FCA Regulated Forex Brokers
By Stéphane
Compare Forex and CFD brokers regulated by the Financial Conduct Authority (FCA) in the UK, and understand the steps they take to protect your funds.
Brokers we recommend
Pepperstone is an award-winning broker regulated in 7 jurisdictions. Trade over 1,200 instruments on MetaTrader 4, 5, TradingView or cTrader. Pepperstone allows all trading styles.
FxPro is a global broker, winner of 100+ awards including 'Best FX Service Provider' in 2023. Trade 250+ instruments across a wide range of asset classes on MT4/5 or cTrader. FxPro accepts all trading styles.
Trade CFDs on 2,000+ instruments spanning Forex, shares, indices, commodities and ETFs. Plus500 is a regulated broker listed on the London Stock Exchange.
Comparison table
Here's how and why rated these brokers, or learn more about our impartial 18-point methodology.
| Overall | Markets | Trading environment | Deposits and withdrawals | Investor protection | Customer service | |
|---|---|---|---|---|---|---|
| Pepperstone | 4.7 | 5.0 | 4.8 | 4.4 | 4.8 | 4.7 |
| FxPro | 4.6 | 4.1 | 4.9 | 4.6 | 4.8 | 4.7 |
| Plus500 | 4.1 | 4.8 | 2.5 | 4.7 | 4.8 | 3.7 |
| Forex (CFD) | Cryptos (CFD)* | Stocks (CFD) | Indices (CFD) | ETFs (CFD) | Metals (CFD) | Energy (CFD) | Commodities (CFD) | |
|---|---|---|---|---|---|---|---|---|
| Pepperstone | 96 | 20 | 957 | 23 | 112 | 12 | 4 | 16 |
| FxPro | 70 | 27 | 137 | 18 | 8 | 4 | 4 | |
| Plus500 | 71 | 8 | 1,729 | 30 | 95 | 6 | 5 | 11 |
| MT4 | MT5 | cTrader | Copy trading | TradingView | |
|---|---|---|---|---|---|
| Pepperstone | |||||
| FxPro | |||||
| Plus500 |
| Bank transfer | Debit card | Credit card | Skrill * | Broker to broker transfer | BTC (Bitcoin) | USDT (Tether) | NETELLER * | |
|---|---|---|---|---|---|---|---|---|
| Pepperstone | ||||||||
| FxPro | ||||||||
| Plus500 |
| Australia | Bahamas | Cyprus (EU) | Estonia | New Zealand | Seychelles | Singapore | South Africa | UAE | UK | |
|---|---|---|---|---|---|---|---|---|---|---|
| Pepperstone | ||||||||||
| FxPro | ||||||||||
| Plus500 |
* Availability is subject to local laws and regulations.
Note: for brevity, this table only shows the most popular payment methods and regulators. Open a free account with any of these brokers to view funding options available in your country.
Pepperstone is an award-winning broker regulated in 7 jurisdictions. Trade over 1,200 instruments on MetaTrader 4, 5, TradingView or cTrader. Pepperstone allows all trading styles.
- Likes
- Trade over 1,200 instruments across many asset classes.
- Trade on MT4/5, cTrader or even TradingView.
- All trading styles and EAs are allowed.
- Wide range of currencies for your trading account.
- Excellent customer service.
- Dislikes
- You cannot choose which Pepperstone entity to open an account with. For example, you will need to open an account with Pepperstone's FCA-regulated entity if you live in the UK.
We particularly enjoy Pepperstone's integration with TradingView, which makes it possible to open and close positions directly from the charts. This in addition to its support for the popular MetaTrader 4, 5 and cTrader platforms.
Fees are a big factor for any trader. And Pepperstone's competitive spreads and commissions are a significant plus point for us. Its Standard account with low and variable spreads will appeal to all traders. And its Raw account is designed for Forex day traders and scalpers.
Deposits and withdrawals are easy and hassle-free, which is exactly what we look for in a broker. Whenever we've reached out to customer service, we've found their agents to be responsive and attentive.
FxPro is a global broker, winner of 100+ awards including 'Best FX Service Provider' in 2023. Trade 250+ instruments across a wide range of asset classes on MT4/5 or cTrader. FxPro accepts all trading styles.
- Likes
- CFDs on 250+ instruments.
- FxPro accepts all trading styles on MT4/5 and cTrader.
- Trade on fixed or floating spreads, with or without commission.
- Many deposit methods, including crypto and broker-to-broker transfers.
- Get daily trading signals from Trading Central.
- Dislikes
- You cannot trade CFDs on ETFs or government bonds.
- Copy trading isn't available.
It's hard to find fault with FxPro, a broker with a 20-year track record. We've traded through FxPro's Raw account and enjoy the razor-thin floating spreads and low commissions. This account, which comes with a $1,000 minimum deposit, will appeal to experienced traders.
If you're new to trading, you could also open a Standard account with a low $100 deposit. You'll enjoy a more predictable trading environment with fixed, albeit wider, spreads. In short, FxPro is a platform you can grow into as you gain experience.
The educational content available on FxPro.com also caught our attention. You'll find learning paths for both beginners and advanced users, in the form of online courses, video tutorials and webinars.
Trade CFDs on 2,000+ instruments spanning Forex, shares, indices, commodities and ETFs. Plus500 is a regulated broker listed on the London Stock Exchange.
- Likes
- CFDs on over 2,000 instruments including US and international stocks.
- Advanced charting tools.
- Market sentiment tools.
- Dislikes
- No support for MetaTrader 4, 5 or cTrader.
- No support for automated trading.
- No PAMM accounts.
Plus500's trading platform makes it easy to stay on top of market developments, by showing the biggest risers and fallers. It also provides unique insights into market sentiment, for example by showing the percentage of buyers and sellers of a given instrument at any point in time. This could be of interest if you're a contrarian investor.
However, those accustomed to the MetaTrader 4, 5 or cTrader platforms may miss the ability to create automated trading strategies or custom indicators. And whilst we were surprised by the quality of Plus500's charting tools, it isn't on par with TradingView yet.
Plus500 charges no fees on deposits or withdrawals. You can also open a trading account in your own currency. However, currency conversion fees up to 0.7% will apply later, on any realised profits or losses on instruments in other currencies.
Opening an account with a broker regulated by the UK's Financial Conduct Authority (FCA) offers 2 levels of protection: 1) FCA rules and requirements and 2) access to the Financial Services Compensation Scheme.
Protection under FCA Rules
Under FCA rules, brokers have an obligation to protect their clients' money and assets.
- FCA regulated brokers must place all money paid and owed to traders into separate bank accounts. These accounts should only contain client money and cannot co-mingle with the brokers' own funds. This process, known as segregation, must happen on a daily basis.
- The FCA requires that brokers establish a trust over these accounts. This prevents the bank from using funds in client money accounts to set off debts owed by the broker. In other words, the trusteeship protects your money in the event of bankruptcy.
However, account segregation alone cannot protect against fraud or criminal behaviour. In March 2012, WorldSpreads, a London-listed spread betting operator was wound down after the discovery of an alleged accounting fraud that left £13m missing from its clients' accounts. And in 2011, MF Global, a 228-year-old US brokerage firm, filed for bankruptcy after losing US$ 1.6 billion of its customers' money.
Financial Services Compensation Scheme (FSCS)
The FSCS provides another level of protection for customers of FCA regulated brokers. The FSCS is the UK's compensation fund of last resort and is the institution you can turn to for compensation if your broker is unable, or likely to be unable, to pay claims against it. This typically happens when it has stopped trading or has been declared in default.
Limits apply to how much compensation FSCS may be able to pay, and those limits vary between different types of financial products. The maximum levels of compensation for investments is £50,000 per person per firm.
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About the author
I'm Stéphane, a trader and an entrepreneur. My mission with TrustedBrokers is to help you find the right broker for you, whether you're a beginner or a pro. I've personally used and tested the brokers on our service, opening and funding real-money accounts, contacting customer service and placing trades. I started my career in investment banking in London.