Isn't CySEC also under ESMA's control, more or less? I have always assumed it is.

Hello to everyone, I'm a newbie in forex, currently trading with a demo account and looking to go live soon. Before I start live trading, I would like advice on which regulated broker I should prefer to use from Germany.

Kendrick wrote: Wed Apr 27, 2022 8:18 pm Hello to everyone, I'm a newbie in forex, currently trading with a demo account and looking to go live soon. Before I start live trading, I would like advice on which regulated broker I should prefer to use from Germany.

I feel like a lot of beginners have the assumption that regulated brokers are safer but that isn't always the case. There have been a ton of scam reports from popular regulated brokers like Pepperstone lately. Not saying to avoid them entirely, but I don't think it should be as high on the must-have list as most people make it because there are some really good offshore brokers out there, believe it or not.

On the upside, the majority of those scam reports come from regulators, which are doing their jobs. I mean, SEC recently blacklisted 58 brokers!

With the unregulated brokers, we don't hear about the scammers because no one is overseeing them.

We hear about them on forums enough to know when they have done the dirty

there’s probably only a handful of ethical brokers in existence many many lie

You can usually find out whether a broker is good or not by reading online reviews and digging for info. Only exception is if a broker is brand new, and I'd stay away from those anyways because I'm not going to be the Guinea pig for them. Regulation or not, the info is usually out there.