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Are online trading platforms a scam?
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Are clone forex brokers a scam?
Oct 3, 2024 · These types of extreme, unbalanced claims are red flags and can indicate that you have come across a forex scam. Forex Trade Platform is not regulated in any reputable regulatory jurisdictions and appears on the FCA's warning list. We do not recommend opening an account with Forex Trade Platform.
- Forex Scams
Forex scams often assert that they can guarantee profits –...
- Forex Scams
Mar 20, 2023 · Find out how unauthorised forex trading and brokerage firms work, how to avoid scams and what to do if you’re scammed.
- Top Seven Tips For Spotting Forex Scams
- Questions to Ask to Avoid A Forex Trading Scam
- Is The Broker Regulated?
- If Regulated, How Trustworthy Is The Regulatory body?
- How Do I Know What Regulators Are Legitimate?
- Is The Broker Offering Profits Or Rewards For Opening An account?
- Is The Broker Offering A Cash Bonus For Opening An account?
- Is The Broker Offering Automatic Trades Or Signals to Guarantee Profits?
- If Awards Are Cited, Can I Verify Their Authenticity?
- Final Thoughts
1. If something seems too good to be true, it probably is.
If you are considering investing in something that appears too good to be true, that should serve as a reminder to explore the details of the offering more closely. Always read the fine print, and make sure to examine your broker’s Terms and Conditions closely.
2. Watch out for anyone asking you to send them cryptocurrency.
Scammers prefer being paid in crypto because such transactions are irreversible and hard to associate with a person’s true identity. If a person or company specifically requests that you pay for their services with cryptocurrency, be wary. Legitimate forex brokers accept payment in a variety of currencies and from a range of deposit methods – even PayPal.
3. Beware of people on WhatsApp or Instagram posing as financial advisors.
There are a growing number of self-proclaimed financial gurus and influencers on social media that go to great lengths to convince their followers to send them money in purported forex schemes. In my experience, it’s never wise to make decisions about how to invest your money by following the advice of social media influencers.
Is the broker regulated?If regulated, how trustworthy is the regulatory body?How do I know what regulators are legitimate?Is the broker offering profits or rewards for opening an account?Unregulated brokers do not have to report to a governing body. If an unregulated broker scams you in any way, whether it be via “glitches” or “malfunctions” that cause slippage in their system or unprocessed withdrawals of funds that never arrive – you are out of luck. Because unregulated forex brokers have no oversight and do not report to any gov...
Some scam brokers claim to be regulated and registered by a governing body that does not monitor or regulate forex companies. For example, let’s look at Evolve Markets. The disclosures at the bottom of the homepage give the appearance of a regulated broker. There is a warning of the risks of trading CFDs, and there is a legal section. Upon further ...
There is a wide range of regulatory bodies that grant licenses to forex brokers, and not all regulatory licenses carry the same weight. For example, becoming licensed by the Commodity Futures Trading Commission (CFTC) to operate in the United States is far more complicated, expensive, and, as a result, more significant than registering with the Fin...
Scam brokers often make claims such as: “make $50 a day from a $250 investment”, “make 80% returns on profit signals”, or “96% success rate.” These claims are a scam, regardless of whether they are being made for forex, CFDs, or binary options. Forex brokers should never promise returns, small or large. Simply put, if a broker is promising to make ...
When an unregulated (or lightly regulated) broker offers an abnormally high cash bonus that is vague on details, you are likely dealing with a scam broker. For example, 1000Extra was a scam forex broker that is no longer in business. You can see in the below screenshot that they were advertising a $1,000 signup bonus – but with zero additional cont...
Some scam brokers offer automated trading services, claiming that they are powered by "robots" or sophisticated algorithms that can guarantee profits. These brokers claim their robots use trading signals to generate money. Often, these brokers focus on cryptocurrency or binary options. Below are screenshots of a proven scam broker, Crypto Robot 365...
Lots of scam forex brokers claim to have won some impressive awards. Most of the time the award will say something like, “Best broker 2015.” Often, the source will either be unviewable or unreliable. Other times, the scam broker will display awards from reliable media outlets, but the awards are simply fake. This screenshot is from a former scam br...
To recap, here again are the eight simple questions to ask yourself when considering a broker to trade forex or CFDs (binary options are a complete scam and should never be traded): 1. Is the broker regulated? 2. If regulated, how trustworthy is the regulatory body? 3. Is the broker offering profits or rewards for signing up? 4. Is the broker offer...
Besides trolling for victims on social media or messaging apps, here are 10 other telltale signs an online trading platform is a fraud: 1. It isn’t registered to trade forex, futures, or options. Many scam websites offer a mix of crypto assets, forex trading, binary options, futures, or other derivatives.
Nov 30, 2023 · Be wary of clone forex brokers, which create websites that mimic legitimate brokerage firms, luring investors with attractive offers and trading platforms. Once investors deposit their funds, these fake brokers disappear.
Aug 2, 2024 · A traditional scam is for forex brokers to offer wide bid-ask spreads on certain currency pairs, making it more difficult to earn profits on trades.
Jun 18, 2024 · Forex trading itself is not a scam, but there are certainly scammers who use the industry as a way to take advantage of unsuspecting investors.
