX Review
Exness logoExness check 7.2 $1 0.9 68 112 Exness Review
Spreadex logoSpreadex check 7.2 $0 N/A 71 2000 Spreadex Review
IFC Markets logoIFC Markets check 7.2 $1 1.44 67 630 ATFX Review
Trade360 logoTrade360 check 7.1 $250 N/A 76 1062 Trade360 Review
Axi logoAxi check 7.1 $0 N/A 81 175 Axitrader Review
GKFX logoGKFX check 7.1 $0 N/A 65 354 GKFX Review
Vestle logoVestle check 7.1 -1 N/A 78 750 Vestle Review
OctaFX logoOctaFX check 7 $25 0.9 70 229 OctaFX Review
FXOpen logoFXOpen check 7 $100 N/A 80 87 FXOpen Review
TeleTrade logoTeleTrade check 7 $100 N/A 71 500 Teletrade Review
FXPrimus logoFXPrimus check 6.9 $100 N/A 71 140 FXPrimus Review Visit Site
Forex4you logoForex4you check 6.9 $0 N/A 61 150 Forex4you Review
LegacyFX logoLegacyFX check 6.9 $500 N/A 67 425 LegacyFX Review
GBE brokers logoGBE brokers check 6.8 $500 N/A 71 500 GBE Brokers Review
Alpari logoAlpari check 6.8 $20 N/A 68 105 Alpari Review
TopFX logoTopFX check 6.7 Depends on payment method N/A 67 655 TopFX Review
Libertex (Forex Club) logoLibertex (Forex Club) check 6.7 $10 N/A 73 300 Libertex Review
ATFX logoATFX check 6.6 $500 N/A 67 150 ATFX Review
UFX logoUFX check 6.6 $100 3 67 619 UFX Review
Xtrade logoXtrade check 6.5 $250 N/A 80 142 Xtrade Review

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Methodology

At BrokerNotes.co, our data-driven reviews of online brokers are based on our own extensive testing of each broker's products and services as well as the qualified observations of our expert editorial team. In conjunction with our sister site, ForexBrokers.com, we’ve published well over 100,000 words of research and collected thousands of data points across hundreds of variables. Our in-depth trading guides are created with the same rigorous, data-driven approach.

Our proprietary Trust Score rating system tracks data from over 100 regulatory jurisdictions to help forex traders understand the regulatory status of their forex broker and choose a broker that they can trust.

Our editorial team is led by Steven Hatzakis, an industry veteran with decades of experience and a deep understanding of the forex market. Our team conducts thorough testing on a wide range of brokers, platforms, products, technologies, third-party trading tools, and mobile apps. We also test for the availability of high-quality educational content, actionable market research resources, and the accessibility and capabilities of mobile platforms. All of our ratings and rankings are based on the collection and validation of thousands of data points and our in-depth product testing.

Part of our testing process involves in-depth research into commissions and fees. We dive into each broker’s trading costs, such as VIP rebates, inactivity fees, custody fees, bid/ask spreads (we always strive to determine the average spreads for each broker to better serve our readers), and a variety of other fee-based data points.

When testing mobile apps or mobile products, we test on both Apple and Android devices. For Apple, we test with the iPhone XS running iOS 16, and for Android we use the Samsung Galaxy S9+ and Samsung Galaxy S20 Ultra devices running Android OS 13.

All of the content on BrokerNotes.co is researched, fact-checked, and edited by members of our editorial team. Our ratings and rankings are driven by our independent data collection. We may use generative AI tools to assist in some of the rote aspects of our content production processes, but the substance of our content, as well as our opinions and evaluations are based on our extensive research and product testing. Read our Generative AI policy to learn more.

Our rigorous data validation process provides our readers with quality data they can trust. Click here to learn more about how we test.

Forex Risk Disclaimer

There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. Learn more about foreign exchange risk.

About the Editorial Team

BrokerNotes.co
BrokerNotes.co

BrokerNotes is powered by a dynamic team of writers, researchers, content strategists, data analysts, editors, traders, and investors. We are obsessed with creating the best finance content on the internet, and we are dedicated to helping our readers make great choices for their money.

Steven Hatzakis
Steven Hatzakis

Steven Hatzakis is the Global Director of Research for BrokerNotes.co and ForexBrokers.com. Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. A forex industry expert and an active fintech and crypto researcher, Steven advises blockchain companies at the board level and holds a Series III license in the U.S. as a Commodity Trading Advisor (CTA).

Joey Shadeck
Joey Shadeck

Joey Shadeck is the Content Strategist and Research Analyst for BrokerNotes.co and ForexBrokers.com. He holds dual degrees in Finance and Marketing from Oakland University, and has been an active trader and investor for close to ten years. An industry veteran, Joey obtains and verifies data, conducts research, and analyzes and validates our content.

John Bringans
John Bringans

John Bringans is the Senior Editor of BrokerNotes.co and ForexBrokers.com. An experienced media professional, John has close to a decade of editorial experience with a background that includes key leadership roles at global newsroom outlets. He holds a Bachelor’s Degree in English Literature from San Francisco State University, and conducts research on forex and the financial services industry while assisting in the production of content.

Reink Media Group is compensated if you access certain of the products or services offered by eToro USA LLC and/or eToro USA Securities Inc. Any testimonials contained in this communication may not be representative of the experience of other eToro customers and such testimonials are not guarantees of future performance or success.

Trading Leveraged Products such as Forex and Derivatives may not be suitable for all investors as they carry a high degree of risk to your capital. Please ensure that you fully understand the risks involved, taking into account your investments objectives and level of experience, before trading, and if necessary, seek independent advice. Please read the full Risk Disclosure.



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