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Here are some tips to identify forex broker scams:
- Check their contact support.
- Beware of unrealistic promises.
- Review them online.
- Check their regulation.
- Always check your monthly statement.
- Try trading with small capital.
- Make withdrawal.
Continue Reading at How to Avoid Forex Broker Scams
What does it mean to be an FCA-licensed forex broker?
FCA-licensed forex brokers are generally considered trustworthy, because:
- The company has fulfilled FCA's minimum capital requirement. A dealer's license that allows the company to run a "market maker" business needs EUR730,000. An intermediary license where the company could facilitate STP execution needs EUR125,000. The cheapest is a restricted broker license in which the company cannot hold client funds, as it only needs EUR50,000.
- FCA will monitor the company continuously to ensure the segregation of client funds, monthly report and audit, efficient management including AML and KYC procedures, and proper risk disclosure for clients.
- FCA-licensed forex brokers are prohibited from manipulative trade practices, such as entering into positions against their clients. Brokers also should not make unrealistic promises or offering monetary benefits to encourage clients to take risky trading decisions.
- FCA-licensed forex brokers should not offer extreme leverage. Since mid-2019, FCA requires brokers to limit leverage on CFD trading between 30:1 and 2:1.
Continue Reading at UK FCA vs ASIC, Which Forex Regulator is More Reliable?
How can affiliates help in growing a brokerage business?
Affiliates can play a crucial role in growing a brokerage business by promoting the broker's services to a wider audience. To incentivize affiliates, brokerages offer proper commissions and provide them with the tools and resources to market the services effectively.
Continue Reading at What You Need to Know Before Starting Your Own Brokerage
Should you consider starting your own brokerage?
Starting your brokerage can be appealing for several reasons. It provides a way to stay involved in the trading industry, potentially offers better income predictability, and allows you to use your market knowledge to create a broker that caters to traders' needs.
Continue Reading at What You Need to Know Before Starting Your Own Brokerage