What forex brokers are regulated in the UK?

Regulation is a key aspect for keeping forex traders safe and all brokers operating in the UK need to be regulated by the FCA. This page lets you know what brokers are regulated in the UK.
By:  &  James Knight
Updated: Jul 4, 2022

This guide lets you know everything about how the Financial Conduct Authority (FCA) regulates forex brokers in the UK. Read on to find out which brokers are regulated, as well as what the regulation involves and how it protects traders.

Regulated forex brokers in the UK

Here is a list of some of the top forex brokers that are regulated and have a FCA licence number. We have included each brokers name and regulatory licence number in the table. Find more details about how to check if a broker is regulated below.

UK forex brokerFCA licence number
eToroFRN 583263
Capital.com793714
Pepperstone684312
City Index113942
IG Markets Limited195355
CMC Markets UK plc173730
ETX Capital124721
FOREX.com UK113942
FxPro UK Limited509956
Interactive Brokers (UK) Ltd208159
OANDA Limited542574
Plus500 UK509909
ThinkMarkets629628
Tickmill717270
Vantage FX590299
XTB Limited522157
Exness730729
Saxo Bank551422
FXOpen UK579202

How to check if a forex broker is regulated in the UK

To find out if a forex broker is regulated in the UK all you need to do is find its registration number and check it against the Financial Conduct Authority’s list. Forex brokers state their register numbers in their legal disclaimers, which are usually found in the website footer. On a forex app, the information is normally available in the settings.

Once you have found it, head over to the FCA register and enter the number to find all of its registration and regulation details. Here’s an example using the forex broker, Capital.com. 

Step 1. Go to the brokers website (in this case Capital.com). Scroll down to its disclaimer and find its FCA register number – 793714

Source: Capital.com

Step 2. Visit the FCA register and enter the registration number. Click ‘Firms’ followed by ‘Search’.

Source: FCA

Step 3. If the broker is regulated you will see a screen like this. Click the broker’s name for more information on its registration details.

Source: FCA

What does FCA regulation mean?

Forex trading in the UK is regulated by the Financial Conduct Authority (FCA). Forex brokers who operate in the UK need to be regulated by the FCA, which is independent and formed by the government. It is funded through membership fees and forex brokers need to hold a minimum of £1 million in cash in order to maintain their FCA licence. 

The FCA has many roles, and maintaining fairness and stability among broker platforms is one of its main tasks. Making sure traders are protected from unscrupulous brokers and scams are also high on its list of priorities. Here is a brief rundown of the FCA rules for forex brokers in the UK:

  • Negative balance protection. Brokers are required by law to provide Negative Balance Protection (NBP) to all of their clients. This means retail traders cannot lose more than they initially deposited into their trading account. It’s a particularly important protection for traders that use high leverage forex brokers.
  • Segregated client funds. The FCA requires all brokers to hold clients’ funds in a separate bank account to that which is used for operational purposes. If the broker becomes insolvent, traders’ funds are secure. 
  • Regulations on marketing materials. Brokers need to comply with strict rules surrounding marketing materials in order to meet FCA regulations. Brokers cannot advertise things to entice traders unfairly. 
  • Instant processing of withdrawals.  When a trader asks for a withdrawal, a forex broker is required to process it instantly. Previously, it was common practice for withdrawals to take days to process, however the FCA has put a stop to this. 
  • Submit annual accounts. UK regulated forex brokers have to submit annual accounts to the FCA. Brokers need to hold a minimum of £1 million in operating cash which rises in line with their number of clients.
  • Compensation scheme. The FCA has a compensation scheme called the financial services compensation scheme (FSCS). If a broker becomes insolvent, traders are able to claim up to £50,000 in compensation.

FAQs:

Can I trade with a broker outside of the UK?
Is forex trading legal in the UK?
What is the best FCA regulated forex broker?
Why do overseas brokers offer higher leverage than UK forex brokers?

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Prash Raval
Financial Writer
When not researching stocks or trading, Prash can be found either on the golf course, walking his dog or teaching his son how to kick a… read more.
James Knight
Editor of Education
James is a lead content editor for Invezz. He's an avid trader and golfer, who spends an inordinate amount of time watching Leicester City and the… read more.