You will find thousands of Forex traders who are suffering from the un-regulation of brokers. An unregulated broker is never secure and reliable for a trader. You know a broker is a custodian of a trader’s fund. So, when it is unregulated, it creates problems with traders at the time of withdrawing money.
I have always said this, if a broker is regulated it gives you that sense of confidence and credibility as an investor. Being regulated also gives the brokers this drive and push to do right with their clients knowing fully well they have people to answer to if they cheat.
I made no mistake on this while checking out forexchief, had to be convinced they were regulated and licensed. I only registered when I saw them as a member on FMA site and that they are licensed by VFSC.
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An unregulated broker is never secure for a trader because a trader always wants security from a broker. Different brokers have different reliability and security issue. For example- Eurotrader broker uses segregated bank accounts to provide its users with high security. Large capital investors also feel secure here.
I agree. Brokers and exchanges without proper regulation cannot be trusted. One should learn to recognize the red flags and avoid them.
Just use brokers that offer segregated accounts like Hotforex in case of a bankruptcy your capital won't be used to pay debts of the broker. Only properly regulated brokers offer this feature.
We will need to make use of such kind of a Forex Broker which is Regulated and that is Truly International like FXOpenOriginally Posted by babushkafx
FXOpen - one of the most successful and fastest-growing Forex brokers.
UK & AU regulated. ECN, STP, Crypto, Micro, PAMM accounts.
Broker works as an intermediary between traders and the market. Brokers provide numerous tools and software that link a trader directly to the market. That’s the role of a broker is undeniable and we should be careful about selecting brokers. It’s because a scam broker can snatch away traders’ capital and make issues while trading. I know Eurotrader to be a secure and regulated broker.
A broker being regulated is a must in my opinion, it says a lot about the broker and offers the trader the needed sense of security. But most times regulation isn't enough, you need more from a broker if you must succeed, like;
How easy can you deposit or withdraw
What are their charges like
Do the good reviews outweigh the few bad ones.
And some other factors.
One extra thing that attracted me to forex chief was their many options for funds withdrawal, one can do local transfer, bank wire, electronic payments, etc. with reasonable commission.
In Forex business, good trading result depends on some criterion like risk managing crafts, money managing crafts and some others. A cogent effort should be given to turn every day a profitable day and traders who are perseverant can only do that. To be a good trader, he or she must make sure maintaining all these criterion.
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