Forex Trading In the UK
As with most countries in Western Europe, forex trading has seen a significant increase in popularity across the UK over the past few years. Forex trading is legal in the UK and brokers offering brokerage services to the residents of the UK need to be regulated by the Financial Conduct Authority (FCA) – https://www.fca.org.uk/
If you want to learn more about forex trading and how it works , click here to visit our Beginners Guide to Forex.
By trading with a regulated broker under the FCA, investors have the benefit of protecting their funds under the FSCS (Financial Services Compensation Scheme). All FCA regulated brokers are required to be a member of the FSCS. The aim of this scheme is to compensate traders of the loss of the money, in the event the broker runs into insolvency issues. Under the FSCS, traders are guaranteed protection up to a maximum amount of £50,000. In the event of liquidation, traders will receive 100% of their money up to £30,000. Above £30,000, they will get to receive a maximum of 90%.
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Forex Regulation in the UK
The Financial Conduct Authority is the regulatory body for all financial services and activities in the UK. It was established in 2013 and acts independently from the UK governement bodies. Nevertheless, it is not absolutely required to get authorization from the FCA, in order to offer financial services and forex trading to the residences of the UK. Many offshore and EU regulated brokers offer services to the residents of the UK.
Best Forex Brokers In the UK
All brokers listed on our website are regulated by at least one financial regulator and have never been reported as a scam. We analyze more than 3000 data points across 8 key focus areas.
Our reviews are a combination of data research and working along side with the brokers. All information povided by the brokers are double checked to guarantee 100% accuracy and that we remain unbiased.