Though it is advised to use regulated brokers, I don’t think there is any harm in giving unregulated brokers a try. They offer better features and let you trade the way you want to without putting any restrictions.
Been using only regulated brokers (currently fxview) ever since i started trading because they are not just safe but also offer good trading conditions. With offshore you run the risk of losing your funds which is really threatening for me at least.
The basic and the most visible function of foreign exchange market is the transfer of funds (foreign currency) from one country to another for the settlement of payments. It basically includes the conversion of one currency to another, wherein the role of FOREX is to transfer the purchasing power from one country to another. And traders make profit in the price gap created by simply and demand of a currency.
i;ve been with regulated brokers (not if the first class) they are kidna good. just switched my accounts to saxo and oanda. nothign beats them, they are more expensice based on comitions ans spread but dont care.
customers service, suppport, security, are top notch. + a ton of extra features that no one esle has.
I prefer trading with a regulated broker rather than an unregulated one because regulated brokers are much more reliable, and a government authority regulates it. Hence, traders feel that their invested capital safe.