7 Tips on How to Know Forex Trading Scams
Forex trading fraud cases often haunt the community, and the loss is not too big.Often people are only lured by big profits without first finding out where they came from. Then how can we recognize and avoid fraud trading under the guise of forex trading?
Yohay Elam from FXStreet has shared 7 ways we can avoid fraud in the article below.
1. Check Site or Website
One characteristic of sites that are suspect is when the site promises large profits automatically in a short time. Though forex trading is not as easy as they exhibit.Usually they only want to sell products with bombastic images without including in-depth information.
For that reason, do not immediately believe in sites or websites that promise forex trading to make big profits in a short time. Find out first the security, one of them by contacting the contact listed or chat on the board provided by the website.
2. Ask the Client
You can also find out information about the accuracy of this investment from the information the client has tried. Get the correct information from them and see if they really support the product they use. Pay attention to the testimonials they provide. From there you can judge whether the company is right or not.
3. Ask Google
Use google help to track whether fraud or not. Try searching if there are negative words such as “fraud” in the search results of the product or company. If the search results produce too many unpleasant results and many unsettling testimonials from users, you should avoid the company.
4. Check on LinkedIn
Also note whether the service provider and company are well known on LinkedIn.From LinkedIn you can have many recommendations. You can better convince yourself whether you continue to trade forex in the company or not.
Regulation is an important point that you must pay attention to. Ensure that company regulations are running well. If you find that the regulation is not going well, of course you must rethink choosing the company.
6. Demo account
If you intend to buy a trading robot. Use a demo account first to try it out. Look and pay attention to the performance and the level of risk generated. If you are sure, then try with an original account. Remember, don’t quickly sacrifice your money.
In the end you will definitely have the intuition for the company that you will choose.You must have feelings about these people. As you know, the forex industry has many elements that make the forex trading portfolio worse. Then you should not believe it too quickly.