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Below are 5 real cases of scam brokers:

1. 4XP Broker: FPA declared 4XP as a scam and blacklisted it
2. SkyFx: After its owner was involved in illegal activities, CySEC no longer regulates SkyFX
3. Forex-Metal: FPA confirmed the company as a scam after clients complained of withdrawal failure
4. Masterforex (MFX Broker): Following suspicious investment, IFSC Belize announced that they had revoked MFX's license
5. IronFX: In 2015, CySEC confirmed the broker for scams, but has not yet revoked its license

Continue Reading at 5 True Stories of Forex Broker Scams

As mentioned above, Nigeria has a poorly regulated financial market. There's no prohibition to trade with overseas forex brokers as there's no locally-regulated forex broker either. Therefore, you can legally trade with any overseas forex broker.

Most Nigerian forex traders are registered with European or MENA-based online brokerage companies. 

Continue Reading at Forex Trading Facts in Nigeria

Many forex brokers are imposed to ESMA's new rules as most popular brokers come from the European Area. Many of them have been working with multiple licenses to maintain their global operation. Some examples are:

1. Admiral Markets
2. Exness
3. eToro
4. Plus500
5. IG
6. XTB
7. AvaTrade
8. FxPro
9. NordFX
10. TriumphFX
11. Saxo Bank
12. Interactive Brokers
13. CMC Markets

Continue Reading at ESMA Regulations for Retail and Professional Traders

When it comes to a broker's regulatory status, there are a few terms that you should know such as registered, regulated, licensed, and authorized.

• Registered: If a broker is "registered", that means that the broker's registered as a company in a certain country and has one or more offices in that country.
• Regulated: If a broker's "regulated", that means it has obtained a license to operate as a broker in a country and is listed under the country's regulator.
• Licensed: It means that the broker has obtained a license to operate as a broker in the country and is protected by its laws.
• Authorized: If a broker's "authorized", that means it has the authorization to operate at a certain capacity in a country, but not necessarily as a forex broker.

Continue Reading at Forex Regulation Insights: Defining Your Broker's Status