How to know the legitimacy of a forex broker

[Karani 99]

First, ensure the broker is a member of a recognized regulating body. Likewise, read online reviews to ascertain there are no complaints against the broker.

[khan22 3478]

There are so many brokers which works in the online market where we will see that some are real and most of the brokers are fake and in the market we just work with the real and good brokers in the forex market like exness and also the XM these are the good brokers.

[Goody28 259]

On 1/22/2020 at 6:20 AM, shayekh said:

However, you don't need a review to tell you what the broker is about. Normally you can distinguish the legitimacy through 1 and only 1 aspect. The regulation. If the company you are trading with does not have regulation, then they are most likely a scam and you should withdraw your funds immediately.

 You make a good point outlisted here reviews may lie any bad or scam broker can post a good review about himself

[Jhadhasan 872]

We must be careful in dealing with intermediaries, some of whom claim to be a mediator and is a fraud, so we have to review the support team of the brokerage firm that the broker belongs to and ask about the mediator

[Yanadia 1517]

One od thing of that is usually, the broker will state the regulatory status ("regulated" or "licensed") on their site.  However, sometimes there are entities that claim to be regulated in a country, even though that is not true.  Therefore, you need to crosscheck the relevant regulator's website to make sure it is correct.  A complete list of regulators and links to their respective sites can be accessed on the List of Forex Broker Regulators.  There's nothing wrong if you deliberately choose an unregulated forex broker, because not a few numbers of brokers like that are reliable.  However, you should avoid forex brokers who actually commit fraud regarding the regulation status.

 

[guatazoo 7150]

The legitimated broker are always recommended to verify KYC verification, and also they are always has the permission to allow you to deposit and withdraw through bank cards.

[jacker 1095]

to determine the legality I think it is imperative to review the information in the broker profile, if possible take a look at everyone's reviews. or, if possible, seek expert advice.

[Calvinpriva 17296]

If you need to know the legitimacy of forex broker, it will be good if you will find a broker direct from the MT4 or MT5 trading platforms. I think they listed only legit brokers in their platform, so you will choose your favorite.

[guatazoo 7150]

I think 98% of all online available forex brokers are legimated, but not all brokers are good to use, because some brokers are providing very high spread in trading pairs. 

[Honny143 13612]

I think in forex brokers are all not fake like in crypto so many scam.exchange site's, forex I think its very little percent of brokers are fake, but then also search before use its good because its loss our money, but chose always low spread brokers then its profitable.

[Raqeebzy 6456]

On 1/21/2020 at 1:53 PM, Karani said:

First, ensure the broker is a member of a recognized regulating body. Likewise, read online reviews to ascertain there are no complaints against the broker.

Apart from looking up to good reviews online for a broker you wish to use, make sure your preferred FX broker is regulated to avoid shocking stories. There are many fake ones that come and swindle up traders and close down, if it should be a regulated broker, you can as the regulation body to help fight for you.

[magd 5231]

The official website of Forex Markets always provides updates on the best brokers in the service and brokers that have been withheld confidence and the reliable broker is the one that provides the best trading procedures and is very popular.

[Whited35 15285]

In order to detect legitimacy of a Forex broker , take care of following details :-

• Check if broker is authorized with licence or not
• Check transparency how much information can you get from intended broker
• Check other user's past experiences with intended Forex broker
• Check Forex sites where you can find reviews about genuine Forex brokers. 

I think after considering this much factors , you might tell it is real or not. 

[Whited35 15285]

19 minutes ago, BTC Future said:

I'm clueless on forex 😞 . Do you recommend a forex site that probably has honest reviews? Thanks @Whited35!

No worries 😊. I have experiences on FBs,OANDA,IG and some of other Forex brokers. OANDA and IG both are the beginner friendly, regulated and the licensed company. OANDA was founded in 1996 and is still in the operation and it is a safe broker for both Forex and CFDs tradings.

[Tunuu 2235]

6 hours ago, Whited35 said:

No worries 😊. I have experiences on FBs,OANDA,IG and some of other Forex brokers. OANDA and IG both are the beginner friendly, regulated and the licensed company. OANDA was founded in 1996 and is still in the operation and it is a safe broker for both Forex and CFDs tradings.

FBS is my best broker and i have been using it for practice because am not ready to trade forex. It will be my forever broker because it is safe and many forex experts are recommending it.

[guatazoo 7150]

Actually me for myself I'm not expert of discovering the legitimate of the broker, so the only thing thats I do is to use those world most leading brokers such as IQoption and FXTM. 

[DiamondBit 720]

On 1/21/2020 at 1:53 PM, Karani said:

First, ensure the broker is a member of a recognized regulating body. Likewise, read online reviews to ascertain there are no complaints against the broker.

After all these, people should use a broker that has high trading volume, the one that has good reputation, the one that has been exist in to long time. Some people can be scammed if all these are not considered. 

[Amr90 1064]

All the international bodies that grant licenses to practice Forex are available on the Internet,
A license number for any company can be taken and placed in the licensing verification section on the sites of those agencies to make sure that those companies are honest and not deceptive.

[mahmud93 231]

Forex broker is widely spread almost ever where. But there are fakes forex that can lead some one loose all capital because of Its scarm one should try to engage in search about the platform or app when he/she trying to trade

[dr4ch3 18]

On 6/17/2020 at 7:27 AM, Whited35 said:

In order to detect legitimacy of a Forex broker , take care of following details :-

• Check if broker is authorized with licence or not
• Check transparency how much information can you get from intended broker
• Check other user's past experiences with intended Forex broker
• Check Forex sites where you can find reviews about genuine Forex brokers. 

I think after considering this much factors , you might tell it is real or not. 

Thank you for the tips.

[joemcgwa 3227]

In order to know the legitimate of the forex brokers they must be firstly regulated and also they must have the business license and certificate also, apart from thats they must be required their clients to verify their identity.

[Ameralsamt 2558]

Dear, you can check the broker by searching for the broker on the internet, and make sure that he has obtained confirmed international certificates, so as not to fall into the traps of fraudsters, and there are a lot of good brokers, it is a great job in Forex. 

[RoyalHouse01 9]

there are a lot of the people that are working on the brokers and also there are a lot of brokers out there and you need to chose the best one so you can find the reviews of them on the google and the payment proofs too.