athenafx
AthenaFx Representative
- Messages
- 172
If a broker claims to operate from Switzerland, he must be registered, regulated AND own a banking license.
Swiss based forex brokers must comply with directive 3a. Companies holding customer funds in trading accounts MUST have a banking license issued by FINMA (Swiss Financial Market Supervisory Authority).
You can read more at : http://www.finma.ch/e/finma/publikationen/Documents/finma_jb_2011_e.pdf
This directive eliminates bucket shops because they won't be able to get a banking license.
This way, it is not possible to cancel trades without authorization, confiscate client funds or manipulate prices after executing the trade.
Swiss based forex brokers must comply with directive 3a. Companies holding customer funds in trading accounts MUST have a banking license issued by FINMA (Swiss Financial Market Supervisory Authority).
You can read more at : http://www.finma.ch/e/finma/publikationen/Documents/finma_jb_2011_e.pdf
This directive eliminates bucket shops because they won't be able to get a banking license.
This way, it is not possible to cancel trades without authorization, confiscate client funds or manipulate prices after executing the trade.
Last edited: