Best MNB (Hungary) Regulated Forex Brokers 2018
The MNB as well as being the Central Bank of Hungary is also the forex regulator. If you are planning to trade Forex and are based in Hungary, it is a good idea you only trade with MNB regulated brokers. Below you will find our list of the very best of these brokers, based on their offering, service and reliability.
Introduction to MNB Regulation
The MNB is one of few regulatory authorities who also serves as a central bank in Europe. The MNB is the Central Bank of Hungary, known as Magyar Nemzeti Bank (MNB). It was established in 1924, making it one of the oldest central banks in the world. Being a central bank, the MNB is operated and funded by the government of Hungary and works under direct authority of the MNB act. This provides the necessary framework for regulating financial companies, which ensures safe practices and competence on their part. The MNB is considered a leading regulatory authority of financial markets in Europe, and sets precedent for other regulatory bodies to follow.
MNB regulation coincides with the guidelines laid out by the MiFID because of its status in the European Economic Region. Economically speaking, Hungary is an important country in the EU. With that said, the MNB works towards maintaining a financially stable and competitive environment while mitigating anything that threatens this goal. The MNB achieves this through the supervision and collection of all information concerning the financial markets to ensure MNB regulated companies are conforming to the regulation set by them.
In addition to being the central bank and all the responsibilities that comes with it, the MNB is also responsible for the supervision and regulation of all financial entities in Hungary. Some of the types of companies they are responsible for include; MNB regulated brokers, insurance firms, capital market institutions, clearing houses, central depositories, and others. The MNB are responsible for the supervision and regulation of these financial companies, and approaches them with the utmost concern.
How MNB Regulation Protects You
The MNB takes its authority powers very seriously and not only maintains and protects the well being of the economy, but also the well being of Hungarian traders and investors. They do this by imposing strict guidelines for regulation, and constant supervision to ensure integrity among companies. They enforce harsh penalties and clamp down on non-compliant or unregulated companies offering investment services to Hungarian citizens. They are quick to respond to clients and act upon any complaints or signs of financial malpractices. The MNB has several departments dedicated to consumer care and does everything they can to protect Hungarian traders and investors.
Guidelines for MNB Regulated Brokers
To maintain a high standard among financial markets in Hungary and to protect and stabilize the Hungarian economy, the MNB has strict guidelines for brokers to follow. In order to be licensed and regulated by the MNB, brokers are required to adhere to the guidelines set out for them. If brokers do not meet the guidelines they are not permitted to offer their services to investors. As well, once brokers are regulated they must complete regular audits of all financial information to ensure there are no financial malpractices.
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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|