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Why Do Many Forex Brokers Hide Their Locations?

22 Years ago | February 11, 2014 1/28/23, 12:00 AM

Question for the Advocate:

Why are so many forex brokers hiding from so little information about where they are truly located? You may find a service office with many saying nothing about where they actually operate. Now we have many hiding in New Zealand. Cyprus, or some strange outposts - using even Australia as a pretend base of headquarters.



Your Advocate Says:

jay meislerAs I have written before, it is easy to open a brokerage and create a professional looking website that makes a forex broker look like a top tier firm. This is why you need to do your due diligence and ask questions before opening an account with a broker. If the broker dodges questions, such as where it is actually located, then that tells you enough about the firm for you to look elsewhere. What many of these types try to do is give the impression that a service center is its headquarters.

You have to ask why a broker is trying to disguise where it is actually headquartered. What else is it hiding? How can you trust such a foerex broker to provide a level playing field? It is hard enough to make money trading that you don’t want to trade with a broker that is not transparent and worry about getting your capital back when requested.

To sum up, a broker that does not reveal its true location raises more questions than answers and one you should think twice about before considering opening an account.

 

Jay Meisler, founder

Global Traders Association

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