CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 51% and 89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
FCA-Regulated broker comparison
What is the best FCA-regulated forex broker that offers a demo account?
IG is our pick for the best FCA-regulated forex broker. Year after year, IG has shown itself to be the best broker in the forex industry. Highly trusted and regulated in a staggering eight Tier-1 jurisdictions, IG holds a Trust Score rating of 99. Though IG does offer MetaTrader 4, IG’s proprietary web-based trading platform steals the show with its wide variety of rich features, market research, and powerful trading tools. IG also offers seamless integration of trading signals into its web platform. IG has won countless Annual Awards from our sister site, ForexBrokers.com, and is a fantastic choice for forex traders of all experience levels.
IG Trading Platform Screenshots
The benefits of trading with an FCA regulated broker
The primary mission of the U.K.'s Financial Conduct Authority (FCA), akin to other regulators of financial markets, is safeguarding investors and traders and maintaining the integrity of the U.K.'s financial markets. Recognized for its rigorous and comprehensive rules, the FCA has earned a reputation as a top-tier regulatory body. The FCA is also the governing body responsible for overseeing brokers within the country who legally provide forex and various other derivatives to both retail and expert traders. Here are some of the benefits of trading with FCA-regulated brokers:
- Client fund protection: FCA regulations require brokers to segregate client funds from their own operational funds, providing an extra layer of security for traders. In the event of a broker's insolvency, client funds are protected and can be returned to investors. View FCA requirements.
- Regular audits: All FCA-regulated brokers undergo periodic audits to ensure compliance with established regulations.
- Fair dispute resolution: If there's a dispute between a trader and an FCA-regulated broker, traders have the option to approach the Financial Ombudsman Service (FOS) for an unbiased resolution.
- Strict leverage caps: The FCA imposes standardized leverage limits on various financial instruments for retail clients, mitigating excessive risk exposure.
currency_poundBenefits of FCA regulation
Trading with an FCA-regulated broker provides benefits such as client fund protection, transparent pricing and execution practices, and adherence to professional conduct standards.
The risks of trading with unregulated brokers
Trading with unregulated brokers can expose investors to a range of risks and potential financial losses. It is essential to be aware of the warning signs associated with scam brokers and understand the dangers of engaging with them. Here are some of the risks of trading with unregulated brokers:
- Potential scams: Unregulated brokers may engage in deceptive tactics and/or misleading advertising to attract unsuspecting traders. They may promise unrealistic returns or offer excessively high leverage options without disclosing associated risks adequately. Scams can lead to substantial financial losses.
- Lack of oversight: Regulated brokers are subject to regular monitoring by financial authorities and must comply with industry standards and ethical practices. Unregulated brokers operate outside this framework, making it difficult for investors to seek recourse or recover lost funds.
- Lack of fund safety: Unregulated brokers aren't obligated to hold client funds in segregated accounts. This could lead to misuse of client funds for the broker's operational or other activities.
- Fraudulent practices: Without regulatory oversight, brokers can engage in deceptive and manipulative practices such as price manipulation, order slippage, and stop-hunting.
- Withholding profits: Some unregulated brokers might delay or refuse withdrawal requests, making it difficult or impossible for traders to access their profits.
warningAlways choose a regulated broker
Trading with unregulated brokers can be incredibly risky. Unregulated brokers lack oversight, transparency, and accountability.
How to identify an FCA-regulated broker
To identify an FCA-regulated broker you can perform an FCA license check by visiting the official FCA website and using their registration number lookup tool. This will allow you to verify if a broker is indeed authorized and regulated by the FCA. The same license number should also be featured on the broker's website, either at the bottom of the website, or listed in a dedicated regulation page.
BrokerNotes.co 2024 Overall Rankings
To recap, here are our top forex brokers for 2024, sorted by Overall ranking.
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Methodology
At BrokerNotes.co, our data-driven online broker reviews are based on our extensive testing of brokers, platforms, products, technologies, and third-party trading tools. Our product testing extends to the quality and availability of educational content, market research resources, and the accessibility and capabilities of mobile platforms and trading apps. We also dive into each broker’s trading costs, such as VIP rebates, inactivity fees, custody fees, bid/ask spreads, and other fee-based data points.
Steven Hatzakis, an industry veteran with decades of experience in the forex market, leads the BrokerNotes research team. All BrokerNotes content is researched, fact-checked, and edited by the research team.
All websites and web-based platforms are tested using the latest version of the Google Chrome browser. Our Desktop PCs run Windows 11, and we use MacBook Pro laptops running the latest version of macOS to test trading on the go. We test mobile apps and products using iPhones running iOS 17 and Samsung devices running Android OS 14.
Note: The online brokers on our site provide the ability to trade forex in one or more ways, such as non-deliverable spot forex (i.e., rolling spot contracts), contracts for difference (CFD), or other derivatives such as futures. The availability of specific markets or features will depend on your country of residence and the broker's applicable brand or entity that services your account(s).
Forex Risk Disclaimer
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 about foreign exchange risk.
About the Editorial Team
BrokerNotes.co provides unbiased forex broker reviews and ratings to help traders and investors find the best broker for their needs. All content is researched, fact-checked, and edited by our research team and all ratings and rankings are based on the team’s in-depth product testing.
Steven Hatzakis is the Global Director of Online Broker Research for BrokerNotes.co and ForexBrokers.com. Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. A forex industry expert and an active fintech and crypto researcher, Steven advises blockchain companies at the board level and holds a Series III license in the U.S. as a Commodity Trading Advisor (CTA).
Joey Shadeck is the Content Strategist and Research Analyst for BrokerNotes.co and ForexBrokers.com. He holds dual degrees in Finance and Marketing from Oakland University, and has been an active trader and investor for close to ten years. An industry veteran, Joey obtains and verifies data, conducts research, and analyzes and validates our content.
John Bringans is the Managing Editor of BrokerNotes.co and ForexBrokers.com. An experienced media professional, John has close to a decade of editorial experience with a background that includes key leadership roles at global newsroom outlets. He holds a Bachelor’s Degree in English Literature from San Francisco State University, and conducts research on forex and the financial services industry while assisting in the production of content.
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