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How can we check the licensed forex broker ??
There are so many forex brokers some are good some are fraud. How can we know ? Do it has any source or information to verify ?
I guess you right and being too many brokers joining the industry every day it is really becoming harder to find out which one is worthy to try and which one is not..! Better to short list a few brokers which have certain repute in the past and then checking their reviews on sites like forex peace army etc and doing a little research before finalizing the right trading partner will be really helpful in my opinion.
Hello guys,
There is a very easy way to verify not only the licence of a broker, but the complains´s history of the broker, which is way more important.
You just go to the bottom of the page on the website of the broker, there got to be, there must by law be the regulator and its licence number, if not, get away from there fast, checking if you`still have your wallet or virginity, well the second maybe not, but anyway. The next thing to do is to get the number and name of the regulator(s) and call or email (better call) those regulators, saying something like: Hi, You know I want to invest in this broker and I want you to tell me if this is a broker regulated by you and if it is, the historical complains this broker had received in your organisation.
Now, if you call you do not need to eat nails or lose your hair, but if you emailed them... Seat tight and wait.
Sadly, many people think about this too late, when they already had invested money in the broker they are trying to check.
Another thing that I think helps a lot, is to trade with brokers which work by this two major figures:
FCA regulate.
ECN markets deals.
I hope this information is useful to you guys, I work for HYCM, a broker with 40 years on the field and my experience is around 10 years on the market and yes we have all of that.
Happy and secure trade guys!
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