Forex Brokers in Belgium
Forex trading in Belgium is popular amongst residents who are looking to buy and sell currencies to speculate on the fluctuating currency market prices. Whilst international forex brokers can accept traders in Belgium as clients, forex brokers in Belgium are required to become authorised by the Financial Services and Markets Authority (FSMA), who are widely regarded as one of the most stringent European financial market regulators. The FSMA supervises the financial services providers, follows that the companies comply with conduct of business rules, supervises products, and contributes to the improvement of financial education in the country.
Best forex brokers Belgium
To find the best forex brokers in Belgium, we created a list of all the forex brokers that accept clients in Belgium and then ranked them based on our overall rating. You can see our list of our top forex brokers for Belgium below.
ASIC, BaFin, CFTC, DFSA, FCA, FINMA, FMA, FSA, FSCA, JFSA, MAFF, MAS, METI, NFA
FSMA forex brokers in Belgium
In 2016, the Belgian regulator, the Financial Services and Markets Authority (FSMA), banned brokers from offering CFDs, rolling spot forex contracts, and binary options to retail traders. They also banned most forms of marketing. However, there is no law against a Belgian resident trading forex although Belgium does have strict laws aimed at forex brokers.
The FSMA takes the view that these particularly risky financial derivatives are not suitable for retail investors. The instruments are, moreover, marketed to the general public in a particularly aggressive manner. The FSMA often notes that such instruments are even offered to senior citizens, the unemployed, people in financial difficulty or consumers who clearly do not have the requisite knowledge and experience. That is one of the reasons why the Regulation also prohibits certain undesirable marketing methods.
Despite this, the FSMA has no way to enforce these regulations against offshore forex brokers outside Belgium who are prepared to accept Belgian residents as clients.
A closer look shows the FSMA placed restrictions solely on over the counter (OTC) instruments. Individuals defined as professional investors have access to a full array of forex investment vehicles. They are also fully responsible for the safety of their own personal and financial information.
To prove that they are professional traders, the citizens of Belgium have to submit a Financial portfolio of at least €500,000, also, proof of one or more years of experience. Only after the verification of the submitted information, Belgium traders are able to start trading forex.
How to verify FSMA regulated brokers in Belgium
You can find an authorised broker’s license number from the disclosure text at the bottom of their homepage. You can then look up the authorisation number on the regulator website to confirm if the forex broker is regulated in Belgium to provide online forex trading products and services.
Some Belgium forex brokers are regulated in more than one jurisdiction so that they can offer a different range of trading accounts and conditions depending on the location of the trader and regulated entity that they choose to open a forex trading account with.
Is forex trading legal in Belgium?
Yes, it is allowed to trade forex in Belgium, where there are over 11.46 million potential traders. The financial markets and all transactions on them in Belgium are regulated by the Financial Services and Markets Authority (FSMA). The economy of Belgium is highly globalized, and the country’s transportation system is integrated with that of the rest of Europe. A recent census reveals that the nation’s borders are traversed by millions of tourists each year.
Forex Brokers Bulgaria
As the foreign exchange market continues to grow and attract investors from all around the…
Forex Brokers in Czech Republic
In the fast-paced world of Forex trading, finding the right broker can make all the…
Forex Brokers in Luxembourg
Are you interested in forex trading? Do you want to know how to choose the…
Forex Brokers in Ukraine
In the dynamic world of trading, the foreign exchange market holds a significant place, and…
Forex Brokers in Norway
Delving into the realm of financial markets and international currency trading, our focus turns to…
Forex Brokers in Portugal
In Portugal, the world of forex trading has seen a steady rise in popularity, attracting…