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Even though online Forex trading isn’t widely sought-after in Finland, it still does take place in the Scandinavian country and it is diligently reflected in the relevant legislation. The main governmental body which oversees the financial sector of Finland is the Finanssivalvonta Financial Supervisory Authority (FIN-FSA), it is also in charge of overseeing Forex brokerages as well. Its website is quite informative and available in English. It regularly posts warnings regarding firms suspected of illegal activities, as well as keeps and updates a list of registered and regulated entities. The website is easy to navigate and any interested party may search up a firm.
A feature of Finland’s regulatory framework worth noting is the Investment Compensation Fund. All Finnish investment firms and credit providers that offer investment services have to be members of the ICF. The ICF provides a compensatory mechanism by which clients of forex brokerages may recover losses inflicted mostly through bankruptcy of the brokerage. The compensation goes as high as EUR 20,000 per person.
We aren’t aware of any Finnish brokers which are authorized and licensed in the countries, but as is the case in the rest of Scandinavia, a lot of EU-regulated brokerages target Finnish traders. 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.
The most popular payment methods in Finland are the standard Visa and MasterCard, as well as the e-wallet Mobiamo and prepaid cash card Mint.
Finnish forex news
The Finmish police reported that in 2018 alone Finnish investors were defrauded by telephone scammers for over 5 million USD. The police