Officially, the UK is no longer a part of the European Union. However, it does not undermine its status as the financial nerve centre of the world. Globally, UK and its capital, London, continue to be held with high regards by the investors across the globe.
In this regard, brokers operating from the UK are still a preferred choice of the binary option traders. However, very few traders are aware of the fact that it is the Gambling Commission and not the FCA, which governs the binary brokers operating from the UK.
The Financial Conduct Authority of UK categorically states that it does not regulate binary options and cannot involve itself in case of any litigation between a client and binary broker. However, the FCA’s website also informs that the UK government is currently in consultation to decide on handing over the job of regulating the binary options brokers to the FCA. Until the changes are brought about, the Gambling Commission will continue to hold the responsibility of overlooking the operations of the binary brokers registered under it.
List of Top 10 UK Binary Option Sites for 2022
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Unlike the mainland Europe, the UK does not consider binary options as a financial asset. The binary or digital option trading is only considered as a form of gambling. Thus, Gambling Commission supervises the binary brokers.
It should be noted that a broker who is registered with the regulatory authorities in the European Union or elsewhere is allowed to do business with the UK residents, without having a physical office in the UK or even a license from the Gambling Commission. However, those brokers who are having their office and servers in the UK should necessarily have a license from the Gambling Commission. So, this fact should be considered while choosing a binary broker from the list provided in this website.
It should be noted that legally a binary broker who claims to operate from the UK must provide the details of registration on their website. So, after choosing a broker from the list provided underneath, you can cross check the registration details of the broker in the Gambling Commission’s official website.
Gambling Commission would come to a trader’s assistance if and only the operator is licensed by them. If a binary broker is found guilty, Gambling Commission can impose a penalty, suspend or even revoke the license.
Fortunately, a beginner looking for a UK based binary broker can get all the necessary details regarding a broker, including bonus promotions and special offers, in this website. This would enable a trader to confidently step forward in the lucrative world of binary options.