Best CBUAE (UAE) Regulated Forex Brokers 2019
If you are a UAE based trader, you should use a CBUAE broker to work with. But how can you know which brokers have this regulation, and of these which is the best? FXEmpire has compiled a list of the ultimate CBUAE brokers based on expert research and user feedback.
Introduction to CBUAE Regulation
The Central Bank of United Arab Emirates is the government appointed body that is charged with the responsibility of formulating and implementing legislation associated with companies that operate within the financial services sector.
CBUAE’s main responsibility revolves around oversight and regulation of all firms that provide financial services at all levels. This is a deliberate effort towards creating a fair and transparent market environment that investors can have confidence in. They are able to achieve this goal through a number of ways. First of all, they ensure the integrity and stability of payment systems in the UAE. The public are automatically encouraged to participate in market activities only if they are assured that the systems which financial institutions use to serve them are secure and stable. Protecting the customer therefore ranks very highly among the responsibilities of the CBUAE.
Secondly, CBUAE is responsible for the modernization of the financial market. It is their responsibility to foster innovation while staying ahead of trends and advancements on the technological and financial fronts. This gives stakeholders a fair advantage towards achieving success not just locally but on a global scale. Third of all, CBUAE is required to collect market information, analyse it and create an environment where industry players are well equipped to be successful. They are also in charge of regulating competition. Finally CBUAE monitors and enforces all legislation surrounding financial institutions.
How CBUAE Regulation Protects You
CBUAE maintains an updated list of firms that have been licensed to conduct business legally so that customers do not fall prey to fraudulent companies. Due to the risky nature of the forex , futures and commodities market, CBUAE carries out investor education and awareness campaigns. Lots of information is available in the form of periodic publications such that investors can make the most out of it.
They also supervise and regulate the process of conflict resolution. This involves making sure that the rights of the investor are protected by providing an avenue where potential complaints that have failed to be resolved by the broker can be formally appealed. The CBUAE gives brokers a period of sixty days within which they should address all complaints lodged against them by investors. Continued defiance of regulation by a broker can result in ultimate revocation of their license.
Guidelines for CBUAE Regulated Brokers
CBUAE regulated brokers are required to obtain and renew the relevant license annually. They are required to submit (externally) audited accounts to the regulator and also to allow appointed personnel to access their operating premises and conduct quality assurance checks at random. The brokers are also required to have in place a strategic framework to assess and mitigate risk such that it does not affect investors. In line with keeping UAE off the FAFT list of non-cooperative countries, brokers are required to perform due diligence on their customers. In the event that an investor is found to have contravened any of the regulations, the broker is required by CBUAE to identify them and make sure that they are liable for all damages.Although the CBUAE is the regulator and provider of licences to operators in the UAE, they are still indemnified from losses caused by implementation of the legal regulations.
- 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, ISA, MAS||Israel||$100||Open Account|
|CySEC, FCA, IFSC||Cyprus||$5||Open Account|
|AMF, ASIC, BaFin, CONSOB, FCA, FSB||United Kingdom||$50||Open Account|
|ASIC, CySEC, FCA||Cyprus||$200||Open Account|
|FCA||United Kingdom||$100||Open Account|