Best GFSC (Gibraltar) Regulated Forex Brokers 2018
If you are based in Gibraltar, you should trade only with a GFSC broker. If you are not sure which broker to choose, check out our list of the very best of these brokers based on our own research and through our users’ feedback.
Introduction GFSC Regulation
GFSC is made up of a number of teams that deal with specific issues. For example the through the Prudent Supervision team, GFSC is able to maintain the stability of the financial markets in Gibraltar by overseeing and regulating the operations of the licensed firms. This team ensures that the licensed brokers maintain a specified amount of operating capital and that the customer’s funds are protected in all scenarios.
The authorizations team receives application from brokers who desire to be licensed by GFSC. This team also handles any other requests (such as amendments) within the license’s mandate that might require the additional approval from the regulator. GFSC also publishes an annual report highlighting the performance of industry players and probable upcoming opportunities. In addition to this, GFSC carries out market research such that it is able to warn industry players of any impending risk to them or their customers. This research helps them facilitate consumer education and puts them in a position whereby they are able to create policies that improve quality of services on all fronts in accordance with international standards.
How GFSC Regulation Protects You
The Conduct of Business Supervision team is charged with the responsibility of protecting the rights of the consumer and building their confidence in the system. This team ensures that the licensed brokers offer their services with respect to the legal framework. They also serve the purpose ensuring that brokers have a proper conflict resolution mechanism so that issues can be dealt with immediately before escalation to the GFSC. Another important thing to note about the regulator is that it provides security for consumers through the Gibraltar Deposit Guarantee Scheme. Through this scheme, consumers are able to be compensated in the event that a licensed broker is unable to reimburse the consumer due to insolvency.
GFSC is the overall appointed Resolution Authority and it dispenses these duties through the Financial Services Resolution and Compensation Committee (FSRCC) – an independent entity that came into being in 2016.
GFSC maintain a list of operators and also auditors that have been licensed and are therefore capable of offering their services to customers in order to eliminate the risk of being linked with such ML activities.
Guidelines for GFSC Regulated Brokers
GFSC maintains a policy of frequent engagement with its licensees so as to ensure that their service provision is top notch. As such, the regulated brokers are required to participate in this engagement through periodic meetings with the regulator and submission of materials requested for research and investigative purposes. The brokers are also required to submit audited reports that must be put together by independent auditors that are also regulated by GFSC.
By virtue of the fact that GFSC is committed to upholding Anti-Money Laundering standards, regulated brokers are also committed to this cause. As such, they have to make sure they acquire enough information about their customers and verify their identification before they allow them to withdraw funds from their accounts.
If you are based in Gibraltar and want to trade forex, then you will need a reliable broker to trade with. In addition to following the above guidelines about working with a GFSC broker, you will need to know which of these licensed brokers are the best. That is where FXEmpire can help. Please check our list of the very best GFSC brokers below.
- 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|