Is it legal to trade Forex in UK?

[prabhanshuraman]

Hi Guys,
Just general queries I have:
- Is it legal to trade forex in UK?
- If yes, then what need to be checked before finalising the FX broker?
- Pls suggest reliable brokers for FX trading

Looking forward for valuable suggestions.

 

[scott_miller]

1. Yes, it's legal.
2. Do you mean creating an account with a broker?
3. There are several review threads in trade2win, you can go over them and make your own decision.

 

[timsk]

Hi Guys,
Just general queries I have:
- Is it legal to trade forex in UK?
- If yes, then what need to be checked before finalising the FX broker?
- Pls suggest reliable brokers for FX trading

Looking forward for valuable suggestions.

Hi prabhanshuraman,
Without wishing to sound negative or disparaging, I would suggest that if you don't know the answer to your first question, then the subsequent two are best ignored. At least for now. The reason being that you have a mountain of research to do before even thinking about opening a brokerage account - let alone actual trading. If you're not sure where to start in that endeavor, try the second link in my signature and read all the FAQs in this forum.
Enjoy!
Tim.

 

[prabhanshuraman]

thanks guys for your responses. I wanted to have quick answer for the 1st question. It is still not clear.
I really want if someone can help in this with any link where it says, yes its legal....

looking for your help..

 

[alexaherself]

I wanted to have quick answer for the 1st question. It is still not clear.

It's legal under British law for people who live here, anyway.

My clear impression from the web is that for those living in India, for example, trading forex with margin/leverage in the UK isn't legal, under Indian law. (And that that's taken pretty seriously, so much so that it isn't even a bailable offence if people have the misfortune to be arrested for it.)

It may be that a lawyer's the best person to answer your question, and we're traders here, not lawyers.

 

[timsk]

. . .
I really want if someone can help in this with any link where it says, yes its legal...

Hi prabhanshuraman,
My understanding is exactly the same as that of alexaherself regarding trading forex in India. For anyone living and trading in the U.K., then forex is completely legal, no ifs no buts. There's nothing official that states this that I'm aware of, as laws tend to exist to highlight what is not legal as opposed to what is legal. However, look at any major U.K. brokerage firm that offers forex and is regulated by the FCA - which is a government agency. If forex was illegal, then they'd be shut down instantly. Rest assured, forex trading in the U.K. is 100% legal.
Tim.

 

[prabhanshuraman]

It's legal under British law for people who live here, anyway.

Thanks alexaherself, it helped.

It may be that a lawyer's the best person to answer your question, and we're traders here, not lawyers.

yea, i agree with this, thanks again

 

[prabhanshuraman]

For anyone living and trading in the U.K., then forex is completely legal, no ifs no buts.
Tim.

Thanks Tim. As i live in UK, so should not be any problem for me.

Now, my work starts => analysis of fx pairs :clap::clap: