The Financial Conduct Authority, or FCA, is a UK regulator. Brokers regulated by the FCA have a high standard of regulatory oversight, meaning they must adhere to strict guidelines. As a trader, FCA regulation gives extra protection and peace of mind.
The FCA is independent of the UK government, meaning it is a self-regulatory body. Its main role is to manage financial firms in the UK, including forex brokers, and to ensure integrity and fairness.
When looking for the best forex broker, FCA regulation is something you should have on your list. However, there are many FCA-regulated brokers on the market, and making a final decision can be overwhelming. To help, I have reviewed ten of the best FCA-regulated forex brokers for 2024. In the end, it will be much easier to make a final decision.
Unlimited demo account: Both new and experienced traders can access the different HYCM demo accounts across the broker’s platform for as long as they like. This will help new players become better skilled and experienced players more familiar with the various trading environments on the platform.
Supports multiple languages: Another HYCM bonus is its earned regulatory approval in 140 countries. This strongly indicates the broker’s versatility. Depending on the traders’ nationality, anyone can enjoy full access to the trading platform in their preferred language.
Long-standing reputation: With over 40 years in the financial industry, HYMC stands tall as an industry leader that has stood the test of time. Its financial services have also improved over the years to increase the platform’s functionality and create an enjoyable trading experience.
Cons
Customer support is unavailable during weekends: Since the broker offers financial services for some trading instruments that operate 24/7, customer support must be available round the clock. However, HYMC’s customer support services across all platforms are only available on weekdays. This means traders have to wait till weekdays to access customer support if the need arises on weekends.
Unlimited demo account: Both new and experienced traders can access the different HYCM demo accounts across the broker’s platform for as long as they like. This will help new players become better skilled and experienced players more familiar with the various trading environments on the platform.
Supports multiple languages: Another HYCM bonus is its earned regulatory approval in 140 countries. This strongly indicates the broker’s versatility. Depending on the traders’ nationality, anyone can enjoy full access to the trading platform in their preferred language.
Long-standing reputation: With over 40 years in the financial industry, HYMC stands tall as an industry leader that has stood the test of time. Its financial services have also improved over the years to increase the platform’s functionality and create an enjoyable trading experience.
Cons
Customer support is unavailable during weekends: Since the broker offers financial services for some trading instruments that operate 24/7, customer support must be available round the clock. However, HYMC’s customer support services across all platforms are only available on weekdays. This means traders have to wait till weekdays to access customer support if the need arises on weekends.
Forex.com UK is known for its strong research and trading tools.
AxiTrader requires no minimum deposit and offers the MetaTrader 4 platform.
ActivTrades has various trading platforms and features.
Pepperstone excels in low trading costs and fast execution speeds.
City Index offers a wide range of CFDs and advanced analytical tools.
Admiral has many trading features, along with several trading platforms.
Exness provides ultra-low spreads and fast execution on MT4/MT5 platforms.
HYCM is a well-regarded broker with years of trading experience.
eToro is popular for its social trading and copy trading features.
FxPro offers no-dealing desk execution and many trading platforms.
Comparison Table
Broker
Minimum Deposit
Spreads From
Regulation
Platforms
Forex.com UK
$100
0.8 pips
FCA, CFTC, ASIC
Proprietary, MT4, MT5
AxiTrader
$0
0.4 pips
FCA, ASIC
MT4
ActivTrades
$0 – Except for customers in China/Brazil
0.5 pips
FCA, CSSF
Proprietary, MT4, MT5
Pepperstone
$0 – Unavailable to US clients
0.0 pips
FCA, ASIC, DFSA, SCB
MT4, MT5, cTrader
City Index
$150 for Singapore clients only. Unavailable to US clients.
0.5 pips
FCA, ASIC, MAS
AT Pro, MT4
Admiral
$100
0.5 pips
FCA, CySEC, ASIC
MT4, MT5, MetaTrader Supreme Edition
Exness
$0 – Unavailable to US clients.
0.0 pips
FCA, CySEC, FSCA
MT4, MT5
HYCM
$20
0.2 pips
FCA, CySEC, CIMA
MT4, MT5
eToro
$100
1.0 pips
FCA, CySEC, ASIC
Proprietary
FxPro
$100
0.0 pips
FCA, CySEC, FSCA, SCB
MT4, MT5, cTrader
Criteria Breakdown Summary
To help me review the best FCA-regulated forex brokers, I devised a set of criteria. This included regulatory compliance, trading platforms, tradable instruments, costs, customer support, account types, deposit/withdrawal options, educational resources, and user reviews. I rated each broker out of five for each element, ensuring a full overview of each.
Forex.com UK
Best Known for Strong Research and Trading Tools
Forex.com UKis an FCA-regulated forex broker with a strong reputation. It has a range of robust research offerings and many trading tools. This broker was established in 2001, giving extra peace of mind. With access to more than 4,500 markets, including indices, commodities, cryptocurrencies, and forex, this is a quality choice for all trading abilities.
I found the proprietary platform in particular very user-friendly, however there is also access to MetaTrader 4 & 5. Plus, there are many educational resources.
FOREX.com UK is a well-established broker with an excellent reputation. Source: Forex.com
Features
FOREX.com UK has many standout features that make it a great choice for both beginner and advanced traders. The advanced charting, real-time news feeds, and large range of meetings are excellent additions, along with the wide range of educational resources. In addition, this broker has in-depth market analysis from both third-party providers and in-house experts. Overall, it’s very easy to learn and develop with FOREX.com UK.
Pros
Wide range of instruments (4,500+), including forex, commodities, indices, and cryptocurrencies
Competitive spreads, particularly on major forex pairs
High-quality educational resources and market analysis
User-friendly proprietary platform with advanced tools
Strong regulatory framework under FCA and CFTC
Cons
Higher minimum deposit required for some account types
Some features may be overwhelming for complete beginners
DMA forex trading available only for advanced traders with specific accounts
Criteria Evaluation
Regulatory Compliance: 5/5
Trading Platforms: 4.5/5
Trading Costs: 4/5
Range of Instruments: 4.5/5
Customer Support: 4/5
Educational Resources: 4.5/5
Account Types: 4/5
Deposit and Withdrawal Options: 4/5
Community Reviews and Expert Recommendations
Many users rate FOREX.com UK very highly due to its reliable reputation and strong regulatory oversight. Users also mention the market analysis tools, ease of use, and competitive pricing in particular. Beginner traders especially mention the educational resources available.
“For customer support I really appreciate the time taken and understanding what customers are going through, and my chat agent was 100% helpful, and I really love that about your company. Customer service is top notch!!” – Ashieanna Reid via Trustpilot
Industry experts highlight FOREX.com UK’s strong research tools and regulatory oversight. They believe it’s a good choice for both beginner and advanced traders. Read our FOREX.com UK review for more details.
Pricing
Forex.com UK offers variable spreads from 0.8 pips on major forex pairs. Commission-free trading is available on most instruments, though some products like DMA forex trading may incur additional fees. Minimum deposit requirements vary by account type, with the standard account starting at $100.
AxiTrader
Best Known for Competitive Spreads and MT4 Support
Axi was founded in 2007 and has become a reliable forex broker praised by many. As an FCA-regulated broker, Axi offers peace of mind from the start. The main focus here is MetaTrader 4, and this broker is known for its exceptional support. This includes advanced trading features and a user-friendly interface.
I recommend Axi for both beginner and experienced traders, as it has a wide range of forex pairs and CFDs. Moreover, there is a strong focus on low trading costs.
AxiTrader offers great support for MetaTrader 4 platform. Source: AXI
Features
Axi’s main standout features are its MetaTrader 4 support, competitive raw spreads, and its excellent algorithmic trading tools. There are also Expert Advisors (EAs) for automated strategies. With access to over 140 tradable instruments, I recommend Axi for traders who are keen to maximize their profits.
For beginner traders, there are many market analysis and educational tools. I particularly enjoyed the webinars and tutorials.
Pros
Competitive spreads, especially on raw spread accounts
Full MT4 support with advanced trading tools and features
Access to 140+ instruments, including forex, indices, commodities, and cryptocurrencies
Strong focus on algorithmic trading with VPS hosting and PsyQuation analytics
No minimum deposit requirement for standard accounts
Cons
Limited proprietary platform, as the focus is primarily on MT4
Market research tools could be more extensive compared to larger brokers
Spreads on standard accounts are slightly higher compared to raw spread accounts
Criteria Evaluation
Regulatory Compliance: 5/5
Trading Platforms: 4.5/5
Trading Costs: 4.5/5
Range of Instruments: 4/5
Customer Support: 4/5
Educational Resources: 4/5
Account Types: 4.5/5
Deposit and Withdrawal Options: 4/5
Community Reviews and Expert Recommendations
Axi is very well-regarded in the forex community, and many users praise the low trading costs in particular. Most users enjoy MetaTrader 4 and the support this broker gives the platform. However, some wish there were more platforms to choose from.
“I have used a lot of broker’s but not like Axi. They have the fastest withdrawals and they even withdraw Saturday and Sunday. No broker does that but Axi has 24/7 help when you need it.” – Sibongile via Trustpilot
“Great customer service. Responded very quickly to my questions. No issue with bank transfer or profit withdrawal.” – Obiora Onyeka via Trustpilot
Industry experts recommend Axi for both beginner and advanced traders, particularly highlighting the algorithmic trading support available. Our AxiTrader review provides more details.
Pricing
Axi offers raw spreads starting from 0.0 pips, with a $7 commission per round-turn lot on raw accounts. Standard accounts have no commission, but spreads start from 1.0 pips. There is no minimum deposit requirement for standard accounts, making it accessible for traders of all levels.
ActivTrades
Best Known for Risk Management Tools and Advanced Platforms
ActivTrades was established in 2001 and is well-known for its advanced platforms, along with its quality risk management tools. In addition, this broker has a large number of CFDs, forex, shares, indices, and ETFs. The proprietary platform is very easy to use, alongside MetaTrader 4 & 5.
This broker also implements SmartOrder 2 and SmartLines which allow for automated trades and efficient order management. Additionally, up to £1 million insurance protection adds another layer of security.
ActivTrades is a well-established broker with FCA regulation. Source: ActivTrades
Features
ActivTrades has a range of features for both expert and beginner traders. MetaTrader 4 & 5 are available, alongside the proprietary platform. This broker has a range of risk management tools, advanced order types, detailed market data, and real-time charts. In addition, SmartTools is an advanced plugin that boosts MetaTrader use. For beginners, the free demo account is a good place to start.
Pros
User-friendly platform with advanced risk management tools
MT4/MT5 support with customizable plugins for enhanced trading experience
Competitive spreads and no commissions on standard accounts
Insurance protection up to $1,000,000 for client funds
Free demo account with access to full platform features
Cons
Research and educational resources are limited compared to larger brokers
Fewer trading instruments than some competitors, especially in non-forex markets
Higher minimum deposit compared to some entry-level brokers
Criteria Evaluation
Regulatory Compliance: 5/5
Trading Platforms: 5/5
Trading Costs: 4/5
Range of Instruments: 4/5
Customer Support: 4/5
Educational Resources: 3/5
Account Types: 3.5/5
Deposit and Withdrawal Options: 4/5
Community Reviews and Expert Recommendations
Overall, ActivTrades receives positive reviews from users. Most assess platform stability and range of risk management tools. SmartTools and support for MetaTrader 4 & 5 are also mentioned. However, some users feel the educational tools are not as extensive as some other brokers.
“When I opened a trading account with ActivTrades, I chose ActivTrader platform. I thought that a platform that has almost the same name as the broker itself should work better than others. I made the right choice because this platform has the same interface as traders from TradingView and Investing website. I read analytics there. I can suggest that ActivTrades is a professional brokerage company. And that’s why I’m happy that I made the right choice when I decided to trade here.” – Amjad Al-Hadhrami via Trustpilot
“Simple offer of account types, but great conditions on whatever you choose. I started with the individual account type, and although the professional one looks more appealing, the individual one is doing the job perfectly fine. Tight spreads, excellent execution, access to all charting tools and indicators… you will have everything you might need to trade like a pro.” – Ahmed Ben Youssef via Trustpilot
Industry experts recommend ActivTrades for beginner and advanced traders, however they agree that the educational resources could be improved.
Pricing
ActivTrades offers variable spreads starting from 0.5 pips on major forex pairs. Standard accounts are commission-free, though there are commissions on certain instruments like shares and ETFs. There is no minimum deposit except for customers in China and Brazil.
Pepperstone
Best Known for Low Trading Costs
Pepperstone is one of the best FCA-regulated brokers. Established in 2010, this broker is a popular choice thanks to its low trading costs and fast execution speeds. Pepperstone offers MetaTrader 4 & 5, along with cTrader, while also offering a range of educational resources for beginners and advanced traders alike. There is also social trading through integration with ZuluTrade and Myfxbook.
Pepperstone, a top FCA-regulated forex broker, offers a range of trading features including social trading, risk management tools, and advanced charting, making it suitable for traders at all levels.Source: Pepperstone
Features
Pepperstone has a range of features for all ability levels. The social trading capabilities and advanced execution technology features are stand-out features, but there are many other trading tools. Additionally, risk management tools and advanced charting complete the picture.
Pepperstone’s educational resources are ideal for both beginner and advanced traders.
Pros
Low trading costs and tight spreads
Fast execution speeds
Choice of multiple trading platforms
Excellent customer support
Cons
Limited product range compared to some competitors
No proprietary trading platform
Educational resources could be more comprehensive
Criteria Evaluation
Regulatory Compliance: 5/5
Trading Platforms: 5/5
Trading Costs: 5/5
Range of Instruments: 4/5
Customer Support: 4/5
Educational Resources: 4/5
Account Types: 4/5
Deposit and Withdrawal Options: 4/5
Community Reviews and Expert Recommendations
Pepperstone generally receives very positive reviews from users and industry experts. Most users appreciate low spreads and fast execution speeds. The choice of trading platforms is also highlighted, along with excellent customer support.
“Prompt response to queries, speedy execution of trades and stable platform all point to a great discount broker. Two thumbs up to Pepperstone.” – JY via Trustpilot
“Technical issues are very very few at Pepperstone and when they show up they are sorted out promptly. Keep up the good service.” – Erwin via Trustpilot
Industry experts rank Pepperstone as one of the best FCA-regulated brokers, particularly because of its low costs and fast trades.
Pricing
Pepperstone offers two main account types: Standard and Razor. The Standard account features spreads from 1.0 pips with no commission, while the Razor account offers raw spreads from 0.0 pips plus a commission of $3.50 per lot per side. Minimum deposit is $200 or equivalent. However, Pepperstone does not accept US clients.
City Index
Best Known for Wide Range of CFDs
City Index was founded in 1983, and is one of the most respected names in the industry. For many users, that’s enough to give peace of mind. Additionally, this broker is known for its large number of tradable instruments, including CFDs, forex, commodities indices, and stocks.
MetaTrader 4 is offered alongside the proprietary platform, AT Pro. These platforms are suitable for both advanced and beginner traders. Additionally, there are many market analysis and research tools.
City Index was established in 1983, and is a respected forex broker. Source: City Index
Features
City Index is a good choice for all trading abilities, with many platforms and tools. There are many market research options, alongside daily market analysis from experts. The Market 360 tool adds additional information alongside the “Heatmap” feature, which helps visualize market movements. There are many educational resources for all ability levels, including tutorials and webinars. There is also a demo account that is ideal for practice trading.
Pros
Wide range of CFDs and forex pairs
Advanced proprietary platform (AT Pro)
Comprehensive market research and analysis
Long-standing reputation in the industry
Cons
Higher minimum deposit for some account types
Spreads can be wider compared to some competitors
Limited cryptocurrency offerings
Criteria Evaluation
Regulatory Compliance: 5/5
Trading Platforms: 4/5
Trading Costs: 4/5
Range of Instruments: 5/5
Customer Support: 4/5
Educational Resources: 4/5
Account Types: 4/5
Deposit and Withdrawal Options: 4/5
Community Reviews and Expert Recommendations
Overall, City Index receives positive feedback from users. Many rate the wide range of tradable instruments available, alongside the research and analysis tools. The AT Pro Platform is also seen as a powerful tool for traders, particularly advanced level.
“Have been with City Index for several years and am very pleased. Up until recently I have traded only from my laptop. Have just started using the City Index app and it works perfectly which is good news because now I can go out and get some fresh air. Chris Gordon looks after my account and he is always very affable and helpful. Five stars given without hesitation.”David Scott via Trustpilot
“City Index provides the opportunity to participate in the upside as well as in the downside of the Market at one of the lowest available costs. It’s a wonderful platform. Yes I would love to see almost all the US stocks on this platform but I would still give 5 stars.” – Giam via Trustpilot
Industry experts recommend City Index for experienced traders, particularly those who enjoy CFD trading. Our City Index review provides more information.
Pricing
City Index offers variable spreads starting from 0.5 pips on major forex pairs. There are no commissions on forex trades for standard accounts. The minimum deposit is $150 for Singapore clients only. This broker is unavailable to US clients.
Admiral Markets (Admirals)
Best Known for Advanced Educational Resources and Trading Tools
Admiral Markets is well-known for its focus on trader education, with a range of resources to suit different needs. Additionally, their catalog of trading tools are very advantageous. This broker has a wide range of forex paris, CFDs, indices, and commodities, which are suitable for all trading abilities.
Admirals provide access to both MetaTrader 4 & 5, and MetaTrader Supreme Edition, which enhances the original features of the platforms. The range of charting features and risk management tools are ideal for in-depth trading, along with strong regulation for peace of mind.
Admirals Markets is one of the best FCA-regulated brokers for educational resources. Source: Admiral Markets
Features
Admirals features the MetaTrader Supreme Edition, which takes the current features of MetaTrader 4 & 5 to another level. In addition, this broker has a range of advanced educational tools which are suitable for both beginner and experienced traders alike. Admirals also provide access to premium analysis tools and market research from Trading Central and Dow Jones Newswires. Finally, volatility protection settings enable additional risk management during difficult market situations.
Pros
Extensive support for MT4/MT5, enhanced by MetaTrader Supreme Edition
Wide range of instruments (over 4,000) available, including stocks, forex, and commodities
Excellent educational resources, including webinars, tutorials, and market analysis
Competitive spreads with zero spread accounts for professional traders
Strong regulatory framework under the FCA, ensuring safety and transparency
Cons
Minimum deposit required for certain account types may be higher than some competitors
The range of educational tools might feel overwhelming for complete beginners
No proprietary platform, relying on MetaTrader platforms for most functionality
Criteria Evaluation
Regulatory Compliance: 5/5
Trading Platforms: 5/5
Trading Costs: 4/5
Range of Instruments: 5/5
Customer Support: 4/5
Educational Resources: 5/5
Account Types: 4/5
Deposit and Withdrawal Options: 4/5
Community Reviews and Expert Recommendations
Admirals receive positive feedback from users and industry experts. Most mention MetaTrader’s advanced tools and range of educational resources. Many users also praise the large range of tradable instruments and good customer support.
“I have traded with Admirals on live accounts since 2016. There have not been any issues so far. I am almost fully satisfied with the services the company has been providing. I should mention that as concerns my overall results, I have not been profitable in my trading so far. That, however, has nothing to do with the company. It is fully my responsibility as one should bear in mind that trading is very difficult to master. I understand that choosing a good broker is only a first step on the journey to success.” – Ivo Kames via Trustpilot
Industry experts agree that Admirals is one of the best FCA-regulated forex brokers, and recommend it for beginner and experienced traders. Our Admiral Markets review provides more information.
Pricing
Admiral Markets offers variable spreads starting from 0.5 pips on major forex pairs, with zero spread accounts available for professional traders. Standard accounts are commission-free, though commissions may apply on certain instruments like stocks. The minimum deposit is $100 for standard accounts, but professional accounts may require a higher deposit.
Exness UK
Best Known for Ultra-Low Spreads
The next FCA-regulated broker I reviewed was Exness. This broker was established in 2008 and is one of the most popular in the industry. It is known for its very low spreads and fast execution on MetaTrader platforms. Additionally, a large range of forex pairs and CFDs on cryptocurrencies, indices, and commodities are offered.
Exness has a competitive pricing structure and can handle high-volume trades without issues. This is predominantly due to its proprietary Trade Processor tool for high-frequency trading strategies.
Exness is a popular FCA-regulated broker with many advanced features. Source: Exness
Features
Exness offers an “Unlimited” account type which includes zero spreads for a small commission. This is a unique feature that certainly helps it stand out. Additionally, social trading and advanced execution technology are other key features, including educational resources for all ability levels. However, compared to other comparable brokers, the range of educational and market analysis tools is limited.
I found the Exness Trader app easy to use and it allows on-the-go trading. There is also a One-Click Trading function for fast order execution on web platforms.
Pros
Ultra-low spreads and fast execution
Variety of account types for different trading styles
High maximum leverage for professional clients
Quick and easy account opening process
Cons
Limited educational resources
No proprietary trading platform
Customer support could be improved
Criteria Evaluation
Regulatory Compliance: 5/5
Trading Platforms: 4/5
Trading Costs: 5/5
Range of Instruments: 4/5
Customer Support: 4/5
Educational Resources: 3/5
Account Types: 4/5
Deposit and Withdrawal Options: 5/5
Community Reviews and Expert Recommendations
Overall, Exness receives mixed reviews from users. Most appreciate the low spreads and fast execution speeds, along with the range of account types. However, some users feel customer support response times are a little too slow. The lack of a proprietary platform is also mentioned.
“I love the fact that they have a simple user interface which makes it easy for us users to navigate our way smoothly on the web page or app. I also love how transactions (deposits, withdrawals, and trade executions) on the platform run smoothly with no lag. And last but not least, their customer support team is fast in responding to you and I must say, they are reliable as well. If you have a problem and you reach out to their support team, they will actually see to it that your issue is resolved in less than no time. That is why I rate them 5 stars and I hope they keep up the good work.” – Kome Njikang via Trustpilot
“It has a good homepage, is easy to navigate on the homepage, and has fast withdrawals. It has good customer service.” – Adom via Trustpilot
Experts recommend Exness for intermediate and advanced traders in particular. While there are educational resources available, experts feel these aren’t suitable for complete beginners. Read our Exness review for more information.
Pricing
Exness offers a range of account types with varying pricing structures. The Standard account features spreads from 1.0 pips with no commission, while the Raw Spread account offers spreads from 0.0 pips plus a commission of $3.5 per lot per side. There is no minimum deposit, however this broker is unavailable to US clients.
HYCM
Best Known for Trusted Broker with Extensive Market Experience
Founded in 1977, HYCM is one of the oldest forex brokers in the industry. Along with FCA regulation, this long-standing history gives peace of mind from the start. In addition, HYCM has a large range of tradable instruments, including forex, commodities, indices, cryptocurrencies, and stocks, with negative balance protection. I would recommend this broker for both advanced and beginner traders due to its reliability and transparency.
HYCM was founded in 1977 and is one of the oldest FCA-regulated brokers in the industry. Source: HYCM
Features
HYCM’s history in the industry is what makes it stand out immediately, however there are many other features included. With access to both MetaTrader 4 & 5, HYCM offers competitive spreads, a range of account types, and many tradable assets. Additionally, there is also a demo account for beginner traders, and many educational resources.
During my review, I particularly liked the risk management tools, such as guaranteed stop-loss orders and trailing stops. These are ideal for managing market conditions.
Pros
Trusted broker with over 40 years of experience and FCA regulation
Offers MT4 and MT5, with full support for Expert Advisors (EAs) and algorithmic trading
Multiple account types to suit different trading strategies, including fixed, classic, and raw spread accounts
Wide range of instruments, including forex, stocks, commodities, and cryptocurrencies
Comprehensive educational resources, including webinars, tutorials, and demo accounts
Cons
Higher minimum deposit for raw spread accounts compared to other account types
Limited range of cryptocurrency instruments compared to specialized brokers
No proprietary trading platform, relying exclusively on MT4/MT5
Criteria Evaluation
Regulatory Compliance: 5/5
Trading Platforms: 4.5/5
Trading Costs: 4/5
Range of Instruments: 4.5/5
Customer Support: 4/5
Educational Resources: 4.5/5
Account Types: 4.5/5
Deposit and Withdrawal Options: 4/5
Community Reviews and Expert Recommendations
Many users recommend HYCM because of its long-standing history and strong regulatory compliance. Users also highlight the support for MetaTrader 4 & 5, along with competitive pricing, especially on raw spread accounts. However, some users mention that the range of cryptocurrencies is limited compared to other similar brokers.
“This company has never failed me since 2017. They are a trusted broker. I stopped trading during the pandemic but came back again. Still a good broker to trade with. Special mention to my mentor Muzakir. A very good one from HYCM.” – Jel Villa via Trustpilot
“HYCM is a cool broker that’s been around for a while. They’re legit and offer great trading conditions like quick execution and tight spreads, plus they’ve got different account types depending on how you trade.” – Paul Nistor via Trustpilot
Industry experts praise HYCM for its well-established history and reliability. They recommend this broker for beginner and advanced traders. Our HYCM review provides more information.
Pricing
HYCM offers variable spreads starting from 0.1 pips on raw spread accounts, with a small commission per trade. Fixed spread accounts provide cost certainty, while classic accounts offer a balance of low spreads and no commission. The minimum deposit varies by account type, starting at $20.
eToro
Best Known for Social Trading Features
eToro is a very well-known FCA-regulated broker, particularly known for its social and copy trading capabilities. Founded in 2007, this broker has a very easy-to-use proprietary platform, along with a range of tradable instruments. These include ETFs, stocks, forex, CFDs, and cryptocurrencies.
I highly recommend eToro for beginner traders in particular due to its social and copy trading features and educational resources.
eToro, a leading FCA-regulated forex broker, known for its innovative CopyTrader feature.Source: eToro
Features
eToro has a range of features packed into its proprietary trading platform. The platform is user-friendly and intuitive. It also has a CopyTrader function which features a wide range of assets. Real-time charts and customisable watchlists are included, along with many order types.
In addition there is a social news feed where traders can discuss and share ideas. The ‘One-Click Trading’ feature is particularly useful for fast execution, and the ‘Risk Score’ is another useful addition.
Pros
Innovative social and copy trading features
User-friendly platform suitable for beginners
Wide range of tradable assets
Commission-free stock trading
Cons
Higher spreads compared to some competitors
Limited research and analysis tools
Withdrawal fees apply
Criteria Evaluation
Regulatory Compliance: 5/5
Trading Platforms: 4/5
Trading Costs: 3/5
Range of Instruments: 5/5
Customer Support: 3/5
Educational Resources: 4/5
Account Types: 3/5
Deposit and Withdrawal Options: 4/5
Community Reviews and Expert Recommendations
In general, eToro receives a mixed bag of reviews from users. Many enjoy the trading platform and find it easy to use, along with the social trading features. The copy trading function is also highly praised, along with the range of educational resources.
“Choosing Etoro as an investing platform was the right choice from the beginning. I haven’t had any issues or complaints. Platform is always up to date and keeps surprising with its new features and updates. Massive thanks to my broker – Vyacheslav Zagalski who keeps me up to date with the latest news and market updates. The knowledge he has about the market is invaluable.” – Grisha Lunga via Trustpilot
“Constant feature improvement, real time analysis, and lots of resources for market research, investment following, etc. eToro is my trading platform for the last 5 years and so far I haven’t had any issues.” – Dimitar Siljanovski via Trustpilot
Industry experts feel that eToro’s spreads may be higher than its competitors. They also mention that the educational resources are aimed more towards beginners than advanced traders. Read more in our eToro review.
Pricing
eToro offers variable spreads with no additional commissions on most trades. Spreads start from 1 pip on major forex pairs. The platform charges no commission on stock trades. There’s a $5 withdrawal fee and a $10 monthly inactivity fee after 12 months of no login activity. The minimum deposit is $100 or equivalent for most countries.
FxPro
Best Known for No-Dealing Desk Execution and Advanced Platforms
My final pick for the best FCA-regulated forex brokers is FxPro. Established in 2006, this broker is a very popular choice for traders who enjoy a no-dealing desk execution style. Additionally, FxPro offers MetaTrader 4 & 5, along with cTrader. Pricing is also transparent and competitive.
Many high-volume and algorithmic traders use FxPro, thanks to the range of features and capabilities. Autochartist is also offered for automated technical analysis.
FxPro is an FCA-regulated forex broker known for its no-dealing desk execution, popular among high-volume traders.Source: FXPro
Features
FxPro is known for its range of features, including the MetaTrader 4 & 5 and cTrader platforms. Moreover, this broker offers VPS hosting and many advanced trading tools. Prices are competitive and trading execution speeds are fast.
I would recommend this broker for high-frequency traders in particular. Despite the presence of educational resources, FxPro does focus more on advanced and professional traders than beginners.
Pros
Robust support for MT4, MT5, and cTrader platforms
Ultra-low spreads and fast execution
Advanced tools for algorithmic trading and professional strategies
VPS hosting for high-speed automated trading
No-dealing desk (NDD) execution ensures transparency and reliability
Cons
Limited range of tradable assets compared to some competitors
No proprietary platform, relying on third-party solutions
Educational resources could be expanded for novice traders
Criteria Evaluation
Regulatory Compliance: 5/5
Trading Platforms: 5/5
Trading Costs: 4.5/5
Range of Instruments: 4/5
Customer Support: 4.5/5
Educational Resources: 3.5/5
Account Types:4/5
Deposit and Withdrawal Options: 4/5
Community Reviews and Expert Recommendations
Overall, FxPro has many positive reviews from users, mostly praising its no-dealing desk execution and low spreads. Fast execution speeds are another notable mention, along the range of trading platforms.
“This platform is an excellent broker that offers fully transparent and quality trade executions. FxPro has awesome trading conditions that have helped my trading career. I count my losses as wins because it’s a learning process and today I reached 100 successful trades with FxPro.” – Vo Tuong Vinh via Trustpilot
“I’ve done 100 trades with FxPro and to be honest, I’m pretty happy with them. No issues with execution and the platform works without lag even during peak hours. There’s been minor delays with withdrawals but nothing too concerning.” – Emilios Karaolis via Trustpilot
Industry experts recommend FxPro for intermediate and experienced traders. They feel the education resources are too advanced for beginners. Read our FxPro review for details.
Pricing
FxPro offers multiple account types, including fixed and raw spread accounts. The Raw Spread account features spreads from 0.0 pips with a commission of $4.50 per lot. The Standard account has no commissions but slightly higher spreads starting from 1.2 pips. The minimum deposit is $100 for most account types.
Notable Mentions
These ten FCA-regulated forex brokers are certainly high quality, but the following brokers also deserve a notable mention.
IC Markets
IC Markets offers low average spreads and competitive pricing. There are a range of account types and many educational resources. Read our IC Markets review.
FxOpen
FxOpen offers low cost trading and a range of trading platforms. It has strong regulation and several features to enrich the trading experience. Our FxOpen review provides more information.
FAQ
What is an FCA-regulated forex broker?
An FCA-regulated forex broker is a firm that is authorized and overseen by the Financial Conduct Authority in the UK for forex trading services. This regulator is known for its strict standards and guidelines which give peace of mind to traders and maintain integrity in the financial market.
How do I choose the best forex broker for my needs?
Choosing the best forex broker is a personal decision that requires careful consideration and research. It’s important to understand your trading goals, experiences, and preferences. Key areas to focus on are regulatory compliance, costs, platforms, features, tradable instruments, customer support, and educational resources.
What are the advantages of trading with an FCA-regulated broker?
Choosing an FCA-regulated broker to trade with gives extra peace of mind. This regulation ensures enhanced security and customer protection, ensuring that the broker adheres to strict guidelines. Firms must maintain segregated client accounts and transparency over pricing and trading. Finally, in the event of insolvency, traders may be able to claim through the Financial Services Compensation Scheme (FSCS).
What is the minimum deposit required to start trading forex?
Each broker has different guidelines about minimum deposits, so it’s important to assess this carefully. Some brokers offer micro accounts with low minimum deposits, often around $5-$10. However, other brokers, often more reputable ones, require a deposit of between $100-$500.
Are there any risks associated with forex trading?
All types of trading carry risks and forex trading is no different. The main issues include market, leverage, liquidity, and operational risks. It’s important to understand the types of risks involved in forex trading and what they mean, before implementing a risk management strategy.
Final Thoughts
Choosing the right broker for your individual needs is a personal decision. Opting for an FCA-regulated broker gives extra peace of mind and makes trading more comfortable in terms of risk. However, even then, it’s still vital to implement risk management strategies to minimize losses.
In this review, I have assessed ten FCA-regulated brokers and it’s clear that they all have their pros and cons. For that reason, it’s vital to assess your own trading goals before making a final choice.
