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AuthorBy Jeffrey Cammack
Updated: May 5, 2022

The Financial Conduct Authority (FCA) is the UK’s financial regulator and is renowned as the most stringent regulator of Forex brokers in the world. The FCA’s licencing fees and operating capital requirements are much higher than other tier one regulators and it has a long-standing reputation for guaranteeing trader security. Brokers regulated by the FCA must have segregated bank accounts for client funds, a minimum of 1 million GBP in operating capital and instantaneous withdrawal processing. The FCA also provides a compensation scheme of up to 50,000 GBP to protect traders against broker-related matters.

To test these brokers, we signed up for a live account and verified their FCA license, platform selection, trading desk type, and minimum deposit requirements. Further testing focused on the trading conditions, the total cost of trading, withdrawal fee requirements and additional fee structures so traders can keep trading costs as low as possible. These are the best FCA-regulated brokers for 2022, according to our testing and our research.

The best FCA regulated Forex brokers for 2022

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Broker
Overall Rating
Official Site
FCA (UK) Regulated
FCA License
Min. Deposit
Max. Leverage (Forex)
Beginner Friendly
EUR/USD - Standard Spread
Cost of Trading
EUR/USD - Raw Spread
Total CFDs
Currency Pairs
Platforms
Compare
Pepperstone
4.61 /5
Read Review
Visit Broker >
Your capital is at risk
684312AUD 10030:1Excellent0.60 pipsUSD 60.17 pips070MT4, MT5, cTrader
IG
4.69 /5
Read Review
Visit Broker >
Your capital is at risk
195355AUD 030:1Excellent0.60 pipsUSD 60.85 pips1929580MT4, L2 Dealer, ProRealTime
Capital.com
4.68 /5
Read Review
Visit Broker >
Your capital is at risk
793714AUD 2030:1Excellent0.60 pipsUSD 60.60 pips4284137MT4, Capital.com
XM
4.25 /5
Read Review
Visit Broker >
Your capital is at risk
705428AUD 530:1Excellent1.60 pipsUSD 161.00 pips151057MT4, MT5
FxPro
4.29 /5
Read Review
Visit Broker >
Your capital is at risk
509956AUD 100200:1Excellent1.40 pipsUSD 140.40 pips218170MT4, MT5, cTrader, FxProEdge
Markets.com
4.64 /5
Read Review
Visit Broker >
Your capital is at risk
607305AUD 10030:1Excellent0.70 pipsUSD 70.60 pips220667MT4, MT5
Tickmill
4.48 /5
Read Review
Visit Broker >
Your capital is at risk
717270USD 10030:1Excellent0.00 pipsUSD 40.10 pips20762MT4, MT5
ThinkMarkets
4.18 /5
Read Review
Visit Broker >
Your capital is at risk
629628AUD 030:1Excellent1.20 pipsUSD 120.00 pips415046MT4, MT5, ThinkTrader
Axi
4.34 /5
Read Review
Visit Broker >
Your capital is at risk
509746AUD 030:1Excellent1.00 pipsUSD 100.00 pips18870MT4
CMC Markets
4.59 /5
Read Review
Visit Broker >
Your capital is at risk
173730AUD 530:1Excellent0.70 pipsUSD 70.70 pips12146350MT4, CMCmarkets

How to compare FCA regulated brokers

FCA is one of the most respected financial regulatory agencies in the world. They are a very traditional but well-funded organization, making regulatory changes and issuing warnings to protect would-be traders and maintain fairness in the CFD industry. All FCA-regulated brokers can be considered safe due to the strict regulatory environment in which they operate, and most of them are very strong all-round. But it is essential to look at the detail of each broker to find out what differentiates them from each other. When comparing FCA regulated brokers consider:

Regulation: While your broker is FCA regulated, your trading account may not be. It is increasingly common for FCA regulated brokers to onboard UK residents onto a different license where trading conditions, like leverage, can be increased without the FCA oversight. While this is not fundamentally bad, a trader should know their trading account is regulated and that FCA will not enforce their regulations in overseas territories. If you value the regulatory oversight of the FCA, don’t trade that for adjusted trading conditions.

Platform choice: Traders have a wide range of industry platforms to choose from, each with pros and cons. When comparing brokers, always consider the platform options, as unique features or a wide variety of platforms could change your trading experience. 

Trading costs: Every broker will charge for their services, but each will have different pricing models and costs. While ECN brokers will charge a smaller spread combined with a commission based on volume, market maker brokers will charge a wider spread. We compare brokers by looking at what 1 lot of EURUSD costs to trade and would encourage traders to do the same in comparing costs. 

MetaTrader 4 is still the industry standard, but many brokers offer MetaTrader 5 and their proprietary platforms. ECN/STP brokers will often support cTrader as it is built specifically for market execution and only allows for minimal broker interference.

Minimum Deposit: The minimum deposit could change by account type, with higher minimum deposits often linked to better conditions. Always consider the minimum deposit specific to the account type you may open. 

Deposit and Withdrawal Methods: Most brokers accept credit cards and bank transfer payment, and many accept online payments through Skrill and Neteller, and some will also accept Bitcoin. Always check the withdrawal fees before making a deposit. 


Pepperstone – Best Overall FCA Regulated Broker

Established in 2010 in Australia, Pepperstone entered the UK market in 2016. Pepperstone UK is regulated by the FCA (licence no. 684312) and all client funds are kept in segregated trust accounts at Barclays.  As of June 2020, Pepperstone’s UK office had almost 8,000 clients, drawn by Pepperstone’s low fees, its range of UK share CFDs and choice of three popular trading platforms. Australian clients will, however, be trading under Pepperstone’s Australian entity, regulated by ASIC, one of the most highly regarded regulators in the world, which in combination with the FCA regulation ensures a reliable and transparent trading environment. 

Trading Platforms: Pepperstone offers support for three of the most popular trading platforms, including Metatrader 4 (MT4), Metatrader 5 (MT5), and cTrader. Although it was developed in 2002, MT4 is the most widely used cross-broker trading platform available. MT5, the newer version of MT4, has greater functionality and more advanced charting tools, while cTrader has a more intuitive design and is easier for beginners to operate, but offers most of the automated trading tools found on MT4 and MT5. 

Low Trading Fees: Pepperstone offers two simple account types with competitive trading fees.  The Standard Account has fees included in its variable spreads, which average at 0.17 pips on the EUR/USD, while the Razor Account offers raw spreads of 0.1 pips in exchange for a round-turn commission of 7 USD.  Overall, these are some of the lowest trading fees in the industry.

Pros
  • Well regulated
  • Tight spreads
  • Great platform choice
  • Wide range of assets
Cons
  • Limited market analysis
AlertAccepts Australian Clients. Average spread EUR/USD 0.60 pips with 0.0 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5 & cTrader platforms supported. Pepperstone is regulated by the FCA, ASIC, and the DFSA.

IG – Best Regulated Broker

Founded in 1974, in London, IG is one of the best-regulated brokers in the world. With regulation from over 17 regulatory authorities, including the FCA (licence no. 195355), IG is also publicly traded on the London Stock Exchange. In compliance with FCA regulation, IG holds all client money in independent trust accounts at a range of credit-worthy high street banks such as Barclays and Lloyds. Although Australians will be onboarded through IG’s Australian-based subsidiary, regulated by ASIC, this in combination with the FCA oversight guarantees a reliable and transparent trading environment. IG also offers low-cost trading and one of the largest sets of financial instruments in the industry, with over 17,000 instruments available for trading.

Trading Fees: IG offers one live account, available on three trading platforms. Trading fees vary depending on the platform chosen, but are generally lower than average, with spreads of 0.85 pips on the EUR/USD and no commissions for Forex trading.  Additionally, there are no minimum deposit requirements to open an account, except on the L2 Dealer platform, where traders are required to maintain a minimum account balance of 2000 USD.

Financial Instruments: IG offers over 17,000 financial instruments to trade, a larger range than is found at other brokers. These include 13,000 share CFDs, 6000 ETFs, and 80 Forex pairs. However, under the FCA regulations, IG no longer offers trading on cryptocurrencies. IG also offers weekend trading on major Forex pairs and 24 hour trading on Britain’s leading stock index, the UK 100. Both of these are unique services that are not available at other brokers.

Pros
  • Well regulated
  • Tight spreads
  • Great platform choice
  • Excellent education
  • Excellent market analysis
Cons
  • High minimum deposit
AlertAccepts Australian Clients. Average spread EUR/USD 0.60 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, ProRealTime and L2 Dealer platforms supported. IG Markets Group is regulated by FCA, ASIC, and the FSCA.

Capital.com – Lowest Non-trading Fees

Founded in Cyprus in 2016, Capital.com quickly expanded into the UK market and received its FCA licence (registration no. 793714) in 2018. The licence bolsters Capital.com’s reputation as a reliable and transparent broker but also allows Capital.com to offer spread betting to its British clients. Spread betting accounts are similar to CFD accounts, but traders don’t pay Capital Gains Tax or Stamp Duty on profits from spread betting in the UK.  Although Australians will be trading under Capital.com’s Australian-based entity regulated by ASIC, the additional FCA regulation ensures that traders are well-protected. Capital.com is also popular for its low-cost trading environment, including low trading and non-trading fees, and it offers excellent, actionable market analysis materials.

Low Fees: Capital.com has a single trading account with no commission and very low costs compared to most other brokers, with spreads starting at 0.60 pips on the EUR/USD. The minimum deposit requirement on this account is also low, at 20 GBP, making it accessible to all traders. Additionally, Capital.com only charges swap fees on the leverage, not on the trading position’s entire value. Capital.com also does not charge fees or inactive accounts, and deposits and withdrawals are free, which is rare among CFD brokers.

Actionable Market Analysis: Capital.com’s Financial News and Features section provides exceptional value for beginner and experienced traders alike. The detailed and useful analysis of the markets is updated throughout the day and will give beginners a good understanding of what moves the financial markets and provides ideas for trading opportunities. Video analysis is also available on the Capital.com TV platform.

Pros
  • Tight spreads
  • Low minimum deposit
  • Excellent education
Cons
  • Limited account options
AlertAccepts Australian Clients. Average spread EUR/USD 0.60 pips on trading account with lowest minimum deposit. Max leverage 30:1. Capital.com custom platform supported. Capital.com Group regulated by the FCA & CySEC. 81.4% of traders lose money with this provider.

XM – Best Education

Founded in Cyprus in 2009, XM is an FCA-regulated broker (licence no. 705428) with a regional office in the City of London. While British traders will be onboarded through XM’s CySEC-regulated subsidiary, it is passported to the FCA, and as such complies with the strict regulatory requirements. XM also participates in a compensation scheme that covers losses up to 20,000 EUR in the event of the broker’s bankruptcy.  XM has expanded rapidly since its inception and now has over 5 million traders on its books from 192 countries, including Australia. Australians will be trading under XM’s local Australian entity, regulated by ASIC. Considered a top-tier regulator, ASIC and FCA regulation provides traders with confidence that their funds will be safe and that they will be treated fairly. In addition to adhering to strict regulatory rules, XM offers a low-cost Zero Account with exceptionally tight spreads but stands out for its high-quality educational materials and customer support. 

XM Education: With over 20 multilingual market professionals, XM presents a diversified educational knowledge base to empower its clients with a competitive trading advantage. XM provides hourly webinars, Q&A sessions with trading experts, in addition to daily updates and briefings on movements that shape the global markets.  It also provides a comprehensive selection of educational videos and platform tutorials.  

Trading Fees: Available on both the MT4 and MT5 trading platforms, XM’s Zero Account offers some of the lowest trading fees in the industry.  With a minimum deposit of 100 USD, traders can access spreads that start at 0.1 pips on the EUR/USD in exchange for a round-turn commission of 7 USD.  Under FCA regulation, leverage is limited to 30:1 and XM boasts a strict no requotes and no rejections policy, and 99.35% of all trading orders are executed in less than one second, which means that traders will usually receive the trading prices that are quoted. 

Pros
  • Well regulated
  • Excellent education
  • Free deposits and withdrawals
Cons
  • Dealing desk
  • Wide spreads on its entry-level accounts
AlertLeverage limitations apply to all the EU regulated entities of the group.

FXPro – Best Execution

Founded in Cyprus in 2006, FxPro has a regional HQ in London and has been regulated by the FCA since 2010 (licence no. 509956). FxPro has expanded rapidly since its foundation and over the years 1.8 million client accounts have been opened across 173 countries worldwide, including Australia. Australian clients will, however, be trading under the Bahamas-based entity, regulated by the SCB. Although the oversight provided by the SCB is not as rigorous as regulators of the EU or UK, the additional FCA oversight will give Australian traders confidence that FxPro provides a safe and transparent trading environment. FxPro is also well-regarded for the number of trading platforms it offers, including MT4, MT5, cTrader, and its in-house trading platform, FxPro Edge. Additionally, FxPro provides some of the fastest execution speeds in the industry.

Fast Execution: FxPro provides its clients with exceptionally fast trade execution, which means that orders are filled at close to the quoted price. Most trades are filled in under 14 milliseconds, with 80.48% of market orders executed at the requested price, while 9.6% of clients receive a better price or positive slippage.  Although FxPro provides fast execution, its trading fees are slightly higher than other brokers across all account options.  Minimum deposits start at 100 USD on all accounts, but trading costs vary between 12 USD to 18 USD on one lot of EUR/USD traded.

Trading Platforms: FxPro offers a broader range of trading platforms than other brokers, including MT4, MT5, cTrader, and FxPro’s in-house platform, FxPro Edge. MT4, MT5, cTrader are considered some of the best trading platforms in the industry, with advanced charting and automated trading capabilities. However, the benefit of trading on FxPro Edge is that it connects seamlessly to the FxPro App allowing traders to manage their funds and trade from the integrated platform. 

Pros
  • Well regulated
  • Great platform choice
  • Tight spreads
Cons
  • Limited education
AlertAccepts Australian Clients. Average spread EUR/USD 1.40 pips on trading account with lowest minimum deposit. Max leverage 200:1. Islamic account available. MT4, MT5, cTrader and FxPro proprietary trading platform supported. FxPro Group is regulated by FCA, CySEC, FSCA, and the SCB.

Markets.com – Best Proprietary Platform

Established in 2008, Markets.com is one of the most highly regulated brokers in the industry. With regulation from five authorities, including the FCA (licence no. 607305), Markets.com is well-positioned to offer trading service to residents of the UK. Markets.com is also a subsidiary of Playtech Ltd, publicly listed on the London Stock Exchange. Markets.com’s FCA regulation enables it to provide spread betting, a service unique to UK residents. Australian traders will be trading under Markets.com’s Australian entity, regulated by ASIC, which in combination with the FCA regulation ensures that Market.com behaves in the best interests of its traders.  Markets.com offers one live account, available on three trading platforms, including MT4, MT5, and Marketsx, one of the best in-house platforms in the industry.

Marketsx: Marketsx is an award-winning trading platform known for its ease of use and excellent features. With a clean, intuitive design, the platform offers advanced charting, making it easier to spot trends and identify new trading opportunities. It also allows traders to add up to five types of indicators to the chart at once or compare up to eight instruments side-by-side. Additionally, the platform integrates with a number of trading tools, including signals, bloggers’ opinions, and market trends, among others.

Markets.com’s Trading Fees: Markets.com’s trading fees vary depending on trading platform choice.  The average cost of trading one lot of EUR/USD is 8 USD on the Marketsx platform and 6 USD on the MT4 and MT5 platforms, which is lower than other similar brokers. The minimum deposit is also reasonable, at 100 USD/EUR/GBP, putting it well within reach of most traders.

Pros
  • Well regulated
  • Tight spreads
  • Wide range of assets
  • Fast and free withdrawals
Cons
  • High minimum deposit
AlertAccepts Australian Clients. Average spread EUR/USD 0.70 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5, and Markets.com platforms supported. Markets.com is regulated by the FSCA, FCA, CySEC, ASIC, and the BVI FSC.

Tickmill – Lowest Commission ECN Broker

Established in 2014 and headquartered in London, Tickmill has seen extraordinary growth since its foundation, with over 110,000 traders on its books and an average monthly trading volume of over 120 billion USD. Tickmill acquired its FCA licence (registration no. 717270) in 2016 and to date its UK office has attracted over 38,000 clients. Australian traders will also be trading under Tickmill’s FCA-regulated entity.  Traders will be attracted by its low commission accounts and low non-trading fees.

Low Commission Accounts: Tickmill offers three live accounts on both the MT4 and Mt5 platforms. While its commission-free entry-level account features higher trading fees than other brokers, with spreads that start at 1.6 pips on the EUR/USD, traders will be interested in the Pro and VIP accounts, which offer spreads of 0 pips and commissions of 4 USD and 2 USD, respectively.  However, in order to open a VIP account, traders will have to maintain an account balance of 50,000 USD.

Non-trading Fees: Unlike other brokers that charge fees on almost all transactions, Tickmill’s non-trading fees are low. No fees are charged for deposits or withdrawals, and Tickmill does not charge fees on inactive accounts. Tickmill also has a Zero Fee policy and will reimburse traders for any third-party fees charged up to 100 USD on deposits of over 5,000 USD.

Pros
  • Tight spreads
  • Well regulated
  • Fast and free withdrawals
Cons
  • Limited base currencies
AlertAccepts Australian Clients. Average spread EUR/USD 0.00 pips with 4 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 and MT5 platforms supported. Tickmill is regulated by CySEC, FCA, LFSA, FSCA, and the FSA-Seychelles.

ThinkMarkets – Best Customer Support

Established in 2010, ThinkMarkets is a large international FCA regulated broker (licence no. 629628) with headquarters in London. In addition to complying with the rules set out by the FCA, ThinkMarkets offers its British traders insurance benefits covering the deposit of retail and elective professional traders up to 1 million GBP. ThinkMarkets’ Australian clients will be trading under the ThinkMarkets subsidiary regulated by ASIC, which in combination with the FCA oversight, ensures that ThinkMarkets will act in the best interests of all traders.ThinkMarkets’ multilingual customer support team is available 24/7 and it offers two live accounts with low trading fees.

Customer Support: ThinkMarkets offers 24/7 customer support, which is exceptional for an industry where the norm is 24/7.  Support agents are therefore able to help clients with any technical or account queries on the weekends, a bonus for traders who aren’t able to trade full time during the week.  Support is also available via a local British telephone number, email, and live chat.

Low Trading Fees: ThinkMarkets offers two simple accounts – the commission-free Standard Account with trading fees included in its variable spreads, averaging at 1.2 pips (EUR/USD), and the ThinkZero Account which offers spreads of 0.0 pips (EUR/USD) in exchange for a commission of 7 USD. While there are no minimum deposits on the Standard Account, traders have to deposit an initial sum of 500 USD to open a ThinkZero Account.

Pros
  • Low minimum deposit
  • Well regulated
  • Great platform choice
Cons
  • Limited market analysis
  • Non-transparent spreads
AlertAccepts Australian Clients. Average spread EUR/USD 1.20 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5 & ThinkMarkets platforms supported. ThinkMarkets is regulated by ASIC, FCA, CySEC, FSA-Japan, FSA-Seychelles and FSCA.

Axi – Best MT4 Customisation

Originally from Australia, Axi opened its UK branch and acquired an FCA licence (registration no. 509746) in 2012. In 2020, Axi became a sponsor of Manchester City and launched the Axi Select programme, which provides talented retail traders with funding to become professional traders. Although Australian traders will be trading under Axi’s Australian-based entity, regulated by ASIC, this in combination with the FCA regulation ensures that the broker provides a reliable and fair trading environment.  Axi only supports the MetaTrader 4 (MT4) trading platform but provides lots of tools and plugins to make the platform more powerful.

MT4 Customisation: Although trading platform support is limited to MT4, Axi offers many tools and plugins that can be added to the trading platform to make it more powerful. Traders who maintain an account balance of more than 1000 USD can access the MT4 NexGen plugin, which includes an advanced sentiment indicator, a correlation trader, a more intuitive terminal window, and an automated trade journal. Traders also have free access to PsyQuation, an advanced data analytics plugin that analyses your trading style, identifies mistakes, and helps you avoid making similar mistakes again. 

Axi Select: Axi Select provides a means for talented traders to gain the capital funding required to become professional traders. For retail traders that demonstrate potential, Axi provides all the tools, education, and financial backing to progress in the Forex trading space. Axi allocates up to 500,000 AUD per qualified trader and allows traders to earn a 20% performance fee once they meet certain program criteria.

Pros
  • Low minimum deposit
  • Tight spreads
  • Innovative trading tools
Cons
  • MT4 only
  • Limited range of assets
AlertAccepts Australian Clients. Average spread EUR/USD 1.00 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 & MT5 platforms supported. Axi Group is regulated by the FCA, ASIC and the DFSA

CMC Markets – Most Forex Pairs to Trade

Founded in London in 1989, CMC Markets launched the world’s first online Forex trading platform in 1996. It acquired its FCA licence (registration no. 173730) in 2002 and shortly thereafter was listed on the London Stock Exchange. CMC Markets’ FCA regulation also enables it to provide spread betting, a service unique to UK residents. Australian traders will be trading under CMC Markets’ ASIC-regulated entity, which in combination with the FCA oversight ensures that CMC Markets provides a transparent trading environment. In addition to being one of the world’s best-regulated brokers, CMC Markets offers THE largest set of forex pairs in the industry in addition to competitively low trading fees.

Largest Set of Forex Pairs: CMC Markets offers trading on over 330 Forex pairs, one of the largest sets in the industry. Forex pairs include majors such as the EUR/USD and AUD/USD, minors such as the AUD/NZD and EUR/AUD, exotics such as the EUR/TRY and USD/MXN, and FX Indices including the USD index and the AUD  index. 

Low Trading Fees: CMC offers trading on one live account with exceptionally low trading fees.  Spreads start at 0.7 pips on the EUR/USD and no commissions are charged for Forex trading. There are also no minimum deposit requirements, making it accessible to most traders.

Pros
  • Well regulated
  • Tight spreads
  • Good for beginners
  • Excellent education
  • Excellent market analysis
Cons
  • No swap-free account option
AlertAccepts Australian Clients. Average spread EUR/USD 0.70 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 & CMC Proprietary platforms supported. CMC Markets is regulated by the ASIC, FCA, MAS and the FMA.

Why Trade with an FCA Regulated Forex Broker?

There are few genuinely strong regulators in the world; the Australian Securities and Investments Commission is one, the Cyprus Securities and Exchange Commission is another, and the UK’s Financial Conduct Authority (FCA) is probably the leading member of this group.

London, and the UK in general, is recognised globally for being a strong, reputable financial centre and so it stands to reason that the UK’s financial regulator also has a reputation for reliability and strength.

The FCA oversees all British firms and individuals offering financial services and applies one of the world’s strictest regulatory environments. This is also the case for Forex brokers operating in the country, with the FCA being very active in enforcing compliance with the rules and regulations governing CFD products and consumer protection.

The FCA has a long-standing reputation for guaranteeing trader security and dealing harshly with bad brokers. We will talk about the FCA’s broader role in ensuring a safe environment in more detail below, but first, let’s look at the current benefits of trading with an FCA regulated broker.

  • Segregated Accounts: Like most good regulators, the FCA ensures that all brokers keep client funds segregated from broker operational funds and in Tier 1 banks.
  • Operating Capital: To ensure that all Forex brokers can maintain their clients’ positions in the market, every FCA regulated broker must have at least 1 million GBP in operating capital, which increases according to the number of traders and the trading capital. This is to ensure that all brokers can meet their financial obligations without fail.
  • Instant Withdrawal Processing: Brokers must ensure that all withdrawals are processed instantaneously.
  • Financial Service Compensation Scheme (FSCS): The FSCS is one of the most generous compensation schemes in the world. It offers protection for traders against broker-related issues by providing a guarantee of up to 50,000 GBP in compensation.

All FCA Regulated Brokers

This is our list of all FCA-regulated brokers that we have reviewed sorted by overall rating. Those brokers with the highest overall score will appear at the top of the list.

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Broker
Overall Rating
Min. Deposit
FCA License
Regulators
Platforms
Cost of Trading
EURUSD (Best)
GBPUSD (Best)
USDJPY (Best)
Trading Commission
No. of FX Pairs
Compare
Capital.com
4.68 /5
Read Review
AUD 20793714FCA Regulated BrokersCySEC Regulated BrokersASIC Regulated Forex BrokersMT4, Capital.comUSD 60.60 pips1.30 pips0.80 pipsFees Included in Spread137
Markets.com
4.64 /5
Read Review
AUD 100607305FCA Regulated BrokersCySEC Regulated BrokersASIC Regulated Forex BrokersBritish Virgin Islands Financial Services CommissionMT4, MT5USD 70.60 pips1.20 pips0.70 pipsFees Included in Spread67
Pepperstone
4.61 /5
Read Review
AUD 100684312ASIC Regulated Forex BrokersCySEC Regulated BrokersBundesanstalt für FinanzdienstleistungsaufsichtCapital Markets AuthorityMT4, MT5, cTraderUSD 60.17 pips0.59 pips0.26 pipsFrom 7 USD / lot - Razor Account70
CMC Markets
4.59 /5
Read Review
AUD 5173730ASIC Regulated Forex BrokersFCA Regulated BrokersBest Forex Brokers in SingaporeBundesanstalt für FinanzdienstleistungsaufsichtMT4, CMCmarketsUSD 70.70 pips0.90 pips0.70 pips0.005%350
Admiral Markets
4.34 /5
Read Review
AUD 100595450ASIC Regulated Forex BrokersCySEC Regulated BrokersFCA Regulated BrokersFinancial Services Conduct AuthorityMT4, MT5, MT SupremeUSD 80.80 pips0.60 pips0.30 pips1.8 - 3 USD per lot50
Axi
4.34 /5
Read Review
AUD 0509746FCA Regulated BrokersASIC Regulated Forex BrokersFMA Regulated Forex BrokersDubai Financial Services AuthorityMT4USD 100.00 pips0.10 pips0.10 pips7 USD / lot - PRO account70
FXTM
4.33 /5
Read Review
AUD 10600475CySEC Regulated BrokersFCA Regulated BrokersFinancial Services Conduct AuthorityFinancial Services CommissionMT4, MT5USD 150.00 pips0.20 pips0.30 pipsFrom 4 USD / ECN Accounts62
FxPro
4.29 /5
Read Review
AUD 100509956FCA Regulated BrokersCySEC Regulated BrokersFinancial Services Conduct AuthorityDubai Financial Services AuthorityMT4, MT5, cTrader, FxProEdgeUSD 140.40 pips1.00 pips0.60 pips9 USD / lot70
XM
4.25 /5
Read Review
AUD 5705428CySEC Regulated BrokersASIC Regulated Forex BrokersFCA Regulated BrokersInternational Financial Services CommissionMT4, MT5USD 161.00 pips1.00 pips1.00 pips7 USD / lot - XM Zero Account57
FXCM
4.24 /5
Read Review
AUD 50217689FCA Regulated BrokersASIC Regulated Forex BrokersCySEC Regulated BrokersBermuda Monetary AuthorityMT4, NinjaTrader, TradeStationUSD 130.20 pips0.60 pips0.30 pipsNone45
ETX Capital
4.07 /5
Read Review
AUD 100124721FCA Regulated BrokersFinancial Services Conduct AuthorityCySEC Regulated BrokersMT4, ETXUSD 61.01 pips1.85 pips1.35 pipsFees Included in Spread62
Trade Nation
4.05 /5
Read Review
AUD 5525164FCA Regulated BrokersASIC Regulated Forex BrokersFinancial Services Conduct AuthoritySecurities Commission of the BahamasMT4, Cloud TradeUSD 60.60 pips0.80 pips0.70 pipsFees Included in Spread33
Infinox
4.03 /5
Read Review
GBP 1501057Securities Commission of the BahamasFCA Regulated BrokersFinancial Services CommissionMT4, MT5USD 80.20 pips0.40 pips0.40 pips6 USD / lot - ECN Account49
eToro
3.69 /5
Read Review
AUD 50583263CySEC Regulated BrokersFCA Regulated BrokersASIC Regulated Forex BrokersetoroUSD 101.00 pips2.00 pips1.00 pipsFees Included in Spread60
Hantec Markets
3.69 /5
Read Review
USD 100502635ASIC Regulated Forex BrokersFinancial Services AgencyFCA Regulated BrokersFinancial Services CommissionMT4USD 20.20 pips0.50 pips0.50 pipsFees Included in Spread45

The FCA’s Role In Forex Trading

FCA-regulated Forex brokers are governed by rules that enhanced trust through enforcing market discipline, and adjust provider behaviour to prevent harm from happening to customers, and assisting when things go wrong.

The FCA’s role in Forex trading is to oversee the activities of the Forex brokers, to ensure compliance with rules that are designed to protect end-users and the overall economy.

A Forex broker that is regulated by the FCA is required to consider the interest of their customers and treat them fairly. Also, the FCA requires that information is shared with customers in a way that is easy to understand, fair and not misleading.

The mission of the FCA.

The mission of the FCA is to regulate financial services through a framework of directives, and enforcement mechanisms.  The board of the FCA reports to the Financial Services Ombudsman who can bring information to the attention of parliament, and the industry through a series of publications.

What consumers can expect from the FCA

In principle, a consumer should expect to get protection from the regulation and the enforcement of rules of the FCA. The framework is designed to help protect those who may have a lesser understanding of the financial markets, from those who have a better understanding of them.

This protection includes helping Forex brokers set up rules for how to handle complaints and correct any issues.

The FCA’s main purpose beyond the regulation of financial organisations is to provide customers with reliable information. Their website maintains a warning list, which is a list of organisations that are potentially seeking to defraud customers, as well as provide information on the regulated entities and the products they offer.

The customer centre is available weekdays from 8 am to 6 pm, and half-day Saturday from 9 am to 1 pm, which gives potential traders access to knowledgable financial specialists who can help answer questions, or take note of a complaint or report a scam.

Key achievements of the FCA

The FCA achievements taking into consideration their short history are significant. Since 2013, when the FCA started regulating the UK financial industry, London has become more acknowledged as a major global financial centre.

Before the FCA being set up, there was no mechanism in the UK to keep the retail investor safe from companies that promoted complicated financial products that have a high-risk financial impact on the consumer.

The immediate achievement of the FCA the development of the requirements for financial organisations designed to protect the consumer, and a set of policies to help those who have already been harmed get easy access to a remedy.

The FCA is also transforming attitudes of the companies and those who work in the financial sector in the UK. This change has meant for fairer products, marketing tactics, and the development of a more customer-centric approach.

In changing the way companies operate internally and how they work with clients to remedy issues they create, the FCA has accomplishment has made the financial sector in the UK and the companies that are regulated by it, much safer for the average retail Forex trader.

The history of the FCA

Commenced in December 2012 with the passing of the Financial Services Act of 2012, the FCA was founded in April 2013 to replace the Financial Services Authority (FSA) that had been in place since 2001.

The FSA acted in an arbitrator role and had a broader mandate to oversee the entire financial system. When the FCA was created, it became responsible for the policing of the UK financial activities and the banking system. At the same time that the FCA was founded, sister agencies of the Bank of England’s Financial Policy Committee and the Prudential Regulation Authority which take responsibility for other financial sectors.

The global reputation of the FCA

The FCA is internationally recognised as one of the most trusted and objective regulatory services. It is a traditional organisation, and the framework which governs was created in 2013 to manage the current-day marketplace.  This activity has indirectly impacted many millions of UK households and has set a standard for other similar organizations worldwide.

FCA Structure

The FCA board is responsible for the overall framework implementation – which includes oversight of 6 committees which report into it, and the appointment of the Chief Executive to execute on the strategy set by the board.

The committee structure gives insights into the risks the FCA sees in the market, and how they work together in a system of self-regulation and gradual adaptation to prevent against new threats.

Risk & Strategy Committee evaluates the risks that are posed by the financial organisations on the market and is tasked to find strategies to mitigate those risks from being passed on to the consumers.

The Audit Committee monitors the effectiveness of the policies and the strategies used by the FCA.

The Regulatory Decisions Committee is the committee that takes actions against organisations that violate the rules. This committee acts on tips from the public and information from the investigators on the audit committee.

The Oversight Committee then works with the board of the FCA to manage their relationship with the parliamentary appointed Financial Services Ombudsman who is the UK’s official expert in sorting out problems with financial services. This relationship is valuable as this brings information to the government so that laws can be written, and government oversight is present.

Remuneration Committee is a committee that oversees a transparent process for how executives at the FCA are paid. This process ensures fair treatment of all staff and also respects that the FCA is a publicly funded organisation.

Similar to the Remuneration Committee, the Nominations Committee, acts as an internal mechanism to ensure the integrity of skills on the board so that the mandate of the FCA continues to be acted on effectively.

These committees, working with and feeding off each other, create a robust self-regulated system of rule-setting, auditing, enforcement and accountability to the people of the UK.

Summary

The FCA is a highly-valuable protective component of the UK financial services system that has been put in place to protect consumers with little financial knowledge from organisations with more knowledge selling them complex and risky financial products.

Any organisation that is regulated by the FCA is mandated to treat the customer fairly, and in the absence of a customer directive, make the decision that best suits the interest of the customer.

An FCA-regulated organisation takes responsibility for the accuracy and transparency of the information they promote and maintain discipline in their internal processes that are designed to protect themselves and their clients.

A Forex broker that is regulated by the FCA will expect their advice and support to be available in helping set up internal processes to protect and remedy issues that should arise in their business.

Overall, an FCA-regulated broker can be trusted to protect your funds, never communicate misleadingly, and has the client’s best interest in mind when doing business selling clients financial products and services.

Forex Risk Disclaimer

Trading Forex and CFDs is not suitable for all investors as it carries a high degree of risk to your capital: 75-90% of retail investors lose money trading these products. 

Forex and CFD transactions involve high risk due to the following factors: Over-leveraging, unpredictable market volatility, slippage arising from a lack of liquidity, inadequate trading knowledge or experience, and a lack of regulatory protection for clients.

Traders should not deposit any money that is not disposable. Regardless of how much research you have done, or how confident you are in your trade, there is always a substantial risk of loss. (Learn more from the FCA or from ASIC)

Our Methodology

Our State of the Market Report and Broker Directory are the result of extensive research on over 100 Forex brokers. The explicit goal of these resources is to help traders find the best Forex brokers – and steer them away from the worst ones – with the benefit of accurate and up-to-date information.

With over 150 data points on each broker and over 3000 hours of research and review writing, we believe we have succeeded in our goal. 

In a world where trading conditions and customer support can vary based on where you live, our broker reviews focus on the local trader and give you information about these brokers from your perspective.

All research has been conducted by our in-house team of researchers and writers, gathering information from various company representatives, websites and by sifting through the fine print. Learn more about how we rank brokers

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Trading Forex and CFDs is not suitable for all investors and comes with a high risk of losing money rapidly due to leverage. 75-90% of retail investors lose money trading these products. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

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