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|Cyprus, Australia||/5||$100||Click for a special offerWebsite|
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In late 2011 the Korean Financial Supervisory Service (FSS), which is South Korea’s integrated financial regulator that supervises all financial institutions and the stability of the financial markets under the broad oversight of the Financial Services Commission in Seoul, introduced the Sound Forex Market guidelines, which significantly tightened the regulation over the retail forex market in the country.
The most significant restriction was the cap on the maximum leverage to 10:1 by increasing the initial margin level to 10% from 5% and the maintenance level to 5% from 3%.
Hedging positions were also prohibited and all brokers were instructed to strengthen their Risk Disclosure Statements including the quarterly profit and loss account ratio report. Another measure was the ban of all trading bonuses and promotions.
And although the South Korea retail forex market is heavily regulated, if you travel to Korea and have an open account with an internationally regulated broker like Forex.com, you will still be able to trade under the conditions of the jurisdiction, where you have opened your account in the first place – let say the USA.
The only restriction you will face is that you will not be able to fund your account with Korean Wons, but just with a bank wire and in the original currency of your account.
So, if you want to fund your account with South Korean Wons, you will have to open a new account with Forex.com in South Korea and that new account will be subject to the leverage restriction of 10:1.