Romania Forex Brokers

The Top Forex Brokers in Romania

Various financial activities provide a boost in a particular country’s overall economic status. Foreign exchange trading is one such activity that gives international economies a chance to prosper and flourish. Each country has its own take on Forex trading: most countries allow it while others still prohibit its practice. The European Union has been actively participating in this industry, with several member countries allowing foreign exchange trade to commence in their respective areas. In this article, we will look into the general state of Forex trading in the European country of Romania.

Background on Romania and Its Forex Trade Market

Romania is a country that lies at the heart of central Europe. Its capital is Bucharest, the sixth largest European city. There are approximately 20 million people residing in this country. Romania is the 7th most populated country of the European Union. Romania’s economy is also regarded as one of the fastest growing European economies. The country’s national currency is the Romanian Leu. In the 1970’s, the country had three existing exchange rates: the basic rate, the commercial rate and the tourist rate. However, beyond the year 1998, tourist and commercial rates have been combined into one rate called the Effective Rate. Because of the previously high inflation rates, the Effective Rate was eventually replaced by the so-called Interbank Rate. This latest rate is updated daily through regular auctions, in contrast to the Effective Rate which used to be updated once a week. Interbank Rate is now used in the foreign exchange trade system of the country.

Regulation Body for Forex Brokers in Romania

The country has its own regulatory body for its foreign exchange trade brokers. This body is known as the National Bank of Romania. It is directly responsible for controlling and overseeing the Romania Forex Brokers as well as traders and other participating establishments. The National Bank of Romania also ensures security and protection for the forex trade by implementing ways to prevent fraudulent financial activities. Apart from this institution, Romania is also bound by the Markets in Financial Instruments Directive or MiFiD. MiFiD was established in 2007 and encompasses all member states of the European Union. MiFiD ensures that a broker in a member-state can participate in trade with brokers from other member-states as long as they are both compliant with the regulations of the Directive. Legal protection is further enhanced with member-to-member forex trade transactions.

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The Tide of Romanian Forex Trading Systems

The trend of Forex trading in Romania shows no signs of decline. Forex trading remains to be one of the viable financial activities that help Romania’s economy flourish. There are better opportunities for trade in Romania today because of the country’s better GDP rates. The trade market also employs modernized ways of transacting. Online market transactions are predominant in the country. There are many Romania Forex Brokers to choose from, and each platform offers secure transactions and customer service assistance for its traders. Risks will never be completely eliminated from the financial trading systems, but in Romania, business transactions are generally fraud-free and secure. Fluctuations in the markets vary greatly, thus making the Romanian Forex Trade the preference for risky and experienced investors. Opportunities for successful foreign exchange markets generally lean on the positive side for Romania.

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