Global Broker Regulation Inquiry App
WikiFX
Ashraf Shahhat 
1-2 years
What are the cons of using Spectrum Forex?
Broker Issues
Regulation
08-21
United States
WikiFX
Reply
The main disadvantage of using Spectrum Forex is its unregulated status. This exposes traders to higher risks, as unregulated brokers are not subject to the same oversight or investor protection standards as regulated brokers. Moreover, the website does not provide sufficient details on important trading aspects like account types, fees, and transaction costs, leaving traders uncertain about the total cost of their trades. Additionally, Spectrum Forex does not offer forex trading platforms like MT4 or MT5, which are commonly used for advanced technical analysis and automated trading strategies.
Similar Questions
Is Wealth Way FX a regulated broker?
kennis2244
06-09
Is Fundovix a regulated platform?
qirhost
05-17
Considering available reviews and your own assessment, how would you evaluate the legitimacy of Billionext?
DoreenVanDenHeever
09-05
What are the pros of MTFE?
ritzyshona
05-20
Based on your own experience, what would you say are the three main benefits of working with Core Financial Markets Ltd?
Yousef47
09-10