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Is there anywhere where I can find a "black list" of illegitimate or irreputable online brokers? Many online services advertise brokerage of stocks, binary options, CFDs, forex, etc. But there is no way of knowing whether a website is backed by an reputable broker or just by good web design. Can you refer me to any black lists available?
Greetings,
There are numerous online trading platforms which are best avoided. Many of these platforms are not operated by registered brokers.
As a general rule, using foreign brokers is also best avoided unless you are a professional trader with a thorough knowledge of the stock market and legal regulations. Using a Swiss broker with a bank license is a much more secure option.
While there are established foreign brokers which are cheaper than Swiss brokers, inexperienced investors may find it difficult to tell which brokers are reliable and which are not.
Swiss financial regulator FINMA publishes a list entitled "Public warnings issued by FINMA" which is updated regularly and lists financial services providers which are suspected of conducting illegal activies. But because this list only includes Swiss financial services providers, its usefulness in determining the creditbility of foreign online brokers is limited.
You can find all registered Swiss brokers which hold banking licenses in the unbiased and interactive moneyland.ch broker comparison.
Best regards from Moneyguru
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