Best CBI Regulated Forex Brokers 2020
With many benefits for both traders and brokerages, this country offers an attractive investment atmosphere. First of all, it is part of the European Economic Area (EEA), which benefits the country in a variety of ways including regulatory standards, and ease of doing business in all of the EU regions. As for financial regulation, Ireland’s financial entities are regulated by the Central Bank of Ireland (CBI), which is a different regulatory body from most European countries.
The Central Bank of Ireland was established in 1943 and has taken on plenty of responsibilities since then. In October of 2010, the CBI became the authority responsible for the regulation of financial services in Ireland. The regulation imposed by the CBI is in accordance with the MiFID derivatives, as well as the regulatory guidelines imposed by the European Union. With all this regulation, the CBI is mandated in providing investors with the most ethical and transparent marketplace in the European financial markets. All in all, the CBI is indeed a competent regulatory authority with the ability to maintain integrity in the financial markets while protecting consumers and the Irish financial economy.
The CBI is tasked with numerous responsibilities for the protection of investors and the European financial markets. In order to do this, they must create and implement many rules and regulations for all the financial entities they oversee. Which includes every Forex broker in Ireland and even some abroad. The CBI must carefully examine each and every brokerage who applies for licensing through them, making sure they meet the highly strict guidelines imposed by them. As well, The CBI is responsible for taking complaints and settling any disputes between investors and brokerages. Another important responsibility is to enforce the rules they impose on financial companies through various supervision techniques.
How CBI Regulation Protect You
The most important role of the CBI regulation is the protection of consumers and investors. They achieve this through the prevention of fraud and financial abuse in brokerages and financial companies alike. They achieve this level of protection by making it mandatory for all financial firms or entities regulated by them to adhere to their strict regulatory guidelines. All firms must pass an intense and secure licensing process, which prevents companies from participating in any financial malpractices.
Guidelines for CBI Regulated Brokers
Forex brokers governed by CBI regulation must adhere to the strict guidelines imposed on them. This is to ensure brokerages maintain safe, secure, and transparent financial practices, as well as to maintain the integrity in European financial markets. All forex brokers are required to submit annual audit reports as well as other financial information on a periodic basis. This is to ensure they are not committing any money laundering or other financial malpractices. As well, brokers are required to keep clients’ funds in segregated accounts to protect them from events such as bankruptcy. Another important guideline is for brokers to be completely transparent with their pricing structure and advertising methods.