I think that where he said “regulations changed recently,” he’s maybe referring to their internal regulations, not to FCA regulations? I certainly know people who are neither British nor UK-resident who have FCA-regulated accounts, and both the FCA and Financial Ombudsman websites specify that you don’t need to be British or to live in the UK, to be protected by them.
I see
Which brokers are they using ?
This I don’t know, but I’ll find out and let you know (asking them probably by email, so it might take a day or two, sorry).
Thank you, I would really appreciate it.
Looking for to hear from you.
I wouldn’t go so far as to say it is “safe”. But I think they are safer than a broker solely regulated off-shore.
To my knowledge, these larger, multinational brokers set up offshore entities for the specific purpose of meeting the needs of traders outside of the regulatory authorities’ limitations or for those traders not allowed to trade with their main regulated entities. This is entirely different to a company setting up offshore simply to avoid regulations and responsibilities!
In addition, if such an offshore company were to be found guilty of fraud or other manipulation of traders’ funds then it would surely reflect badly on their core regulated entities and raise some eyebrows and questions in their regulatory authorities.
However, ultimately they are offshore and if they get into difficulties then you have no additional security other than the company’s overall reputation and goodwill.
As @SovoS wrote, it is safer solution, the biggest value each company is…brand , logo, opinions about company, you need time and a lot of cash to build it. Good brokers with long history ( especially before market crash in 2015) wants to spread services not steel cash from their clients.
Even i am extremely curious to know which broker allows a non UK resident to open an account under FCA regulation.
Darwinex, I am from Poland
This information is surely easily available from the FCA? They exist in order to serve the public and they certainly have a reputation for being approachable and cooperative. Have you asked them?
Would be great to know which brokers under FCA accept people out of UK. I’ll register immediately.
I’ll post again when I have more info, but meanwhile it might be worth asking Oanda whether they will let you open an FCA-regulated account? I have no idea what the answer will be, sorry (but it’s a good broker).
Sorry to hear it. I didn’t even know that account-opening from Turkey was a problem at all. That’s very bad.
I hope you can resolve it, somehow, but I have the feeling that my friends abroad may both be using Oanda (as some successful traders do when they need to trade a counterparty CFD for some reason).
Guess, I gotta work with off shore regulatories then. All of the brokers that I have an account with won’t let me go under their FCA or ASIC entity.
This is very bad. Turkey is not Iran or Nigeria!!!
Are you sure that your account is registered under their UK FCA regulation and not any other regulatory body?
I believe Darwinex is regulated by multiple regulatory bodies, including Financial Services Authority (FSA) of Seychelles with number SD171
Regardless of what the regulatory body claims or states on their website, I havent come across any Broker regulated under FCA, offering a trading account to a non UK resident under the FCA regulation.
Since you mentioned that some of your friends who are non UK residents have an account under the FCA regulation with some brokers, i am just curious to know the names of the brokers.
I will be happy to open an account under FCA regulation if a broker can facilitate it for a non UK resident.
Is your broker under regulated in your country?
How does it help you if you’re living in Turkey under ASIC, and how can ASIC protect you from being scammed?
I had an account in tickmill under their FCA entity, due to low funds and low leverage, I wanted more leverage ( at the time, I really didn’t understand the importance of regulations ) so I changed to their Seychelles entity by deleting the FCA account.
fast forward 3 days ago. I tried to open an account with their FCA entity again. they told me that they don’t do it anymore…