More Info about UK Forex Brokers
Trading on the Forex market is a real adventure. What makes it even more exciting and interesting is the fact that the global foreign currency exchange market does not put limits, when it comes to personal preferences and needs a trader has. Thus, a trader can choose one single or several from several types of brokers an ECN, Dealing Desk and etc. Meanwhile, different brokers have also different software types MetaTrader 4 is a good example here since it is claimed to be top trustworthy and intuitive platform for trading as well as different bonus systems. Moreover some Forex brokers do not even have any bonuses, but rely on great customer support services, good spreads or additional educations categories to gain more and more clients. However, when it comes to distinguishing the different Forex brokers, still, the main criteria is the residence. Thus, we can get several new categories with different types of brokers. And in the end we have more than just a large abundance of Forex platforms to select and join. And even though there are numerous USA-based, profitable Swiss and great Cyprus brokers, the UK Forex brokers remain as the most popular and preferred ones. There are many reasons to believe in this and today we will discuss them one by one!
Specifications about UK Brokers
Just like all the rest of Forex brokers, the UK brokers have the same rules and terms and conditions, when it comes to trading with stocks, commodities, foreign currencies, precious metals and etc. They also stick to the most popular software types, as well. So, in general, Forex UK brokers do not apply any serious or obvious different options or conditions for traders. They can be differed only by their residence, which is UK in most cases and London as the most preferred one as local residence. Still, there are many awesome Forex UK brokers, which do not operate their system, trading processes and etc from London, but are quite worth it to be seen and checked out, as well. It is not useful for you to name you all the available UK brokers just because they are more than 10 or even 100. It is up to you which one will be the most suitable for your needs. However, what you can be sure about every single Forex UK broker is that it is greatly regulated. And here is the next big difference between the UK brokers and all the other brokers on the market the specific regulation, which comes from an official and controlling body based in UK, as well.
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What is The Regulation in UK Forex Brokers?
Every single UK-based broker that is officially authorized and secured with a valid license is regulated from a UK-based regulator body. Great Britain is very strict, when it comes to financial operations, gambling and especially about trading on the Forex market. For this purpose its main regulation body is established to observe and control all the brokers in UK.
Financial Conduct Authority – The regulation of Forex UK Brokers is taken by the Financial Conduct Authority. Known with the abbreviation FCA, this is actually the former FSA. Both bodies, though, do the same job, but with the new name of FCA new rules for stricter regulation were also applied. In general the FCA is a financial regulator body in UK. Even though based here, the agency works independently from the government in UK, while its funds come from the different fees the financial services industry customers pay. The FCA focuses on retail and wholesale financial services firms and it has numerous infringements to put on both regular traders as customers, as well as the financial firms that provide Forex trading services. The FCA, for instance, look for the secured protection of personal data and the money of each client! Though, on the other side, the agency can take deprive a Forex broker of its license in case of serious violations. Different fines are also established to charge the violators.
European Union – As part of the EU, UK has allowed the agencies from the Union, which are burdened with the control of the financial market services, to add their own regulation, too. So what makes the UK Forex brokers so trustworthy is also the fact that they are basically double protected from the official FCA in UK and from the European Union. EU, though, has more complex procedures, so in most cases violators are taken to the FCA, while signals are uploaded here, too.
What is The Best UK Forex Broker?
There is no particular and exact answer to this question. Different trader will point different website as the best UK Forex broker. What is more important here, though, is to find the right pack of criteria and the best options that a good and proper Forex broker in UK must have. Thus, eventually will get the best UK Forex broker and it will correspond to all of the following:
Reliability with an official license from FCA and double protection from the agency and EU
Good spreads and leverage
Interesting bonus system
Customer-friendly and intuitive software type
Perfect customer support services
Do not miss to discover the UK Forex brokers, because most of them are the best ones from the entire market at all!
Other forex brokers countries and topics:
ECN forex brokers
Swiss forex brokers
Australian Forex Brokers
Forex Brokers Canada
Forex Brokers in South Africa