Best BDL (Lebanon) Regulated Forex Brokers 2018
If you are a forex trader based out of Lebanon, you should trade with BDL regulated brokers. But how can you know which are the best ones to work with? FXEmpire have done all the legwork for you and come up with a list of the best BDL brokers. Read on.
Introduction to BDL Regulation
Banque Du Liban, otherwise known as the central bank of Lebanon which was established in 1964 is the body that’s in charge of not only issuing the Lebanese pound but also overseeing, regulating and controlling operations of firms within the financial sector through various regulatory bodies. BDL enjoys financial and administrative autonomy and this ensures that its undertakings are not influenced by external parties.
The Central Bank of Lebanon is responsible for creating a stable, transparent and reliable economic environment. It does this by partnering with law makers to create, modify and enforce legislation in line with government policies. BDL also creates monetary policies that adjust liquidity in the markets based on factors present at the time. It also ensures that banks, brokers, investment firms, mutual funds, money dealers and insurance companies fulfill the necessary requirements before allowing them to operate in Lebanon. The BDL also issues licenses to financial firms through the Capital Markets Authority; an organization that all brokerages and investment firms report to directly and is chaired by the governor of the BDL. They make sure that there is fair competition and that the local market environment is modernized enough to such that industry players not only achieve success locally but also on a global scale.
BDL is in charge of regulating payment systems and instruments in line with protecting the rights of the investors.
How BDL Regulation protect you
Each year, BDL produces a list of banks and brokerages that are licensed to carry out business in Lebanon. This prevents you from falling prey to rogue financial institutions which may have had a history of defrauding investors. In addition to this, BDL requires all the brokers operating under its supervision to have a conflict resolution framework in place such that customers’ complaints can easily be dealt with upon incidence. In the event that they are not resolved at the broker level is when the Capital Markets Authority can be involved and finally the BDL.
BDL is also in charge of investor education in that they are required to publish information about the financial market in a timely money such that investors can take advantage of these opportunities and the same time manage risk appropriately. They offer periodic publications with market research and statistics to keep all industry players ahead of the new trends and developments.
Guidelines for BDL Regulated Brokers
BDL is very keen on eradicating money laundering and it is for this reason why brokers that are licensed by BDL are required to actively participate in this war. These brokers are required to submit information requested from them by BDL at any time. BDL also has the power to scrutinize any transactions that it finds to be suspicious. These brokers are required to have a physical address such that BDL officials can access the premises at any time for quality control purposes.
- New Zealand
- South Africa
- South Korea
- Hong Kong
- United Arab Emirates
- Russian Federation
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|