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The sole financial regulatory authority in Uruguay is the country’s Central Bank – Banco Central Del Uruguay (BCU).
And along the responsibilities to oversee the monetary policy and the foreign exchange reserves of the country, BCU also regulates and supervise all financial institutions, including banks and the Financial Services Companies, which are defined as entities which are not financial intermediaries but regularly and professionally provide the following services: currency exchange, fund transfers, payments and collections, safe deposit box rental, credit and other of similar nature.
All other financial players fall under the jurisdiction of the Superintendence of Financial Services, which is a separate department of BCU.
Forex and CFD brokers, however, are not explicitly required to register with the Superintendence of Financial Services (SFS) and that leaves the retail forex and CFD market in the country practically unregulated.
Still if you file a complaint with SFS against a broker under BCU supervision, the Department will act and you can be compensated. However, if you trade with an offshore broker not registered in the country, you will not get any protection by the authorities.
That is the reason we strongly advise you to trade only with brokers, licensed and authorized by well respected institutions, such as the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC) or the Cyprus Securities and Exchange Commission (CySEC).
Popular payment methods in Uruguay include PayPal Express Checkout, GoCoin, BitPay, Mercado Pago, PUT IT ON LAY-BUY, Coinbase Commerce and major cards like VISA and MasterCard.