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operating an unregulated offshore brokerage is gangster paradise.

OFFSHORE BROKERAGES 101: https://files.catbox.moe/ezxok7.mp3

take a look at this one address in kingtown, they are running so many scam brokers..

https://www.google.com/search?q=griffit ... ate+centre

the bottom line with these scam brokers is that if their traders are overall losing THEN THE BROKER POCKETS YOUR LOSSES... but if the broker's traders overall make profit, then the brokerage closes their doors and keeps all of your deposits.

this is a criminal's dream.

this is a textbook example of what bernie madoff pulled off, but nobody goes to jail... because nobody really knows who is running these offshore brokerages and they are free to simply abscond with all of your deposits anytime they want to AND YOU WILL HAVE ABSOLUTELY NO RECOURSE.

another issue that makes me wonder is these FTMO types of companies where they charge a fee to play a demo account and that if you are able to follow their IMPOSSIBLE trading rules that make trading even more difficult than it already is, DO THEY ACTUALLY PRODUCE ANY LIVE TRADERS OR ARE THEY REALLY JUST ABOUT COLLECTING FEES AND THEN KICKING YOU TO THE CURB?

whenever i see someone online and he or she says that they passed the ftmo challenge, i ask them if there is even one shred of evidence that they can show to me that proves that they are for real a live trader with ftmo, and do you know what they always respond to me?

they say "I DONT HAVE TO PROVE ANYTHING TO YOU"..

yup, it is entirely a scam that collects fees and there are no live traders.

their flashy testimonials on youtube are so very unrealistic.

i just want to suggest that these testimonials are so fake.

https://www.youtube.com/results?search_query=ftmo



the above video just makes me cringe... check this out... a guy who just made $90k trading thru ftmo still finds time to work as a personal trainer? omg. it cant get any deeper than that... this is such cringe nonsense.. a nobody that nobody in the trading community knows just shows up and makes a testimonial video about how he just made 90k thru ftmo? stop it already, i insist.

Offshore destinations are famous for its light touch regulation, if any. They are attractive locations to forex and binary options brokers, as it is relatively easy and cost-effective for startups to register and run a brokerage business. Besides, offshore zones are generally known for their lax regulation and non-existent corporate taxes.

One of the most popular offshore jurisdictions are Belize, Mauritius, Saint Vincent and the Grenadines, Marshall Islands, British Virgin Islands, Cayman Islands, the Seychelles, Dominica and Vanuatu.

Personally, I stay far away from such companies.

Not all are scams though in my opinion and as many offer good trading conditions and low barrier to entry they are a decent enough option for many. Like regulated brokers though they are not all created equal. The original poster is literally doing the rounds on some weird crusade at the moment and been banned everywhere he goes.

Some may be legitimate, but I don't really want to risk anything, so I avoid them all anyway.

I can't say I completely agree. Whilst I agree there is additional risk involved, there are also benefits to be gained.
Many countries regulators are clamping down on things like leverage, apparently tp protect client funds (yeah right). For example, in Australia we used to have no restrictions on the amount of leverage we can use. I had an account with IC Markets and used the 1:500 option on forex. Since March last year, the maximum now allowed is 1:30, which I find to be ridiculous. I am a day trader and with leverage capped at 1:30, my strategy is not really worth my time. They are effectively pushing people into choosing off-shore alternatives in order to access good trader conditions.
Same in the USA, but they have had these restrictions even longer, there you can't even hedge your position (this is also of course for your own safety as they don't was you to loose your money... yeah right... sure).
So personally I use an off-shore alternative and make regular withdrawals.
Further, the majority of people who use crypto are also using 'unregulated' and decentralized services. A market worth billions. Whilst the crypto market is also rife with scams, it also has many genuine services.
I've used one of the off-shore brokers for almost 2 years and haven't had a problem.
My 2 cents - judge each company on an individual basis and don't get to hung up on the regulation side of it.
Regulation isn't for everyone and doesn't benefit everyone. In fact, if mainly protects the broker and their capital!

I get being apprehensive about signing up with an offshore broker considering that there are risks to it, but I wound up opening an offshore account and have never had any issues with withdrawal or anything out of the ordinary. I think there is a great market for scammers there but do think there are some legitimate companies as well, one just needs to be very cautious and to do thorough research before selecting any offshore brokers. If there are no user reviews online, I'd stay away from any particular company. There are also some other benefits like higher leverage and being more accepting of US clients, which is another reason I think offshore brokers aren't all bad.

I don't fully agree with this. I totally get that there are many scams out there and the FTMO type companies are certainly out there to make money for themselves. However, I have been using an offshore broker for a while now, I won't name them as not sure I am allowed to. I have found them to be really consistent, the spread is low and they offer leverage up to 1:500 which makes a big difference. Never had an issue with deposits or withdrawals. I think it's very easy to put all offshore brokers under one umbrella and call them a scam but that really is not the case.

The problem isn't really, I think, whether an individual offshore broker is reliable or not. Personally, I have no doubt that some offshore brokers are completely honest and ethical. The problem is the prevalence of scammers among offshore brokers, that heighten the risk, especially among newbies who don't yet know what red flags to look for, to end up with a scammer. One removes the danger almost entirely if they use only properly licensed companies. To me, at least, Forex is risky enough to add to it by gambling with how reliable a broker is.

mlawson71 wrote: Wed Jan 26, 2022 2:44 am The problem isn't really, I think, whether an individual offshore broker is reliable or not. Personally, I have no doubt that some offshore brokers are completely honest and ethical. The problem is the prevalence of scammers among offshore brokers, that heighten the risk, especially among newbies who don't yet know what red flags to look for, to end up with a scammer. One removes the danger almost entirely if they use only properly licensed companies. To me, at least, Forex is risky enough to add to it by gambling with how reliable a broker is.

Good point, but what do you do when your countries regulators restrict your leverage to 1:30 (assuming you had been using 1:500 for a few years before)?