Stick with a US regulated broker… That leaves you to the following:
Forex.com- Oanda
- IG US
- TD Ameritrade
- Interactive Brokers
The top three actively market towards forex traders. The bottom two not so much.
As a new trader, you want as much protection as possible from external factors outside of your control. It’s not bullet proof, but going with a regulated broker is a step in the right direction.
Hugosway has a business registration in the Seychelles. I’m guessing that means they’re regulated in that same country by the Financial Services Authority (FSA), but I can’t confirm that from their website. Wouldn’t they want to say so if that were the case? Well, they don’t.
Also, read what the US State Department has to say about Seychelles and the Financial Services Authority, the financial regulatory organization of Seychelles. It’s a post from 2015, but it’s still active on their website:
https://www.state.gov/j/inl/rls/nrcrpt/2015/supplemental/239297.htm
Some key quotes to highlight.
- Seychelles is not a major financial center.
- Corruption is also a problem.
- Seychelles actively markets itself as an offshore financial and business center that allows the registration of nonresident business companies.
Those statements don’t necessarily apply directly to Hugo, but why worry about any of that. Stick with a regulated broker.
