Best forex brokers in Slovakia

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After Slovakia become a member of the Euro zone in 2009, the Slovakia central bank – Národná banka Slovenska (NBS) became a part of the Eurosystem and delegated aspects of its sovereignty to the European Central Bank (ECB), which bears the responsibility to maintain price stability in the euro area.

NBS, however retain another function – the supervision of the financial markets in the country with all participants in the banking and the insurance sector, as well as all pension and investment funds, non banking financial institutions, credit companies and financial intermediaries, including all forex and CFD brokers.

Slovakia is an EU member and complies with all regulations introduced by the European Securities and Markets Authority (ESMA), which among others require all forex and CFD brokers to cap their maximum leverage at 30:1, to provide a negative balance protection to all traders, to keep their money in segregated, trust accounts, to file regular reports, to allow external audits, to maintain a minimum operational capital of at least 730 000 EUR and to participate in an investor compensation scheme, covering 20 000 EUR of the invested capital.

Compliance with those rules allows brokers, licensed by the Central bank to operate in other European Union countries after going through a formal passportization procedure with the local regulatory authority.

Credit and debit cards like VISA and MasterCard are the most popular payment method in Slovakia, covering almost 65% of the market. Here, however we should note as well several e-wallets like GoPayG, PayPal, GPay, Masterpass and Skrill.