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Nowadays, most Forex brokers are regulated by the relevant supervisory authorities, so the number of dubious providers is very limited. Nevertheless, there are always rumors that one or the other broker would not work seriously. This then represents a risk for the customer.

In addition, there are also Forex brokers who do not want to actively cheat the client, but where this would put the client at a disadvantage, for example if the order execution is very slow. This also applies to slippage. Therefore, it is useful for a new or beginner to read the testimonials of other customers about the individual forex brokers on the Internet before opening a real money account there.

Also, there are some Forex brokers who are not very transparent to their clients and where the information on their website is also very unclear. There, for example, the risks are not described in detail. It can also happen that the customer does not receive exact information about the conditions under which trading takes place and what costs can occur. So that this disadvantage can be excluded, there are one or the other Forex broker comparison in the Internet, in order to decide there then for a respectable as well as regulated broker, with which also its conditions as well as conditions are represented transparency and cleanly readable.

The regulatory problem

The foreign exchange market is a decentralized marketplace. As a result, the market is not tied to one place and therefore there is no central regulation. This makes it a little difficult for a newcomer or beginner to find a real broker.

The solution is to implement regulation in the country where the broker is located. The authority is then responsible for supervising and licensing the broker. Brokers also use licensing as a customer capture argument in their marketing strategy.

This makes this information available to a beginner or novice. However, if it is an offshore broker that is not regulated in a country or area (for example, the European Union), obtaining information is sometimes not easy. Also, great care should be taken if the website contains inaccessible information in the direction of physical address or telephone number and thus there is a lack of transparency. Therefore, it is useful to compare several selected brokers and find out whether the service is also available and whether the company headquarters given is a physical address or a letterbox company.