' What is the risk that an unregulated broker bring to me? I have calculated the probability, it is less than 1/10000. What? on what basis? even regulated brokers ( FX OTC) playa games just google FXCM USA if that is the case then why would you even consider unregulated ! A proper UK regulated broker gives best possible protection to client money US/ASIC . NZ all don;t protect OTC Fx clients ( even though barrier to entry is higher don;t even think about those based in other tinpot countries where you can get a financial services licences under $15000!
There are many Forex brokers to choose from, you should do some research before choosing a broker. Read reviews on different reviews sites and choose a broker with good reputation in the market to avoid scam.
Yes, that’s true. If you had a bad experience with one broker, it means it is time that you should start looking for another. This is how it is. No single broker is good enough for every trader because of their unique trading requirements. So, it is better that you keep looking for options until you come to a decision. I have traded with TurnkeyForex, XM Group and Swiss quote so far. They turned out to be really well with their trading platforms, low spreads, low commissions, regulations, and easy & quick funding methods. I hope you too find a broker that fits your requirements well.
Regulated brokers offer a lot of assurance to the investors. The funds are more safe as the brokers are supervised and under the gaze of regulatory bodies. This ensures that there is no insider trading happening. I personally always prefer to deal with regulated brokers such as Fxview, XTB, IC Markets.
More than regulations, you got to look at some other factors when you choose a forex broker. First and foremost, see the commissions and other transaction fees that they charge. Should not be ridiculously high like $10 or something. Secondly, look at the spreads and leverage that they offer. Thirdly, the kinds of assets they offer to trade. I trade with Coinexx and Oanda, and they both offer spreads from 0.0 pips. The leverage offered by Coinexx can go up to 500X, which is great.
Although I agree with you in the field of OTC products like FX ( non exchange traded) there is always a ? about Conflict of interest depending upon the business model of the so called "broker" Look at frauds like FXCM US/ Refco Better perhaps to stick with FX futures and that too with UK regulated broker
I'm fairly new to FX, have been doing demo for the last few months. Looking to go live with an reliable broker with regulation and with 10 or more years in forex business.Brokers with tighter spreads and leverage of 1:500 would be good, any suggestion on such brokers ?
No regulation allow 1:500 leverage. If you want 1:500 leverage and tight spread, no broker better than this one, which is unregulated: https://coinexx.com/?franchiseLead=MzkxNjg5 But if you only want regulated FX brokers, than forget tight spread and high leverage.
I would use Globalprime, and then Pepperstone and ICMarkets (in this order) but please note that only Globalprime is a true A book broker and will provide trade receipts. I'm guessing you don't have large pool of funds and this is the reason for wanting high leverage? Max leverage of these 3 brokers is: GP=200:1 and IC+Pep=500:1 Less leverage is generally safer. If you open an account using the link found on the HFT website you will get a discount on commissions https://www.hftgroupfx.com/
What do you mean by trade receipts? How do you verify that they are genuine. Fake LP report can be generated easily since there are no proper and known verification procedures.