FXGlobe Review – Is It Safe To Trade With A CySEC Regulated Forex Broker?
FXGlobe is one of the many Forex brokers that are situated in Cyprus under the regulatory framework of the Cyprus Securities and Exchange Commission. Cyprus continues to attract a large number of Forex trading companies due to the relatively open business environment and a low-cost tax structure, along with its presence in the European Union. Cyprus became an officially recognized member of the European Union during the early 2000s, which brought about a string of changes to the CySEC to ensure that the country conforms to the strict regulatory guidelines imposed by the EU on financial companies operating in the region. The CySEC has mandated a minimum capital requirement of at least €1 million, which may be increased according to an increase in client deposits. The CySEC performs routine audit of FXGlobe and other Forex trading companies to enhance financial transparency, which in turn help in reducing any instances of financial scams or broker malpractices. The CySEC, in its modern iteration, is seen as one of the leading regulatory organizations in the entire world, which adopts all rules and policies that are enforced by the European Markets in Financial Instruments Derivatives (MiFID) as per the ECB guidelines. FXGlobe enjoys a special status in the EU under the CySEC regulation, which grants it the ability to cater to the entire European Forex market through the European Economic Area (EEA) Agreement. The EEA binds together all European member nations that facilitate cross-border sharing of services without any need for additional licenses. We also take a closer look at the FXGlobe spreads, leverage, and account options through this carefully crafted FXGlobe broker review.