Regulated brokers are safe - the most serious myth I'm have come across so far. I had problems with more then three regulated brokers but ironically, my current broker is way better than any of the other brokers I have traded with and guess what, it's unregulated. Regulations give organisations, the power to do what they want. It's about the brokers intention to serve their clients well. And luckily I found one such broker - CedarFX. Consider checking them out.I have not yet started a live account with any broker because I've been researching first. From my research for the past two weeks, there is only one broker that seems transparent and upstanding and it does not serve U.S. clients. I wont name it here because I dont want to be called a 'spammer'. Every U.S serving broker has reviews on this website saying that they're scamming people by disallowing withdrawals, manipulating executions, etc. They're all 'B- booking' most of their clients and have an incentive for their clients to lose. Maybe retail forex trading in general is a scam? I have ascertained that it is not wise to leave too much money with any broker, theres many horror stories on this website of people leaving 100 + thousand dollars with their broker and the broker doesn't allow them to withdraw it. I wouldnt leave more than 1 k profit(above my deposit) with any broker. I plan to withdraw regularly up until the scam starts(telling me I'm news trading, arbitrage, etc to keep my profits and kick me out). Despite all its faults I was going to just use Oanda but their leverage is too low for me to make any decent money(remember I'm not putting too much money into any broker).
No I wouldn't say that they are - of course there are some dodgy ones out there, but there are also some legit ones.I have not yet started a live account with any broker because I've been researching first. From my research for the past two weeks, there is only one broker that seems transparent and upstanding and it does not serve U.S. clients. I wont name it here because I dont want to be called a 'spammer'. Every U.S serving broker has reviews on this website saying that they're scamming people by disallowing withdrawals, manipulating executions, etc. They're all 'B- booking' most of their clients and have an incentive for their clients to lose. Maybe retail forex trading in general is a scam? I have ascertained that it is not wise to leave too much money with any broker, theres many horror stories on this website of people leaving 100 + thousand dollars with their broker and the broker doesn't allow them to withdraw it. I wouldnt leave more than 1 k profit(above my deposit) with any broker. I plan to withdraw regularly up until the scam starts(telling me I'm news trading, arbitrage, etc to keep my profits and kick me out). Despite all its faults I was going to just use Oanda but their leverage is too low for me to make any decent money(remember I'm not putting too much money into any broker).
I do feel that the CFTC has a point in trying to protect us from going off shore. Just in the past week dealing with a couple now I'm finding that there are some suspicious things going on. Yet, they still are providing liquidity so there's arguments to both side.You can certainly look offshore. The issue around being able to use them in the US I think is down to deposit method since I don't think you can load them with a US bank account. Some offshore brokers offer crypto deposits as a method around that. Do your research and check reviews here on the website. US brokers aren't scams, but the CFTC feel Americans need to be told how to use their money.