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Registration of Broker

  • #1
  • First Post: Nov 14, 2007 3:47am Nov 14, 2007 3:47am
Hi,

Is't true all broker firm must register under NFA/CFTC?
What about if registered under other jurisdiction?

Thanks & regards
  • #2
  • Nov 14, 2007 6:42am Nov 14, 2007 6:42am
Quoting ladeen
Hi,

Is't true all broker firm must register under NFA/CFTC?
What about if registered under other jurisdiction?

Thanks & regards
Actually, Forex is currently an unregulated market, so any registration with the NFA/CFTC is strictly voluntary right now. However, I'd say that if the broker voluntarily registers then it shows that they're more honest and less likely to cheat their customers than a broker who does not register.

As for other jurisdictions (countries), I understand that Canada requires brokers to get a Securities (Stock Broker's) licence if they accept Canadian clients (so avoid any Canadian-based broker who won't accept Canadian clients), and I've heard that the U.K. keeps a good eye on things, too.

Personally, I would avoid any broker located in East European countries and Russia as corruption seems to be high in those areas, but that's just my opinion.

Hope this helps.

Terry
  • #3
  • Edited Nov 17, 2007 12:11pm Nov 14, 2007 8:09am | Edited Nov 17, 2007 12:11pm
Thank you for the reply.

So in other words, it's not compulsory to register under these body?
What is your opinion with { broker name removed }, I think it's not registered under NFA/CFTC.

Thanks in advanced.

Quoting In2Blues
Actually, Forex is currently an unregulated market, so any registration with the NFA/CFTC is strictly voluntary right now. However, I'd say that if the broker voluntarily registers then it shows that they're more honest and less likely to cheat their customers than a broker who does not register.

As for other jurisdictions (countries), I understand that Canada requires brokers to get a Securities (Stock Broker's) licence if they accept Canadian clients (so avoid any Canadian-based broker who won't accept Canadian clients), and I've heard that the U.K. keeps a good eye on things, too.

Personally, I would avoid any broker located in East European countries and Russia as corruption seems to be high in those areas, but that's just my opinion.

Hope this helps.

Terry
  • #4
  • Last Post: Nov 15, 2007 12:01am Nov 15, 2007 12:01am
Quoting In2Blues
Actually, Forex is currently an unregulated market, so any registration with the NFA/CFTC is strictly voluntary right now. However, I'd say that if the broker voluntarily registers then it shows that they're more honest and less likely to cheat their customers than a broker who does not register.

As for other jurisdictions (countries), I understand that Canada requires brokers to get a Securities (Stock Broker's) licence if they accept Canadian clients (so avoid any Canadian-based broker who won't accept Canadian clients), and I've heard that the U.K. keeps a good eye on things, too.

Personally, I would avoid any broker located in East European countries and Russia as corruption seems to be high in those areas, but that's just my opinion.

Hope this helps.

Terry
At present their is not regulating authority in the forex arena but any one who is getting registered themselves under some authority speaks of their genuineness and they look more honest with their customers.
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