Avoiding Forex-Related Scams

No comment 86 views

Many people have been ‘burned’ from fraudulent operations on the Internet. Their site may look very legitimate. So you doubt whether they will experience all the difficulties of building a trading platform just to steal your money. Beware.

Knowledge About Forex

The first thing I looked for was the geographical location of the broker. If you find a country where the financial industry is relatively unregulated and underdeveloped you should quickly forget to register. This is bad news for honest brokers in those countries. But your job as a trader is to protect your capital. If you lose it, then you cannot trade. Their responsibility is to convince you that they will do the right thing for you as an investor.

You can try Forex brokers from Australia and America.

I started with an Australian broker. At present, I use American ones. I have never tried a broker based in the UK but the UK financial industry is one of the best. Companies based in countries such as Japan, Germany, and France may be as good if their website speaks in your language.

Pay attention to any license numbers that they may have registered with the regulatory body. A body like government supervisors overseeing the financial and investment industry. This is an organization that applies strict rules to protect your investment. Some of these rules may include the requirement that brokers separate all customer funds from business operational funds.

Be careful there may be a Fake Oversight Body

Note that there are several fake supervisory bodies that are thrown into cyberspace too. Look at how long they have been operating. Try and look for reviews or comments made about them. See if you can find a forum where traders discuss their broker.

Below is a list of things to remember to help you avoid becoming a victim of fraud:

  • Stay away from opportunities that sound too good to be true.

There are people who may have just gotten a large amount of fair money and have recently been the same. Then they shop for safe investment vehicles. This may include retirees who have access to their pension funds. It is understandable why retirees will be interested in ‘high investment, low risk’. This also makes them very vulnerable. If you identify yourself as one of these people, be careful. Many cheater characters chase your money. In addition, only allocate a small amount of your money to trade until you can start growing it. Not everyone can trade successfully, so this is a business that you have to do haphazardly. This is your risky life savings.

  • Avoid individuals or organizations who claim to predict or guarantee big profits.

All forms of trade are difficult. Currency trading is no different. Be careful with statements that make it sound easy but without real evidence.

  • Beware of Companies that Reduce Investment Risk

Hold your wallet tightly and fasten your wallet when the company says that the written risk disclosure agreement is a routine formality imposed by the government. Note statements like:

  1. “With a $ 10,000 deposit, the maximum amount you can spend is $ 200 to $ 250 per day”;
  2. “We promise to recover the losses you have”.
  3. Beware of Companies that Claim Trading in the Interbank Market ‘

Don’t believe when some people say that they have access to an ‘interbank market’. Or that they can give you access to trade in that market because that’s where bargain prices can be obtained. This is not true. ‘Interbank market’ is not a place, it is not a physical building. This is just a loose network of negotiated currency transactions. Namely between large financial institutions and other large companies.

Ethnic newspapers and television infomercials are sometimes used to attract Russian, Chinese and Indian minorities. Sometimes these advertisements offer what is called ‘job opportunities for account executives. That is to trade foreign currencies, where the account executive recruiter is expected to use his own money. Money is used to trade currencies and is often encouraged to recruit members like friends and family to do the same.

  • Look

    for Company Background

Check all the information you receive to ensure that the company is the one they claim. If possible, try and get the background of the people who operate the company. Don’t just rely on verbal statements and promises made by company employees.

  • If you are in doubt, it is not worth risking your money

If after trying to request information and in the end, you are still in doubt about certain company credentials. So my suggestion is to start looking elsewhere.

You can find more information by contacting the government ‘supervisor’. That’s because they keep abreast of trends and reports on fraud and other fraudulent activities. Please check the resource section of this site for information on organizations that regulate the securities industry, sorted by country. There is also a list of brokers that you might want to see.

Do this after you find a trusted broker.

 

1. Find an accurate and reliable forex system
2. On this website, we offer a forex system that has been sold since 2011
3. The system from forex4live has been used by thousands of traders from all over the world.
4. Forex signal performance is updated at any time.
5. Using the best expert advisor and indicators that don’t repaint.
6. Get only $ 167 for a lifetime membership. Free updates every year, without monthly fees.
7. Press buy now to get forex4live full version.

 

author
Forex4Live.com is a forex trading system website that started to be published since 2011 and has been used by thousands of traders around the world. The system is very simple and accurate, priced at $ 167 for a lifetime membership with no monthly fees or hidden fees. Our team created this system by testing thousands of indicators then selecting 23 indicators and combining them into one great trading system.
No Response

Leave a reply "Avoiding Forex-Related Scams"