It has often been the case that some Forex Brokers will set up their operation in countries that are best described as being very lax when it comes to any type of company dealing in financial services, and that can and often does prove costly for traders using such sites.
Without a government agency such as a financial ombudsman on call to assist traders who do experience problems when using the services of such offshore based Forex Brokers, then they are literally free to do as they please.
Whilst I am not in any way saying all such companies are bad, it is a sad fact of life that a large proportion of them are, and as such long before you or anybody else signs up to such a site or service, they need to do lots do due diligence on such sites.
One thing that should be at the top of the list for anybody who does fancy placing Forex related trades online or via a mobile device, is for them to check out who license and regulate and Forex Brokers they come across and then double check those sites they are thinking of joining are in fact licensed.
Double Check a Forex Broker is Licensed
The easiest way that you can check to see if any online or mobile Forex Broker is licensed to operate is by checking out their website, and looking for any logos of their licensing agency, commission or authority.
But never take that logo as being real or valid, for you will also need to then take a look at the website of the commission, agency or authority who they claim they are licensed by to see if they are indeed licensed, if not then simply avoid signing up to that site!
Complaints Channels at Forex Brokers
There should always be an established complaints channel at any Forex trading site you sign up to, and usually the first port of call if you do experience or run into any type of problem with an MT5 platform or any other type of trading platform will be to contact the customer care team
In most cases to be fair, the support team should be able to rectify your problems on the spot, however if it is a problem of a technical nature they may have to refer it to a technician or their supervisor or manager.
You should expect to wait no more than 24 to 48 hours for such problems to be addressed, however if you do not receive notification that your complaint is being addressed, or the trading site for whatever reason fails to assist you then your next port of call should be their license issuer.
You will find that by contacting their license issuer you will then be required to supply them with a detailed overview of your complaint, and then they will take whatever steps are necessary to get that complaint addressed, however it could take some time for them to get that complaint addressed.