In this article, you'll find our list of the top 5 FCA Forex brokers. Using one of these FCA regulated Forex brokers means you can trade, knowing your funds are secure as the regulator ensures that these brokerages provide a level playing field for traders via constant monitoring and strict regulatory guidelines.
The Financial Conduct Authority (FCA), formerly known as the Financial Services Authority (FSA), is mandated to maintain stability in the UK’s financial markets as well as the conduct of financial services firms. In this list, you will find the top 5 FCA Forex brokers to choose from.
The FCA is a UK-based, independent, and non-governmental body responsible for regulating the UK service industry. Established in 2013, the FCA is financed by charging fees to members of the financial services industry and regulates firms providing services to consumers.
Should you feel safe with these top five FCA Forex brokers?
Why should you choose an FCA regulated Forex broker?
To succeed in the Forex market, it is important for a trader to choose a broker that is regulated by the FCA. FCA regulated brokers are expected to treat traders in a fair manner and with due respect.
These authorized brokers are also expected to issue clear communication to their clients on all matters. According to FCA regulations, the trader should be informed of all the terms and conditions that come along with financial transactions, purchases, and trades conducted by the broker.
Whereas, it is not an obligation for unauthorized forex brokers in the UK to act in the interest of the customers that they have. A majority of them would anyway provide poor customer service. Unregulated brokers are known not to return customer calls, they entice customers with unreal bonus offers, and, in rare cases, may even steal money from the customers’ bank accounts.
If traders work with FCA regulated brokers, they can rest assured that the brokers will place customer needs ahead of their profits and protect customers’ personal information as if it was their own.
Moreover, working with an FCA regulated broker in most cases means the traders have access to the best international FX rates. They also get the facility of being able to view and compare multiple quotes in a matter of a few seconds.
What is more, FCA regulated brokers are bound to comply with specific rules and meet some basic standards to remain regulated. In this context, it is also important to note that being an FCA regulated broker does not mean that there is 1oo% guarantee of legal conduct by the broker. However, in the event of breaking the rules, the FCA takes swift action of FCA on the concerned broker.
Having said that, let's now take a look at our FCA brokers.
Top 5 FCA regulated Forex brokers
Below are the top 5 FCA Forex brokers for traders in the UK:
Plus500 is a leading online Contract for Difference (CFDs) trading platform that is owned by a holding company called Plus500 Ltd.
They boast of 317,000 clients from all over the world. They are properly regulated in four different countries including Australia, the UK, and Cyprus. The trading platforms are simple, user-friendly, fast, and secure. Platforms that can be used across multiple devices and operating systems are available for trading in various situations.
- 2,000+ CFD products available for trading across global markets, including cryptocurrency CFDs
- Offers guaranteed stop-loss orders
- Multiple regulations from different countries
- Over 100 chart indicators are available on the web platform
- No phone support offered
- Lack of market news and trader education.
Pepperstone is an Australian-based Forex broker founded in 2010. The brokerage is a wholly-owned subsidiary of Pepperstone Group Limited, an Australian-based company. Despite its relative newness, Pepperstone has grown exponentially over the course of the past ten years, so that it is now one of the largest Forex and CFD brokers in the world.
Notably, Pepperstone was launched in the UK in 2016 while expanded its services to cover the needs of UK and European clients through local access. Overall, the group serves offices in major financial destinations Melbourne, Dallas, Bangkok, and London
- Multiply regulated broker with a strong establishment
- Wide range of trading platforms
- Global expansion including Australia, Asia, MENA, Africa regions and Europe
- Competitive trading conditions
- Only Forex and CFDs
- No 24/7 support
- Demo Account valid for 30 days
HYCM or Henyep Markets is a global CFD and forex broker. HYCM's parent company, Henyep was established in 1977. The broker has been operating under a UK license since 1998. The brokerage firm has a focus on Asia, Europe, and the Middle East.
HYCM processes over 25,000 orders daily, offers spreads as low as 0.2 pips, and has an average execution time of 12 milliseconds. This broker offers clients a well-regulated trading environment with over 300 assets across five sectors.
- Globally recognized financial institution
- Sharp adherence to regulation in multiple jurisdictions
- Long history of operation and excellent reputation
- Great Forex trading education and research
- Various account types
- Only Forex and CFDs trading
- No 24/7 support
- Inactivity fee
OctaFX is under the brand name of Octa Markets Incorporated and has been operating since 2011. The broker offers a trading experience to more than two million trading accounts. OctaFX caters to a wide variety of retail traders in over 100 different countries by providing them with the opportunity to trade currency pairs, cryptocurrencies, precious metals, market indices, stocks, and commodities.
OctaFX has won multiple international awards since it was established. A multilingual customer support team is always prompt and to the point and the payments are processed by the most popular systems without delays. Also, the company is well-known for its social and charity activity.
- Wide range of trading accounts (Micro, ECN, Pro, Sharia) for beginners and advanced traders
- Can access Forex ECN with 1:500 leverage
- Trade on MT4, MT5, and cTrader across Desktop, Web, and Mobile
- Access copy trading, bonus promotions, and a wide range of research tools
- Limited commodity markets, no individual Stock CFDs
- Limited deposit and withdrawal options – only through Neteller, Skrill or Bitcoin
HotForex or HF Markets is a Forex and commodities broker that provides trading services to both retail and institutional clients. The main policy of this broker is to provide the best trading conditions to its clients by allowing all types of traders to have unrestricted access to its liquidity.
Moreover, HotForex offers over 100 tradable assets, including currency pairs, cryptocurrencies, shares, and indices.
As an international broker, HotForex has more than 2,000,000 accounts globally and has also won more than 35 international awards. With more than 200 employees working globally, traders can contact HotForex in over 27 different languages wherever they live.
- Wide range of trading instruments.
- Spreads are highly competitive.
- Extensively regulated by multiple regulators.
- Extensive trading tools, including daily analysis, auto-trading, and VPS services.
- Best broker for traders who want to diversify their portfolio.
- No Bonus programs for EU clients
- Only 7 Cryptocurrency Pairs and No ETFs
Now that we understand that the FCA is an important global regulatory agency that gives out licenses and protects the Forex traders, you can go ahead and select one of these recommended top 5 FCA regulated brokers and start trading safely because they protect your interests on the highest level.