This is exactly right and is the best advice you can possibly be given, here.
This would be a very big mistake. A broker offering 1:200 leverage cannot, by definition, be properly regulated, because proper regulators with the power and ability to help customers are not allowed, by law, to regulate fake “brokers” offering such leverage. Such “brokers” are either unregulated or regulated only by fake regulators (of which there are very many). It’s explained here (and in many hundreds of other posts made on the subject by experienced traders):-
This would also be a very big mistake. You need a minimum of $250 to trade 1 microlot safely. It’s further explained here:-