Best CMBT (Turkey) Regulated Forex Brokers 2018
If you are trading Forex in Turkey, it is recommended to only trade with CMBT regulated brokers. But which ones of these are the best? To avoid future problems you should choose from our list of the best CMBT regulated brokers. Our list is based on user reviews and our expert analyst research.
Introduction to CMBT Regulation
The Capital Markets Board of Turkey is the independent regulator for the stock, securities and forex market. The Capital Market law number 2499 legislated in 1981 captures the principle on which the CMBT operates. CMBT was created in 1982 with limited operational capacity but has since grown in leaps and bounds notably due to the passing of law number 4487 which largely barred unlicensed brokers from operating in Turkey.
CMBT’s ultimate responsibility is to create a transparent and reliable environment whereby brokers and investors can do business. By doing this, the CMBT protects the rights of the investor as well as create a healthy competition between brokers in the market. Brokers that operate under the jurisdiction of the CMBT are also driven towards adopting the already existing standards in the international markets. By having a transparent market and protecting the customers, there is increased participation in the securities market which is often used as a benchmark for measuring economic growth in a country. Integrity in the market attracts both short and long term investors.
With the ever-changing trends of the financial markets, CMBT is responsible for modernising the infrastructure and empowering all industry players to benefit from these changes. Due to the risky nature of this industry, CMBT also conducts their own market analysis and advice stakeholders accordingly in order to mitigate the effects of these risks.
How CMBT Regulation protects you
CMBT is responsible for ensuring that the rights of the client are not infringed upon. They therefore regulate the operations of brokers in Turkey by ensuring that this this pre-specified code of conduct is followed to the letter. They maintain a list of licensed brokers which is available to potential investors who wish to enlist. They literally monitor transactions that are carried out by every broker to make sure that they do not operate outside the confines of the law. Similarly, blacklisted brokers are also identified and prevented from doing business until they comply with the regulations. This means that cases whereby an investor loses their hard-earned capital due to foul play by the brokers are virtually eliminated.
In the event that an investor is not satisfied that the broker infringed on their rights, they can report this issue to CMBT and then the necessary legal action can be taken from there.
Guidelines for CMBT Regulated Brokers
Brokers licensed by the CMBT are obligated to submit their audited accounts annually to the regulator. In addition to this, they are obligated to provide information requested for by the CMBT in the event that a viable concern is raised either by the regulator or by an investor. This prevents abuse of the mandate granted to licensees. Companies that operate within this industry are also required to ensure that all their employees have sat for the appropriate licensing examinations and qualified accordingly.
- 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|