Is Forex Broker Regulation that important?
Sep 21, 2017 at 12:45 pm #1012chalithuoMember
I think the regulation of Forex brokers is a key factor to look at when choosing a broker. I personally prefer regulated brokers since they operate as per the set rules of the regulatory body. Every regulatory body has a set of rules which all the brokers wishing to conduct business within that region or country should follow.
With Regulated Forex Brokers, you are also safe from scams. You can easily launch a complain to the relevant authorities in case of any mulpractices and you will be assured that your complain will be looked at.
Most of the regulated brokers that I have come across are regulated by CySec out of Cyprus, Markets in financial instruments (MiFID) of Europe or SEC of the United States. But there are other regulatory bodies in different countries and regions. Yo just have to investigate which one your broker has registered with.
However, I have also come across a number of traders who prefer to use unregulated brokers which is very risky unless they have other reasons which am not conversant with. The only thing that am sure about is that brokers choose to forfeit regulation so as to reduce their total operational costs. I am yet to understand if there are any benefits for the trader.00Nov 27, 2017 at 12:26 pm #1476OctaFX_FaridParticipant
Yes, I believe regulation is the MOST important thing for anyone. If we are not with a regulated or reliable broker then we will NOT be able to work out doing things. So, that’s why we need to ensure that we work with well reputed broker. Or else, it will not help us reach anywhere at all. I am always VERY careful with my selection of broker, as I am absolutely aware of how much a difference all this could be making.00Apr 28, 2019 at 10:16 pm #2136FXGuruParticipant
Absolutely important. You will be foolish to think that you could succeed without a supporting broker. I am with FreshForex, and with them everything is picture perfect with not just in terms of their regulation and popularity but also with top notch features. The thing that makes me truly cherish working with them is their 101% Tradable Deposit Bonus, it has really turned my life around.00
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