The best FCA-regulated forex brokers
Pepperstone is our top FCA-regulated forex broker for UK traders: it scores 92/100, holds FCA licence 684312, publishes a 0.1-pip average Razor spread on EUR/USD (August 2026) and supports MT4, MT5, cTrader and TradingView. IG is the pick if you want a London-headquartered broker founded in 1974, Interactive Brokers for the lowest commissions, and Tickmill and Eightcap for low-cost raw accounts. All figures were verified November 2026.
Our picks
- Pepperstone: best overall, with published average spreads, every major platform and no minimum deposit.
- IG: three FCA licences, a FTSE 100-listed parent and the widest platform choice, but spread-only pricing.
- Interactive Brokers: interbank pricing from about $4–5 round turn per 100k, but no MetaTrader.
- Tickmill: $6 round-turn commission, among the lowest we track, with a London office.
- Eightcap: FCA licence plus TradingView and TradeLocker, with no inactivity fee.
FCA broker comparison
| Score | FCA number | EUR/USD cost | Min deposit | UK retail leverage | |
|---|---|---|---|---|---|
| Pepperstone | 92/100 | 684312 | Razor avg 0.1 pips + $7 RT; Standard avg 1.1 pips | $0 | 30:1 |
| IG | 91/100 | 195355, 114059, 944492 | Spread-only from 0.6 pips (no current average) | $50 by card | 30:1 |
| Interactive Brokers | 90/100 | 208159 | Interbank quotes + 0.20 bp per side (about $4–5 RT per 100k) | $0 | Not in our data |
| Tickmill | 84/100 | 717270 | Raw from 0.0 pips + $6 RT | $100 | 30:1 |
| Eightcap | 83/100 | 921296 | Raw from 0.0 pips + $7 RT | $100 | 30:1 |
What FCA regulation means for UK clients
Every broker on this list runs an FCA-regulated entity, and several also run offshore entities with much higher leverage. Our data confirms that UK clients are covered by the FCA entity and the 30:1 retail leverage cap at Pepperstone ("clients in the UK, EU and Australia are covered by their local regulator and 30:1 leverage caps"), IG (30:1 retail in the UK, EU and Australia) and Tickmill ("UK and EU clients are covered by the FCA and CySEC"). Eightcap lists 30:1 under its ASIC, FCA and CySEC entities, but its global site points to offshore entities, so confirm which one holds your account. Our data does not record a UK leverage figure for Interactive Brokers; its listed 50:1 applies to US clients.
1. Pepperstone: best FCA broker overall
Pepperstone ranks first in our methodology. Besides the FCA, it holds ASIC, CySEC and DFSA licences. Its Razor account averaged 0.1 pips on EUR/USD in August 2026 with $7 round-turn commission on MT4/MT5 and $6 on cTrader, and there is no minimum deposit.
Drawback: some international sign-ups may be placed with the offshore Bahamas entity, so check that a UK account is opened with the FCA entity. It does not publish an instrument count.
2. IG: best for a UK-headquartered broker
IG (91/100) was founded in London in 1974 and is part of a FTSE 100-listed group. It holds three FCA licence numbers and is also regulated by BaFin, ASIC, FINMA, MAS and others. Platforms include IG web and mobile, TradingView, MT4, MT5, ProRealTime and L2 Dealer, and the minimum deposit is $50 by card.
Drawback: there is no raw-spread forex account for retail clients, and the latest published EUR/USD average dates from 2021. Compare it in IG vs Pepperstone.
3. Interactive Brokers: lowest commissions
Interactive Brokers (90/100) scores 35/35 on regulation and holds FCA licence 208159 alongside US, Irish, Australian and Asian regulators. It prices forex from aggregated interbank quotes plus 0.20 basis points per side, about $4–5 round turn per 100k, with a $0 minimum.
Drawback: there is no MT4 or MT5, Trader Workstation has a steep learning curve, and the NFA fined it $250k in 2023 for retail FX supervisory failures. See OANDA vs Interactive Brokers.
4. Tickmill: low raw-account commission
Tickmill (84/100) charges $6 round turn on its Raw account, with spreads from 0.0 pips and a $100 minimum. It lists offices in London and Limassol among others, and supports MT4, MT5, TradingView and Tickmill Trader.
Drawback: it publishes no average spreads, its range is narrower (180+ instruments), and global clients are usually served by its Seychelles entity with leverage up to 1:1000.
5. Eightcap: FCA plus TradingView and TradeLocker
Eightcap (83/100) holds FCA licence 921296 alongside ASIC and CySEC. Its Raw account is from 0.0 pips plus $7 round turn, the minimum is $100 and it charges no inactivity fee.
Drawback: it publishes only minimum spreads, and its global site footer lists only offshore entities (Bahamas, Seychelles, Mauritius). See Pepperstone vs Eightcap.
Worked example: margin and cost on 1 lot EUR/USD
At the 30:1 FCA retail cap, opening one standard lot of EUR/USD (100,000 euros) needs at least €3,333.33 of margin (100,000 ÷ 30). The same position offshore at 1:1000 would need €100, which is why offshore entities expose you to much larger losses relative to your deposit.
On cost, a pip on one lot of EUR/USD is worth about $10. Pepperstone's 0.1-pip average plus $7 comes to about $8 round turn on MT5, or about $7 on cTrader. Interactive Brokers' commission is about $4–5 per 100k round turn before the interbank spread, which our data does not quantify. Check margin for other sizes with the margin calculator.
FCA-regulated brokers we did not pick
OANDA (86/100) holds FCA licence 542574, but the costs and leverage in our data apply to its US accounts (a 1.4-pip average spread or $14 round turn on core pricing), so we cannot compare its UK pricing fairly. IC Markets and XM do not list an FCA licence in our data.
How we chose
We filtered our ranked brokers to those whose regulators include the FCA and ordered them by WizardTrader score, which weighs regulation (35), costs (25), platforms (15), access (10) and track record (15). See the methodology.
What to check before you open an account
- The FCA number on your agreement. Confirm your account is with the FCA-regulated entity, not an offshore one.
- Leverage offered. If you are offered more than 30:1 as a UK retail client, ask which entity you are with.
- Average spreads. Prefer published averages over "from" figures.
- Platform fit. Interactive Brokers has no MetaTrader; IG has no raw account.
New to this? Read how to choose a forex broker and leverage and margin explained.
Sources
Provider data on this page was verified November 2026 against these sources:
Pepperstone
- Pepperstone: licensing and regulation
- Pepperstone: trading accounts
- Pepperstone: who we are
- Pepperstone Financial Services Guide (PDF)
IG
Interactive Brokers
Tickmill
Eightcap
Trading involves substantial risk of loss and is not suitable for everyone. CFDs and leveraged forex can lose you money rapidly, and you can lose more than you expect if you size positions badly. Past performance does not guarantee future results. This page is general information, not financial advice. Rankings are editorial and not paid. Read our risk disclaimer and advertiser disclosure.