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Forex trading is becoming more and more popular every day and more it is getting accessible for many countries around the world. We all remember the days when the only way we could trade Forex was to directly call to the broker and make moves that way, today, with the help of modern technology, those days are long gone and we have access to the trading market from our own homes, through the internet.
However, with this, the risk of being scammed has become even bigger. As of today, there are many companies around the world that are doing their job by violating the rules of their users. To avoid being lied to, we would recommend trading with companies that own authorizations and licenses from official regulatory bodies.
In today’s guide, we are going to talk about Forex brokers in Monaco and the way the field works in the country. So, if you are looking forward to starting trading here, follow our guide carefully.
How to find the best Forex broker in Monaco?
Finding the best Forex broker is never easy, but it gets even hard when you are trading in countries like Monaco. Because of the lack of local Forex brokers in the country, you will most definitely have to go with the intentional company that also offers services to the citizens of the country.
Since we know how hard and time consuming doing research on your own can be, we have done the research for you. While working on this, we made sure to keep in mind every important aspect that can have some type of influence on your trading experience, such as payment methods, regulations, available currency pairs, etc. and came up with a list of the best FX brokers in Monaco that you can access below!
Licences
FCA, CySEC, IFSC, ASIC, DFSA
Min. depo
$5
Leverage
1:888
Platform
MT4, MT5, WebTrader
XM
Licences
ASIC, FSA, FSCA, FFAJ, FSRA, FSC
Min. depo
100 USD
Leverage
400:1
Platform
MT4, MT5
AvaTrade
A little bit about the financial market of Monaco
The country has a very successful economical market, with the world’s highest GDP nominal per capita at $185,742. The country also has one of the lowest unemployment rates at 2 percent and has the world’s lowest poverty rate. This and many other things make it a perfect place for Forex trading, and although there are not so many Forex brokers on the market, the people of the county are still trying very hard to find ways to trade Forex in Monaco.
Although the country is not a member of the EU, it is very closely linked to it via a customs union with France and also follows some of the regulations that are in the EU. However, unlike many other countries in the EU, the gambling industry is super popular in the country and it helps the economy of Monaco to develop even further.
The main regulatory body of Monaco
The main financial regulatory body in the country is the Commission for the Control of Financial Activities, CCAF, which oversees the whole financial field of the country and makes sure that the citizens of the country stay safe and secure. The regulations are not that harsh as in Europe, however, they still make sure that you and your funds can stay safe at any given moment.
The Commission de Contrôle des Activités Financières was founded under law 1.338 of 7 September 2007. FASC is an independent administrative body, which is responsible to regulate the country’s financial market. The regulatory body is responsible for:
- Reviewing and decision making about license applications from different types of institutions, it also monitors and the regulated institutions and the way they follow the guidelines
- It also receives and reviews complaints about the companies it regulates
- In addition, the body pronounces administrative sanctions where it is applicable and concludes co-operation agreements with its foreign counterparts
How to stay safe while trading Forex in Monaco
Because of such regulations, the field of Forex seems to be safe in the country, however, there still are a number of scam companies that are trying to lie to people and get their funds illegally. To avoid such companies, you should always try to trade with the brokers that are authorized both internationally and locally.
A great way to find out if the company is really authorized or not is to directly contact the regulatory body and ask them questions about the broker. In most cases, they will have some type of a list or page dedicated to the authorized and licensed Forex brokers. In case there is not such a list, you can always contact them directly and ask them the question you might have.
Also, we are living in the age of technology, where gathering information is not a big problem. So, make sure to always check out different types of forums on the internet, you will be able to learn a lot about any brokers there. Also, you can not get more accurate information from anywhere else other than the people who are actually trading with the broker.
What is the national currency of Monaco?
The national currency of the country is Euro, which is the 2nd most popular reserve currency around the world, only behind the US dollar. It also is the 2nd most commonly traded currency in the world. In March of 2013, nearly 920 billion Euros were in circulation, with this, the currency became the most circulated currency in the world.
Euro is very popular when it comes to Forex trading and many traders are using it very actively in pairs with the USD. Because of such popularity, we recommend to use this currency with USD even if you are just a beginner, most of the people are trading major currency pairs and it is very easy to find accurate guides online for trading this currency pairs.
Also, while looking for the broker, make sure to trade with the one that is accepting patients in Euro, to avoid huge fees on exchanges. Major currency pairs are in general a lot easier to trade then exotic ones because the information about them is more accessible and the market is full of different types of statistics and articles about how and when to trade them.
Before the Euro, however, the country had different currencies. Before 1995 the national currency of the country was the Monégasque franc, then, it changed to the French franc. The currency was legal tender in Monaco, France, and Andorra. However, after the Euro became so popular around the world, the country also adopted it.
What are the most popular payment methods in Monaco?
When we are talking about one of the most successful economies around the world, it is not a huge surprise that the payment market in the country is full of opportunities. You can make payments with most of the internationally accepted payment methods in Monaco, which makes Forex trading in Monaco even more easy experience.
In general, the payment method that you choose for Forex trading is very important for a successful trading experience. Perfectly, you need to choose something that is very speedy and does not cost that much. One of the most popular payment methods in the country is the credit and debit cards. There are many of them available in the country, including Visa, MasterCard, Maestro, American Express, and Discover.
However, when it comes to paying money with credit or debit cards, the number of fees that you will have to pay strongly depends on the issuer of your card. So, make sure to contact your issuer and learn about fees before you start trading FX in Monaco.
You can also use SEPA, which is becoming increasingly popular in the world of Forex. The Single Euro Payments Area, SEPA, is a direct debit, which is a payment arrangement where the payer authorizes a creditor to collect payments from their bank account through a signed mandate. The SEPA Direct Debit allows clients to pay money through bank transfers as long as they come from the 34 SEPA member countries, which are the countries with the Euro as the national currency. If you really want to start FX trading in Monaco, we have a few brokers to recommend, check out the list below.
XM
Min. Depo
$5
Licences
FCA, CySEC, IFSC, ASIC, DFSA
Leverage
1:888
Platforms
MT4, MT5, WebTrader
AvaTrade
Min. Depo
100 USD
Licences
ASIC, FSA, FSCA, FFAJ, FSRA, FSC
Leverage
400:1
Platforms
MT4, MT5
Exness
Min. Depo
$10
Licences
CySEC, FCA, SFSA
Leverage
1:2000
Platforms
MT4, MT5
FundedBull
Min. Depo
49 USD
Licences
N/A
Leverage
N/A
Platforms
MT4, MT5, cTrader
Forex.com
Min. Depo
$100
Licences
NFA, CFTC, FCA, FSA, IIROC and CIMA
Leverage
1:50
Platforms
WebTrader, MT4, MT5
CMTrading
Min. Depo
250 USD`
Licences
FSCA
Leverage
1:200
Platforms
MT4, WebTrader, Copykat
Plus500
Min. Depo
$100
Licences
FCA, ASIC, CySEC, FSCA, FMA, MAS
Leverage
1:30
Platforms
WebTrader, Windows 10 Trader
Should you start FX trading in Monaco?
We believe that as long as you are ready to take the steps towards safety Forex traidng, you should not avoid traidng in Monaco. Although the country is full of scam companies, there also are a huge deal of brokers that are offering one of the greatest opportunities to traders in the country.
There are many things that you can do as a trader to stay as safe as you can, first of all, you should always trade with companies that are authorized both locally and internationally. In Monaco, there are a lot of well-known international Forex brokers that offer their services. It would be a great idea to look up the list of them and try to find the one that fits your needs best.
Monaco is a very successful economy that is still developing very fast and has the potential of offering one of the best services on the market. We believe that trading here can be very rewarding and as long as you know how to stay safe and are ready to do your research well, you have the opportunity to become a very successful trader in Monaco.