This is a question that bothers me. All regulated brokers are given licenses from each regulatory bodies. Is this a voluntary action by the forex brokers or did the government force regulation on them? If it is a voluntary action by Brokers, does the regulatory bodies have the power to shut down a broker for illegal activities? Your kind answers will be appreciated.
I'll appreciate it if you can give me examples of these fraudulent brokers that has been shut down and what was the basis for shutting them down. Forex Trading Basics