Regulation of financial services firms and the stability of UK financial markets are both tasks assigned to the Financial Conduct Authority (FCA).
The FCA works on both retail and wholesale service providers to ensure proper behaviour and to protect consumers from fraud.
Members of the financial services industry pay fees to cover the costs of regulating companies that provide services to customers.
In this article, experts Forex Brokers explore the five best brokers regulated by the FCA which offer excellent trading conditions to Forex traders.
FXTM is a licensed and well-regulated broker internationally, including the United Kingdom, South Africa, Belize, Cyprus, and Mauritius, to name a few examples. They also have a slew of accolades to their name.
There is a large choice of financial instruments and derivatives to choose from at FXTM, including currency trading.
Pros: Superb customer service; High maximum leverage; Great educational tools.
Cons: Inactivity and withdrawal fees; Limited product portfolio.
Features: Regulation, CySEC, FCA, FSCA; Minimum deposit from $100; Average spread from 0.9 pips; No commission; Deposit/withdrawal fees $3; Maximum leverage 1:500 on average; $300 Trading Bonus; Customer support 24/5.
Over 1000 financial instruments are offered by XM Global which was created in 2017 and covers Forex Trading, Stocks and Commodities CFDs and Equity Indices CFDs.
MetaTrader 4 and MetaTrader 5, the two most extensively used trading platforms, are available on XM's real and demo accounts.
Pros: Low minimum deposit; Comprehensive educational offering; Streamlined account opening process.
Cons: Inactivity fee charged after 90 days on live accounts; Limited product portfolio.
Features: Regulation, IFSC, ASIC, CySEC, FCA and DFSA; Minimum deposit from $5; Average spread from 0.1 pips; Commissions from
$3.5, commission per $100 000 traded; No deposit/withdrawal fees; Maximum Leverage 1:30; $30 Trading bonus; Customer support 24/5.
In 2006, AvaTrade was established. The broker is based in Dublin but they have offices all over the world.
At AvaTrade, you may trade more than 250 different financial instruments including more than 60 different currency pairings, the major stock indexes, cryptocurrencies, commodities, bonds, individual stocks and exchange-traded funds (ETFs).
Pros: Broad range of tradable instruments; MetaTrader 4 and 5 available; Excellent educational resources.
Cons: High EURUSD and inactivity fees.
Features: Regulation, Central Bank of Ireland, MiFID, ASiC, BVI; Minimum deposit from $100; Average spread from 0.9 pips; No commission on Forex; No deposit/withdrawal fees; Maximum Leverage 1:400; First deposit bonus; Customer support 24/5 - multilingual.
Forex, Cryptocurrency, Stocks and Indices are just some of the more than 120 financial instruments that may be traded on the Exness Group's platform.
The monthly trading turnover of the Exness Group is over $180 billion, with 15,000 new accounts being registered each month and tens of thousands of traders actively trading with the broker.
Pros: Well-regulated; Tight spreads; Over 130 currency pairs.
Features: Regulation, CySEC, FCA; Minimum deposit from $1; Average spread from 1.3 pips; Commissions from 3 USD and 10 USD per 1 lot for CFDs; No deposit/withdrawal fees; Maximum leverage 1:2000; Standard +10% bonus programme; Customer support 24/5 - multilingual.
HotForex is headquartered in Cyprus and has offices around the world, including Dubai, South Africa, and St. Vincent & the Grenadines, an offshore jurisdiction.
Over six primary trading accounts, HotForex offers traders access to 150+ trading instruments in the following markets: currency pairs, commodities, indices, stocks, bonds, and cryptocurrency CFDs.
Pros: No deposit or withdrawal fees; Competitive spreads.
Cons: High commission charges on the Zero account.
Features: Regulation, CySEC, DFSA, FCA, FSA, FSCA; Minimum deposit from $5; Average spread from 0,0 pips; Commissions from USD 0.03 per 1K lot; No deposit/withdrawal fees; Maximum leverage 1:1000; 100% Supercharged bonus; Customer Support 24/5.