It is a fact that the UK is considered a well-regulated trading platform. But when it comes to the binary options in the UK trading, some traders may face some challenges. Because in the years preceding 2015, the UK government declared this as a form of gambling. But that doesn’t mean you can trade binary options in the UK.
If you think Where can I trade binary options in the UK, then don’t worry at all as there are many offshore brokers with them you can enjoy binary options trading. However, before choosing one, it will be better for you to understand the legality and regulations of binary options in the UK to avoid any possible issues in the future.
Understanding the legality & regulations
It may be noted that the government has moved the binary options from the hand of the UK Gambling Commission to the FCA- Financial Conduct Authority. Well, there are some major reasons behind this. The financial market companies to operate in the UK market now need to follow some specific requirements. These are:
- The authority always conducts different types of suitability checks to make sure that all the companies are dealing with the right type of financial products.
- Besides, they also check the segregation of funds of traders. Every broker needs to place the clients’ trading funds in their specialized bank accounts, not in the form of operational funds. This is important to prevent any type of trading scam.
- There should be an effective process to resolve any dispute.
- Every company should regularly follow the order flows and submit a monthly report to the authority.
- They should contribute to a special compensation fund, also known as the Financial Services Compensation Scheme.
For the best Binary Options in the UK experience, every trader should follow all the rules and regulations set by the required authority. And most importantly, make sure the brokers have the license to offer the service.
How to do Binary Options trading in the UK?
Don’t feel worried by thinking, where can I trade binary options in the UK? The process is easy and safe. All you need to do is find the right brokers that can offer you all the required features and benefits.
Traders need to consider some crucial factors here to make sure the broker is legit. For example, checking the regulation of the binary options trading broker. As per the experts, the regulations should come under the legalization factors of the UK.
Those who are not regulated by the FCA are not allowed to conduct business in the country. Another important factor to consider is the types of assets the broker can offer. And don’t forget to carefully read the terms and conditions. Some other factors to verify are payment options, bonuses, rewards, and more.
Well, to make the process a little easier for you, we have listed down the top three binary options brokers for you. Have a look.
Top three brokers to choose for Binary Options trading in the UK
Founded in the year 2020, Quotex.io is a new Binary Options trading platform that offers copy trading as well as market signals trading. Even though the platform is new, till now, it has managed to acquire thousands of UK traders, and the major reason behind this is the tools and features it offers.
Using this platform, you can trade on cryptocurrencies, stocks, forex as well as commodities. You can trust this platform as it is a part of Awesome Ltd, a Seychelles-based company, and it is regulated by IFMRCC- International Financial Market Relations Regulation Centre. In November 2020, it received its licensed broker certification.
The platform offers more than 410 types of assets under its digital options trading facility. Some of the major types are commodities, indices, crypto, and currencies. You can begin your trading journey with Quotex.io even if you have a low budget.
As per the official site, to use the platform, you need to, despite a minimum amount of £10. However, the users are allowed to do Binary Options trading just by using £1. So, if you were investing for the first time and worried about the risks or losses, then this platform can be the right option for you.
Talking about the fees, the profit percentage for every instrument is set by the company. It can vary with different factors, for example, trade execution time, economic condition, liquidity of the assets, and more. The best part is that it doesn’t charge any commission on trading.
Like other Binary Options trading brokers, Quotex.io also offers a free demo account to the users. You will get USD 10,000 of virtual money to practice trading and to understand how it works. With its demo account, you will have access to different types of trading tools, indicators, signals, and assets.
Another great thing about Quotex.io is it offers attractive deposit bonuses based on the capital outlay. When you deposit more than USD 50, you can get a 20 percent bonus. For depositing more than USD 300, the bonus is 35 percent.
Besides, there are other ongoing promotions that you can enjoy, such as cashback rewards, reduced risk incentives, balance bonuses, and more. So, if you are in the UK and wondering where can I trade binary options in the UK, then give this platform a try.
#2 IQ Option
Since 2013, IQ Option, a well-known tax-free online forex broker, has won different awards for reliability and quality. Millions of satisfied traders have recognized it as a reliable online broker. The parent company, IQ Option Europe Ltd, is registered in Cyprus and regulated by CySEC- Cyprus Securities and Exchange Commission. As a result, the platform offers trading facilities within the EEA.
It comes with a proprietary custom-built trading platform to offer the best-in-class trading experience to the users. It is well-designed and very easy to use. Speaking about the features, here you can find historical quotes, market updates, stock screeners, technical analysis, multi-chart layouts, volatility alerts, and more.
Using IQ Option, you can comfortably trade different assets along with financial instruments, covering cryptocurrencies, ETFs, binary options, digital options, stocks, commodities, and more. The maximum pay-out can range up to 90 percent.
The platform offers three different types of accounts for trading. These are a demo account, a VIP account, and a standard trading account. To begin with a standard account, the users only need to make a deposit of USD 10. To use the VIP account, USD 1900 is the minimum deposit amount.
No matter whether you have a VIP account or a standard account, you can participate in weekly trading competitions. But the VIP account holders will enjoy some more benefits, like trading promotions, a personal manager for every account, and 3 percent additional returns.
For beginners, it also offers a demo trading account, and you will get USD 1000 virtual money with this. So, before using a real account, use the demo account and try out your trading strategies.
In terms of deposit and withdrawal, the processes can be completed using credit cards, bank wire transfers, and e-wallets. It accepts Maestro, MasterCard, Neteller, WebMoney, Skrill, and more. This platform is also perfect for day-trading.
#3 Pocket Option
When it comes to choosing a bonus-rich platform for Binary Options in the UK, you can always go for Pocket Option. This online broker has emerged as a leading broker for forex as well as binary options trading.
Utilizing this platform, you can enjoy easy access to more than 100 assets through its mobile app, platform, and MetaTrader 5 software. It is currently managed by the Gembell Limited company, and it is located in Marshall Island.
For investments, every trader should prefer to use a properly regulated broker. And you can trust Pocket Option for that. As per the information given on the official site, Pocket Option is regulated by IFMRCC.
This platform offers four different tradable asset types; stock, forex pairs, commodities, and cryptocurrencies. Under the forex pairs, you will get more than 30 minor, exotic, and major currency pairs.
Speaking about the leverage, well, the platform doesn’t follow any specific leverage. However, the maximum rate can be 1:1000. That means the traders can put down USD 10, and they can trade with USD 10,000.
£50 is the minimum deposit amount, and you only need £1 to begin trading. You can deposit using different methods, such as electronic wallet transfer, credit or debit card, and bank transfer. In terms of pay-out, it can go up to 90 percent.
Speaking more about this platform, the platform offers an expiry time that can range from 60 seconds to 4 hours. For instant profit, you can set a short expiry time. The platform also offers a 50 percent deposit bonus. So, for depositing USD 100, you will get USD 50.
You can also use its demo account to learn Binary Options trading. It comes with USD 10,000, and you can also recharge the money if lost.
For every UK trader, the major question is, where can I trade binary options in the UK? Well, to enjoy maximum benefits and an error-free trading process, it is important to choose reliable brokers. And this is where you can choose the above-mentioned brokers. All these brokers are regulated by well-known boards, and they are here to offer you a unique Binary Options in the UK trading experience. Visit the official sites of the respective platform, open an account and start exploring the Binary Options market.