Best Forex Brokers UK for 2023 - Forex Peace Army Traders Choice
In the UK, forex is a popular method to start trading for many people due to the presence of a wide choice of regulated forex brokers. All forex brokers in the UK should be regulated by the UK Financial Conduct Authority (FCA), which is the United Kingdom's primary financial regulatory body.
A major part of your success in the forex trading market depends on using a trustworthy forex broker. Using a well-regulated broker greatly reduces your chances of being scammed. Regulation also gives you far better chances of recovering your funds in the event a broker does cheat you. One thing to be careful of – even if you are in the UK, some brokers will place you under an unregulated or under-regulated branch of the company. If you want UK FCA protection, don’t deposit money with the broker until you get written confirmation that your contract is with the UK branch of the company.
Some scam brokers falsely claim UK regulation. Make sure to search the FCA Register to verify the company's credentials. If something goes wrong with an FCA regulated broker, you can file a complaint with the UK FOS (Financial Ombudsman Service).
If you can't find a UK regulated broker to meet your trading needs, most of the popular brokers from outside the UK also welcome UK clients.
FAQ about UK Forex Brokers
Are all UK brokers under FCA regulation?
Legally, yes, the brokerage business has to be regulated in the UK. However, pay attention that your contract is with a UK-based broker or branch to get FCA regulation coverage. Also check with the FCA to make certain that the company is properly registered and has an active license.
Are UK brokers reliable?
Since all UK brokers are supervised by the FCA, which stands among the most strict regulations, most of them are very reliable when it comes to the safety of client funds. For the quality of service, it is best to read the reviews by traders.
How can FCA help in case of a scam or a broker going out of business?
If you have signed a contract with a UK-based broker or branch, FCA entitles you to compensation fund up to £85,000. More details on this page and on Financial Services Compensation Scheme website.
How to avoid broker scams in UK?
- Search the FCA register for the broker in question. FCA publishes many details about regulated and brokers no longer having FCA license to conduct business in the UK. Additionally, you can look up all of the broker brand names, disciplinary actions, addresses, etc. Make sure your broker holds a valid FCA license.
- Also, read the user reviews for brokers here at the FPA. We know from the experience that traders report problems with the brokers in Forex Peace Army review system sooner than the government body posts official information.
How to find the best FCA-regulated UK brokers?
Users on FPA share their experiences with brokers and it is usually the best way to know if a broker is worth your time and money. Even though a broker is FCA regulated, it does not mean it offers a quality trading environment. The FPA’s list of popular UK brokers includes some of the safest FCA regulated brokers you can find.