France is one of Europe’s biggest, most dynamic and potentially most rewarding Fx markets. It is also one of the most conservative, in regards to the rules and regulations guiding the activity. At the center of what can only be called a massive anti-Fx push, is the local financial regulatory agency, AMF (Autorite de Marches Financiers), which is indeed one of the strictest and most draconic such authority in Europe. The AMF has traditionally aimed to guide the French public away from investments entailing high risk and high reward, towards the much more conservative stock market. The regulator is fairly certain that the advertising practices employed by some of the operating Fx brokers are unfair, as they tend to downplay the financial risks associated with the activity, focusing instead on the potential rewards.

Forex brokerages who have run afoul of the AMF are added to a backlist, which currently holds quite a few operators. This list is constantly updated, as the AMF uncovers new rule-breakers.

The reasons behind the heavy-handedness of the AMF are very real though, and well argued. Back in 2014, the authority conducted a study, according to which, 9 out of 10 French Forex traders had lost money during the period spanning the previous 5 years. The losses were massive too, averaging out at more than EUR 10k per person. It is also true though that most of those losses were to unlicensed Fx brokerages located outside the jurisdiction of the AMF. There are a fair number of Fx brokers authorized by the AMF to offer financial intermediary services in France.

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