Seychelles forex brokers. A complete directory of all the Forex Brokers with offices in Seychelles.

Seychelles forex brokers

The Best FOREX BROKER EXPOSED - Moises Moncibaez

Seychelles forex brokers. A complete directory of all the Forex Brokers with offices in Seychelles.

Seychelles forex brokers

SIBA is a relatively lesser-known regulatory agency that oversees regulatory protocols for all companies that wish to do business in Seychelles.

SIBA is responsible for issuing trade licenses for offshore companies and is one of the recognized regulatory agencies in the African continent. SIBA does not regulate forex brokers directly, as all non-banking financial companies are regulated by the Seychelles Financial Services Authority.

The main responsibility of the SIBA FSA is to license, regulate, and develop financial companies in the Seychelles to ensure that the consumers are protected against a wide range of financial frauds and abuse.

SIBA regulated brokers have to follow a specific set of regulatory guidelines that are developed under the Financial Services Authority Act of The small nation has been working actively to establish itself as a recognized offshore business hub, as it is entirely dependent on importing new businesses to the nation so as to sustain a healthy economy. SIBA FSA was only introduced a few years ago and has been unable to penetrate the Forex market like the traditional regulatory agencies.

Seychelles is also limited when it comes to the geographic location and operational freedom, as most Forex brokers are looking to access a huge chunk of the market by basing their headquarters in prime locations such as the EU and Asia. Seychelles, being an African country, lacks the appeal of European regulatory agencies, and severe climatic conditions hinder the peaceful operations for any institution.

There are a handful of SIBA Forex brokers that offer brokerage services for clients across the globe, but these brokers are not known to be reliable when it comes to consistent financial services or protection of client funds.

Companies that are not regulated by strict regulatory agencies often tend to deal in financial malpractices to sustain their business model. While the SIBA is committed to ensuring a fair and honest participation in the financial markets, any strict action against its member companies will conversely affect their revenue. Seychelles is a developing nation that is working on building a global presence. Therefore, SIBA is still in the primary stages of regulatory evolution as the official resources of SIBA are not maintained according to professional standards.

This makes it hard for consumers to perform a comprehensive research into member companies before depositing funds into a broker. SIBA regulated Forex brokers will also experience the downfalls of being regulated by an agency that has inadequate online resources, as complaint resolution portals or forums are pretty much non-existent.

Any investor who wishes to invest their funds will simply move on to another regulated broker , irrespective of whether the SIBA broker they have chosen is a reliable company or not. SIBA seems to be committed to preventing money laundering by updating their Anti-Money Laundering regulations on a periodic basis.

This is done to ensure that Seychelles is not regulated into a specific category of countries where money laundering is a significant issue. Seychelles is also dedicated to being in the good books of several UN nations by ensuring that their regulatory guidelines are modified to suit the rules prescribed by major countries of the world.

However, where SIBA fails is the lack of initiatives to carry forward the regulations and supervising companies to ensure that they adhere to the rules without indulging in any financial misconduct in the name of profits and continued investments. While the SIBA is a recognized entity and the companies regulated by them are mostly committed to the welfare of their clients, it is possible for clients to be tricked by companies who are simply out there to perform financial fraud and siphon off funds from unsuspecting users.

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