Best Legal UK Binary Options Brokers For 2023
It’s ironic how binary options, originally an American invention, are more available in Europe including the United Kingdom than in the USA. In the recent years binary options trading has become extremely popular all over the UK. People that have great insight into the world of economics find it very interesting to wager on simple “yes or no” predictions and make money out of it. But, even those occasional traders feel excited when they get into the exciting world of binary options.
However, there is a concern among people in the UK interested in binary options. Binary options is essentially financial betting which makes people think that it’s not legal. It’s a legitimate concern and we want to make it clear with this article. Binary options in the UK are actually legal and well regulated.
This means that traders won’t be prosecuted for trading financial instruments online with brokers that offer legitimate financial binary options trading services. In fact there are many legit UK binary options brokers that operate in the UK under a license that is issued by the governing bodies set up specifically to regulate this.
List Of Binary Option Brokers accepting UK traders:
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The UK is considered one of the first countries in Europe to legalize financial betting thanks to being one of the primary countries in forex trading. In order for financial service providers to accept UK traders they need to have a UK binary options trading license, or a license issued in another EU country. However, that country needs to have a licensing system that is considered compatible to the one in UK. Basically, that means all EU countries are compatible.
Frequently Asked Questions
Here you can find everything you wanted to ask but didn’t know where and to whom. We have collected the most frequently asked questions by people from the UK interested in legal binary options. The answers to these questions will give you a clear picture of the legality concerning binary options.
How binary options work?
It’s really simple in essence. Just like in sports betting where you bet if a team will win or lose, here too you bet if an event will happen or not. For example, you are asked if you think that a particular price or asset will go up or down. You choose what you think will happen and you bet money on it.
Can UK citizens trade with the help of non-UK binary options brokers?
What are the governing bodies in the UK that oversee binary options trading?
Which binary options brokers should be avoided?
What should I look for when choosing a legal UK binary options broker?
How can I find out if a UK binary options broker is authorized by the FCA?
What is the process for opening an account with a UK binary options broker?
Do UK binary options brokers offer bonuses for depositing?
What payment methods are offered?
How do brokers make money?
What to Remember When Getting Into Binary Options
When starting your career as a binary options trader you have to remember to study and train before jumping into the trading platform. Take maximum advantage of the resources offered by the brokers and the internet to master your skills. Make use of the demo/practice accounts brokers offer. Enlist in online courses. After all, all of this is free and up for grabs!
Furthermore, there are three important aspects to consider when selecting a broker:
The web is rich with information. If you select a broker without properly informing yourself about his reputation and services, then you are a sucker that begs for your money to be taken from you. Read what others have to say and consider everything.
Read the Fine Print
Every broker has his own set of rules and conditions. We know that reading the fine print can be a tedious task, but it can save you all kinds of trouble. Spare several hours or the entire day to get to read the terms and conditions of the brokers you are considering.
It’s important to find out which broker offers the best conditions in terms of money and fees. Some require fees upon withdrawal, while other prior to trading. Anyway, it’s best to find out how big the fees are and if they suit your pocket.
The Future of Binary Options
Now when binary options trading has become a well-regulated market and everyone is perceiving it a lot clearer, we can say that the future is bright. It’s expected that binary options will grow exponentially in the UK in the following years.
The advantage of the UK is its open-mindedness towards binary options as it is towards other forms of betting. It’s the main reason why it’s the leading country in the world in both things. Good regulations as those in the UK serve as an example for other countries.
This proactive stance has helped in making the UK binary options market a well-oiled machine. More and more interested consumers appear and plenty of legitimate operators are set up. The overall equation has all the important components for a good binary options future.