List of Broker with DEPARTMENT OF ECONOMIC DEVELOPMENT Regulation

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

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.

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The CNMV is responsible for supervising and regulating the financial markets in Spain. It collaborates closely with the European Securities and Markets Authority (ESMA) and applies unified laws for trading in leveraged markets for retail investors, as Spain is a member of the European Union.

Continue Reading at 3 Interesting Facts of Forex Trading in Spain

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?