Best forex brokers in cyprus
CySEC Forex brokers are highly prevalent in the industry, as there are tons of brokers best forex brokers in cyprus by the CySEC that offer a multitude of trading products and brokerage services for investors in the EU as well as from all over the best forex brokers in cyprus. CySEC is best forex brokers in cyprus of the very first regulatory organizations to legalize and regulate Binary Options trading, and the agency also allows best forex brokers in cyprus betting best forex brokers in cyprus to base their operations in Cyprus.
Although spread betting is more common in the UK, binary options brokers do tend to set up their base of operations in Cyprus due to the numerous advantages that CySEC provides. Cyprus is a country that is dedicated to advertising its image as a business-friendly nation.
Cyprus has highly lenient tax laws, easier and simpler business set up procedures, and comparatively relaxed rules and guidelines for creating a financial company. Therefore, Forex brokers find it easy to set up their brokerage in Cyprus to capture the vast majority of Forex traders in the EU, which is one of the primary reasons why Forex brokers prefer CySEC over any other regulatory agency.
In fact, setting up a brokerage business in Cyprus allows a company to tap into the highly lucrative trading market in the EU without having to set up a representative office in any other countries. Such a move will not only help in reducing the tax burden but can also contribute to reducing the overall costs of running multiple satellite offices.
The over-exuberance of Cyprus to appease international companies to do business in the country led to the CySEC initially favoring the brokers over the individual trader. Since its inception inCySEC had turned a blind eye towards fraudulent financial companies and allowed businesses to operate in the country with minimal sanctions or inconsequential penalties.
As a regulatory organization, it is the duty of the CySEC to investigate all instances of customer abuse, and should work for the trader, rather than for the broker. However, the easier CySEC regulations provided an incentive best forex brokers in cyprus companies to offer brokerage services without any backup policies, which resulted in numerous brokers going bankrupt without providing any compensation to the investors. Several CySEC regulated Forex brokers also invested in the country to siphon money away from unsuspecting investors, resulting best forex brokers in cyprus widespread scams that had far-reaching effects on mainland Europe as well as on investors around the globe.
Increasing instances of broker fraud led to immense criticism from other European regulators, which resulted in reforms in the regulatory guidelines. SinceCySEC has been changing its policies for regulation and have consistently been updating its regulatory guidelines to satisfy the MiFID derivative. Ever since CySEC has been on an upward trend and has been seen juggling between offering a comfortable business environment without compromising the quality of regulation or affecting the integrity of the financial markets.
Nowadays, CySEC is committed to the welfare of the investors and has introduced several measures to ensure that traders can enjoy peace of mind while investing their funds with CySEC Forex brokers. The ICF is a significant step in the evolution of CySEC into becoming a trusted broker, as investors can now enjoy more protection against unethical broker practices or market risks.
Such a compensation scheme is only available if the broker fails, and ICF is in no way any insurance for the trading decisions made by the investor. CySEC regulates its member firms by requesting all types of audit reports and other financials to ensure that the brokers operate within the CySEC guidelines for a fair, open, and transparent marketplace. However, due to the relative ease of regulatory oversight, it is still common for CySEC regulated brokers to indulge in manipulative behavior.
In such an event, the CySEC has instructed a detailed complaint resolution process that begins with the complainant contacting the broker directly with any issues and awaiting a response from the company representatives. Brokers should offer their traders with a fast and efficient complaint resolution; however, if a trader does not receive a satisfactory response, he can then contact the Financial Ombudsman service for arbitrage, or approach the court as a final resort.
CySEC regulated brokers are assigned a valid trade license and a unique tracking code that can help traders to perform extensive research about a broker before opening an account with the company.
Although the CySEC has a long way to go before reaching the levels of other established regulatory organizations, CySEC has indeed several industry firsts that make the agency best forex brokers in cyprus real innovator in the financial markets. As an investor, do your ground work before investing your fund with any broker, as ultimately, your due diligence best forex brokers in cyprus pay off in the long run.
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