WikiFX APP offers you a safe way to seek a regulated broker

What is regulatory authority in forex industry and a legitimate license？

Regulatory Authority

The regulatory authority is the institution that is responsible for screening and issuing forex broker licenses to qualified entities. They conduct regular monitoring and due diligence to ensure that all members meet their statutory requirements.WikiFX contains information about more than 30 regulatory institutions across the globe.

Legitimate License

• The legitimate license is the business license issued by the financial regulatory institution of each country/region.

• Holding a license means that the broker is recognized and regulated by the regulatory authority, therefore your money is under the protection to some extent.

• Whether a forex brokerage firm holds a legitimate license or not is one of the important factors to evaluate the reliability of forex brokers.

• The content of the regulation and the difficulty of obtaining a license vary with the country and agency issuing the license.

Unregulated brokers vs Regulated brokers

Although we can't guarantee that the Regulated Brokers always make you a profit. But what is certain is that the regulated brokers, as opposed to unregulated brokers, were regulated by local authorities. If you can not withdraw your money from these brokers, you can still hold these brokers accountable through local regulatory authorities.

The unregulated brokers, however, are less reliable. They do not hold a legitimate license, and no one can hold them accountable if things go wrong. Many of them are actually scams designed to lure you into investing and then take your money away fraudulently. Others, if not outright scams, are still unreliable to conduct the business.

The most important difference between unregulated brokers and regulated brokers is that your money is protected under the regulated brokers. No matter if the brokers go out of the business, or if investors make a lot of money, investors still can withdraw money from regulated brokers at any point in time. Investors can report the regulated brokers for withdrawal refusal, no matter what excuses the brokers may have.

How to know if your broker is a Regulated Broker？

Choosing the right broker is significant for your money safety. One way to figure out if a broker is regulated is to visit its website. Or you can find the broker information on WikiFX. WikiFX offers WikiFX that contains details of more than 34,000 global forex brokers, which gives you a huge advantage while seeking the best forex brokers.

How to seek a suitable broker that is regulated？

The good way to choose a regulated broker is to choose the regulator first. traders can select the broker based on the regulator they formerly choose.

1. Download and open the WikiFX APP.

2. On the top-left of the homepage, you can find the “Regulators” button, and click it.

3. Now you can see up to 30 regulatory authorities on WikiFX.

4. Choose your local regulator. For example, if you plan to invest in a UK-based broker, you can press the “UK FCA” button. The Financial Conduct Authority(FCA) is a financial regulatory authority in the United Kingdom. A regulated solid broker in UK should have a legitimate license offered by FCA. WikiFX lists the high-ranking brokers that are regulated by FCA for you.

It is important to note that not all countries have their regulatory institutions. When we seek a broker in an area where there are no regulatory agencies, we should find out if it is regulated by the nearest regulatory agencies.

What if you meet problems when trading with a broker？

It is inevitable for traders to have problems while trading, even if you are trading with a regulated broker. Some problems can not be solved without a third party‘s assistance. WikiFX acts as a facilitator between traders and their brokers. WikiFX’s goal is to protect traders' rights. On WikiFX, the Exposure consists of feedback from traders. A bad track record of brokers can be checked via Exposure. WikiFXs Exposure function helps you get feedback from other traders and remind you of the risks before it starts.

If you want to know more information about the reliability of certain brokers, you can open our website (https://www.WikiFX.com/en). Or you can download the WikiFX APP to find the most trusted broker for yourself. If you have any problems with a broker, please do not hesitate to contact WikiFX. The global customer service of WikiFX is +234-706 777 7762 on WhatsApp. Or you can call +65-31290538. We are willing and ready to help you out.