How to Start Forex Trading in Switzerland
Posted by Ashley on December 19th, 2019
Switzerland has a moderately strict regulatory environment, so if you pick a foreign broker, make sure it is also well-regulated within its local authority. Various online brokers have facilities in Switzerland, and many foreign brokers also open accounts for traders who live in the country.
To trade forex, an online broker is required. Trading with a trusted forex broker is important for success in international currency markets. As a currency trader or investor, you may have particular needs linked to which platform, tool, or research requirements should be fitted. Knowing your investment method can assist in determining which forex broker will be most suitable for you.
According to the Bank for International Settlements (BIS), the Swiss franc was ranked seventh as the most-traded currency in 2016, proceeding up around 4.8 percent of overall forex market turnover that year. The CHF also placed eighth among the world’s most successful reserve currencies, amounting to approximately 0.15% of total central bank assets in the third quarter of 2018, according to the International Monetary Fund (IMF).
Concerning the Swiss financial division regulation, the Swiss Financial Market Supervisory Authority (FINMA) manages the financial system in Switzerland that carries online forex brokers. The regulator supervises financial institutions and strives to protect investors by making sure that Switzerland’s financial markets work properly. Financial institutions required to be authorized by FINMA before starting operations.
When it comes to trading currencies, Switzerland has some well-known forex brokers based locally, although Swiss citizens can simply deposit money and do forex trading via accounts kept with foreign brokers.
Bear in mind that if you do pick a foreign forex broker, it will commonly be managed by one or more regulators in the country, so make sure to choose a foreign broker with a reliable and reasonably stringent regulatory organization.
About the AuthorAshley
Joined: October 9th, 2019
Articles Posted: 2
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