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The Superintendencia Financiera de Colombia (SFC) is the government entity in charge of supervising the stock market in Colombia, as well as the main regulatory authority overseeing the local derivatives market, related to FX operations, such as CFDs or Contracts for Difference.
As a matter of fact until recently the Colombian regulators did not consider CFDs to be financial derivatives. Currently however, the Colombian Central Bank – Banco de la Republica de Colombia (BRC) classified all CFDs as financial derivatives, which means that all foreign intermediaries offering such products to Colombian citizens should qualify as authorized foreign agents under local regulation.
Apart from that SFC requires all brokers to hold a minimum operational capital of at least 986 million Colombian pesos or slightly over 310 000 USD.
Actually traders in Colombia can always turn to brokers, licensed by reputable financial institution such as the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC) or the Australian Securities and Investments Commission (ASIC), which offer their services in Spanish and accept clients from the country.
As for the payment methods, along traditional venues like credit or debit cards and bank wire, customers in Colombia can use Pago Seguros en Linea (PSE) – a popular online payment interface and Baloto, which is used by about 85% of Colombians on a regular bases.