As you probably heard, to earn from this method, you will not need to perform advanced research and calculations. Meanwhile, it can provide you with quick and significant profits. However, your results will depend on the business practices of the brokerage company chosen. Learn how to avoid scams and legal problems below.
Still, before we proceed to discuss brokerage sources operating in the United Kingdom, we must clarify certain legal issues. First, binary trading is fully legalized in this country. But you must understand that it is not regulated by the Financial Conduct Authority. According to the local law, it belongs to gambling activities, which is why it is monitored by the UK gambling commission. One must acknowledge that, as of now, the legal regulation of this sphere still requires improvement. However, due to its profound popularity, there is a good chance that this problem will get fixed very soon.
Now, how to find a suitable brokerage service offering binary options UK?
- Make sure the company serves clients from this country.
- Check if it is licensed by the UK gambling commission.
- Compare the range of available assets with offers by other platforms.
- Compare its fees with competitors.
- Analyze the payout percentages.
- Find out whether it offers any bonuses.
- Make sure its deposit and withdrawal terms are comfortable for you.
- Find feedback left by other clients on independent platforms.
To save you time and narrow your search, let us provide a list of brokers that fully comply with the UK legislation and are worth your trust and attention:
- IQ Option.
- Ninja Trader.
- Olymp Trade.
As it was mentioned above, today, binary trading is legal in the United Kingdom. Still, due to the fact that it is not monitored by the FCA, many traders hesitate whether it is worth the risk. For such cases, we would recommend you choose an alternative ― trading foreign currencies. The local legislation determines it as a financial activity. Hence, it is decently regulated. As for the platforms that offer such an opportunity, the most popular ones are FX Pro, Interactive Brokers, Admiral Markets.
In sum, although binary options are absolutely legal in the UK, there is uncertainty regarding its current status and future prospects, due to the imperfection of the legislation. However, you can safely entrust your investments to any of the binary brokers specified above.