How do you know a scam forex broker?

[Good-Person]

I have never dealt with any kind of broker, but I reckon that any kind of broker who asks for money before completing the deal is a kind of broker which you should avoid.

 

[Ghost]

Scammers uses greed to draw people. They make an offer seem so good and people falls for it. My advice is once the offer is too good to be true, just stay away

 

[HayKay]

It's so difficult knowing one real forex trader from the other because asides the fact that some don't know what they're doing, the market is so volatile that someone you thought was a guru today might just be a sore loser tomorrow.
What I'll advise is get as much knowledge as you can from those that have proofs and develop your own strategies.

 

[CeeJase]

There are lots of complains on the internet concerning scam and fake forex brokers. So many people have lost heir earned money to fake brokers especially those who are new to forex trading. How can someone differentiate between unregulated broker from genuine brokers?

Currently I don't really trust any FOREX investment broker because all of them actually scammers in disguise, the only thing that I will do is to learn how to trade on forex myself and make my money by myself.

 

[YERUS]

If there is a way to research about the forex broker or read reviews about the broker, then it would be a good way to know the scammers. I don't know if this is even 100% efficient, because these scammers can devise all sorts of means.

Yes.
That is why i said in my thread that is difficult to detect a scammer.
I wish there were ways to track these scammers easily.

 

[Syldan]

Well, scammers are becoming rampant in most of the online platforms and business. but to some extent I consider it very difficult to be able to identify the scammers and the legit platform even if you are involved in the reading of it daily reviews.

 

[greenie]

Most of Forex trading happens in the spot FX market, which is different from the futures market, in that currencies are physically exchanged in real-time when a transaction is made. Whereas in the futures market, the date the trading price is determined and the date the currency is exchanged are different.

 

[Shigobad2020]

Scammers are most of the time easy to draw out If you are not also greedy ,myou will always notice greed when doing business with scammers because they will always offer you a mouth watering deal that you can't get normally.

 

[Grandeur]

Most scam forex brokers are only after the money they aim to get so they offer mouthwatering interest to the public and they normally are not listed on trust pilot

 

[Heatman]

yes but these days those scam sites even pay people to give them positive review and it's becoming very difficult to know which one is genuine everyday

One thing that is very peculiar with a scam project is that they will offer you something that is not realistic to be true and if you are the greedy type of person you will always fall into the trap.

 

[CeeJase]

You will have to read their reviews on their website or app. There you can see the complaints from clients whether they re legit or not

The truth of the matter is that some reviews can actually be misleading and paid for because I've seen a lot of them on trustpilot which cannot be trusted.

 

[Sotherefore]

You can't possibly identify them most of the time , that is why it is always better for you to research and avoid the ones you are not trusting, is better to only deal with popular ones around.

 

[Shigobad2020]

Normally before going into any investment , either crypto currency investment or forex trading , you need a through research to known the authenticity of the business

 

[Sincerem]

There is no special way to know , you just have to try as much as possible to avoid Dealing with most of them. It will be advisable for you to stick to the most trusted one you know to be on the saver side

 

[Godspower]

There are lots of complains on the internet concerning scam and fake forex brokers. So many people have lost heir earned money to fake brokers especially those who are new to forex trading. How can someone differentiate between unregulated broker from genuine brokers?

One must be very careful while dealing with forex traders or brokers online. Only go for the reputable ones with enough positive reviews. Also, be on the lookout for those brokers offering deals or offers that are too good to be true.

 

[jordans]

On the off chance that other forex dealers have been scammed or duped by a forex brokerage, you'll be reasonably certain they will post around it to caution other dealers. The point spread between the offered and inquire fundamentally reflects the commission of a back-and-forth exchange handled through a broker. These spreads regularly contrast between cash sets. The trick happens when those point spreads vary broadly among brokers.

 

[Partisan]

Below are some of the ways to identify a scam forex broker:
1. Promise of a guaranteed profit.
2. lack of disclaimer stating the risk involved.
3. excessive fees
4. lack of fund safety and security measures
5. poor communication and customer service.

 

[Godspower]

Most scam forex traders often offer returns that are quite unrealistic and bogus. Be wary of such people and always take background checks before engaging anyone online.

 

[Kelly5]

A thorough online reviews of every forex broker you want to attempt trading with will give you a more vivid and clearer picture of what type of forex broker they are. Otherwise, you're going to have a very bad experience if you go ahead and deposit your funds in there without due diligence on your end.

 

[FishNPips]

Any broker that is contacting you to push you to sign up and deposit anything is a scam. Frankly any that offer bonuses I would be dubious about as well. As bad as casinos to be honest.