Dec 02 2020 at 07:55
Checking the background of the broker is very important, like their partners and all. The ones you’ve mentioned (cmc markets, fxview) seem alright to me. Both are FCA regulated.
Dec 02 2020 at 11:11
Tell me about it! Now when I think of it I feel so silly but at that time when I received those rosy emails with testimonials of 100s of happy clients I was only seeing green. Quite stupidly deposited 2k in an anonymous trading account and deposited 500 more to apparently withdraw my “guaranteed” profit of 10. To top it all the recovery agents turned out to be utterly useless!
Dec 02 2020 at 12:42
Doesn't the ‘regulator’ mean that the broker is paying some contribution for the membership of a regulator. I don't think regulation gives any extra security to the trader.
Dec 03 2020 at 04:13
New to trading, can anyone explain to me how the forex broker regulations work in Europe. How are Cysec regulated brokers?
Dec 03 2020 at 10:44
The forex regulation in europe comes under the guidelines of MiFID, hence all the EU members follow the same set of rules and regulations. I have been using Fxview for the last few years, BTW its Cysec regulated and my experience with them has been smooth till now. I have tried other brokers also, regulated in different EU countries and with none of them I found any issue. In short, if you are looking for a new broker always go for a regulated one.
Dec 04 2020 at 11:13
I am such a paranoid freak that I can’t even imagine using a broker that is not regulated. My fiancee is still surprised that I have started trading :) he cannot believe that I can get into something which has even an inch of risk, so the fact that I am trading is a bit of a shocker for him, even now after 4 years! I always advise others to only use regulated brokers, why give anybody a chance to scam us.
Dec 04 2020 at 13:20
Thank you for this thread. I am so glad that I gave in to my friend’s pushes and opened a forex trading account. It has been precisely 5 months of trading in total for me, including 20 days of demo, and I have made more money than I did in a year of doing stupid jobs. I was spending more to keep myself entertained earlier than I was saving. And now all the money I earn while trading currencies on Fxview just go into savings. I know about the risks involved but if you are careful with your trades and have a well defined plan, there's only going to be gain.
Dec 04 2020 at 14:25
Experience is the main key to success in this risky market.
Dec 04 2020 at 17:41
I haven't had any bad experiences with regulated brokers. I'm sure not all of them are perfect, but they are definitely a safer choice than unregulated ones.
