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Even though online Forex trading isn’t widely sought-after in Estonia,as a matter of fact it isn’t very popular in the Baltic region, it still does take place in the former Soviet republic and it is adequately reflected in the relevant legislation. Estonia is known for its very liberal laws regarding financial activities and its stress on innovation. Just this year the first regulated cryptocurrency exchange is set to begin operating in the country.
The main governmental body which oversees the financial sector of Estonia is the Ministry of Economic Affairs and Communications of the Republic of Estonia (MTR). However, the MTR does not regulate forex brokerages and does not issue or revoke licenses. This is done by an independent government agency called the Estonian Financial Supervision Authority which exercises state supervision. The website of the agency is quite informative and available in English. It regularly posts warnings regarding firms suspected of illegal activities and also keeps a list of regulated entities which is updated regularly.The website is user-friendly and any interested party may search up a company. As far as we know only one Forex brokerage is licensed by the Estonian authorities – Admiral Markets.
Many Forex brokerages which are keen on targeting Estonian traders do not set up offices in the country but rather are registered and regulated elsewhere in Europe. They, of course, comply with the Pan-European rules which include a negative balance protection, segregation of accounts and a cap on the maximum allowed leverage of 1:30.
We should warn traders that due to Estonia not being a rather mainstream Forex destinations, many scammers attempt to mislead traders by stating erroneous information about supposed Estonian regulation on their website. We advise traders to always look up the EFSA registry before trusting an Estonian Forex broker with their money.
The most popular payment methods in Estonia are the standard Visa and MasterCard, Bank transfer and the e-wallet PayPal.