Forex regulatory agencies across the globe are your best allies in order to avoid all sorts of forex fraud or to try and rectify the situation once you have fallen victim of a forex related scam. This is because the majority of individuals and companies offering investments to the public are subject to some sort of regulation—and may even be subject to multiple regulation. To avoid being scammed when trading forex online you should choose to do so through entities that are regulated. To know if an entity is regulated or not your safest bet is to verify this through the pertinent regulating/watchdog authority in your jurisdiction.
All such authorities can give you access to the update lists of regulated entities in their jurisdiction, will most also have blacklists of fraudsters and scammers that you should avoid. Also, they have complaints procedures into place as well as mechanisms thorough which your online forex trading related disputes can be effectively addressed and settled.
Below you can find who these authorities are and how you can contact them in a wide selection of countries and jurisdictions. Although extensive the list is not exhaustive, so in case you cannot locate the authority for your location, feel free to contacts us and we will be happy to point you to the right direction regarding who to contact.
If you live in the U.K. the two regulatory bodies you can resort to are the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA).
The goal of the FCA is to protect consumers, ensure industry stability, and promote healthy competition in the financial services industry through the regulation of financial advisers, asset managers, or any firm not covered by the PRA. The FCA website is http://www.fca.org.uk
The PRA is a part of the Bank of England, and its main role is to promote a healthy UK financial system through the regulation and supervision of banks, credit unions, major investment firms, and insurers. The PRA website is http://www.bankofengland.co.uk/pra
The Danish FSA, also known as Finanstilsynet is charged with supervising financial activities in Denmark with particular emphasis on protecting investors and preventing market abuse. Their website is http://www.dfsa.dk/en.aspx
The overseer of financials in Switzerland is the Federal Department of Finance or FDF, whose website is http://www.efd.admin.ch/index.html?lang=en. However, it is the Swiss Financial Market Supervisory Authority or FINMA that regulates the banks, securities dealers, and stock exchanges and it can be reached via its website http://www.finma.ch/e/Pages/default.aspx. Moreover, for the French speaking part of Switzerland, there is also the Association Romande des intermediares financiers or ARIF, whose website is http://www.arif.ch/en/index.htm.
All futures and securities-related activities in Hong Kong are monitored by the Hong Kong Securities and Futures Commission (SFC), whose website is http://www.sfc.hk/sfc/html/EN/index.html
In Australia, the Australian Securities and Investments Commission (ASIC) regulates companies, financial markets, and financial service organizations as well as insurance, and credit, aiming to maintain fairness in the market environment. The ASIC website is http://www.asic.gov.au/asic/asic.nsf
Cyprus is a popular jurisdiction and home to many online retail forex and binary options brokers. The country’s regulator is the Cyprus Securities and Exchange Commission (CySEC) and its website is www.cysec.gov.cy
In Malta the forex industry is regulated by the Malta Financial Services Authority, whose website is www.mfsa.com.mt.
In Luxemburg the forex market is overseen by the Commission de Surveillance du Secteur Financier (CSSF), whose website is http://www.cssf.lu/en/
The French regulator is the Autorité des marchés financiers (AMF). AMF is very active and very vocal especially in educating and protecting investors and it often publishes blacklists of unlicensed brokers. The AMF website is http://www.amf-france.org/en_US/.
U.S. Regulatory Agencies
In the United States the main regulator is the Commodities Futures Trade Commission (CFTC), whose mission is to protect market users and the public from fraud, manipulation, and abusive practices related to the sale of commodity and financial futures and options. The CFTC’s Website is http://www.cftc.gov/index.htm, while if you want to file a complaint or report suspicious activities, you can do it from here: http://www.cftc.gov/consumerprotection/redressreparations/index.htm
Moreover, if you will in the USA you can also contact another pertinent body, the National Futures Association (NFA), whose aim is to ensure the integrity of the futures industry, protect market participants and enforce that its members meet their regulatory responsibilities. The NFA’s website is http://www.nfa.futures.org/index.asp.