{"id":859,"date":"2016-11-17T10:46:36","date_gmt":"2016-11-17T10:46:36","guid":{"rendered":"http:\/\/www.makemoneytradingreviews.com\/?page_id=859"},"modified":"2020-09-21T11:37:42","modified_gmt":"2020-09-21T11:37:42","slug":"bfsc-registered","status":"publish","type":"page","link":"https:\/\/www.makemoneytradingreviews.com\/bfsc-registered\/","title":{"rendered":"BFSC Forex Brokers"},"content":{"rendered":"
The BFSC was established in 2003 and reports to the Bulgarian National Assembly. The Commission was formed to regulate and supervise the capital market, insurance, pension insurance, and health insurance market. Fairness, transparency, customer protection, and market stability are the goals of BFSC. They supervise the financial situation and the accuracy of information provided by the companies and if they comply with the defined regulations. The BFSC regularly sanctions deceitful brokers and informs and warns the public about them. Those are usually scammer Forex brokers who violate the law by indulging in manipulation, malpractice, deception, etc.<\/p>\n Opening a regional Forex office in Bulgaria could benefit every international broker company. There are a few advantages that only Bulgaria can offer. First of all, as a part of the EU, the broker would be automatically allowed to trade in any EU member state. We know that the same goes for other EU states as well, but Bulgaria has lower taxes with a corporate tax rate of only 10%. The licensing costs are also not too high, and Bulgaria has a work force ready which works for significantly lower wages than people in many other EU states. International brokers can save up a lot of money in the long run when they open offices in developing countries. Bulgaria is a great example, where overall costs stay low and quite modest. Bulgaria welcomes international Forex brokers with open arms and even has an agency called Forexjobs.bg which assists Forex and binary options companies in establishing offices in the country. They recruit employees, arrange training, provide legal assistance, etc. All this indicates Bulgaria really counts on the Forex market in terms of reducing the unemployment rate in the country, and advancing the economy in general.<\/p>\n Although BFSC stands for everything mentioned above, it seems that many of their rules exist on paper only. Bulgarian Forex brokers have often been accused of not maintaining the best practices and taking advantage of the BFSC\u2019s rather light-touch approach when it comes to actually enforcing their own rules. BFSC regulated brokers already get to enjoy many of the country\u2019s benefits, like the fixed 10% income tax and the fact the average wage in the country is really low. Those brokers who set up offices in the country, as already mentioned, can expect to significantly cut their costs and thus increase their bottom line. However, what truly attracts Forex brokers to Bulgaria is the flexibility of the regulatory body. BFSC regulated brokers will not easily lose their licenses and the Commission will usually only go after the biggest offenders. Others will be left alone, provided they don\u2019t go too far outside of the legal framework.<\/p>\n While it is fair to say that BFSC regulated brokers are not kept on a short leash, it is not the situation where the regulator simply turns a blind eye to everything. Bulgarian Forex brokers are simply given a bit more maneuvering space, if you will, which isn\u2019t something you like to hear as a trader, but it may be necessary for the country. Bulgaria is trying to utilize the newly created Forex popularity and boost the country\u2019s overall economy. New brokerage firms mean new jobs and more people getting involved with trading could also mean the influx of significant new capital. While Bulgaria may require its brokers to only observe the very minimum requirements set in the MiFID directive, this doesn\u2019t mean that traders are left completely without protection. It simply means that BFSC is trying to balance between staying competitive and attracting new companies, while at the same time making sure truly shady companies are kept away.<\/p>\n
\nBFSC stands for the Bulgarian Financial Supervision Commission<\/a> which is in charge of the Bulgarian Forex market. Bulgaria is an EU member state, and it automatically has to comply with the MiFD directive (Markets in Financial Instruments Directive). This means that Bulgaria works in line with the highest EU standards and according to the best practices defined for the financial market. This comes as a relief to all those who were somewhat skeptic about the Bulgarian and other minor and less-known markets, given that all EU countries have to abide by the same legislation.<\/p>\nBFSC in a Nutshell<\/h2>\n
The Appeal of Trading in Bulgaria<\/h3>\n
Casual Approach to Enforcing Rules<\/h3>\n
Forex Market as a Help for Struggling Economy<\/h3>\n
Honest Forex Brokers<\/h3>\n