Thanks Pharaoh
Got it.
I have one more curiosity, does the broker sends you the physical golds to your home address after you purchase them?
Forex traders seldom take delivery of currencies of other products on the trading platform such as gold. The majority of brokers are only set up to put your profits back into your account balance and to transfer those profits to you via bankwire, credit card, or e-currnecies.
If you just want to buy gold, there's no need to go through all the time and effort to learn about trading platforms. Find a reputable bullion dealer and buy direct.
Thanks again
Yes, I must check by whom they are regulated and then go to regulator's website to see whether they are still regulating my selected broker and also does the regulator made any punishments/penalties to any broker or not! This shows whether a regulator is actually a regulator or just a registering authority!
Am I right? Correct me where I am not!
Close.
1. A regulated broker should mention their regulator and registration number on their website.
2. You should visit the regulator and check to see if the broker is still registered with them and if there are any penalties.
3. If there are none, check and see if the regulator has ever hit any company with penalties. A lot of regulators are really just in the business of accepting a fee for a business license and the only penalty they can dish out is to revoke the license or warn of unlicensed companies.
For example, love them or hate them, the NFA can hand out serious penalties for companies that break the rules. The CFTC can fine companies and even file criminal charges.
On the other hand, the IFSC in Belize has issued warnings and revoked a few licenses, but I've never seen them fine a company.
