FCA – UK Regulated Forex Brokers in Dubai – Dubai Forex Brokers
Dubai Forex Brokers
March 06, 2017
If you are in UAE, and looking one of the trusted FCA Forex broker in Dubai, Abu dhabi etc.. You will find lot of local Forex brokers, who claimed to be trustworthy and have been authorized and regulated to secure your funds but always check yourself on regulatory body website to check if they are really secure or they do have direct company and not a white label representing any regulated broker.
One of the most secure body out there to protect Forex traders in Dubai is Fincancial Conduct Authority of UK, which i could say is the most reliable regulatory body to secure assets of Forex traders. I am happy to see, lot of Forex traders in Dubai are aware of FCA UK and always opt for Forex broker, regulated by it.
FCA-UK have strict check on compliance and auditing of Forex brokers books to see, if they are doing fare enough with the traders. Recently, FCA-UK is becoming more and more strict to protect the traders and drastically measures been take in this regard. In coming months, FCA(UK) Regulated Forex brokers in Dubai will not be able to offer bonus to the clients. This is to reduce the risk for FX traders as Forex brokers lure customers to trade certain number of lots to get this bonus which
increase the risk of losing all the money, most time.
The other restriction is leverage which will be reduced by current 1:150 to 1:10 but it still not clear when it will be applied. This measure taken by FCA-UK is to make
sure that Traders will take less risk to do online trading.
As i mentioned, FCA-UK is most trustworthy regulatory body and if your Forex broker in Dubai, is regulated by FCA-UK, always make sure to check it on FCA-UK website to confirm,
you are most probably safe from any type of fraud and your funds are quite secure with FCA-UK regulated FX brokers.
How to protect yourself
FCA(UK) strongly advise you to only deal with financial firms that are authorised by them, and check the Financial Services Register to ensure they are. It has information on firms and individuals that are, or have been, regulated by us.
If a firm does not appear on the Register but claims it does, contact our Consumer Helpline on 0800 111 6768.
There are more steps you should take to protect yourself from unauthorised firms.
You should also be aware that if you give money to an unauthorised firm, you will not be covered by the Financial Ombudsman Service or Financial Services Compensation Scheme(FSCS) if things go wrong.(link is external)
(link is external)
Report an unauthorised firm
If you think you have been approached by an unauthorised firm or contacted about a scam, you should contact our Consumer Helpline on 0800 111 6768. If you were offered, bought or sold shares, you can use our share fraud reporting form.
You can see more ways to report an unauthorised firm and find out what to do if you have been scammed.