Sweden is considered as one of the richest country in the whole world that is why many Forex brokers had been wanting to launch their companies in this country. Different local and foreign brokers had been competing to attract as many traders as they can from this country and needless to say, most of the brokers had been running their business pretty well since they started. Forex trading in Sweden is legal and safe. The Financial Supervisory Authority of Sweden is the one regulating the Forex Trading industry in Sweden and there are no strict rules or whatsoever on opening a brokerage company in this country. Their rules are simple, you just need to have EU licensing, that’s it. Because of the leniency of this country towards forex, many brokers had started their business already in Sweden.Read more here: http://www.cnie.org/sweden
Though it may appear to be hard to choose for new traders because of wide options, it actually has good benefits too. The competition will lead to compromise for the brokers to attract more traders leading to much better benefits for the traders. Of course, each company will find ways to gain more traders and most likely they will give good features and benefits to their clients or bonuses. There will always be a shortlist for the best brokers in each country and you can always find reviews online about each company. It is up to the trader which one would be best for them. There are some things that you need to know regarding forex trading in Sweden. If you wanted to start your trading, then you might need to know these points first.
Things to remember before you started trading in Sweden
• Forex trading is not tax-free. Of all the things that you need to remember, paying your taxes should come first. Sweden had set rules in applying tax for Forex trade so you need to make sure you are complying with it. They are very strict with tax implementation so if you don’t want any problem then settle your tax.
• Withdrawal fees are present in most forex brokers. This does not apply to all but most of them do apply a fixed withdrawal fee for their traders. If you want to avoid this, then you can check out which brokers don’t have it and you can deal with them.
• Transactions fees are also included in every single transaction made. Though I think all companies does it, some may expect that transaction fees do not apply to this kind of investments. For forex trading, we are dealing with brokers and usually, they don’t charge anything form their traders. Transaction fees are the ones that keep their business alive because unlike other businesses, Forex trade is manually monitored by the traders and the only item being used by the trader from the brokers is their platform to trade.
• Currency conversion fees are applied to selected currencies. Currencies like USD has conversion fees when you withdraw your funds. This is a case to case basis and is only charged for specific currencies only.