A lot of people new to forex trading automatically assume that if they deposit some money with a forex broker, then they will have no problems withdrawing money when the time comes, whether their capital has increased in value or not. However this is a false assumption to make because the sad reality is that not all forex brokers can be trusted.
The major problem you have is that there are a lot of smaller brokers based in offshore locations that are completely unregulated. Therefore to some extent they can make up their own rules. Of course that's not to say that you can't trust any unregulated brokers, but to be on the safe side I would always recommend you choose a broker that is fully regulated by a proper regulatory body.
So for instance if you are a UK-based forex trader and want to open an account with a broker based in the UK, then you would want to open an account with a broker who is fully regulated by the FSA. Similarly if you are planning to open an account in the US, then you should ideally choose a broker that's a member of the NFA and is regulated by the CFTC.
Unfortunately another problem we all face as forex traders is that even the large well-known brokers that are fully regulated will sometimes create problems relating to withdrawals and other issues.
In some cases this may simply be a case of them having a lot of procedures you need to go through before you can access your money, but in some cases they may be deliberately holding onto your money. In which case you should contact them by phone and try and sort out the situation, and if that doesn't work you can report them to the relevant authority if they are regulated, or threaten to post negative reviews about them all over the internet if they are not regulated.
The overall point I want to get across is that there are hundreds of different online forex brokers, but while many of them are fully regulated and completely trustworthy, there are many others which you should thoroughly research before you think about opening an account. There are lots of review sites on the internet so you will have no problems finding honest reviews about any forex broker you may come across.
Your safest bet, however, is to go with one of the major online forex brokers that are fully regulated in their respective country and are well capitalized. That way you know that your money is in safe hands and you are likely to have no problems withdrawing your money at any point in the future.
Click here to read a full Zecco Forex review and to find out more about what you should be looking for when choosing from one of the many different online forex brokers.
