UK Forex Market

The forex market in the United Kingdom is one of the most developed in the world, backed by leading regulatory authorities.

The national fiat currency is the Great British pound (symbol £, code GBP), and is the world’s fourth most traded currency.

The environment within the UK for forex trading is a very healthy one, in no small part due to its capital, London.

This metropolis is one of the world’s financial headquarters with many banks already established, and an ever-growing list of regulated forex brokers.

Whether you are a forex trader residing in the UK, or you are a forex trader wanting to trade with a UK regulated FX broker, the process is essentially the same.

In addition, there are many websites and forums where you can meet up virtually or physically with other forex traders from the UK.

By default, most UK based forex brokers will have a GBP denominated account, although you can also choose from other base accounts such as the euro or US dollar.

Role of Regulation in the UK Forex Market

Due to the strict regulation in the United Kingdom, set by the Financial Services Authority (FSA) up until 2013, and now superseded by the Financial Conduct Authority (FCA), Forex trading in the UK ranks as among the best and safest.

Recent years have seen British authorities, namely the FCA, clamp down on scams and curtail overly large leverage trading.

This has dramatically shaped the landscape of retail trading in the UK.