Regulated & Trusted Forex Brokers List 2023
The forex market is the largest financial market in the world. The industry, which includes brokers and traders, has a combined total of $6.6 trillion in daily trading volume. That is more than 18 times what NASDAQ trades on an average day! Needless to say, this is no small investment opportunity. So, when you trade in the foreign exchange market, it is important to find the best regulated forex brokers. The top regulated forex brokers will offer competitive spreads and liquidity, as well as provide trading tools such as charts and technical indicators. Trading with the most trusted forex brokers will get you confidence and avoid fraudulent broker scams.
In this guide, we will explore what makes a broker regulated, how regulation can help your trading experience, and which brokers are worth checking out.
What is a Regulated Forex Broker?
As the name suggests, regulated forex brokers are the one that complies with the laws and regulations of their local jurisdiction. This means you can expect certain minimum standards in terms of safety, security, and customer support to be met by your chosen forex broker. Moreover, you also have recourse if something goes wrong or there are any disputes between yourself as an investor and your brokerage company.
Regulation is very important to ensure customer protection. Many brokers turn out to be rogue operators with no license. Therefore, the local Government of respective countries takes steps in order to protect the customers or traders. Regulation of forex brokers offers trade transparency which helps regulators keep their eye on brokers' actions and fight any unfair treatment towards clients (such as not receiving withdrawal requests).
Does Forex have Central Regulation?
Forex doesn’t have any central regulation. Forex regulation can vary by country but most jurisdictions provide some form of protection like segregated accounts held within a trusted company, minimum capital requirements, and segregation between brokerage accounts at different banks.
The local forex regulation ensures brokers who want to offer their services in a certain country must follow specific rules and regulations. So they can start offering forex trading services while protecting the client at the same time. A good example of this is where if you are based in Europe and want to open an account with a broker outside the European Union (for example Australia) you should be aware that your transaction will not have any protection by EU laws. But rather Australian law might work differently for different people depending on their location. Therefore, it's important that before signing up with top regulated forex brokers you check out what kind of protections do compliance rules provide for clients from your region? In addition, make sure you fully understand all the risks involved with any foreign broker.
Why do you Need a Regulated Forex Broker?
Usually, forex brokers are known to take advantage of traders by adding hidden fees, offering poor spreads, and refusing withdrawals. However, best regulated forex brokers will not do any of these things. Top regulated forex brokers have policies that protect the customer's interests against unfair trading practices, fraud, or irresponsible behavior on behalf of the broker itself.
Additionally, regulatory bodies serve as mediators between both sides in disputes over conditions for opening accounts, withdrawal requests, and other grievances to ensure fair treatment according to established rules and regulations.
Following are the top benefits of the best regulated forex brokers.
Protection from Scams
One of the main benefits of using the best regulated forex brokers is that you are protected from forex scams brokers. Because these brokers are regulated by financial authorities, they must comply with strict rules and regulations. This means that your money is safe and you will not be scammed by the broker.
Proper Supervision
Another benefit of using trusted and all regulated forex brokers is that they are properly supervised by financial authorities. This means that any complaints or problems you have with the broker will be dealt with promptly and effectively. It also means that the broker is less likely to engage in fraudulent activities or other unethical practices.
Client Funds are Protected
When you use top regulated brokers, your client funds are protected. This means that if the broker goes bankrupt or experiences financial difficulties, your money will be safe. This is not the case with unregulated brokers, who may not have to adhere to strict rules and regulations when it comes to safeguarding client funds.
Financial Stability
One of the main benefits of using the list of legit forex brokers is that you can be confident that they are financially stable. This is because these brokers must meet certain financial criteria in order to be regulated. This means you can be assured that your money is in safe hands and that you will not experience any problems with the broker’s finances.
Higher Standards of Customer Service
Finally, one of the main benefits of using top regulated brokers is that you can expect higher standards of customer service. Because these brokers are required to follow certain rules and regulations, they will be able to offer better quality customer services than unregulated brokers. This is because the procedures and systems in place mean that the broker will have fewer problems to deal with, allowing the staff members to focus more on serving clients.
Who Regulates the Forex Market?
The foreign exchange market is a global decentralized market for the trading of currencies. This means that there isn't one central agency covertly running it.
Currently, the regulation of the Forex market is shared between several different governmental agencies and financial authorities worldwide. Since there is no clear-cut answer as to which regulator would be most suitable for this task. In addition, regulators from different countries often have conflicting views on how they should handle issues in the forex market. However, each country has its own regulatory body, who regulates the local forex market.
Top Forex Regulatory Bodies
There are many different regulatory organizations around the world that oversee the Forex market. Some are more well-known and respected than others, but all of them play an important role in ensuring fairness and protecting traders. Here is a list of 10 most notable Forex regulators:
The Financial Conduct Authority (FCA)
The Financial Conduct Authority (FCA) in the United Kingdom is one of the most respected and well-known financial regulators in the world. It oversees a wide range of financial products and services, including Forex trading.
The FCA has a number of responsibilities in relation to the Forex market. These include:
- Regulating firms that offer Forex services to consumers
- Regulating the content of advertising and marketing relating to Forex services
- Oversee the retail client accounts and ensure they are treated fairly
- Investigating complaints from retail clients about their experiences with Forex firms
The Commodity Futures Trading Commission (CFTC)
CFTC is the main regulator of futures and options trading in the United States. It is also responsible for regulating Forex brokers that operate in America.
The CFTC is responsible for regulating:
- Futures contracts and options on futures contracts traded on designated contract markets (DCMs)
- Off-exchange retail foreign currency contracts (forex)
- Swap agreements
- Security-based swap agreements
The CFTC's jurisdiction over forex extends to transactions conducted by retail customers, as well as to transactions between two commercial entities that have no retail customer counterparties. The CFTC also has the authority to regulate certain over-the-counter (OTC) derivatives, including forex products.
The Australian Securities and Investments Commission (ASIC)
ASIC is the corporate regulator for Australia. It was formed in 1998 as a result of the merger of the Australian Securities Commission and the Australian Stock Exchange. The ASIC is responsible for regulating the financial markets and ensuring that investors are protected.
One of the key functions of ASIC is to regulate the Forex market in Australia. They do this by issuing licenses to Forex brokers, monitoring their activities, and taking enforcement action if necessary. They also provide consumer protection measures such as warning investors about scams and providing information about how to choose a reputable Forex broker.
The ASIC has a number of resources available on its website to help investors learn about Forex trading. These include an introduction to the market, a list of reputable brokers, and an investor bulletin. Further, the ASIC also provides information about its regulation of the Forex market through news releases, announcements on its website, and media interviews.
In addition to regulating Australia's Forex market, ASIC also has a range of other functions including enforcing company law, monitoring financial markets for fraudulent activity, and ensuring companies maintain adequate financial records. It is a member of several international organizations such as the International Organization of Securities Commissions (IOSCO). These roles have enabled it to contribute in both regional and global forums in relation to capital markets reform projects.
Cyprus Securities and Exchange Commission (CySEC)
The Cyprus Securities and Exchange Commission (CySEC) is the regulatory body of the financial services industry in Cyprus. It was founded in 2001, making it one of the newer financial regulators around. However, CySEC has been very active in developing and implementing new rules and regulations for the Cypriot financial services industry.
One of CySEC's primary responsibilities is regulating the Forex market in Cyprus. This includes licensing and regulating brokers, overseeing trade execution, and ensuring compliance with all applicable laws and regulations. In addition, CySEC also works to promote investor protection by establishing and enforcing rigorous standards for broker conduct.
Brokers that are licensed by CySEC must comply with a number of requirements, including capital adequacy, risk management systems, customer funds protection, and anti-money laundering laws.
If you are considering investing in the Forex market then it is very important that you choose from reputable and most trusted forex brokers that are licensed by CySEC. Doing so can help to ensure your safety as well as provide additional security for your investments.
Monetary Authority of Singapore (MAS)
MAS was established in 1971 to regulate the banking sector. In 2002 it merged with the Singapore Insurance Authority and became a dual-agency with oversight over all financial institutions operating in Singapore, including Forex brokers.
The MAS also regulates and supervises financial institutions in Singapore, along with promoting financial stability and integrity in the Forex market.
Usually, it oversees a number of different markets in Singapore, including the securities, insurance, and banking sectors. It also manages the country's foreign exchange reserves and plays a role in developing a national policy on issues such as monetary and financial stability.
Since its inception, the MAS has been instrumental in developing Singapore into one of Asia's most important financial centers. The country's strong economic performance and well-regulated financial sector have made it a popular destination for investors and businesses from around the world.
Further, the MAS is also a member of several international organizations, including the Bank for International Settlements (BIS), the International Monetary Fund (IMF), and the Financial Stability Board (FSB).
In addition to its role as a central bank, the MAS also operates as a regulator of financial institutions and markets in Singapore. It supervises banks, insurers, and other financial institutions to ensure that they comply with regulations and maintain high standards of integrity. Furthermore, it also monitors the Forex market to prevent illegal activities such as money laundering and terrorist financing.
The MAS has a number of policies in place to promote financial stability in Singapore. It regularly issues warnings about risky investment products.
Swiss Financial Market Supervisory Authority (FINMA)
Switzerland is a pioneer when it comes to financial regulation and oversight. It has always been an important location for the industry, thanks in large part to its stringent supervision of investment firms under the Swiss Financial Market Supervisory Authority (FINMA).
It was founded in 2009 to regulate the Swiss financial sector. One of its primary responsibilities is to supervise banks, securities dealers, collective investment schemes, and insurance companies, including Forex brokers that are based in Switzerland.
Its primary aim is to protect creditors, clients, and investors along with promoting the stability of the financial system. The organization achieved full independence from Federal authorities in 2011 following changes made around that time to multiple governing acts including the Act on Banks and Savings.
The National Futures Association (NFA)
The National Futures Association (NFA) is a US-based non-profit self-regulatory organization that was founded in 1992. Their main goal is to protect the American public from fraud and to protect market users from abusive practices by encouraging members of the associated forex industry to follow high standards and best practice guidelines. The NFA has an Anti-Money Laundering (AML) program which ensures all clients involved with them are following strict guidelines regarding this issue. As part of the requirements for membership, all traders must submit themselves to extensive background checks before gaining access to trading platforms.
The NFA also requires that its listed companies/firms have their trading accounts audited at least once a year. In order for its members to remain listed the NFA regularly reviews their activities and websites for compliance with all rules and regulations. This process helps to reduce duplicity, as well as provide protection for clients who may be at risk of receiving false or misleading information regarding companies they are considering investing in.
What do you Need to Look for in a Regulated Forex Broker?
When looking for the most trusted forex brokers, it is important to know what to look for. Not all brokers are created equal, and some are much better than others. Here are some of the key factors to look for when choosing among the top regulated forex brokers:
Regulation and Licensing
The first thing you want to check is that the broker is licensed and regulated by a reputable authority. The most common regulatory bodies include the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC), and the Commodity Futures Trading Commission (CFTC) in the US and Australian Securities and Investments Commission (ASIC).
Reputation
The second thing you should look at is the broker’s reputation. Do they have a good track record? Are they known for being fair and honest with their clients? Do they offer good customer service? These are all important factors to consider when choosing a broker. You don’t want to deal with a company that has a bad reputation – it could lead to costly mistakes and losses on your part.
Financial Stability
It is also important to make sure that the broker is financially stable and has a good reputation. You want to ensure that they will be able to pay your account withdrawal request and that you won't lose money if the broker goes bankrupt or goes out of business.
Currency Pairs
This is where choosing the best regulated forex brokers gets a bit tricky, as not all forex brokers offer the same trading conditions. In addition, some brokers specialize in certain types of traders such as high-volume traders or Forex newbies.
Trading Platform
The choice of forex trading platform varies from broker to broker and can be a major factor in determining your experience with a given broker. However, newer investors should trade with a broker that offers a user-friendly platform, with clear and concise instructions.
Account Types
Another important factor to consider is the different forex broker account types offered by the broker. Some brokers offer demo accounts which can be great for new traders who want to test out the brokers before investing any real money. Other brokers may have a variety of account types with different features and benefits, so it's important to do your research and find the one that best suits your needs.
Fees
Another important factor to consider is the broker’s fees. How much do they charge for trading? Are there any hidden fees? What are the spreads? Make sure you understand all of the fees involved before selecting the best regulated forex brokers.
Customer Service
Finally, don't forget to check out the customer service offered by the top trusted forex brokers. This is especially important if you are a new trader, as you will likely have many questions along the way. Good customer service should include live chat, telephone support, and email support.
There are many other factors to consider when choosing a forex broker, including the fees, so make sure you do your research before signing up with any broker.
How do I Know if a Forex Broker is Regulated?
When it comes to trusting your money with a forex broker, one of the first things you might want to know is whether or not the broker is regulated. In some cases, this is a good indicator of the quality of the broker and its services. However, it’s important to note that being regulated doesn’t necessarily mean that a broker is safe – it just means that the broker is abiding by certain rules and regulations put in place by financial authorities.
So how can you tell if a Forex broker is regulated? One way is to check the website of the regulator responsible for overseeing Forex brokers in your country. Most regulators have a list of all licensed brokers on their websites. Alternatively, you can check the company profiles of Forex brokers online. You can usually find out what financial authority regulates the broker in question by entering that company’s name into a search engine like Google.
If you are still not sure if a Forex broker is regulated, you can always contact the regulator and ask. They will be able to tell you if the broker is authorized to offer financial services in your country.
Working with a regulated Forex broker is important because it gives you peace of mind that your money is safe and you'll be treated fairly if something goes wrong. So, before you start trading, make sure to do your research and find a regulated broker.
Can Forex Brokers Steal your Money?
Forex brokers are in the business to make money, just like you and me. But sometimes they can take advantage of their clients by stealing their money. So, the answer is yes! Scam forex brokers can steal your money. These types of brokers are not regulated.
There are many different ways that a forex broker can steal your money. One way is through fraudulent activities, such as false advertising or rigging the market. Forex brokers can also steal your money by not paying you back when you withdraw it. They may also refuse to give you your profits from trading, or they may delay paying you for months at a time.
In some cases, forex brokers will even close your account without giving you any warning and keep all of your money. This type of scam is known as a “bait and switch” and it is very common among scam brokers.
Rogue forex brokers also operate in different ways. For example, some will require you to deposit your own money before allowing you to start trading. Others will encourage their clients to trade with more than one broker at a time. These rogue forex brokers can be found on our forex brokers scam list.
Forex brokers that steal money give the industry a bad name and lead people to think all foreign currency trading companies are dishonest and untrustworthy. However, there are many good and most trusted forex brokers out there who abide by all laws and regulations and make sure their clients receive what they are owed.
The first step to finding a good broker is to do a lot of research and read reviews from other traders. If you find that one or more brokers have negative reviews, then it’s best to stay away from them. Never choose a foreign currency trading company that doesn’t have any information available online about their location, contact information, and business practices. This should be a red flag as to whether the company is legitimate or not! Remember, there are many scam forex brokers online waiting for unsuspecting victims.
While there are many other regulatory bodies around the world that oversee the Forex market, these 10 are some of the most notable. In addition, they obviously also have the most influence as far as regulatory practices go.
How Do I Make Sure My Forex Broker is Trustworthy?
Forex trading is a great way to make money when done correctly. However, one important aspect of it is making sure you find the best trusted forex broker. After all, there's no point in making money when you are going to lose it a few seconds later because your broker turned out to be untrustworthy. So how do you know which brokers are trustworthy and which aren't? Here's a list of what to look for:
- Complaints from previous customers: Make sure that the complaints are not about something that could have been resolved by reaching out to customer service. If they get too many complaints about things like this, stay away from them.
- A clean reputation: It should be pretty simple for you to find independent articles or reviews about the broker. If you can't find any, stay away from them!
- Professional-looking website: Sometimes scammers will have fake websites up so they can actually look professional. If your broker's website looks too cheap or doesn't have all of their information on it, consider making a different choice.
- Accreditation and other licensing: Laws exist for a reason and reputable companies try to comply with those laws as much as possible. Plus, if they are showing proper licenses like this it means that they have been around long enough to get to where they are now and have proven themselves trustworthy enough to achieve these things. However, if something happens where they fail in one area, expect them to go down in others too.
- Lots of assets: A broker that has a lot of different assets to offer is usually a good sign. This means they have experience in different areas and can help you with your trading no matter what type of trader you are.
- Offers demo accounts: Almost all reputable brokers offer a demo account so that you can try out their platform before investing any money. If the broker doesn't offer a demo, it's probably not worth your time.
These are just some things to look for when trying to find a trustworthy forex broker. Do your own research and ask around, too! Friends and family who have experience in the market might be able to recommend someone good. Remember, your safety is always more important than making a quick buck.
Do Forex Brokers Have to be Regulated?
The first thing you need to understand is that there is no global governing body for the Forex market. This means that each country has its own regulations when it comes to Forex brokers. In some countries, such as the United States, Forex brokers are required to be regulated by the Securities and Exchange Commission (SEC). However, in other countries, such as Canada, there are no specific regulations governing Forex brokers.
This can make it difficult to determine whether or not a particular broker is considered as in the list of legit forex brokers. One thing you can do is check the broker's website to see if it has a license from a recognized governing body. If the broker is not licensed, you should be very cautious before investing any money with them.
However, a forex broker can be both regulated and unregulated. But for the safety of your money, it is recommended to trade with a regulated forex broker.
Can Forex Be Trusted?
Long gone are the days when people used to trade in commodities. With time, a new modern approach has emerged- trading in foreign currencies. The Forex market is one of the hottest financial marketplaces in the world.
It's no secret that traders make their money by exchanging different currencies with one another at certain times, according to a predetermined exchange rate set by financial institutions and banks. It basically works like this: you purchase a currency at its lowest price and sell it later when it becomes more valuable for a profit.
Forex market is open 24 hours a day, 5 days a week across all major cities in the world. This makes it one of the most liquid markets in the world.
The Forex market is a great place to invest your money, but like any other investment, there are risks involved. One must do their homework and thoroughly research the brokers they are considering working with to avoid being scammed.
There are many reputable Forex brokers available online, so finding one shouldn't be too difficult. However, it's important that you take the time to read broker reviews and compare different brokers before making a decision. That way, you can be sure you're getting the best deal possible.
Overall, the Forex market is a great place to invest your money as long as you do your homework and choose a reputable broker. So, you can trust forex trading via the best regulated forex brokers.
How do I Verify a Forex Broker?
When looking for a Forex broker, it is important to do your research to ensure that you are dealing with a reputable company. One way to verify a Forex broker is to check their registration and licensing information. You can do this by visiting the website of the regulatory body that oversees the Forex broker.
Another way to verify a trusted forex broker is to read online reviews from other traders. Be sure to look for reviews that are recent and from unbiased sources. You can also visit websites like TrustPilot or Feefo to read reviews from real customers.
Finally, it is always a good idea to contact the customer service department of the Forex broker and ask them any questions you have about the company and its services.
Getting in contact with the traders employed by an online Forex broker is also a great way to verify that they are legitimate. These traders will have knowledge of their company's services and should be able to answer any questions you have about the platform, its features, and how it works. If you cannot get in touch with a trader or if their answers do not satisfy your questions, then there may be something wrong with that particular company.
Is it Illegal to Use an Unregulated Forex Broker?
When it comes to the world of finance, there are a number of different options available for investors. One such option is Forex trading, which allows investors to buy and sell foreign currencies in order to make a profit. Forex trading can be a very lucrative venture, but it is important to remember that there are risks involved. One way to minimize those risks is to use a regulated Forex brokers list.
However, what if you don't want to use a regulated and trusted forex broker? Is it illegal to trade with an unregulated forex broker? The answer to this question is not a simple one. There are a number of different factors that need to be taken into account, including the country where you reside and the specific regulations that apply there.
In general, using an unregulated broker is not illegal. However, it is important to be aware that there may be risks involved in doing so. Unregulated brokers may not be held to the same standards as best regulated brokers, and they may not offer the same level of protection for your money. They may also be less likely to provide you with accurate information about the markets and the risks involved in trading.
If you are thinking about using an unregulated broker, it is important to do your research first. Make sure you understand the risks involved and consult a financial advisor if you have any questions. Be sure to only invest what you can afford to lose, and never trade with money that you cannot afford to lose. Forex trading can be a very profitable venture, but it is important to remember that it is also a risky one. Make sure you are fully aware of the risks before you decide to invest.
However, you don’t need to trade with an unregulated broker as you will find hundreds of top regulated forex brokers list. If you are confused about which one to choose you can pick from our top 10 legit forex brokers list. Besides, you may also check out the top 100 regulated forex brokers list we have found through extensive research.
Is it Illegal to use Offshore Brokers?
There is no definitive answer to this question as the legality of using offshore brokers depends on the specific laws and regulations of each country. However, in general, using an offshore broker may be illegal or frowned upon in certain countries, particularly if the broker is based in a tax haven.
For example, in the United States, it is illegal to use an offshore broker who is not registered with the SEC (Securities and Exchange Commission). Offshore brokers who are registered with the SEC must comply with a number of regulations, including requirements relating to disclosure of information, capitalization levels, and customer protection.
In Canada, using an unlicensed offshore broker may be considered illegal. The Canadian Securities Administrators (CSA) has released a warning about the risks of using unlicensed offshore brokers, noting that these brokers may not be subject to Canadian securities laws and may not be able to provide adequate protection for investors.
Therefore, it is important to check the licensing and regulatory status of any offshore broker before using their services. If you are unsure whether a broker is licensed or regulated, you can check with your local securities regulator. If using an unlicensed or unregulated broker is found to be in violation of your country's laws, you may face penalties including fines and/or imprisonment.
How Regulated Forex Brokers are Different from Unregulated Ones?
One of the main ways that top regulated forex brokers differ from unregulated ones is that they have to comply with a number of regulations. This includes adhering to rules on capital adequacy, client money protection, and much more.
Unregulated forex brokers are not bound by these rules, so they can be much less scrupulous in their business practices. This can lead to a number of problems for traders, including not being able to withdraw funds or getting hit with unexpected charges.
Top regulated forex brokers are also more likely to offer a wider range of products and services. They may have a greater variety of trading platforms available, as well as educational materials and other resources.
Lastly, regulated brokers tend to be more trustworthy, as their business practices are more closely monitored.
Let's look at some of the key issues that you should consider when choosing between regulated and unregulated brokers.
A lot of forex brokers can seem very similar at first glance, but there are a number of important differences. Here is the list of features which you should pay attention to:
High/Low Leverage Ratio
It shows how much higher or lower the broker will allow you to trade against your deposit (1:100 means 1% Funds in Margin Account = 100 Lots). The lower this ratio, the better it is for you! This lower risks tremendously compared to high leverage forex brokers. This may be stated as "Lot"/"Margin" in the information about each broker.
Spreads
The tighter the spread, the less you lose on every trade. Forex brokers make their money from the spreads (the difference between what they buy and sell currencies for), so tight spreads mean that they are making less money on each trade.
Minimum Deposit
The lower the minimum deposit, the easier it is to start trading with the most reliable forex broker.
Fees
Some brokers charge fees for depositing or withdrawing money, while others do not. Be sure to check this before signing up with a broker.
Deposit/Withdrawal Methods
Make sure that the forex broker accepts the method of deposit or withdrawal you want to use before signing up with them!
When trying to compare regulated and unregulated forex brokers, keep in mind that most unregulated companies are scams or they do not have a valid license from an authorized regulator.
However, some legal offshore brokers can offer trust accounts in a limited number of countries. In this case, they do not need a license from the authorized regulator in their jurisdiction because when opening an account with them you are accepting their terms and conditions which determine that you agree not to hold them responsible for any losses made on your investments by the underlying market exposures.
Cons of Regulated Forex Brokers
While it is recommended to trade via the list of regulated forex brokers, some traders tend to choose unregulated forex brokers for many reasons. It is because not all the list of regulated forex brokers are equal. Some are better than others, while some are downright terrible. And unfortunately, many of these terrible brokers are regulated by government agencies.
Here are some of the main reasons why traders tend to pick the unregulated broker and take more risk. Let’s see the cons of regulated forex brokers.
- They often have high fees and commissions: Brokers make their money through fees and commissions. Sometimes best regulated brokers charge ridiculously high fees. The fees that a broker charges can vary quite a bit, depending on the broker and the products that are being traded. But most brokers charge some type of commission on each trade. This commission can be a fixed amount or a percentage of the transaction value. Most regulated forex brokers also charge a so-called “spread” on the currencies they offer. On the other hand, fees and commission are less on unregulated brokers.
- Some brokers offer poor customer service: It is no secret that the customer service provided by top regulated forex brokers often leaves much to be desired. In fact, it is not uncommon for traders to experience very poor customer service when dealing with these firms. This can include anything from long wait times on the phone, to representatives who are unhelpful and unyielding.
One of the main reasons for this poor customer service is that many regulated forex brokers view their customers as a hindrance rather than as a valuable resource. They see them as people who need to be dealt with in a certain way in order to meet regulatory requirements, rather than as individuals who deserve to be treated with respect and courtesy. As a result, traders can often feel like they are just another number rather than an individual.
- Some brokers offer poor educational resources: Let's face it: learning about forex is difficult. Forex trading itself isn't necessarily complex - it boils down to buying one currency and selling another at a higher price later. But there are so many intricacies involved in the market, such as economic reports and geopolitical news, that most people won't make money without prior training.
- That means there's a lot of demand for educational resources out there, and unfortunately, not all providers do their due diligence when setting up an online course or webinar. In fact, there are some forex brokerages that charge customers obscene amounts of money simply for access to poor quality material
Final Words
Forex is a market that can be difficult to navigate. That's why you need top regulated forex brokers who are committed to education, transparency, and client satisfaction.
You should always research the status of any broker before dealing with them, especially when it comes to online trading and forex brokerage firms. Make sure you know whether they are regulated or not because this is an important factor in determining how safe a firm will be for you as a trader. If you are unsure about which broker will be good, you can pick any of the top 10 trusted forex brokers we have mentioned earlier on this page.
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