How Familiar You Are With UK Forex Brokers?
You must be more than just excited or fascinated by the huge abundance of Forex brokers to choose from and to discover new things in. Indeed, having so many options, when it comes to picking up the best trading platform is a totally great privilege that offers you so many amazing ways to discover new features, modern bonuses and addition extras in the adventure of being a regular member of the financial market. There are many different things that distinguish a Forex broker by the rest of brokers in the field. Some experts differ them by the fact what kind of a platform they represent – Marker Maker, ECN, Social Forex brokers and etc and etc.
Though, the standard criterion in distinguishing of a broker is its nationality or to be more specific – the country they are registered and based in. Thus, today we are familiar with the most common countries, where trading platforms are usually situated – UK, USA, Canada, Switzerland and etc. But to be clear from now, note that UK Forex brokers are claimed to be the most popular brokers today. And in addition to this, they are also the most preferred ones. Last, but not least, UK brokers seem to become the largest group of trading platforms these days. But how familiar you are with these so common and favorite Forex trading websites? Fill the gaps with our tips and explanations now!
Let`s say it from the beginning, so there will be no misunderstanding later for you – UK Forex brokers are completely normal and standard trading platforms. They have the same features and extras we usually examine in our detailed and helpful Forex broker reviews – such as availability of bonus system, several or only one single trading platform, certain characteristics like spreads, pips, deposit methods, list of trading instruments and etc.
What Are UK Forex Brokers in General?
Meanwhile, though, the thing that differ the Forex UK brokers is the fact they are based in Great Britain – in most cases in London. However, this does not mean that other traders, who are not based in UK cannot trade here. On the contrary, as a matter of fact Forex UK brokers usually do not have some certain nationality-based restrictions for the trading community and mostly, every trader can actually trade here. The only exception is the group of USA traders, who are, though, restricted to join almost any kind of a trading website as a tradition, because the American laws are very strict and harsh to all kinds of activities that are somehow connected with gambling. It is not a secret, on the other side, though, that if you search harshly, you might even find UK Forex brokers, which do accept USA traders, as well. However, keep in mind that these websites aren’t many.
The Specifications About The Regulation in UK Forex Brokers
The next general distinguishing feature for brokers in general is their regulation. The regulation, on the other hand, is strictly linked to the nationality. Thus, the UK Forex brokers distinguish from the rest of the brokers by their particular type of a regulation, which in most cases is either double, or even triple. The regulation in Forex trading in general is a complex and constant process that is executed by a certain agency – either government or independent – which agency keeps the safety and the security on the trading website in a best level. The UK regulation, meanwhile, is well-known as very solid, reliable and trustworthy. And to understand this part of Forex websites in details, find out now the different regulation bodies that control the safety feature on UK Forex brokers:
Financial Conduct Authority
Known with the abbreviation FCA, the Financial Conduct Authority is the official regulation body for the UK Forex brokers. This is also the ex-FSA and if you have ever heard, keep in mind that their structures and main work are completely the same. Being the official financial regulator body in UK, FCA 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 companies. The actions that Financial Conduct Authority put into force can be oriented to both – the customers and the UK Forex brokers. FCA has the duty to give licenses for operating on the Forex market to brokers, as well as to punish any form of violation. The agency also accepts signals from the customers in case they find themselves in a fraud by a broker based in UK. Last, but not least, the main focus of the regulation body is the safety of personal data that traders provide, as well as security for all the financial transactions.
Being an official country member of EU, UK takes the additional safety measures by the Union, as well. 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. Note that EU has also its own specific procedures for keeping the security in UK Forex brokers, too, and sometimes the Union can even charge the different trading websites in case of giant violations. Still, the main job of EU is to give recommendations to UK Forex brokers!
Do not hesitate to discover the welcoming and full of great trading surprises UK Forex brokers! Join any of them now and you will not regret at all!