They can’t (openly) be in the UK or US without being properly regulated there.
They CAN be in the European Union, though.
Even right here in Babypips, among the brokers very actively and heavily promoted, there are two horribly, disgracefully bad, scam firms in Bulgaria (actually it’s one company really, with one owner and address and phone number, but they deny that and pretend to be two different brokers - among the countless things they blatantly and persistently lie to customers about!) who are not EU-regulated.
There are some other appalling ones, as well, being promoted either by themselves or by affiliates, on a pay-per-post basis (just the affiliates, I mean, I’m not suggesting the forum’s paid that way!!). Some unregulated. Some say they’re regulated but aren’t. Some have “pretend regulators” like the Mauritius one (a subscription-service one). And so on.
I’m not accusing the forum of doing anything wrong.
Remember that this forum (like others) is someone’s business. You and I don’t pay to join, post and participate here. Other people are effectively subsidising things and enabling the Babypips site to keep going and make some money for its owner. I’m not suggesting there’s anything wrong with that at all.
You can’t expect the forum’s owner to go through a whole “due diligence” process about every business that wants to be represented here, can you? But don’t believe everything you read here. either!
Always do your own research, educate yourself and verify things independently.
There are some good and nice people and businesses here, as well! 