please can someone give me a reliable regulated broker?
as I am struggling to find one and scope markets have finished letting people trade in the uk
so my money in that account is currently stuck
Go with Tickmill or Hotforex they also offer FCA license and have pretty big customer base from UK. You are also eligible for investor compensation up to 50K Euro so I guess it should be safe option for you.
Are you saying that you’re looking for a regulated broker in the UK???
regulation is a big deal when choosing a broker , but right now all regulated brokers are not safe as like before .
people like to trade in a regulated broker for security of funds , but in practically are they really able to ensure exact security when trading ?
You can use Australian regulated brokers. Although regulation does not guarantee a no-foul play by the broker, it is important to use one that is registered. I still trade with Forexchief broker, they have no serious regulation, but they’ve superb so far. It is important to diversify your portfolio when trading with a broker with minimal regulation.
Regulation does not guarantee no foul play that’s true. Difference being is that if you do for some reason suspect foul play then at least you have the regulator to complain to in the case of a regulated broker. For some reason or the other this seems to allude people. And the regulators do indeed take action (in the US and UK anyway).
And by the way: it is a misnomer that regulation guarantees security of funds. It has very recently come to my attention that in the US the CFTC only lays down and enforces rules but they in no way guarantee security of funds. In the UK: it is a requirement for a UK regulated broker (FCA) to also be registered with the FSCS and it is the FSCS that will reimburse a client should a broker be unable to meet their financial obligation to the client (up to a maximum of £85 000 per person).
Note also that there is a difference between REGULATION and REGISTRATION. A broker can be REGISTERED within a certain country i.e. permitted to conduct business within that country BUT NOT NECESSARILY REGULATED within that same country.
Yeah this marketing ploy is often used by fraudulent brokers. They claim that they are authorised by FCA UK but it doesn’t men any serious consequences for them like working under FCA standards etc. They remain licensed and audited often by offshore entities with lax rules. But if you look for example at IB, Exness, Hotforex or Tickmill they are regulated by FCA what means they accept UK clients by FCA regulated entity which should comply with strict rules. Since the company becomes holding (group of companies) it has to keep reputation doing fair business from all of its entities.