Use this before you open a position and you’ll be fine:
https://www.babypips.com/tools/position-size-calculator
Zero account is a good choice.
No problems with TPs or SLs yet.
No indeed. I’m sorry to hear it.
Just to be clear, it’s not (just) because of fear that your money won’t be safe there. It’s because of what the fact that it’s regulated in Belize tells you about how the broker does business and can treat its clients.
I’m not suggesting that the broker will disappear with your money and you’ll never get it back. That isn’t the main point at all.
I’m suggesting that in practice it will be much harder to make profits with that account than it would be with (for example) an account at Oanda.
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Yes, I do plan to use that.
Do you mind sharing who your regulator is on XM?
I wish I could make an account on Oanda but they don’t accept my country.
I’m suggesting that in practice it will be much harder to make profits with that account than it would be with (for example) an account at Oanda.
Can you explain this? Do you mean they will manipulate stuff just so I have fewer winning trades?
You’ll understand that I’m not making a specific accusation about a broker I’ve never used, but in general, the reason that counterparty market-makers choose to be regulated in countries like that is to be able to get away with things they can’t get away with when dealing with properly regulated customer accounts.
Don’t imagine that they just happen to be Belize-registered for some of their accounts because they’re based in Belize. They’ve made a choice about that, and the reasons they’ve made that choice are not reasons designed to protect their customers.
Where do you live, Jas?
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You’re making sense. I thought that regulatory bodies choose not to regulate accounts of people from certain countries. To make this clearer for me to understand: if you are from UK and we both open an account on XM (or any ABC broker). Your account will be regulated by FCA UK and mine will be regulated by Belize’s regulatory. So you’re saying the broker will have to be fairer with you than they have to be with me. Is that right?
I am from Pakistan. I haven’t found any broker so far that will put my account under any respectable regulatory body.
I think that’s right.
That doesn’t mean they necessarily will be, of course, but it raises the question?
I’m surprised and disappointed. I half thought you were going to say you were from some terribly obscure country I’d barely heard of!
But maybe you’re completely right and it really is that difficult. 
I’ll make a phone call or two to contacts in the trade and see if I can come up with any better suggestions for you, but it will probably be 2-3 days before I get back to you again.
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Something both surprising and kind of weird just happened. When you try to create an account on FXCM using my country, it directs you to FXCM Markets. I contacted FXCM.com live chat support. I asked them who will regulate my account considering my country. First he replied that my account will be registered under FXCM Markets which is unregulated. Then he sent me a link and asked me to sign up using that and I will be registered on FXCM UK which is regulated by FCA UK. And I was able to create an account. And looks like its regulated under FXCM UK.
What is your opinion on FXCM.com?
Sure I’ll ask them and let you know.
Found this article on firms regulated in UK but offering services outside the UK and EEA
“if a firm … is operating outside the EEA, the FCA has no jurisdiction or regulatory authority over the firm. With regards to this it is important to recognise that the Isle of Man and Channel Islands are not EEA member states.”
I read this as meaning you would have no protection.
I just asked them. I’m regulated by Belize (IFSC) as well because I’m trading from Thailand.
Like I said, if I smell anything fishy, I’ll move on. 
However, so far, I’m happy… you can see the reasons above in my earlier post.
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In my own opinion, that’s the absolute top of the list of “brokers” to avoid.
Their worldwide regulatory history is absolutely unmatched in terms of how bad it is.
All the multiple regulatory fines (multi-millions) imposed on them, for many years, by regulators in a large number of countries, have arisen over issues directly related to how their treat (and deceive) their customers.
Seriously, anywhere is better than FXCM. You just can’t get worse than them.
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I saw Babypips having this Partner Broker thingie on the right hand side… And below that BOOM… FXCM. 
Wow, so even if I sign up with FCA UK regulated broker, I still have no protection as long as I am residing outside of UK? This sucks.
I see. I did read an article about them being fined $7 million by CFTC for defrauding clients and then they exited US.
What’s your opinion about Forex.com? Except Oanda, they’re the only other broker I found who is regulated in US. Oanda doesn’t accept my country so that’s not an option for me.
I asked Forex.com’s support and they said that I can open an account under their US site (regulated by CFTC) or UK site (regulated by FCA). Its up to me. This seems like a good thing. But not sure if I will be protected considering I don’t live in either of these countries (referencing to eddieb’s post above).
Hi jas, you may not have the same level of protection as a UK resident (I.e. fund protection, recourse thru UK courts) but I would expect that the company still operates ethically and with the same general principles as news of bad practices would impact negatively on their UK businesses.
Is Thailand covered by the Asian/Pacific divisions of any of these brokers?
Does that mean that your account will be regulated by CFTC/FCA?
For myself, I’d certainly choose forex.com over FXCM (whom you also mentioned) with no hesitation at all.
I agree completely.
They said, yes. But a chat with a live support agent probably doesn’t hold up in court, anyway. I don’t know if there is any fool-proof way of checking if my account is regulated by those regulatory bodies besides trusting their word. I think it might be safer for me to create the account on the US site rather than on the UK site. The only downside is that I won’t be able to trade stock CFDs and cryptos if I’m on the US site.
Did you not get the live chat confirmed by email?
wasn’t there some recent news about Oanda?