Are Regulated Brokers Reliable？

Forex Market Regulation

For retail FX traders, the biggest risk of non-regulation is that of illegal activity or outright fraud.

Financial regulation is a form of regulation or supervision, which subjects financial institutions to certain requirements, restrictions, and guidelines.

Forex market regulation refers to the rules and laws that firms operating in the forex industry must follow. But regulation is more than just having rules in place, its also about the ongoing oversight and enforcement of these rules.

The purpose of regulation is to protect you from undisclosed financial risk and fraud.

Most Important Forex Regulators in the World

There are around 30 important FX regulatation bodies globally, including FCA, ASIC, NFA, etc.

You can view each Regulatorsintroduction on WikiFX:

https://www.wikifx.com/my_en/search.html

Are Regulated Brokers Reliable？

It is the forex brokers that need to comply with some regulations, particularly in the US. All the reputable forex brokers over the world hold regulatory licenses. However, it doesnt mean that a broker with liscences is reliable. Here are some examples.

1. CMC Markets

Its suspected of having exceeded the authority under the license of the Australia Securities and Investments Commission (ASIC). Although CMCMarkets still holds five regulated licenses, several traders have complained to WikiFX Exposure about failed withdrawals on its platform.

(CMC Markets on WikiFX)

2. eToro

Its been accused of its illegal business in Europe. EToro (UK) Ltd. is only approved to provide financial services in European economic zone by the Financial Conduct Authority (FCA) whereas its business has extended beyond the bloc without valid regulation in other areas. Here are also lots of complaints about them on WikiFX.

(eToro on WikiFX)

(eToro Complaints on WikiFX)

How WikiFX Can Help You？

There are thousands of forex brokers around the world. Even regulated brokers can becomes scams, not to mentioned others who are not regulated.

Illegal platforms keep cropping up in 2021, and defence was well-nigh impossible against such scams.

However, such risks could have been avoided by identifying the brokers on WikiFX. 26600+ forex brokers are collected, taking you less than 1 minute to view a broker's regulation information!

By doing so, how can we get deceived anymore？

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