By Chris Cammack Author Information Updated: July 2, 2020

There are few genuinely strong regulators in the world; the Australian Securities and Investments Commission is one, the Cyprus Securities and Exchange Commission is another, and the UK’s Financial Conduct Authority (FCA) is probably the leading member of this group.

London, and the UK in general, is recognised globally for being a strong, reputable financial centre and so it stands to reason that the UK’s financial regulator also has a reputation for reliability and strength.

The FCA oversees all British firms and individuals offering financial services and applies one of the world’s strictest regulatory environments. This is also the case for Forex brokers operating in the country, with the FCA being very active in enforcing compliance with the rules and regulations governing CFD products and consumer protection.

These are the best FCA regulated Forex brokers ranked and scored by professional traders for 2020.

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  • Broker
    FXTM

    FXTM  - Best FCA Regulated Broker

    REGULATED BY
    CySEC CySEC
    FCA FCA
    FSC FSC
    Trading Desk Type
    Trading Conditions
    1110.50
    Minimum Deposit
    USD 10
    Customer Support
    • Website Language: English
    • Support Language: English
    Trading Platforms

    FXTM is an award-winning ECN/STP broker popular with beginner traders and experienced traders alike. Its popularity is due to the very wide range of accounts types, from instant execution accounts with very low minimum deposits to ultra-low spread ECN accounts - MT4 is supported across all account types and MT5 is available on the ECN accounts. An Islamic option is available for all account types but only on the MT4 platform.

    With recognition from the FCA and CySec, excellent training material, and 24/7 customer support, FXTM is a great broker for all traders.

    Pros

    • Good for beginners
    • Excellent education
    • Well regulated
    • Low minimum deposit

    Cons

    • Expensive withdrawals
    Account Spread From Commission Execution Min. Deposit
    Cent Account 1.5 pips None Instant USD 10 Account Details
    Standard Account 1.3 pips None Instant USD 100 Account Details
    ECN Zero Account 1.5 pips None Market USD 200 Account Details
    ECN Account 0.1 pips $2.00 Market USD 500 Account Details
    FXTM Pro Account 0.0 pips None Market USD 25000 Account Details
  • Broker
    Tickmill

    Tickmill  - Most Trusted Broker

    REGULATED BY
    CySEC CySEC
    FCA FCA
    FSA-Seychelles FSA-Seychelles
    Trading Desk Type
    Trading Conditions
    11111
    Minimum Deposit
    USD 100
    Customer Support
    • Website Language: English
    • Support Language: English
    Trading Platforms

    Tickmill offers very low spreads and commission, a 30 USD welcome bonus for all new traders, fast market execution on the MT4 platform and has an excellent reputation in the industry.

    All accounts can be converted to Islamic accounts and all clients have access to free AutoChartist and Copy Trading (via Myfxbook) - great tools for traders of all experience levels. A regular winner of trade execution and trading conditions awards, Tickmill has the reputation, and the performance, traders should look for in a broker.

    Pros

    • Tight spreads
    • Well regulated
    • Fast and free withdrawals
    • Wide range of assets

    Cons

    • MT4 only
    Account Spread From Commission Execution Min. Deposit
    Classic 1.6 pips None Market USD 100 Account Details
    Pro 0.0 pips Variable Market USD 100 Account Details
    VIP 0.0 pips Variable Market USD 50000 Account Details
  • Broker
    HotForex

    HotForex  - Most Assets Available

    REGULATED BY
    CySEC CySEC
    FCA FCA
    FSCA FSCA
    DFSA DFSA
    FSC FSC
    Trading Desk Type
    Trading Conditions
    11110.5
    Minimum Deposit
    USD 5
    Customer Support
    • Website Language: English
    • Support Language: English
    Trading Platforms

    HotForex is an award-winning, global broker and has a reputation for client satisfaction. 

    Trading conditions are varied across four account types, but spreads are generally tight (and are often zero pips on the market execution account). All accounts are also available as Islamic accounts, and HotForex also offers copy-trading and managed accounts.  All clients have a dedicated account manager, and deposits and withdrawals are free no matter the funding method.

    HotForex has managed to attract a broad-based global clientele by offering multiple language capabilities and has a dedicated Malaysian team.

    Pros

    • Low minimum deposit
    • Tight spreads
    • Well regulated
    • Good range of accounts

    Cons

    • Limited base currencies
    Account Spread From Commission Execution Min. Deposit
    Micro 1.0 pips None Market USD 5 Account Details
    Islamic 1.0 pips None Market USD 100 Account Details
    Premium 1.0 pips None Market USD 100 Account Details
    Auto 1.0 pips None Market USD 200 Account Details
    Zero 0.0 pips $3.00 Market USD 200 Account Details
    HFCopy 1.0 pips None Market USD 300 Account Details
    Premium Pro 1.0 pips None Market USD 5000 Account Details
  • Broker
    FxPro

    FxPro  - Best Trading Platforms

    REGULATED BY
    FCA FCA
    CySEC CySEC
    FSCA FSCA
    DFSA DFSA
    SCB SCB
    Trading Desk Type
    Trading Conditions
    11110.5
    Minimum Deposit
    USD 100
    Customer Support
    • Website Language: English
    • Support Language: English
    Trading Platforms

    FXPro is one of the largest and most trusted brokers in the industry and, as such, are an excellent choice for new traders. Education for beginners is best-in-class and all three account types are available as Islamic accounts.

    With MT4, MT5, cTrader and a browser-based platform, a reasonable 100 USD opening deposit and outstanding customer service, FxPro offer competitive spreads to match profitability with security. 

    Pros

    • Well regulated
    • Great platform choice
    • Tight spreads

    Cons

    • Limited education
    Account Spread From Commission Execution Min. Deposit
    FxPro cTrader 0.45 pips $4.50 Market USD 100 Account Details
    FxPro MT4 1.2 pips None Market USD 100 Account Details
    FxPro MT5 1.52 pips None Market USD 100 Account Details
    Islamic 1.2 pips Variable Market USD 100 Account Details
  • Broker
    Forex.com

    Forex.com  - Best Trading Conditions

    REGULATED BY
    FCA FCA
    ASIC ASIC
    MAS MAS
    CIMA CIMA
    Trading Desk Type
    Trading Conditions
    11111
    Minimum Deposit
    USD 100
    Customer Support
    • Website Language: English
    • Support Language: English
    Trading Platforms

    Pros

    • Well regulated
    • Wide range of assets
    • Excellent education

    Cons

    • Expensive withdrawals
    • Limited demo account
    Account Spread From Commission Execution Min. Deposit
    Commission 0.2 pips 5USD/lot Instant USD 100 Account Details
    DMA Account 0.0 pips Variable Market USD 100 Account Details
    Standard 0.8 pips None Instant USD 100 Account Details
  • Broker
    IG Markets

    IG Markets  - Best Overall Broker

    REGULATED BY
    FCA FCA
    ASIC ASIC
    FSCA FSCA
    Trading Desk Type
    Trading Conditions
    11110.5
    Minimum Deposit
    USD 250
    Customer Support
    • Website Language: English
    • Support Language: English
    Trading Platforms

    The world's number one broker, and our highest-ranked broker, IG Markets have a very impressive product offering. A market-maker broker, IG Markets only offers the single account for Forex trading (also available as an Islamic account), but spreads are tight and educational and analytical materials are excellent. A wide choice of platform - including MT4 - is also available and customer service is world-class. 

    With regulation from the FCA and ASIC, and winner of the Broker of the Year 2018 (UK Forex Awards) and Best CFD Provider 2017 (Investment and Wealth Management Awards), IG Markets is an easy choice for both beginner and experienced traders.

    Pros

    • Well regulated
    • Tight spreads
    • Great platform choice
    • Excellent education
    • Excellent market analysis

    Cons

    • High minimum deposit
    Account Spread From Commission Execution Min. Deposit
    Live Account 0.6 pips None Instant USD 250 Account Details
    Spread Betting 0.6 pips None Instant USD 250 Account Details
  • Broker
    IronFX

    IronFX  - Most Assets Available

    REGULATED BY
    CySEC CySEC
    FCA FCA
    ASIC ASIC
    FSCA FSCA
    Trading Desk Type
    Trading Conditions
    11110.5
    Minimum Deposit
    USD 100
    Customer Support
    • Website Language: English
    • Support Language: English
    Trading Platforms

    With a huge range of account types, a good micro account and leverage up to 1:1000, IronFX has something for everyone. A globally-recognised Forex broker with award-winning education and market analysis, IronFX has recently introduced market execution accounts with ultra-low spreads.

    For beginners who want to learn to trade on either the MT4 or MT5 platform, and experienced traders looking for strong international regulation, IronFX is an excellent choice in a broker.

    Pros

    • Well regulated
    • Tight spreads
    • Wide range of assets

    Cons

    • Expensive withdrawals
    Account Spread From Commission Execution Min. Deposit
    Live Fixed Spread 2.2 pips None Instant USD 100 Account Details
    Live Floating Spread 1.1 pips None Instant USD 100 Account Details
    Live Zero Spread 0.0 pips $18 Instant USD 500 Account Details
    STP/ECN No Commission 1.7 pips None ECN/STP USD 500 Account Details
    STP/ECN Zero Spread 0.0 pips $7.50 ECN/STP USD 500 Account Details
  • Broker
    REGULATED BY
    CySEC CySEC
    ASIC ASIC
    FSCA FSCA
    Trading Desk Type
    Trading Conditions
    11110.5
    Minimum Deposit
    USD 250
    Customer Support
    • Website Language: English
    • Support Language: English
    Trading Platforms

    Marketsx is a premium trading platform. It’s operated by Markets.com and offers traders fast, low-cost trading on over 2,200 financial instruments. Marketsx provides CFD trading on global stock, forex, commodity, indices, cryptocurrency, ETF and bond markets. Clients in Malaysia can take advantage of the swap-free Islamic account on offer.

    The proprietary Marketx trading platform is packed full of features and trading tools and is optimised for lightning execution. As well as in-depth charting and asset comparison tools, Marketsx also gives traders a wealth of decision-supporting data with sentiment tools, tutorials, and regular live-streamed, expert analysis.

    Pros

    • Well regulated
    • Tight spreads
    • Wide range of assets
    • Fast and free withdrawals

    Cons

    • High minimum deposit
    Account Spread From Commission Execution Min. Deposit
    Live 0.9 pips None Instant USD 100 Account Details
  • REGULATED BY
    ASIC ASIC
    CySEC CySEC
    FCA FCA
    Trading Desk Type
    Trading Conditions
    11110
    Minimum Deposit
    USD 100
    Customer Support
    • Website Language: English
    • Support Language: English
    Trading Platforms

    Founded in 2001, Admiral Markets offers reliability, market leadership and modern trading. Most Admiral Markets customers have free access to Trading Central - providing independent market insight and technical analysis - and the company has one of the best cryptocurrency offerings on the market; additionally, the Islamic MT5 Account is one of the best swap-free accounts available.

    A global presence, a large international client base, flexible trading accounts and competitive trading conditions have attracted both beginner and experienced traders to the brand.

    Pros

    • Well regulated
    • Excellent education
    • Wide range of assets

    Cons

    • Expensive withdrawals
    Account Spread From Commission Execution Min. Deposit
    Trade.MT4 0.5 pips None Market USD 100 Account Details
    Trade.MT5 0.5 pips None Market USD 100 Account Details
    Zero.MT4 0.0 pips $1.8-$3.0 Market USD 100 Account Details
    Zero.MT5 0.0 pips $1.8-$3.0 Market USD 100 Account Details
  • Broker
    XTB

    XTB  - Best Trading Conditions

    REGULATED BY
    CySEC CySEC
    FCA FCA
    IFSC IFSC
    Trading Desk Type
    Trading Conditions
    11110.5
    Minimum Deposit
    USD 5
    Customer Support
    • Website Language: English
    • Support Language: English
    Trading Platforms

    XTB is one of our highest rated brokers, and for good reason; super-low spreads, 1:500 leverage, fast market execution, excellent education and analysis, and a flexible cash-back bonus make it one of the best in the industry.

    In addition, XTB boasts world-class regulation and Islamic accounts are available on its award-winning xStation platform, though MT4 is also available for those who prefer it.

    Pros

    • Well regulated
    • Tight spreads
    • Low minimum deposit
    • Good for beginners

    Cons

    • Limited platform choice
    Account Spread From Commission Execution Min. Deposit
    Islamic 0.28 pips $10.00 Instant USD 5 Account Details
    Pro 0.28 pips $7.00 Instant USD 5 Account Details
    Standard 0.35 pips None Instant USD 5 Account Details
  • REGULATED BY
    FCA FCA
    Trading Desk Type
    Trading Conditions
    11110.5
    Minimum Deposit
    GBP 100
    Customer Support
    • Website Language: English
    • Support Language: English
    Trading Platforms

    Capital Index was founded in 2014 by industry veterans to meet the needs of serious traders. It quickly started winning awards, including STP/ECN broker of the year and has grown its client base substantially over the last six years. It offers three different bonuses for new traders, including a 50% rebate on losses, and no fees are charged for deposits or withdrawals via credit card.

    Regulated by the FCA and with good, simple trading conditions across four account types - including a good value copytrading account - Capital Index is an ideal brokerage for traders looking for a simple approach and MT4 support.

    Pros

    • Tight spreads
    • Fast and free withdrawals
    • Wide range of assets

    Cons

    • Limited platform choice
    • Limited education
    • No swap-free account option
    Account Spread From Commission Execution Min. Deposit
    Advanced Account 1.4 pips None STP USD 100 Account Details
    Copy Trading 1.4 pips None STP USD 500 Account Details
    Pro Account 1.0 pips None STP USD 5000 Account Details

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Open

Why Trade with an FCA Regulated Forex Broker?

The FCA has a long-standing reputation for guaranteeing trader security and dealing harshly with bad brokers. The benefits of trading with an FCA regulated broker are:

  • Segregated Accounts: Like most good regulators, the FCA ensures that all brokers keep client funds segregated from broker operational funds and in Tier 1 banks.
  • Operating Capital: To ensure that all Forex brokers can maintain their clients’ positions in the market, every FCA regulated broker must have at least 1 million GBP in operating capital, which increases according to the number of traders and the trading capital. This is to ensure that all brokers can meet their financial obligations without fail.
  • Instant Withdrawal Processing: Brokers must ensure that all withdrawals are processed instantaneously.
  • Financial Service Compensation Scheme (FSCS): The FSCS is one of the most generous compensation schemes in the world. It offers protection for traders against broker-related issues by providing a guarantee of up to 50,000 GBP in compensation.

How To Choose an FCA Regulated Broker?

All FCA brokers are safe due to the strict regulatory environment in which they operate, and most of them are very strong all-round. But it is essential to look at the detail of each broker to find out what differentiates them from each other.  When looking for an FCA regulated Forex broker, it is important to judge them on the following areas:

  • Broker Type: Most brokers are either ECN/STP or Market Makers, but some can be a combination of both. You will find that many brokers will provide an ECN/STP service on their higher-deposit account types while acting as a Market Maker for their Cent and Standard accounts. Many of the best FCA regulated brokers are ECN/STPs.
  • Trading Conditions: This includes what kind of spreads are available, how much leverage is offered, and how many currency pairs are available. These factors will directly impact your profit or loss, so you don’t want any surprises.
  • Trading Platform: MetaTrader 4 is still the industry standard, but many brokers offer MetaTrader 5 and/or their proprietary platforms. ECN/STP brokers will often support cTrader as it is built specifically for market execution and only allows for minimal broker interference.
  • Minimum Deposit: This changes by account type for many brokers, with higher minimum deposits often linked to better trading conditions. We will always highlight the minimum deposit available regardless of the account type.
  • Deposit and Withdrawal Methods: All brokers accept traditional payment types such as debit/credit cards and bank transfers, many accept online payments through Skrill and Neteller and some will also accept Bitcoin. Always check for deposit and withdrawal fees, a few brokers charge a percentage fee for some withdrawals methods, making large drawdowns very expensive. 

The FCA’s Role In Forex Trading

FCA-regulated Forex brokers are governed by rules that enhanced trust through enforcing market discipline, and adjust provider behaviour to prevent harm from happening to customers, and assisting when things go wrong.

The FCA’s role in Forex trading is to oversee the activities of the Forex brokers, to ensure compliance with rules that are designed to protect end-users and the overall economy.

A Forex broker that is regulated by the FCA is required to consider the interest of their customers and treat them fairly. Also, the FCA requires that information is shared with customers in a way that is easy to understand, fair and not misleading.

The mission of the FCA.

The Financial Conduct Authority (FCA) is the UK’s financial regulatory organisation. It replaced the Financial Services Authority in 2012, which had been compromised during the financial crash when it was revealed that flaws in the organisation had led to poor regulation. The FCA is more powerful and consumer-focused than the FSA was, which is good news for Forex traders as they are very well protected under the new regime. 

The mission of the FCA is to regulate financial services through a framework of directives, and enforcement mechanisms.  The board of the FCA reports to the Financial Services Ombudsman who can bring information to the attention of parliament, and the industry through a series of publications.

What consumers can expect from the FCA

In principle, a consumer should expect to get protection from the regulation and the enforcement of rules of the FCA. The framework is designed to help protect those who may have a lesser understanding of the financial markets, from those who have a better understanding of them.

This protection includes helping Forex brokers set up rules for how to handle complaints and correct any issues.

The FCA’s main purpose beyond the regulation of financial organisations is to provide customers with reliable information. Their website maintains a warning list, which is a list of organisations that are potentially seeking to defraud customers, as well as provide information on the regulated entities and the products they offer.

The customer centre is available weekdays from 8 am to 6 pm, and half-day Saturday from 9 am to 1 pm, which gives potential traders access to knowledgable financial specialists who can help answer questions, or take note of a complaint or report a scam.

Key achievements of the FCA

The FCA achievements taking into consideration their short history are significant. Since 2013, when the FCA started regulating the UK financial industry, London has become more acknowledged as a major global financial centre.

Before the FCA being set up, there was no mechanism in the UK to keep the retail investor safe from companies that promoted complicated financial products that have a high-risk financial impact on the consumer.

The immediate achievement of the FCA the development of the requirements for financial organisations designed to protect the consumer, and a set of policies to help those who have already been harmed get easy access to a remedy.

The FCA is also transforming attitudes of the companies and those who work in the financial sector in the UK. This change has meant for fairer products, marketing tactics, and the development of a more customer-centric approach.

In changing the way companies operate internally and how they work with clients to remedy issues they create, the FCA has accomplishment has made the financial sector in the UK and the companies that are regulated by it, much safer for the average retail Forex trader.

The history of the FCA

Commenced in December 2012 with the passing of the Financial Services Act of 2012, the FCA was founded in April 2013 to replace the Financial Services Authority (FSA) that had been in place since 2001.

The FSA acted in an arbitrator role and had a broader mandate to oversee the entire financial system. When the FCA was created, it became responsible for the policing of the UK financial activities and the banking system. At the same time that the FCA was founded, sister agencies of the Bank of England’s Financial Policy Committee and the Prudential Regulation Authority which take responsibility for other financial sectors.

The global reputation of the FCA

The FCA is internationally recognised as one of the most trusted and objective regulatory services. It is a traditional organisation, and the framework which governs was created in 2013 to manage the current-day marketplace.  This activity has indirectly impacted many millions of UK households and has set a standard for other similar organizations worldwide.

FCA Structure

The FCA board is responsible for the overall framework implementation – which includes oversight of 6 committees which report into it, and the appointment of the Chief Executive to execute on the strategy set by the board.

The committee structure gives insights into the risks the FCA sees in the market, and how they work together in a system of self-regulation and gradual adaptation to prevent against new threats.

Risk & Strategy Committee evaluates the risks that are posed by the financial organisations on the market and are tasked to find strategies to mitigate those risks from being passed on to the consumers.

The Audit Committee monitors the effectiveness of the policies and the strategies used by the FCA.

The Regulatory Decisions Committee is the committee that takes actions against organisations that violate the rules. This committee acts on tips from the public and information from the investigators on the audit committee.

The Oversight Committee then works with the board of the FCA to manage their relationship with the parliamentary appointed Financial Services Ombudsman who is the UK’s official expert in sorting out problems with financial services. This relationship is valuable as this brings information to the government so that laws can be written, and government oversight is present.

Remuneration Committee is a committee that oversees a transparent process for how executives at the FCA are paid. This process ensures fair treatment of all staff and also respects that the FCA is a publicly funded organisation.

Similar to the Remuneration Committee, the Nominations Committee, acts as an internal mechanism to ensure the integrity of skills on the board so that the mandate of the FCA continues to be acted on effectively.

These committees, working with and feeding off each other, create a robust self-regulated system of rule-setting, auditing, enforcement and accountability to the people of the UK.

Summary

The FCA is a highly-valuable protective component of the UK financial services system that has been put in place to protect consumers with little financial knowledge from organisations with more knowledge selling them complex and risky financial products.

Any organisation that is regulated by the FCA is mandated to treat the customer fairly, and in the absence of a customer directive, make the decision that best suits the interest of the customer.

An FCA-regulated organisation takes responsibility for the accuracy and transparency of the information they promote and maintain discipline in their internal processes that are designed to protect themselves and their clients.

A Forex broker that is regulated by the FCA will expect their advice and support to be available in helping set up internal processes to protect and remedy issues that should arise in their business.

Overall, an FCA-regulated broker can be trusted to protect your funds, never communicate misleadingly, and has the client’s best interest in mind when doing business selling clients financial products and services.

Forex Risk Disclaimer

Trading Forex and CFDs is not suitable for all investors as it carries a high degree of risk to your capital: 75-90% of retail investors lose money trading these products. 

Forex and CFD transactions involve high risk due to the following factors: Over-leveraging, unpredictable market volatility, slippage arising from a lack of liquidity, inadequate trading knowledge or experience, and a lack of regulatory protection for clients.

Traders should not deposit any money that is not disposable. Regardless of how much research you have done, or how confident you are in your trade, there is always a substantial risk of loss. (Learn more from the FCA or from ASIC)

Our Methodology

Our State of the Market Report and Broker Directory are the result of extensive research on over 100 Forex brokers. The explicit goal of these resources is to help traders find the best Malaysian Forex brokers – and steer them away from the worst ones – with the benefit of accurate and up-to-date information.

With over 150 data points on each broker and over 3000 hours of research and review writing, we believe we have succeeded in our goal. 

In a world where trading conditions and customer support can vary based on where you live, our broker reviews focus on the local trader and give you information about these brokers from a Malaysian perspective.

All research has been conducted by our in-house team of researchers and writers, gathering information from various company representatives, websites and by sifting through the fine print. Learn more about how we rank brokers

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Trading Forex and CFDs is not suitable for all investors and comes with a high risk of losing money rapidly due to leverage. 75-90% of retail investors lose money trading these products. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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