7 Best CBN Regulated Brokers
The 7 best CBN Regulated Brokers revealed. We have explored and tested several prominent brokers to identify the list of the best CBN regulated brokers.
In this in-depth guide you’ll learn:
- What is a CBN regulated broker.
- Who is the best SEC regulated brokers in Nigeria.
- Who are the best international Forex brokers in Nigeria.
- List of regulated and registered forex brokers.
- The best Forex brokers in Nigeria with Minimum deposit.
- SEC Regulated Forex Brokers.
- Popular FAQs about the regulated Forex brokers in Nigeria.
And lots more…
So, if you’re ready to go “all in” with the best CBN Regulated brokers…
Let’s dive right in…
Best CBN and SEC Regulated Forex Brokers (2024*)
- ☑️Exness – Overall, Best CBN-Regulated Forex Broker in Nigeria.
- ☑️AvaTrade – Top Trading Platform for Nigerians.
- ☑️FXTM – Verified Mobile App for Scalping.
- HFM – Top Forex Copy Trading Platform.
- Tickmill – Excellent option for MetaTrader traders.
- ARM Stocktrade – Prioritizes Security and Transparency.
- Atlass Portfolios LTD – Expertise lies in portfolio management.
🏆 10 Best Forex Brokers
| Broker | Review | Regulators | Min Deposit | Website | |
|---|---|---|---|---|---|
| 🥇 |  | Read Review | ASIC, FSA, CBI, BVI, FSCA, FRSA, CySEC, ISA, JFSA | USD 100 | Visit Broker >> |
| 🥈 |  | Read Review | FMA, FSA | USD 50 | Visit Broker >> |
| 🥉 |  | Read Review | FSCA, CySEC, DFSA, FSA, CMA | USD 0 | Visit Broker >> |
| 4 |  | Read Review | SFSA, FSCA, CySec* | USD 5 | Visit Broker >> |
| 5 |  | Read Review | FCA, CySEC, FSCA, SCB | USD 100 | Visit Broker >> |
| 6 |  | Read Review | FCA, FINMA, FSA, ASIC | USD 0 | Visit Broker >> |
| 7 |  | Read Review | CySEC, FCA, FSA, FSCA, Labuan FSA | USD 100 | Visit Broker >> |
| 8 |  | Read Review | Not Regulated | 0.001 BTC | Visit Broker >> |
| 9 |  | Read Review | ASIC, CySEC, FSCA, CMA | USD 100 | Visit Broker >> |
| 10 |  | Read Review | CySEC,MISA, FSCA | USD 20 | Visit Broker >> |
What is a CBN regulated Forex broker?
Forex brokers are not directly regulated by the Central Bank of Nigeria (CBN) in Nigeria. Instead, the CBN’s primary role in the Forex markets revolves around maintaining stability in the country’s foreign exchange market and overseeing the regulation of authorized dealers, including commercial banks and financial institutions, who are licensed to participate in foreign exchange transactions.
While the CBN sets policies and regulations governing the overall Forex market landscape in Nigeria, including foreign exchange controls and monetary policies, direct oversight of Forex brokers is primarily handled by self-regulatory bodies and international regulatory authorities.
Here, we explore two Nigerian Forex brokers regulated by the SEC in Nigeria and go on to explore the 5 best internationally regulated Forex brokers which accept traders from Nigeria.
The 2 Best SEC Regulated Brokers in Nigeria
| 👥 Brokers | 👉 Open Account | 💰 Minimum Deposit | ⚖️ Regulation | ✔️ Accepts Nigerian Traders |
| ARM Stocktrade | 👉 Open Account | ₦50,000 (Nigerian Naira) | Licensed by the Nigerian Securities and Exchange Commission (SEC) | ✔️ |
| Atlass Portfolios Ltd | 👉 Open Account | 90,000 NGN | Central Bank of Ireland (CBI), BVI FSC, ASIC, FSCA, JFSA, FFAJ, ADGM, CySEC, ISA, KNF, IIROC | ✔️ |
ARM Stocktrade
ARM Stocktrade in Nigeria is a reputable online trading platform offering a range of investment opportunities in stocks and other securities. With user-friendly interfaces, real-time market data, and personalized portfolio management tools, it enables seamless trading experiences for investors. ARM Stocktrade prioritizes security and transparency, fostering trust among its users.
Unique Features
| 🏛️Regulation | SEC |
| 💰Commissions | 0.75% (minimum ₦100) |
| 💻 Trading Platforms | Web-based platform, Mobile App |
| 💸 Minimum Deposit | ₦1,000 (Nigerian Naira) |
| ✅Deposit Fee | Free for most methods, some banks might charge transfer fees |
| 💳Withdrawal Fee | ₦100 + any applicable bank charges |
| ✔️ Demo Account | Yes |
| ✔️ Islamic Account | Yes |
| 👉 Open Account | 👉 Open Account |
ARM Stocktrade Pros and Cons
| ✅ Pros | ❌ Cons |
| ARM Stocktrade is part of the ARM Group, a well-known and reputable financial services company in Nigeria, providing a sense of trust and reliability | Depending on market conditions and regulatory constraints, ARM Stocktrade may have limitations on the availability of certain investment products or asset classes. |
| offers a variety of investment options, including stocks, bonds, mutual funds, ETFs, and more, catering to diverse investment preferences. | Like any brokerage service, trading with ARM Stocktrade may involve fees and charges, including commission fees, transaction fees, and account maintenance fees, which can impact overall returns. |
| They may offer personalized portfolio management services and investment advice tailored to individual investor needs. | may not offer a demo account option for new traders to practice trading strategies without risking real money, which could be a drawback for those seeking a risk-free learning environment. |
| provide access to research reports, market analysis, and investment insights to help investors make informed decisions. | quality of customer support provided by ARM Stocktrade may vary, and some users may experience delays or challenges in resolving inquiries or issues. |
| Their trading platform may be intuitive and user-friendly, making it easy for both novice and experienced investors to navigate and execute trades. | Trading in financial markets involves inherent risks, including market volatility, economic uncertainties, and potential losses, which investors should carefully consider before participating in trading activities with ARM Stocktrade or any other brokerage platform. |
Trust Score
ARM stocktrade has a trust score of 75%.
Atlass Portfolios Ltd
Atlass Portfolios Ltd in Nigeria is a reputable brokerage firm offering a range of investment services. With a focus on wealth management and financial advisory, it provides personalized solutions to clients. Their expertise lies in portfolio management, investment research, and tailored investment strategies, fostering long-term financial growth.
Unique Features
| 🏛️Regulation | SEC |
| 💰Commissions | Not Known |
| 💻 Trading Platforms | Diverse |
| 💸 Minimum Deposit | Not Known |
| ✅Deposit Fee | Free for most methods, some banks might charge transfer fees |
| 💳Withdrawal Fee | Not Known |
| ✔️ Demo Account | No |
| ✔️ Islamic Account | No |
| 👉 Open Account | 👉 Open Account |
Atlass Portfolios Ltd Pros and Cons
| ✅ Pros | ❌ Cons |
| Atlass Portfolios Ltd may offer personalized investment strategies and portfolio management services, catering to individual client needs and financial goals. | services may be restricted to certain types of investors or require a minimum account size, potentially limiting access for some individuals. |
| might have a team of experienced financial professionals who provide expert advice and guidance on investment decisions. | Their brokerage services might come with higher fees and charges compared to other providers, which could impact overall investment returns. |
| may provide access to a wide range of trading assets, including stocks, bonds, mutual funds, ETFs, and more, allowing for diversified investment portfolios. | Trading in financial markets involves inherent risks, and clients of Atlass Portfolios Ltd should be aware of the potential for losses due to market volatility and economic uncertainties. |
| might offer comprehensive research reports, market analysis, and investment insights to help clients make informed decisions. | Clients relying solely on Atlass Portfolios Ltd's expertise for investment decisions might miss out on developing their own understanding of the markets and investment strategies. |
Trust Score
Atlass Portfolios Ltd has a trust score of 75%.
The 5 best International Forex Brokers in Nigeria
| 👥 Brokers | 👉 Open Account | 💰 Minimum Deposit | ⚖️ Regulation | ✔️ Accepts Nigerian Traders |
| Exness | 👉 Open Account | 9,000 NGN | FSA, CBCS, FSC, FSC BVI, FSCA, CySEC, FCA, CMA | ✔️ |
| AvaTrade | 👉 Open Account | 90,000 NGN | Central Bank of Ireland (CBI), BVI FSC, ASIC, FSCA, JFSA, FFAJ, ADGM, CySEC, ISA, KNF, IIROC | ✔️ |
| FXTM | 👉 Open Account | 9,000 NGN | CySEC, FSCA, FCA, CMA, FSC Mauritius | ✔️ |
| HFM | 👉 Open Account | 0 NGN | FSCA, CySEC, DFSA, FSA, FCA, FSC, CMA | ✔️ |
| Tickmill | 👉 Open Account | 163066 NGN | Seychelles FSA, FCA, CySEC, Labuan FSA, FSCA | ✔️ |
Exness
Overview
Exness is an ideal choice for novice traders in Nigeria seeking cost-effective entry into the Forex markets for several reasons.
They offer low minimum deposit requirements, making it accessible to beginners with limited capital.
Provides a user-friendly trading platform with intuitive interfaces and educational resources tailored for beginners, facilitating a smooth learning curve.
Additionally, the broker offers competitive spreads and minimal trading fees, reducing trading costs for novice investors.
Exness provides demo accounts that allow beginners to practice trading strategies risk-free before transitioning to live trading.
With its strong regulatory compliance and reputation for reliability, Exness instils trust and confidence in novice traders, ensuring a secure trading environment.
Overall, Exness offers a combination of affordability, user-friendliness, and reliability, making it an excellent choice for beginner traders venturing into the Forex markets in Nigeria.
Unique Features
| Feature | Information |
| 🏛️ Regulation | FCA, BaFin CySEC, FINMA, DFSA, FSCA, MAS, JFSA, ASIC, FMA, CFTC, NFA, BMA |
| 📲 Social Media Platforms | LinkedIn YouTube |
| 💻 Trading Accounts | IG Trading Account Limited Risk Account Islamic Account (Dubai traders only) Demo Account |
| 📊 Trading Platforms | MetaTrader 4 IG Platform ProRealTime (PRT) L2 Dealer FIX API |
| Minimum Deposit in NGN | Based on chosen regional deposit method |
| 📉 Trading Assets | Forex Indices Shares Commodities Cryptocurrencies Futures Options |
| 💲 NGN-based Account? | ✔️ Yes |
| 💲 NGN Deposits Allowed? | ✔️ Yes |
| ➕ Bonuses for traders? | No |
| 📈 Minimum spread | From 0.0 pips |
| 💻 Demo Account | ✔️ Yes |
| ☪️ Islamic Account | ✔️ Yes (Dubai customers only) |
| 👉 Open Account | 👉 Open Account |
Exness Pros and Cons
| ✔️ Pros | ❌ Cons |
| Any trader can modify the leverage to suit their trading style and risk tolerance. | Exness operates in multiple regions, each with its own set of restrictions. |
| Traders can gain experience with virtual funds by demoing an account before investing in the live market. | Certain expert traders may believe that the platform's highly adjustable trading tools and capabilities are inferior to those of other specialty platforms. However, this represents a relatively small proportion of dealers. |
| Exness has been recognized for its practice of fully disclosing trading conditions, spreads, and fees. | While customer service representatives make every attempt to be always available, there may be variations in the timing and quality of their responses. |
| Exness does not impose any fees for withdrawals or deposits. | The possible intricacy and sophistication of the user interface may dissuade some traders from using it in comparison to their competitors. |
| There are options for depositing and withdrawing money locally. | Exness's sole focus on FX and CFDs may turn off potential investors searching for a more diverse range of investing opportunities. |
| Exness offers trading automation options to MetaTrader users, including Expert Advisors (EAs) designed specifically for Taiwanese clients. | Furthermore, having a lot of leverage increases the likelihood of substantial losses. |
| A diverse set of platforms and account types enable traders to trade across multiple markets. | Regardless of how deep the insights and market analysis are, some traders may consider they are inadequate. |
| Exness trades a variety of assets for its clients, including FX pairings, indices, cryptocurrencies, and commodities. |
Trust Score
Exness has a trust score of 97%.
AvaTrade
Overview
AvaTrade stands out as a popular choice for social traders in Nigeria due to its comprehensive suite of social trading features and user-friendly platforms.
With AvaTrade’s integration of social trading tools like AvaSocial and DupliTrade, Nigerian traders can effortlessly connect with a community of seasoned investors, follow their strategies, and even replicate their trades in real-time.
This social aspect not only fosters learning and collaboration but also provides opportunities for beginners to benefit from the expertise of experienced traders. Additionally, AvaTrade offers a diverse range of assets, including forex, stocks, commodities, and cryptocurrencies, allowing social traders in Nigeria to diversify their portfolios easily.
Combined with its robust regulatory framework, competitive trading conditions, and excellent customer support, AvaTrade emerges as a top choice for social traders seeking a dynamic and supportive trading environment in Nigeria.
Unique Features
| Feature | Information |
| 🏛️ Regulation | IIROC, Central Bank of Ireland (CBI), BVI FSC, ASIC, FSCA, JFSA, FFAJ, ADGM, CySEC, ISA |
| 📲 Social Media Platforms | Instagram X You Tube Telegram |
| 💻 Trading Accounts | Retail Account, Professional Account |
| 📊 Trading Platforms | AvaTradeGO AvaOptions AvaSocial MetaTrader 4 MetaTrader 5 DupliTrade ZuluTrade |
| Minimum Deposit in NGN | NGN 155,850 or $100 |
| 📉 Trading Assets | Forex Stocks Commodities Cryptocurrencies Treasuries Bonds Indices Exchange-Traded Funds (ETFs) Options Contracts for Difference (CFDs) Precious Metals |
| NGN-based Account? | No |
| NGN Deposits Allowed? | No |
| ➕ Bonuses for traders? | ✔️ Yes |
| 📈 Minimum spread | From 0.0 pips |
| 💻 Demo Account | ✔️ Yes |
| ☪️ Islamic Account | ✔️ Yes |
| 👉 Open Account | 👉 Open Account |
Ava Trade Pros and Cons
| ✅ Pros | ❌ Cons |
| AvaTrade offers a unique risk management tool called AvaProtect, which allows traders to protect their trades against adverse market movements for a specified period, offering peace of mind. | AvaTrade's spreads may be slightly higher compared to some other brokers, potentially increasing trading costs for investors. |
| AvaTrade provides access to a diverse range of financial instruments, including forex, stocks, commodities, cryptocurrencies, and more, offering extensive trading opportunities. | AvaTrade's educational resources may not be as comprehensive as some competitors, which could hinder the learning curve for novice traders. |
| AvaTrade offers a user-friendly mobile trading app called AvaTradeGO, which provides access to trading tools, market analysis, and real-time updates on the go, enhancing flexibility for traders. | AvaTrade imposes inactivity fees on accounts that remain dormant for an extended period, potentially affecting traders who trade infrequently. |
| AvaTrade's platform supports copy trading functionality, allowing traders to replicate the trades of experienced investors automatically, facilitating passive investment strategies. | While AvaTrade offers cryptocurrency trading, the selection of cryptocurrencies available for trading may be more limited compared to specialized cryptocurrency exchanges. |
| AvaTrade offers AvaSocial, a social trading platform where traders can interact, share trading ideas, and follow successful traders, fostering a collaborative trading community. | AvaTrade's platform customization options may be relatively limited compared to some other brokers, potentially limiting flexibility for advanced traders who prefer highly customizable trading environments. |
Trust Score
AvaTrade has a high trust score of 96%.
FXTM
Overview
FXTM stands out as an excellent choice for scalpers and day traders in Nigeria.
They offer tight spreads across various currency pairs, ensuring cost-effective trading for high-frequency strategies.
Provides fast order execution, minimizing slippage and latency issues often encountered by scalpers and day traders.
Additionally, the availability of multiple account types, including ECN accounts, allows traders to access institutional-grade liquidity and enjoy ultra-fast trade execution.
FXTM’s range of advanced trading platforms, such as MetaTrader 4 and MetaTrader 5, offer customizable features and advanced charting tools tailored to the needs of scalpers and day traders.
Lastly, their regulatory compliance and reputation for reliability provide Nigerian traders with confidence in the security and integrity of their trading activities, further enhancing its appeal as a preferred option for scalping and day trading strategies.
Unique Features
| Feature | Information |
| 🏛️ Regulation | CySEC, FSCA, FCA, FSC Mauritius |
| 📲 Social Media Platforms | Facebook YouTube Telegram |
| 💻 Trading Accounts | Micro Account, Advantage Account, Advantage Plus Account |
| 📊 Trading Platforms | MetaTrader 4, MetaTrader 5, FXTM Trader |
| Minimum Deposit in NGN | NGN 7,902.50 or $5 |
| 📉 Trading Assets | Precious Metals, Stock Trading, Stock CFDs, Indices, Forex Indices, Forex Currency Pairs, Commodities, Stock Baskets |
| NGN-based Account? | Yes |
| NGN Deposits Allowed? | Yes |
| ➕ Bonuses for traders? | Yes |
| 📈 Minimum spread | From 0.0 pips |
| 💻 Demo Account | ✔️ Yes |
| ☪️ Islamic Account | ✔️ Yes (Dubai customers only) |
| 👉 Open Account | 👉 Open Account |
FXTM Pros and Cons
| ✅ Pros | ❌ Cons |
| Strong educational resources geared toward novices | Some accounts have relatively higher spreads. |
| Local customer service and presence in Nigeria | There is a limited selection of non-forex instruments |
| Offers flexible account types to Nigerians | Withdrawal costs apply to some transactions |
| Regular local seminars and workshops are available | Professional traders have limited access to advanced tools |
| Nigerians can register NGN-denominated trading accounts | There are limitations to scalping strategies |
Trust Score
FXTM has a trust score of 93%.
HFM
Overview
HFM emerges as an optimal choice for mobile traders in Nigeria for several reasons. HFM’s mobile trading app offers a seamless and intuitive interface, ensuring ease of use and efficient trade execution on the go.
The app provides access to a wide range of trading instruments, including forex, stocks, commodities, and cryptocurrencies, allowing mobile traders to diversify their portfolios.
Additionally, HFM’s mobile app incorporates advanced charting tools, real-time market analysis, and customizable alerts, empowering traders to make informed decisions from anywhere.
Furthermore, the app’s secure and reliable connectivity ensures uninterrupted access to the markets, crucial for traders in Nigeria where internet connectivity can vary.
Lastly, HFM’s regulatory compliance and reputation for reliability instill confidence in mobile traders, ensuring a safe and secure trading environment while on the move.
Unique Features
| Feature | Information |
| 💻 API Access | Ability to connect with HFM platform for algorithmic trading. |
| ✍️ Strategy development | Visual or code-based interface to build automated strategies. |
| 📝 Testing and optimization | Option to test strategies on historical data. |
| 📃 Paper Trading | Simulated trading environment to test strategies without risk. |
| 🗄️ Managed Accounts | HFM manages your account using their own algorithms (discretionary or systematic). |
| 🏛️ Regulation | FSCA, CySEC, DFSA, FSA, FCA, FSC, CMA |
| 📲 Social Media Platforms | Facebook Telegram YouTube |
| 💻 Trading Accounts | Micro Account, Premium Account, HFcopy Account, Zero Spread Account, Auto Account |
| 📊 Trading Platforms | MetaTrader 4 and MetaTrader 5 |
| Minimum Deposit in NGN | No minimum deposit requirement |
| 📉 Trading Assets | Forex, Precious Metals, Energies, Indices, Shares, Commodities, Cryptocurrencies, Bonds, Stocks DMA, ETFs |
| 💲 NGN-based Account? | ✔️ Yes |
| 💲 NGN Deposits Allowed? | ✔️ Yes |
| ➕ Bonuses for traders? | No |
| 📈 Minimum spread | From 0.0 pips |
| 💻 Demo Account | ✔️ Yes |
| ☪️ Islamic Account | ✔️ Yes (Dubai customers only) |
| 👉 Open Account | 👉 Open Account |
HFM Pros and Cons
| ✅ Pros | ❌ Cons |
| A diverse range of account types cater to different traders | There is limited German-language help for local traders |
| Attractive bonus and promotion offer | Educational materials are not specifically suited for the German market |
| A diverse assortment of trading instruments | The withdrawal process might be enhanced for efficiency |
| Provides both MetaTrader 4 and MetaTrader 5 platforms | Spreads on certain accounts may not be as competitive |
| Multiple governments regulate the trading environment, assuring its security | The bonus system can be complicated and may not comply with local regulatory requirements |
Trust Score
HFM has a trust score of 85%.
Tickmill
Overview
Tickmill presents an excellent option for MetaTrader traders in Nigeria due to several compelling reasons.
It offers access to the popular MT 4 and MT 5 platforms, known for their advanced charting tools, customizable indicators, and automated trading capabilities, catering to the needs of both novice and experienced traders.
They provide competitive pricing with tight spreads, low commissions, and fast execution speeds, essential for MetaTrader traders executing high-frequency or algorithmic trading strategies.
Their regulatory compliance and reputation for reliability ensure a secure trading environment, crucial for traders in Nigeria.
Furthermore, the broker offers a range of trading instruments, including forex, indices, commodities, and cryptocurrencies, allowing MetaTrader traders to diversify their portfolios.
It is a combination of advanced trading platforms, competitive pricing, and regulatory adherence makes it a compelling choice for MT traders in Nigeria.
Unique Features
| 🏛️Regulation | Seychelles FSA, FCA, CySEC, Labuan FSA, FSCA |
| 📱 Social Media Platforms | Facebook, Twitter, LinkedIn, YouTube, Instagram, Telegram |
| 🔎 Trading Accounts | Pro Account, Classic Account, VIP Account |
| 💻 Trading Platforms | MetaTrader 4, MetaTrader 5 |
| Minimum Deposit in NGN | 470 NGN / $100 USD |
| 🔁 Trading Assets | Forex, Stock Indices, Energies, Precious Metals, Bonds, Cryptocurrencies |
| 💲 NGN-based Account? | ✔️ Yes |
| 💲 NGN Deposits Allowed? | ✔️ Yes |
| 💰 Bonuses for traders? | ✔️ Yes |
| 📊 Minimum spread | From 0.0 pips |
| 💻 Demo Account | ✔️ Yes |
| ☪️ Islamic Account | ✔️ Yes |
| 👉Open an Account | 👉Open Account |
Tickmill Pros and Cons
| ✅Pros | ❌Cons |
| Deposit and potentially withdraw funds using your mobile phone in select regions. | Mobile money support varies by country and provider. Check compatibility before relying on it. |
| Depending on your provider, deposits might be quicker and more convenient than traditional methods. | Double-check if your chosen provider allows both deposits and withdrawals. |
| Mobile money transactions might incur lower fees compared to some traditional methods, depending on your provider. | Minimum deposit amounts and processing times can vary based on your location and provider. |
| If unavailable or undesirable, mobile money offers an alternative deposit method. | Credit cards and bank transfers are generally more universally accepted by forex brokers. |
Trust Score
Tickmill has a trust score of 82%.
Conclusion
Overall, while the CBN does not regulate Forex brokers in Nigeria, there is a strong selection of internationally regulated Forex brokers which accept traders from Nigeria.
Frequently Asked Questions
What is the role of the Central Bank of Nigeria (CBN) in regulating Forex brokers?
The CBN’s primary role in the Forex market is to maintain stability and liquidity in Nigeria’s foreign exchange market. However, it does not directly regulate Forex brokers. Instead, it oversees authorized dealers, such as commercial banks, who are licensed to participate in foreign exchange transactions.
How can I verify if a Forex broker is regulated in Nigeria?
You can verify a Forex broker’s regulatory status by checking with the Association of Online Forex Trading Agents (AOFTGA) in Nigeria. Additionally, you can confirm the broker’s regulatory status by checking their website or contacting their customer support to inquire about their licensing and regulation.
What are the benefits of trading with a regulated Forex broker in Nigeria?
Trading with a regulated Forex broker provides investors with a level of security and protection for their funds. Regulated brokers adhere to strict regulatory standards, including segregation of client funds, transparent pricing, and compliance with anti-money laundering (AML) regulations, ensuring a safe and fair trading environment for investors.
Are there any restrictions on Forex trading in Nigeria?
Yes, there are regulations governing Forex trading in Nigeria, including restrictions on leverage, capital requirements for Forex brokers, and limits on currency exchange transactions. Additionally, traders must adhere to tax regulations governing profits earned from Forex trading activities.
Can I trade with international Forex brokers from Nigeria?
Yes, Nigerian traders can trade with international Forex brokers that accept clients from Nigeria. However, it’s essential to ensure that the broker is regulated by reputable international authorities such as the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC), or the Cyprus Securities and Exchange Commission (CySEC) to ensure the safety of funds and fair-trading practices.
