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List of Brokers with CIMA Regulation

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The Cayman Islands Monetary Authority (CIMA) began operations on January 1, 1997, to regulate and oversee the Cayman Islands' financial services industry. CIMA is also responsible for enhancing Cayman's ability to maintain a well-regulated financial services regime and monetary stability. CIMA is given the functions, duties, powers, and obligations to ensure the accountability and transparency of the Cayman Islands while protecting and enhancing the integrity of the financial services industry in the area.


Established : 1997
Country : Cayman Islands
Website : https://www.cima.ky
Total Brokers : 10

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Score Broker Regulation Payment Min Deposit Max Leverage
705
Vantage Markets
Vantage Markets
CIMA
Bank Wire
$200
1 : 500
292
HYCM
HYCM
CIMA
WebMoney
$100
1 : 325
707
MultiBank
MultiBank
CIMA
Credit/debit cards
$50
1 : 500
739
Axiance
Axiance
CIMA
Skrill
$100
1 : 500
406
EverFX
EverFX
CIMA
Credit/debit cards
$250
1 : 500
198
ATC Brokers
ATC Brokers
CIMA
Wire transfer
$5000
1 : 200
399
TradeView Forex
TradeView Forex
CIMA
WebMoney
$100
1 : 400
724
Moneta Markets
Moneta Markets
CIMA
Credit/debit cards
$50
1 : 500
658
Your FX Broker
Your FX Broker
CIMA
AdvCash
$100
1 : 100
781
Mitrade
Mitrade
CIMA
Skrill
$50
1 : 200

FAQ

Being regulated by CIMA (the Cayman Islands Monetary Authority) means operating under the standards of a Cayman Islands financial regulator. Established in 1997, the institution bears the responsibilities derived from the Cayman Islands Monetary Authority Law. Its regulatory framework helps ensuring the ethical code of conduct from financial companies in the country. Their subjects include banks (onshore and offshore), portfolio managers, hedge funds, fund management entities, and credit unions.

CIMA regulated forex brokers are generally operating under easier policies compared to other brokers regulated in top financial watchdogs. The Cayman Islands Monetary Authority is known for a liberal framework to give more flexibility to financial companies set up in the country. Nonetheless, CIMA is obliged to the international community for creating specific rules and regulations to at least prevent money laundering and financial crimes. Other requirements set up by CIMA are:

  • Annual audits on company accounts.
  • Submission of annual accounts and certificate of compliance.
  • Notification to CIMA if there are changes made by the company.
  • Independent audit on the internal controls of licence holders.
  • Provision of current insurance details.
  • Submission of monthly statements by licensed dealers/brokers.
  • Adjustion of balance sheet figures on an annual basis.

What is the main purpose of CIMA?

  • To regulate and supervise all financial services in the Cayman Islands.
  • To ensure that regulated businesses are compliant with money laundering regulations. -To provide regulated entities with a guideline containing policies and procedures, as well as statements of principles.
  • To act as an advisor for the Cayman Islands government in relation with monetary and regulatory matters.
  • To manage currency reserves, issue, and redeem the Cayman Islands currency.
  • To contribute in helping overseas regulatory agencies to promote the supervision of financial markets.

To ensure the safe operation of the Cayman Islands economy and protect investors from financial malpractices, CIMA has the authority to implement several guidelines in place. Involvement in any financial crimes by a member firm won't be taken lightly even though CIMA's preference to keep their policies flexible may deter them from applying strict rules to a suspected instituion. Nevertheless, CIMA ensures constant surveillance and regularly promotes sound financial system to improve confidence and trust among investors.

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.


Additional FAQ

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

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

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.

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

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).

Continue Reading at What are the Top UK Financial Regulators?