I am trading with IBFX and FXDD brokers. If something happens with the broker related to my funds, like not being able to withdraw, funds being taken away, and so on. Where should I complain/report? Thank you, master.
Both brokers have accountable regulations. Thus, both brokers play a role in protecting market participants against fraud, manipulation, and abusive trading practices by ensuring the financial integrity of the clearing process.
Regulatory bodies exist to protect market users and the public from fraud, manipulation, violation practices, and systemic risks associated with derivatives.
Should anything undesirable happen, the regulators will be responsible for customer funds.
Thanks.
@samsul: Before we assume the brokerage firm has absconded with funds, cannot withdraw, etc., let's first examine the regulations and review of the broker in question. The regulations and the broker's place of origin are related to complaints/reporting because you can submit reports/complaints to the regulatory (supervisory) agency within the scope of the broker's territory. Strict regulations will impose commensurate sanctions on the broker, up to and including revocation of their business license.
If the broker is regulated by a globally recognized body such as CFTC, NFA, FCA, FINMA, MIFID, ASIC and FMA, then there will be strict sanctions for brokers who are found to have violated the rules.
So, if both of your brokers are already regulated by one or more credible regulatory bodies, then there are already sanctions and a resolution process in place. However, if it turns out that these brokers are regulated by less credible regulatory bodies or are not regulated at all, then there is always a risk of losing funds or being unable to withdraw. Therefore, be wise and do not deposit too much in a broker's account.
Thank you