What are BVI FSC Forex Brokers?

Home » What are BVI FSC Forex Brokers?

If you’re looking to start trading from the British Virgin Islands, chances are you want to find the best BVI FSC regulated brokers. Our experts are here to share important information with you which can help you find the best brokers online which are regulated by BVI FSC, as well as any alternative options.

BVI FSC stands for the British Virgin Islands Financial Services Commission and is the regulatory body with ultimate responsibility for the regulation, supervision and inspection of all financial services in the British Virgin Islands. The services it oversees includes insurance, company management, trustee business, banking, company registration, intellectual property, and limited partnerships. In the words of the commission itself, it serves to “safeguard the public against any illegal and or unauthorized financial services business operating in or from within the British Virgin Islands”.

If you can’t find many BVI FSC regulated brokers, try some of the best CySEC regulated brokers:

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How to find the best BVI FSC regulated brokers

In order to find the very best brokers regulated by the BVI FSC, the first thing you need to do is make sure they have a valid license.

Brokers in the British Virgin Islands have to obtain a license from the BVI FSC. To start the application process it is necessary to have a company in the BVI specifically formed to provide forex services. Special Memorandum and Articles of Association will have to be submitted to the commission along with a full set of documents covering all aspects of the license requirements. There must also be a rigid business plan and documents covering compliance procedures.

The process for obtaining a BVI FSC license is a little complicated and can be rather long-winded. but the commission is more than happy to assist any brokerage firm that wants to obtain a license.

Regulation of forex brokers in the British Virgin Islands – how safe is it?

The BVI FSC (British Virgin Islands Financial Services Commission) was established in 2001, following the introduction of the Financial Services Commission Act 2001. Regulatory responsibilities previously overseen by the Financial Services Department of the government became the BVI FSC’s concern. This included all financial services carried out in the British Virgin Islands such as insurance business, insolvency services, investment business, banking and of course the best BVI FSC regulated brokers.

The BVI FSC also assumed responsibility for the formation of companies, their management, and intellectual property. It assumed responsibility for issuing financial licenses for those offering services in the forex industry. A number of firms became interested in joining the best BVI FSC regulated brokers, leading to the commission creating the Securities and Investment Business Act of 2010. This meant brokers in the British Virgin Islands were forced to follow a new set of rules and regulations aimed specifically at forex brokers and other investment firms.

BVI FSC may be new to the regulation of brokers, but it has been dealing with investment firms and issuing licenses since the middle of the 1990s, as well as having a number of years’ experience implementing the regulations of the Mutual Funds Act.

The core responsibilities of the BVI FSC

  • To protect consumers by making sure all firms and individuals providing financial services are proficient and financially sound
  • Supervise regulated activities and initiate enforcement action if required
  • Investigate any financial crime and help with prosecution
  • Seek to improve domestic and international confidence in the British Virgin Islands financial service industry and assist the industry’s development and growth
  • Guarantee a proper and fit regulatory environment ensuring quality products and services are provided for the benefit of the country
  • Develop the public’s understanding of the benefits and risks involved with different financial products
  • Work with the financial industry and government in matters relating to financial services legislation, regulation, practices and supervisory policies
  • Educate financial service practitioners
  • Monitor legislation and its effectiveness
  • Provide for the innovation of financial services legislation
  • Keep in touch with other regulatory bodies to raise awareness of international financial regulation and the financial services business
bvifsc logo

What does the BVI FSC do to help traders?

Many of you reading this will be aware of some of the big guns in the world of forex regulation such as the FCA, BaFIN, CySEC, and the CFTC. However, there are a large number of regulated bodies you may never have encountered, and are probably wondering whether the same protection is afforded.

The British Virgin Islands Financial Services Commission is a name which seems to be popping up more and more. All forex brokerage firms operating from the British Virgin Islands have to be regulated by the country’s financial regulator, and in this case, it is the BVI FSC. Since 2010, it has been responsible for regulating companies falling within the 2010 Securities and Investment Business Act. This Act requires brokers offering forex services to comply with the regulation, although it seems a number of firms have managed to slip under the radar of the Commission and operate without regulatory approval. This is something you should look out for.

MiFID Controversy

The British Virgin Islands regulatory law has received some criticism from industry experts because the regulations don’t include any threshold conditions imposed by more respected regulatory bodies. After taking a look at some of the requirements, our experts discovered brokers are not required to keep minimum levels of capital, to segregate client funds, to contribute to a compensation scheme, or outline their execution policy to customers. These are minimum requirements laid out by MiFID, so the BVI FSC is sadly lacking in this department.

The majority of the 2010 Act seems to be concerned more with regulating mutual funds and preventing insider trading, and there is little which deals with the provision of retail trading and investment services. It appears the BVI FSC has an extremely light touch when it comes to regulating forex service providers and consumers aren’t given the same kind of protection expected from a reputable regulatory body such as the FCA. For the time being, it would seem traders are better served by brokers regulated in more reputable jurisdictions.

That’s not to say, however, the BVI FSC isn’t making steps in the right direction. It works closely with other regulatory bodies and over time it should be able to make its own regulatory law much more effective.

How to complain to the BVI FSC

If your experience with a BVI FSC regulated broker isn’t the best, you can always lodge a complaint via BVI FSC’s official website. You can find a physical address, telephone numbers and an email in the ‘Contact Us’ section. They operate regular office hours from Monday to Friday.

Can I check if a broker is regulated by the BVI FSC?

It’s really simple to find out which brokers are regulated by the BVI FSC. First, head to the broker’s website and check the bottom of the page. You’ll probably find the license information there. If you want to double check the information they’re providing is 100% accurate, you can cross check it with the details you’ll find on the official BVI FSC website itself. The section titled ‘Certificate Verification’ will show you everything you need to know.

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Frequently Asked Questions (FAQs)

What is BVIFSC?

The BVI Financial Services Commission is an independent regulatory body, responsible for overseeing the safety of all financial institutions in the British Virgin Islands. This includes, but isn’t limited to, BVIFSC regulated forex brokers, banks, and insurance companies.

How can I check if a broker is regulated by BVIFSC?

To check whether a forex broker is regulated by BVIFSC, your first port of call is to visit the broker’s site itself. Usually, all of authorities that license or regulate a broker can be found in the footer of the site. To verify this information, you can then visit the ‘Certificate Verification’ section of the BVIFSC website and enter the broker’s registration number. You can also read trusted broker reviews to find out this information directly.

Are BVIFSC regulated brokers safe?

If a broker is regulated by BVIFSC, it is generally considered to be safe. Whilst the BVIFSC is a real regulator, however, it is not as well respected as the likes of CySEC and the UK’s FCA. When comparing forex brokers, you should look for those which offer a license from a top-tier regulator in addition to one from BVIFSC. Even if you are trading with the BVIFSC regulated arm of the broker, the other licenses show that it can be trusted.

Are BVIFSC regulated brokers legit?

BVIFSC regulated brokers can be legit but there are additional checks you need to make. As BVIFSC isn’t considered the most stringent regulator, you should check the broker’s general history, reputation and user reviews too.

What is the role of BVIFSC?

The BVIFSC has several roles, including protecting customers by making sure that all companies providing financial services are operating responsibly and are economically sound. They also work with the government to create and enforce financial services legislation, regulation, and polices.

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