Best SIBA (Seychelles) Regulated Forex Brokers 2019
Are you based in the Seychelles and looking to trading in the financial markets? In that case, you should only work with a SIBA regulated broker. But how can you know the best one to work with? We have conducted all the legwork for you and come up with a definitive list of the best SIBA brokers. Read on.
Introduction to SIBA Regulation
Seychelles is an exotic island off the coast of East-Africa and has been slowly gaining popularity in the forex trading market. With this increased popularity, comes an influx of new companies wanting to set up services. Seychelles welcomes these companies with open arms, offering numerous incentives to set up a financial brokerage. Along with these incentives is relatively lax regulatory authority known as the Seychelles International Business Authority (SIBA). There are now many successful international brokerages, but how can you find a good broker that is regulated by SIBA? Let’s learn more about the SIBA regulation and its effect on consumers and the financial markets.
The SIBA was put in place to bring transparency into the Seychelles financial markets by imposing regulatory guidelines based on the global standard. They enforce this by supervising financial firms ensuring they follow the guidelines. However, as the country strives to be an attractive business opportunity for companies, the lower standards of regulations has prevented many professional traders from opening accounts under SIBA regulation.
In light of this, the government is trying to gain the trust of international investors and consumers and have since made improvements. In 2013, SIBA was renamed as the Financial Services Authority (FSA) of Seychelles. The authority is responsible for the regulation of all non-banking financial companies operating within the country. Now, the government is putting more emphasis on protecting the consumer, rather than financially benefiting the company.
The SIBA has numerous responsibilities due to being the only financial regulatory agency in Seychelles. The SIBA is responsible for all non-banking financial institutions and companies that deal in insurance, pension funds, e-payment gateways, credit unions, securities firms, fund managers, investment companies, and the foreign exchange market. The SIBA is responsible for all aspects pertaining to the regulation, supervision, communication, and implementation of their regulatory guidelines.
How SIBA Regulation Protects You?
Although SIBA regulation has not been trustworthy in the past, the government has shown more emphasis on the protection of consumers since the reformed Financial Services Act of 2013. Now, the SIBA is protecting consumers through more strict regulation policies as well as the supervision and implementation of regulatory guidelines. However, the SIBA still needs time to prove themselves as a trustworthy regulatory authority of financial markets. SIBA regulated brokers are more known for other benefits such as lower spreads, commissions, fees, and bonuses, etc. Rather than quality trustworthy protection.
Guidelines for SIBA Regulated Brokers
Brokerages are now under stricter guidelines to ensure consumers safety. For instance, all brokerages operating in Seychelles are required to submit periodic audit reports, financial statements, statement of accounts, and other documents. All this is required to prevent financial malpractices such as money laundering. As well, all financial brokers in Seychelles must be licensed and regulated under SIBA FSA regulation. In order to be regulated by SIBA, brokers must comply with the SIBA guidelines, pass the examination, and cooperate with the supervision of the SIBA.
- 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, ISA, MAS||Israel||$100||Open Account|
|CySEC, FCA, IFSC||Cyprus||$5||Open Account|
|AMF, ASIC, BaFin, CONSOB, FCA, FSB||United Kingdom||$50||Open Account|
|ASIC, CySEC, FCA||Cyprus||$200||Open Account|
|FCA||United Kingdom||$100||Open Account|