Forex trading is a well-developed sector in quite a few countries around the world, with each one of them implementing a specific regulatory framework that forex brokers are required to follow. Below, you can see the regulatory bodies in each country, making sure forex brokers are offering the best trading conditions to investors residing in different jurisdictions. Usually, to be eligible to operate in foreign countries, international forex brokers are required to be licensed either by the official regulator in any specific country or any of the top-tier regulators we have listed below.
| Country | Regulators |
|---|---|
| Australia Forex Brokers | ASIC The Australian Securities Commission (ASIC) is the official regulatory body supervising the financial market in Australia, established under the Corporation Law (1990). ASIC is one of the top-tier regulators in the global trading scene, making sure brokers operating in Australia are conducting fair and safe trading services. |
| Austria Forex Brokers | FMA The Austrian Financial Market Authority (FMA) was established in 2002 and is responsible for the regulation of all financial services providers operating in Austria. FMA makes sure forex brokers are following fair trading practices while also protecting investors. |
| Argentina Forex Brokers | CNV, Ministry of Economy of Argentina, Central Bank of Argentina Forex and other forms of trading are legal and fully regulated in Argentina, which applies the same regulatory framework as many other Latin American countries. That is why the Central Bank of Argentina is the main regulatory body in the country, making sure Argentinian investors are properly protected and can enjoy a safe and fair trading environment. |
| Belgium Forex Brokers | FSMA The main role of the Financial Services and Markets Authority (FSMA) is to ensure a fair trading sector in Belgium and proper protection for local investors. Being one of the top-tier regulators in the forex scene, FSMA is responsible for the licensing and supervision of many trustworthy retail brokers operating in Belgium. |
| Brazil Forex Brokers | Central Bank of Brasil, Securities and Exchange Commission Brazil In Brazil, the guidelines for forex operations as well as other financial services are determined by the National Monetary Council (CMN). According to this body, it is the Central Bank of Brazil’s (Banco Central do Brasil) responsibility to implement the forex policy in the South American country. Meanwhile, in order to be able to operate in Brazil, brokers must obtain a license from the Securities and Exchange Commission (CVM). |
| Bulgaria Forex Brokers | BFSC Forex entities that wish to operate in Bulgaria are required to be licensed by the Bulgarian Financial Supervision Commission (BFSC), which was established in 2003. In addition to being responsible for the licensing of retail brokers, the supervision of licensed financial service providers also falls under the remit of BFSC. It should be noted that the BSFC is fully compliant with European MiFID requirements, ensuring fair and secure training conditions for EU and EEA investors. |
| Canada Forex Brokers | CIRO Canadian trading companies offering financial services to their customers are required to be licensed by the Canadian Investment Regulatory Organization (CIRO). The regulatory body was created after the Investment Industry Regulatory Organization of Canada (IIROC) and the Mutual Fund Dealers Association were merged together in 2023. CIRO is responsible for establishing rules that ensure high industry standards and making sure licensed entities are compliant with said rules. |
| Croatia Forex Brokers | HANFA With forex trading being legal and fully regulated in Croatia, companies that wish to offer forex services to their customers are required to be licensed by the Croatian Financial Services Supervisory Agency (HANFA). Since Croatia is a part of the EU, HANFA is following regulatory guidelines that are aligned with MiFID derivatives. With HANFA being the main regulatory body responsible for overseeing the financial market in Croatia, it is required to keep licensed brokers in check. |
| Czech Republic Forex Brokers | CNB, ESMA It is within the Czech National Bank’s (CNB) remit to supervise and regulate the financial market in the country. That means brokers who wish to cater to traders based in the Czech Republic must be licensed by the local regulator and follow guidelines ensuring best practices. In addition to authorizing the operations of retail brokers, CNB also regulates financial service providers, issuing penalties whenever entities are not compliant with regulatory rules. Since the Czech Republic is a member of the EU, ESMA is also one of the regulators overseeing financial service operations conducted by Czech brokers. |
| Denmark Forex Brokers | DFSA Financial markets in Denmark are regulated by the Danish Financial Supervisory Authority (DFSA), which is also the body responsible for overseeing brokers catering to Danish investors. Entities that wish to conduct financial operations in Denmark are required to be licensed by DFSA and follow secure trading and investor protection rules. With Denmark being a member of the EU, brokers operating in the country are also supervised by ESMA, ensuring fair trading conditions for all EU and EEA traders. |
| Estonia Forex Brokers | EFSA The Estonian Financial Supervisory Authority (EFSA) is the body responsible for ensuring the stability of the capital market in Estonia. That also includes forex brokers who must be licensed by the local authority, following both Estonian and EU regulations that call for fair and secure trading conditions for investors across the EU and EEA. Founded in 2002, EFSA has several functions, including licensing, monitoring, and taking regulatory actions to ensure the integrity of the financial market in Estonia. |
| Finland Forex Brokers | FIN-FSA The trading sector in Finland is fully regulated by the Finnish Financial Services Authority (FIN-FSA), which was founded in 2009. All retail brokers who wish to conduct financial services in Finland must go through a vigorous licensing process with FIN-FSA. In addition to issuing licenses, the regulator also monitors the operations of authorized brokers, making sure they are providing safe and fair trading conditions. Like other EU countries, Finland makes sure that financial service providers licensed by FIN-FSA are also MiFID-compliant. |
| France Forex Brokers | AMF, ACPR To be eligible to offer financial services to French traders, brokers are required to be licensed by the Autorité de contrôle prudentiel et de résolution (ACPR). This autonomous regulatory body was established in 2010 and is operating in accordance with regulations imposed by the Banque de France. ACPR has taken the role of the official financial market regulator in the country, issuing licenses to forex brokers and other financial service providers. ACPR also works in partnership with the Autorité des Marches Financiers (AMF), ensuring the stability of the financial market and the protection of investors. |
| Germany Forex Brokers | BaFin Brokers operating in Germany are required to meet the regulatory requirements imposed by the Federal Financial Supervisory Authority (BaFin). This is the independent regulatory body of Germany, responsible for the supervision of the financial market in the country, ensuring its stability and the protection of German investors. Brokers licensed in Germany are also required to be compliant with MiFID derivatives, providing fair trading conditions for all traders across the EU and EEA. |
| Greece Forex Brokers | HCMC The Hellenic Capital Market Commission (HCMC) is the regulatory body overseeing the financial market in Greece, including forex brokers operating in the country. HCMC was established in 1991 and is one of many authorities involved in the regulation of the financial industry in Greece. It is responsible for licensing forex brokers that wish to cater to Greek investors, with companies required to meet strict conditions in order to qualify for HCMC’s approval. Once licensed, HCMC-regulated brokers must ensure optimal trading conditions while protecting Greek investors. |
| Hungary Forex Brokers | MNB Forex brokers who wish to offer financial services to residents of Hungary must be licensed by the Hungarian National Bank (MNB), which is the official regulatory body overseeing forex services in the country. While MNB is the authority regulating Hungarian brokers, the Hungarian Financial Supervisory Authority (HFSA) has taken the role of financial market regulator, establishing the regulatory framework financial service providers in Hungary must follow. Since the country is an EU member, local brokers are also regulated by ESMA, following standard MiFID derivatives. |
| India Forex Brokers | SEBI While forex trading is legal in India, it should be done only with registered Indian brokers. The financial market, including forex brokers, is closely monitored by the Securities and Exchange Board of India (SEBI) and the Reserve Bank of India (RBI). The main role of SEBI is to ensure the best conditions for Indian investors by promoting the growth of the securities market in the country. Meanwhile, RBI regulates the operations of forex brokers in India, ensuring they are providing a fair and safe trading environment. |
| Indonesia Forex Brokers | OJK, BAPPEBTI Forex trading is legal in Indonesia but it should be conducted under a specific form that is compliant with local Islamic laws. The Financial Services Authority of Indonesia (OJK) monitors financial service providers, including forex brokers, operating in the financial market of Indonesia. Meanwhile, to be eligible to conduct forex services in Indonesia, brokers are required to be licensed by the Commodity Futures Trading Regulatory Agency (BAPPEBTI). The regulatory bodies in Indonesia are responsible for maintaining the stability of the local financial market while still protecting Indonesian traders. |
| Ireland Forex Brokers | CBI Forex trading in the territory of Ireland is a legal and regulated activity, with the Central Bank of Ireland (CBI) being the regulatory body responsible for the regulation of the financial market, including forex brokers. The authority makes sure that brokers are following strict regulatory requirements to ensure fair and secure trading for Irish investors. What is more, forex brokers operating in Ireland are required to abide by MiFID rules, ensuring the same fair trading conditions for all EU and EEA traders. |
| Israel Forex Brokers | ISA The forex trading sector in Israel is regulated by the Israeli Securities Authority (ISA), which has been authorized to fulfill its role as a regulator under the Securities Law of 1968. Forex brokers who operate in Israel must first obtain a license issued from ISA. The licensing process requires financial service providers to meet certain conditions to prove they can maintain the financial market balance while offering top-level protection for Israeli forex investors. |
| Italy Forex Brokers | CONSOB Italian financial services, including forex trading, are regulated by the local National Commission for Companies and Stock Exchange (CONSOB). The regulatory body was established in 1974, having several regulatory roles that include licensing brokers who wish to offer forex trading services to Italian traders. CONSOB also monitors the operations of licensed entities, making sure they are still eligible to participate in Italy’s financial market. Italian brokers are also required to comply with MiFID derivatives that apply to all EU and EEA countries. |
| Japan Forex Brokers | JFSA It is the Japanese Financial Services Agency’s (FSA) responsibility to maintain the stability in the financial market of Japan, which includes regulating forex trading activities in the country. To operate in Japan, brokers must obtain an FSA license, which is issued only after they have met a set of strict regulatory rules. FSA was founded in 2000 and is a government-run authority that determines the regulatory framework in the financial sector of Japan. |
| Kuwait Forex Brokers | CBK, CMA The main regulator of the financial sector in Kuwait is the Central Bank of Kuwait (CBK), which establishes the rules and regulations that forex brokers must abide by. Meanwhile, the Capital Markets Authority (CMA) is the authority that oversees financial trading activities in Kuwait. CMA operates under Law No.7 (passed in 2010) and makes sure that no broker offers forex trading services in Kuwait unless it has been fully licensed by CMA. To qualify for a trading license, forex brokers must meet a set of requirements that guarantee fair and secure trading. |
| Malaysia Forex Brokers | BNM, SCM, LOFSA Malaysian forex traders can legally trade currency pairs with any broker that has been authorized by the local regulator – the Bank Negara Malaysia (BNM) – or has received a Capital Markets Services License (CMSL) from the Securities Commission of Malaysia (SCM). Meanwhile, offshore brokers operating in Labuan, which is an island federal territory of Malaysia, are regulated by the Labuan Financial Services Authority (LFSA). Brokers authorized by LFSA can also accept investors from Peninsular Malaysia. |
| Netherlands Forex Brokers | AFM Forex trading in the Netherlands is a legal and regulated financial activity that anyone can enjoy as long as they trade with a regulated forex broker. The Dutch Authority for the Financial Markets (AFM) is the regulatory body that oversees the financial market in the Netherlands, including forex operations. Regulations introduced by AFM are to be followed by any broker in the European country, ensuring fair and transparent trading practices. Dutch brokers are also compliant with MiFID directives, ensuring safe and fair trading for EU and EEA investors. |
| Norway Forex Brokers | FSA The forex trading sector in Norway is regulated by the Financial Supervisory Authority (FSA), which is the main body responsible for maintaining the stability of the capital market in the country. Meanwhile, FSA also implements a regulatory framework to protect Norwegian investors, ensuring the best trading conditions. Any broker who strives for a spot in the Norwegian forex trading market must be licensed by FSA, which is achieved once a set of strict conditions are met. |
| Poland Forex Brokers | Polish Financial Supervision Authority Poland’s forex trading sector is operating while being regulated by the financial market regulator in the country. The supervision of the whole sector, including forex, falls under the remit of the Komisja Nadzoru Finansowego (KNF), which translates to the Polish Financial Supervision Authority (PFSA) in English. PFSA is responsible for licensing brokers that wish to offer financial services to Polish traders, with the continuous regulation of licensed entities also being one of PFSA’s functions. |
| Portugal Forex Brokers | CMVM Portugal has implemented a proper regulatory framework for its financial market, which also includes forex trading. To be eligible to offer financial services, including forex trades, brokers must apply for a license from the Portuguese Securities Marker Commission, officially called Comissão do Mercado de Valores Mobiliários (CMVM). This is the main regulator of the financial service providers operating in Portugal, making sure that any licensed entity is conducting fair and transparent trading services. |
| Qatar Forex Brokers | QFMA, Qatar Central Bank, QFCRA Forex trading in Qatar, like other financial services in the country, is regulated by the Qatar Financial Markets Authority (QFMA). This organization was established in 2005 under Law No. 33, working along with the Ministry of Economy and the Central Bank of Qatar to ensure the capital market’s stability and integrity. The Central Bank of Qatar and QFMA also work together with the Qatar Financial Center Regulatory Authority (QFCRA) to monitor the forex market in Qatar. |
| Romania Forex Brokers | ASF Luckily for Romanian traders, the Forex market in the European market is legal and fully regulated, with the supervision of the financial market in Romania falling within the remit of the local Financial Supervisory Authority (ASF). The Romanian regulator actively participates in the implementation of current regulations as well as the introduction of amendments to the regulatory framework. Since Romania is a member of the EU, brokers operating in the country are also required to follow MiFID regulatory guidelines. |
| Saudi Arabia Forex Brokers | CMA The main regulatory body responsible for the regulation of the financial market in Saudi Arabia, including forex trading, is the Capital Market Authority (CMA). Brokers who wish to offer forex services to Saudi traders are required to be registered within the country and obtain permission to operate issued by CMA. To ensure the financial market’s stability and offer investors protection, CMA works together with the Saudi Arabian Monetary Agency (SAMA). |
| Singapore Forex Brokers | MAS The forex trading sector in Singapore is regulated by a single body and that is the Monetary Authority of Singapore (MAS). Its main responsibilities include regulating and supervising financial service providers, including forex brokers who operate in Singapore. While MAS also acts as the Central Bank of Singapore, it does not have a massive influence on the Singapore Dollar and any rate changes. Instead, the regulatory body is responsible for maintaining the stability of the Singaporean financial market. |
| Slovakia Forex Brokers | NBS It is the National Bank of Slovakia’s (NBS) role to regulate forex brokers operating in the European country. NBS operates both as the Central Bank of Slovakia and legal regulator of financial entities, including forex brokers. To be eligible to offer financial services to their Slovakian customers, brokers are required to be licensed by NBS. Furthermore, the regulator makes sure that every licensed company is following regulatory guidelines to ensure fair and secure trading conditions. |
| Slovenia Forex Brokers | ATVP The Securities Market Agency in Slovenia (ATVP), is the sole regulator responsible for overseeing the financial sector in the country. Forex trading is also an industry that falls under the category of financial institutions regulated by the ATVP. That is why, forex brokers who wish to cater to Slovenian traders are required to obtain an ATVP license and follow strict regulatory guidelines. |
| South Africa Forex Brokers | FSCA The forex sector in South Africa is regulated by the Financial Sector Conduct Authority (FSCA), which is one of the most reputable regulators in the global trading market. Brokers that cater to the trading needs of South African investors are required to be licensed by FSCA. The regulator is also responsible for the monitoring of financial service providers, making sure they are providing optimal conditions for fair and secure trading. |
| South Korea Forex Brokers | FSC The main regulator responsible for the supervision and regulation of the forex trading sector in South Korea is the Financial Services Commission (FSC). This agency is responsible for maintaining the stability of the financial market in South Korea while ensuring a safe trading environment for South Korean investors. Regulating forex brokers catering to South Korean traders also falls under the remit of FSC. |
| Spain Forex Brokers | CNMV The regulation of the financial sector in Spain, which includes forex trading, comes under the jurisdiction of the Spanish National Securities Market Commission (CNMV). This entity regulates the financial industry in Spain with might and main, which also includes forex trading. Brokers that strive to offer forex services to Spanish traders are required to obtain the proper license from CNMV. What is more, even after being authorized, licensees are to be compliant with regulations imposed by CNMV to ensure fair trading for Spanish investors. |
| Sweden Forex Brokers | Financial Supervisory Authority of Sweden Swedish forex traders can always enjoy the best trading conditions once they join a broker authorized to operate by the Financial Supervisory Authority of Sweden (Finansinspektionen). That is the main regulatory body that monitors the financial market in the country, making sure all of its participants, including forex brokers, are following guidelines for a stable financial market and investor protection. Brokers who apply for a license from Finansinspektionen are required to meet several criteria that ensure their eligibility to operate in Sweden’s financial sector. |
| Switzerland Forex Brokers | FINMA The Swiss Financial Market Supervisory Authority (FINMA) is the body responsible for the regulation of forex brokers operating in Switzerland. The regulator controls the overall financial sector in the country, overseeing the operations of different financial institutions. FINMA imposes a strict regulatory framework that licensed brokers are required to follow. One of the main goals of this entity is to ensure the integrity of the capital market in Switzerland while protecting local investors. |
| Thailand Forex Brokers | SEC The Securities and Exchange Commission (SEC) is the regulatory body that has taken the role of the authority monitoring forex trading in the territory of Thainland. Along with the Bank of Thailand (BOT) and the Offcie of Insurance Commission (OIC), these are the three main regulators that oversee the financial sector in the country. SEC is responsible for the authorization of forex brokers as well as monitoring their activities, making sure they offer fair trading conditions to Thai traders. |
| United Kingdom Forex Brokers | FCA When it comes to trading regulators, the Financial Conduct Authority (FCA) ranks as one of the most reputable authorities in the forex trading industry. Determined as a tier-1 regulator, FCA authorizes the operations of UK-based forex brokers, making sure they are following best practices. The regulatory body is responsible for keeping the integrity of the UK financial market while ensuring a secure trading environment for British traders. |