So many dodgy players in the market, we have to be very careful whom we trust our money to.

Certainly. It's important to always check with a regulator whether the broker we want to work with is legitimate and trustworthy.

Yup, totally agree. Better precaution now, than disappointment later.

Bulgarian court ordered access to 40 investment sites to be blocked after the Financial Supervision Commission (FSC) alerted that they offer investment services in the country without being authorized.

These websites offer trading in forex, CFDs or binary options. Binary options are currently banned in all EU and the EEA, while forex and CFD providers in Bulgaria have to be licensed by the FSC or similar authority in another EU Member State. According to the Bulgarian Financial Watchdog, however, most of these websites are owned and operated by foreign companies, registered in offshore zones.

A complete list of the blacklisted companies.

The German Federal Financial Supervisory Authority (BaFin) has ordered XtraderFX operated by GPay Ltd. to immediately cease offering investment services and advice to German investors.

BaFin said that the above-mentioned company cold-calls German investors from German and UK phone numbers, offering them trading in CFDs on cryptocurrencies, currencies, commodities, indices and equities via its brokerage brand XTraderFx.

The Cyprus Securities and Exchange Commission (the “CySEC”) has announced that it has reached a settlement with ColmexPro of EUR 50,000. According to the regulator, the forex brokerage has been providing financial services in the country without meeting all the legal requirements, and more specifically, those relating to outsourcing critical operational functions or investment services/activities.

The settlement was reached after the Cypriot financial watchdog assessed the Company’s compliance with applicable regulations. ColmexPro has to pay the sum mentioned above for possible violations of the Investment Services and Activities and Regulated Markets Law of 2007 (L. 144(Ι)/2007) and of the Directives issued thereof.

I agree. It really matters what jurisdiction the regulator is from.

Kingsley wrote: Fri Aug 14, 2020 8:31 pm is it important to only used a regulated broker, there are other broker that are not regulated but still seem to have won the trust of many traders?

so long as nothing goes wrong, but when it does ...

Pay your money and take your chances. A broker under a strong regulator must comply with the regs and that costs so they will not be the cheapest but your money will be safer.

Brokers do go bust and money does go missing. I remember about 6 years ago when Chinese traders chartered a plane to fly them to Cyprus to protest outside the Cysec office after the collapse of IronFX, didn't do them any good but at least they felt better having done something

Kingsley wrote: Fri Aug 14, 2020 8:31 pm is it important to only used a regulated broker, there are other broker that are not regulated but still seem to have won the trust of many traders?

It's ideal................ regulated is safer but not requirement............... look at pepperstone they regulated by asic but still getting hacked and client details leaked so doesn't matter

moey_dw wrote: Fri Aug 14, 2020 10:15 pm
It's ideal................ regulated is safer but not requirement............... look at pepperstone they regulated by asic but still getting hacked and client details leaked so doesn't matter

Regulated broker is indeed safer but we should not solely depend on one broker. The much safer option we can do is to diversify the funds into accounts. I'm still using Pepperstone, and others including IC Markets, fxpro and now trying out fxview. We can't afford to trust on single broker.