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The UK arm of international forex brokerage Pepperstone has suspended trading for clients due to ongoing changes in management structure and processes to comply with the latest regulatory amendments on forex, finance news provider LeapRate reported on Tuesday. The broker is bringing on some additional resources in its UK office and until all changes are completed, clients will not be able to place orders.
Following the recommendations and guidelines of the European Securities and Markets Authority (ESMA) from mid-October, the FCA is setting a new leverage maximum of 50:1 (25:1 for inexperienced traders with less than 12 months of trading). It is also banning bonuses or other benefits to promote risky trading instruments.
In 2015, Australia’s Pepperstone entered the UK market after it acquired 123FX.com, a forex brokerage that never commenced business, and made it its UK subsidiary. In September last year, the broker obtained a UK license and launched operations.
Pepperstone, set up in 2010, is based in Australia’s Melbourbe, but also operates offices in US’ Dallas, UK’s London, China’s Shanghai, and Thailand’s Bangkok. It falls under the regulation of the Australian Securities and Investment Commission (ASIC) and the UK Financial Conduct Authority (FCA). The broker offers trading in currencies, precious metals, energies, soft commodities, and index contracts for difference (CFDs). It operates with retail and institutional clients in more than 65 countries globally.