Last update: 28 August 2020
6 min read

Best BCU Regulated Forex Brokers

If you’re looking for the best BCU regulated brokers, you’ll be pleased to hear our industry experts are ready to share their advice for free. Using years of experience in trading and finances, we’re able to point you in the direction of the very finest brokers regulated by BCU.

Trading is taking the world by storm, and the number of brokers entering the industry increases every day. Which makes choosing one a little more complicated. One important consideration is whether a broker is licensed and regulated as this is the best way to protect your investment and safeguard your funds. Every country has its own regulatory body which oversees financial markets and operations, and in Uruguay, it is the Central Bank of the Uruguay, or the Banco Central del Uruguay (BCU).

It’s tough to find a list of the best BCU regulated brokers as there aren’t too many around, but you can always join one of the world’s leading brokers – such as those below:

Best and most trusted forex brokers in April 2024

How to find the best BCU regulated brokers

A large part of finding the best BCU regulated brokers is to avoid the scam sites. One obvious way to avoid being taken in by a forex scam is to choose a broker that has been regulated by the relevant regulatory authority in your country. Those of you looking to trade in Uruguay should look for the best BCU regulated brokers. There are a number of other factors you should always bear in mind to reduce the risk of being taken in by a get rich quick scheme.

What rules do BCU regulated brokers follow and are they safe?

Brokers in Uruguay are governed by three sets of regulations. These are: the Capital Markets Act No. 18.627 of December 2009 and a subsequent Decree; the Central Bank of Uruguay’s Charter Act No. 16.696 of 1995 and later amendments; and the Consolidated Rules for Capital Markets passed by the Central Bank of Uruguay. The specific aspects of the rulings you will be more concerned with relate to the offering and trading of securities. These are regulated by the BCU via the Consolidated Rules for Capital Markets. Regulation is an ongoing process, and there could be amendments raised by the Central Bank’s board of directors, or the Superintendency of Financial Services. There is also a department within the Central Bank which is entrusted with controlling and regulating the financial sector which can suggest changes.

An introduction to the BCU

logo Central Bank of the UruguayThe Central Bank of the Uruguay (BCU) was created in 1967, following the passing of the 196th article of the República Oriental del Uruguay’s Constitution. It was declared an autonomous state entity and took over from the Banco de la República Oriental del Uruguay. This included tasks such as issuing currency, and managing and supervising the banking system. Its responsibilities were expanded following a bank charter in 1995. The responsibilities it was charged with include:

  • Issuing money and notes
  • Managing currency, monetary and credit exchanging according to the law
  • Administering the State’s international reserves
  • Advising the government on matters pertaining to the economy, and acting as its banker and financial agent
  • Representing the Uruguayan government at international financial institutions
  • Acting as the banker for all government institutions
  • Regulating and supervising all financial institutions, including brokers in Uruguay

Why are brokers in Uruguay regulated?

There are several reasons why financial markets are regulated. And these reasons apply to almost every country. Regulating capital markets is done to maximize transparency, competitiveness, correct operations, and risk mitigation, as well as protecting investors by providing acceptable levels of information. The main roles of the Banco Central del Uruguay are to ensure stability, solvency and the proper functioning of institutions making up the financial system. The department responsible for supervising and regulating the financial system is the Superintendency of Financial Services. It also has responsibility for disclosing information relating to BCU regulated brokers. In order to fulfill its role it undertakes the following functions:

  • Overseeing market participants
  • Regulating the financial system
  • Helping to fight money laundering and financing of terrorism
  • Promoting transparency
  • Conducting authorization processes
  • Promoting eloquent international relations
  • Promoting the confidence of consumers

Learn as much as you can

Especially in the your early steps of trading, you will benefit from equipping yourself with as much knowledge as possible. This means before you start looking for any of the best BCU regulated brokers – and definitely before you make your first trade. You may find the broker you are considering offers educational material. If not, there is plenty available online.
Is the broker offering transparency?
You need to be certain the broker you are considering gives you all the important information up front. Can you find all the relevant fees? Does the broker state all the spreads for currency pairs and whether are they fixed or variable? Scam brokers often widen spreads when the markets are volatile.
Are there promises of high profits?
Look at the promises from a realistic perspective. If they seem to be too good to be true, they most likely are.
Security issues
You would be wise to choose a broker that uses recognized payment security systems and internet. You may find some reference to security protocols such as Verisign or SSL in the broker’s trading information.
Is the broker flexible enough to cater to your changing needs?
The ideal scenario is to find a broker that allows you to start trading in smaller amounts with low leverage. As your trading knowledge and experience develops, you’ll be looking for a more sophisticated trading environment. Is there a personal account manager available to help? This will serve you well in the beginning.
Does the broker feel human?
Are there local representatives who you can speak to in your native language? Does the broker have a local office? What is the broker like when you contact them with a question? You want your broker to feel like your friend and be happy to answer all your questions.
How do I make a complaint to BCU regulators?
One very prudent question you can ask is how they deal with complaints. You’ll get a good feel for the broker with the answer to this question. When you’re looking for forex brokers in Uruguay these are some important factors to bear in mind. But of course, regulation should be at the top of your list. There may not be as many brokers regulated by the BCU to choose from, but your interests are going to be better served by choosing a broker regulated in Uruguay.

How to discover if a site is BCU regulated

If you’re not sure whether a broker is BCU regulated or not, take a look at the official website. They’ll usually have a license number in the footer, or on an ‘About Us’ page. If you don’t have any luck, check the BCU official webpage. You’ll find a full list of the best BCU regulated brokers along with useful contact information.

Frequently Asked Questions (FAQs)

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