FCA regulated forex brokers

Nearly every financial firm in the UK needs approval from the Financial Conduct Authority, also called the FCA. Investment trading requires more than simple registration. Meeting regulatory standards and offering derivatives or share accounts require a broker to be Authorised. Trading accounts aren't available from a Registered firm, which follows only narrow rules, including anti money laundering checks for crypto exchanges. If the firm you use has only registered status, compensation or ombudsman protection is unlikely to apply to you.

Contracts for difference, known as CFDs, let you bet that a price will rise or fall without owning the asset. The regulator limited CFD sales to retail customers in 2019. Retail rules include leverage limits and client loss protections. Each year, nearly 400,000 people avoid losing above their original stake because of these rules, which provide £267m to £451m in protection.

Our list includes only firms with retail permissions. Your cash may leave segregated client money accounts if you claim elective professional status, and certain brokers pressure traders to do so. You should also steer clear of social media promoters who push unregulated offshore brokers. Those promotions caused more than 90,000 people to lose around £75m at one firm during a 4 year period.

Every regulated company has a firm reference number, also shown as an FRN. This unique code appears on the public record. The consumer Firm Checker and full Financial Services Register both let you check this number yourself. On average, both tools update every 24 hours. Built for everyday customers, the Firm Checker helps them confirm a company's permissions. The full record appears in the Financial Services Register, including past fines and permission to hold client money.

Verify any broker with these steps before sending money:

1. Look up the broker by name or FRN in the Firm Checker, then confirm that its website address is genuine.
2. Choose the investment product you want to trade to check whether the firm holds that specific permission.
3. Check that the status reads Authorised. It shouldn't say No longer authorised or Revoked, because cancelled firms cannot carry out regulated activities.
4. Compare the tool's phone number, email and address with the information supplied by the broker.

Most authorised firms have to confirm their contact details each year. A search of IG, CMC Markets or Pepperstone often shows a legal company name that differs from the brand. You can see those legal names on our pages for IG safety, Pepperstone legitimacy and IC Markets regulation in the UK.

The term clone firm describes a scam operation where fraudsters act as though they work for a genuine authorised broker. Even if clone firms claim otherwise, they aren't authorised or registered. To appear legitimate, scammers copy the genuine company's name, street address and FRN. Often, they make a copycat website with a different phone number or contact you through an Outlook or Gmail address. Some scammers direct you to the genuine broker's website but provide fake payment details.

Scammers may say the official record is out of date when you spot contact details that don't match the register. Don't believe that claim. The regulator refreshes both records every 24 hours. Known scams are listed on the FCA Warning List and appear as alerts when you look up the genuine firm. Fraudsters frequently change their names, so a firm absent from the Warning List may still be a scam. Before you pay anything, call the FCA on 0800 111 6768 when you can't find the firm through the Firm Checker. For unexpected calls, respond only if you use the contact details from the Firm Checker.

Protection applies when you use an authorised UK broker and the company fails or treats you unfairly. If an authorised firm closes and cannot repay all your money, the Financial Services Compensation Scheme protects you. The scheme can pay up to £85,000 for each person at each firm. Poor investment performance isn't covered because market values can fall as well as rise. Ask your broker to confirm both regulation and coverage for your trading activity. If you sent money to a fraudster from 7 October 2024, Payment Systems Regulator rules covering scams may also apply to your case.

Complaints about regulated brokers that mislead you, overcharge you or make administrative errors are handled by the Financial Ombudsman Service. You can use the service free of charge. Regulated spread betting and CFD accounts are covered. Before taking your case to the ombudsman, you must complain to the broker.

For each company we review, our pages record the UK entity and its FRN. That covers Capital.com and eToro, plus XTB, Spreadex, ActivTrades, FxPro and Vantage. Opening a forex demo account also lets you practise without risking cash.