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  1. #1
    Rookie Member Michaeltitler's Avatar

    dollars 1 Trading with an unregulated broker !!!

    Hey everyone,

    I have been trading with an unregulated broker, MaxOptions, that has assured me they are working toward regulations. I was even able to withdraw money without any bumps or blocks. I submitted all the paperwork as their website requested. I guess the conversation I would like to start is dealing with regulated versus unregulated brokers. My friend introduced me to MaxOptions and I have had fun and success so far. He had a terrible experience with a regulated broker which is why he came to MO. He actually had a few terrible experiences and sadly my friend has been "robbed" of a few thousand over the last year+.

    How can we trust unregulated brokers, that are new companies starting to make it in an already diluted arena and are they themselves struggling to get regulated?

    thanks,
    Michael

  2. #2
    Administrator Martin Kay's Avatar
    I wouldn't say regulation makes a broker 100% safe, but I would definitely say a regulated broker is safer than a not regulated broker. Oh and a personal advice - try using the same IP, Nicosia is not near Arizona, and Arizona is quite close to California so you better stick to your cover story.
    “Don't believe anything you read on the net. Except this. Well, including this, I suppose.” ― Douglas Adams

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  4. #3
    Rookie Member Michaeltitler's Avatar
    Quote Originally Posted by Martin Kay View Post
    I wouldn't say regulation makes a broker 100% safe, but I would definitely say a regulated broker is safer than a not regulated broker. Oh and a personal advice - try using the same IP, Nicosia is not near Arizona, and Arizona is quite close to California so you better stick to your cover story.
    Would you say not regulated brokers are 100% unsafe?

  5. #4
    Administrator Martin Kay's Avatar
    Quote Originally Posted by Michaeltitler View Post
    Would you say not regulated brokers are 100% unsafe?
    now your IP is from the UK??!
    My friend, it's really hard to take you seriously that way.

    and NO, im not saying 100% unsafe. Im saying - Regulated = Safer. Not even 100% safe. at least you got somewhere to complain, and reason to argue with the broker if they mess up.

    There are unregulated brokers I know SAFER than not regulated brokers. So for me it doesn't makes the different. I'\m all about reputation and fewer complaints. That's my kind of broker
    “Don't believe anything you read on the net. Except this. Well, including this, I suppose.” ― Douglas Adams

  6. #5
    Rookie Member Michaeltitler's Avatar
    Quote Originally Posted by Martin Kay View Post
    now your IP is from the UK??!
    My friend, it's really hard to take you seriously that way.

    and NO, im not saying 100% unsafe. Im saying - Regulated = Safer. Not even 100% safe. at least you got somewhere to complain, and reason to argue with the broker if they mess up.

    There are unregulated brokers I know SAFER than not regulated brokers. So for me it doesn't makes the different. I'\m all about reputation and fewer complaints. That's my kind of broker
    Is regulation anything more than paying a regulating company enough money to put a shiny stamp on a website? IYHO?

  7. #6
    Legendry Member Michael Hodges's Avatar
    yes it is, lots more, and getting better tall the time.... its really easy to debunk those "fake" regulators people try to make up

  8. #7
    Rookie Member Michaeltitler's Avatar
    Quote Originally Posted by Michael Hodges View Post
    yes it is, lots more, and getting better tall the time.... its really easy to debunk those "fake" regulators people try to make up
    Appreciate this feedback.

  9. #8
    Rookie Member Michaeltitler's Avatar
    I had a VPN on, which is why my IP was all over the place. It is now off, and that is why I am in UK. I live in Hull now. American living abroad as a free lance writer/editor. From CA originally.

  10. #9
    Moderator Kolyo's Avatar
    Hi Michaeltitler,

    Martin gave you the best answer. Regulation is just one element of a trusted broker. Much more important to have good reputation among traders, but regulation mean at least the company make the few efforts to communicate with the regulatory authorities and to show they have adequate capital allocations. I don’t want to trade with company which don’t have enough capital or is leveraged with a lot of debt or something else risky which can lead it to bankrupt very easy. So regulation is good thing but it is not enough to select a broker and in some cases there are even better choices.
    "The goal of a successful trader is to make the best trades. Money is secondary." - Alexander Elder

  11. #10
    Solid Member pak12345's Avatar
    Well in my personal opinion, I will never trust any unregulated brokers because getting enrolled with regulatory authorities means that the broker will follow the rules, regulations and might be honest and clear in their transactions.

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