Discussion in 'Forex Brokers' started by cashclay, Jul 8, 2016.
Better to try OptionTrade them, they are under CySEC regulated Hotforex, more trustful I guess.
Then you guess wrong - again.
There are reasons that a certain class of "brokerage" chooses to be regulated in Cyprus - and to put it mildly, they're not reasons that are designed for the protection or convenience of their customers!
ha ha ha! you guys are quite having arguments here I guess. But it's a good one though because I think you're helping others to become aware and knowledgeable about some brokers and stuff.
doggy , thanks for the recommendation. I would probably consider it soon but not now cause I'm currently satisfied with my brokers, and 1 thing more, I'm much focused on ITRADER(forex) than binary options. Because you know, binary is somehow like a gamble for me.
Xela, I agree with you, being regulated doesn't assure you anything, I heard a lot of regulated brokers that are fishing money from clients. so I think doing our own strong research about which broker to do business with is necessary.
Yeah agree with you. but I was talking about choosing less painful from two evils... Most other brokers are regulated on some banana islands like belize or Seychelles which I guess is equal to no license "brokers"
Part of my point is that when something goes wrong, on/with your account, Cyprus turns out to be the same. It's very lightly regulated, you have very little protection, you can't get redress if you fall victim to something, etc. etc.
Cyprus isn't any less painful than the other countries you've mentioned, when something goes wrong (and you need only look around trading forums at "broker discussions" and complaints to see at a glance that Cyprus is somewhere where things do "go wrong" - and, again, there are reasons for that, connected with the reasons such "brokers" have chosen to be regulated in Cyprus.)
(Belize wasn't actually an island, the last time I looked ... it's just south of Mexico and east of Guatemala. )
What do you think about FCA's newly introduced leverage restrictions? Will brokers run to offshore or end clients will be raised threshold to enter trading?
I haven't looked in any detail (they're not relevant to me).
From a combination of a quick look, and second-hand information, it seems unsurprising to me.
Throughout the world of finance/commerce, it seems to me that industries that persistently refuse to regulate themselves adequately end up with regulation being forced on them which works out worse for them, in the long run.
There's a gradual but inexorable societal progression towards more and more regulators with bigger and bigger teeth, isn't there?
But arguably there's always a sense in which they have mostly themselves to blame for this outcome. The great irony, in these situations, is that the people most resenting this, and often complaining loudly about it from their allegedly "libertarian" viewpoints, are typically the very ones who have caused in the first place the problems to which "heavy-duty regulation" is the perceived solution.
Counterparty market-makers who are pretending to be forex "brokers" (and have large numbers of customers who don't really understand the difference between the two - many of whom post regularly both here and in other trading forums) have learned, from long and successful experience, that the type of customer attracted by very high leverage is also typically one who has a gambling mentality, is seriously undercapitalised, has a delusional impression of how quickly he can become steadily profitable and to what extent, and is exactly the right fodder for a business model which depends on having a large turnover of customers who lose. Genuine brokers, on the other hand, obviously prefer customers who regularly win, as that tends both to secure their custom and to maximise the brokers' long-term commission incomes.
Well agree with you but IMO high leverage brokerages in other jurisdictions with less strict regulations will continue to have stable client flow and even may benefit from this cap. This could resolve the problem for UK clients which can be forced to trade CFDs only with FCA regulated brokers (same as in US) but still the rest of the world will leave with same illusions of getting rich quick, taking high risk with high leverage where its possible.
I don't have any certain brokers to list out here but any brokers could let me withdraw without hassle, it's my favourite broker.
Providing that you have something to withdraw and preferably its profit and not leftovers of your deposit
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