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Online Forex trading is not among the most popular market in the Latvia but it does still take place and the Latvian authorities have adequately integrated it within their regulatory framework.
The Financial and Capital Market Commission (FCMC) is the autonomous regulatory body which has been delegated the power to oversee the financial sector of Latvia. It reports directly to the government and oversees forex trading as well. In its capacity it issues and revokes brokers licenses, takes notice of grievances and regularly issues warnings regarding companies suspected of illegal activities. Its website is available in English where any interested party may also find an updated list of regulated entities. |
An interesting thing to point out regarding Latvia is that the FCMC is very clear and strict about foreign brokerages operating in the country. They must have a license issued by the FCMC otherwise they won’t be permitted to offer their services to Latvian traders legally. Exceptions have been made for EU-brokerages which are directly affiliated with the MiFID.
The FCMC, of course, has the goal of modelling itself according to the Pan-European rules on Forex trading. They include a negative balance protection, segregation of accounts and a cap on the maximum allowed leverage of 1:30.
The most sought-after payment methods in Latvia are the standard Visa and MasterCard, the mobile payment method Mobiamo and the very popular in both Latvia and Lithuania gateway – Maxima. Webmoney and bank transfer are other options preferred by Latvian traders.