Have you ever tried trading with a non-regulated broker?

Beginner Questions
1

I’ve been seeing a lot of newbies ask about brokers lately. :sweat_smile: And of course, I think it’s best for them to really stick to the regulated brokers. :thinking: But for the other more experienced people here, have you ever tried trading with a non-regulated broker? :blush: How was it? :smiley:

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2

scared to try, probably won’t and only if small amount of money.

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5

Yes, I did it twice but my experience isn’t good with them. I faced slippage and requotes issues with them. They even make problems at the time of withdrawing money.

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6

Never try, and so far i dont have the intention to try.

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7

I dont think this is something i would love to venture into.

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8

Yes, sadly to say that I have an experience of using a non-regulated broker, which made my life just a bay leaf.

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9

that’s very wise!

you say that, but the brokerage you’ve been recommending here is one that’s registered in the Marshall Islands and Maldives, and has chosen to be regulated in Cyprus so it can claim to be “EU regulated”

it also has plenty of hair-raisingly horrible, frightening online reviews

in the long run, you might want a re-think, about it? just a suggestion

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10

If any newbie has half a brain, he or she would Google ‘regulated FX brokers’ in the country they live. And I did use my half a brain to now trade with IC Markets.

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11

Haven’t you ever become a victim to unregulated brokers? When I was new, I was a victim though.

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12

Unregulated brokers are scammers.
If you are lucky, others have much less chance of success.

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13

I never fell victim to a scam broker but I heard the sufferings of those who were entrapped by unregulated brokers.

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14

I don’t even dare to use a non-regulated broker because I saw the sufferings of many traders with their brokers through forexpeacearmy.

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Actually I never tried because there is always a risk trading with an unregulated broker.

16

Understandable! :blush: I was just wondering if it’s ever possible for a non-regulated broker to be as good as the ones that are regulated. :sweat_smile:

17

Oh no. :frowning: I hope you were still able to withdraw your money? :open_mouth: I guess your experience basically sums up the experience of trading with non-regulated brokers. :sweat_smile:

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18

That makes sense. :blush: In the end, better safe than sorry. :sweat_smile:

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19

There are also a lot of options even just here on the forums! :blush:

20

Oh no. :frowning: I hope you don’t mind but how was your experience? :open_mouth: What happened?

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My first experience was an unregulated broker :joy: I started with $500 and got out of dodge with $1.51 :joy: , That time was awful.

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22

Just FYI if a company is registered to the Maldives then it is owned and operated by Muslims most likely because the Maldives is a place where you are only allowed to become a citizen if you are Muslim. I’ve heard stories from sailors who sail around the world on their boats and they tell me I’ve heard this from multiple sailors that if you go to the Maldives and you get caught with a Christian cross tattooed on your body that you will be lucky if they only cut it off with a knife I did not make them say this they said this on their own. Just FYI I prayed with the wahhabis for a minute and they are some serious boys they will kill you in a flat New York minute I’m not kidding. Wahabis are known by all of the Muslim world to be the most extremist group in Islam just FYI.

Having said that I traded through lmfx and even though I lost all my money I put in there about $900 and I lost it all but you know what when I had a little bit of money left in there you know not much I tried to withdraw it and even though I’d already submitted my identification to them and all that nonsense when it came time for me to try to withdraw from these people oh my God they got difficult with me they wanted further verifications blah blah blah I finally said to heck with it and I just walked away from whatever I had on deposit there it was only a hundred or $200 and it wasn’t worth my time to fiddle fart around with it.

I got a call from coinexx just this morning and they when I asked them if they are a regulated company you know what their response is they tell me that they are a reputed broker with a good reputation… what a bunch of nonsense.