Yes, forex is a perfectly legit form of trading, for that itself you shouldn’t have any concerns. However, it is recommended to pay careful attention to the broker you use as a counterparty or a general trading service. If it is not regulated, you might experience stuck withdrawals, unhelpful customer service and worse.
Be suspicious if you’re offered forex trading services that promise massive gains in a short period of time. It’s not a good idea to let other people have access to your money. Copytrading however is legal and offered by many forex brokers and it doesn’t involve letting anyone have access to your money.
How to determine the safety of forex trading?
Whether a financial provider like a broker is safe and legit is an important and very legitimate question. After all, you are trusting this broker with your investment money and savings. It is also a very common question we get asked.
Scams in forex trading do unfortunately exist but can be avoided if you’re alert and using a reputable broker.
We like to make it clear that regulators are not all created equal. Investor protection can also vary from authority to authority. There are top-tier regulators whose excellence lies in their features, such as the presence of segregated accounts, the range of protection tools or the investor protection amount itself.
We’ve compiled a list of the highest rated forex brokers that we keep up to date. One thing worth bearing in mind: all the brokers that you find on BrokerChooser are regulated by at least one top-tier authority. These include the UK’s FCA, the SEC/FINRA in the US, the ASIC in Australia and Germany’s BaFin.