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When deciding on a Forex broker there are a number of criteria upon which your decision can be based. These might include the the brokers available trading platforms, spreads of currency pairs and available leverage on the account. With so many options available the decision as to which broker to choose can prove difficult. Arguably the prime factor in your decision should be to to ensure that the broker you choose is a regulated Forex broker.
What is different about a regulated Forex broker
To be considered regulated, a Forex broker must have a membership of a an official regulatory body. This means that the activity of the company is monitored. The broker will have to follow a strict set of regulatory rules outlined by the authority in order to operate their business.
To become regulated a brokerage firm will be required to meet and maintain a minimum set of legal requirements on an ongoing basis. This will include keeping sufficient financial assets to ensure the continuous operation of the company in addition to maintaining operational procedures and standards.
Regulation requires brokers to operate with complete transparency of their accounts and associated financial documentation. They are also required to submit detailed financial reports. A failure to comply with these standards can lead to both fines or having their membership revoked. Failure to follow the guidelines set out for this documentation can also lead to similar penalties.
Why it pays to choose Regulated
The idea behind regulation is provide a level of protection for clients.This means that brokers are accountable for their actions in dealing with clients to the authorities of which they are members.
A key point here is that client deposits are held in separate accounts from the company funds. As a result client deposits cannot be used to fund the broker's operational activities which helps to ensure the safety of deposited money. A benefit to the client is that in the event that the broker runs into financial trouble,client monies cannot be used to fund creditors.
Regulations also apply to other areas of broker operations. These include the protection of personal client information, adhering to quality standards, levels of customer support and identifying potential fraud.
Checking that a Forex broker is regulated
It is easy to find out if a Forex Broker is regulated. Most regulated Forex brokers will now provide details their regulatory status on their website. They will also list any other applicable regulatory memberships.
The actual regulatory body of the broker will be dependant upon the region in which the regulated Forex broker operates. Countries with specific regulatory authorities include the USA, UK, Euro Zone, Switzerland, Australia and Japan.
Examples of regulatory authorities include the National Futures Association (NFA) and Commodity Futures Trading Commission or (CFTC) for US brokers, MiFID and CySEC for Euro zone brokers and the Financial Services Authority (FSA) in the UK. The full regulatory standards to which they are required to operate by can be found on their websites.
A broker is only required to have membership of one authority to be considered regulated in that region.
When making a decision on your Forex Broker it is best to ensure you select a regulated Forex broker. This will ensure that you get a level of service based on a set of regulated standards and also if the worst happens and your broker folds, protection for any funds you have deposited in your account.
About the author:
Find some of the best regulated Forex brokers by visiting http://www.forextechnicalchartist.com your Forex portal to the markets. |
