Neteller Forex Brokers Regulated in the UK (FCA)
Neteller is one of the biggest independent e-wallet and transfer solutions for individuals, traders, and businesses alike. You can set up accounts in any major currencies as well as transfer money into your account from a bank, credit or debit card, or about 50 other methods. It is a popular payment method among the best online brokers these days.
However, finding the best broker to work with should also consider its regulation. By far, forex brokers regulated by the FCA (Financial Conduct Authority) are mostly chosen by forex traders. FCA has a responsibility to oversee forex and CFD transactions in the United Kingdom. Therefore, we provide you a list of FCA regulated forex brokers that accept Neteller as a payment method.
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What role does the FCA play in forex trading regulation in the UK?
The Financial Conduct Authority (FCA) is the regulatory body in the UK responsible for overseeing financial activities, including forex trading. While the FCA has consulted on stricter leverage controls.
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The FCA has the objective of ensuring that financial markets work well in accordance with the regulation. By doing so, the FCA strives for:
- Protecting customers.
- Enhancing the integrity of the UK financial system.
- Promoting fair competition in the interests of customers.
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How to withdraw from trading account via Neteller?
- Firstly, open the payment section from your broker's member area.
- Then, the withdrawal option.
- Type some amount of money you want to withdraw.
- Choose Neteller among the payment methods provided.
- If you choose Neteller for withdrawal, you will be redirected to another page that requests some credentials you use to log in to the Neteller account.
- Finally, verify your withdrawal request and wait until Neteller approves it.
- After the approval, you need to wait for your money transfer for approximately 1 to 2 business days.
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What does it mean to be an FCA-licensed forex broker?
FCA-licensed forex brokers are generally considered trustworthy, because:
- The company has fulfilled FCA's minimum capital requirement. A dealer's license that allows the company to run a "market maker" business needs EUR730,000. An intermediary license where the company could facilitate STP execution needs EUR125,000. The cheapest is a restricted broker license in which the company cannot hold client funds, as it only needs EUR50,000.
- FCA will monitor the company continuously to ensure the segregation of client funds, monthly report and audit, efficient management including AML and KYC procedures, and proper risk disclosure for clients.
- FCA-licensed forex brokers are prohibited from manipulative trade practices, such as entering into positions against their clients. Brokers also should not make unrealistic promises or offering monetary benefits to encourage clients to take risky trading decisions.
- FCA-licensed forex brokers should not offer extreme leverage. Since mid-2019, FCA requires brokers to limit leverage on CFD trading between 30:1 and 2:1.
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