True Facts! This is the shady truth of forex trading. I advise every trader to be vigilant in choosing the broker. Test the trading conditions and their withdrawal process along with other factors like spreads and commission before making a decision.
Another uncomfortable truth is that apart from the amount of scammers out there, there are quite a few supposedly licensed brokers that have shady business practices, especially the brokers licensed in an offshore zone somewhere. Offshore destinations are famous for its light touch regulation, if any. (https://www.forexbrokerz.com/news/risks-trading-offshore-forex-broker) And if you lose your money to a scam, go figure how you’re going to contact the regulator effectively and pressure them to do something about it. Clients of offshore brokers basically have no protection in case something goes wrong - none of these companies is obliged to arrange a compensation scheme in the event of insolvency.
HIGH RISK WARNING: Foreign exchange trading carries a high level of risk that may not be suitable for all investors.
Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance.
You could lose some or all of your initial investment. Do not invest money that you cannot afford to lose. Educate yourself on the risks associated with foreign exchange trading, and seek advice from an independent financial or tax advisor if you have any questions.
Any data and information is provided 'as is' solely for informational purposes, and is not intended for trading purposes or advice.
Past performance is not indicative of future results.