Two more forex brokers – InstaForex and Forex Club have followed suit and announced they are lifting the Brexit-related trading restrictions.
Trading conditions, which were changed due to Britain’s referendum, are now back to standard for all instruments, announced InstaForex. The trading conditions between June 20 and 27 saw the maximum leverage for GBP forex pairs limited to 1:50, the margin for some major European indices increased, while the maximum leverage for EUR/JPY, EUR/CHF, EUR/AUD, EUR/CAD, and EUR/NZD and exotic pairs was limited to 1:200.
Forex Club also canceled the limitations and brought the back the maximum leverage of 1:500. from June 20 to June 27, Russia’s second-largest forex broker had lowered the maximum leverage to 1:100 and limited the maximum trading volume of all instruments it offers.
On Monday several brokers like FreshForex and One Financial Markets scrapped the limitations altogether, while the Swiss forex broker Dukascopy lifted the leverage cap, but kept the exposure limits until further notice. Others, like Vantage FX and Blackwell Global resumed normal trading, but kept the higher margin requirements, while FxPro returned to the normal trading conditions. Another one to do so was AxiTrader.
Meanwhile, the British economy received another beating when the rating agencies downgraded UK’s credit ratings and outlook, following the shocking results from the EU referendum and the historical lows of the GBP and the slum of the indices. Nevertheless, on Tuesday the leading index of the London Stock Exchange, the FTSE 100 recovered somewhat and rose 2.1%, while the mid-cap FTSE 250 rose 3%.