I am a new forex trader with about 01 year experience. I wanted to find a GOOD BROKER as I am not happy with the present broker. However, when I checked the blogs and complaints sites in the internet, I find that most of the brokers are not covered by proper regulator. Even the brokers covered by some regulating body are not up to the standard and could see lot of un resolved complaints.
Is there any process or can we push the international law makers to press all forex brokers to obtain the membership of an approved regulator and that regulator to monitor the activities and accept any complaints? It is not ethical to allow all the scammers to get in this multi trillion dollar market and give a free hand to play hell with investors since the broker is registered in one country and most of the investors are from different contries having no control at all on the activities of the broker.
It would be better to allow only brokers registered with proper regulating body to operate and such regulator should monitor the activities of the broker and investigate any complaints. At the same times there should be some kind of international control over such regulators also if they do not follow the proper procedures.
This is a market worth several trillion dollars and I think it is time to keep the activities under some control.
Can we push the international law makers to do some thing about this? I thought to write this as some one has to start it.
Is there any process or can we push the international law makers to press all forex brokers to obtain the membership of an approved regulator and that regulator to monitor the activities and accept any complaints? It is not ethical to allow all the scammers to get in this multi trillion dollar market and give a free hand to play hell with investors since the broker is registered in one country and most of the investors are from different contries having no control at all on the activities of the broker.
It would be better to allow only brokers registered with proper regulating body to operate and such regulator should monitor the activities of the broker and investigate any complaints. At the same times there should be some kind of international control over such regulators also if they do not follow the proper procedures.
This is a market worth several trillion dollars and I think it is time to keep the activities under some control.
Can we push the international law makers to do some thing about this? I thought to write this as some one has to start it.
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