WSX PRO Forex is a well-known broker, but it is not regulated. Its registration is under the Saint Vincent Finance Service Authority, which is an offshore company. This jurisdiction’s requirements for operations are very weak, and has made it a favorite of unscrupulous forex brokers.
The NFA has an online verification system where users can check whether their brokerage is regulated. They can use their NFA ID to check, or the name of the firm, individual, or pool. However, their website may be different from the official corporate name. The NFA’s financial regulations seek a balance between freedom and regulation. However, too much regulation can hurt global competitiveness and dampen economic activity.
It is possible to sue your Forex broker, and even demand compensation. However, you will have to wait years for the case to be resolved. In many cases, traders may find that they are only successful if they have a very strong case. A case against a Forex broker can be a complex one, so it is important to be patient and not give up too soon.
Before deciding on a Forex broker, make sure you read the contract carefully. There are many unregulated Forex brokers that rely on misleading tactics. These scammers contact potential customers and use every possible means to get deposits. They may make unrealistic promises, then transfer you to a “retention agent” who will try to get more money from you. Unregulated Forex brokers never offer you the security you need.
You must file a complaint with your broker if you feel that your broker has been dishonest in their dealings. You should provide details about the incident and your account number. The complaint should also state the date on which it occurred. If you are unsure about filing a complaint, contact the support department of the broker to clarify the details.
TD Ameritrade is another regulated Forex broker. It offers access to over 70 currency pairs and hundreds of thousands of customers in 169 countries. It is regulated by the US Securities and Exchange Commission, the UK Financial Regulatory Authority, and many other international financial regulation commissions. Besides being regulated by these agencies, TD Ameritrade is highly regarded in the Forex industry and offers transparent trading conditions to US clients.
Choosing a regulated forex broker is a good idea for those who are not too familiar with foreign currencies. It is essential to make sure that your broker is trustworthy and regulated, otherwise you risk losing your money. So, before choosing a forex broker, make sure to thoroughly research it and make the right decision. The right broker will protect you from scammers and ensure that your investments are safe and profitable.