Are you still trading with unregulated brokers?

Discussion in 'Forex Brokers' started by Exness Support, Apr 27, 2015.

  1. Exness Support

    Exness Support Active Trader

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    Often we see unregulated brokers offering better conditions and also not asking you for proper documents for opening account. I know many people who fell in trap of such brokers and later lost their money. I would recommend you guys not to go with unregulated broker and only to trade with regulated brokers. Please share your story if you guys ever had any issues with your broker.
     
  2. March

    March Banned

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    You're quite right, unregulated brokers can be a serious trap for beginners. My broker Fresh is regulated by CRFIN and I haven't had any problems with them yet. What organisation is Exness regulated by?
     
  3. garena

    garena Active Trader

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    Even regulated broker can scam. I think we should trade with well-known broker that has numrous good feedback.
     
  4. Enivid

    Enivid Administrator Staff Member

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    CRFIN membership is purely arbitrary. It is better than no regulation at all, but the organization does not license - the worst it can do to a broker is to expel it. In that case, the broker can just choose to join some other SRO.

    Exness is also regulated by CRFIN, but it is also licensed by CySEC.
     
  5. koyl

    koyl Trader

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    No matter how enticing is their offer , i cannot trade with an unregulated broker. I Trade with profiforex and they are highly regulated and reputable broker that are reliable.When a broker is regulated it makes the trader feel safe.
     
  6. wisetrada

    wisetrada Active Trader

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    They are not regulated by a well know organization, so they are not highly regulated. But Profiforex is better than some highly regulated brokers. For example, I will rather use their mt4 platform with less slippage occurrence than jump in with these bigger regulated brokers that suck you dry with their high trading fees and slippages. This is my reason.
     
  7. globalfx

    globalfx Trader

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    Regulation is not really an issue anymore. We all know that regulation is just a FRONT FACE. Many bad brokers hide under the name of regulation. This is not the first criteria in choosing a broker.
     
  8. Darren Glenister

    Darren Glenister Newbie

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    The US & UK are the biggest regulatory associations with the regulatory authority as NFA (National futures associations) & CFTC (Commodity futures trading commission) which is a futures commission merchant & is also a retail foreign exchange dealer. NFA is broadly based in industry and is a self regulated organization for futures industry based in United States. It organizes the regulatory compliance, rules, programs & services to protect the integrity of the market. The traders & investors help members to meet regulatory responsibilities.

    The CFTC aim is to save market users & public from fraudulent activities, which are being manipulated & abused by the practices which are related to scale the commodities & different financial F&O. It basically becomes competitive & financially sound for futures & options market.
     
  9. jellyeb

    jellyeb Active Trader

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    I wonder why many brokers don't want to apply for US CFTC license and get access to the US market. I trade with offshore Hotforex and FCA regulated tickmill, both are good but according to their support no plans to work towards stricter policies.
     
  10. Enivid

    Enivid Administrator Staff Member

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    Because of the huge capital requirements ($20 million minimum as far as I remember) and a lot of compliance restrictions.
     
    Usman Khan likes this.
  11. hayseed

    hayseed Master Trader

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    hey jellyeb..... i wonder why anyone would want to be a broker anywhere ever for any reason..... talk about a thankless business.....

    far rather open a couple 'anytime fitness' centers.....h
     
  12. pipedition

    pipedition Trader

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    $20 millions, such a huge money. Now I got why there were too many scam brokers. I think if I have only 1-2 millions, I can spend $100-200k for advertising to attract clients and take all their money, it's ez money ever :D
     
  13. Lukas Schmidt

    Lukas Schmidt Trader

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    Absolutely agree. It seems like regulations nowadays are more of a marketing tool
     
  14. SmartFXRebates

    SmartFXRebates Trader

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    There are bad brokers that are regulated and good ones that are not. And vice versa. Think that 20 million is not placed to protect only the clients, but to make sure to keep smaller brokers away to offer some healthy competition.
     
  15. BridgettMendoza

    BridgettMendoza Trader

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    No one should trade with an unregulated broker. However, all regulatory body don’t carry the same degree of trust. CySEC were bad guys before but they greatly improved their services and I do place trust with them now. Grab profits little by little with hanseatic broker using scalping EA, no problems so far, but its low lots trading. Can not give feedback about +1 lot trades with them.
     
  16. ashouq

    ashouq Active Trader

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    Why keep in doubts, try trading with any unregulated broker and find out the results yourself however if any advise is counted then i must say stay away from those who does not have any repute in the market.
     
  17. jellyeb

    jellyeb Active Trader

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    Regulated and unregulated brokers both have pros of cons, safety of funds, segregation, fair order execution and traders feedback are among those criterions you should base your choice on. And its really hard because newbie scam alerts skew the picture and confuse so your personal experience is also matters a lot. But who knows it may cost you a lost deposit, so better run a check that will reduce your risks to minimum.
     
  18. BridgettMendoza

    BridgettMendoza Trader

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    Not every regulatory body carry the same degree of trust. I tried with unregulated broker WesternFX and they did close my entry without my attention with loss and had 2-3 days slippage while my entry was in profit. I remember GBPAUD pair had 2500 pips of movement in 5 minutes for several days in 2016, you can take entries but can’t close it! I did not find anything suspicious so far from Hanseatic though sometimes their live support get lazy during night.

    Yes, reputation is a prime fact for the brokers and you should Google it before sign up with any broker. And my suggestion to you my friend, ignore unregulated broker.
     
  19. juanoboa

    juanoboa Trader

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    Exactly, you can have problems wven with the "big" ones
     
  20. ashouq

    ashouq Active Trader

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    That is a good part because we should try trading with those brokers who are regulated and comes up with good repute or you can try any unregulated broker and experience the consequences at your own. IMO
     

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