| Online Broker | Minimum Deposit | Online Trading Platforms | Key Features |
|---|---|---|---|
| FOREX.com | £100 Minimum Deposit | MT4, Advanced Trading Platform, Web Trader Online Trading Platforms | CFD Trading With Support For Expert Advisors On MT4 & For Traders Who Execute their Own Trades On MT4, Web Trader and the Advanced Trading Platform Key Features |
| Trading 212 | £29 Minimum Deposit | Trading 212 Platform Online Trading Platforms | CFD Trading Of 150+ Forex Pairs On a User Friendly Platform Key Features |
| Plus500 | $100 Minimum Deposit | Plus500 CFD Platform Online Trading Platform | CFD Trading On A User Friendly Web Trader (and Apps) Designed For The Trader Who Executes Their Own Trades Key Features |
| Pepperstone | £200 Minimum Deposit | MT4, MT5, cTrader, TradingView Online Trading Platforms | CFD Trading & Spread Betting With Support For News Trading, Automated Trading & Traders Who Execute Their Own Trades Key Features |
| City Index | £150 Minimum Deposit | MT4, Web Trader Online Trading Platforms | CFD Trading & Spread Betting With A Wide Range And Relatively Large Number Of Markets To Trade Key Features |
| FXTM | £50 Minimum Deposit | MT4 Online Trading Platform | CFD Trading Allowing Very Small Trade Sizes & A Very Low Minimum Deposit On Its Cent Account Along With A Range Of Other Accounts Types From ECN To Pro Key Features |
| ThinkMarkets | None Minimum Deposit | MT4, MT5, ThinkTrader Online Trading Platforms | CFD Trading On MT4, Its Successor MT5 Plus User Friendly ThinkTrader & Spread Betting On MT4 & MT5 Key Features |
FCA Regulated Forex Brokers
In the table above are a selection of brokers which offer Forex trading, regulated by the Financial Conduct Authority (FCA) in the United Kingdom. Forex trading is speculating on the change in value of Forex pairs, which are traded as CFDs (Contracts For Difference) or in some cases with spread betting (specified in the Key Features box above) at the brokers in the table. In neither case does the trader own any markets, rather trades on the difference in value between the beginning and end of the trade.
CFDs and spread betting markets reference the value of the underlying markets they are based on. Thus the trader can trade a market (i.e. speculate on the change in its value) without owning it. CFDs allow high leverage, and can just as easily let the trader short a market (speculate on its falling in value) as go long (speculate on its rising in value). However increasing leverage increases risk and leverage has been limited to .
FCA regulation offers a range of protection to retail customers, including that trader's funds are held in segregated accounts along with protections stemming from the EMSA rules, such as standardised risk warnings giving the percentage of traders losing money each quarter, a stop-out level of 50% (this helps protect the capital in the trader's account from adverse moves) and limits on leverage.
One consequence of the limits on leverage is that the trader cannot normally trade with as small account size as they could previous to these rule changes, if the broker has a lowest minimum trade size of micro lots (0.01 lots). However if the brokers offers a Cent account which allows trade sizes smaller than standard micro lots, then they can still trade with smaller account sizes with lower leverage. In general through an appropriately capitalised account along with a sensible approach to leverage are approaches the trader may wish to follow.
