Best Banque de France (Fance) Regulated Forex Brokers 2018
As the popularity of Forex trading in France grows, so does the amount of complaints leveled at the brokers. Don’t fall foul to a scam broker. Use our well-researched list to discover who are the best brokers to trade with if you are located in France.
Introduction to Banque de France Regulation
Known as an extremely strict and rather bureaucratic regulator, this institution sometimes scares away potential brokers and they often choose to become licensed under another EU regulator.
Banque de France is an independent institution under the law of France and EU as well as functioning as a Central Bank of France. Its beginning was in the early 1800s, which makes it one of the oldest financial regulators in the entire world. As it acts as a Central Bank and a regulator of all financial markets in France it has a lot of responsibilities. Therefore, the Bank has a number of agencies that share its responsibilities with regulation. AMF manages the stock market regulation, CCSF is responsible for consultations regarding the financial sector, CCRLF is an agency responsible for development of prudential regulation and finally GSBF does regulation of monetary policy.
Banque de France Responsibilities
Being the key financial body in the country, the Bank has three responsibilities. The first one is to prepare and implement decisions made by European Central Bank known as ECB. It is a key monetary strategy as the Bank is one of the most trusted banks by ECB. The second responsibility is to ensure financial stability of financial markets. It is implemented by ensuring price stability and confidence of people in cash. It does these by supervising financial markets, reducing risks, protecting people deposits, guaranteeing fair competition in financial markets, smooth functioning of payments system and constantly improving financial system. Finally, it provides economic services to households and businesses. People that face severe financial problems and indebtedness are often offered help by the Bank.
How Banque de France Regulation Protects You
As Banque de France is one of the strictest regulators in Europe it will not allow any shady practices by brokers in the country. As the unofficial right hand of the ECB, it is the maker of financial regulation in the EU. So, if you choose one of its regulated brokers you will surely be protected both by its regulatory framework as well as its department designed to supervise currency market in France. Its strict consumer protection policy will allow you to file a complaint against a broker and you can be confident that a competent agency under Banque de France supervision will analyze your complaint and implement its punitive function against a guilty party.
Guidelines for Banque de France Regulated Brokers
Any broker that has a license with any EU member country has a right to operate in France. However, if they want to gain more popularity, reliability and prestige, it is advised to get a license with Banque de France and to act legally following the laws of France, EU financial framework and MiFID directive guidelines.
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List of Brokers
|BROKER||USER RATING||REGULATED BY||HEADQUARTERS||MIN. DEPOSIT||OFFICIAL SITE|
|ASIC, CySEC, FCA||Israel||$100||Open Account|
|ASIC, BVI, FSA(JP), FSB, MiFID||Ireland||$100||Open Account|
|ASIC, CySEC, FCA||Cyprus||$200||Open Account|
|CySEC, FSB||Cyprus||$100||Open Account|
|BaFin, FCA||United Kingdom||$300||Open Account|