Best FCA Regulated Forex Broker 2022 List

ThinkMarkets – Best MetaTrader 4 (MT4) Provider

ThinkMarkets is a global, multi-regulated broker offering MetaTrader 4 (MT4) as a trading platform option. To gain access to MT4, CFD and forex traders can choose between three main account types:

1. Standard Account: Commission-free spreads averaging 1.2 pips.
2. ThinkZero Account: ECN-style account with average spreads of 0.1 pips, traders pay flat rate commission fees of £5 round turn
3. Islamic Accounts are available with Standard or ThinkZero pricing. As per Sharia Law, no interest is paid and earn, with flat rate swap rates being charged instead.

To open a ThinkMarkets UK account under FCA regulation, an initial minimum deposit of £250 is required. This requirement is different in other locations such as South Africa where the broker is regulated under FSCA and in Australia where ASIC is the regulator.

MetaTrader 4 Trading Tools And Features

ThinkMarkets customers using MT4 can trade an excellent range of financial products while utilising different trading tools and platform features. With various inbuilt and add-on tools to enhance your trading experience, MT4 is great for technical analysis and automated trading.

MT4 Charting Tools

MetaTrader 4’s pre-installed charting tools include 30 technical indicators, 24 objects, and 9 timeframes, with thousands more available to download from the MetaTrader marketplace online.

Automated Trading With Expert Advisors

MT4 is well-known for its automated trading features with Expert Advisors (EAs) allowing users to execute algorithmic trading strategies. Using the MQL4 programming language, traders can create EAs that automatically analyse and enter/exit markets.

As well as writing your own Expert Advisors, MT4 traders may prefer to purchase and download indicators and EAs from the MetaTrader Marketplace online. With thousands of EAs to choose from, those new to trading may find this the easiest way to automate trading.

When developing algorithmic trading strategies, MT4 users can test and optimise EAs against historical data. MT4’s backtesting features are single-threaded and allow one currency pair to be tested at a time.

AutoChartist

If you are signed up to a ThinkZero account, access is granted to Autochartist, a useful technical analysis tool. The pattern recognition software automatically scans financial markets and alerts users of potential trading opportunities, reducing the need to conduct lengthy technical analysis.

MT4 Market Access

ThinkMarkets customers can develop diversified trading strategies with access provided to commodity, index, precious metal and forex markets.

MT4 Execution

ThinkMarkets is a no dealing desk broker that executes trades with Straight Through Processing (STP). STP brokers fill orders using external liquidity pools, allowing ThinkMarkets to offer institutional-grade pricing to its customers.

As well as tight spreads, ThinkMarkets partnership with Equinix ensures liquidity sources are efficiently connected to your MT4 trading platform. The broker uses Equinix servers based in London and Hong Kong to execute orders, with traders from Asia to the UK enjoying fast execution.

An additional benefit that ThinkMarkets promotes is no requotes, meaning customers do not need to worry about orders being executed at prices different from what it was executed at (known as slippage). To explore MetaTrader 4 tools and features before trading with real money, ThinkMarkets offers a demo account with a virtual balance of $50,000.

View ThinkMarkets Review >>Visit ThinkMarkets >>

*Your capital is at risk ‘71.89% of retail CFD accounts lose money’

XTB – Best Range Of Financial Products

XTB is an FCA regulated broker that offers a huge range of CFDs across various asset classes. The CFD broker also has regulation with the IFSC and CySEC. For those wanting to focus on forex trading, 49 different currency pairs are offered by the broker. The maximum leverage available varies between CFD and asset class. For major currencies, the United Kingdom’s Financial Conduct Authority (FCA) limits exotic and minor currency pairs to 20:1 and major pairs to 30:1.

As well as a good range of forex instruments, XTB clients can access the following CFDs and financial markets:

• 42 indices including CFDs from major stock exchanges, i.e. UK100, US500, AUS200, EU50 and JAP225.
• 14 commodities with precious metals, softs, 0il and gas CFDs available.
• 1,700 share CFDs including major corporations such as Apple, JP Morgan and Mastercard.
• 114 exchange-traded funds (ETFs) with share, bond and other funds from different locations around the world.

Market access is dependent on the trading platform you use. The broker offers the choice of MetaTrader 4 and its proprietary software – xStation 5. As an MT4 user, you are restricted to index, commodity and forex trading, while xStation 5 can trade ETFs, and share CFDs as well.

Two account types are available on both xStation 5 and MT4. A Standard account can trade minimum spreads of 0.35 pips commission-free, while Pro accounts gain access to discounted spreads of 0.28 pips and pay commission fees starting from £3.00 (GBP). Another comparative broker is Tickmill.

Prior to signing up to a Standard or Pro account, prospective XTB customers can practise trading the broker’s wide range of financial products via a demo account. A virtual balance of $100,000 is provided with access granted for 30 days, although demos can be renewed after the trial period ends.

XTB Review >>Visit XTB >>

FXCM – Spread Betting Broker

If you are a UK or Ireland resident, spread betting is an alternative to CFD trading if you want to speculate on price movements without buying or selling the underlying asset.

When spread betting with FXCM, customers bet on the direction and amount they think the market will move. Benefits of spread betting include:

• Spread betting is tax efficient. While CFD trading is subject to Capital Gains Tax (CGT), spread betting is exempt from CGT.
• As with CFD trading, leverage is available with limits varying between financial instruments: i.e. up to 30:1 for major forex pairs.
• Tight spreads that are all-inclusive of fees such as commission. Average spreads start from 0.7 pips for the EUR/USD.
• Active Traders are rewarded with tighter spreads.

Active Traders gain access to significantly discounted spreads starting from 0.2 pips. As well as lower spreads, spread betting accounts that qualify as FXCM Active Traders are provided premium customer support and market data.

Spread Betting Platforms

When spread betting with FXCM, three trading platform options are available.

1. MetaTrader 4: FXCM clients can use the popular MT4 platform to execute spread betting strategies. Well-known for its professional-grade trading tools, MT4 users can conduct complex analysis and research.
2. NinjaTrader 8: A third party trading platform that offers advanced charting technical analysis tools that can be used to develop spread betting strategies.
3. Trading Station: FXCM’s proprietary software is a HTML5 platform that can be used for spread betting. Users are provided with a wide range of technical and fundamental analysis tools and data within a user-friendly interface.

For those wanting to try out spread betting in a risk-free environment, FXCM offers a demo account with a virtual account balance of £50,000.

View FXCM Review >>Visit FXCM >>

*Your capital is at risk ‘67% of retail CFD accounts lose money’

eToro – Best Pure Social Trading Platform

With millions of traders from 140+ countries, eToro is regarded as one of the world’s largest pure social trading platforms. When copying forex trades, no commission spreads start from 1 pip, with a small minimum deposit of $50 required to start trading.

As well as being an excellent introduction to trading CFDs and forex, social-copy trading allows experienced users to reduce the time spent conducting analysis and developing trading strategies. eToro’s social network allows customers to copy the strategies of experienced traders (Popular Investors) while learning from one another via chat features and newsfeeds.

Instead of placing orders yourself, as an eToro client, you can review Popular Investor’s stats, history and location, and copy the strategies that suit your risk and investment preferences. Five different asset classes are offered by eToro with market access provided to forex, stocks, commodities, ETFs and indices.

As well as copying the individual strategies of Popular Investors, CopyPortfolios are available for those wanting to trade diversified bundles of financial instruments. Two types of portfolios are available:

• Top Trader Portfolio: A mix of eToro’s best performing Popular Investors.
• Market Portfolio: A bundle of financial instruments that may include fx pairs, indices, ETFs, commodities and/or shares.

Compared to standard Popular Investors and social trading, CopyPortfolios offer a longer-term investment that is constantly rebalanced by the eToro team. Hence, a higher minimum deposit of $5000 is required. This also meets with their other regulators, including MiFID.

To access eToro’s social trading network and a diverse range of financial products, clients can use the broker’s online trading platform or iOS and Android mobile apps. To familiarise yourself with eToro’s social network and trading tools without risking real money, demo accounts available. eToro demo accounts have no time limits and are funded with a virtual account balance of $100,000.

*Your capital is at risk ‘68% of retail CFD accounts lose money’

FxPro – Best cTrader Broker

FxPro is a hybrid market maker broker with low spreads and fast execution. Because the broker fills orders internally as well as from top-tier liquidity providers, FxPro customers gain access to ultra-tight spreads when using cTrader.

Predominately a forex trading platform, cTrader provides an ECN-like trading experience with access granted to over 70 currency pairs with EUR/USD spreads averaging 0.37 pips. As forex spreads are ultra-tight, traders pay a flat rate, round turn commission fees of $9 (USD) per 100,000 traded. In addition to forex, FxPro provides access to commission-free index trading.

FxPro’s cTrader users can expect minimal slippage and requote when placing orders, with the majority of trades being executed within 11.06 ms. FxPro’s partnership with Equinix Data centres in London and Amsterdam ensure fast execution speeds, with cross fibre connecting cTrader users with top-tier liquidity sources.

As well as an ECN-style trading environment, FxPro’s cTrader users are provided with the following trading tools and features:

• Algorithmic trading with cBots, developed using the C# programming language.
• Backtesting tools for cBots.
• 50 technical indicators and 26 timeframes for analysis.
• Level 2 depth of market pricing.

Depending on your preferred device, cTrader is available as a webtrader platform online or mobile apps (Android or iOS). To open a FxPro cTrader account, the broker recommends an initial minimum deposit of $500.

FxPro offers demo accounts for those wanting to explore the cTrader platform, with access granted for 6 months and unlimited virtual funds.

View FxPro Review >>Visit FxPro >>

*Your capital is at risk ‘84.67% of retail CFD accounts lose money’

Plus500 – Best Risk Management Features

Plus500 is a market maker broker that offers a range of risk management features such as premium order types and demo accounts. When trading with Plus500, customers are limited to the broker’s proprietary trading platform, available online or as a trading app.

To manage the high risk on individual trades, the Plus500 trading platform allows users to place standard and premium order types. Basic orders such as trailing stops, stop limit, stop-loss orders are free of charge, while guaranteed stop-loss orders (GSLOs) can be placed for a fee.

Traders pay a fee to place guaranteed stop-loss orders as the premium order type eliminates the risk of slippage that is possible with basic orders. The premium ensures that even if prices move rapidly, the order will be executed at the price level you have specified.

Demo Accounts

Unlike the majority of fx brokers, Plus500 does not restrict access to demo accounts. With no time restrictions, users can practice trading strategies and learn in a risk-free environment for as long as they please. Additionally, Plus500 demo account trading balances can be reset at any time, with no limit on virtual funds.

View Plus500 Review >>Visit Plus500 >>

*Your capital is at risk ‘72% of retail CFD accounts lose money’