Unregulated Forex brokers – Can You Even Trade With Them?
The most important part of a forex broker is its license with a local regulator. However, we keep seeing hundreds of unlicensed brokers appear on the market with seemingly thousands of daily active traders.
Why do traders continue to register with unregulated forex brokers? What makes them more attractive than legitimate and licensed brokers?
In this guide, we will discuss the advantages as well as disadvantages of trading with an unregulated forex broker. Although we would not recommend at any given time to trade with such a company, there are still traders that are ready to take the risk. Therefore, we will also provide a list of the most trustworthy brokers that don’t have a license.
There are many reasons why a trader would willingly choose an unlicensed broker as their go-to, all of which we will discuss further below in this guide. But to give a hint as a starting point, most of it has to do with larger trades and much fewer precautions.
Broker of the Month
Discover our best broker for October and start trading today
Best and most trusted forex brokers in October 2023
All the brokers below are available in:
95.5
Points
Used by
100,000+ Traders
Min. Deposit
$100
Bonus
Check Website
Trading Instruments
4,500+
Trading instruments, or securities, are the various market types you can trade. Examples include CFDs, stocks, currencies, metals, and commodity futures.
Type of Brokers
Market Maker/DMA
Trading Platforms
MT4
Platform for trading Forex, analysing financial markets and using expert advisors.
Trading instruments, or securities, are the various market types you can trade. Examples include CFDs, stocks, currencies, metals, and commodity futures.
Type of Brokers
Market Maker
Trading Platforms
MT4
Platform for trading Forex, analysing financial markets and using expert advisors.
Trading instruments, or securities, are the various market types you can trade. Examples include CFDs, stocks, currencies, metals, and commodity futures.
Type of Brokers
Market Maker
Trading Platforms
MT4
Platform for trading Forex, analysing financial markets and using expert advisors.
Trading instruments, or securities, are the various market types you can trade. Examples include CFDs, stocks, currencies, metals, and commodity futures.
Type of Brokers
Market Maker/ECN
Trading Platforms
MT4
Platform for trading Forex, analysing financial markets and using expert advisors.
MT5
Multi-asset platform for trading Forex and CFDs.
Mobile App
WebTrader
Trade online without downloading any software.
Deposit Methods
Bank transfer, Visa, MasterCard, Skrill, Neteller, FasaPay and more
Trading instruments, or securities, are the various market types you can trade. Examples include CFDs, stocks, currencies, metals, and commodity futures.
Type of Brokers
Market Maker
Trading Platforms
MT4
Platform for trading Forex, analysing financial markets and using expert advisors.
MT5
Multi-asset platform for trading Forex and CFDs.
Mobile App
WebTrader
Trade online without downloading any software.
Deposit Methods
Bank transfer, Visa, MasterCard, Skrill, Neteller, PayPal, Union Pay, WebMoney and more
Trading instruments, or securities, are the various market types you can trade. Examples include CFDs, stocks, currencies, metals, and commodity futures.
Type of Brokers
STP/ECN/DMA
Trading Platforms
MT4
Platform for trading Forex, analysing financial markets and using expert advisors.
MT5
Multi-asset platform for trading Forex and CFDs.
Mobile App
WebTrader
Trade online without downloading any software.
Deposit Methods
Bank transfer, Visa, MasterCard, Skrill, Neteller, PayPal and more
Trading instruments, or securities, are the various market types you can trade. Examples include CFDs, stocks, currencies, metals, and commodity futures.
Type of Brokers
Market Maker/DMA
Trading Platforms
MT4
Platform for trading Forex, analysing financial markets and using expert advisors.
Trading instruments, or securities, are the various market types you can trade. Examples include CFDs, stocks, currencies, metals, and commodity futures.
Type of Brokers
Market Maker
Trading Platforms
MT4
Platform for trading Forex, analysing financial markets and using expert advisors.
MT5
Multi-asset platform for trading Forex and CFDs.
Mobile App
WebTrader
Trade online without downloading any software.
Deposit Methods
Bank transfer, Visa, MasterCard, Neteller, Skrill, WebMoney
Trading instruments, or securities, are the various market types you can trade. Examples include CFDs, stocks, currencies, metals, and commodity futures.
Type of Brokers
Market Maker
Trading Platforms
MT4
Platform for trading Forex, analysing financial markets and using expert advisors.
MT5
Multi-asset platform for trading Forex and CFDs.
Mobile App
WebTrader
Trade online without downloading any software.
Deposit Methods
Bank transfer, Visa, MasterCard, Skrill, Neteller, FasaPay, American Express, Union Pay and more
Trading instruments, or securities, are the various market types you can trade. Examples include CFDs, stocks, currencies, metals, and commodity futures.
Type of Brokers
STP/ECN
Trading Platforms
MT4
Platform for trading Forex, analysing financial markets and using expert advisors.
MT5
Multi-asset platform for trading Forex and CFDs.
Mobile App
WebTrader
Trade online without downloading any software.
Private
Deposit Methods
Bank transfer, Visa, Skrill, Neteller, PerfectMoney, bitwallet
Trading instruments, or securities, are the various market types you can trade. Examples include CFDs, stocks, currencies, metals, and commodity futures.
Type of Brokers
Market Maker/ECN
Trading Platforms
MT4
Platform for trading Forex, analysing financial markets and using expert advisors.
MT5
Multi-asset platform for trading Forex and CFDs.
Mobile App
WebTrader
Trade online without downloading any software.
Deposit Methods
Bank transfer, Visa, MasterCard, Skrill, Neteller, FasaPay and more
Trading instruments, or securities, are the various market types you can trade. Examples include CFDs, stocks, currencies, metals, and commodity futures.
Type of Brokers
Market Maker
Trading Platforms
MT4
Platform for trading Forex, analysing financial markets and using expert advisors.
MT5
Multi-asset platform for trading Forex and CFDs.
Mobile App
WebTrader
Trade online without downloading any software.
Deposit Methods
Bank transfer, Visa, MasterCard, Skrill, Neteller, PayPal, Union Pay, WebMoney and more
Trading instruments, or securities, are the various market types you can trade. Examples include CFDs, stocks, currencies, metals, and commodity futures.
Type of Brokers
STP/ECN/DMA
Trading Platforms
MT4
Platform for trading Forex, analysing financial markets and using expert advisors.
MT5
Multi-asset platform for trading Forex and CFDs.
Mobile App
WebTrader
Trade online without downloading any software.
Deposit Methods
Bank transfer, Visa, MasterCard, Skrill, Neteller, PayPal and more
Trading instruments, or securities, are the various market types you can trade. Examples include CFDs, stocks, currencies, metals, and commodity futures.
Type of Brokers
STP/ECN
Trading Platforms
MT4
Platform for trading Forex, analysing financial markets and using expert advisors.
MT5
Multi-asset platform for trading Forex and CFDs.
Mobile App
WebTrader
Trade online without downloading any software.
Private
Deposit Methods
Bank transfer, Visa, Skrill, Neteller, PerfectMoney, bitwallet
Trading instruments, or securities, are the various market types you can trade. Examples include CFDs, stocks, currencies, metals, and commodity futures.
Type of Brokers
Market Maker
Trading Platforms
MT4
Platform for trading Forex, analysing financial markets and using expert advisors.
MT5
Multi-asset platform for trading Forex and CFDs.
Mobile App
WebTrader
Trade online without downloading any software.
Deposit Methods
Bank transfer, Visa, Mastercard, Neteller, Skrill, Bitcoin, Sofort and more
Trading instruments, or securities, are the various market types you can trade. Examples include CFDs, stocks, currencies, metals, and commodity futures.
Type of Brokers
STP/ECN
Trading Platforms
MT4
Platform for trading Forex, analysing financial markets and using expert advisors.
MT5
Multi-asset platform for trading Forex and CFDs.
Mobile App
WebTrader
Trade online without downloading any software.
Deposit Methods
Bank transfer, Visa, Mastercard, Skrill, Netseller, Sofort
Trading instruments, or securities, are the various market types you can trade. Examples include CFDs, stocks, currencies, metals, and commodity futures.
Type of Brokers
Market Maker
Trading Platforms
MT4
Platform for trading Forex, analysing financial markets and using expert advisors.
MT5
Multi-asset platform for trading Forex and CFDs.
Mobile App
WebTrader
Trade online without downloading any software.
Deposit Methods
Bank transfer, Visa, MasterCard, Neteller, Skrill, WebMoney
Trading instruments, or securities, are the various market types you can trade. Examples include CFDs, stocks, currencies, metals, and commodity futures.
Type of Brokers
ECN Broker
Trading Platforms
MT4
Platform for trading Forex, analysing financial markets and using expert advisors.
Trading instruments, or securities, are the various market types you can trade. Examples include CFDs, stocks, currencies, metals, and commodity futures.
Type of Brokers
Market Maker
Trading Platforms
MT4
Platform for trading Forex, analysing financial markets and using expert advisors.
MT5
Multi-asset platform for trading Forex and CFDs.
Mobile App
WebTrader
Trade online without downloading any software.
Deposit Methods
Bank transfer, Visa, MasterCard, Skrill, Neteller, FasaPay, American Express, Union Pay and more
Trading instruments, or securities, are the various market types you can trade. Examples include CFDs, stocks, currencies, metals, and commodity futures.
Type of Brokers
Market Maker/ECN
Trading Platforms
MT4
Platform for trading Forex, analysing financial markets and using expert advisors.
MT5
Multi-asset platform for trading Forex and CFDs.
Mobile App
WebTrader
Trade online without downloading any software.
Deposit Methods
Bank transfer, Visa, MasterCard, Skrill, Neteller, FasaPay and more
Trading instruments, or securities, are the various market types you can trade. Examples include CFDs, stocks, currencies, metals, and commodity futures.
Type of Brokers
Market Maker
Trading Platforms
MT4
Platform for trading Forex, analysing financial markets and using expert advisors.
MT5
Multi-asset platform for trading Forex and CFDs.
Mobile App
WebTrader
Trade online without downloading any software.
Deposit Methods
Bank transfer, Visa, MasterCard, Neteller, Skrill, WebMoney
Trading instruments, or securities, are the various market types you can trade. Examples include CFDs, stocks, currencies, metals, and commodity futures.
Type of Brokers
Market Maker
Trading Platforms
MT4
Platform for trading Forex, analysing financial markets and using expert advisors.
MT5
Multi-asset platform for trading Forex and CFDs.
Mobile App
WebTrader
Trade online without downloading any software.
Deposit Methods
Bank transfer, Visa, MasterCard, Skrill, Neteller, PayPal, Union Pay, WebMoney and more
Trading instruments, or securities, are the various market types you can trade. Examples include CFDs, stocks, currencies, metals, and commodity futures.
Type of Brokers
STP/ECN
Trading Platforms
MT4
Platform for trading Forex, analysing financial markets and using expert advisors.
MT5
Multi-asset platform for trading Forex and CFDs.
Mobile App
WebTrader
Trade online without downloading any software.
Private
Deposit Methods
Bank transfer, Visa, Skrill, Neteller, PerfectMoney, bitwallet
Trading instruments, or securities, are the various market types you can trade. Examples include CFDs, stocks, currencies, metals, and commodity futures.
Type of Brokers
STP/ECN/DMA
Trading Platforms
MT4
Platform for trading Forex, analysing financial markets and using expert advisors.
MT5
Multi-asset platform for trading Forex and CFDs.
Mobile App
WebTrader
Trade online without downloading any software.
Deposit Methods
Bank transfer, Visa, MasterCard, Skrill, Neteller, PayPal and more
Trading instruments, or securities, are the various market types you can trade. Examples include CFDs, stocks, currencies, metals, and commodity futures.
Type of Brokers
ECN Broker
Trading Platforms
MT4
Platform for trading Forex, analysing financial markets and using expert advisors.
Trading instruments, or securities, are the various market types you can trade. Examples include CFDs, stocks, currencies, metals, and commodity futures.
Type of Brokers
ECN
Trading Platforms
MT4
Platform for trading Forex, analysing financial markets and using expert advisors.
MT5
Multi-asset platform for trading Forex and CFDs.
Mobile App
WebTrader
Trade online without downloading any software.
Private
Deposit Methods
Bank transfer, Visa, MasterCard, Skrill, Neteller, E-Wallets and more
Trading instruments, or securities, are the various market types you can trade. Examples include CFDs, stocks, currencies, metals, and commodity futures.
Type of Brokers
STP/ECN
Trading Platforms
MT4
Platform for trading Forex, analysing financial markets and using expert advisors.
Trading instruments, or securities, are the various market types you can trade. Examples include CFDs, stocks, currencies, metals, and commodity futures.
Type of Brokers
Market Maker/ECN
Trading Platforms
MT4
Platform for trading Forex, analysing financial markets and using expert advisors.
MT5
Multi-asset platform for trading Forex and CFDs.
Mobile App
WebTrader
Trade online without downloading any software.
Deposit Methods
Bank transfer, Visa, MasterCard, Skrill, Neteller, FasaPay and more
Trading instruments, or securities, are the various market types you can trade. Examples include CFDs, stocks, currencies, metals, and commodity futures.
Type of Brokers
Market Maker
Trading Platforms
MT4
Platform for trading Forex, analysing financial markets and using expert advisors.
MT5
Multi-asset platform for trading Forex and CFDs.
Mobile App
WebTrader
Trade online without downloading any software.
Deposit Methods
Bank transfer, Visa, MasterCard, Neteller, Skrill, WebMoney
Trading instruments, or securities, are the various market types you can trade. Examples include CFDs, stocks, currencies, metals, and commodity futures.
Type of Brokers
STP/ECN/DMA
Trading Platforms
MT4
Platform for trading Forex, analysing financial markets and using expert advisors.
MT5
Multi-asset platform for trading Forex and CFDs.
Mobile App
WebTrader
Trade online without downloading any software.
Deposit Methods
Bank transfer, Visa, MasterCard, Skrill, Neteller, PayPal and more
Trading instruments, or securities, are the various market types you can trade. Examples include CFDs, stocks, currencies, metals, and commodity futures.
Type of Brokers
STP/ECN
Trading Platforms
MT4
Platform for trading Forex, analysing financial markets and using expert advisors.
MT5
Multi-asset platform for trading Forex and CFDs.
Mobile App
WebTrader
Trade online without downloading any software.
Private
Deposit Methods
Bank transfer, Visa, MasterCard, Skrill, Neteller, FasaPay and more
Trading instruments, or securities, are the various market types you can trade. Examples include CFDs, stocks, currencies, metals, and commodity futures.
Type of Brokers
Market Maker
Trading Platforms
MT4
Platform for trading Forex, analysing financial markets and using expert advisors.
MT5
Multi-asset platform for trading Forex and CFDs.
Mobile App
WebTrader
Trade online without downloading any software.
Deposit Methods
Bank transfer, Visa, Mastercard, Neteller, Skrill, Bitcoin, Sofort and more
Trading instruments, or securities, are the various market types you can trade. Examples include CFDs, stocks, currencies, metals, and commodity futures.
Type of Brokers
STP/ECN
Trading Platforms
MT4
Platform for trading Forex, analysing financial markets and using expert advisors.
MT5
Multi-asset platform for trading Forex and CFDs.
Mobile App
WebTrader
Trade online without downloading any software.
Private
Deposit Methods
Bank transfer, Visa, Skrill, Neteller, PerfectMoney, bitwallet
Trading instruments, or securities, are the various market types you can trade. Examples include CFDs, stocks, currencies, metals, and commodity futures.
Type of Brokers
ECN Broker
Trading Platforms
MT4
Platform for trading Forex, analysing financial markets and using expert advisors.
Trading instruments, or securities, are the various market types you can trade. Examples include CFDs, stocks, currencies, metals, and commodity futures.
Type of Brokers
Market Maker/ECN
Trading Platforms
MT4
Platform for trading Forex, analysing financial markets and using expert advisors.
MT5
Multi-asset platform for trading Forex and CFDs.
Mobile App
WebTrader
Trade online without downloading any software.
Deposit Methods
Bank transfer, Visa, MasterCard, Skrill, Neteller, FasaPay and more
Trading instruments, or securities, are the various market types you can trade. Examples include CFDs, stocks, currencies, metals, and commodity futures.
Type of Brokers
Market Maker
Trading Platforms
MT4
Platform for trading Forex, analysing financial markets and using expert advisors.
MT5
Multi-asset platform for trading Forex and CFDs.
Mobile App
WebTrader
Trade online without downloading any software.
Deposit Methods
Bank transfer, Visa, MasterCard, Neteller, Skrill, WebMoney
Trading instruments, or securities, are the various market types you can trade. Examples include CFDs, stocks, currencies, metals, and commodity futures.
Type of Brokers
Market Maker
Trading Platforms
MT4
Platform for trading Forex, analysing financial markets and using expert advisors.
MT5
Multi-asset platform for trading Forex and CFDs.
Mobile App
WebTrader
Trade online without downloading any software.
Deposit Methods
Bank transfer, Visa, MasterCard, Skrill, Neteller, PayPal, Union Pay, WebMoney and more
Trading instruments, or securities, are the various market types you can trade. Examples include CFDs, stocks, currencies, metals, and commodity futures.
Type of Brokers
Market Maker
Trading Platforms
MT4
Platform for trading Forex, analysing financial markets and using expert advisors.
MT5
Multi-asset platform for trading Forex and CFDs.
Mobile App
WebTrader
Trade online without downloading any software.
Deposit Methods
Bank transfer, Visa, Mastercard, Neteller, Skrill, Bitcoin, Sofort and more
Trading instruments, or securities, are the various market types you can trade. Examples include CFDs, stocks, currencies, metals, and commodity futures.
Type of Brokers
STP/ECN
Trading Platforms
MT4
Platform for trading Forex, analysing financial markets and using expert advisors.
MT5
Multi-asset platform for trading Forex and CFDs.
Mobile App
WebTrader
Trade online without downloading any software.
Deposit Methods
Bank transfer, Visa, Mastercard, Skrill, Netseller, Sofort
Trading instruments, or securities, are the various market types you can trade. Examples include CFDs, stocks, currencies, metals, and commodity futures.
Type of Brokers
STP/NDD
Trading Platforms
MT4
Platform for trading Forex, analysing financial markets and using expert advisors.
MT5
Multi-asset platform for trading Forex and CFDs.
Mobile App
WebTrader
Trade online without downloading any software.
Deposit Methods
Bank transfer, Visa, Skrill, Neteller, BitPay, VLoan and more
Trading instruments, or securities, are the various market types you can trade. Examples include CFDs, stocks, currencies, metals, and commodity futures.
Type of Brokers
ECN Broker
Trading Platforms
MT4
Platform for trading Forex, analysing financial markets and using expert advisors.
Trading instruments, or securities, are the various market types you can trade. Examples include CFDs, stocks, currencies, metals, and commodity futures.
Type of Brokers
Market Maker
Trading Platforms
MT4
Platform for trading Forex, analysing financial markets and using expert advisors.
MT5
Multi-asset platform for trading Forex and CFDs.
Mobile App
WebTrader
Trade online without downloading any software.
Deposit Methods
Bank transfer, Visa, MasterCard, Skrill, Neteller, FasaPay, American Express, Union Pay and more
Trading instruments, or securities, are the various market types you can trade. Examples include CFDs, stocks, currencies, metals, and commodity futures.
Type of Brokers
STP/ECN
Trading Platforms
MT4
Platform for trading Forex, analysing financial markets and using expert advisors.
MT5
Multi-asset platform for trading Forex and CFDs.
Mobile App
WebTrader
Trade online without downloading any software.
Private
Deposit Methods
Bank transfer, Visa, Skrill, Neteller, PerfectMoney, bitwallet
Best and most trusted forex brokers in October 2023
All the brokers below are available in:
96
Points
Used by
Traders
Min. Deposit
$10000
Bonus
N/A
Trading Instruments
150+
Trading instruments, or securities, are the various market types you can trade. Examples include CFDs, stocks, currencies, metals, and commodity futures.
Type of Brokers
Market Maker
Trading Platforms
MT4
Platform for trading Forex, analysing financial markets and using expert advisors.
Trading instruments, or securities, are the various market types you can trade. Examples include CFDs, stocks, currencies, metals, and commodity futures.
Type of Brokers
Market Maker
Trading Platforms
MT4
Platform for trading Forex, analysing financial markets and using expert advisors.
MT5
Multi-asset platform for trading Forex and CFDs.
Mobile App
WebTrader
Trade online without downloading any software.
Deposit Methods
Bank transfer, Visa, MasterCard, Skrill, Neteller, PayPal, Union Pay, WebMoney and more
Trading instruments, or securities, are the various market types you can trade. Examples include CFDs, stocks, currencies, metals, and commodity futures.
Type of Brokers
Market Maker
Trading Platforms
MT4
Platform for trading Forex, analysing financial markets and using expert advisors.
MT5
Multi-asset platform for trading Forex and CFDs.
Mobile App
WebTrader
Trade online without downloading any software.
Deposit Methods
Bank transfer, Visa, Mastercard, Neteller, Skrill, Bitcoin, Sofort and more
Trading instruments, or securities, are the various market types you can trade. Examples include CFDs, stocks, currencies, metals, and commodity futures.
Type of Brokers
STP/ECN
Trading Platforms
MT4
Platform for trading Forex, analysing financial markets and using expert advisors.
MT5
Multi-asset platform for trading Forex and CFDs.
Mobile App
WebTrader
Trade online without downloading any software.
Deposit Methods
Bank transfer, Visa, Mastercard, Skrill, Netseller, Sofort
Trading instruments, or securities, are the various market types you can trade. Examples include CFDs, stocks, currencies, metals, and commodity futures.
Type of Brokers
ECN Broker
Trading Platforms
MT4
Platform for trading Forex, analysing financial markets and using expert advisors.
Trading instruments, or securities, are the various market types you can trade. Examples include CFDs, stocks, currencies, metals, and commodity futures.
Type of Brokers
Market Maker
Trading Platforms
MT4
Platform for trading Forex, analysing financial markets and using expert advisors.
MT5
Multi-asset platform for trading Forex and CFDs.
Mobile App
WebTrader
Trade online without downloading any software.
Deposit Methods
Bank transfer, Visa, MasterCard, Neteller, Skrill, WebMoney
Trading instruments, or securities, are the various market types you can trade. Examples include CFDs, stocks, currencies, metals, and commodity futures.
Type of Brokers
STP/ECN/DMA
Trading Platforms
MT4
Platform for trading Forex, analysing financial markets and using expert advisors.
MT5
Multi-asset platform for trading Forex and CFDs.
Mobile App
WebTrader
Trade online without downloading any software.
Deposit Methods
Bank transfer, Visa, MasterCard, Skrill, Neteller, PayPal and more
Trading instruments, or securities, are the various market types you can trade. Examples include CFDs, stocks, currencies, metals, and commodity futures.
Type of Brokers
Market Maker
Trading Platforms
MT4
Platform for trading Forex, analysing financial markets and using expert advisors.
MT5
Multi-asset platform for trading Forex and CFDs.
Mobile App
WebTrader
Trade online without downloading any software.
Deposit Methods
Bank transfer, Visa, MasterCard, Skrill, Neteller, FasaPay, American Express, Union Pay and more
Trading instruments, or securities, are the various market types you can trade. Examples include CFDs, stocks, currencies, metals, and commodity futures.
Type of Brokers
STP/ECN
Trading Platforms
MT4
Platform for trading Forex, analysing financial markets and using expert advisors.
MT5
Multi-asset platform for trading Forex and CFDs.
Mobile App
WebTrader
Trade online without downloading any software.
Private
Deposit Methods
Bank transfer, Visa, Skrill, Neteller, PerfectMoney, bitwallet
Trading instruments, or securities, are the various market types you can trade. Examples include CFDs, stocks, currencies, metals, and commodity futures.
Type of Brokers
Market Maker/ECN
Trading Platforms
MT4
Platform for trading Forex, analysing financial markets and using expert advisors.
MT5
Multi-asset platform for trading Forex and CFDs.
Mobile App
WebTrader
Trade online without downloading any software.
Deposit Methods
Bank transfer, Visa, MasterCard, Skrill, Neteller, FasaPay and more
Trading instruments, or securities, are the various market types you can trade. Examples include CFDs, stocks, currencies, metals, and commodity futures.
Type of Brokers
Market Maker
Trading Platforms
MT4
Platform for trading Forex, analysing financial markets and using expert advisors.
MT5
Multi-asset platform for trading Forex and CFDs.
Mobile App
WebTrader
Trade online without downloading any software.
Deposit Methods
Bank transfer, Visa, MasterCard, Skrill, Neteller, PayPal, Union Pay, WebMoney and more
Trading instruments, or securities, are the various market types you can trade. Examples include CFDs, stocks, currencies, metals, and commodity futures.
Type of Brokers
STP/ECN
Trading Platforms
MT4
Platform for trading Forex, analysing financial markets and using expert advisors.
MT5
Multi-asset platform for trading Forex and CFDs.
Mobile App
WebTrader
Trade online without downloading any software.
Deposit Methods
Bank transfer, Visa, Mastercard, Skrill, Netseller, Sofort
Trading instruments, or securities, are the various market types you can trade. Examples include CFDs, stocks, currencies, metals, and commodity futures.
Type of Brokers
Market Maker
Trading Platforms
MT4
Platform for trading Forex, analysing financial markets and using expert advisors.
MT5
Multi-asset platform for trading Forex and CFDs.
Mobile App
WebTrader
Trade online without downloading any software.
Deposit Methods
Bank transfer, Visa, Mastercard, Neteller, Skrill, Bitcoin, Sofort and more
Trading instruments, or securities, are the various market types you can trade. Examples include CFDs, stocks, currencies, metals, and commodity futures.
Type of Brokers
Market Maker
Trading Platforms
MT4
Platform for trading Forex, analysing financial markets and using expert advisors.
MT5
Multi-asset platform for trading Forex and CFDs.
Mobile App
WebTrader
Trade online without downloading any software.
Deposit Methods
Bank transfer, Visa, MasterCard, Skrill, Neteller, FasaPay, American Express, Union Pay and more
Trading instruments, or securities, are the various market types you can trade. Examples include CFDs, stocks, currencies, metals, and commodity futures.
Type of Brokers
Market Maker
Trading Platforms
MT4
Platform for trading Forex, analysing financial markets and using expert advisors.
MT5
Multi-asset platform for trading Forex and CFDs.
Mobile App
WebTrader
Trade online without downloading any software.
Deposit Methods
Bank transfer, Visa, MasterCard, Neteller, Skrill, WebMoney
Trading instruments, or securities, are the various market types you can trade. Examples include CFDs, stocks, currencies, metals, and commodity futures.
Type of Brokers
STP/ECN
Trading Platforms
MT4
Platform for trading Forex, analysing financial markets and using expert advisors.
MT5
Multi-asset platform for trading Forex and CFDs.
Mobile App
WebTrader
Trade online without downloading any software.
Private
Deposit Methods
Bank transfer, Visa, Skrill, Neteller, PerfectMoney, bitwallet
Trading instruments, or securities, are the various market types you can trade. Examples include CFDs, stocks, currencies, metals, and commodity futures.
Type of Brokers
ECN Broker
Trading Platforms
MT4
Platform for trading Forex, analysing financial markets and using expert advisors.
Trading instruments, or securities, are the various market types you can trade. Examples include CFDs, stocks, currencies, metals, and commodity futures.
Type of Brokers
Market Maker/ECN
Trading Platforms
MT4
Platform for trading Forex, analysing financial markets and using expert advisors.
MT5
Multi-asset platform for trading Forex and CFDs.
Mobile App
WebTrader
Trade online without downloading any software.
Deposit Methods
Bank transfer, Visa, MasterCard, Skrill, Neteller, FasaPay and more
Trading instruments, or securities, are the various market types you can trade. Examples include CFDs, stocks, currencies, metals, and commodity futures.
Type of Brokers
Market Maker
Trading Platforms
MT4
Platform for trading Forex, analysing financial markets and using expert advisors.
MT5
Multi-asset platform for trading Forex and CFDs.
Mobile App
WebTrader
Trade online without downloading any software.
Deposit Methods
Bank transfer, Visa, MasterCard, Neteller, Skrill, WebMoney
Trading instruments, or securities, are the various market types you can trade. Examples include CFDs, stocks, currencies, metals, and commodity futures.
Type of Brokers
Market Maker
Trading Platforms
MT4
Platform for trading Forex, analysing financial markets and using expert advisors.
MT5
Multi-asset platform for trading Forex and CFDs.
Mobile App
WebTrader
Trade online without downloading any software.
Deposit Methods
Bank transfer, Visa, Mastercard, Neteller, Skrill, Bitcoin, Sofort and more
Trading instruments, or securities, are the various market types you can trade. Examples include CFDs, stocks, currencies, metals, and commodity futures.
Type of Brokers
STP/ECN
Trading Platforms
MT4
Platform for trading Forex, analysing financial markets and using expert advisors.
MT5
Multi-asset platform for trading Forex and CFDs.
Mobile App
WebTrader
Trade online without downloading any software.
Deposit Methods
Bank transfer, Visa, Mastercard, Skrill, Netseller, Sofort
Trading instruments, or securities, are the various market types you can trade. Examples include CFDs, stocks, currencies, metals, and commodity futures.
Type of Brokers
STP/ECN
Trading Platforms
MT4
Platform for trading Forex, analysing financial markets and using expert advisors.
MT5
Multi-asset platform for trading Forex and CFDs.
Mobile App
WebTrader
Trade online without downloading any software.
Private
Deposit Methods
Bank transfer, Visa, Skrill, Neteller, PerfectMoney, bitwallet
Trading instruments, or securities, are the various market types you can trade. Examples include CFDs, stocks, currencies, metals, and commodity futures.
Type of Brokers
ECN Broker
Trading Platforms
MT4
Platform for trading Forex, analysing financial markets and using expert advisors.
Trading instruments, or securities, are the various market types you can trade. Examples include CFDs, stocks, currencies, metals, and commodity futures.
Type of Brokers
Market Maker
Trading Platforms
MT4
Platform for trading Forex, analysing financial markets and using expert advisors.
MT5
Multi-asset platform for trading Forex and CFDs.
Mobile App
WebTrader
Trade online without downloading any software.
Deposit Methods
Bank transfer, Visa, MasterCard, Skrill, Neteller, PayPal, Union Pay, WebMoney and more
Trading instruments, or securities, are the various market types you can trade. Examples include CFDs, stocks, currencies, metals, and commodity futures.
Type of Brokers
STP/ECN/DMA
Trading Platforms
MT4
Platform for trading Forex, analysing financial markets and using expert advisors.
MT5
Multi-asset platform for trading Forex and CFDs.
Mobile App
WebTrader
Trade online without downloading any software.
Deposit Methods
Bank transfer, Visa, MasterCard, Skrill, Neteller, PayPal and more
Trading instruments, or securities, are the various market types you can trade. Examples include CFDs, stocks, currencies, metals, and commodity futures.
Type of Brokers
Market Maker/ECN
Trading Platforms
MT4
Platform for trading Forex, analysing financial markets and using expert advisors.
MT5
Multi-asset platform for trading Forex and CFDs.
Mobile App
WebTrader
Trade online without downloading any software.
Deposit Methods
Bank transfer, Visa, MasterCard, Skrill, Neteller, FasaPay and more
Trading instruments, or securities, are the various market types you can trade. Examples include CFDs, stocks, currencies, metals, and commodity futures.
Type of Brokers
Market Maker
Trading Platforms
MT4
Platform for trading Forex, analysing financial markets and using expert advisors.
MT5
Multi-asset platform for trading Forex and CFDs.
Mobile App
WebTrader
Trade online without downloading any software.
Deposit Methods
Bank transfer, Visa, Mastercard, Neteller, Skrill, Bitcoin, Sofort and more
Trading instruments, or securities, are the various market types you can trade. Examples include CFDs, stocks, currencies, metals, and commodity futures.
Type of Brokers
STP/ECN
Trading Platforms
MT4
Platform for trading Forex, analysing financial markets and using expert advisors.
MT5
Multi-asset platform for trading Forex and CFDs.
Mobile App
WebTrader
Trade online without downloading any software.
Deposit Methods
Bank transfer, Visa, Mastercard, Skrill, Netseller, Sofort
Trading instruments, or securities, are the various market types you can trade. Examples include CFDs, stocks, currencies, metals, and commodity futures.
Type of Brokers
Market Maker
Trading Platforms
MT4
Platform for trading Forex, analysing financial markets and using expert advisors.
MT5
Multi-asset platform for trading Forex and CFDs.
Mobile App
WebTrader
Trade online without downloading any software.
Deposit Methods
Bank transfer, Visa, MasterCard, Skrill, Neteller, PayPal, Union Pay, WebMoney and more
Trading instruments, or securities, are the various market types you can trade. Examples include CFDs, stocks, currencies, metals, and commodity futures.
Type of Brokers
STP/ECN
Trading Platforms
MT4
Platform for trading Forex, analysing financial markets and using expert advisors.
MT5
Multi-asset platform for trading Forex and CFDs.
Mobile App
WebTrader
Trade online without downloading any software.
Private
Deposit Methods
Bank transfer, Visa, Skrill, Neteller, PerfectMoney, bitwallet
Trading instruments, or securities, are the various market types you can trade. Examples include CFDs, stocks, currencies, metals, and commodity futures.
Type of Brokers
ECN
Trading Platforms
MT4
Platform for trading Forex, analysing financial markets and using expert advisors.
MT5
Multi-asset platform for trading Forex and CFDs.
Mobile App
WebTrader
Trade online without downloading any software.
Private
Deposit Methods
Bank transfer, Visa, MasterCard, Skrill, Neteller, E-Wallets and more
Trading instruments, or securities, are the various market types you can trade. Examples include CFDs, stocks, currencies, metals, and commodity futures.
Type of Brokers
Market Maker/ECN
Trading Platforms
MT4
Platform for trading Forex, analysing financial markets and using expert advisors.
MT5
Multi-asset platform for trading Forex and CFDs.
Mobile App
WebTrader
Trade online without downloading any software.
Deposit Methods
Bank transfer, Visa, MasterCard, Skrill, Neteller, FasaPay and more
Trading instruments, or securities, are the various market types you can trade. Examples include CFDs, stocks, currencies, metals, and commodity futures.
Type of Brokers
Market Maker
Trading Platforms
MT4
Platform for trading Forex, analysing financial markets and using expert advisors.
MT5
Multi-asset platform for trading Forex and CFDs.
Mobile App
WebTrader
Trade online without downloading any software.
Deposit Methods
Bank transfer, Visa, MasterCard, Skrill, Neteller, PayPal, Union Pay, WebMoney and more
Trading instruments, or securities, are the various market types you can trade. Examples include CFDs, stocks, currencies, metals, and commodity futures.
Type of Brokers
Market Maker
Trading Platforms
MT4
Platform for trading Forex, analysing financial markets and using expert advisors.
MT5
Multi-asset platform for trading Forex and CFDs.
Mobile App
WebTrader
Trade online without downloading any software.
Deposit Methods
Bank transfer, Visa, Mastercard, Neteller, Skrill, Bitcoin, Sofort and more
Trading instruments, or securities, are the various market types you can trade. Examples include CFDs, stocks, currencies, metals, and commodity futures.
Type of Brokers
Market Maker
Trading Platforms
MT4
Platform for trading Forex, analysing financial markets and using expert advisors.
MT5
Multi-asset platform for trading Forex and CFDs.
Mobile App
WebTrader
Trade online without downloading any software.
Deposit Methods
Bank transfer, Visa, MasterCard, Neteller, Skrill, WebMoney
Trading instruments, or securities, are the various market types you can trade. Examples include CFDs, stocks, currencies, metals, and commodity futures.
Type of Brokers
STP/ECN
Trading Platforms
MT4
Platform for trading Forex, analysing financial markets and using expert advisors.
MT5
Multi-asset platform for trading Forex and CFDs.
Mobile App
WebTrader
Trade online without downloading any software.
Deposit Methods
Bank transfer, Visa, Mastercard, Skrill, Netseller, Sofort
Trading instruments, or securities, are the various market types you can trade. Examples include CFDs, stocks, currencies, metals, and commodity futures.
Type of Brokers
STP/ECN
Trading Platforms
MT4
Platform for trading Forex, analysing financial markets and using expert advisors.
MT5
Multi-asset platform for trading Forex and CFDs.
Mobile App
WebTrader
Trade online without downloading any software.
Private
Deposit Methods
Bank transfer, Visa, Skrill, Neteller, PerfectMoney, bitwallet
Trading instruments, or securities, are the various market types you can trade. Examples include CFDs, stocks, currencies, metals, and commodity futures.
Type of Brokers
Market Maker
Trading Platforms
MT4
Platform for trading Forex, analysing financial markets and using expert advisors.
MT5
Multi-asset platform for trading Forex and CFDs.
Mobile App
WebTrader
Trade online without downloading any software.
Deposit Methods
Bank transfer, Visa, MasterCard, Skrill, Neteller, FasaPay, American Express, Union Pay and more
Trading instruments, or securities, are the various market types you can trade. Examples include CFDs, stocks, currencies, metals, and commodity futures.
Type of Brokers
ECN Broker
Trading Platforms
MT4
Platform for trading Forex, analysing financial markets and using expert advisors.
The biggest reason why unregulated Forex brokers avoid licensesis that they want to reduce the operational costs to generate more profits. On top of that, usually, the regulatory bodies set the leverage ratio limits which is not a profitable option for most of the companies in the industry. Therefore, they choose to be unregulated to get more users based on that lack of control.
Besides, sometimes when the broker companies are just being established, they choose to avoid the costs that the regulatory bodies charge for their authorizations. Regulation sometimes costs more than a million dollars, so it is not surprising that a lot of companies want to avoid paying this huge amount upfront.
Without government agencies breathing down their necks, Forex brokers without a license have more opportunities for offering services regulated brokers cannot. For example large bonuses, much lower minimal margins, etc. Basically, anything that would somehow expose the traders to larger risks. This makes an incentive for them to avoid getting a license to have unlimited possibilities and to be able to offer a lot more trading opportunities to their customers.
However, it does not mean that every Forex broker that does not have authorization has a legitimate reason for it. Numerous broker companies are called Forex scams. They take advantage of investors, by offering amazing features on their platforms, just to bail on them once the deposit has been made. Because of these companies alone, all FX traders around the globe are recommended to steer clear of them as much as possible.
Why You Should Go For Regulated Forex Brokers
As we have already mentioned, choosing the right broker is probably the most important decision a trader can make while trading in the foreign exchange market. There are a lot of things that a good broker can impact including the most essential – final payouts.
A regulated Forex broker means the company is registered with a financial institution of their own country and they have to follow their written laws and regulations. Through a license, you basically get the recommendation and a “go-ahead” by the country’s most important financial experts. Any broker that has a license has any Forex trade scam concerns immediately erased.
Another noticeable feature is that the Forex Investors who select a regulated broker company will receive financial compensation in case the firm goes bankrupt. Besides, when the company has to comply with the regulations set by the financial regulator the Forex traders have a sense of safety as they know that their financial protection is guaranteed.
There are cases when people choose forex brokers without a license because they want to trade with a high level of leverage ratios. But this higher leverage can come at a cost of larger losses in case of unsuccessful trades, or a complete loss of capital if the broker turns out to be a scam.
How to Avoid Unregulated Forex Brokers
The very first thing you can do to avoid unregulated brokers is to check their license. If they are not displaying any license, then that’s your cue to leave the website. But even if they do show a license, but you’re still sketchy, it’s recommended you double check it on the regulator’s website.
It’s best to search for the company with 3 different methods:
With the provided license number
With the company name
With parent company name
If neither of these methods yield any results, then it’s best to avoid them. Why? Because they’re most likely lying about their license, which is much worse than not having one and being honest about it.
But if the broker passes the license “test” so to say, there are other things you can take into account. The first is how long the broker has been active on the market. Regardless of how small these companies may be, there will always be some kind of media that talks about them, be it in the past or in the present.
If you find out that the company is brand new, then it’s best to avoid them. Why? Because most Forex scam brokers change their brand names once their previous one is compromised. They do a complete rebrand and start all over again. The newer an unlicensed broker is, the more likely they are to scam you.
Final Thoughts on Forex brokers Without a License
The overall conclusion of this guide is that no matter how much you’d like to have higher limits on your trades, it’s never a good idea to entrust them to unregulated brokers. Sure there is a chance for higher gains, but there is a much higher chance of larger losses or complete account balance wipeouts.
It is much better to entrust your funds to a trusted forex broker that has if not as good, then somehow similar features as the unregulated company. This will keep you safer, minimize your risks and maximize your profits, but across a slightly larger time frame.