Has anyone got any experience with Forextime as a broker? I’m specifically interested in UK traders but any help would be good. They are out of Cyprus but with a UK office (with phone communications!) and are FCA regulated. I’ve currently got a demo account running with them on MT5 which is the main reason I’m thinking of using them, I need MT5 timeframes for my strategy (6h, 8h, 12h).
If anyone uses them how is the usual stuff (verification, deposits/withdrawls, support etc)?
Cheers.
https://register.fca.org.uk/ShPo_FirmDetailsPage?id=001b000000NMcPrAAL
While their UK office is authorised by the FCA, this is not the same as being regulated by them. If the company fails and/or you wish to make a claim for losses, this will be via CYsec and not the FCA, so you do not have the same degree of protection that you would have with a UK regulated firm
Thanks eddieb, I checked the FCA register earlier but I didn’t realise authorisation and regulation were different tbh. I don’t know anything about CYsec, would that be a non-starter in your opinion?
In my honest opinion, CYsec is possibly the weakest regulatory authority in Europe. Avoid at all costs. There are plenty Of UK regulated brokers
Thanks for the info. Any UK traders got a recommendation for a solid broker offering MT5?