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So, you are based in Gibraltar and want to get into forex trading?
You have reached just the right place. Of course, here you will show you all of the Best Forex Brokers. We will also provide information on everything you need to know about trading in Gibraltar.
That means, not only all of the information on every top broker Gibraltar has to offer, but also the steps to getting started, and extra tips on what to look out for when choosing your broker here.
Let’s get straight into it!
Table of contents
Is Forex Trading legal in Gibraltar?
Absolutely. Forex trading in Gibraltar is completely legal. In fact, Gibraltar has a strong regulatory body in the form of the Gibraltar Financial Services Commission (GFSC). GFSC brokers are regulated in accordance with the MiFID derivatives, combined with the rules of other regulatory bodies, like the FCA in the UK. This affords very good protection to traders in Gibraltar.
Even though the regulatory environment is excellent, forex scams are still possible. For this reason, you should always double-check and verify the regulatory status of your broker before you start to trade.
How to trade forex in Gibraltar
Just like in other areas, there are a couple of key things you will need if you want to trade forex in Gibraltar. These include an ID like your passport to verify your identity, and a recent utility bill or bank statement to confirm your residence. You will also want to have some funds available to make your first deposit when needed.
Again, make sure you choose a well-regulated broker like the choice below that is regulated under ESMA by the likes of the FCA and CySEC for the best protection.
Top 10 Best Forex Brokers in Gibraltar
Here is a closer look at some of the best forex broker choices Gibraltar has to offer:
Gibraltar trader? Here’s what to look for in a forex broker
If you are interested in forex trading in Gibraltar, it is important you know of any specifics in the area, and what to look out for. Generally, aside from forex spot trading which is not regulated, everything is OK when trading here. This means spread betting, binary options, and trading in crypto, ETFs, bonds, options, commodities, stocks are all permitted as long as offered by the broker.
The most important thing you will want to check is that the broker is well-regulated by a trusted body as mentioned above. You will want to make sure they offer features like negative balance protection, and the use of segregated accounts, which all the top brokers as mentioned above do.
How to verify if a forex broker is regulated in Gibraltar
Prior to signing up, the important step is just to double-check the registration of the broker you want to choose. This is a very fast process that can be completed online. The FCA website can be used to confirm brokers regulated by them, while CySEC, the GFSC, and ESMA websites can all be used as needed to confirm your broker regulation.
ESMA regulation will depend on where the broker you are dealing with has registered, but in Europe, almost all areas are covered under the regulations.
With the GFSC also directly under the supervision of MiFID and the European regulatory structure, every forex broker with a license in Gibraltar has the permission to provide its service with no additional licenses in all the EU. This also provides a great deal of protection to you as a trader.
Is forex trading taxable in Gibraltar?
Forex trading in Gibraltar is tax-free. There is no Capital Gains Tax in Gibraltar. You can check the government of Gibraltar’s site for further information on this, but you should not expect to pay any tax on the proceeds of your trading.
- [Disclaimer: we are not accountants, we have done internet research. Due to these grey areas, we strongly suggest you contacting local authorities before proceeding]
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