Best FCMC (Latvia) Regulated Forex Brokers 2018
The Latvian Forex market is regulated by the FCMC. Inside as well as looking at how this regulator functions, we’ll explore the very best FCMC regulated forex brokers, based on service, transparency and product.
Introduction to FCMC Regulation
Latvia is nestled between Russia, Germany, and Scandinavia making it an excellent trading hub among these areas. With that in mind, it has a very healthy foreign exchange industry, causing for the need of a competent regulatory agency. The regulatory agency in Latvia is known as the Financial and Capital Markets Commission (FCMC).
The FCMC was created with the protection of investors and the economy in mind. The agency was created and introduced in 2001 considering the passing of the law “On the Financial and Capital Market Commission”. It was created in light of the ever-expanding financial markets and the need for a singular regulatory body. The FCMC has since been able to effectively monitor and supervise financial institutions as well as assess the markets it regulates.
Like other regulatory agencies, the FCMC fulfills many responsibilities in order to be a competent regulator for many international brokerages. The financial markets and institutions the FCMC is responsible for are; insurance companies, insurance & pensions markets, payment institutions, e-payment institutions, and participants of financial instruments markets. The FCMC is tasked with the regulation and licensing of forex brokerages, as well as the promotion of competitiveness and stability among financial institutions. The regulatory authority is also responsible for enforcing regulations set out by the MiFID because of its membership of the EU and being in the European Economic Area.
How FCMC Regulation Protects You
Investor protection is of very high importance to the FCMC. The organization takes it very seriously, and takes all necessary steps to prevent fraudulent activity done by financial institutions. The agency has departments dedicated to helping investors with any problems regarding scams, or any other financial abuse they have incurred. As well, the FCMC has initiated many financial education programs to inform investors on the practices of investing in financial markets. By enforcing the rules and regulations set by themselves and the MiFID, the agency is able to mitigate unlawful practices by the financial institutions it regulates. Also, the FCMC collaborates with the government and authorities to bring an end to fraudulent activities in the financial sector. All in all, the FCMC does a very good job of protecting investors who use regulated FCMC brokers.
Guidelines for FCMC Regulated Brokers
FCMC regulated brokers are subject to various regulatory guidelines to ensure the safety of investors and to protect integrity in the market. Forex brokers must follow the guidelines laid out for them or face the consequences. That being said, some of the most important guidelines are as follows:
- Brokerages must submit periodic audit reports to ensure they are complying with the financial requirements set out for them.
- All forex brokerages with residing operation in Latvia must be licensed and regulated by the FCMC.
- Brokerages must comply with the various guidelines laid out by the MiFID.
- 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|
|ASIC, BVI, FSA(JP), FSB||Ireland||$100||Open Account|
|ASIC, CySEC, FCA||Cyprus||$200||Open Account|
|CySEC, FSB||Cyprus||$100||Open Account|
|ASIC, FCA, FSB||United Kingdom||$300||Open Account|