Brokers to Avoid

The Forex Market currently is the largest offering worldwide with hundreds of opportunities and high potential gains, while investors from around the globe seeking the most convenient platforms with access to trade. Among the market proposals, there is a huge number of brokerage firms while some of the companies are regulated, means hold a license or authorized by the industry regulator and some companies are not regulated by any.

The whole concept of regulation is the client’s protection, which ensures the safe trading environment and investment itself. The regulated brokers have to comply with various rules and criteria set by the recognized international authority with the purpose to provide secure trading and remain licensed. In addition, authorities protecting clients by the compensation schemes that recover client’s investment in case of the company insolvency. And of course, the regulatory body overseeing constantly how exactly the broker delivers its operation to the clients thus can detect if the things going wrong and take necessary action.

Thereof, there are a few reasons why the Brokerage House may decide not to be regulated, either the company saving operational cost since the licensing requires strict capital maintenance and can be very costly. Alternatively, the company might be a deceptive Broker with allegedly professional services seeking the frauds.

Good to know, that most often the new brokers choosing to provide their service under the offshore licenses that brings partition regulation and saves total provisional cost, yet does not bring the guarantees.

However, Security of funds is always first in forex trading. Therefore, we always recommend and it is better to choose a Regulated Forex Broker and open account with proper security of investments. The following list of brokers are Unregulated Brokers Reviews or the Brokers to Avoid companies, which we do not recommend trading with, due to their unlicensed operations.

Broker Reason Listed Date ProFxPremium Offshore license Tuesday January 15th, 2019 ProFxPremium Review Dax300 Offshore license Monday January 14th, 2019 Dax300 Review FXLeader Offshore license Friday January 11th, 2019 FXLeader Review Blue Trading No License Friday January 11th, 2019 Blue Trading Review Olymp Trade No License Friday January 11th, 2019 Olymp Trade Review Trader.Online Offshore license Tuesday January 8th, 2019 Trader.Online Review Ace Forex Offshore license Thursday January 3rd, 2019 Ace Forex Review GxFX No License Thursday January 3rd, 2019 GxFX Review Forex Grand Offshore License Wednesday January 2nd, 2019 Forex Grand Review BTCHOME Offshore License Tuesday January 1st, 2019 BTCHOME Review