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UK Forex Brokers

UK Forex Brokers, are fx brokers that re both regulated by the FCA and have an established physical presence in the United Kingdom. Choosing one of the best UK forex brokers to trade with though it is not an easy task. The best option for a trader based in the UK, is to look for a forex broker who is regulated by the UK regulatory authorities. In the UK, the relevant regulatory financial authority for the forex trading industry, is the Financial Conduct Authority (FCA). The FCA is an independent body from the UK’s government. It is financed by the membership fees collected from the members that it oversights.

Furthermore, traders in the UK can trade a variety of financial instruments, including stocks and CFDs, on the spot, or enjoy products like spread betting which is tax free. Below is a uk forex brokers list for you to compare and choose from.

 

UK Forex Brokers list

 

   
XM
XM
Regulation: CySEC,FCA,ASIC
Min. Deposit: $/€/£ 5
Leverage: 1:500
Spreads: Low as 0.1 pips

Review
IC Markets
IC Markets
Regulation: ASIC
Min. Deposit: $/€/£ 200
Leverage: 1:500
Spreads: Low as 0.0 pips

Review


Etoro
Etoro
Regulation: CySEC,FCA,ASIC
Min. Deposit: $/€/£ 200
Leverage: 1:30
Spreads: Variable

Review

Plus500
Plus500
Regulation: FCA,CySEC,ASIC,MAS
Min. Deposit: $/€/£ 100
Leverage: 1:30
Spreads: Variable

Review
Avatrade
Avatrade
Regulation: ASIC,JFSA,FSCA
Min. Deposit: $/€/£ 250
Leverage: 1:400
Spreads: Floating from 1 pip

Review


 

UK Forex Brokers Regulatory Requirements

A UK Broker under the FCA’s jurisdiction and regulation  is required to show a minimum of one million pounds in operating capital and this number increases as the number of traders increases.

In addition, all FCA regulated brokers are required to to the following:

  • To process all withdrawal requests instantaneously
  • To submit yearly audited reports to the FCA for scrutiny
  • To submit periodic financial statements of capital holdings to ensure that the broker is in compliance of its capital adequacy ratio

By trading with a regulated broker under the FCA, you also have the benefit of protection of your trading funds under the FSCS (Financial Services Compensation Scheme). All FCA regulated firms are required to be a member of the FSCS. The aim of this scheme is to compensate traders of the loss of the money in the event the broker runs into insolvency issues. Under the FSCS, traders are guaranteed protection up to a maximum amount of £50,000. In the event of liquidation, traders will receive 100% of their money up to £30,000. Above £30,000, they will get to receive a maximum of 90%.

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