Should you want to trade Forex in Bulgaria, you might be wondering if it is legal for you to do so. With your money invested, it could cause unwanted stress if you run into legal problems. Fortunately for you, we have done the research for you, and to the best of our knowledge, it is completely and 100% safe and legal to engage in Forex trading in Bulgaria.
The Financial Supervision Commission (FSC) helps to draft regulations related to Forex trading in Bulgaria. It describes its role as:
"... legislative amendments are necessitated by changes that have occurred in the financial system itself, the introduction of new products and technologies or in case imperfections of the effective regulatory framework are established."1
The FSC works in conjunction with the European Securities and Markets Authority (ESMA) to combat bad actors in the foreign exchange and investments sector. In 2011, they issued a warning for Bulgaria and other countries in the ESMA:
"... warns investors against dealing with unauthorised firms offering foreign exchange investments, and alerts retail investors to the main risks involved in forex trading."2
Since that time, we could not find any mention of Forex trading on the FSC website. Therefore, it is advised that you only trade with regulated trading platforms in Bulgaria. If you do not, you will not be protected against a possible dispute.
Sources:
1. Regulatory activity
2. European Securities and Markets Authority (ESMA) issues an Investor warning on trading in foreign exchange (FOREX)
Last updated: 11/25/2018 Disclaimer: This article does not provide legal advice. If you need legal advice, please contact an attorney directly.
