Which forex brokers are FCA regulated?
Verdict
- Pepperstone is our pick among FCA-regulated forex brokers: Pepperstone Limited is authorised and regulated by the FCA under reference 684312, with FSCS cover for eligible clients up to £85,000.
- Other FCA-authorised forex firms include Capital.com (793714), IG (195355 and 114059), CMC Markets (173730), OANDA (542574), Spreadex (190941) and StoneX Financial (446717).
- An FCA number alone isn't enough: Exness's UK company and Equiti's UK company don't take retail clients, so check who the firm will actually contract you with.
An FCA-authorised firm must follow UK retail rules, from leverage caps to client-money segregation, so it is the first filter for a UK forex trader. Below is a list of FCA-authorised forex and CFD firms with the reference numbers they publish, the cases where authorisation doesn't mean retail access, and what FCA regulation gives you in practice at Pepperstone.
Pepperstone Limited: FCA reference 684312
Pepperstone's UK business is run by Pepperstone Limited, company number 08965105, with its registered office at 27 Old Jewry in London. It offers forex as spread bets and as CFDs through Standard and Razor accounts. Razor's published EUR/USD average is 0.1 pips plus commission, while Standard averages 1.1 pips with no commission, and accounts open from £10.
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FCA-authorised forex and CFD firms, with their numbers
Reference numbers are as each firm prints them on its own site. Search the number on the FCA's Financial Services Register to confirm the firm's status and permissions.
| Firm (UK company) | FCA reference | Note |
|---|---|---|
| Pepperstone Limited | 684312 | Spread betting and CFDs |
| Capital Com (UK) Limited | 793714 | Spread betting and CFDs |
| IG Markets Ltd / IG Index Ltd | 195355 / 114059 | CFDs / spread betting |
| CMC Markets UK plc | 173730 | Spread betting and CFDs |
| OANDA | 542574 | Spread betting account offered |
| StoneX Financial Ltd | 446717 | Trades as FOREX.com UK and StoneX Trading |
| Spreadex Ltd | 190941 | UK-only firm |
| eToro (UK) Ltd | 583263 | Own platform only |
| Saxo Capital Markets UK Ltd | 551422 | No minimum deposit |
| Plus500UK Ltd | 509909 | CFDs; own platform |
| ActivTrades PLC | 434413 | Spread betting offered |
| FxPro UK Limited | 509956 | |
| HF Markets (UK) Ltd | 801701 | |
| Tickmill UK Ltd | 717270 | |
| Trading 212 UK Ltd | 609146 | No spread betting found |
FCA authorisation that doesn't mean retail access
- Exness (UK) Ltd is FCA-authorised (730729) but, per Exness's regulation page, does not offer services to retail clients.
- Equiti Capital UK Limited (528328) directs its products at professional clients and eligible counterparties only.
- Libertex's CySEC company says it is exiting the UK Temporary Permission Regime and no longer accepts UK clients.
- A group can be FCA-regulated while its offshore company serves you; the client agreement names the company that matters.
What FCA regulation gives a retail forex trader at Pepperstone
- Leverage caps: up to 1:30 on major FX pairs, 1:20 on major indices and gold.
- Negative balance protection for retail clients.
- FSCS cover for eligible clients up to £85,000, and client money held in segregated accounts at top-tier banks.
- A published loss figure: Pepperstone discloses that 73.6% of retail investor accounts lose money with it on spread bets and CFDs.
- No retail crypto derivatives, in line with the FCA's ban from 6 January 2021.
Checking a firm yourself
- Find the full company name and FCA reference in the website footer.
- Search that reference on the FCA register and match the name, address and website.
- Confirm the account you're opening is with that UK company, not an overseas affiliate.
- Read the firm's own client-money and compensation page before you deposit.
Sources
Reference numbers as published by each firm.
Is Pepperstone regulated by the FCA?
Yes. Pepperstone Limited is authorised and regulated by the FCA, reference 684312.
Does FCA regulation protect my trading losses?
No. It sets rules on leverage, client money and conduct. The FSCS covers eligible clients if a firm fails, up to £85,000 at Pepperstone, but not losses from trading.
Can an FCA-regulated broker offer 1:500 leverage?
Only to professional clients. Pepperstone offers up to 1:500 on FX to professionals; retail clients are capped at 1:30 on major pairs.
Forex CFDs and spread bets are complex and leveraged; you can lose money rapidly. FCA regulation does not protect you from trading losses. This page is not investment advice, and a firm's status can change, so check the FCA register yourself.