Complaining to Regulated Brokers
Complaining against regulated brokers is very easy compared to non-regulated or unlicensed brokers because of their authorization status. You may not find a responsible authority to complain against any unlicensed or non-regulated broker. Still, if you are doing forex business on any regulated forex broker, then they are bound to provide service according to the rules by the respective authority that also saves trader’s interest.
If you want to file a complaint against any regulated or licensed broker, then there are procedures to do it. Authorized brokers are regulated or licensed by the respective regulator or license provider who controls their activities, and they are processing as well as solving complaints against those brokers.
All forex brokers are controlled by the government agency to keep traders’ interests safe. So, when you are choosing a broker, then check whether the broker is regulated or licensed by any regulator or authorized license provider.
Make sure that the broker is authorized by the regulator they should be because they must be regulated by the regulator based on the location of the brokerage firm. Here are some examples of different regulators based on different locations.
§ ASIC – Australian Securities and Investments Commission
§ FCA – Financial Conduct Authority (UK)
§ CySEC – Cyprus Securities and Exchange Commission
§ Switzerland – Swiss Financial Market Supervisory Authority (FINMA)
§ Russia – Federal Commission of Securities Market of Russia (FFMS)
§ South Africa – Financial Services Board (FSB)
§ US – US Securities and Exchange Commission (SEC)
Knowing the name of those regulators and regulatory bodies is essential because you need them when you try to submit any complaint against any licensed or regulated forex broker. Authorization is crucial because they will be managing your complaint. They will determine whether the broker at fault or not. We have a complete solution on the query of “How do I file complaints against regulated forex broker?” here.