List of Broker with FINTRAC Regulation
Recognizing the best forex brokers is not just a matter of identity and basic trading needs. You may need to compare some of them to have more clarity when browsing through some information on forex brokers.
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If you are interested to open an account in one of the brokers in the list above, make sure to try the forex demo account before proceeding to register in the live account.
How's the forex regulation in Kenya?
The Capital Markets Authority (CMA) is the financial regulatory body in Kenya. Although the CMA was established in 1989, it was not until 2016 that the government granted the CMA the power to monitor forex trading. Before this, the market was full of scams committed by unregulated brokers. Today, thanks to the Financial Act of 2016, forex trading is more secure and transparent in Kenya.
Continue Reading at Is Forex Trading Legal in Africa?
What are the regulations for offline forex trading in Nigeria?
The foreign exchange transaction activity in the offline market is supported by law. Some of these include the Central Bank of Nigeria Act of 1958, the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act of 1995, the Exchange Control Act of 1962, the Banks and Other Financial Institutions Act of 2007, and the Investments and Securities Act of 2007.
Continue Reading at Is It Safe to Trade Forex in Nigeria?
What should we do if the broker's regulation is still "in process"?
Some brokers might claim that they are in the process of applying for a license or a license extension. But in reality, not all brokers are true to their words. Some of them don't actually apply for any license and only use those words to steal the clients' funds. Even if the license is indeed "in the process", the broker's still unregulated during that time.
Continue Reading at Forex Regulation Insights: Defining Your Broker's Status
What are reliable forex broker regulations?
Some of the top regulatory agencies in the world include:
- The Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) in the United Kingdom
- The Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA) in the United States
- The Swiss Financial Market Supervisory Authority (FINMA) in Switzerland
- The Australian Securities and Investments Commission (ASIC) in Australia
- The Financial Services Agency of Japan (JFSA) in Japan
- The Cyprus Securities and Exchange Commission (CySEC) in Cyprus
If the broker you use is regulated by one of the regulatory agencies above, you can be confident that it is safe. The reason is that these regulatory agencies have strict requirements that brokers must meet to be licensed.
Only the most reputable and trustworthy brokers can obtain a license.
Continue Reading at How to Avoid Forex Broker Scams
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