Is it better to switch brokers?

The devil is in the details with many of the smaller discount Fx brokers. The larger Fx brokers listed on the stock exchange are a lot less risky since they are under much tighter regulatory scrutiny. Imagine if you had to wire out a million $, the wire xfer would be $15,000.
 
dealmaker said:
Always verify your broker is located in US....
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Why? Brokers could be regulated by the FCA (Financial Conduct Committee) if they are in the UK, and AFSL (Australian financial services licence) if they are in Australia. The FX brokers outside the USA offer CFD products that are not allowed here (USA), so many would not choose to be located here let alone regulated here. They have good companies in both locations, but sadly some do open accounts in places where most people would not be able to locate on a map (unregulated or lack any serious regulation).
 
There's probably only $100 in account... typical...
You should also ask yourselves... what broker says: min $100 and max $10k deposit...
Righto, a dodgy one... any real good broker will take more than 10k... and doesn't bother with 100 bucks. The time to setup and admin costs etc are probably almost 100...

This forex broker sounds more like the typical binary broker that's more like a betting agency...
 
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MattZ said:
Why? Brokers could be regulated by the FCA (Financial Conduct Committee) if they are in the UK, and AFSL (Australian financial services licence) if they are in Australia. The FX brokers outside the USA offer CFD products that are not allowed here (USA), so many would not choose to be located here let alone regulated here. They have good companies in both locations, but sadly some do open accounts in places where most people would not be able to locate on a map (unregulated or lack any serious regulation).
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1) So you can be protected by the US law and agency oversight, while its not perfect its the best, even some developed countries with long history of financial markets are not up to par
eg https://www.elitetrader.com/et/thre...tions-scam-exposed.299610/page-2#post-4333283

2) If you are trading with an online broker based abroad your arbitration in case of a dispute may be in a far away land and most folks using these brokers have minuscule accounts, imagine cost of traveling to Marshall Islands to save a $200 or a $2k account not to mention the unfamiliar legal system...
 
@dealmaker, I completely agree with you. my comments were geared towards those who live outside the USA and wish to engage purely in OTC products. If a customer resides in the US, or outside the USA and wishes to engage in exchange traded products, no doubt they should be with a USA regulated broker if possible. I also wrote about FSA and AFSL regulated brokers under the assumption that most know they can not take USA citizens or residents.

I assume that the OP is outside the USA, so I thought he had other options beside the USA due to the fact that he trades FX.
 
FreakofNature said:
Ther minimum charge alone is greater than many forex traders available capital :p
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Usually I am use payment processor if want withdraw from account trading but about safety might wire transfer safier than payment processor, I am use payco to withdraw money from account trading in my broker
 
It is usually best to switch a broker if you ever find that you have a good reason to scared for the safety of your deposit. If your broker is unreasonably slow or unresponsive, when you ask to withdraw some money in your account, then this is an good reason for switching brokers right away.
 
Yes I think if any trader they in doubt with company might because when ask question low responsive, or might if hear from some another trader that joined on these company hence will better switch company and look on the better one
 
if in doubt then move to the next that should be the best option really. just avoid falling to lesser worst option. that would be really bad, though i trade hotforex and trade another broker at the same time and i just hope i dont have to go through that decision any time soon .
 
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