Initially when I started trading, the broker I joined in the beginning (don’t wanna name them here now) seemed good to me, showcasing suitable conditions and they were regulated of course but i did not like their services at all, queries went unresolved no support answerable and latency was major issues and it was difficult to regain the trust over brokers again. But fortunately, my perception changed after I came across fxview. The broker's support is what impressed me. As i was very cautious and questionable at every step, they were able to handle my queries well. I'd say all in all, most of us come across such brokers and then loose our trust, but we should be aware, its not the same with every broker.
Now there are so many brokerage companies and offers from them that you can easily go crazy. But in practice, half of the offered services do not attract attention at all. I am not very happy with it, because it focuses attention on some unnecessary things.
For me even if the broker is well regulated, their smooth deposit and withdrawal policies are the areas that I look for. As there are many brokers in the market that claim to be well regulated but lack in basic services like these.
Sense of security and peace of mind you get with a regulated broker is something that I give the highest weightage while opting for a broker. Until you get the confidence that your money is safe, even after losing some trades, you can't keep the momentum going in this field of trading.
Some peace of mind does come with the knowledge of regulation. But that’s just half the story there. I don’t know how difficult or easy it is to obtain the required licenses because some of the brokers I have used in the past have made me only regret. And as a personal rule that I strictly follow, I only use regulated brokers. Presently I’m using cmc markets and fxview, thought of trying one really old one and 1 fairly new. Let’s see how these ones go. Uptil now the withdrawals are timely, but I don’t want to speak too soon.
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!
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.
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.
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.