Not if you know how to be a profitable trader. Profitable traders know how to use margin responsibly and safely.
Something else is going on here guys. I contacted OP since i also had some bad experiences a few years ago. Turns out the broker isn't refusing to pay him his money, after some contact they told him to withdraw his deposit, which he did yesterday. Now because of 1 word he is assuming his broker isn't going to pay him his profits. Maybe he misunderstood them or the support used the wrong word. A lot of panic for nothing. Wondering if the broker actually told him they where closing his account because he was profitable or if something completely different is going on here.
Ahhhh so he's not just after a broker that gives you a 20% bonus for sending them cash, but might have a Forex Broker not paying up, this is my fear, also a Spot trader. I'm sure it happens, small profits be fine, make a few Mil and errrr maybe worth the bad press to keep it.
But they all look to be, ICMarkets looked Legit 2years ago but haven't re researched them, put only 3K in and only taken 2K out so far, with 4K in profit I may never get out. They moved me off shore and Auss reg's changed for none Auss clients which is also a concern. They do that weird, can reverse your debit card payments then after that it's got to be a Bac's, FXCM did that, only put $300 in, was taking 3K out, they capped it at $300 PANIC, then seperate wire for the rest and all was good!!!
I am also wondering how he got 200:1 leverage by his broker that is based in the UK. The brokers that i know about that accept US residents offer 50:1 leverage as they should. Maybe that is the reason why his account is getting closed.
There was 3 Auss broker options, 2 put extra in your account but sounded shady, years back. Pepperstone sounded okay. Fxpro ahady Plus 500 shady. See more has popped up since.