Best FCA-Regulated Forex Brokers in the UK
There is no single best UK forex broker. Pepperstone, IG, CMC Markets, Spreadex, XTB and others each win for a different kind of trader. Our shortlist by use, with FRNs and loss rates.
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The best forex broker in the UK is the FCA-authorised one that fits how you trade. We would start with Pepperstone for raw pricing on every major platform. IG suits anyone who wants the widest market range and a mature platform. CMC Markets puts raw spreads on the majors and spread betting under one roof. Spreadex offers a simple spread betting service with TradingView. A beginner who also wants shares and an ISA may prefer XTB. Each is authorised by the FCA, which means segregated client money, 30:1 leverage on major pairs for retail clients, negative balance protection, the Financial Ombudsman Service and FSCS cover up to £85,000.
Many ranking lists online mix FCA firms with offshore brokers described as having "FCA-equivalent oversight". There is no such thing for a UK retail client: either your account is with an FCA-authorised company or it is not. Several lists also still rank City Index, a brand retired on 12 September 2026, and quote loss rates that are a year old. The figures below were checked on each firm's UK site in September 2026.
Our shortlist by use case
| Broker (UK entity) | FRN | Retail loss % | Spread betting | Best for |
|---|---|---|---|---|
| Pepperstone Limited | 684312 | 72.9% | Yes | Raw pricing; MT4, MT5, cTrader and TradingView |
| IG (IG Markets Ltd; IG Index Ltd for spread bets) | 195355 / 114059 | 69% | Yes | Market range, research, own platform |
| CMC Markets UK plc | 173730 | About 68% | Yes | Raw FX on majors (FX Active) plus spread betting |
| Spreadex Ltd | 190941 | 61% | Yes | Simple spread betting, TradingView |
| FXCM UK (Stratos Markets Ltd) | 217689 | 65% | Yes | MT4 and Trading Station spread betting |
| StoneX Trading (StoneX Financial Ltd, formerly City Index) | 446717 | 68% | Yes | Web, MT4 and TradingView spread betting |
| Capital Com (UK) Ltd | 793714 | 65% | Yes | Clean app, TradingView |
| XTB Limited | 522157 | 74% | No (CFDs only) | Beginners, shares and ISA in one app |
Loss percentages are the share of each firm's retail CFD and spread bet accounts that lost money over the latest period, and they change every quarter. They are figures at the time of writing (September 2026). A lower number does not prove a broker is better for you: it partly reflects each firm's client mix, products and marketing. Treat it as a reminder that most retail accounts lose money everywhere.
The brokers in more detail
Pepperstone: raw pricing on every platform
Pepperstone's Razor CFD account quotes FX from 0.0 pips plus commission from £2.25 per lot per side. Its spread betting account builds costs into the spread, from 0.5 on EUR/USD and 0.8 on GBP/USD. What sets it apart is platform choice: MT4, MT5, cTrader, TradingView and its own platform all support spread betting as well as CFDs. Minimum funding is £10 and there is no inactivity fee. The catch is that raw pricing is CFD only, so Razor profits fall under CGT, while the tax-free spread betting account uses wider all-in spreads.
IG: the full-service option
IG prices forex through the spread, with EUR/USD from 0.6 and GBP/USD from 0.9 and no commission. It offers its own platform and app, MT4, MT5, TradingView, ProRealTime and L2 Dealer, and its UK pages confirm spread betting on MT4, MT5 and TradingView. IG's parent is listed on the London Stock Exchange. It suits traders who want one account for forex, indices, shares and more. Its minimum spreads are not the lowest, and it charges 0.8% to convert non-GBP profits and losses.
CMC Markets: raw majors and spread betting
CMC's FX Active account gives 0.0 pip spreads on six majors with a commission of USD 2.50 per USD 100,000 per side, as a CFD account. Its spread betting account runs on its Next Generation platform and MT4. TradingView links to CFD and FX Active accounts, but not yet to spread betting. CMC charges £10 a month after a year of inactivity.
Spreadex, FXCM UK, StoneX Trading and Capital.com
Spreadex quotes EUR/USD from 0.6 and GBP/USD from 0.9 and runs its own platform plus TradingView, where spread betting has been available since 2024. FXCM UK supports spread betting on Trading Station and MT4. StoneX Trading, the new name for City Index since 12 September 2026, lists its web platform, apps, MT4 and TradingView for spread betting, and says existing City Index clients carry on as before. Capital.com offers spread betting on its web platform and app, and its help centre says spread betting accounts can connect to TradingView; its MT4 is for CFD accounts only.
XTB: CFDs only, but simple
XTB has no minimum deposit, a single xStation app and a 30:1 cap for retail clients, and it also offers shares, ETFs and an ISA. It does not offer spread betting, so forex profits fall under capital gains tax. A £10 monthly fee applies after 365 days without a transaction. Its Polish parent was fined by the Polish regulator in 2026, a point covered in our IC Markets vs XTB comparison.
Popular names we did not rank, and why
Several well-known FCA-authorised firms appear on other UK lists but not on ours. A missing name is not a warning about the firm. Each of the six below is authorised by the FCA under the reference number shown, which you can check on the Register. Our reasons are about fit and about what we could verify in September 2026, not about safety.
| Firm (UK entity) | FRN | Spread betting | Why it is not on our shortlist |
|---|---|---|---|
| Plus500: Plus500UK Ltd | 509909 | Not found on the UK pages we checked | CFD-focused, and we had not re-verified its current UK costs at the time of writing |
| eToro: eToro (UK) Ltd | 583263 | Not verified | We could not verify its current UK forex costs and account terms when we checked |
| OANDA: OANDA Europe Ltd | 542574 | Yes | Offers spread betting, MT4, MT5 and TradingView; our September 2026 cost checks were not complete, so it is under review rather than rejected |
| Saxo: Saxo Capital Markets UK Ltd | 551422 | Not found | A multi-asset investment platform first, with CFDs and forex alongside shares, bonds, futures and options |
| Interactive Brokers: Interactive Brokers (U.K.) Ltd | 208159 | Not found | Its strengths are exchange-traded markets, ISAs and SIPPs rather than forex spread betting |
| Trading 212: Trading 212 UK Ltd | 609146 | Not found | Mainly a share investing and ISA app, with CFDs run in a separate account |
We have not given loss percentages for these firms because we did not verify their current figures. Every FCA firm must publish its own on its UK website, updated quarterly, so read it there. Should any of them become a better fit for a particular kind of trader, we will add it after running the same checks as for the firms above.
Platforms and minimum deposits at a glance
| Broker | Platforms (UK) | Minimum deposit |
|---|---|---|
| Pepperstone | Own, MT4, MT5, cTrader, TradingView | £10 |
| IG | Own, MT4, MT5, TradingView, ProRealTime, L2 Dealer | Not stated on the pages we checked |
| CMC Markets | Next Generation, MT4, TradingView (CFD) | None stated |
| Spreadex | Own, TradingView | Check on sign-up |
| FXCM UK | Trading Station, MT4, TradingView | Check on sign-up |
| StoneX Trading | WebTrader, apps, MT4, TradingView | Not stated on the pages we checked |
| Capital.com | Web, app, MT4 (CFD), TradingView | Check on sign-up |
| XTB | xStation (web and app) | £0 |
A missing minimum is not a trap. It usually means the broker sets it by payment method or leaves it to you. The real minimum is the margin your trades need: at 30:1, a position of £10,000 in GBP/USD needs about £333, and you want a buffer on top. Open the account in pounds if you fund it from a UK bank; our guide to forex brokers with a GBP account shows where conversion fees still hide.
How FX Recap scores brokers
Our scores start with regulation and protection, then cost, then everything else. We check the entity that would hold a UK client's account on the FCA Register, not the group's logo. Then come published spreads and commissions, overnight funding, conversion fees and inactivity charges. After that come platform choice, execution, deposits and withdrawals, support, and the quality of risk disclosures. The full weighting is on our broker methodology page.
We have an affiliate relationship with some brokers, including IC Markets, which is not on this list because it has no FCA authorisation. Commercial links do not change a firm's regulatory status, and they do not buy a place on a UK shortlist. If a broker's UK protection changes, we update its position. Anyone moving from IC who wants the nearest FCA match feature by feature should read our IC Markets alternatives guide, which is built around exactly that question.
The FCA "badge" warning: check the entity on your agreement
On 25 September 2026 the FCA said that 24 CFD firms had closed or were closing after it challenged firms that carry out little UK business but use their authorisation as a badge to make linked overseas companies look more trustworthy. The pattern is familiar: a group has a small FCA firm in London, shows the FCA logo on its global website, and signs UK customers up to a sister company offshore. You believe you have UK protection, but you do not.
- Before you deposit, find the name of the company on your client agreement and on the account-opening screens.
- Search that exact name on the FCA Register and note the FRN, the status (authorised, not merely registered) and the permissions.
- Check that the website, phone number and email on the Register match the ones you are using. Clone firms copy real names and FRNs.
- If the agreement names a company in another country, you are not an FCA client, whatever the website footer says.
- Still unsure? Call the FCA on 0800 111 6768.
Owen found a broker through a YouTube advert showing the FCA logo and an FRN. The account-opening form asked him to accept terms from a company registered in St Vincent and the Grenadines, and the leverage on offer was 1:500. He searched the FRN on the FCA Register and found it belonged to a small London firm in the same group, with a different website. Instead he opened a spread betting account with Pepperstone, funded it with £2,000, and kept his leverage at the FCA's 30:1.
Rankings depend on how you trade
Any list that names one best broker for everyone is guessing. A scalper paying commission on 100 lots a month cares about raw spreads and execution. Part-time swing traders care more about spread betting and a decent app. Someone running an expert adviser needs MT4 or MT5, and a cTrader user in the UK has very few FCA options. Start from your own needs, shortlist two or three firms from the table, and open a demo account with each before you fund one.
Spread betting profits are normally outside UK tax, while CFD gains are within CGT above £3,000. For a profitable trader that difference can outweigh every cost on this page. See spread betting vs CFDs.
Frequently asked
Which is the best forex broker in the UK?
It depends on how you trade. Pepperstone is strong for raw pricing and platform choice, IG for market range, CMC for raw majors plus spread betting, Spreadex for simple spread betting and XTB for beginners who want shares too. All are FCA authorised.
Which UK broker has the best forex trading app?
There is no single answer, because app preference is personal. IG, CMC Markets, Pepperstone, Capital.com and XTB all run their own apps alongside web platforms, and all but XTB also connect to TradingView. Try the demo on two or three and keep the one where you can set a stop-loss and read your margin quickly. A good app does not make a broker safer.
What protection do I get with an FCA broker?
Retail clients get segregated client money, 30:1 leverage on major pairs, negative balance protection, a 50% margin close-out, a ban on bonuses, access to the Financial Ombudsman Service and FSCS cover up to £85,000 per person for a shortfall if the firm fails. Losses from trading are never covered.
Is the FSCS limit for brokers £85,000 or £120,000?
£85,000 per person per firm for investment firms. The £120,000 limit that applies from 1 December 2025 covers bank deposits only. Several comparison sites apply the bank figure to brokers, which is wrong.
Why do loss percentages differ between brokers?
Each firm publishes the share of its retail accounts that lost money, updated quarterly. The number reflects its client mix, products and marketing as much as its pricing. A broker with 61% is not necessarily better for you than one with 72%; most retail accounts lose money at every firm.
What happened to City Index?
StoneX retired the City Index brand in the UK on 12 September 2026 and relaunched it as StoneX Trading. Existing clients carry on with the same platforms and accounts, according to StoneX. The regulated firm is StoneX Financial Ltd, FRN 446717.
Can an FCA-authorised group still put me with an offshore company?
Yes, and the FCA said on 25 September 2026 that it had pushed 24 CFD firms to close over this kind of badge use. Always check the entity named on your agreement. If it is not the FCA-authorised company, you do not get UK protection.
Is IC Markets on this list?
No. IC Markets has no FCA authorisation and the FCA Warning List names its offshore arm. We have an affiliate relationship with IC, but that does not change its UK status. Our IC comparisons explain who might still choose it and what they give up.
Related reading
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