The Top 10 Forex Brokers Regulated In The UK (FXCM, GCAP)
In January 2015, forex broker Alpari UK applied for insolvency after the Swiss National Bank's surprise decision to abandon the peg against the euro. The event put the spotlight on forex brokers and their regulation, especially in the United Kingdom. In this article, we'll review the leading forex brokers in the United Kingdom and the basics of how they are regulated.
With daily trading volume of over $5 trillion a day, the foreign exchange market, also called forex or FX, is the world's largest market. The size and deep liquidity of the forex market, along with 24-hour trading 5 days a week, make it an appealing choice for traders. ( For a step-by-step guide on everything you need to know on currency exchange see Forex Walkthrough).
However, unlike stocks and commodities, forex trading has no central exchange or clearing house. The lack of transparency in the FX market has left it vulnerable to numerous instances of malpractice and manipulation. In the United Kingdom, the Financial Conduct Authority (FCA) acts as a watchdog to ensure fair and ethical business conduct. FCA-regulated forex brokers must adhere to a number of industry standards. Of particular importance is the FCA requirement that firms keep client funds separate from company funds. These segregated deposits cannot be used as company assets if the brokerage firm becomes insolvent.
The January of 2015 event involving the Swiss National Bank (SNB) underscores the importance of using a broker that is regulated by the FCA. Totally unexpected events, sometime referred to as black swan events, can happen at any time and cause chaos. The financial markets were thrown into turmoil by the Swiss decision and a number of forex brokers suffered severe losses with some going bankrupt. Fortunately for the customers of Alpari UK, the firm was regulated by the FCA.
The following ten FCA-regulated forex brokers are listed in no particular order based on factors including financial stability, execution quality and trading platforms available. In choosing among them one might consider preferences such as markets available, execution software, and the competitiveness of spreads. ( Related 5 Tips For Selecting a Forex Broker)
OANDA: The Canadian-based foreign exchange company offers competitive spreads, as low as 1.2 pips in EUR/USD. Along with their own fxTrade platform launched in 2001, Oanda offers MetaTrader 4. Interactive Brokers: Greenwich, Conn.-based Interactive Brokers offer direct access to interbank forex quotes and operate using an Electronic Communication Network (ECN) market structure. City Index: Established in the UK in 1983, City Index offers forex trading, along with CFD's and spread betting. The MetaTrader 4 platform is available with added tools and features. FOREX: Owned by parent company GAIN Capital (NYSE: GCAP). Operating since 2001, FOREX was a first mover in bringing currency markets to the retail trader. FXCM: Exchange listed FXCM (NYSE: FXCM) offers a no dealing desk model along with competitive spreads. The firm offers trading in a wide variety of currencies including the Chinese yuan. FxPro: Founded in 2006, London-based FXPro is an online broker offering forex trading along with CFD's. MetaTrader 4 and cTrader trading platforms are available. IG Markets: Founded in 1974 as a spread betting business under the name IG Index. The firm offers trading in pairs including EUR/USD, AUD/USD, and USD/JPY with spreads as low as 0.8 pips. CMS Forex: The proprietary VT Trader platform offered by CMS Forex allows you to trade directly from the chart and provides multiple technical indicators. ActivTrades: Established in 2001, ActiveTrades offers forex trading in mini and micro lots, a diverse product offering, and competitive spreads. HY Markets: In business for 30 years, HY Markets provides multiple trading platforms and a wide variety of trading instruments. HY Markets a division of the Henyep Group, a global conglomerate with a presence in 20 countries.
Among the leading FCA-regulated forex brokers in the UK, the majority are actually based abroad. In many cases, this means that they are also regulated by other bodies such as the National Futures Association (NFA) in the United States. While the retail forex industry continues to develop and improve, traders must remain vigilant in scrutinizing where they place their funds for investment.
UK forex brokers.
Below is a list of forex brokers, registered in United Kindgom and regulated by Financial Conduct Authority (FCA). All deposits with a UK regulated forex broker up to £50,000 per client are guaranteed by the Financial Services Compensation Scheme (FSCS) - UK’s statutory compensation scheme for clinets of authorised financial services companies.
UK forex brokers.
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FCA UK (former FSA UK) regulated Forex brokers.
The list of FCA UK (former FSA UK) registered and regulated brokers:
Update: As of April 1, 2013 the FSA UK has become two separate regulatory authorities:
FSA UK registry contains Authorised and EEA Authorised brokers.
As FCA UK takes over, it will now be maintaining the registry, however at this time it simply redirects to FSA UK website: fsa. gov. uk/register/home. do.
- is a FSA UK regulated broker. A firm that FSA UK has given permission to carry out regulated activities.
- is a broker that's been registered with FSA UK, but is regulated in its home country. The EEA Authorised status is given to firms that are authorised in another European Economic Area (EEA) state and been given a "passport" by FSA UK to provide cross border services to UK citizens according to MIFID. These firms are regulated in their home country, and not by FSA UK, although must comply with standards agreed across all EEA countries.
Note from FSA UK site, quote:
"Consumers considering or currently doing business with passported EEA firms ('EEA Authorised'), may wish to ask for further information from the firm or its UK branch about its complaints and compensation arrangements. This is because the position may differ compared to a UK authorised firm." Further reference: fsa. gov. uk/pages/Register/use/foreign_firms/index. shtml.
Do you know another Forex broker who is registered with FSA in UK?
Please suggest by adding a comment below.
About FSA (UK)
The Financial Services Authority (FSA) is an independent body, a single regulator of all providers of financial services in the United Kingdom. The FSA regulates most financial services markets, exchanges and firms. It sets the standards that must be met and can take action against firms if they fail to meet the required standards.
The Financial Services Authority regulates financial services in the UK since December 2001.
Requirements for FSA regulated brokers.
Forex brokers regulated by the FSA are required to meet a number of industry standards and requirements, in particular:
Ensure about the quality of the bank in which clients funds will be held, and, more over, continue to monitor that quality to be.
able to fulfill own regulatory obligations. The bank must be approved by FSA. Keep client funds separate from company funds, in other words, segregate clients’ deposits, which at no point can be treated.
and used as company assets including the situation when the company becomes insolvent. Submit financial reports to the FSA on the regular basis and undergo detail annual audit etc.
What does this mean for a retail Forex trader?
In plain language, this means a higher protection of investments for any individual Forex trader.
By being obliged to keep client funds on a segregated account, a FSA regulated broker cannot use clients’ funds to cover own needs, expenses and risks as well as utilise those funds in case of the bankruptcy.
All money received form depositors are treated as "Client money" under FSA client money rules.
These rules form one of the most important parts of the UK financial regulatory system related to consumers - they protect consumers in the event of the failure of a FSA regulated company. If a FSA regulated company fails to meet its financial obligations, a liquidator would not be able to use clients’ money to meet claims of general creditors of the failed company. Clients’ funds can only be used to pay out compensation to clients who held deposits with that company.
Investors protection: the Compensation Scheme.
Should the company go out of business and face liquidation, its clients are covered by the Financial Services Compensation Scheme (FSCS) - the UK's statutory fund of last resort for customers of authorized financial services firms. This means that the FSCS can pay compensation if a firm is unable, or likely to be unable, to pay claims against it.
Concerning the Forex market, the compensation limits are set as follows:
Clients receive 100% the first £30,000 + 90% of the next £20,000, but no more than £48,000 in total.
You’ll find compensation limits on this of FSCS - Investment limits.
Another point, the FSA regulations do not require to open a separate segregated account for each client. It is enough to have one Client account for all investors, which will be fenced from the Company account. Concerning general clients’ funds protection there is no major difference. Large investors might be able to negotiate a separate segregated account under their name with Forex brokers on individual basis.
To check if a broker is registered with FCA UK use FCA Register.
is SLS Trade under Binary, is it registered.
BrokerGuru.
both are binary brokers.
No, they are not registered with FCA UK.
Is VXMarkets/ Quantumcode registered and legit?
BrokerGuru.
Tickmill is now registered with FCA.
What about CentralFX? centralfx. co. uk/
BrokerGuru.
FCA UK Authorised - means broker is UK based and is regulated in the UK by the FCA UK directly.
FCA UK EEA Authorised - means broker is NOT UK based (could be registered anywhere, for example off-shore). The broker is then regulated in it's country of registration (if, for example, it's an off-shore Cyprus based broker, then it's regulated by CySEC). While FCA UK has simply given permission to provide Forex trading to UK clients.
what's the website for abrokers?
Plz ..1- Someone explainto me the diffrent between authorized and EEA registred ?
2- i wounder there abrokers regulated .. but in the FCA page there's No complete Info about fax , and Website !
BrokerGuru.
Yes, Tickmill is FCA UK regulated (Authorised):
Company name: Tmill UK Limited (FCA UK licence #717270)
Most regulated brokers: United States, UK, Switzerland (only banks are licenced to provide Forex trading in Switzerland).
Hi friend . Could you tell me if tickmill is FSA regulated with office in UK .. ( not EEA ) .
. and about Would like know all FSA broker regulated are under FSCS too ( to guaranteed the money back if broker have troubles ) .
Which is the most regulated brokers in the world . could tell 3 options ?
BrokerGuru.
Yes, EQLX is regulated by FCA UK (#441689).
However, you should read the warning posted on the FCA site:
eqlx is FCA regulated ECN broker.
BrokerGuru.
Porter Finance is a Binary options broker, not regulated.
Allgo Trade also a binary broker, not regulated.
Binary options brokers are rarely regulated at all.
Is Porter Finance regulated?
Is Allgo Trade regulated by FCA?
BrokerGuru.
Trade-24 - keep contacting them. Not much can be done. They are from Seychelles (with some credit cards being processed in Bulgaria) and not regulated.
FxGiants wil be added.
I did a withdrawal of my account in Trade-24. System informed that money will be transferred in a week. Money newer came despite many contacts to the company. What can be done.
fx giants is it under FCA.
BrokerGuru.
Titan Trade (Titan Solutions Ltd.) is not regulated by FCA UK.
Binary options trading in general (99% of brokers) is not regulated.
Yes, thank you. Tera FX UK wil be added.
TERA FX UK is registered with FCA.
any comment on TITANTRADE - binary option broker?
BrokerGuru.
tradestfx (THTFX BUSINESS SERVICES LTD) is registered in Seychelles. They are not regulated by FCA UK.
Market Investment UK (Market Investment Associates Ltd.) is registered in the UK, but not found in the FCA UK register.
Market Investment is currently only registered with FSA in Saint Vincent and the Grenadines.
Tickmill is registered in Seychelles, regulated by FSA Seychelles. they are not regulated in the UK.
is traderstfx regulated fsa uk.
any body knows market investment regulated by fsa? they mentioned in web.
Is Tickmill regulated with FSA?
BrokerGuru.
TriumphFX (Triumph Investment Master Fund Ltd.) is registered in Republic of Vanuatu, reg.# 17901.
They are overseen by Vanuatu Financial Services Commission.
what about triumphfx.
their website tfxi ?? it stated their HQ in new zealand.
have you tried contacting CySEC?
I have problem with XM trading. I am in South Africa have account with XM, i made withdrowal of $628 which is equal to R9600 rands. I made this withdrowal on 4 january till now i have not recieve my money. They claim that they sent it. May i get help please.
can you help me about Tradect becuse i want get my mony but i i dont know what?
BrokerGuru.
RoboForex is not registered with FCA UK.
What about roboforex?
BrokerGuru.
HotForex has off-shore regulators: FSC Mauritius and CySEC.
This won't be considered highly reliable, but better than no regulation at all.
The company can be given a credit for being in business for 5 years.
In terms of trust and reliability in such cases, it's always advised to make a small initial deposit (currently $500 for standard accounts), and then test-trade Live for at least a month with subsequent withdrawal of funds. Upon successful completion of trading + withdrawal, one can consider adding extra funds.
What about HotForex. is it regulated broker? Safe or not if i open account with HotForex with equity $10,000.
want advice to regulated broker wanna open acc.
BrokerGuru.
Yes, Piptrade is regulated by FCA (reg# 186171).
Thank you, will be added to the list.
piptrade is regulated by fca ?
BrokerGuru.
Thinkforex UK is FCA regulated.
BrokerGuru.
Nexus Financial Market and Nexusfx are 2 different brokers.
Nexusfx's site (nexusfx) is not fully functioning (many links are not working, including account opening). Nexusfx is not regulated.
FXTM is EEA Authorised, FCA UK #600475.
What is the different between Nexus Financial Market and Nexusfx? Is Nexusfx regulated or not?
what about FXTM (Forex time) broker??
BrokerGuru.
Yes, moved AxiTrader to the "FCA Regulated" column. Thank you!
HotForex is a Mauritius company, with CYSEC and FSC Mauritus licenses.
AxiTrader is FCA regulated and not just FCA registered. From their website.
"AxiTrader UK is a registered business name of AxiCorp Limited. AxiCorp Limited is authorised and regulated by the Financial Conduct Authority of the United Kingdom (FCA Reference 509746)."
please tell me about hot forex??
BrokerGuru.
TradingBanks - not regulated. Company (Grizzly Limited) registered in Malta.
justrader - not regulated. Company (MT Capital Partners) registered in Belize.
Is "MT Capital Partners LTD" (justrader) a registered company in UK? If yes, under which government agency.
hallow i want ask about tradingbanks they are regulted or not? tq.
BrokerGuru.
bforex is not regulated.
(bforex is an IB for FXGM).
Please I want to know if bforex is a registered broker?
UK Forex brokers.
UK Forex brokers.
Forex trading is popular in the UK and popular in Europe overall. Many large Forex brokers have branches in the UK where they can reach to the European auditory. At the same time, UK Forex brokers are popular among Forex traders, which closes the circle as a "win-win" case.
Why UK Forex brokers are a popular choice?
First of all, UK economy - it's trusted to, it's a European business, where UK Forex brokers are always properly registered.
Next is regulation . Formerly under FSA UK, now transformed to FCA UK, the regulatory environment remains stable and favors fair relationships between investors and online brokers.
Finally - investor compensation scheme - it's available, it's clear, and all clients who trade with Forex brokers in the UK are covered by it.
UK Forex brokers list:
Did we miss any UK Forex broker? Please suggest by adding a comment below.
hye how about 70 trades.
what about tradev ? is this a scam?
I put in 10,500 on a credit card to trade at Tradorax of which I have tried over a period of 2 1/2 months to close my account and/or get my money back. bottom line Tradorax in the UK blocked my account after I put in a dispute to get my money back and told me my profit of 4057.00 would be forfeited.
Is K2 investing out of London a good company? registered .
BrokerGuru.
K2 Investing offers binary options trading.
So far we don't list binary brokers.
Xpofx - Seychelles company, not regulated as of now.
Hi anyone tell me that xpofx is ragulated forex broker or not.
What do we know about K2 Investing in London?
Bancofx states on their site (TOS) that they are governed in GB (London, UK).
BFX Ltd. 23176 IBC 2016. Based on this data though they are set up as an International Business Company offshore.
Is Bancofx regulated..We are in Swaziland and invested there but when you try to withdraw they don't give back the money and no profits coming in, please help where can we report.
BrokerGuru.
FCA UK register warns that this company operate without their authorization:
Yes, you could send a complaint there, but it's unlikely to be very helpful. At least they might tell you what are your options/further actions.
Another option would be to post a scam alert at: forexpeacearmy.
This website helps uncover fraudulent companies. We're not aware of the effects/success of returning your money though.
Hope this helps.
Dear sir I need your help or kindly direct me to correct way, correct person to restore my money back,
I am a sacrifice which loss all my money while searching safe and secure, more than 200,000 $ ( two hundreds thousands USD)in a fraud Bancofx company has these details.
address: 333 Vauxhall Bridge Rd,
London SW 1 V 1 EJ,
A persons names: MR. Shadi Sakr.
My Name is: Magdy [..privacy protected..]
Total money in my account is more than 208000 USD (two hundreds and eight hundreds of American dollars)
Kindly , pls, I try to restore back my money, A good deal for u to take commission 50% I agree about that,
This my all money I have, I get tired after one year and this for family time Alive, till death.
BrokerGuru.
Uniglobe Markets is not regulated. Company registered in Marshall Islands.
review about uniglobemarkets. regulation.
BrokerGuru.
Thank you, yes, will be added.
What about one trade FCA UK regulated.
If anyone has news about golden green fx please tell me . It's website is downed . I can't accept that it was scam it has registerd in company house , has D&B , ev ssl, iso9001 2008 , efta , . How is possible that this strong site come down .
Please give me information if you have.
BrokerGuru.
yes, GKFX UK headquarters will be added.
According to FCA website, GKFX is regulated in the UK.
. and from their own website.
BrokerGuru.
GKFX is domicicled in BVI and regulated by FSC of BVI.
We are not aware of UK regulation for this broker.
Will GKFX be added to the list?
BrokerGuru.
Yes, FxPro is listed.
WHAT ABOUT FXPRO ?
BrokerGuru.
Golden Green Forex - it's a new company, incorporated in 2015.
So far not regulated - not registered with FCA UK.
It's, however, not your regular Forex broker, but rather an investment/money management company, where you're offered to make a deposit, choose an investment plan and receive Fund Growth commission every month for 15 years. That model is completely different from regular Forex trading with any Forex broker.
Is Golden Green Forex in the list?! Does anybody have any information about it?
You can tell me if BigOption is a Forex Broker in UK.
ECN-MARKETS IS IT BROKER.
BrokerGuru.
FXTM chose not to be listed with us.
Hi there, what about Fxtm?
BrokerGuru.
Checked, it's already listed.
FXOpen UK is missing. Could you please update the list?
BrokerGuru.
ATC brokers is not there on the list. Kindly update the list.
Anyone trade with Super Hot Forex.
hi every body, i wanna know your opinion about vantage fx. uk anf if they are a real ecn and if they offer a real scalping.. thx a lot.
I was slipped more than 60 pips more than once.
Slippage is just an excuse by the brokers to deduce money of their clients.
Are you going to tell me that in the 21th century it's not possible to build a platform to catch the right price when it's moving fast? And even so, it is very easy to write program to correct the OrderOpenPrice and place it exactly where the user set it. If they don't do it is just because they are stealing and they call it: slippage.
BrokerGuru.
It's not. Alpari UK is there on the list.
Hello G B, Alpari UK is missing, why?
BrokerGuru.
Thank you for your suggestion.
ETX Capital is a spread betting broker, while we so far list only Forex brokers.
Hi there! What about ETX Capital? I see you have listed their sister company RPD FX, but ETX is not listed anywhere on your site.
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