In the Post-ESMA Restrictions Regime, There are Managed Forex Account options available to UK citizens.
Yes, you can get a Managed Forex Account in the United Kingdom before and after ESMA's restrictions. In fact, you can enjoy a host of options if you choose to get over the fear-inducing marketing messages by UK based brokers and service providers. In the post-ESMA restriction environment, many UK citizens and citizens who happen to live in European Union countries and wish to trade in the Forex Market are going to face scare tactics that particular brokers that have PAMMs, MAMs, and provide the ability to Copy Trade are not FCA regulated. Why do we know this? Because it is already a promotional practice. Fear and Anglocentrism should not be a restriction from turning to a broker that is regulated and outside of the draconian Euro Zone.
UK Citizens should not totally give up on European Brokers
European brokers may be giving up on the region as a whole and either choosing to move or close, but it does not mean that the cause is necessarily lost.
ESMA restrictions are unstable and limiting, but it does not mean that the brokers in Europe (United Kingdom and Cyprus) should be disregarded. If a strategy fits your needs with an FCA or CySEC licensed broker, it should not be ignored. Choose the licensed broker that helps you meet your goals rather than choosing a broker simply because they are licensed, offer some sort of a gimmicky promotion or are located in the same country.
A mere search of "Managed Forex Account UK" results in wild results that are out-of-touch with reality and fear. Fear sells, but it is not a good way to start a relationship. Promising 800% return on investment sounds nice until one bad month comes along and there's a panic.
UK Citizens and all traders should strongly consider diversification, it is acceptable to have more than one brokerage relationship in different jurisdictions. There are no restrictions on how many accounts you have. After all, you may have multiple financial institutions handling your financial affairs at once.
Do Not Be Afraid to Look at ASIC Licensed Brokers
Managed Forex Accounts can be had outside of the UK and Eurozone, in fact, it can provide opportunities to copy trades with less broker-to-broker slippage. Copy Trading can result in lower fees than PAMMs and MAMs, which means that not only are costs lower, but it is easier to move money in and out of the account. Many Copy Trading Signal providers use ASIC licensed brokers. In fact, there are UK citizens who happily use licensed Australian brokers and copy trades made by those who have brokerage accounts from Australian Forex Brokers.
The objective is to make a profit, not engage in protectionism to spite oneself. Creating a portfolio that consists of different holdings, strategies and brokers is a practice that should be encouraged rather than brushed under the rug.
Managed Forex Accounts for UK and European Citizens Should Take Instability into Account
The FX industry media is being very deceptive in presenting ESMA's restrictions on leverage, marketing and the prohibition of binary options. It is to be renewed on a quarterly basis, which means that ESMA has the power to revise, retain or sunset the restrictions. ESMA's method of regulating is scarier to the brokers than the regulations itself.
ESMA can change the restrictions constantly, which is a burden for brokers and clients. ESMA showed that they have the power to outlaw binary options, there are no guarantees that Retail Forex remains legal in the European Union. There are also no guarantees that binary options remain illegal in October 2018.
This does not mean that a Managed Forex Account in UK or European Union is a bad idea, it is just that it may fit your needs in the short-term, but down the road it may not be a viable option. This is why traders and investors must keep a broker agnostic approach where funds go into several brokers to meet needs and risk-aversion levels.