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FCA (UK) Registered Forex Brokers

Firm Status in FCA, Authorised and EEA Authorised

  • EEA Authorised – A financial services firm authorised in an European Economic Area (EEA) country that has a ‘passport’ to offer certain products or services in the UK and other EEA countries.  Based on the passport principle of a European Union law, a company regulated in a EEA country can offer its services to residents of other EEA countries.
    • The European Economic Area (EEA) includes the EU states, plus Iceland, Norway and Liechtenstein. These firms are regulated in their home country and must meet standards which have been agreed across all EEA countries.
    • The services or products an EEA authorised firm can offer in the UK will be detailed in the ‘Passports’ section of their record on the Financial Services Register.
    •  An EEA Authorised Broker is registered in FCA, but regulated in it’s home Country
  • Authorised (Regulated by FCA UK)- A firm that has been given permission by the FCA to carry out regulated activities. If a financial services firm is based in a foreign country outside the EEA it can still operate in the UK but will need to be authorised by FCA and will appear on the Financial Services Register as ‘Authorised’.
    • An Authorised Broker is a FCA UK regulated broker.

Find out more about foreign firms on the Financial Services Register. http://www.fca.org.uk/firms/systems-reporting/register/use/foreign-firms

Firm Status: EEA Authorised Forex Brokers List

ACFX, AFX CapitalAvaTrade, Blackwell Global (CY), Bulbrokers, Deltastock, Finexo, Forex Time (FXTM), FX Global Markets (FXGM), FxNet, FXCCiFOREXMarkets.comMAYZUS, Saxo Bank, Traders Trust, Trading212, Windsor Brokers, XGLOBAL Markets,

Firm Status: Authorised Brokers List

Abshire-Smith, ActivTrades, Atom8, Bulls And Bears Forex UK, City Credit Capital, City Index, CMC Markets UK, CMS Forex UK, Darwinex, DF Markets, FOREX.com UK,FXCM, Fxopen UKFxPro UK, GAIN Capital, GKFX, Hantec Markets, Hirose Financial UK, HY Markets UK, ICAP, ICM Capital, IG Markets, IKON Markets, Interactive Brokers (UK) Ltd, InterTrader, LMAX, London Capital Group (LCG), MB Trading, OANDA, One Financial Markets, Plus500 UK, RBS – Royal Bank of Scotland, SVSFX, Tradenext, Valbury Capital, Valutrades, Vantage FX UK, XM, XTB UK

FCA Registered Brokers

 
BrokerTypeMinimum DepositMax leverageMinimal LotLowest spreads EURUSD
XM (Visit)STP+DMA$55000.01>1
Plus500(Visit)MM$100502
HY Markets(Visit)MM$503000.025 – Mini
4 – Standard
Admiral Markets(Visit)ECN & MM$15000.011
FXCC(Visit)STP & ECN$1005000.01>0.1
FXCM UK(Visit)ECN & STP$254000.01>
1.5 – Mini
1 – Standard
OANDA(Visit)MM$1500.001 or less>0.9
FOREX.com(Visit)MM$2502000.01>1 – 1.5
MB Trading(Visit)ECN$400500.01>0.1 – 0.8
Interactive Brokers(Visit)ECN10000400.25>0.5
London Capital Group (LCG)(Visit)ECN1001>1 or <1
FXGM – Forex Global Market(Visit)STP$2503000.255 – Mini
4 – Standard
Finexo(Visit)MM$1002000.015 – Mini
3 – Standard
Hantec Markets(Visit)ECN & STP$1,0002000.01>1.6
Valbury Capital(Visit)STPno1000.25>1.5 – 2.0
Abshire-Smith(Visit)STP & MM$5002000.1>1.4
Finotec(Visit)ECN & STP$2002000.1>0.7
GKFX(Visit)STP & MM$14000.1>1.5
Traders Trust(Visit)STP$1005000.1>
1.8 – Mini
0.9 – 1.6 – Standard
ActivTrades(Visit)STP+DMA & MM€ 2504000.012 – Standard
1.5 – Interbank
DF Markets(Visit)ECN & MM$12000.012
One Financial Markets(Visit)ECN & STP & MM$2502000.012 – Mini & Standard
0.2 – 0.8 – ECN
Vantage FX(Visit)STP+DMA3505000.01>0.5 – 2.3
Windsor Brokers(Visit)MM$1005000.01>2
Markets.com(Visit)MM$1002000.01>2.2 – 3
FxPro(Visit)ECN & MM$5005000.10.8
ACFX(Visit)MM$505000.01>
3 – Mini
2 – Standard
0 – Zero spread
Deltastock AD(Visit)ECN & MM$1002000.012 – Regular
0.1 – (>) Level 2 trading

About FSA and FCA, PRA

  • The Financial Services Authority (FSA) was a quasi-judicial body responsible for the regulation of the financial services industry in the United Kingdom between 2001 and 2013.
  • In 2013, it became two separate regulatory authorities, The Financial Conduct Authority (FCA, www.fca.org.uk) and the Prudential Regulation Authority at (PRA, www.bankofengland.co.uk).
    • The FCA regulates financial firms providing services to consumers and maintains the integrity of the UK’s financial markets. It focuses on the regulation of conduct by both retail and wholesale financial services firms. The FCA is structured as a company limited by guarantee.
    • The PRA is structured as a limited company wholly owned by the Bank of England and is responsible for the prudential regulation and supervision of banks, building societies, credit unions, insurers and major investment firms. It sets standards and supervises financial institutions at the level of the individual firm.

Requirements for FCA regulated brokers

  • Ensure & monitor the quality of the bank in which clients funds will be held. The bank must be approved by FCA.
  • Keep clients’ funds separate from company funds, clients’ funds can never be treated and used as company assets including the situation when the company becomes insolvent.
  • Submit financial reports to the FCA regularly and undergo annual audit.

FCA Powers

  • Regulate conduct related to the marketing of financial products;
  • Specify minimum standards and place requirements on products;
  • Investigate organisations and individuals;
  • Ban financial products for up to a year while considering an indefinite ban;
  • Instruct firms to immediately retract or modify promotions which it finds to be misleading, and to publish such decisions.

The Financial Services Compensation Scheme (FSCS)

  • The FSCS(http://www.fscs.org.uk/) is an independent body and a fund of last resort for customers of authorised financial services firms.
  • FSCS covers claims against firms who are insolvent and unable to pay claims against themselves.
  • The compensation limits for forex market: A client receive 100% of the first £30,000 + 90% of the next £20,000, up to £48,000.( http://www.fscs.org.uk/what-we-cover/eligibility-rules/compensation-limits/investment-limits/)
  • The FSCS is funded by levies on FCA-authorised firms. Their costs are made up of management expenses and compensation payments. The service is free to individual consumers.

FCA Register-Protect yourself from unauthorised forex brokers

Beware of cloned firms (fraudsters pretending to be from a firm authorised by FCA). If you deal with an unauthorised firm you will not be covered by the Financial Ombudsman Service (FOS) or Financial Services Compensation Scheme (FSCS) if things go wrong.

Check FCA Register: http://www.fca.org.uk/firms/systems-reporting/register

The Register has information on forex brokers that are regulated by FCA. Firm status must be ‘Authorised’ or ‘EEA Authorised'(not ‘registered’).

If a forex broker does not appear on the Register but claims it does, contact Consumer Helpline of FCA on 0800 111 6768.

Unauthorised firms and individuals to avoid:

FCA: http://www.fca.org.uk/consumers/protect-yourself/unauthorised-firms/unauthorised-firms-to-avoid

Foreign regulators: http://www.fca.org.uk/consumers/protect-yourself/unauthorised-firms/foreign-warnings

Plus500

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Note:  1  ‘Your capital is at risk . Before deciding to trade CFD or any other financial instrument you should carefully consider your investment objectives, level of experience, and risk appetite.’ .2. Plus500  only offer CFD Trading service. 3 You do not own or have any rights to the underlying assets. Please consider plus500’s Disclosure documents available on their website. Company: Plus500UK […] Continue Reading →