The clock is seriously ticking regarding the UK and its decision to trigger Article 50 and leave the EU, however you will of course be fully aware that things are not going too smoothly for the UK Prime Minister, that being Theresa May.
There seems to be a never ending list of changes being demanded but both people who fully support Brexit and those that want to remain in the EU as to the way Brexit should progress, and it would not surprise me if when March does come around the UK leaves without a deal and performs what is known as a Hard Brexit.
When a deal can be put together that both sides can agree on remains to be seen, but either way there are a huge number of laws and regulations that will need changing, and Forex trading laws are one area that will need close scrutiny.
EU Licensed Forex Brokers
As it currently stands as long as a Forex Broker is licensed somewhere in the EU, then the operator of that site can offer their services to anybody living in any other EU country, but as soon as the UK does leave the EU then it will be a case that people living anywhere in Great Britain will possibly have to look somewhere else to trade currency values.
One of the problems that the UK Government does have is changing their current laws that have been imposed onto them over the decades via the EU into UK laws, and whilst it has been suggested that is going to be very easy to do, it may not be that easy.
Changes to Forex Broker Licenses after Brexit
It will possibly be the case therefore that the Financial Conduct Authority better known simply as the FCA will have to put in place a regularity framework for the UK to adopt regarding the way they independently go on to license Forex Brokers, and that could take some time.
At the end of the day though as long as some form of regulation is put into place, either by the UK adopting the rules currently in place to such sites that the EU has or brings in a raft of laws themselves then traders will be afforded some form of protection, which is always a good thing of course
If you do live in the UK I would always urge you to ensure that any Forex Brokers you do sign up to are licensed, ideally in another European country as opposed to some far award land that doesn’t really have any regulatory system in place for licensing such sites, as that way if something does go wrong when you are trading you will have the back up of that licensing authority.