{"id":847,"date":"2016-11-17T10:17:32","date_gmt":"2016-11-17T10:17:32","guid":{"rendered":"http:\/\/www.makemoneytradingreviews.com\/?page_id=847"},"modified":"2020-09-21T11:37:26","modified_gmt":"2020-09-21T11:37:26","slug":"bcu-registered","status":"publish","type":"page","link":"https:\/\/www.makemoneytradingreviews.com\/bcu-registered\/","title":{"rendered":"BCU Forex Brokers in Uruguay"},"content":{"rendered":"
Banco Central del Uruguay<\/a> (BCU) is the Central Bank of Uruguay which was established in 1967. It is interesting that many central banks worldwide were established during the 1960s to widen the authority on monetary and economic affairs. The BCU main responsibilities include creating and monitoring monetary policies to ensure national economic growth and stability of the national currency. It regulates and supervises all financial institutions and administers international reserves of Uruguay. It also acts as the banker and advisor to the Uruguayan government. The Bank also tries to maintain the stability of the national currency against other currencies. The national currency is the Uruguayan Pesos (UYU) and is significantly weak against the USD (1USD equals 28.0500 UYU).<\/p>\n The Forex market is under the supervision of the BCU in Uruguay and brokers who want to open regional offices there have first to fulfill the criteria imposed by the national regulatory authority, i.e. BCU. The office registration rules, of course, include sufficient substantial capital which should cover potential and real risks. Consumer protection also ranks as one of the highest priorities along fair and transparent conditions in the market. The Bank has the right to inspect all activities and business conduct of a broker under their wing.<\/p>\n Uruguayans are no strangers to Forex trading. As a matter of fact, many Uruguayans participate and contribute to a vivid market. Therefore, plenty of national and international broker companies can be found on the territory of Uruguay. Brokers who want to legally run their businesses will register with BCU to obtain the BCU license. The license ensures trust and protection of the clients. It is well-known that Forex brokers lacking an acknowledged license are suspicious and should be avoided. The same goes for Uruguayan Forex brokers whose traders (at least the smart ones) insist on a license.<\/p>\n When it comes to Forex brokers in Uruguay and the Forex market in general, BCU has certainly had their arms full. The bank had to find the way out of a number of crises to ensure safe, stable, and fair trading environment for everyone, while not hurting the country’s economy either. This hasn’t been an easy task and it required a lot of special measures to ensure proper trading practices. Back in 2003, BCU created a system whereby foreign currencies could only be purchased through auctions which were announced at the start of a day. However, this didn’t prove too helpful, as transparency of transactions on a large scale did not become any better. The BCU changed its practices in 2005, becoming more transparent and no longer announcing FX interventions ahead of time. This helped the stability of the currency and created a healthier economy.<\/p>\nEssential BCU Rules for Forex Brokers in Uruguay<\/h2>\n
Popularity of Forex in the Country<\/h3>\n
Efforts Towards Greater Transparency and Liquidity<\/h3>\n
Top Forex Brokers<\/h3>\n