Hi everyone,
I just found a broker claming very low spreads 0-.5 pips for EURUSD during normal hours, although it's been between .9-1.2 during the past 3 hours I've been running their demo metatrader. (spread changes often on some paris)
My concern is that, they say they are not registered with FCM because they do not do counterparty trades. Will they still be registered with another trade commission? How would a broker that is not registered be regulated? How do I check if they are legit and not a scam?
For the low spreads and no commission they are charging a monthly fee for the trading based on volume instead. Their spreads are lower than my current broker but not as low as advertised.
Besides being really new and not registered, what other warning signs I should I be watching out for?
Thanks for your input,
Alex
I just found a broker claming very low spreads 0-.5 pips for EURUSD during normal hours, although it's been between .9-1.2 during the past 3 hours I've been running their demo metatrader. (spread changes often on some paris)
My concern is that, they say they are not registered with FCM because they do not do counterparty trades. Will they still be registered with another trade commission? How would a broker that is not registered be regulated? How do I check if they are legit and not a scam?
For the low spreads and no commission they are charging a monthly fee for the trading based on volume instead. Their spreads are lower than my current broker but not as low as advertised.
Besides being really new and not registered, what other warning signs I should I be watching out for?
Thanks for your input,
Alex