A big portion of forex firms are either located in Europe or regulated by a European regulator such as FCA in UK, BaFin in Germany, FINMA in Switzerland and CySEC in Cyprus. Thanks to EU passporting rights under MiFID, obtaining forex license in one EU member country enables the broker to operate in other EU countries without any legal hurdle. This is one of the reasons that forex brokers prefer to go under regulation of a European watchdog. Doing this, they can have a passport that automatically opens the door to all European Union countries which offers a potential client base of over 400 million.
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