Unregulated forex brokers are companies that offer online trading services for currencies and other financial instruments but are not licensed or regulated by any government agency. This means that they may not have to comply with certain rules and regulations that protect traders from fraud and other forms of misconduct. An example is GATE BITS
Overview of GATEBITS and its regulation
According to their website, Gatebits was founded by people with extensive experience, bringing brokers and clients together to achieve a seamless connection. Gatebits will help you bring as much profit as possible. We pride ourselves on a unique approach to each client, helping them venture into the Forex market smoothly.
The statement above is very catchy and it may encourage you to invest easily.
More of GATEBITS
GATEBITS URL (www.gatebits.com) was registered recently in 2022. And it doesn't state on their official website that the said company is registered under a certain regulatory body.
Recently, FCA UK released a warning statement telling the public to aware of the said company not to invest as it is not regulated nor has licenses to operate as financial services.
Since the company is new, a lot of people have been curious and tried to invest in the company but after the sad result occurred.
Feedback from their investors.
Unregulated brokers may offer higher leverage, lower spreads, and other incentives to attract traders. However, these brokers may also engage in fraudulent activities such as stop loss hunting, slippage, and other forms of manipulation. They may also fail to segregate client funds, which can put traders' money at risk.
Traders who use unregulated brokers should be aware of the risks involved and should do their due diligence before depositing money. This includes researching the broker's reputation, reading reviews, and checking for any red flags such as a lack of contact information or regulatory warnings. All of these can be found in the WikiFX App.
It is always advisable to use regulated Forex brokers as they are bound by strict rules and regulations which are in place to protect traders. Also, the regulated Forex brokers are always transparent in their operations and have a good track record that can be verified.
Stay tuned for more forex broker reviews.
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