Tweet
1: Don't listen to the affiliate marketers on here looking to bring in volume on behalf of their links. This will often be a conflict of interest, as they will get paid if you sign up through their link.
2: Regulation is key, but good regulation is more important. Look for brokers regulated by the FCA, FINRA, or Swiss regulations; their compliance is higher than others; don't go for Caribbean or offshore nation regulators. If you have any doubts, send me links.
3: Don't listen to social media advertising; as one person says here, a high social media presence is often a sign of a heavily marketed but unregulated white-label broker.
4: Look At the bottom of their website; this will indicate who regulates the brokerage. Once you have checked this, they will have a number, and you can double-check whether this is correct on the relevant regulator's website. You can check which brokerages have been fined on some regulators' websites and how much.
5: Forex brokerage comparison websites can only partially be trusted, as many brokers employ people to rate their brokerage falsely.
Overall, just be very careful. Regulation can be a gray area, and by far, the most important thing in Forex trading is that you find a safe, highly regulated broker; otherwise, you can be handing your money to offshore boiler rooms, and you definitely will not see it again.
2: Regulation is key, but good regulation is more important. Look for brokers regulated by the FCA, FINRA, or Swiss regulations; their compliance is higher than others; don't go for Caribbean or offshore nation regulators. If you have any doubts, send me links.
3: Don't listen to social media advertising; as one person says here, a high social media presence is often a sign of a heavily marketed but unregulated white-label broker.
4: Look At the bottom of their website; this will indicate who regulates the brokerage. Once you have checked this, they will have a number, and you can double-check whether this is correct on the relevant regulator's website. You can check which brokerages have been fined on some regulators' websites and how much.
5: Forex brokerage comparison websites can only partially be trusted, as many brokers employ people to rate their brokerage falsely.
Overall, just be very careful. Regulation can be a gray area, and by far, the most important thing in Forex trading is that you find a safe, highly regulated broker; otherwise, you can be handing your money to offshore boiler rooms, and you definitely will not see it again.
Comment