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Costa Rica is considered the oldest democracy in Latin America and also one of the richest, as its good investment climate attracts stable flows of foreign capital. That certainly makes the country attractive for the forex and CFD brokers as well.
However, although forex and CFD trade in Costa Rica is not prohibited, the sector remains largely unregulated.
Two institutions oversee the financial markets in the country – Superintendencia General de Entidades Financieras (SUGEF), which ensures the stability, soundness and efficient functioning of the national financial system, establishing categories of financial intermediaries according to the type, size and degree of risk and Banco Central de Costa Rica, which sole responsibility is to guarantee the stability of the national currency.
Although traders in Costa Rica do use various e-wallets like Payza, PayPal, DineroMail, First Data, EFECTIVO, Mobiamo and MINT, as well as offline gateways like Boleto, they are not very popular, as Costa Rican customers prefer to do their transactions mostly through credit and debit cards.
Besides, as Banco Central de Costa Rica does not impose any capital controls, money transfers to and from Costa Rica can be done without any obstructions.
All that makes international brokers, regulated by well respected institutions such as the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC) or the Cyprus Securities and Exchange Commission (CySEC) suitable counterparts if you want to open a trading account from Costa Rica.