Best Unregulated Forex Brokers In The UK 2026
Trading forex through an unregulated broker is a high-risk endeavour. Still, some UK traders choose them because they offer fewer restrictions, bigger leverage, or easier account setups.
Explore our list of the top unregulated brokers in the UK, based on real trading experience with foreign currencies.
Top Unregulated Forex Platforms
-
PrimeXBT provides trading services for more than 50 major, minor, and exotic currency pairs, with the benefit of margin trading and no commission fees. Our recent assessments show the platform to be fast, dependable, and well-equipped, featuring three chart types, ten timeframes, and 91 technical indicators. This makes it ideal for those employing active trading strategies.
GBPUSD Spread EURUSD Spread GBPEUR Spread Variable 0.1 Variable Total Assets FCA Regulated Platforms 45+ No Own -
Plexytrade offers a selection of major, minor, and exotic forex pairs, featuring leverage up to 1:2000 and raw spreads beginning at 0.0. This highly attractive package appeals to traders aiming to profit from small price fluctuations. Yet, the platform's weakness is its limited variety, with only 41 currency pairs, compared to over 100 forex assets available at IG.
GBPUSD Spread EURUSD Spread GBPEUR Spread 0.8 0.7 1.1 Total Assets FCA Regulated Platforms 40+ No MT4, MT5
PrimeXBT
PlexytradeSafety Comparison
Compare how safe the Best Unregulated Forex Brokers In The UK 2026 are and what features they offer to protect traders.
| Broker | Trust Rating | FCA Regulated | Negative Balance Protection | Guaranteed Stop Loss | Segregated Accounts |
|---|---|---|---|---|---|
| PrimeXBT | ✘ | ✔ | ✘ | ✔ | |
| Plexytrade | ✘ | ✔ | ✘ | ✔ |
Payments Comparison
Compare which popular payment methods the Best Unregulated Forex Brokers In The UK 2026 support and whether they have trading accounts denominated in British Pounds (GBP).
| Broker | GBP Account | Debit Card | Credit Card | Neteller | Skrill | Apple Pay |
|---|---|---|---|---|---|---|
| PrimeXBT | ✔ | ✔ | ✔ | ✘ | ✘ | ✘ |
| Plexytrade | ✘ | ✘ | ✘ | ✘ | ✘ | ✘ |
Mobile Trading Comparison
How good are the Best Unregulated Forex Brokers In The UK 2026 at mobile trading using apps or other mobile interfaces.
| Broker | Mobile Apps | iOS Rating | Android Rating | Smart Watch App |
|---|---|---|---|---|
| PrimeXBT | iOS & Android | ✘ | ||
| Plexytrade | iOS & Android | ✘ |
Beginners Comparison
Are the Best Unregulated Forex Brokers In The UK 2026 good for beginner traders, that might want an affordable setup to get started, along with good support and educational resources?
| Broker | Demo Account | Minimum Deposit | Minimum Trade | Support Rating | Education Rating |
|---|---|---|---|---|---|
| PrimeXBT | ✔ | $0 | 0.01 Lots | ||
| Plexytrade | ✔ | $50 | 0.01 |
Advanced Trading Comparison
Do the Best Unregulated Forex Brokers In The UK 2026 offer features that allow for more advanced trading strategies?
| Broker | Automated Trading | Pro Account | Leverage | VPS | AI | Low Latency | Extended Hours |
|---|---|---|---|---|---|---|---|
| PrimeXBT | ✔ | ✘ | 1:1000 | ✘ | ✘ | ✔ | ✘ |
| Plexytrade | Expert Advisors (EAs) on MetaTrader | ✘ | 1:2000 | ✔ | ✘ | ✔ | ✘ |
Detailed Rating Comparison
Use this heatmap to compare our detailed ratings for all of the Best Unregulated Forex Brokers In The UK 2026.
| Broker | Trust | Platforms | Mobile | Assets | Fees | Accounts | Support | Research | Education |
|---|---|---|---|---|---|---|---|---|---|
| PrimeXBT | |||||||||
| Plexytrade |
Our Take On PrimeXBT
"PrimeXBT suits aspiring traders interested in crypto derivatives and traditional markets such as forex and indices, all accessible via a user-friendly, web-based platform. The copy trading feature is perfect for passive traders, offering 5-star ratings and performance charts to identify suitable traders."
Pros
- PrimeXBT has introduced new trading options with the addition of tokens such as 1Inch, Aave, and Injective for exchange and investment.
- PrimeXBT offers ultra-fast execution speeds, averaging 7.12ms, making it an ideal choice for traders seeking optimal pricing during market volatility.
- Round-the-clock customer support, accessible through live chat, demonstrated outstanding performance during testing. Additionally, the comprehensive help centre offers ideal self-assistance resources.
Cons
- The absence of integration with established platforms such as MT4 restricts traders accustomed to the globally popular forex software.
- PrimeXBT operates widely in the crypto sector but without approval from a recognised regulator, significantly increasing the risk for retail traders.
- Despite enhancements, the range of approximately 100 instruments lags significantly behind competitors, such as OKX, which offers over 400 assets.
Our Take On Plexytrade
"Plexytrade has entered the brokerage market with notable features such as 1:2000 leverage, zero spreads on certain instruments, and rapid execution speeds below 46 milliseconds. Yet, the lack of regulation raises substantial worries, and its absence of research and educational resources leaves it trailing industry leaders."Christian Harris
Reviewer
Pros
- VPS packages begin at £50 monthly, yet once certain deposit levels are met, they are offered free of charge.
- Though not regulated, Plexytrade ensures client protection through negative balance safeguards and maintains safety by keeping client funds in separate accounts.
- Plexytrade provides some of the highest leverage available, reaching up to 1:2000. This option appeals to experienced traders who are prepared to trade without regulatory safeguards.
Cons
- Cryptocurrency exclusively enables both deposits and withdrawals, as Plexytrade lacks support for bank cards, wire transfers, or e-wallets.
- No social or copy trading options exist for novice traders to mimic the trades of seasoned investors, placing it behind frontrunners like eToro.
- With approximately 100 instruments, Plexytrade limits the flexibility of traders seeking diverse asset options, unlike Blackbull, which offers 26,000 securities.
How Investing.co.uk Chose The Top Unlicensed FX Brokers
We logged into each trading platform to evaluate its usability, trading conditions, and overall user experience. We checked every brokerage to confirm it is not regulated by the UK’s Financial Conduct Authority (FCA) or any recognised global regulator.
Our rankings were then built using our overall ratings which call on 200 data points, including costs, execution, platform performance, and risk controls, combined with hands-on testing by experienced FX traders based in the UK.
Should I Use An Unauthorised FX Broker?
We generally recommend British traders use an FCA-regulated forex brokerage for a secure trading experience. However, some investors choose not to. If this is you, it’s important to understand what you get, and lose, if you go down this route.
No FCA Protection
The most important thing to understand is that unregulated brokers are not overseen by the Financial Conduct Authority (FCA).
That means:
- No FSCS protection up to £85,000 if the broker collapses.
- No complaints process through the FCA to resolve issues.
- No rules force the broker to hold your funds safely.
If something goes wrong with an unregulated broker, you’re on your own. Many traders accept this risk, but it’s essential to be clear-eyed about it.
Leverage Limits
Regulated UK brokers are capped at 1:30 leverage for retail traders speculating on major pairs like GBP/USD. Unregulated brokers can go much higher – sometimes as high as 1:1000, 1:2000, or even more from our tests.
This looks attractive, but high leverage brokers cut both ways. It can boost profits, but it can also quickly wipe out your account. If you trade with high leverage, you need strict discipline.
I’ve traded with unregulated forex brokers that offered enormous leverage. At first, it felt exciting – small deposits could open prominent positions. But I learned quickly that the same leverage that doubled profits could wipe me out just as fast.
Account Setup
Unregulated forex brokers often have simpler sign-up processes. Some skip ID checks, or they allow you to deposit with cryptocurrency. This makes access fast and easy, but it also means less protection against fraud or money laundering.
If you value privacy and speed, this option may appeal to you. But if you want safety, it’s a red flag.
Deposits & Withdrawals
UK-regulated forex brokers must maintain client funds in segregated accounts and provide transparent withdrawal processes. With unregulated brokers, rules are looser.
Some common issues:
- Delays in withdrawals.
- High fees for specific payment methods.
- Restrictions on crypto payouts.
- Minimum withdrawal amounts that feel unfair.
Before you open a forex account, test small deposits and withdrawals. If money doesn’t move smoothly, that’s a warning sign.
Trading Conditions
Unlicensed FX brokers may offer features you won’t typically get with FCA-regulated ones.
These can include:
- Very high leverage.
- Attractive bonus schemes.
- Lower margin requirements.
- A wider variety of forex CFDs and exotic pairs.
- Fewer restrictions on crypto deposits.
But conditions can also work against you. Some unregulated forex brokers we’ve tested use wide spreads, slow order execution, or aggressive slippage. Without oversight, there’s little you can do if trading feels stacked against you.
Platform Choice
Most unauthorised forex brokers still use MetaTrader 4 (MT4) or MetaTrader 5 (MT5) based on our investigations. Others may run proprietary platforms. On the surface, this appears to be the same as with regulated brokers.
The difference is behind the scenes. You can’t be sure how orders are handled. Some brokers run ‘B-book’ systems, meaning they profit when you lose. With no regulator, there’s no one to check fairness.
Promotions
The FCA bans certain trading bonuses in the UK. Unregulated brokers can offer them freely – deposit matches, free credits, loyalty rewards – we’ve seen them all.
These deals may seem tempting, but they often come with strings attached. For example, you might not be able to withdraw profits until you hit huge trading volumes. Always read the fine print.
Deposit $101 or more and get an extra 101% at FreshForex
Jurisdiction
Most unregulated forex brokers are registered offshore from our analysis. Places like Saint Vincent and the Grenadines, Seychelles, or Belize are common.
What this means:
- Weak or no local regulation.
- Hard to pursue legal action.
- Company offices may exist only on paper.
Verify the broker’s registration details, but note that offshore addresses often have limited practical significance.
Risk Of Scams
Without regulation, forex scams are more common. Warning signs:
- Cold calls or aggressive emails.
- Promises of guaranteed returns.
- Pressure to deposit larger amounts.
- Vague or hidden terms and fees.
If it sounds too good to be true, it usually is. Be suspicious of any broker pushing you hard to ‘act now.’
Tax & Reporting
Even if you trade currencies with an unregulated broker, you still owe tax in the UK. Profits are taxable, regardless of whether your brokerage is based in London or offshore.
Some unregulated brokers don’t provide detailed tax reports. That means you’ll need to track trades and profits yourself to stay compliant with HMRC.
When I was trading forex with an offshore broker, I quickly noticed that they didn’t provide me with any proper tax statements. All I had were raw trade logs, so I ended up building my own spreadsheets to keep things straight for HMRC.It wasn’t impossible, but it was messy and definitely more work than I expected.
Who Controls The Funds
With UK-regulated brokers, client funds are kept separate from company funds. With unregulated forex providers, this isn’t guaranteed. Your funds might be mixed into company accounts.
If the broker encounters trouble or disappears, your money is likely to go with it. Always assume deposits with unregulated brokers are at risk.
Bottom Line
Trading with unregulated forex brokers in the UK comes with trade-offs. You might get higher leverage, faster access, and more promotions. But you lose FCA protection, face withdrawal risks, and deal with offshore companies that may not be trustworthy.
If you choose to trade currencies this way, only risk money you can afford to lose. Test withdrawals early. Keep expectations realistic. And remember – the lack of regulation is not a minor detail.