FCA
Financial Conduct Authority
United Kingdom · Established 2013 · https://www.fca.org.uk
About FCA
The Financial Conduct Authority (FCA) is the UK's financial regulatory body, established in 2013 to replace the Financial Services Authority (FSA). While the UK is no longer part of the EU following Brexit, the FCA remains one of the most respected financial regulators globally.
For EU traders, the key post-Brexit consideration is that an FCA license alone no longer allows a broker to serve EU clients. Brokers must hold a separate EU license (typically CySEC or BaFin) to operate within the European Economic Area. However, many major brokers maintain both FCA and EU licenses, and the FCA license serves as an additional trust signal.
The FSCS (Financial Services Compensation Scheme) provides the highest level of investor protection among major regulators, covering up to GBP 85,000 (approximately EUR 98,000) per eligible person. This is over four times the EUR 20,000 offered by most EU compensation schemes.
The FCA is known for aggressive enforcement. In recent years, it has imposed record fines on financial institutions and maintains a comprehensive register of authorized firms. The regulator also pioneered innovations like the 'regulatory sandbox' for fintech firms.
EU traders should note that if they are served by a broker's EU entity (e.g., CySEC-regulated), they fall under EU regulation rather than FCA regulation, even if the parent company also holds an FCA license. The applicable compensation scheme and regulatory protections depend on which entity holds the client relationship.
Key Features
- FSCS protection up to GBP 85,000 per person
- Rigorous authorization and supervision process
- Post-Brexit: separate from EU regulatory framework
- Many brokers maintain both FCA and EU (CySEC/BaFin) licenses
- Strong enforcement record with significant fines
- Client money rules require full segregation
Leverage Limits
FCA enforces ESMA leverage caps for all retail clients.
| Instrument | Max Leverage |
|---|---|
| Major FX Pairs | 30:1 |
| Minor FX Pairs | 20:1 |
| Major Indices | 20:1 |
| Commodities (excl. Gold) | 10:1 |
| Gold | 20:1 |
| Individual Equities | 5:1 |
| Cryptocurrencies | 2:1 |
Investor Protection
The Financial Services Compensation Scheme (FSCS) covers up to GBP 85,000 per eligible person per firm if an FCA-regulated broker fails. This is significantly higher than the EUR 20,000 offered by most EU compensation schemes.
How to File a Complaint
The Financial Ombudsman Service (FOS) handles complaints that cannot be resolved directly with the broker. FOS decisions are binding on the firm and free for consumers.
Brokers Regulated by FCA
These brokers hold a license from FCA and serve EU clients under its regulatory oversight.
Min Deposit
None
EUR/USD
0.0 pips
Max Leverage
30:1
Pepperstone is a BaFin-regulated broker offering razor-sharp spreads, zero minimum deposit, and excellent execution across MT4, MT5, cTrader, and TradingView.
Min Deposit
$50
EUR/USD
1.0 pips
Max Leverage
30:1
eToro is the world's leading social trading platform, letting EU traders copy successful investors while also offering commission-free stock trading alongside forex.
Min Deposit
None
EUR/USD
0.6 pips average
Max Leverage
30:1
IG is the world's oldest and most trusted retail broker, offering 17,000+ instruments, a BaFin-regulated EU entity, and an award-winning proprietary platform.
Min Deposit
None
EUR/USD
0.6 pips
Max Leverage
30:1
Saxo Bank is a fully licensed Danish bank offering 72,000+ instruments including real stocks, bonds, and futures via its award-winning SaxoTrader platform.
Min Deposit
None
EUR/USD
0.7 pips average
Max Leverage
30:1
CMC Markets is a FTSE 250-listed broker with 35+ years of experience, offering 12,000+ instruments and an award-winning proprietary trading platform.
Min Deposit
€100
EUR/USD
0.8 pips typical
Max Leverage
30:1
Plus500 is a publicly listed broker focused on simplicity, offering CFD trading with no commissions and an easy-to-use proprietary platform for casual EU traders.
Min Deposit
None
EUR/USD
0.6 pips average
Max Leverage
30:1
OANDA is a veteran forex broker since 1996, known for transparent pricing, flexible lot sizes, excellent research tools, and a long track record of reliability.
Min Deposit
$100
EUR/USD
0.0 pips
Max Leverage
30:1
Forex.com, owned by NASDAQ-listed StoneX Group, offers competitive raw pricing from 0.0 pips, CySEC regulation, and a solid all-round trading experience.
Min Deposit
$10
EUR/USD
0.0 pips
Max Leverage
30:1
Exness is a CySEC-regulated broker with ultra-tight pricing, instant withdrawals, and one of the highest monthly trading volumes in the industry ($4T+).
Min Deposit
€100
EUR/USD
0.0 pips
Max Leverage
30:1
Tickmill offers the lowest raw spread commissions in the industry ($2/lot/side), dual CySEC+FCA regulation, and solid execution for serious EU forex traders.
Min Deposit
€25
EUR/USD
0.0 pips
Max Leverage
30:1
Admirals (formerly Admiral Markets) is an EU-headquartered broker from Estonia, offering MetaTrader with Supreme Edition tools, real stock investing, and triple regulation.
Min Deposit
None
EUR/USD
0.1 pips
Max Leverage
30:1
XTB is a publicly listed Polish broker with an award-winning xStation platform, commission-free stock investing, and some of the best educational content in Europe.
Min Deposit
€20
EUR/USD
0.6 pips average
Max Leverage
30:1
Capital.com is an AI-driven broker offering 3,000+ commission-free instruments, an award-winning app, and FCA/CySEC regulation for EU traders.
Min Deposit
$100
EUR/USD
0.0 pips
Max Leverage
30:1
FxPro is a CySEC/FCA-regulated broker established in 2006, offering MT4, MT5, cTrader, and its own platform with ECN pricing on Raw+ accounts.
Min Deposit
$50
EUR/USD
0.0 pips
Max Leverage
30:1
Vantage is an ASIC/FCA-regulated ECN broker offering raw spreads from 0.0 pips, a $50 minimum deposit, and MT4/MT5/ProTrader platforms.
Min Deposit
None
EUR/USD
0.0 pips
Max Leverage
30:1
ThinkMarkets is an FCA/ASIC-regulated broker with the award-winning ThinkTrader platform, zero minimum deposit, and competitive Standard account pricing.
Min Deposit
None
EUR/USD
0.0 pips
Max Leverage
30:1
Axi is an FCA/ASIC-regulated MT4 specialist offering raw spreads from 0.0 pips, zero minimum deposit, and integrated copy trading.
Min Deposit
$100
EUR/USD
0.0 pips
Max Leverage
30:1
Eightcap is a triple-regulated broker (ASIC/FCA/CySEC) offering raw spreads from 0.0 pips, TradingView integration, and one of the largest crypto CFD selections.
Min Deposit
$1000
EUR/USD
1.3 pips
Max Leverage
30:1
Swissquote is a FINMA-regulated Swiss bank listed on the SIX Exchange, offering 3M+ instruments with banking-level fund protection up to CHF 100,000.
Min Deposit
None
EUR/USD
0.1 pips
Max Leverage
30:1
Interactive Brokers is a NASDAQ-listed professional brokerage offering the lowest margin rates, 150+ global markets, and the most comprehensive regulatory coverage in the industry.
Min Deposit
$50
EUR/USD
0.2 pips
Max Leverage
30:1
FXCM is an FCA-regulated veteran broker since 1999, offering the Trading Station platform, active trader pricing, and strong API access for algorithmic traders.