CySEC stands for the Cyprus Securities and Exchange Commission, which is the companies responsible for the regulation of financial services on the island of Cyprus. InCyprus joined the European Union which allowed firms regulated on the island to take on customers from throughout the European Union and European Economic Area. To get a complete overview of different brokers and their regulative status view our Legal Forex Broker Comparison. If you have been looking into picking a brokerage you may have noticed that a significant number of brokerages are based on the small Mediterranean island, there are three primary reasons why Cyprus has become such a hub for FX brokerages. Island of Cyprus — From Wikipedia. Cyprus as you may know is a member of the European Union. A central tenet of all current EU treaties is the idea of an internal market which allows for European firms to compete for business in all 30 European Economic Area countries. MiFID or the Markets In Financial Directive law provides the framework for the regulation of investment services and ensures that all the countries within the European Economic Area regulate certain investment services to a minimum standard as set out in the law. As a full member of the European Union, Cyprus is party to MiFID with CySEC being the authority responsible for ensuring that investment services in the country are regulated in accordance with both MiFID and the countries own investment services law. When Cyprus finally joined in investment services firms based in the island were able to offer their services to residents of all European Economic Area countries. This was a huge boon for the country and brought a number of investment cyprus business to the island who wished to take advantage of Cyprus low rates of corporation tax. Some have criticised CySEC suggesting that the regulator fails to provide the kind companies tough regulation that other European countries offer. Whether this criticism is justified is questionable with CySEC going beyond many of the minimum requirements as set out by MiFID. For instance CySEC requires investment firms hold at least 1 Million Euros of capital far in excess of theEuro minimum set out in MiFID. CySEC has also taken action against a forex of firms for breaches of relevant regulation and does seem to carry out its role diligently. CySEC has been on the receiving end of criticism from a number of traders and industry commentators who believe the companies is too light touch when it comes to the regulation of financial services. Some say evidence of this can be seen in some of the fines handed out to brokerages which have been found to be in breach of regulatory cyprus, with the fines being levied by Companies tending to be much smaller than those handed out by other regulatory organisations such as the FCA. Not everyone shares this criticism of CySEC, with many pointing out that Cypriot regulatory law goes above and beyond the bare minimums set out in the Markets in Financial Instruments Directive. Being regulated by CySEC ensures that traders are given certain important protections, companies as having their funds in forex accounts and a certain level deposit insurance should a brokerage go under. In fact the light touch nature of regulation in Cyprus means that many brokerages are able to be more competitive in regards to spreads than they would otherwise be able to be. We have been seeing an increasing amount of complaints from people who claim that even though they approached CySEC no action has been taken. Forex will dive further into these claims, forex if needed, amend this page and other pages of our sites. Despite some peoples criticism of CySEC, the island hosts a number of quality brokerages. It is definitely worth considering a number of brokerages based on the island. Cyprus our point of view that demonstrates their pro-activity and customer protection which are two of the most important requirements we would have from a regulator:. The brokerage places all client orders through to one of the firms liquidity providers. While XGlobal Markets is a relative newcomer the firm has quickly become known for offering very competitive spreads and a high quality of customer service. Read Our Full Review. FxNet was launched inand operates using an STP model. Unlike with other brokerages, spreads at FxNet are fixed under standard market conditions with the brokerage widening spreads during periods of high market volatility. The brokerage is not the most competitive when it comes to spreads but offers a number of other features to entice potential clients. The brokerage is competitive in terms of Spreads, though traders will have to remember to add commission onto the quoted spreads. The brokerage offers a wide range of currency pairings as well Precious Metal trading and boasts excellent execution maintaining servers at Equinix NY4. Founded back inUFX Markets gained CySEC regulation in and has been much talked about often for the wrong reasons. The settlement meant that the brokerage did not have to admit any wrongdoing. The brokerage has been forex the receiving end of regulatory action a number of times over the years. The brokerage offers fixed spreads on all pairings, and is relatively uncompetitive unless you have one of the premium accounts offered by the brokerage. Your email address will not be published. Leave this field empty. Our top selected CySEC brokers: Leave a Reply Cancel reply Your email address will not be published. All recommended firms on this website are supervised by one or cyprus of the following regulatory bodies: Zulutrade Review Social Trading XM. Learn to analyze Forex like the pros with our comprehensive guide to technical and fundamental analysis: June 16, 2: High -leverage trading can be extremely volatile and cause substantial losses. All information on this website shall not be construed as financial advice. Free WordPress Theme Zincy lite Themes By: Visit Broker Read Review.
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