unregulated broker

eleanorK80

eleanorK80

is anyone here tried the unregulated broker?
what is your experience?
I tried with a new broker which I realized then it is unregulated. it is fine by now but i am worried about it.:banghead:
 
Robert Morse said:
May I ask their name and why would you do that?
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Right! No broker in the US is non-regulated.

Anyone/business that tries to circumvent regulation likely has "something up his sleeve besides his arm"... that he doesn't want the authorities to know about. Doing business with such a person/business carries much more than "markets risk".
 
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eleanorK80 said:
it is fine by now but i am worried about it
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Do not deposit any new funds and take out the funds that were deposited.
Be it the lack of choices when it comes to brokers, or good fees, - it ain't worth it.

You don't want to lose the game, before you even begun. Try doing, whatever you're doing, via banks then. Those offer investing services as well.

And in case it is forex, then get your money out and forget about it.
 
eleanorK80 said:
is anyone here tried the unregulated broker?
what is your experience?
I tried with a new broker which I realized then it is unregulated. it is fine by now but i am worried about it.:banghead:
More...

No I have never tried with an unregulated broker and if I were you, I would pull out my money NOW or as soon as you have a chance. When the broker is unregulated, they can do whatever they want since there is no one overseeing them and you are basically at their mercy. They can be all fine and dandy at the moment, all formal and professional but they can disappear in a second without a moment's notice and you will never see your money again. Consider yourself warned.
 
I trade with an unregulated forex broker because its spread on eurusd is 0.2 pip, while a regulated forex broker charges 0.13 pip.
So I may have some risk with an unregulated broker, yet the damage a regulated broker does to me is much higher as daytrading cost of a regulated broker will 100% kill me.
So daytrading with a regulated broker is like suicide.
Although my broker give me 500 times leverage yet a regulated broker give me 50 times leverage. That means I need to put in 10 times funds if it is a regulated broker. That is too high risk for me.

A regulated broker does not give back your fund if it goes bankrupt, the same as an unregulated broker.So it is not as safe as you think.
 
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"I trade with an unregulated forex broker because its spread on eurusd is 0.2 pip, while a regulated forex broker charges 0.13 pip."

It was a typo.
I meant 0.2 pip vs 1.3 pip.
 
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