Brexit and the Admiral Markets UK Ltd Trading Account

January 12, 2021 15:30

Dear traders,

 

The transitional period for Brexit ended December 31, 2020, and on January 1, 2021, the United Kingdom officially left the European Union. Brokers such as Admiral Markets UK Ltd and its clients are affected by the change in rules and operations.

What are the changes for European clients' trading accounts with Admiral Markets UK Ltd?

For as long as there are no agreements between the UK and the European Union regarding UK-based financial companies, nor any regulatory changes from the EU, European clients can continue to freely use Admiral Markets UK Ltd’s services.

Customers with an existing live account can continue to trade with Admiral Markets UK Ltd as before Brexit, in compliance with current FCA regulations.

Customers who want to open an account with us can open a trading or securities account with Admiral Markets UK Ltd by following the standard procedure, as before Brexit, per their own initiative.

Protection of Client Funds

Since Brexit, Admiral Markets UK Ltd clients are no longer covered by European guarantees from ESMA, but protected under the rules of the Financial Conduct Authority.

FCA fund protection is £85,000 and replaces the €100,000 fund protection in the event of bank failure in the European Union.

Trading conditions

The Admiral Markets Group made the choice, long before Brexit, to standardise its trading conditions within all of the group's entities.

Because of this, there will be no changes in the trading conditions. You will be able to continue trading with our ultra-competitive spreads down to 0.8 for the DAX30 and 0.6 for the EUR/USD, enjoy super-fast execution and all the other advantages of Admiral Markets.

FAQ

Will my trading account be closed?

NO, your account will remain open until the EU, or financial regulatory body, announces otherwise.

Can I open a new trading account?

YES, you can become a customer and open an account or open a second account if you are already a customer.

What is changing in terms of guarantees?

The Customer Deposit Guarantee and Compensation Fund (FSCS) is £85,000.

What is changing about deposits and withdrawals?

The fees for deposits and withdrawals remain exactly the same as before Brexit.

Are the conditions for becoming a professional trader the same?

Yes, the conditions for accessing the status of professional trader are identical.

Will negative balance protection still work?

Yes, the Admiral Markets Group protects all of its retail clients against negative balance under all European and UK group entities.

Can I choose to trade with Admiral Markets under European Union regulation?

Yes, you are free to choose the Admiral Markets entity you wish to trade with. You can select it at the top left of your Trader Space.

 

Best regards,

Admiral Markets

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