Two broker websites can look almost identical to a new customer. The name in the paperwork may be different, though, and that name decides which regulator, protections and complaint route matter.
What this comparison can and cannot answer
This is a contract-first comparison for UK residents considering retail forex or CFD services. It can help you identify the company, regulator evidence, document set and complaint path that you should check.
It does not tell you which broker is “best”. It does not compare live spreads, execution quality, platform preference or expected returns. Those questions need current product documents and, where appropriate, personal financial advice. This article also does not cover investment shares or ISA accounts. Keep those products separate from a CFD account when you read the paperwork.
The first question is: which company will contract with you?
A brand can operate through several companies. The website may use one familiar name while the agreement lists a different legal entity. Your country of residence, the product you select and the customer classification can affect that route. Our guide to how brokers route different countries to different entities explains the wider pattern before you compare these two UK routes.
Use the table as an identity check. The last two columns matter as much as the regulator number: they stop a reader from treating a register entry as a promise about service or compensation.
| Brand | UK legal entity to verify | Official identity evidence | Document to open | What the check proves | What it does not prove |
|---|---|---|---|---|---|
| XTB | XTB Limited | FCA FRN 522157; company number 07227848 | XTB legal information and the current UK terms linked there | The named UK company and its published FCA identity | That your application will use this entity, or that the account will be suitable for you |
| Pepperstone | Pepperstone Limited | FCA FRN 684312; company number 08965105 | Pepperstone UK legal documents | The named UK company and its UK document set | That a non-UK route or professional account has the same protections |
Write down the full company name, the register number, the exact website you used, the agreement title and the version or date shown. If the payment recipient, email domain or agreement uses another company name, pause and ask the broker to explain the difference in writing.
For a deeper entity check, see XTB’s country-to-entity evidence and Pepperstone’s contract-first entity check. Those pages follow the same evidence fields, but they should not replace the agreement you receive during your own application.
What UK retail CFD rules set at minimum
The Financial Conduct Authority’s CFD guidance describes rules for firms offering CFDs and rolling spot FX to retail consumers. The published framework includes leverage limits between 30:1 and 2:1 depending on the underlying asset, a 50% margin close-out rule, protection intended to stop a retail client losing more than the funds in the CFD account, restrictions on inducements and a standardised risk warning.
Those are regulatory requirements for an eligible retail route. They are not a blanket promise that every account, product or dispute will be treated the same way. Check the account classification and the terms shown during your own application.
The classification trap: retail, professional or another regional entity
The FCA warns consumers to check the terms and conditions to establish the actual entity they will contract with. It also warns that an overseas firm with a similar trading name may not provide the same UK protections.
Professional classification deserves its own check. The FCA says that consumers who opt up to professional status can lose some protections that retail customers otherwise receive. Pepperstone’s UK legal page also separates information for FCA professional clients, such as tiered margins. Do not infer that a higher leverage offer is an upgrade. First confirm what protection you give up and where the agreement says the change applies.
Record the words used in your onboarding screen and the agreement: “retail”, “professional”, or another classification. If the route changes after you register, save both versions and ask why.
Complaint route: start with the firm named in the agreement
A familiar logo cannot decide where a complaint goes. The legal company in your contract and the service you received determine the first route.
- Save the agreement, regulator record, account statements, transaction IDs, funding receipts and support messages.
- Send a clear written complaint to the firm named in the agreement. Describe what happened, the date, the amount or transaction involved and the outcome you want the firm to review.
- Keep the firm’s final response. The Financial Ombudsman Service says most financial businesses have up to eight weeks to investigate a complaint. Some fraud, scam and payment-service complaints have a shorter 15-day rule.
- If the response is unsatisfactory, check whether your case and account are eligible for the Financial Ombudsman Service. The service says a complaint normally needs to be brought within six months of the date on the final response.
- If the issue concerns a clone or an unauthorised firm, use the FCA warning and reporting route. That is different from the ordinary complaint path for an authorised firm.
Do not treat FSCS as an automatic refund
The Financial Services Compensation Scheme says protection depends on the provider, the activity and the product being authorised and regulated. Its investment page lists compensation of up to £85,000 per eligible person per firm for firms that failed after 1 April 2019, but it also says poor investment performance is not covered.
That is why an article should never turn an FCA number or an FSCS limit into a promise. Ask the firm to confirm whether the specific activity and product in your account are covered, then keep that answer with your agreement.
A ten-minute check before you fund an account
Use this list for either broker. The aim is to create a small evidence trail you can understand later, especially if the website or terms change.
- Open the exact domain used during your application. Do not rely on a saved advert or a lookalike link.
- Read the footer and legal notice. Copy the full contracting company name.
- Search that company and its FRN in the FCA Financial Services Register. Save the record URL and the date checked.
- Open the country-specific client agreement. Note the document title and version or date.
- Confirm whether the account is retail or professional. Save the classification screen if it changes.
- Find the wording for client money, negative balance protection, margin close-out, leverage and withdrawals.
- Find the complaints email or address and the escalation wording.
- Ask the firm whether the activity and product are eligible for FSCS and FOS protection. Save the reply.
- Compare the legal company name with the payment recipient, email domain and account dashboard.
- Stop if a name, domain, register record or document does not match. Ask for a written explanation before funding.
What still needs checking when this article is updated
Regulatory records, agreements, risk warnings, compensation rules and complaint deadlines can change. Recheck the entity, FRN, agreement version, customer classification and product scope before publishing or relying on an updated comparison.
For this review, the XTB UK Terms of Business PDF available through the official site was dated 22 January 2024. It is a document example, not a permanent current version. The current XTB legal information page should be opened again at the time of use. Pepperstone’s UK page lists its current legal documents and states that the documents vary by entity and applicable regulation.
Bottom line
XTB and Pepperstone should be compared as legal-entity routes, not just as brand names. The route you can independently match is the route you can document: company, FCA record, agreement, customer classification, protection wording and complaint path. If one of those pieces is missing or inconsistent, the practical decision is to pause and verify it before sending money.
Sources checked on 11 September 2026
- XTB legal information, including the current UK legal-document links and company identity.
- XTB Limited Terms of Business PDF, version dated 22 January 2024. Recheck before relying on it.
- Pepperstone UK legal documents, including its entity-specific document notice.
- Pepperstone regulated offices, including the UK entity’s regulator, retail protection and complaint information.
- FCA contract for differences guidance, last updated 13 June 2025.
- FCA XTB clone warning, for domain and identity checking.
- FCA Pepperstone clone warning, for domain and identity checking.
- Financial Ombudsman Service: how to complain, including investigation and referral timing.
- FSCS investment protection, including eligibility conditions and compensation limits.