Good broker in your opinion no matter if regulated or not

I wouldn’t say that all unregulated brokers are not to be trusted but for me I get a sense of security when I know my broker’s got the required licenses. A good case in point being Mitrade, not regulated but I can tell from what I hear that they are good. But like I said, only a licensed broker can rock my boat. Using Fxview, not been giving me much slippage issues, so I think it can be a good broker for news trading. I am into swing trading and have been able to make good returns. Try their demo account and see.

Most of the brokers offer the fundamental type of analysis, so its not that hard to find one. Its true that is a good idea to look for a regulated one, just to extra sure. I am trading with forex24 for some time now, and I haven`t had a problem.

But the point is are you making money with the regulated ones? It is certainly more easier with the offshore’s trading conditions. I agree with @cashisking86

JUST READ WHAT @CREWBEAR SAID AGAIN !

Do you want to risk everything, because you are an unsuccessful trader ?

There is risk in trading Forex. Just know how much risk you are willing to make. I know two offshore brokers that have been good for the past 10 years, but I don’t know about their platform in support of news trading. I use Forexchief to trade the news; its been around for 5 years running and services still good. So, Just as there are bad uptown brokers, not all offshore brokers can be trusted. Just read the reviews or follow a recommendation by a trusted fellow.

Perhaps you should do some research into Forexchief ?

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I don’t post here anymore but saw the comment.

To give some perspective, I’ve traded professional in a prop firm, I’ve worked as a broker for retail traders, such as yourselves. I’ve seen the good, the bad and the ugly.

There’s things going on in the back office that are designed to work against you, impossible to prove but have you ever experienced slippage or a spike with a wick just reaching your stop loss yet on no other brokers platforms you see it? If the brokers data feed says the price reached X even if no other platform reached that price then they are fully coverage. You have zero recourse. That’s one example of many.

Let me ask you this. Would you opened a bank account tomorrow in the Virgin Islands knowing there is no legal recourse if the bank goes bust or your funds go missing, get hacked etc. But the interest is better than the banks in Australia, USA, UK etc… would you do it?

If not why are you opening a brokerage account in the same environment with the same risks? There’s plenty of onshore western brokers that are decent, there’s still a few bucket shops too but the risk is less.

Good luck.

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A great point.

This is why it matters if a broker is regulated.

For example, in the U.S., if you’re suspicious about suffering slippage or a “stop hunt” for a particular executed transaction, you can request a transaction report. The retail forex broker, which is actually a retail foreign exchange dealer (RFED), must provide the customer, within 30 minutes of the customer’s request, with the following transaction data for the 15 forex transactions that occur immediately before and after in the same currency pair of the customer’s transaction.

Try asking this from an offshore broker operating with weak (or no) regulatory oversight.

Such a regulatory requirement acts as a deterrent from manipulating quotes that aren’t anywhere close to prevailing market rates.

With unregulated brokers, good luck trying to dispute trades that were executed on questionable quotes.

For any good broker, I don’t think that the attributed of being regulated and unregulated is not of much importance, it is about how quick they process withdrawals and deposits along with the spreads they offer and their reliability. These things are the major concerns for me.

Blockquote

You wouldn’t have any of these “major concerns” if the broker has tip toed away with your funds.
:running_man: :running_man: :running_man: :rofl:

I strongly agree with you, I have traded with some regulated brokers before but my experience in terms of withdrawal and customer service wasn’t good. Moreover, they charge more commission as compared to the regulated ones. I have opened an account with Hugos way and coinexx currently.

Trading is like a business and you gotta risk things while doing business in order to earn something good. Moreover, these days there are some brokers that approve withdrawals within 24 hours. Thus one can make quick withdrawals if they have too much safety concerns.You just gotta do it nicely, that’s all.

Oh I see. How much commission are you paying now?

I have no issues with offshore(unregulated brokers). They tend to have better customer service, better trading conditions, faster withdrawals and better leverage.
There is a thread about this already with a list of Babypips trusted Offshore Brokers: https://forums.babypips.com/t/going-offshore-to-escape-the-cftc

I myself use IC Markets and EagleFX

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I can see both sides if im honest but ive no problem with unregulated brokers. I use them a lot and have found them to be really good. Some have really good leverage and have great withdrawal facilities. I think most are putting too much importance on a broker having an office, if a regulated broker goes bust and you turn up at their door are they going to give you your money back, i doubt it. if theyre bust theyre bust. No one is getting anything back regulated or unregulated.The issue is how long have they been providing services, are there good reviews, are you happy with the service.
You should never leave money sitting in any trading account thats not being used fully. Withdraw constantly. I think both regulated and unregulated brokers have a place in forex. Especially as regulated brokers have really low leverage which opts the little guy out almost instantly. By the way i use IC Markets which are regulated and CedarFX which are not. Both im very happy with.

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These days reputation is everything even for offshore brokers. They can make far more money just by taking a slice and being legitimate in their business actions. I’ve been using offshore for years now and the higher leverage is definitely a plus.

From what I have researched and experienced myself there is a lot to be said about regulations, however, excuse my biased ass, but I am an advocate for unregulated brokers as I feel there are more advantages for the clients trading via an unregulated broker compared to regulated brokers.

My reasoning:

Becoming regulated, for the broker as a company is a very expensive thing to do, therefore they look at recuperating those funds back in, VIA their clients. SO, what they tend to do, is bump up the client costs through widening the spread, offering lower leverage, and bumping up the trade commission charge per trade that gets placed.

UNregualted brokers on the other hand, do not have this grand expense, therefore they make money via alternative ways, but allow the clients a little more freedom for example by offering a higher leverage- which I myself find to be more useful and beneficial to my style of trading, better spreads and lower trade commissions.

Also got to mention JP markets and Pepperstone shady cases. They are regulated right? And what that’s not stoping them to play against their clients.

In short i prefer to have good trading conditions and smooth trading at all than to rely only on regulations.

Honestly, being a regulated broker or not doesn’t makes much difference. As long as the reviews of a particular broker are good, the spreads, the commission charges are good, the broker is good to go

I am paying $2 per lot with my current broker which is not bad I think. Let me know if you use any broker that charges less than that.

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If it’s both side, then that’s the lowest one I’ve came across, in fact I am paying the same fees with fxview. Which broker you’re seeing $2/lot?