Bermuda Montary AuthorityB

The Bermuda Monetary Authority (BMA) regulates Bermuda's financial services sector.

BMA was established by statute in 1969. Its role has evolved over the years to meet changing needs in the financial services sector. Today it supervises, regulates and inspects financial institutions operating in the jurisdiction. It also issues Bermuda’s national currency, manages exchange control transactions, assists other authorities with the detection and prevention of financial crime, and advises Government on banking and other financial and monetary matters.

BMA develops risk-based financial regulations that it applies to the supervision of Bermuda’s banks, trust companies, investment businesses, investment funds, fund administrators, digital asset businesses, money service businesses, corporate service providers and insurance companies. It also regulates the Bermuda Stock Exchange and Bermuda Credit Union.

1. Safety of Client Funds:
Brokers are required to put clients funds into segregated accounts.

2. Requirement on Forex Brokers' Reports:
Annual Audit Reports.

Generally speaking, BMA-regulated broker profile will be found at the Licensed Entities page on BMA website. Try to find it and check if it will match the info from the broker website.

The detailed steps are as follow:
1. Find the name of the forex broker, which you can get from the broker's website;

2. Enter the name into the search bar on https://www.bma.bm/regulated-entities ;

3. And you'll get the broker's contents on BMA website. At this time you need to check if the broker belong to 'Investment Business';

4. If all the steps above have been done, don't forget to check the most important information: check if the firm details published on BMA website matches the ones you'll go to trade with, especially the website and email etc.
If no, please keep away the broker because it's probably an unauthorized firm and your money will fall in danger.

When you have disputes with a BMA-regulated broker, you can proceed the following ways:

1st way:The recommended way is to contact the broker directly and discuss with them to find a solution.

2nd way:f you're not satisfied with the broker's solution, try to contact the Department of Consumer Affairs, which aims at solving the disputes between the forex broker and the investor.
You can send the complaint to the email: consumers@gov.bm.
Complaint Form: https://www.gov.bm/how-file-complaint-against-business

3rd way:If the 2 ways above can't solve the dispute, the last way is to issue a case to the court in Bermuda.