Trading and brokerage in the UK: Everything you need to know
Forex brokers of the United Kingdom have always had the reputation of trading authentic as well as unique products in the whole international market. Their activities are not controlled by any law. So, as long as they follow the basic rules regarding illegal monetary transactions, they are free to serve investors all over the world.
Here is everything you need to know to get the best broker in your service.
UK forex brokers are regulated by the FCA or Financial Conduct Authority. It is an autonomous agency that regulates investors and financial companies. It keeps a strict watch over all the financial companies to ensure no fraud or scams are occurring in the market. It also has the responsibility to take steps if such things happen.
Regulated brokers have to inform the FCA about their transactions from time to time to prove that they are following all rules and regulations. In case a broker shuts down, FCA provides compensation to the investors.
UK brokers have more flexibility than brokers in any other part of the world. They do not have any trading restrictions. Brokers here also create an account with only $1.
Even spread betting here is exempted from taxes and it is the trader’s duty to make sure that spread betting is considered legal in their region. These make the UK market the best for forex trading.
The government of UK is dedicated to building a transparent and faithful market and UK brokers are very liberal in providing with various funding options so that their client can withdraw or deposit their money as per their need. They accept all types of transactions such as payments made through credit card, cheques or any online payment processor.
Question of security
FCA allows the investors lodge complaints against companies in case of any dissatisfaction and also, they have strict rules regarding the safety of the investor’s money. All these together make the UK brokers maintain strict security regarding investor’s money and thus, withdrawals are done with no strings attached.
The UK has immense popularity of having best brokers. But fraud companies are always there to take advantage of this popularity and belief. Such scam companies come up with virtual addresses to prove their presence and also claim to be regulated by the Financial Conduct Authority (FCA) to be trustworthy.
To save you from stepping into such traps, FCA has an online register that allows you to go through all the companies regulated by them. Do not trust any alternative site to gather such important information. If you are scammed by a regulated company, report to the regulatory agency to take steps against it.
Top UK brokers
To be one of the bests, the brokers need to be in the business for a long time and also have a regular record providing the investor with a good experience. Here are some names of brokers that have earned a name in the UK through their service.
Fxpro, Pepperstone, XTB, FXTM, Admiral Markets, IG Markets, ADS Securities London, ETX Capital, CMC Markets are some names of the best UK regulated forex brokers. Some of these brokers are not in the UK itself but they make many deals there.
Some of these brokers are not based in the UK but they operate there. With all the above-mentioned information, you are now all set to select the best of all brokers.
The editorial unit
This article is only informative and should not be considered professional financial advice.