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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Score
Broker
Regulation
Payment
Min Deposit
Max Leverage
52
84
FBS
ASIC
CySEC, FSCA, Belize Financial Service Commission (FSC), FCA
Credit/debit cards
FasaPay, Local bank transfer, Neteller, Perfect Money, Skrill, UnionPay, Wire transfer
Financial Futures Association (Japan), FSCA, ISA (Israel), FSC (BVI), FSA (Japan), Financial Services Regulatory Authority (Abu Dhabi), Central Bank of Ireland
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.
The Monetary Authority of Singapore (MAS) is the regulatory authority overseeing forex trading in Singapore. Singapore's regulatory framework allows leverage up to 1:500 and covers a wide range of forex pairs and cryptocurrencies.
Online trading in Nigeria is currently unregulated, while offline forex trading is well-regulated. This regulatory contrast is due to the differences like these two markets.
According to the PRA rulebook, there are 3 areas of the PRA regulations. Firms must comply with the regulations depending on which classification they fall into.
Banking and Investment Rules: for CRR firms (banks, building societies, or investment firms subject to the EU Capital Requirements Regulation) and non-CRR firms (credit unions, building societies, or PRA-designated investment firms not subject to the EU CRR).
Insurance Rules: for SII firms (insurance firms subject to the Solvency II Directive) and non-SII firms.
Other rules: for non-authorized persons (persons or firms not authorized by the PRA).
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.