ANSWER Investors are advised to prioritize forex brokers that are regulated by local authorities, or at the very least, those overseen by financial regulators. This regulatory oversight can offer a degree of protection for investors and ensure compliance with certain regulatory standards.MyTradeMate, an unlicensed trading platform, has been flagged as unauthorized. This should be a compelling reason for investors to steer clear of it. According to the Swiss Financial Market Supervisory Authority (FINMA), MyTradeMate is not commercially registered in Switzerland, making its offerings highly risky (read the FINMA warning here).For a secure trading environment, it is recommended to avoid unlicensed brokers like MyTradeMate and instead opt for fully regulated ones.
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