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CMC Markets

CMC Markets is an FCA UK Regulated & Publicly Traded CFD & Spread Bets Broker offering the MT4 Platform, No Minimum Deposit & Tight Spreads

IG Markets

IG Markets UK is an FCA regulated firm that offers CFDs & Spread Bets on several instruments

Oanda

Oanda is an FCA & ESMA Regulated CFD & Spread Bet Provider with No Minimum Deposit & Guaranteed Stop Loss

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⚖️Is Forex Trading in UK Legal? Yes
⚖️Forex Trading Regulator Financial Conduct Authority (FCA) UK
📅 Date Established 2013
Investor Protection Financial Services Compensation Scheme (FSCS) up to 85,000 GBP
No. of FCA Licensed Forex Brokers in UK 15+
💰Average OTC FX Turnover for UK 2022 (BIS Survery) 3.755 Trillion USD

What is Forex Trading & How Does it Work in the UK?

Forex Trading is when you try to make profit from predicting if the exchange rate of a currency will rise against another currency.

To trade forex you pair two currencies together (example GBP/USD) & if you think the exchange rate of the pair will rise, you place a buy order for a specific quantity, to profit if you are right.

On the flip side if you think the exchange rate will fall, you place a sell order to benefit from the fall.

To be able to trade forex in the UK, you need to use the services of a forex broker whose function is to provide you the trading software, liquidity & enabling environment needed to trade.

Forex trading in the UK is totally legit & is regulated by the Financial Conduct Authority (FCA) UK.

If you trade with an FCA licensed broker you are eligible for compensation up to 85,000 GBP if you suffer pecuniary losses due to broker bankruptcy etc.