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LBMA, established in 2001, is an unregulated broker based in the United Kingdom. This means it does not fall under the oversight of any financial regulatory body like the FCA (Financial Conduct Authority), which provides crucial protections for investors. As a trader, regulation is one of my top concerns, as it ensures the broker follows proper standards of transparency and fairness. In this case, without the safety net of regulation, there is a much higher risk associated with trading. The lack of oversight also means that if issues arise, I have no external authority to turn to for dispute resolution. Without regulation, LBMA might not be subject to strict capital requirements, which can lead to financial instability.