Best CBK (Kuwait) Regulated Forex Brokers 2019
If you are a Kuwait based trader, you will need a broker you can rely. In this case it’s best to trade with a CBK regulated broker. We have compiled a list of the very best of these brokers, based on our own research and that of our trusted readers.
Introduction to CBK Regulation
Established in 1968 by virtue of the Law No. 32 Central Bank of Kuwait not only took the function of its predecessor to issue notes and coins, but also oversee, supervise and control all the banking, investment and every possible financial service. CBK sets and implements monetary policy of the State, regulates banking and credit sector and does regulation of financial markets to insure the economic and social environment of the country remains prosperous and stable.
CBK (Central Bank of Kuwait) makes financial policy, rules for commercial banks, investment companies and funds as well as exchange companies. As it is a supreme judge of all investment activities you want to trade with a broker that is under the supervision of this institution.
CBK issues Kuwait Dinar for the State, acts as a bank for the government and as a legal body who tries to insure monetary stability and keep inflation in check in the State of Kuwait. The Central Bank also supervises all the players in banking, credit and investment sector, acts as an advisor for them to improve their services for the public. It carefully studies all the applications of new entries who want to offer services in financial markets and decide whether to grant them licences or not. CBK likewise, acts as an advisor, not only to the government, but to all of the financial institutions under its authority. The Central Bank thoroughly studies all the services and products offered by investment community to their clients and makes proposals, recommendations and corrections. Finally, CBK inspects all of the entities under its supervision to check how they comply with the laws, resolutions, regulations and instructions specifically issued by CBK for companies that offer financial services and having found any foul play the Central Bank can punish the transgressors severely.
How CBK Regulation protects you
CBK has a Customer Protection Unit that will protect you as a trader if you have a complaint against one of the brokers that operates under CBK supervision. Firstly, you will have to file a complaint directly to the broker that you have conflict with and specifically claim your issue. If the entity fails to resolve the issue you will have to file an online complaint directly to CBK about the transgressor and if found guilty the broker will be punished and your claim will be satisfied.
Guidelines for CBK Regulated Brokers
Any broker before getting a licence to offer services under CBK will undergo thorough testing to see whether it is a reliable enterprise, that is legally active in Kuwait. A broker will have to present all the requested data regarding its capital. Having got the registration, a broker will have to comply with CBK laws, provisions, by-laws, resolutions and regulation and function fairly as well as transparently in providing services for their customers.
- 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, FSB, MAS||Israel||$100||Open Account|
|CySEC, FCA, FSB, IFSC||Cyprus||$5||Open Account|
|ASIC, FCA, FSB||United Kingdom||$300||Open Account|
|ASIC, CySEC, FCA||Cyprus||$200||Open Account|
|FCA||United Kingdom||$100||Open Account|