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If you perform an internet search for Forex broker scams, the number of results can be stunning. Although the foreign exchange market is more regulated, there are still many unscrupulous brokers who should not be in business. If you want to do foreign exchange trading, it is important to identify which brokers are reliable and viable and avoid those that are not.
In order to separate the strong brokers from the weak and serious from the shady trades, we have to take into consideration whether they are regulated or not.
The first thing you need to check with any online broker is whether they are regulated or not. One of the biggest advantages of using a regulated broker is the security of the trading platform and the fact that you can always complain to the regulator authority in case of malpractice from the broker.
Another advantage of regulated brokers is the protection against fraudulent activity. Regulated brokers do not run the risk of losing their license, reputation, or position as market traders, which means that the likelihood of being involved in fraud is minimal. As mentioned above, unregulated brokers run the risk of being audited or taking legal action against them.
However, most brokers are unregulated, which means there is no regulator, group, or person to monitor them - in other words, they can take your money and disappear.
Due to the increasing demand of traders worldwide with easy access to trading and financial education, some countries have set up special organizations and authorities to monitor the market, and there are proposals to regulate Forex brokerage firms. Some forex brokers are regulated and hold licenses from local authorities around the world, such as
To check whether a Forex broker is regulated or not, you should look at the registered number that you give in the disclosure on the 'Terms & Conditions' page or in the footer.
After finding the license number, you will need to check whether this license is a valid one or not. Visit the regulator's website and check within their registry using the license number you found earlier to see if the broker's company is indeed regulated or not.
If you have lost money with an unregulated broker, don’t panic. You are not the first and you likely won’t be the last. Mistakes can happen even with the most cautious of investors and should be used as a learning opportunity. The good news is that there is help available. The team at MyChargeBack – a specialist group dedicated to helping consumers recover funds lost online – is available 24/7 and has helped consumers all over the world recoup millions of dollars.
After filling out the form above, and validating your eligibility for their programs, MyChargeBack will help you build a solid case to regain your funds as soon as possible.