Since you have an interest in trading Forex in the UK, you should want to confirm that it is legal for you to do so. Afterall, with your money invested, the last thing you need is troubles with legality. Lucky for you, we have done the research for you, and can safely say it is completely legal for you to trade Forex in the UK.
UK Forex trading is regulated by the Financial Conduct Authority, or FCA. This regulator is given its power by the "Financial Services and Markets Act 2000"1. This legislation defines 8 general duties of the FCA. These include:
"The FCA's strategic objective is: ensuring that the relevant markets (see section 1F) function well ... The FCA must, so far as is compatible with acting in a way which advances the consumer protection objective or the integrity objective, discharge its general functions in a way which promotes effective competition in the interests of consumers."2
The FCA website has a great resource for researching online Forex trading platforms. It can be used to search any trading company. The results will show if the firm is "authorised" or "approved".3 You can access this search engine here.
We recommend that you trade with a firm that is in good standing and regulated with the FCA. All of the companies listed at the top of our Best Forex Broker UK list are either approved or authorised by the FCA. If you're looking to start trading Forex, you should start there.
Sources: 1. About the FCA 2. Financial Services and Markets Act 2000 (F1 CHAPTER 1) 3. Search the Financial Services Register
Last updated: 03/01/2019 Disclaimer: This article does not provide legal advice. If you need legal advice, please contact an attorney directly.
