CIMA Regulated Forex Brokers
The Cayman Islands Monetary Authority (CIMA) is the primary financial services regulator of the Cayman Islands. CIMA is responsible for managing the Cayman Islands currency, regulating and supervising financial services, providing assistance to overseas regulatory authorities, and giving advice to the Cayman Islands government on financial-services regulatory matters.
The Cayman Islands is also known for its liberal laws and investor-friendly regulations that made it one of the most prominent tax havens in the world. It offers significant tax benefits, strong privacy laws, and a relaxed regulatory structure. Thus, it doesn’t come as a surprise that the majority of forex brokers in the Cayman Islands are enjoying a tax-free regime and relaxed regulatory guidelines. The upside is that they can offer much more flexible trading conditions compared to other brokers regulated in stricter jurisdictions.
Here is the list of forex brokers regulated by the CIMA:
| Broker | Regulation | Max Leverage | Min Deposit | General Rating | |
|---|---|---|---|---|---|
| ATC Brokers Cayman Islands 2005 | Cayman Islands Monetary Authority 1448274 FCA (UK), 591361 | 1:200 | $5000 | Review | |
| HYCM Hong Kong 1977 | Cayman Islands Monetary Authority, 1442313 CySEC 259/14 DFSA (Dubai), 000048 FCA (UK), 186171 FSA (St. Vincent & the Grenadines), 25228 | 1:325 | $100 | Review | |
| TradeView Forex Cayman Islands 2006 | Cayman Islands Monetary Authority, 585163 | 1:400 | $100 | Review | |
| EverFX Cyprus 2015 | Cayman Islands Monetary Authority, 1444866 CNMV (Spain) 4256 CySEC, 301/16 ESMA | 1:500 | $250 | Review | |
| Your FX Broker Cayman Islands 2020 | Cayman Islands Monetary Authority, 585163 | 1:100 | $100 | Review | |
| Vantage FX Australia 2006 | ASIC #ACN 140 903 886 Cayman Islands Monetary Authority, 1383491 FCA (UK), 501057 Vanuatu Financial Services Commission, 700271 | 1:500 | $200 | Review | |
| VT Markets Austria 2016 | ASIC, 428901 Cayman Islands Monetary Authority, 1383491 FCA (UK) 590299 | 1:500 | $200 | Review | |
| Axiance Cyprus 2015 | Cayman Islands Monetary Authority, 1444866 CNMV (Spain), 4256 CySEC, 301/16 FSA (Seychelles) SD036 FSC (Mauritius), GB20025770 ESMA | 1:500 | $250 | Review |
FAQ
What does CIMA regulated mean?
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.
What are CIMA rules?
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.
What are the powers of CIMA?
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.
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