Offshore forex trading is an option. There are many offshore forex brokers out there. However, one needs to be very careful in regards to the risk of fraud. Many offshore brokers have no regulation at all so in theory they are potentially unsafe.
The big question I hear you ask is: What happens of my offshore forex broker goes bankrupt?. In many cases you will actually end up losing your money. This is certainly not a risk you would want to take. Forex trading in itself is risky enough without having additional risk of broker fraud.
So what can we do to minimize the risk of offshore broker fraud?
There are many things we can do to reduce the risk. Firstly, An important thing to look at is the length of time the broker has been in operation in it’s current form. If an offshore broker has been around for over a decade, this would suggest that the broker is making a consistent broker. However, if a broker is only two months old, then they will have all the risks associated with setting up a forex broker and may be more likely to fail.
Another thing we can do to minmize the risk is to look online for comments and reviews on a broker. If you do this, be sure to look at many different sources because it is not uncommon for competitors to intentionally write bad reviews about a broker in order to try and steal business.
Below are a list of some offshore brokers. Please note that these are provided for informational purposes only and by no means recommended.If you are an experienced ‘FOREX’ Trader or just a beginner looking for the opportunities offered in the ‘FOREX’ market, Forexgen has created ForexGen Academy to give you the chance to get a ‘FOREX’ education and improve your trading skills.
No hard expressions, no buzz words, and no rocket science language are used throughout these lessons.
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