Location of your forex provider

Beginner Questions
1

Hi Guys,

Is it better to choose a forex provider in the same country you are in ? Or it doesn’t matter where ?

Thank you

2

Opinions are going to differ, I think.

For myself, I want my broker to be in the same country as me.

You find out how good and reliable your broker is when something goes wrong. I want it to be correctable. I want the best regulation I can get, [U]and[/U] the most customer-friendly laws and protections, somewhere where I have easy access to a lawyer if ever I need one. I want my funds to be in a jurisdiction where I have relatively easy access to “remedies”, in general, (legal/administrative/governmental/publicity-related) if I ever need them.

I see a lot of people using offshore brokers that I’d be [I]extremely[/I] uneasy using, myself.

(I’m biased by living in the UK, perhaps, and therefore being relatively well-placed to start with.)

3

Thank you for the reply Lexys :slight_smile:

4

In my opinion, if you live in the jurisdiction of a reputable regulator, it’s a good idea to work with local brokers. If you don’t live in the jurisdiction of such a regulator things get a little more difficult. Your choice is either the local brokers, which may or may not be well-regulated, or the local branches of brokers regulated by said reputable regulators which would be in a different country. There is no one answer fitting all here, one can only judge on a case by case basis.

5

Yeah I agree with mlawson71. Regulation is way more important than physical location of the broker.

6

It depends on the country, I use the one with US servers and the performance is nice. the servers were in Germany at first and I thought that it’s an ideal option for me, cause I lived in Berlin. but the performance became better when they moved to the US.
Still, I don’t know how it works for Asian countries or Australia

7

I agree with the previous posts that it really depends on the country and what are you looking for. Regulation, deposit, withdrawal methods and executions are factors that must not be ignored. If you have a reputable broker that offers good conditions in the same country, then you don’t need to make wide research. But if there are no such brokers nearby, then try to look for a broker that is at least in the same continent as yours as otherwise it will be much more difficult to operate because there are way too many complicated requirements for different continents.