List of Broker with AFM Regulation

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).

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When it comes to online trading regulation, the ambiguity of laws in Nigeria contrasts with other African countries that have already implemented regulations. For example, South Africa's Financial Sector Conduct Authority (FSCA) and Kenya's Capital Markets Authority (CMA) have already regulated online forex brokers in their countries. Furthermore, South Africa has even established rules for forex trading taxation.

Continue Reading at Is It Safe to Trade Forex in Nigeria?

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.

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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?