Best SCA (UAE) Regulated Forex Brokers 2018
If you are based in UAE, you should trade with an SCA regulated broker. But which is the best one to trade with? We have conducted in depth research in to the very best SCA brokers, find out inside.
Introduction to SCA Regulation
The UAE Securities and Commodities Authority, which was established in January 2000, is the legal independent authority that legislates and carries out supervisory regulation on firms operating in the financial sector in Dubai. The firms under the SCA jurisdiction includes but is not limited to financial consultancies, market makers, stock brokers, fund management firms and margin trading brokers.
As per the functions highlighted by Federal Law No. 4 of 2000, the major responsibility of the SCA is to introduce and enforce controls that will ultimately create a fair playing ground for brokers and investors. Being the chief regulatory body, the SCA is the issuer of licenses to brokers and other firms that seek to offer financial services to customers. This means that they collect application fees as well as annual license renewal fees of compliant firms. They maintain an updated list of compliant firms as well as a blacklist of firms that have violated the regulations. They also keep a list of investors that have been investigated and found to have been involved in unscrupulous dealings within the financial markets. The duties of the SCA are two-fold in that they have the responsibility to protect both the investors and financial firms thereby creating a transparent environment for both parties to carry out achieve their goals.
The SCA collects analyses and publishes information about the financial markets so as to empower market participants accordingly. They also do this in order to keep abreast of market trends as well as provide a modernized platform for doing business. This plays a key role also towards tying up any loose ends in regards to coming up with laws to regulate any upcoming trends in the market.
How SCA Regulation protects you
The SCA is the organization that is responsible for protecting the investor from unfair practices. It has the authority to receive complaints from the public, organize for fair hearings and suggest the necessary retribution for the offenders. In the event that one party needs to cover for damages caused by another entity, they will also enforce this. They also have the duty to ensure that firms offering financial services are liquid enough to carry out their responsibilities satisfactorily.
The SCA is responsible for educating investors on opportunities in the different markets by putting out periodic publications, radio sessions or carrying out seminars to disseminate information.
Guidelines for SCA Regulated Brokers
The SCA is mandated to ensure that firms operating under its supervision are trained and tested in line with the responsibilities they carry out in the licensed companies. They are liable to provide a transparent and fair trading platform for all investors. This is aided by collecting relevant information about their customers to ensure that they are able to trace their identities and avoid unscrupulous operations such as money laundering. Brokers regulated by the SCA are expected to provide information such as audited accounts, trading activities and the likes upon request by the authority.
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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|