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Forex Brokers Awaiting Brexit Regarding Regulatory Changes

August 1, 2018 August 2, 2018 James Anderson

It will not have escaped your notice that the Brexit negotiations are not going as expected, and with the UK expected to leave the EU in one form or another this coming March, those negotiations should be moving forward at a much greater pace that they are currently doing.

One major stumbling block however is regarding the financial service sector, and Forex Brokers around the globe are being forced to adopt a wait and see approach as to whether there are going to be any immediate changes in the way their online operators are regulated and licensed too.

The main problem as it stands is that as long as a Forex Broker holds a license to operate in one EU member state country, then they are legally permitted to operate and offer their services in any other European country, but all that could change in 2019. There are also fears of job losses in the financial service sector too.

However, it does appear that the UK prime Minister Theresa May is extremely eager to ensure the very smooth transition of all financial service companies after Brexit, but that may not be the case which could result in the Financial Services Commission (FCA) in the UK having to take over the licensing and regulation of such companies offering their services to UK based customers.

Ensuring Trader Funds are Protected

One of the main attractions of a fully licensed and regulated Forex Broker for traders is that they do have the peace of mind in knowing that their trading funds deposited into such a site or platform are safe and accessible at all times.

That is due to the regulators requiring the operators of such sites to ring fence their traders funds at all times, which is usually done by them keeping those funds in a segregated bank account, away from that company’s main bank account.

Trader Self Audit Facilities

Another major benefit for Forex traders of using a licensed and regulated Forex Brokers trading platforms that being either ones that available online or via a trading app, is that they can of course access their trading logs.

By doing so they are going to be able to see when any trades they placed were placed, the value of those trades and also see the current status of any pending and open trades and also whether their closed and expired trades have also been settled too, which is something all traders will of course be eager to know.

About The Author

James Anderson
James Anderson is tasked with testing out and then reviewing all new Forex Broking sites and apps that go live and launch, and as such do keep your eyes on his regular reviews and updates if you are looking or somewhere new to trade currencies online.

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