There are many regulated brokerages and many good ones at that but does it mean that they are legitimate or are their some scammers who operate regulated brokerages? Well from the appearance of things there seems to be a number of different brokerages who are in clear flout of regulation but yet still remain regulated by their respective regulatory authority. For example YouTradeFX has a very bad reputation with many different people and their have been some complaints that people have never received their money back during withdrawals, if this is indeed the case then YouTradeFX is clearly not operating in line with the regulations. Though it is always very difficult to know the truth of such allegations due to the fact many of the reviews and comments of individuals online are very dubious and quite questionable. This is made worse by the fact some sites give very favourable reviews of YouTradeFX while other sites are much more skeptical of YouTradeFX in their coverage of the site.
Why then are many brokerages with alleged dubious practices still operating? Well it generally takes regulators a while to shut down any dubious sites and companies as they have to do a full investigation into two the company to discover whether they are in fact in breach of financial regulations. This means the brokerage can often operate for a number of months even when they have ongoing investigations against them, it also generally takes a number of complaints to the relevant bodies in order for the regulators to go after these companies. I suggest that those trading make complaints to the regulatory body every-time they feel they have been majorly wronged so the regulators can get an idea of who might be breaking regulatory practices. Back talking about YouTradeFX it appears that they are almost certainly breaking regulatory practices by accepting US Clients, which is in clear breach of the US regulations.
No comments:
Post a Comment