There are a lot of risks associated with trading forex with an unregulated broker. For one, these brokers are not subject to the same rules and regulations as regulated brokers. This means that they may not be following best practices when it comes to things like money management and order execution. Additionally, unregulated brokers may be more likely to engage in activities like price manipulation and stop hunting. These practices can make it very difficult for traders to make money in the long run. So, if you're considering trading forex with an unregulated broker, be sure to do your research and understand the risks involved.