Risk of using external brokers who are scam

Do domestic brokers guarantee they are not scams? **I often read cases of traders being scammed by local brokers, with no action taken, they can only cry.** I often read testimonials on google maps marking broker offices, on Kaskus, on forums, on social media. In online media, being scammed by local brokers, where are the results? Where is the response, not even 1 rupiah is returned. At most, they block the broker's website. What about the fraudulently obtained funds? What is their fate? I have never found news of funds being returned from local scam brokers. It's a far cry from foreign brokers, they protect their reputation. That's why I trade with brokers that are at least registered with the FCA. Even though Indonesian traders are eventually abandoned to Cyprus hahaha.

@Tamar: There is always a possibility that the broker will run away, especially if you use bad brokers. I agree with the statement from @Pangeran Sudarmo above, that there is no guarantee that local brokers will not be scammed. Both local and foreign brokers have a history of black marks.

The incident of depositing more than $5,000 with a foreign broker and the capital being taken away usually happens when you trade with bad brokers. This usually happens with brokers from offshores (offshore countries) such as Belize, British Virgin Island, Vanuatu, etc.

For funds of that size, look for a really good broker, such as FXCM, saxo bank, Interactive brokers or Oanda. These brokers have been around for decades and have branches in developed countries with strict regulations.

So, the solution comes back to choosing a good broker. Don't be tempted by deposit bonuses, high leverage, no commission, etc. Your main concern is the security of funds.

Thank you

Yes, that's right Ma'am, indeed no one can guarantee a broker is 100% good. But I remember the best business principle don't put all your eggs in one basket
I use 3 brokers, my capital is divided into 3. I plan to register with 2 other foreign brokers.
We live in an uncertain world, anything can happen. In accordance with the business principle, divide capital into various ventures, in my opinion that is the most sensible way.

@ Tamar:

For the security of your trading and funds, we recommend choosing a broker that is already regulated by a credible international regulatory body, namely: CFTC, NFA, FCA, FSA, FINMA, MiFID, ASIC and FMA.

A credible regulatory body is one that has been tested and is internationally recognized, and imposes strict sanctions on brokers if they are found to have violated agreed-upon terms. The regulatory body is also responsible for the security of client funds.

So if there are problems with the broker, you can complain to the regulatory body.

 

To Tamar,

That could have happened. Therefore, we always advise using an offshore broker regulated by a credible regulatory body. If you are forced to use an offshore broker, it is best not to deposit too much funds and to make regular withdrawals once profits have been made.

Hope this helps.