FCA Regulated Forex Brokers 2024 | Best Brokers with FCA License

1Forex.com - Best Overall broker

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Info

Review

Pros/Cons

Account

NameForex.com

Web site

Founded in2001

RegulatedFCA, CySEC, ...

Reviews22

Minimum Deposit100 $

Maximum Leverage1:50

Broker typeECN, MM

FOREX.COM FOREX BROKER DESCRIPTIONABOUT FOREX.COMFOREX.com is an international online forex broker founded in 2001. While only is F.X. trading is offered to US based clients, the platform supports Gol...
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Pros

- Low forex trading fees with competitive spreads
- Transparent fees and commission structure
- The brokers accept US clients
- Wide variety of forex pairs
- Diverse educational and analysis tools
- Beginner friendly navigation
- Regulated in multiple jurisdictions and by top-tier regulatory bodies, including the CFTC, FCA, and CySEC

Cons

- Limited trading markets
- No negative balance protection for U.S. clients

Real Demo

Visit Site CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% 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.Read full review

2IG

Info

Review

Pros/Cons

Account

NameIG

Web site

Founded in1974

RegulatedASIC, FCA, ...

Reviews8

Minimum Deposit-

Maximum Leverage1:200

Broker typeDMA, MM

Unique Selling PointsMarket Access and Asset Offerings: IG's market access and wide range of asset offerings make it a top choice for traders of all experience levels. The broker offers access to...
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Pros

- Competitive Spreads: IG offers some of the most competitive spreads in the industry, especially for major forex pairs.
- Wide Range of Assets: IG offers a wide range of assets, including forex, commodities, indices, and cryptocurrencies, allowing traders to diversify their portfolios.
- Regulated Broker: IG is regulated by several reputable authorities, including the FCA and ASIC, providing traders with security and trust.
- Advanced Trading Platforms: IG offers advanced trading platforms, such as MT4 and MT5, which are highly customizable and user-friendly.
- Educational Resources: IG offers many educational resources, including webinars, trading guides, and video tutorials, to help traders improve their skills and knowledge.

Cons

- Limited Payment Options: IG offers limited payment options, which may be inconvenient for some traders.
- Inactivity Fee: IG charges an inactivity fee of £12 per month if there is no trading activity for two years or more, which may deter some traders.
- No Social Trading: IG does not offer social Trading, which may be a disadvantage for traders who prefer to follow and copy the trades of successful traders.
- No Guaranteed Stop Loss: IG does not offer guaranteed stop loss, which may increase the risk for traders during volatile market conditions.

Real Demo

Visit Site CFDs are complex instruments. 70% of retail client accounts lose money when trading CFDs, with this investment provider. You can lose your money rapidly due to leverage. Please ensure you understand how this product works and whether you can afford to take the high risk of losing money.Read full review

3ActivTrades

Info

Review

Pros/Cons

Account

NameActivTrades

Web site

Founded in2001

RegulatedFCA, CNMV

Reviews171

Minimum Deposit100 $

Maximum Leverage1:400

Broker typeNDD

Unique Selling PointsEducational Resources: ActivTrades provides a range of educational resources, including webinars, seminars, and trading guides, to help traders improve their knowledge and sk...
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Pros

- Regulated by FCA: ActivTrades is regulated by the Financial Conduct Authority (FCA) in the UK, which ensures that the broker follows strict financial regulations and offers a high level of investor protection
- Range of assets: ActivTrades offers a wide range of assets for trading, including forex, indices, commodities, shares, and cryptocurrencies.
- Competitive spreads: ActivTrades offers competitive spreads, with the lowest spreads available on the Professional Account.
- Multiple trading platforms: ActivTrades offers a choice of popular trading platforms, including MetaTrader 4, MetaTrader 5, and their own proprietary ActivTrader platform.

Cons

- Limited leverage for retail clients: ActivTrades only offers leverage of up to 1:30 for retail clients, which may be a disadvantage for some traders.
- Inactivity fees: ActivTrades charges inactivity fees for accounts that haven't been used for a certain period, which may be a drawback for traders who do not trade frequently.
- No hedging or scalping: ActivTrades does not allow hedging or scalping on their trading platforms, which may be a disadvantage for some traders who use these strategies.
- Limited payment options: ActivTrades only accepts a limited range of payment methods, which may be a disadvantage for traders who prefer to use alternative payment options.
- No copy trading: ActivTrades does not offer copy trading, which may be a disadvantage for traders who prefer to follow the strategies of other successful traders.

Real Demo

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4Plus500 CFD Service

Info

Review

Pros/Cons

Account

NamePlus500 CFD Service

Web site

Founded in2008

RegulatedASIC, FCA, ...

Reviews9

Minimum Deposit100 $

Maximum Leverage1:30

Broker typeNDD

Plus 500 is an online forex trading company with its headquarters in Israel. Plus 500 was established in 2008 and over the years it has been able to establish its name as among the most credible broke...
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Pros

- It is well regulated: Plus500 is regulated by several regulatory bodies in its different regions of operation. These regulatory bodies ensure that brokers uphold fair market standards for both individuals and corporations.
- Offers access to a wide range of markets: Plus500 has a long list of CDF offerings to its clientele across 50 countries. These include cryptocurrencies, individual shares, commodities, stock indexes, ETFs, and currency.
- Negative Balance Protection: As authorized by ESMA since 2018, Plus500 provides negative balance protection to ensure that customers cannot lose more money than they have deposited into their accounts.
- Guaranteed stop loss orders: This feature shields Plus500 traders from market gap risk.
- Offers risk management tools: Plus500's trading platform boasts a user-friendly design and risk management features such as watchlists that aid traders in examining charts, placing, and tracking transactions.

Cons

- Limited account types: Plus500 does not offer its clientele a variety of trading accounts; hence it limits their trading preference.
- Limited trading features: Direct third-party analytical and automation tools integration with WebTrader is unavailable across Plu500 platforms. There is also no functionality for back-testing.
- Charges inactivity fee: After 3 months of inactivity, Plus500 charges traders $10 a month.
- Limited customer support: The only customer care alternatives offered by Plus500 are email support and WhatsApp chat.
- Limited trading platform: Plus500 affords its clientele only two trading platforms, limiting their trading preference to the available trading options.

Real Demo

Visit Site 82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your moneyRead full review

5FxPro

Info

Review

Pros/Cons

Account

NameFxPro

Web site

Founded in2006

RegulatedFCA, CySEC, ...

Reviews233

Minimum Deposit100 $

Maximum Leverage1:500

Broker typeNDD, ECN

FxPro SummaryFXPROFxPro Rating - 4.25/5FxPro is a well-regulated ECN forex broker that offers forex and CFD trading. The broker is credible with licenses from several top-tier regulatory bodies plus i...
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Pros

- FXpro offers a superb account opening process that is easy to follow
- Great customer service
- The broker offers free deposit and withdrawal
- Clients get negative balance protection on their accounts to protect their funds during unfavorable market conditions
- The broker has a team of tested advisors
- Provision of a VPS server
- Fxpro offers guaranteed stop loss on every trade

Cons

- The broker only offers CFDs and forex trading options
- This Fxpro review discovered that the broker charges high trading fees for some stock CFDs
- Traders also have to pay inactivity fee when they don't trade for sometime

Real Demo

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6Tickmill

Info

Review

Pros/Cons

Account

NameTickmill

Web site

Founded in2014

RegulatedFCA, SIBA

Reviews2

Minimum Deposit25 $

Maximum Leverage1:500

Broker typeNDD

Unique Selling PointsTight Spreads and Low Commissions: Tickmill is known for its tight spreads and low commissions, which make it a popular choice for traders looking to maximize their profits. ...
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Pros

- Regulated by multiple authorities, including FCA and CySEC
- Low minimum deposit requirement
- Offers a wide range of trading instruments, including cryptocurrencies
- Competitive spreads and commissions
- Negative balance protection for retail clients

Cons

- No social trading platform or copy trading feature
- No fixed spreads are available
- Limited options for account funding and withdrawal
- Limited customer support options outside of regular business hours

Real Demo

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7Spreadex

Info

Review

Pros/Cons

Account

NameSpreadex

Web site

Founded in1999

RegulatedFCA

Reviews0

Minimum Deposit-

Maximum Leverage1:30

Broker type-

Unique Selling Points1. FT Subscription Offer: Spreadex provides clients with a 6-month gift subscription to the Financial Times. To qualify, clients need to complete the application process to open a...
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Real Demo

Visit Site Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 64% of retail investors lose money when trading spread bets and 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.Read full review

History of FCA Forex Regulator

The Financial Conduct Authority came into existence after the Financial Services of the UK was eliminated. That was on 19th December 2012, after the Financial Services Act 2012 was approved by the parliament which resulted in the establishment of a new regulatory system.

The act assigned the Bank of England the role of ensuring macro and micro-prudential regulations were articulated and financial stability was maintained. The Act also formulated a new regulatory framework that was inclusive of the Financial Policy Committee of the Bank of England, the Financial Conduct Authority, and the Prudential Regulation Authority.

FCA has the authority to:

Oversee the conduct of firms regarding marketing practices of financial items
Spell out the expected standards
Stipulate requirements on items
Scrutinize individuals and firms
Give directives on either adjusting or withdrawing misleading promotions
Place interdiction on financial product

Why Forex brokers choose FCA

The Financial Conduct Authority (FCA) is one of the most reputable regulators worldwide. For this reason, most brokers intend to be licensed by FCA. The following are other reasons as to why FCA has over time been the regulator of choice.

It has stringent rules. In as much as FCA is among the bodies regulated by the European Union, it is stricter than the other regulatory bodies. FCA has been able to place significant fines on firms that violate rules and work against the interests of the clients, as a result, it has earned FCA-regulated brokers the trust of traders.
FCA covers Forex Brokers who have gone bankrupt. If at any instance a broker regulated by FCA goes bankrupt, a scheme known as the Financial Services Commission can cover a given amount for the clients.
Since it is a self-regulatory and non-profit organization, FCA does not use taxpayers' funds for its activities.
FCA’s self-governing nature allows it to work for rather than against a trader.
FCA has many protocols to adhere to, this is in a bid to ascertain the authenticity of brokers. This has made it earn the trust of investors

The application process for brokers

FCA-regulated brokers have been able to enjoy the support given in the application process which may prove to be a bit tedious. Since the businesses are peculiar, brokers are assisted with gaining knowledge on their business and how to go about the application. This includes recorded procedures and policies on compliance, a compliance evaluation program, and a regulatory business plan. After being guided through the aforementioned, the brokers are guided through the process of submitting their applications to FCA and answering the queries that follow. As part of the application process, the brokers are also equipped with information relevant to the application. Such includes.

What the firm will possibly face before, during, and after the application process
The parties that will be involved in handling the application
The uniqueness of a business as per a particular client and their business specifics
Duration of the authorization process, which is almost 2-3 months

FCA regulations on FX brokers

These are the regulatory practices that FCA performs.

Educating firms on FCA enforcement proceedings
Advising brokers on regulatory matters
Ensuring fair treatment of customers
Foster healthy competition and innovation
Working hand in hand with brokers to identify potential risks and come up with ways to mitigate them
Registering members
Record keeping
Accepting annual returns
Ensuring that brokers give a wide range of investment items
Ensuring that brokers give clients comprehensive and unbiased market analysis

FCA Forex Brokers register

FCA-regulated brokers are listed on a register. This is to ensure that brokers who say they are regulated by FCA live up to their claims. To ensure that you are working with a legitimate broker who has been authorized by FCA, the register would be an important tool. It also contains a lot of information about the brokers. The information includes:

Contact details of a broker which includes the trading names
Broker status, which spells out whether a broker is approved
Names and details of brokers giving services in the UK and/or overseas without authorization

Scams associated with FCA-regulated brokers

Binary options fraudsters

The trade is a matter of whether an event will take place or not. For instance, it is whether the price of an asset will shoot up or fail. If an investor gets it right, there happens to be a return on their investment. The reverse is also true. If they get it wrong, their entire investment is lost.

Fraudsters in Binary options tend to promote their items on social media using websites that appear to be legitimate. Most of the fraudsters operate from abroad but often claim to be based in the UK and they have addresses that may lead you to fall for their trick. These fraudsters manipulate systems to compromise pay-outs and prices then eventually shut down client’s trading accounts and hold their money. Most fraudsters are usually characterized by a promise of high returns derived from binary options trading that appears to be too good to be true. They also tend pressurizing traders to make haste investments and make unusual contact.

Fake contact through emails, letters, and the phone

Some fraudsters will contact you via mail, phone, or letters claiming to be the Financial Conduct Authority or even impersonating FCA legitimate employees just to make themselves appear genuine. These fraudsters request for personal details that FCA would not ask. Such includes internet banking passwords and bank account details. Other details they may ask for are copies of payslips and/or your passport. Some claim that you are supposed to be given a certain sum of money and that you should give them your account details so that deposits may be made. However, the fraudsters use the same details to retrieve money from your account. Such is characterized by contact numbers from abroad, emails from Gmail and Hotmail accounts, and grammatical errors in the cases of letters.

FCA regulated brokers

City Index

City Index is among the most established Forex brokers globally. It is also the oldest having been in operation for about 30 years, that is, from 1983, this just shows how much experience the broker has in the trade. City Index has over time become a renowned broker, leading in online trade. It boasts over 235,000 accounts. The broker has offices globally transacting over $400 billion every month in trade. City Index offers its clients competitive spreads and access to several markets around the globe. The broker has received various awards for its Forex trading.

ETX Capital

ETX Capital was founded in 2002. It is a member of the London Stock Exchange. Check our ETX Capital review here. ETX Capital only offers one standard account that allows a minimum deposit of $100 and has no maximum trade. The firm gives tight spreads that range depending on the products. For instance, the spread on Forex range from 0.6 pips for the euro or US dollar. ETX Capital offers its clients two types of reliable and popular trading platforms, that is, MetaTrader 4 (MT4) and TraderPro. The platforms used are flexible and can be used on iPhones, iPads, and Android devices. They have a user-friendly interface that makes the trading experience great for the clients. Also, it has been presented in 20 languages just to ensure no single person is left out. Its commissions are competitive. In addition, ETX Capital has made a point of educating the clients about the trade, something that has owed it its success. Withdrawals and deposits are easily made using online payment methods such as PayPal, credit cards, and bank transfers. Customer support is 24/7 and offered in 20 languages.

FOREX.com

FOREX.com was established in 1999. The broker has won awards including one by FX Street for best research and analysis in 2014 and 2015. It has two types of accounts, a standard, and an Active trading account, that clients can choose from. Also, FOREX.com offers a demo account that is available to all types of traders. FOREX.com offers its clients educational material that equips them with the knowledge that is rather useful for the trade. The trading tools offered by FOREX.com are customizable to meet individual customer needs. The platforms used have user-friendly interfaces to heighten the client’s trading experience.

Abshire-Smith

Abshire Smith is a broker that has made it it's business to give high-level support to its clients. It offers tailor-made financial services to meet individual needs. Having been in the business for a significant period, Abshire-Smith has gathered extensive knowledge of the trade, giving the clients a guarantee of a secure, safe, and well-regulated trading environment. The security of clients’ funds has been given priority.