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UK Clearing House Review - is it scam or safe?

UK Clearing House review - Is ukclearinghouselimited.com scam or good forex broker?

RATING: 3 / 1 REVIEWS ForexBrokerz UK Clearing House
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UK Clearing House is a London based forex broker offering a variety of currency pairs and other CFDs. The broker is regulated by the UK Financial Conduct Authority (FCA) and is authorized to offer financial services in all the countries of the European Economic Area (EEA) – the EU member states plus Iceland, Norway and Liechtenstein. Here are some details about their offer.

 

Account type Min. deposit Max. leverage Spreads
Standard Account n/a 1:30 n/a

 

UK Clearing House Advantages:

 

FCA license

 

UK Clearing House and the company behind it, UK Clearing House Limited have been regulated by the Financial Conduct Authority (FCA) in the UK since 2014. That gives the broker credibility and ensures that all traders funds will be handled properly. Here you may take a look at the UK Clearing House license:

 

 

FCA oversees nearly 80 000 financial companies in the UK and is one of the best trusted regulators in the forex industry. And as we already mentioned a FCA license gives the broker the right to operate in all EU countries, as well as Iceland, Norway and Liechtenstein. (We have to wait and see if that will apply in the case of a no deal Brexit.)

 

All FCA brokers are bound to adhere to strict rules, among which to maintain at all times a minimum operational capital of at least 730 000 EUR, to provide their clients with a negative balance protection, meaning that no one can lose more money than he or she has deposited, to keep all traders funds in a segregated, protected from creditors, trust account, to file regular reports, to allow external audits and to insure each trading account for up to 85 000 GBP through a specially designed client compensation scheme.

 

So here you may check as well our list of brokers regulated in the UK:

 

>>FCA Regulated Forex Brokers<< 

 

Good selection of trading instruments

 

UK Clearing House offers a variety of forex pairs among which USD/JPY, EUR/JPY, EUR/USD, AUD/JPY, NZD/JPY, GBP/JPY,CHF/JPY, CAD/JPY, GBP/USD, ZAR/JPY, AUD/USD, NZD/USD, CNH/JPY, HKD/JPY, EUR/GBP, EUR/AUD, USD/CHF, EUR/CHF, GBP/CHF, AUD/CHF, CAD/CHF, USD/HKD, AUD/CAD, EUR/CAD, GBP/AUD and GBP/CAD, as well as CFDs on precious metals like gold, silver and platinum, West Texas Intermediate crude oil and Brent, and a number of major indices like Nikkei 225 and S&P 500. As no crypto assets are mentioned however, here you may also check our list of brokers trading with bitcoin CFDs:

 

>>Bitcoin Forex Brokers<<

 

MetaTrader4 supported

 

From the screenshot on their homepage we understand that UK Clearing House supports the MetaTrader4 – by far the most popular trading platform in the industry, featuring well over 50 integrated market indicators and cutomizable trading robots designed to help you rum automated trading sessions. And the platform is also equipped with a set of advanced charting tools, so here you may check our list of brokers supporting the MT4 as well:

 

>>MT4 Brokers<<

 

UK Clearing House Disadvantages:

 

No demo account

 

UK Clearing House says to be offering forex pairs and CFDs on gold, silver and commodities with institutional grade pricing and conditions. Unfortunately the broker does not disclose any specific details, and as they do not offer a demo account either, we can not comment on their spreads. In any case here you may also check our list of brokers offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

As for the maximum leverage, retail clients are offered leverage of up to 1:30 with forex pairs and 1:20 with most other CFDs. The leverage restrictions were introduced by the European Securities and Markets Authority (ESMA) back in August 2018 in an effort to reduce the investment risks.

 

No information about the payment methods

 

Most brokers regulated in the EU accept payments with credit or debit cards like VISA and MasterCard, bank wire and major e-wallets like Neteller and Skrill. And some even accept payments with crypto coins. Here for example you may check our list of brokers where you can pay with bitcoins:

 

>>Forex Brokers Accepting Bitcoin<<

 

No information about the minimum deposit requirement

 

Just bear in mind that most brokers will ask you for an initial deposit of about 250 USD, while some well known players like FBS and IG will let you trade with just 5 USD or so.

 

Conclusion:

 

UK Clearing House is a legit FCA regulated broker, where your money will be safe. Unfortunately they discloses too little information about their trading conditions and payment methods, and there was no demo account directly available to taste their trading environment first hand.

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Traders` reviews for UK Clearing House

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