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
Up to 1:30
BaFin
CySEC
FCAPepperstone serves EU clients through its CySEC-regulated entity (part of a group also licensed by BaFin, the FCA and ASIC), offering razor-sharp spreads, zero minimum deposit, and excellent execution across MT4, MT5, cTrader, and TradingView.
73.7% of retail CFD accounts lose money.
Min Deposit
$50
EUR/USD
1.0 pips
Max Leverage
Up to 1:30
eToro is the world's leading social trading platform, letting EU traders copy successful investors while also offering commission-free stock trading alongside forex.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. A high percentage of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Min Deposit
None
EUR/USD
From 0.1 pips
Max Leverage
Up to 1:30
XTB is a publicly listed European broker (WSE: XTB) regulated by KNF, FCA and CySEC, offering commission-free stock investing and competitive forex spreads via its proprietary xStation 5 platform.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. A high percentage of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Min Deposit
None
EUR/USD
0.6 pips average
Max Leverage
Up to 1:30
IG is one of the longest-established retail brokers (founded 1974), offering 17,000+ instruments, a BaFin-regulated EU entity, and an award-winning proprietary platform.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. A high percentage of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Min Deposit
None
EUR/USD
0.6 pips
Max Leverage
Up to 1:30
Saxo Bank is a fully licensed Danish bank offering 72,000+ instruments including real stocks, bonds, and futures via its award-winning SaxoTrader platform.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. A high percentage of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Min Deposit
None
EUR/USD
0.7 pips average
Max Leverage
Up to 1:30
CMC Markets is a FTSE 250-listed broker with 35+ years of experience, offering 12,000+ instruments and an award-winning proprietary trading platform.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. A high percentage of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Min Deposit
€100
EUR/USD
From 0.8 pips
Max Leverage
Up to 1:30
Plus500 is a London Stock Exchange-listed broker offering CFD-only trading through its proprietary Plus500 Platform. No commissions & tight spreads; additional fees may apply. CFDs are complex financial products and come with a high risk of losing money rapidly due to leverage.
80% of retail CFD accounts lose money.
Min Deposit
None
EUR/USD
0.6 pips average
Max Leverage
Up to 1:30
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.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. A high percentage of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Min Deposit
$100
EUR/USD
0.0 pips
Max Leverage
Up to 1:30
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.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. A high percentage of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Min Deposit
$10
EUR/USD
0.0 pips
Max Leverage
Up to 1:30
FSAExness is a high-volume global broker with ultra-tight pricing and instant withdrawals. Holds CySEC and FCA licences but closed EU/EEA/UK retail onboarding in 2019 — available to non-EU residents only.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. A high percentage of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Min Deposit
€100
EUR/USD
0.0 pips
Max Leverage
Up to 1:30
Tickmill offers competitive raw spread commissions ($3/lot/side), dual CySEC+FCA regulation, and solid execution for serious EU forex traders.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. A high percentage of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Min Deposit
None
EUR/USD
0.0 pips
Max Leverage
Up to 1:2000
Equiti is a multi-jurisdiction broker (FCA, CySEC, UAE SCA, Seychelles FSA) offering MT4, MT5 and proprietary EQTrader, with a Premier account delivering 0.0-pip raw spreads for active traders.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. A high percentage of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Min Deposit
€25
EUR/USD
0.0 pips
Max Leverage
Up to 1:30
Admirals (formerly Admiral Markets) is an EU-headquartered broker based in Tallinn, offering MetaTrader with Supreme Edition tools, real stock investing, and CySEC + FCA dual regulation.
72% of retail CFD accounts lose money.
Min Deposit
€20
EUR/USD
0.6 pips average
Max Leverage
Up to 1:30
CMA
SCBCapital.com is an AI-driven broker offering 5,000+ commission-free CFD instruments, an award-winning app, and FCA/CySEC regulation for EU traders.
89% of retail investor accounts lose money.
Min Deposit
$100
EUR/USD
0.0 pips
Max Leverage
Up to 1:30
FSCAFxPro is a CySEC/FCA-regulated broker established in 2006, offering MT4, MT5, cTrader, and its own platform with ECN pricing on Raw+ accounts.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. A high percentage of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Min Deposit
None
EUR/USD
0.0 pips
Max Leverage
Up to 1:30
DFSAAxi is an FCA/ASIC-regulated MT4 specialist offering raw spreads from 0.0 pips, zero minimum deposit, and integrated copy trading.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. A high percentage of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Min Deposit
$100
EUR/USD
0.0 pips
Max Leverage
Up to 1:30
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.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. A high percentage of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Min Deposit
CHF 1000
EUR/USD
1.3 pips
Max Leverage
Up to 1:30
FINMASwissquote is a FINMA-regulated Swiss bank listed on the SIX Exchange, offering 3M+ instruments with banking-level fund protection up to CHF 100,000.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. A high percentage of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Min Deposit
None
EUR/USD
0.1 pips
Max Leverage
Up to 1:30
Interactive Brokers is a NASDAQ-listed professional brokerage offering highly competitive margin rates, 150+ global markets, and broad multi-jurisdiction regulatory coverage.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. A high percentage of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Min Deposit
£50
EUR/USD
0.2 pips
Max Leverage
Up to 1:30
FXCM is an FCA-regulated veteran broker since 1999, offering the Trading Station platform, active trader pricing, and strong API access for algorithmic traders.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. A high percentage of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Min Deposit
€1
EUR/USD
0.9 pips average
Max Leverage
Up to 1:30
Trading 212 is a FCA and CySEC regulated broker offering zero-commission real stock investing, CFDs, and an award-winning mobile app with a EUR 1 minimum deposit.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. A high percentage of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Min Deposit
$10
EUR/USD
0.0 pips
Max Leverage
Up to 1:30
FXTM (ForexTime) is an FCA (UK) and FSCA (South Africa) regulated broker established in 2011, offering three account tiers, structured education, and multilingual support. It surrendered its CySEC licence in 2024 and no longer serves EU retail clients.
73% of retail CFD accounts lose money.