Is it illegal to use non-registered Forex broker?

[Abbas Ali Khan]

thanks for your good share.

 

[PeterNguyen]

it's not illegal but non-registered fore brokers is often just a scam so you are better to find a trusted broker to trade with so your money is saved with them. The market is popular so you need to identify and avoid scam brokers so you can make a profit and not loosing all your hard earn money for nothing.

 

[wmwmw]

it's not illegal but non-registered fore brokers is often just a scam so you are better to find a trusted broker to trade with so your money is saved with them. The market is popular so you need to identify and avoid scam brokers so you can make a profit and not loosing all your hard earn money for nothing.

You are clueless.
Post all the nonregistered forex brokers that are scams. I bet you can hardly find one.The scams are in your imagination.
The regulated forex brokers are real scams because they charge huge spread and legally steal your money.

 

[NeilKruger]

broker choosing is an own issue , so there is no restrictions when choosing a broker. regulated broker is safe than others. its true

 

[Jasper21]

No, it is not illegal, but using a non-registered broker can be risky because non-registered brokers are mostly scammers, so it is better to trade with a regulated broker like CMC Markets, Avatrade, FP Markets, or any other good regulated broker.

 

[NeilKruger]

the broker can affects the result of our trading with certainly , so choosing a broker should be in cool mind.

 

[FahadMd]

we should choose the broker which never restrict any kind of trading technique with scalping and hedging.

 

[Money Trust]

The article says....

One of the most common complaints targeted at unregulated forex brokers is that they hit their own stop-loss targets when other brokers claim the target was not reached. This can be disastrous. Stop-loss targets, as the name suggests, are a safety measure put in place to protect you from excessive losses. This is simply unacceptable from a professional trader’s point of view.

Another less common but far more egregious complaint is that unethical, unregulated brokers move their own currency prices so that the loss limit is reached. They do this even when the market prices may not have fluctuated to that extent. These actions can certainly be described as fraud, but your recourse options are too limited to be worth consideration.

Regulated forex brokers cheat the same way, though.

 

[Henry520]

choosing a regulated broker is really a challenging issue for beginners level , because their minimum deposit and spreads too high to survive as beginner trader.

 

[AndrewMcCalam]

so many brokers which has micro accounts for the new traders.