Have been trading long spot on Binance for a few years but now I want to be able to trade both long & short. For me PrimeXBT fits the bill & Im able to open an account there & it would appear as soon as I fund the account I'm able to start trading. The UK isn't listed as one of their restricted countries unlike the US for instance. However the FCA in the UK banned all crypto related derivatives for retail last year. Sorry maybe I've been living under a rock but what is the story here, how come I can open an account with prime & apparently go ahead & start trading? Will I need a VPN going forward ? Thanks for any help
If it's really banned then there's no way you can access the site but you said you can access it freely without any restrictions whatsoever? Then I think that is a good sign that the banned have been removed already. I won't advise you to use a VPN as that can only cause you a problem as some platforms won't allow such tool.I noticed that some comments here talks about how risky it is to use a centralized exchange because it can hold your funds but I think that wasn't the main concern of the OP here plus he is doing a trade and it will be a hassle if he will just pull out his funds every time he do a trade. Another thing is that centralized exchange are the one that is used the most by traders, maybe because it has a better feature/functions than a dex.
Correct, no restrictions as far as I can see & no KYC, also has a good reputation. This is kind of why I asked the question here as to how this is possible & was hoping if anyone could shed any light on what appears to be a grey area from a UK perspective. As far as I know the ban is still in place but perhaps the small print somewhere does allow it somehow under certain conditions, I don't know. What I should probably do is just ask them directly what their policy is.