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Trading forex (currencies) in the United Kingdom (UK) is popular among residents. Before any fx broker can accept UK forex and CFD traders as clients, they must become authorised by the Financial Conduct Authority (FCA), which is the financial regulatory body in the UK. The FCA's website is FCA.org.uk. We recommend UK residents also follow the FCA on twitter, @TheFCA.
The FCA was formed out of the Financial Services Act of 2012, effectively replacing its predecessor, the Financial Services Authority (FSA). For a historical breakdown, here's a link to Financial Conduct Authority webpage on Wikipedia.
Best UK Forex Brokers for 2019
To find the best forex broker in the UK, we created a list of all FCA authorised brokers, then ranked brokers by their 2019 Overall Ranking. The result is our top UK forex brokers list.
- IG - Best Overall
- Saxo Bank - Excellent all-around offering
- CMC Markets - Best for active trading
- FOREX.com - Great all-around offering
- City Index - Well-rounded offering
- XTB - Well-rounded offering
- FXCM - Well-rounded offering
Best Forex Brokers UK Comparison
Compare UK authorised forex and CFDs brokers side by side using the forex broker comparison tool or the summary table below. This broker list is sorted by the firm's ForexBrokers.com Trust Score.
|FCA Authorised (UK)||Average Spread EUR/USD - Standard||Minimum Initial Deposit||Trust Score||Overall|
|AxiTrader||Yes||1.24||$0.00 - $1000||75|
How to Verfiy FCA Authorisation
To identify if a forex broker is licensed to operate in the United Kingdom (UK), the first step is to identify the register number from the disclosure text at the bottom of the broker's UK homepage. For example, here's the key disclosure text from IG's website,
Both IG Markets Ltd (Register number 195355) and IG Index Ltd (Register number 114059) are authorised and regulated by the Financial Conduct Authority."
Next, look up the firm on the FCA website to validate the register number is, in fact, legitimate. Here is the official FCA page for IG Markets Limited.
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"There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses." Learn more.