If best brokers uk forex to trade forex, you need a trustworthy broker. A good starting point is to look for a regulated broker in the UK, as the country’s Financial Conduct Authority enforces strict rules that protect traders from scammers. However, a license from the FCA doesn’t guarantee safety, so you should always do further research before committing to any broker.
London accounts for more foreign exchange, or forex, trading volume than any other city in the world, so it makes sense that many forex brokers are based here. Ideally, you’ll want to choose a London-based forex broker to ensure that you’re dealing with a reputable company. However, you should be careful with brokers that claim to have an office in the capital because there are a lot of scammers in the business.
Choosing Wisely: Best Trading Platform in the UK
To verify that a regulated broker is truly safe to work with, you can search the FCA’s register for companies by name or reference number, which you’ll find on their website. Once you’ve found the relevant entry, you can see whether they are a licensed broker, their disciplinary record and more.
Keep in mind that the FCA doesn’t cover every type of investor, so if you’re looking for protection against loss due to broker default, you should check the details of the Financial Services Compensation Scheme. The FSCS covers retail clients only and has a cap of £85,000. You can read more about the compensation scheme on the FCA’s website.
