How do I check whether a CFD broker is legitimate in the UK?
Verdict
- Find the legal company name and FCA reference number on the broker's website, look them up on the FCA's register, and check that the name, address, website and phone match; Pepperstone, our top UK pick, passes on every point.
- Pepperstone's UK accounts are held by Pepperstone Limited, company 08965105, FCA reference 684312, at 27 Old Jewry, London EC2R 8DQ.
- An FCA number alone is not enough: some FCA-authorised firms do not serve retail clients at all, so confirm the firm can take you on as a retail client.
- Offers of crypto CFDs or leverage above 1:30 on major currency pairs to a UK retail client are red flags.
Clone firms copy real brokers' names and FCA numbers, so a logo and a licence number on a website prove little. The checks below take about ten minutes, and we have worked each one through with Pepperstone so you can see what a clean result looks like.
Pepperstone, checked step by step
The footer of pepperstone.com/en-gb names Pepperstone Limited, registered in England and Wales under company number 08965105, authorised and regulated by the FCA under reference 684312, with a registered office at 4th Floor, 27 Old Jewry, London EC2R 8DQ. It shows the FCA-style risk warning with a firm-specific loss figure (73.6% of retail accounts lose money on its spread bets and CFDs). Its client-protection page says money is segregated at top-tier banks and that eligible clients are covered by the FSCS up to £85,000. Those are the details you should be able to find, and match, for any UK broker.
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Seven checks for any UK CFD broker
- Find the exact legal entity name and FCA reference in the website footer or client agreement.
- Search the FCA's Financial Services Register for that reference and confirm the name, address, website and phone number match what you were given.
- Use only the contact details shown on the register; clone firms often supply their own.
- Confirm the firm's permissions cover dealing with retail clients in CFDs or spread bets.
- Check which compensation scheme applies and to whom; Pepperstone names the FSCS for eligible clients.
- Make sure deposits go to an account in the firm's name; Pepperstone does not accept third-party payments, and neither should you send them.
- Make a small deposit and a withdrawal before funding fully.
Authorised, but not for you
Some well-known brands hold an FCA authorisation that does not cover ordinary retail traders. Exness (UK) Ltd is FCA-authorised (730729) but states it does not offer services to retail clients, and Equiti Capital UK (FRN 528328) directs its products at professional clients and eligible counterparties only. If you are a retail client and the UK company will not take you, any account you open will be with an offshore company, under different rules.
| Brand | UK company | FCA reference |
|---|---|---|
| Pepperstone | Pepperstone Limited | 684312 |
| Capital.com | Capital Com (UK) Limited | 793714 |
| IG | IG Markets Ltd (CFDs) / IG Index Ltd (spread bets) | 195355 / 114059 |
| CMC Markets | CMC Markets UK plc | 173730 |
| FOREX.com and StoneX Trading | StoneX Financial Ltd | 446717 |
Red flags
- Crypto CFDs offered to you as a UK retail client: the FCA has banned them for retail since January 2021.
- Leverage above 1:30 on major FX for a retail account.
- Pressure to deposit quickly, or requests to pay a third party or in crypto to a personal wallet.
- Contact details that differ from those on the FCA register.
Sources
Entity details as published by the firms, and the FCA's retail crypto rule.
Is Pepperstone legitimate in the UK?
Yes. Pepperstone Limited is authorised and regulated by the FCA (684312), and eligible clients are covered by the FSCS up to £85,000.
What is a clone firm?
A scam that copies a real firm's name, FCA number or website. Contact the broker only through details listed on the FCA register to avoid one.
Does FCA regulation mean I cannot lose money?
No. Regulation governs how the firm treats you and holds your money; trading losses are still yours, although retail negative balance protection caps them at your balance.
Checking a broker's authorisation reduces the risk of fraud, not the risk of trading. CFDs and spread bets are complex and leveraged and can lose you money rapidly. Not investment advice.