To use chat, please login.
Back to contacts

Broker choice

mr_cenk (mr_cenk)
Feb 10 2017 at 14:55
44 posts
Yes, I believe the reduction of the leverage will keep both the DMA brokers and traders safe from huge losses. CySEC seems to be one of the most strict regulators these days in Europe with FCA and BaFin alongside.

mlawson71
Apr 07 2017 at 11:45
1487 posts
CySEC has been trying very hard in the past year or so to fix its reputation after the fiasco with IronFX. (https://www.forexnewslab.com/tag/cysec/ )
They’ve implemented more regulation following ESMA’s mandate, they’ve started actually looking into brokers’ finances, etc. I don’t know whether it’s all peachy now, but it seems to be better than before.

kerstin71 (kerstin71)
Apr 11 2017 at 20:09
40 posts
I really don’t trust much CySEC anymore. I shifted under FCA . There are plenty of Brokers who cover wider list of country under FCA like Tickmill, Axi trader (However, they required a lot of paperwork).

CySEC seems lost its control over retail broker. They become less active during fraud from big companies as you mentioned IronFX. IronFX is even a registered company in Cyprus. Their lawyers can keep waiting the rule from court as long as they need and ultimate victim is the traders.

Helping new traders
Lewis44
May 02 2017 at 09:09
5 posts
I avoid CySEC . They were always much weaker than FCA. It is worth the extra paper work for the security

ParryOrange
May 03 2017 at 14:57
8 posts
UK and OZ are the best in my opinion

mlawson71
May 08 2017 at 13:11
1487 posts
Unfortunately, it turns out that you’re right and I was wrong. The French ombudsman recently revealed that the majority of the complaints (83%) filed at the French regulator AMF have been against were against brokers regulated by the Cyprus Securities and Exchange Commission (CySEC) who are using the passporting rules under MiFID to operate throughout the EU. Most complaints included allegations of psychological manipulation, phone harassment and siphoning of the account funds. (https://smnweekly.com/2017/04/26/amf-ombudsman-83-of-complaints-in-2016-were-against-cysec-regulated-forex-brokers/) I am very disappointed. I genuinely thought that CySEC were cleaning up their act and were establishing a better control over their brokers.

This is all very concerning, because once Brexit happens and the FCA regulated brokers end up outside the EU (depending on whatever deals the British government makes with the EU) CySEC will remain the largest regulator within the EU, as far as I know.

haha21
May 11 2017 at 06:48
1 posts
Hello,

i am a beginner and would like to know, where the difference between certain broker ( XM, captrader, etc.) is.
I would really appreciate your help.


Imamul
Aug 15 2017 at 06:32
576 posts
We the traders should choose the broker which is more appropriate to the concept of trading that will be used , if you love doing scalping should choose the broker which doesn’t restrict scalping and permits scalping including lowest trading spreads.

togr (togr)
Aug 15 2017 at 13:49
4862 posts
mr_cenk posted:
Yes, I believe the reduction of the leverage will keep both the DMA brokers and traders safe from huge losses. CySEC seems to be one of the most strict regulators these days in Europe with FCA and BaFin alongside.


It will also decrease the profit. To get the same profit traders will have to trade more often and risk more

ZacThePac
Aug 16 2017 at 06:28
11 posts
Are CySEC really that strict? Loads of dodgy looking brokers are CySEC regulated

Topic is locked