Re: Brokers regulation ...

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Why is it important for beginner traders to trade with a regulated broker, and which regulated broker is suitable for both experienced and newbie traders?


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It's important for all traders to stick to regulated brokers, because the unregulated ones often turn out to be shady at best, outright scammers at worst. Traders lose millions and millions every year to such scams. In the end of the day, no matter how good and favourable the trading conditions of an unregulated broker appear to be, it's just not worth the risk.

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I am looking for an ASIC or FCA regulated broker with lower commission costs and suitable for mainly trading EURUSD currency pairs. Any recommendations?


Re: Brokers regulation ...

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mlawson71 wrote: Tue Mar 29, 2022 2:03 am It's important for all traders to stick to regulated brokers, because the unregulated ones often turn out to be shady at best, outright scammers at worst. Traders lose millions and millions every year to such scams. In the end of the day, no matter how good and favourable the trading conditions of an unregulated broker appear to be, it's just not worth the risk.
Whilst I agree that some unregulated brokers can be shady bucket shops, it's certainly not the case for all. I have tried a few over the past couple of years and have had good results. I have also seen a few horror stories, but the same can be said for regulated ones too - whilst they offer a little more comeback, they are far from fool proof.
In some countries (eg. Australia) we can also not longer get leverage above 1:30 onshore due to the regulations. I honestly believe the regs are there to protect the broker and do little for the mere peasants. Reputation and consistency go much further in my eyes.

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I think the problem is more that it's hard to tell which unregulated broker is genuine and which is a bucketshop. Newbies have an even harder time differentiating it between the two, so it's safer to avoid them altogether. Of course, to each their own.

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ChuChu Rocket wrote: Tue Mar 29, 2022 9:21 pm Pepperstone or FBS. Especially for Australian trading.
ICM have the same regulation if looking down that route. I think there are some good unregulated ones out there for sure but sadly a lot of bucketshops too.


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