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Forex votes for Licensed Brokers

Discussion in 'Hello and Welcome' started by dhaniram, Apr 23, 2019.

  1. dhaniram

    dhaniram Recruit

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    Hello everyone ! I am new here. I am a client of Forex and know there are many traders who are beginners and need guidance. I want to say that Forex advises us to resist from working with unlicensed brokers as only a licensed broker can help you buy legal and profitable trades. Otherwise you can suffer serious losses in case of unprofessional guidance.

    Thank you
     
  2. FxMaster

    FxMaster Lt. Colonel

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    Welcome to fpa and thanks for sharing your valuable advice with us :)
     
  3. momo3HC

    momo3HC Corporal

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    Hello, dhaniram. Welcome and have a good time here but I can say you`re not 100% right about licensed/unlicensed brokers.
    From what I have researched and experienced, there is a lot to be said about both, however, excuse my biased ass, but I am an advocate for unregulated brokers as I feel there are more advantages for the clients trading via an unregulated broker compared to regulated brokers.

    My reasoning:

    Becoming regulated, for the broker as a company is a very expensive thing to do, therefore they look at recuperating those funds back in, VIA their clients. SO, what they tend to do, is bump up the client costs through widening the spread, offering lower leverage, and bumping up the trade commission charge per trade that gets placed.

    UNregualted brokers on the other hand, do not have this grand expense, therefore they make money via alternative ways, but allow the clients a little more freedom for example by offering a higher leverage- which I myself find to be more useful and beneficial to my style of trading, better spreads and lower trade commissions.

    And remember that regulated brokers also make a shady things. Remember JP markets and Pepperstone cases.
     

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